How this process works Stage I - Application 1 Express interest 2 Submit down payment You drive demand Stage I - Application The first stage - Application - has two parts. In order to be fully registered, you must first Express a certain amount of Interest, and Submit a corresponding Downpayment. Along with requesting a minimum discount threshold, the Express Interest step also asks for the total sum you would be interested in investing. This figure is used to calculate the required Downpayment sum - which is 10% of the total amount you would like to invest. By requiring would-be investors to provide a portion of their desired investment up front, we ensure that the demand is authentic and therefore we maximise the chance of a discounted placement. State II - Negotiation 3 Discount secured We seek discount Stage II - Negotiation Once you are fully registered, the onus is now upon the SyndicateRoom team to attempt to secure the greatest discount possible from the company in question, based upon the demand we capture through investor registration. This is by no means certain. Legal requirements prevent us from providing details at this stage to investors - so there will be no warning. Please note that if we secure a transaction at a level at least equal to your minimum required discount, your downpayment will no longer be refundable. Your downpayment will, of course, count towards the subscription amount due when you proceed to pay the full balance. Stage III - Transaction 4 Pay balance 5 Shares issued You get equity Stage III - Transaction Reaching the third and final stage means that a deal and discount have been secured. You will be informed of this only if the discount fell within your stated threshold, at which point you will be required to pay the full balance within 5 days. If the discount was less than your minimum, your downpayment will be refunded automatically. The round will generally be announced to the market before the opening bell (the commencement of trading).