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Q4 and Full year 2017Earnings Presentation

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Statements herein, other than statements of historical fact, are forward-looking statements, whichare based on our current beliefs, projections, assumptions and expectations concerning futureoperations and financial performance. Such statements involve uncertainties and risks, some ofwhich are not currently known to us, and may be superseded by future events that could causeactual results to differ materially from those expressed or implied herein. You are cautioned not toplace undue reliance on forward-looking statements, which speak only as of today, and are qualifiedin their entirety by these cautionary statements. Information regarding risk factors and otherinformation that could change our projections or impact our actual results can be found in our mostrecent Annual Report on Form 10-K and in subsequent public filings, and should be considered inevaluating the forward looking statements herein. Except as required by law, we assume noobligation to update or revise these statements to reflect changes in events, conditions orcircumstances on which any such forward-looking statements are based, in whole or in part.

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2017 HIGHLIGHTS

Raised capital to invest in increasing amounts of supply in the U.S.

Invested record amounts in both Americas Core and Americas Insolvency

Increased capacity at existing call centers and announced the opening of two new locations

Added over 1,100 net new U.S. based call center collectors

Despite unprecedented hiring, U.S. collector productivity remained well above expectations

Record cash collections in Europe Core

Increased estimated remaining collections by $656 million, or 13%, to a record $5.7 billion

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Americas Core, $160

Americas Insolvency,

$44

Europe Core, $152

Europe Insolvency,

$18

PORTFOLIO PURCHASES

Americas Core, $536

Americas Insolvency,

$285

Europe Core, $249

Europe Insolvency,

$39

Fourth Quarter Full Year 2017

($ in millions)

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OPERATIONAL RESULTS – GLOBAL INSOLVENCY

Global Insolvency • Cash collections increased 12%• Increased buying and capabilities has contributed to increasing cash collections

$97 $94$84

$76$70 $70 $65

$58 $55 $59$66 $65

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Global Insolvency Cash Collections

($ in millions)

-20%-24% -24% -26% -27% -25% -23% -24% -22%

-17%

2%

12%

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Change in Global Insolvency Cash Collections Versus the Prior Year Quarter

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OPERATIONAL RESULTS – AMERICAS CORE

Americas Core• 500 net new collectors since third quarter 2017• New sites are operational and recruiting is very successful• Cash collections increased 6%, U.S. call center collections increased 16%

15%

11%

15%59%

8%3%

10%

79%

22%

8%

2%68%

31%

9%

21%

39%

2014 2015 2016 2017

Tenure of Domestic Collectors by Year

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OPERATIONAL RESULTS – EUROPE CORE

Europe Core Operations• Largest quarter of cash collections • Performance is good in mature markets• Focus is on newer markets like Italy and Poland

$73

$84 $84$77

$86

$97 $94$103

$96 $97 $98 $99$103

$107

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Europe Core Cash Collections

($ in millions)

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FINANCIAL RESULTS - GAAP

Q4 2017 Full Year 2017

Cash Collections $376.3 $1,512.6

Total Revenues $205.7 $813.6

Net Income $86.9 $162.3

Operating Expenses $150.5 $602.6

Diluted EPS $1.92 $3.54

($ in millions, except per share results)

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Americas Core, $204

Europe Core, $107

Global Insolvency,

$65

CASH COLLECTIONS

Americas Core, $861

Europe Core, $407

Global Insolvency,

$245

($ in millions)

Fourth Quarter Full Year 2017

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OPERATING EXPENSES AND CASH EFFICIENCY RATIO($ in millions)

Even as Insolvency, with a higher operating margin, became a lower percentage of cash collections, the cash efficiency ratio held steady

• $150 million, increased 2% from previous year

• Continued increases in compensation expenses

• Decrease in expenses from sale of subsidiaries and in legal collections

• Cash efficiency ratio of 60.6% in the quarter, 60.8% for the full year

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TAX BILL IMPLICATIONS

Corporate Federal Rate 35% down to 21% Q4 2017 revaluation of tax positions – positive impact of $74 million

Effective Tax Rate expected to be ~29% worldwide – positive

Interest Expense Deductibility Limitation – no impact through 2020

International Proposals that move the U.S. to a territorial system Believe to be largely positive to PRA

No additional taxes recorded related to the transition

Will continue to evaluate ongoing impact of these provisions

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ESTIMATED REMAINING COLLECTIONS AND CAPITAL DEPLOYMENT

Estimated Remaining Collections

Capital Available for Portfolio Purchases - $921 million

($ in millions)

United States - $3,136.6

United Kingdom - $981.2

Central Europe - $586.8

Southern Europe - $254.7

Northern Europe - $566.4

Other Americas - $178.5

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Q1 2018 REVENUE MODEL - $ IN THOUSANDS

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2017 SUMMARY

BuildingNew Call Centers and Capabilities

ExpandingExisting Call Centers and Capabilities

GrowingNumber of Accounts, Cash Collections,

and Emphasis on People, Data, and Brand

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Q&A