ENCORE CAPITAL GROUP INC

Encore Capital Group, Inc. is an international specialty finance company that provides debt recovery solutions and related services for consumers across various financial assets. The company primarily buys portfolios of defaulted consumer receivables at significant discounts to their original value. It then manages these portfolios by working with individuals to repay their obligations and achieve financial recovery. Defaulted receivables are unpaid financial obligations from consumers to credit originators such as banks, credit unions, consumer finance companies, and commercial retailers, and can also include receivables in bankruptcy. Encore Capital Group also offers debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Its primary operations include Midland Credit Management, Inc. (MCM) and its domestic affiliates, which is a market leader in portfolio purchasing and recovery in the United States. Additionally, Cabot Credit Management Limited and its subsidiaries and European affiliates (Cabot) are among the largest credit management services providers in Europe and the United Kingdom. The company has additional international investments and operations, referred to as Latin America and Asia-Pacific (LAAP) operations, which include its subsidiary Encore Asset Reconstruction Company (EARC) in India and an investment in a portfolio in Mexico. To date, operating results from LAAP have not been significant to the company's total consolidated operating results. The company's United States operations service accounts originated in the United States through operations centers in the United States, India, and Costa Rica.