HUMM GROUP LIMITED — Investor Presentation 2012

May 28, 2012

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA

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Acquisition of Lombard Finance

29 May 2012

John DeLano Chief Executive Officer and Managing Director

Garry McLennan Chief Financial Officer

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Important notice and disclaimer

No recommendation, offer, invitation or advice

• This presentation is not a recommendation, offer or invitation by any person or to any person to sell or purchase securities in FlexiGroup Limited (“FlexiGroup”) in any jurisdiction. This presentation contains general information only and does not take into account the investment objectives, financial situation and particular needs of individual investors. Investors should make their own independent assessment of the information in this presentation and obtain their own independent advice from a qualified financial adviser having regard to their objectives, financial situation and needs before taking any action.

Exclusion of representations or warranties

• No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability or adequacy of any statements, estimates, opinions or other information, or the reasonableness of any assumption or other statement, contained in this presentation. Nor is any representation or warranty, express or implied, given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, prospective statements or returns contained in this presentation. Such forecasts, prospective statement or returns are by their nature subject to significant uncertainties and contingencies many of which are outside the control of FlexiGroup. Any such forecast, prospective statement or return has been based on current expectations about future events and is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described. To the maximum extent permitted by law, FlexiGroup and its related bodies corporate, directors, officers, employees, advisers and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation.

Jurisdiction

• The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions.

• Nothing in this presentation constitutes an offer or invitation to issue or sell, or a recommendation to subscribe for or acquire securities in any jurisdiction where it is unlawful to do so. The securities of FlexiGroup have not been, and will not, be registered under the US Securities Act of 1933 (as amended) (“Securities Act”), or the securities laws of any state of the United States. Neither this presentation nor any copy hereof may be transmitted in the United States or distributed, directly or indirectly, in the United States or to any US person including (1) any US resident, (2) any partnership or corporation or other entity organised or incorporated under the laws of the United States or any state thereof, (3) any trust of which any trustee is a US person, or (4) any agency or branch of a foreign entity located in the United States. No securities may be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

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Agenda

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Transaction highlights Lombard overview Business Model Strategic Rationale Acquisition Summary

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Transaction highlights

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Acquisition of Lombard Finance Interest Free and Visa Card business

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Purchase
details
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• ‾ FXL has agreed to acquire Lombard Finance for net $10m funded from existing cash reserves ($5m) and equity consideration ($5m) - 5 times FY13 FCST earnings.

• ‾ Forecast earnings expected to be accretive in FY13

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Business
description
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• ‾ A retail point of sale financier offering interest free through retail partners and cross selling customers a Visa card.

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Strategic
rationale
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• ‾ Extend FXL reach to broader “Interest Free” market – grow Lombard interest free customer originations and maximise visa card potential

• ‾ Diversify into profitable credit card market - by offering Visa card to FXL 700,000 customers and leveraging 11,000 retailers

• ‾ - Platform delivers speed to market scalable platform, card servicing infrastructure, and committed funding accelerates results

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Well
Positioned
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• ‾ FXL has proven track record of significantly growing complementary “no interest ever” Certegy business and cross selling products to customer base

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Overview:

Lombard scalable platform is well positioned for growth

• Interest free point of sale card finance company with receivables of $46.9m

Three volume sources

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Visa everyday Interest Free
purchases POS Retail
33% 44%
Interest Free Converted
to Interest Bearing
23%
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• Retail partners are offered interest free product and customers are cross sold a Visa card

• Key originating industries: furniture, education, auto, home improvements and solar / hot water

• Visa card subsequently used for everyday retail purchases from petrol stations, supermarkets, pharmacies, and clothing stores

Industry Sources Industry Sources[1 ]

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Appliances
Auto Parts DIY Building
Dept Store
Hardware Furniture &
Bedding
Petrol
Groceries Watches &
Travel, Jewellery
Education
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• Currently has 23,000 active customers, including 11,000 Visa cards used at retailers for everyday spending

• Under capitalised post GFC, Lombard’s multiple product scalable card platform is well positioned for growth

Note:

1 Industry size is not indicated – are top sources of receivables for Lombard

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Business model

Customers originated through interest free subsequently transact by Visa card

Business Model

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1 Customer is originated
with interest free at Retailers
2 Lombard cross sell
Visa card to the customer
3 ‘000s of retailers accept Visa
card for everyday shopping
Repeat purchase -
Dept Store
Original retailer
Pharmacy Petrol
Use card
multiple times
Doctors Average Spend $250 Groceries
per month
Clothing Hardware
Auto
parts
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Originate new customers with interest free to drive higher NPAT subsequent transactions

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Transaction Timeline
Interest Free purchase
Originated at POS
- avg $2,000
Pay: Est. Fee $60 MonthlyFee $2.90
Visa card arrives Visa card purchases are interest bearing
- avg balance $750
Outstanding Int Free Balance rolls into Interest
Bearing - avg balance $1,000
0 3 6 12 24 36 48
Month
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1
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Strategic rationale:

Extend FXL reach to broader Interest Free market – grow Lombard business

Customers’ origination “interest free” and “no interest ever”

Lombard and Certegy Industry Opportunity

$5bn retail sales purchased via Interest Free

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Interest free and deferred payment terms drive customer originations

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Lombard “interest free” product complements Certegy “no interest ever”

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Lombard operates in traditional finance sectors “interest free, deferred payment, card” typically electrical, computer, furniture.

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• Finance largely paid for by customers

Certegy operates predominately in non traditional finance sectors “no interest ever”, lay-by, home improvements

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• Cost predominantly paid by retailers

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Lombard Certegy “no
“interest free” Both interest ever”
- $15b
- $10b
- $ 5b
Appliances Furniture Domestic Hardware Computer Tyre & Auto Jewellery Sporting & fitness Home improvement Floor Covering Solar / Hot Water
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Source: Crescendo Partners report Mar 07 from ABS; Ibis World, Inside Retailing and other sources

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1
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Strategic rationale:

Extend FXL reach to broader Interest Free market – grow Lombard business

Provide capital to drive interest free volumes

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Lombard growth constrained by lack of capital due to post GFC funding paradigm

Lombard supported by Major Trading Bank Funding

FXL well positioned to fund growth in Lombard’s business

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Lombard Average Receivables
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Pre GFC Post GFC
76.1
65.6
54.3
50.8
44.7 45.8 46.9
35.3
Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Apr-12
$million
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Capitalise on Visa card cross sell potential and improve card performance

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Card Activation Rate Card Active Monthly Average Balance NPAT / ANR
90% 35% $2,800 4.5%
30% 1.7%
8% $750
Lombard Industry Lombard Industry Lombard Industry Lombard Industry
Source: Dart Consulting, and RBA
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Strategic rationale:

Diversify into profitable credit card market by cross selling to FXL customers

Credit card use in Australia is high and has sustained growth

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30% of personal expenditure is by credit card

The card industry is profitable: +$2.5b EBIT

Customers are attracted to cards by rewards programs or interest free periods.

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$m
60,000 Australian issued Credit Card Balances
50,000
40,000
30,000
20,000
10,000
Source: RBA
0
Mar-90 Mar-92 Mar-94 Mar-96 Mar-98 Mar-00 Mar-02 Mar-04 Mar-06 Mar-08 Mar-10 Mar-12
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FXL Customers are middle Australians

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FXL customers’ average income is $63k versus the national average of $65k

A median age of 36 vs 37 nationally

Typically full time employee and homeowner

Solid credit quality customers with wallet space for a card

“Bob” – typical customer

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• Aged 35-44

• • Full time employee

• • Income p.a. $63k

• • Lives – metro area

• Has a Mortgage

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2
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Strategic rationale:

Diversify into profitable credit card market by cross selling to FXL customers

Cross sell card to target lower spend, high revolve categories

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Customer card value proposition – provides access to interest free, no interest ever and other FXL products through retail partners

This segment represents 30.5% Australian card holders.

Customers in this segment spend less, with a high revolve rate of 82%

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Australia Market Category Metrics
$35 94%
$30 82%
$25 64%
$20
$15
$10
$5
$0
Reward programs Low APR, no rewards Higher APR, no rewards
Spend per account ANR per account Revolve Rate
Source: Dart consulting
Thousands
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Cross sell card to high credit quality low risk FXL Customers

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• Cross sell opportunity is large – 700,000 existing and 250,000 new FXL customers

Target 21,000 new card holders p.a. from FXL: 1% of existing base; 5% of new customers.

Annual spend $3,000 with average balance:

Yr1 $750 Yr2 $1200 Yr3 $1500

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ANR Impact of FXL cross sell
(excl Lombard growth)
$94m
$77m
$61m
$46m
Lombard Year 1 Year 2 Year 3
Current ANR
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2
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Strategic rationale:

Shift from retail point of sale to diversified financial services

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Established High Growth FXL Segments
Acquisition
Growth in Online $37b forecast in 2013.
Note:
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1. Indicative split based on receivables

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3[Strategic rationale: ]

Platform delivers speed to market – scalable, multi product, committed funding

Leverage Platform and card servicing infrastructure across FXL

• Utilise efficient low cost off shore operation

Accelerates results by 3+ years

• Leverage card system technology configurable to 99 products

• • Key learning's from existing customers base

Access to card funding supports rapid growth

• Eliminate time and capital Funding – Australian Major Trading Bank funding in place with Lombard •

• investment required to demonstrate Product risk experience and scorecard provided by Lombard. card risk track record to funders • $1.0b in FXL funding facilities. $283m undrawn

Executive talent injection to lift capability

Deploy FXL talent model using proven industry executives

• FXL Vendor Finance and Online business launched by recruiting experienced industry talent from market leaders

• FXL to supplement Lombard expertise with credit card industry expertise

• Highly experienced credit card expert to develop card strategy

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Acquisition Summary:

Well positioned to mirror Certegy improvement post acquisition

Certegy ANR doubles and NPAT increases 5 times

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NPAT increases from <$5m pre-acquisition to $20m FY12E ANR doubles from $160m pre-acquisition to $317m FY12E

Certegy low cost, scalable operating platform has driven significant revenue increase with minimal cost increase By leveraging platform, NPAT/ANR improves from 2% to 6%

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6.3%
5.9%
$317m
1.9% $237m
$160m
FY08 (pre acqn) FY11 FY12 (e)
ANR NPAT / ANR
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Lombard NPAT/ANR performance expected to mirror Certegy

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Growth to be sourced from:

• Increased interest free originations

• Maximising card performance

• Cross selling card to FXL customers

Lombard has a low cost, highly scalable platform similar to Certegy

Volume growth will drive significant NPAT growth

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NPAT / ANR
5.7%
5.2%
4.5%
3.3%
2.5%
1.8%
$50m $100m $150m $200m $250m $300m
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Lombard Acquisition Summary

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Interest Free Market and cross selling cards is a strategic opportunity

• Large interest free market where FXL/Certegy has less than 5% market share

• Cross selling Lombard Visa card provides additional profit opportunity for FXL

• Expands diversified financial services footprint; access to new merchants/categories

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Acquisition delivers speed to market and provides infrastructure and funding to support growth

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Financial Outlook:

• Accretive in FY13.

• Investment in Lombard in 1H13 to reposition the business

• Expect profit contribution to grow significantly beyond FY13

• Reaffirm FXL FY12 Cash NPAT guidance of 12% to 15% growth on FY11

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Appendix

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Strategy to optimise visa card cross sell opportunity

Reach new customers

Increase returns per customer

4. Share of Wallet increases with modern onboarding, benefit reminders, spend category offers, and variable pricing to stimulate new demand

1. Audience stretch - New retailers and customers are attracted with longer term competitive interest free offers

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2. Audience stretch - Card usage increases with customer lifecycle management and retailer promotions.

5. Revenue diversification by cross selling other products to existing base

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6. Retention increases with higher card usage and promotional activities

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3. Approval rates increase with improved depth of risk analysis by leveraging scorecard.

7. Yield optimisation by differentially pricing based on credit risk profile. Fees varied based on value of customers sourced

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