1. Illustrative Fund Investment Review Process Environmental and SocialFinancial Phase I Does the project meet pre-established Environmental and Social Criteria, within pre-designated investment areas? Does the project meet pre-established Financial Criteria? Reject Could enough income be generated for conservation? No Reject Yes Go to phase II Are all “yes” for each category present? YesNo Reject No Project Submitted Component/ Phase Reject No Yes Is the project still environmentally & socially friendly? No

2. Illustrative Fund Investment Review Process Preliminary & In-depth Site AnalysisFinancial Phase II Component/ Phase Is the project financially viable? No Reject Yes Does the Project benefit local communities? No Reject Yes Is the Project Site Related? Yes No Preliminary Env. Assessment Is enough income generated for conservation? Will the project contribute to conservation objectives in the site? No Yes No Reject Go to phase III Yes

3. Due Diligence Process In depth financial analysis Site visit Final environmental assessment Social assessment Enterprise principal references Assessment on project management capacity Negotiation of investment terms & conditions Is the project viable? Yes No Reject Present to Investment Committee Phase III