HUMM GROUP LIMITED — Capital/Financing Update 2010

Aug 25, 2010

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

FLEXIGROUP LIMITED (“FXL”)

Sydney, 26 August 2010

FlexiGroup Limited (“FXL”) announces settlement of $30 million Challenger placement

FlexiGroup Limited, today settled a $30 million placement of rated notes to Challenger Life Company, as first announced on 17 August 2010. $27.8 million Class A notes have been assigned a rating of AAA by Fitch Ratings, with $2.2 million Class B Notes assigned a AA rating. The notes will be issued by Perpetual Corporate Trust Limited, in its capacity as trustee for the Flexi ABS Trust 2010‐1. The trustee has also entered into an interest rate swap with National Australia Bank Limited.

This is FlexiGroup’s first placement of rated asset backed securities and is consistent with FlexiGroup’s strategy of diversifying its funding sources and moves FlexiGroup closer to accessing wholesale capital markets.

FlexiGroup has committed funding capacity to support $1.3 billion in new business volumes over the next 2 years, and produced $535 million in new business volumes in FY10. These committed lines are in addition to any further placements which FXL may make in the future.

Attached is a copy of the release issued by Fitch today.

For further information:

Investors / Analysts

Media

David Stevens T: 02 8905 2045

Cameron Hamilton FD Third Person T: 02 8298 6100

Garry McLennan T: 02 8905 2163

Notes to Editor:

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FlexiGroup is a leading provider of vendor and retail point‐of‐sale finance and telecommunication services. Offering lease, rental, interest free and mobile broadband plans, performance has been characterised by solid, profitable growth as the company has expanded its business through acquisition, product innovation and diversification.

FlexiGroup operates in Australia, New Zealand and Ireland within a diverse range of commercial and consumer industries including: IT, electrical appliance, telecommunications, home improvement, solar systems, medical, furnishings and travel. FlexiGoup markets its financial and telecommunication products under the following brands; Flexirent, EzyWay, Flexiway, Certegy Ezipay, Flexi Commercial and BLiNK.

Key to FlexiGroup’s success are the long standing relationships developed with a number of successful retailers. FlexiGroup has a distribution network of approximately 11,000 active retailers. Key retailers include Harvey Norman, Noel Leeming, Apple Resellers, Midas, Modern Group, The Good Guys, and Bing Lee together with more recent vendor partnerships with Comscentre and M2.

John DeLano joined FlexiGroup in September 2003 as Managing Director. Prior to joining FlexiGroup, John was Managing Director of Avis Australia, and also served in a senior role as Travel Services International in the USA, a publicly‐listed company.

The Board of FlexiGroup is chaired by Margaret Jackson (also a Director of Billabong International Limited), and includes John Skippen, formerly Finance Director of Harvey Norman Holdings Limited, Rajeev Dhawan, a partner of Equity Partners, and Andrew Abercrombie, a founding director and major shareholder in the company.

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FITCH ASSIGNS RATINGS TO FLEXI ABS TRUST 2010-1

Fitch Ratings-Sydney-26 August 2010: Fitch Ratings has today assigned ratings and Outlooks to Flexi ABS Trust 2010-1's (the "Series") asset-backed floating-rate notes due in August 2016, as follows:

AUD27.80m Class A notes: 'AAAsf'; Outlook Stable; Loss Severity Rating assigned at 'LS-1'; AUD2.20m Class B notes: 'AAsf'; Outlook Stable; Loss Severity Rating assigned at 'LS-4'; AUD2.85m Class C notes: 'NR'; and AUD3.25m Class D notes: 'NR'.

The notes have been issued by Perpetual Corporate Trust Limited ("the trustee"), in its capacity as trustee of the Series.

The pool is comprised of lease receivables originated by Flexirent Capital Pty Limited (Flexirent Capital) to commercial entities. Flexirent Capital is a wholly owned subsidiary of FlexiGroup Limited (FlexiGroup). Leased assets comprise IT equipment, office equipment and telephone systems. At the cut-off date, the total collateral pool consisted of 18,165 lease receivables totaling approximately AUD35.0m, with an average size of AUD1,926. The portfolio has a weighted-average seasoning of 11.9 months and a weighted-average remaining term of 24.6 months.

To date, gross losses for commercial leases originated by Flexirent Capital, when arranged into quarterly vintages, have ranged between 3.2% and 4.4% of the original balance originated. For the purposes of its analysis, Fitch has utilized a gross loss rate of 7.2%. To take into account the small-ticket nature of the assets, a conservative zero recovery rate was used in the agency's analysis.

"This transaction is FlexiGroup's inaugural ABS transaction," notes James Leung, Associate Director in Fitch's Structured Finance team. "A feature of this deal is the significant amount of excess spread available to cover losses. While Fitch did allow for credit to excess spread in its analysis, this involved the application of various severe cash flow stresses."

The Long-term 'AAAsf' rating with Stable Outlook assigned to the Class A notes is based on: the quality of the collateral; the 23.0% credit enhancement provided by the subordinate Class B, C and D notes and excess spread; the liquidity reserve account sized at 2.2% of the aggregate invested amount of the notes at closing; the interest rate swap arrangements the trustee has entered into with National Australia Bank Limited ('AA'/Outlook Stable/'F1+'); Flexirent Capital's lease underwriting and servicing capabilities; and Dun & Bradstreet (Australia) Pty Ltd's servicing capabilities as back-up servicer.

The Long-term 'AAsf' rating with Stable Outlook assigned to the Class B notes is based on all the strengths supporting the Class A notes, excluding their credit enhancement levels, but including the 16.9% credit enhancement provided by the Class C and D notes and excess spread.

Contacts:

Primary Analyst James Leung Analyst +612 8256 0322 Fitch Australia Pty Ltd. Level 15 77 King St, Sydney, NSW 2000

Secondary Analyst David Carroll Director +612 8256 0333

Committee Chairperson Alison Ho Senior Director +852 2263 9937

This rating action was informed by information from FlexiGroup Limited and Mallesons Stephen Jaques the transaction counsel.

Media Relations: Iselle Gonzalez, Sydney, Tel: +612 8256 0326, Email: iselle.gonzalez@fitchratings.com.

Additional information is available at www.fitchratings.com.

Related Research:

Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326 EMEA Consumer ABS Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=463692 Counterparty Criteria for Structured Finance Transactions http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=475588 Counterparty Criteria for Structured Finance Transactions: Derivative Addendum - Amended http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=475606 Criteria for Structured Finance Loss Severity Ratings http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=426038

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Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.