Typical Forfaiting Transaction Step 1 Exporter Importer (private industrial firm) (private firm or government purchaser in emerging market) Step2 Step 4 FORFAITER (subsidiary of a Step3 Step 5 European bank) Step6 Investor Importer's Bank (institutional or individual) Step7 (usually a private bank in the importer's country 能肉制计价質多+孝Typical Forfaiting Transaction Exporter (private industrial firm) Importer (private firm or government purchaser in emerging market) FORFAITER (subsidiary of a European bank) Importer’s Bank (usually a private bank in the importer’s country Investor (institutional or individual) Step 1 Step 3 Step 2 Step 7 Step 5 Step 4 Step 6