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Receivables finance (RF) - factoring & invoice discounting Used when seller/buyer relationship matures: seller raises cash against trade debtors; improves balance sheet and accelerates growth Buyer 2 1 = Interest and Fee income earned across life cycle 5 HSBC 3 Seller Factoring 4 5 Invoice discounting 1 Seller & HBSC sign Receivable Purchase Agreement 2 Seller ships goods / performs services and sends invoices to Buyer 3 Seller sends invoice data to HSBC 4 HSBC purchases receivables and funds (80% - 100%) credited to Seller Buyer pays HSBC on due date - Factoring 5 Buyer pays Seller on due date – who transfers funds to HSBC – Invoice discounting 10

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