The main stages of the underwriting process are summarized below:-

1. Initial assessment based on Business Plan, Financial Forecasts and Historical audited accounts.

2. Indicative term-sheet provided by DFL

3. Underwriting Meeting with Management Buy Out Team

4. Final term sheet provided.

5. Due diligence work conducted upon acceptance of term sheet

6. Legal due diligence begins once financial and technical due diligence have been completed. This incorporates the production of Policy and Security documentation, and a full review of transactions documents, employment contracts, pension arrangements etc. Financial Diligence will confirm the repayment schedule acceptable to all investors and Purchasers.

7. Transaction completion and Insurance Policy in force.

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