CORE ASSET PURC HAS ING PRA’s Core Asset Purchasing business con- sists of buying and collecting upon portfolios  of non-bankrupt, distressed consumer receiv- ables that credit grantors have charged off.  Our collection processes fulfill a dual goal of reaching fair payment solutions for our customers and optimizing portfolio value for  shareholders. During 2010, PRA signed a  record number of core forward flow agree- ments, through which credit grantors sell us  similar portfolios on a regular basis. This new  business allowed PRA to invest $150 million  in core assets during the year, representing a 19% increase over our investment in 2009.  Our collections activities progressed as well.  Our amplified call and letter activity yielded  4.4 million payments from customers—a  number that was up 63% from 2009. Fueling  this collections success were the skill and  dedication of our team, our best-in-class statistical modeling, and our ongoing invest- ments in key technologies and capabilities,  such as our internal legal collections opera- tions, that let us capture additional margin and exert greater control over the quality of work done. 4 Portfolio Recovery Associates, Inc. — 2010 Annual Report Our Core Asset Purchasing business  achieved a record number of customer  payments in 2010, reflecting robust pur- chasing activity and record productivity.