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Hudson & Keyse, L.L.C. Closes on New Credit Facility

Jan. 13, 2005 — Hudson & Keyse, LLC, a leading purchaser of charged-off consumer bank debt, recently completed a new two-year $10 million senior credit facility through Wells Fargo Bank, N.A. Other terms of the transaction were not disclosed. The credit facility will be used to acquire portfolios of non-performing consumer debt and fund forward flow agreements.

"As the prices for purchases stabilize in 2005, we expect to see several good portfolio acquisition opportunities, and IÁm pleased to have this new credit facility in position," commented President and CEO Joseph M. Carroll. Carroll and his team, which includes industry veterans Jim Terwood and John Reid, have acquired a substantial volume of distressed consumer debt during their careers. Details of 2004 portfolio purchases were not available.

"We appreciate the high level support from our relationship banks in recognizing Hudson & KeyseÁ financial vigor and ability to execute our strategic plans," said Jim Terwood, Chief Financial Officer. "The new credit facility provides us with copious liquidity and financial flexibility for the foreseeable future. We were able to take advantage of favorable market conditions and completed a transaction that provides Hudson & Keyse with very favorable funding terms over our competition."

"Wells Fargo continues to help foster our growth and advancement," commented John Reid, VP of Marketing & Sales, on its relationship with Wells Fargo Bank. "In many ways, they continue to be a significant strategic partner for us."

Hudson & Keyse, L.L.C., a leading purchaser of charged-off consumer bank debt, analyzes and prices both geographic and national debt portfolios in the consumer credit card and unsecured loan verticals. Hudson & Keyse holds and works accounts in a structured, disciplined manner for sixty months plus. To accurately price debt, the company utilizes proprietary scoring models, developed using 18 years' worth of internal performance and numerous external data sources. The company's long-term focus, coupled with unique scoring tools, allows Hudson & Keyse to offer debt sellers very competitive and accurate pricing.

Hudson & Keyse is a leader in the debt buying and sales industry. Founded in 1984, the Company provides debt sellers and buyers with extraordinary service, highly competitive buy rates and outstanding portfolio selections while maintaining the highest standard for ethics and integrity.