Executive Bio: Mike Meringolo

Mike Meringolo has been Senior Vice President-Acquisitions and Portfolio Management at NCO Portfolio Management since February 2001 and prior to the company's merger with Creditrust he had a similar role at NCO Financial Systems, Inc., which he joined in September 1997. He previously was responsible for consumer recoveries and outside agency management at institutions including Chemical Bank, American Express and First Union National Bank. Mike holds an MBA in Information Systems from DePaul University and resides near Princeton, New Jersey.

NCO Portfolio Management
One of the largest, and one of the few public, companies in the purchased receivables industry, Baltimore-based NCO Portfolio Management (Nasdaq: NCPM) purchases and manages investments in past due accounts receivable from consumer creditors such as banks, finance companies, retailers and other consumer-oriented companies in the U.S., Canada and the U.K. The company was formed in February 2001 through a merger of Creditrust Corporate and NCO Portfolio Funding, Inc., with NCO Group owning approximately 63% of the outstanding common stock.

Since its founding, NCO Portfolio has purchased over 4.1 million accounts with a face value of $11 billion, or approximately $250 million dollars, including the $3.3 billion Great Lakes receivable acquisition in August of 2002. The company normally buys receivables ranging in age from recent charge-off to approximately five years past due.

NCO Portfolio also has a servicing relationship with NCO to provide collections and outsourcing management services on its portfolios. About 300 dedicated collectors within NCO work NCO purchase receivables. Outside agencies are used for secondary and salvage collection efforts, and NCO's attorney network services business unit pursues legal collections in its purchased accounts.

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