X0202 4 2006-01-03 0 0001185348 PORTFOLIO RECOVERY ASSOCIATES INC PRAA 0001185349 STEVENSON KEVIN P 120 CORPORATE BLVD SUITE 100 NORFOLK VA 23502 0 1 0 0 EVP, CFO, Treasurer, Asst Secy Common Stock 2006-01-03 4 M 0 15000 13.00 A 146860 D Common Stock 2006-01-03 4 S 0 3255 45.3283 D 143605 D Common Stock 2006-01-03 4 S 0 3722 45.6821 D 139883 D Common Stock 2006-01-03 4 S 0 2123 45.6864 D 137760 D Common Stock 2006-01-03 4 S 0 1131 45.71 D 136629 D Common Stock 2006-01-03 4 S 0 1939 45.746 D 134690 D Common Stock 2006-01-03 4 S 0 1415 46.074 D 133275 D Common Stock 2006-01-03 4 S 0 368 46.326 D 132907 D Common Stock 2006-01-03 4 S 0 1047 46.40 D 131860 D Common Stock 2006-01-04 4 M 0 30000 13.00 A 161860 D Common Stock 2006-01-04 4 S 0 5682 45.09 D 156178 D Common Stock 2006-01-04 4 S 0 2665 45.24 D 153513 D Common Stock 2006-01-04 4 S 0 2008 45.25 D 151505 D Common Stock 2006-01-04 4 S 0 1500 45.26 D 150005 D Common Stock 2006-01-04 4 S 0 3145 45.34 D 146860 D Common Stock 2006-01-04 4 S 0 5712 45.50 D 141148 D Common Stock 2006-01-04 4 S 0 1600 45.55 D 139548 D Common Stock 2006-01-04 4 S 0 3088 45.72 D 136460 D Common Stock 2006-01-04 4 S 0 100 45.85 D 136360 D Common Stock 2006-01-04 4 S 0 4500 45.90 D 131860 D Stock option (right to buy) 13.00 2006-01-03 4 M 0 15000 13.00 D 2003-11-07 2009-11-07 Common Stock 15000 90000 D Stock option (right to buy) 13.00 2006-01-04 4 M 0 6000 13.00 D 2003-11-07 2009-11-07 Common Stock 6000 84000 D Stock option (right to buy) 13.00 2006-01-04 4 M 0 21000 13.00 D 2004-11-07 2009-11-07 Common Stock 21000 63000 D Stock option (right to buy) 13.00 2006-01-04 4 M 0 3000 13.00 D 2005-11-07 2009-11-07 Common Stock 3000 60000 D The exercise of stock options and and sale of the underlying shares is pursuant to a rule 10b5-1 plan dated November 21, 2005. There are 15,000 stock options remaining to be exercised and shares to be sold under the plan. In addition, the plan allows for the sale of an additional 30,000 shares that are benefically owned. /s/ Kevin P. Stevenson 2006-01-05