• 1 Contact with SB
• 2 Quick Screening Analysis
• 3 Structure of Potential Investment
• 4 Pre-negotiation with SB
• 5 Preliminary Term Sheet

II) Initial Appraisal

• 6 Letter of Understanding (initial T&Cs)
• 7 Evaluation Invoice (Fee), if any.
• 8 Evaluation Information Request
• 9 On-site Evaluation

III) Risk Assessment

• 10 Evaluation Report
• 11 Transaction Proposal
• 12 Investment Committe

IV) Approval