B. Bibby Barometer Small Business Survey findings:

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1 A. Research structure: Q & A for Bibby Barometer findings 1. Who did the research? The Bibby Barometer Small Business Survey was conducted by Galaxy Research - a well-known Australian research company. 2. Why is this study done with non-retail SMEs? There is plenty of other research on the retail sector and their views on the economic downturn are well known. This research focuses on those businesses that invoice their clients. Small businesses were classified as those with between 5 and 19 employees 3. Are these results reliable given the small sample? The survey was constructed to give accurate results with over 200 interviews obtained at each wave The sample was stratified by area to reflect the distribution of Australian small businesses 4. When was this research done? The first Bibby Barometer survey was conducted in July This second Bibby Barometer was conducted in February How was the research conducted? The survey was conducted online. 6. Is an online survey reliable and statistically valid? Online research is the most commonly used methodology in Australia. Procedures such as stratifying the sample are used to further ensure the sample is statistically representative of the wider business community. B. Bibby Barometer Small Business Survey findings: 1. Tell us about the Bibby Barometer Small Business Survey Survey of non-retail SMEs nationally, employing between 5 and 19 staff Measures small business expectations for the business environment Run twice yearly - this is the second time we have run the survey 2. What are the most important findings from the Bibby Barometer? The survival of 22% of SMEs is threatened due to cashflow issues SMEs are increasingly concerned with the global economy A quarter of SMEs are having difficulties with meeting liabilities and making tax payments

2 A majority are worried about interest rates Half of small businesses are experiencing delays in waiting to be paid A quarter have had bad debts in the last year SMEs are pessimistic about their payment terms, with one third expecting the time they will wait to be paid to increase in the coming quarter Majority of SMEs think that banks require too much security these days So 34% are more likely to seek credit from sources other than banks in the next year 3. What are the main concerns for small business owners? Major concerns are: o Cashflow challenges in a tough economy o Staffing issues o Lack of time to enjoy family life o Government red tape and tax administration o They are also very concerned about the potential for higher interest rates and fuel costs 4. What's the outlook for businesses over the next 12 months according to the survey? The survey suggests that business conditions will get even tougher for small businesses They are expecting sales growth to slow And cash flow to be more difficult They are more stressed than they were a year ago Lower business confidence generally 5. What are Bibby Financial Services' views on the package of reforms for small business "including tax relief to commence in July 2012, in addition to other measures to reduce red tape and provide exemptions from unfair dismissal laws"? Bibby s views are that more needs to be done A tax break will be a good thing Unfair dismissal laws are a big concern and providing exemptions for more small businesses will be very welcome in terms of small business confidence Concerned about fuel prices and interest rates 6. Why do small business owners think banks need too much security? Are they seeking funding from other credit sources? Small businesses object strongly to the banks requiring their home or commercial property as collateral against business loans

3 o This is a common complaint in Europe as well. This is one of the reasons why debtor finance is growing in popularity the small business gets immediate finance and can keep their home or business property out of the equation Also this allows the funding facility to grow automatically as the business grows Small businesses are increasingly looking at non- bank funding for their finance needs including at Bibby Financial Services which is the largest non bank funding specialist globally. Bibby has been growing at 20% per annum for some years now and has been in Australia for a decade. 7. How are the findings different from the first set of results? An overall decline in sentiment as shown by Bibby Index which decreased from 100 to 94 which shows an overall decline in SME expectations for the future Some of the survey questions are new, eg concern re the global economy, re rising interest rates, and the consequences of the declining poor cashflow situation for SMEs 8. Were there any state-by-state breakdowns in the findings? o Yes, there is a clear difference between Victoria and NSW on the one hand and the other states, particularly Queensland and Western Australia - which are benefitting more from the mining boom. o Nearly all factors measured are worse in Victoria and New South Wales including level of concern re the global business environment, business confidence, percent having trouble meeting their liabilities due to cash flow problems etc. o The sample was not big enough to report on these differences in much detail but we saw the same divide between the mining and other states in the previous Bibby Barometer survey from last July. C. Bibby Barometer Index: 1. What is the index? The index was constructed to measure SME expectations for the business environment It is based on intention to invest in their business, expectations for sales growth, ease of managing cash flow, business confidence, and level of business stress. 2. What does it tell us about small businesses? The Bibby Barometer Index tells us that SME expectations for the future business environment are declining. 49% are more stressed than they were a year ago. Shows us that it is tough out there for SMEs.

4 D. Bibby history: 1. Who is Bibby? One of the world s leading global debtor finance specialists 5,400 clients managed by 32 companies over 14 countries worldwide Providing over $700m in lending to SMEs worldwide Part of the Bibby Line Group, a diverse and dynamic global family-owned business with origins dating back to Interests in ship owning, distribution, retail and business services. Largest independent invoice financier in the UK, which is the largest market for factoring and discounting in the world (Source: ABFA, FCI, IFG). One of the fastest growing organisations in the Australian market has grown at an average rate of around 20% each year since formation in What sort of businesses does Bibby support? BFSA support businesses turning over between $200k to $80m. One of the most experienced sales and senior management teams in Debtor Finance in Australia Been in the Australian market for 10 years Increased its lending to SMEs through the worst of the GFC. E. Debtor finance industry: 1. What is debtor finance? Debtor finance provides reliable cash flow to support business growth, and limits grow in line with turnover. Debtor Finance should not be compared with other types of funding on rates due to the service component of our product. In some cases the benefits of stronger cash flow can offset the cost of the facility (supplier discounts, bulk buying discounts, improved efficiency/reduced accounts receivable cost etc). Debtor Finance is not debt collection but a funding facility (common perception) Better cash flow improves supplier and debtor relationships through facilitating prompt delivery and payment. Debtor Finance saves management time to reallocate to sales and strategy Directors don t need to risk their personal property in the current uncertain economic climate Factoring does not have a negative impact on the client-debtor relationship.

5 Accounts receivable cost can be reduced as debtors will often respond to a more disciplined collection process. 2. What sort of businesses is debtor finance suitable for? Debtor Finance is not lending of last resort but a smart choice for entrepreneurs and business advisers. The old stigmas are fast disappearing as owners and advisers realise the benefits and DF becomes increasingly common. Debtor finance is not a signal of financial distress. Many fast growing businesses utilise debtor finance to fast track their growth and better manage cash flow, particularly in the startup phase. Viable alternative to the overdraft and debt finance Suitable for wide range of manufacturers, wholesalers and business service providers IDPlus+ is ideal for established businesses seeking to maximise working capital to fund growth, merges and acquisitions (M&As) or to fund a large capital purchase. Debtor finance is a useful strategy for succession planning or sale of business, allowing the seller to extricate their personal property security from the business and provide cash flow certainty during the transition period E. For questions you do not know the answer to Live radio/television: I m not absolutely sure of the statistics on that point, but what I can say is.. o business owners are under more stress o their expectations are lower for the year ahead o they are increasingly looking at alternatives to bank funding Print: That s an aspect I ll have to check - can I come back to you on that?

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