2. Contents
A. Understand Causes
of Rural Poverty
• 4 Halves of Have-
Nots
• Farmers lack access
to finance and
markets
• Value chains are
weak
• Needed solutions
are businesses
B. Solve Poverty by
Creating Livelihoods
• Mission: Turn crops
into cash
• Strategy 1: Solve
finance for higher
crop yields
• Strategy 2: Invest in
value chains to
create markets
• Strategy 3: Achieve
scale
C. Shift Charity to
Impact Investment
• Not enough aid
money to end
poverty
• Underlying
nonprofit
foundation
• Africa Farmers
Collateral Fund
• Africa Agriculture
Equity Fund

3. SECTION A: Understand Causes of Rural Poverty
• Rural poverty is profound.
• Subsistence farmers are
majority of poor on earth.
• While aid has helped with
healthcare and education,
rural poverty is often
getting worse.
• There is not enough money
in aid to end poverty.

4. Subsistence
Farming & Food, Rough
Statistics for Most
African Nations
Half of people
are chronically
malnourished
Half of year
famine:
wet/dry cycle
becomes
feast/famine
Half of food
imported, esp.
by value: local
markets are
huge
Half of
farmer’s
production
never
consumed
4 Halves
of the
Have-Nots
4
Most of a farmer’s
production from
the wet season is
lost: the lack of
processing,
preservation, and
logistics businesses
causes hunger and
poverty. There is no
model to invest in
them. Aid competes
with them.
Underlying
Problems

5. Farmers Lack
Access to Crop
Input Finance
Underlying
Problems
• With careful manual
application, it costs $200-
$1000 per acre for seeds,
fertilizer and treatments
• There is not enough money in aid to lift farmers out
of poverty. BIG LOANS are needed;
(more than microfinance offers farmers.)
• Microfinance limits people to subsistence.

6. • What is a market? -List of buyers to negotiate terms (a
business function)
• Distribution systems lacking so need market building
(rather than ‘market linkages’)
• Access paradox: market is BIG but farmer is SMALL (too
small to connect)
Farmers Lack Access
to Markets
Underlying
Problems

7. Farmers
produce little
for sale
• So no
commercial
loans
• So no reliable
market causing
much waste
Food
businesses lack
crop inputs
• So limited
growth and
investment
• So they import
needed volume
competing with
nearby farmers
Underlying
Problems
Dysfunction in the
Food Value Chain
Cheetah must
work on both
halves because
the problems are
linked in a
vicious
cycle
Underlying
Problems
Markets Solutions
are Needed Too
that damage
investments

8. Aid organizations
Companies
Subsistence
farmers
Doing Big Business
(big scale)
with the Dirt Poor
Business is the Bridge

9. STRATEGY – Farmer Partnership:
New ways to finance farmers
New businesses for small farmers
Make farmers investable
STRATEGY – Solve Industry Gaps:
New businesses in value chain
closely serving farmers

10. Is a last mile problem/opportunity:
connecting backbone industry
to small suppliers/users
at the end of the line.

11. SECTION B: Solve Poverty by Creating Livelihoods
• Mission Summary
• Strategy 1: Increase crop
yields with new kind of
finance to commercialize
farmers.
• Strategy 2: Make
investments in value-chain
to create markets and
serve farmer needs.
• Strategy 3: Achieve scale.

12. Mission
Summary
Crops
Investments
(Markets and Finance)
Cash
Agriculture
& Food
Markets
Finance
Focus on markets
and finance
because they
are lacking in
traditional
development
approaches

13. Strategy 1: Commercialize Farmers
Beyond subsistence:
Maize fields planted
on the same day.
(Cheetah supported
farmer on left.)
It’s not giving gifts, it’s growing gifts

14. 4 Steps to Leave Subsistence Poverty
1.
Organizing
in
Registered
Groups
2.
Technical
Farming
(Agronomy
and Inputs)
3.
Large
Commercial
Loans
4.
Guaranteed
Markets
Farmer
Commercialization
Prefer to partner with NGOs for
training, organizing and data
collection
Pearl’s focus
and income
Partner w/ local
banks
(metafinance)

15. Africa
Farmers
Collateral
Fund
Healthy
Commercial
Loan – 3 Legs
Business
(Farmer’s
Group)
Economic
Benefit
(Markets)
Lending
Bank
Receive no cash, only
inputs, pay with crops,
loans guaranteed
between members
Guarantee
markets and
first 10% of loan
Kept in USD
accounts
Spreading the risk
unlocks the deadlock
Investment
Solution

16. From MIT group that
made the first major
review of microfinance:
“… the structure of
[microfinance’s] success
in lending to the poor is
such that we cannot
count on it to be a
stepping-stone for
larger businesses to be
created and financed.
Finding ways to finance
medium scale
enterprise is the next
big challenge for
finance in developing
countries.”
Microfinance
Small loans averaging
$300 filling microfinance
space
Less successful and
smaller in rural areas
and for agriculture
Best suited to micro
enterprises with no
usage control
Credit often based upon
peer pressure or
average risk factors
Cheetah’s
Metafinance
Innovation
Loans (and equity)
$5000-$500,000 filling
“Missing Middle” gap
Designed for
communities or midsized
businesses
Requires strict structural
control, which is built in
Credit based on
production capability

17. Strategy 2: Invest in Value Chain Businesses
Solve value chain
problems holding
farmers back:
Example: Solar
food dryer
preserves food, is
affordable to
farmers, opens
new markets and
recovers harvest
losses.
It’s not giving gifts, it’s growing gifts

18. Target Investment Criteria
Profitable
High impact –
change livelihoods
significantly
Ag or ag value
chain
Replicable – can be
replayed and cross
cultures
Scalable and able
to grow quickly
meeting the needs
of many
High need, fills a
critical gap, ‘last
mile’ to farmers
High leverage – few
employees or low
investment
changes many lives
Cluster – fit with
other investments
to multiply effect
Red: priority
preference
Green:
important
preference

19. Cheetah
Innovation:
• Franchise approach replays business successes
• Pilot concepts tested before investments
• Shared back office resources between investments
Africa
Agriculture
Equity Fund
Investable
Micro Venture
Capital

20. InvestmentExamples
Pearl Foods – opening
markets and finance to
farmers
Reservoir – ending the
feast/famine cycle, now
with solar food dryers
Kabisa – creating rural
transport, especially for
transporting crops
Sunborn – dried food
marketing
Prototyped
InitialOperationsOperating
Operating

21. Strategy 3: Achieve Scale
The problem is
massive – 2
billion people.
The solution
must be
scalable:
It must employ
strategies that
are replicable
and can be
widely adopted.
It’s not giving gifts, it’s growing gifts

22. We have a
moral
obligation
to scale it.
That is
different…
Because there
is a solution
that works…
Our Operating Thesis
Poverty is intrinsically offensive and a major contributor to many of
the most serious problems on earth (war, disease, climate change).

23. GoingtoScale

24. Directly impact a 1
million+ people
and indirectly far
more
Operate in 2-3
regions/continents,
more than 12
nations
Open more than 20
locations(a
common test of
franchising skills)
Found more than
10 new companies
Cheetah Five Year Objectives

25. Investment Steps
• Identify opportunities
• SelectIdeate
• Prototype
• Validation requirementsPilot
• Demonstrate business model
• Verify validation requirements metActivate
• Invest
• Grow in origination and new locationsPropagate
Board approval required to
advance to each new step.

26. Avoiding the
Gartner Hype Cycle
By piloting
companies,
Cheetah is able
to provide
much more
realistic
expectations of
performance in
advance of
significant
investment.
Supporting
pilots is part of
the reason the
investor fees
are front
loaded.

27. SECTION C: Shift Charity to Impact Investment
• Leverage current farmer
assets – first let them
succeed where they are.
• Increase crop yields with
new kind of finance.
• Make investments in value-
chain to create markets and
serve farmer needs.
• Go to scale.

28. The solution to poverty isn’t charity; it is
investment: what’s needed is wealth
creation not redistribution.
It must attract donors AND investors;
it’s the only way to fund the scale of the
problem.
Cheetah offers a fundamentally new way
to capitalize wealth creation for
smallholder farmers.
Gives impact investors a financial and
social return: double and even triple
bottom lines.
Financing a revolution in rural
economic development

29. "...investments made into companies, organizations,
and funds with the intention to generate measurable
social and environmental impact alongside a financial
return.
Impact investments can be made in both emerging and
developed markets, and target a range of returns from
below market to market rate, depending upon the
circumstances."
- Global Impact Investing Network
Impact Investing:
Aligning Investments with Values

30. Three Pillars: Success to Significance
Philanthropy
Impact focus
Kick-start
businesses
Business
Profits for
sustainability
Accountability
Capital Markets
Debt and
Equity
Needed for
Scale

31. Training on the use of
solar food dryers
often attracts crowds
of women in villages.
65% of world’s
uncultivated arable
land. Uses less than 2%
of renewable water.
Moving from an
extractive economy to a
value added economy
GDP grown at a 5% rate
over the last decade
High birth rates with
falling infant mortality
Growing middle class
food consumption
increasing demand –
already a net importer
Demand for food from
Middle East, India and
China
African Agriculture Holds Opportunity

32. Farmers lack access to crop
input & equipment finance
Farmers lack access
to markets & value chain
Africa Farmers
Collateral Fund
Africa Agriculture
Equity Fund
Financing Solutions with Accredited Investors

33. Africa
Farmers
Collateral
Fund I
Economic and
Social Returns
Metafinance

34. Africa
Agricultural
Equity
Fund I
Economic and
Social Returns
Micro
Venture
Capital

35. Risk Mitigation
Africa Farmers Collateral Fund I Africa Agriculture Equity Fund I
On-the-ground presence, active management in portfolio companies
Cheetah keeps control of accounting, reducing likelihood of corruption
Shared back office services and location reduces startup costs
Preferred share position for investors in many cases
Local village leadership for most activities bridges cultural gaps
Loans made by local commercial banks that
have rights of loan enforcement
Usually have controlling interest in
companies
Money stays in US dollars to avoid currency
exchange
Prototype many company activities before
receiving investment
Farmers cross-guarantee loans between
members of groups
Partnering when possible reduces investment
required
Farmers receive crop inputs or equipment
rather than cash; loan is paid by delivering
crops
Keeping companies small and scale achieved
through franchising reduces risks of
concentrated capital
Diverse crops and climates Franchising approach creates a higher
dedication to standardized procedures, thus
more predictable outcomes

36. Africa Farmers Collateral Fund I
• Farmers turn in crops, they are
sold, loan is paid
• If crop does poorly, crops
produced are sold, farmers
achieve no profit, loan is paid
• If farmers do not pay, other
farmers cover costs, loan is paid
• If group fails, bank enforces loan
and farmers make payments over
time
• Supplier (usually investee of AAEF
Equity Fund) of crop inputs or
equipment covers a minimum of
10% of first loan losses, including
profits from other groups, loan is
paid
• Fund investors are in tiered risks A,
B, C so losses covered in lower
tiers
Africa Agriculture Equity Fund I
• Companies are sold to outside
investor
• Fund has preferred shares, equity
is converted to debt and repaid
(this is built into the fund model
from outset – for more
information see SEAF model)
• Future fund buys out current
investors
Investor
Exit Strategies

37. Equity
Fund
Debt
Exit
Strategy
Created by
SEAF (30 yr.
proven
experience,
impact
investment
model)
Local Investors,
Employees
Common Shares
Cheetah
investment –
preferred shares
1. Cheetah raises needed investment and has board control
Common Shares
3. Loans are repaid, shares divided pro rata by others
Common Shares Cheetah shares
4. Company is revalued by pre-agreed formula
Local investors equity – common shares. However by
contract Cheetah controls accounting function to guarantee
transparency. Sale of shares is restricted by agreement.
Cheetah Preferred (15% minimum), dividing repaid
Preferred Shares with Common, (optionally, Cheetah
may be repaid while retaining equity)
6. Equity and control revert to local shareholders
Fund investment –
preferred shares A & B
Common Shares
Equity to
Debt
Round 1
Cheetah shares
2. Preferred shares divided into loan and equity
Preferred
shares
Loans
repaid
Cheetah shares
Preferred
shares
Preferred shares
Common shares
Cheetah equity subordinate to fund
debt
5. Remaining preferred shares are converted to debt and repaid (24-36 months)
Fund equity – preferred
shares, may be limited by
coupon value
7. All shareholders enjoy profit distributions pro rata with ownership
Exit Strategy:
the Process for
Fund Liquidity

38. Terms Africa Farmers Collateral Fund I LLC Africa Agriculture Equity Fund I LP
Manager or
General Partner
Cheetah Development, Inc., a 501(c)(3)
Size Up to $3.5 million by 31 Dec 2015 Up to $20 million by 31 Dec 2015
Target Return 2% 12% – 15%
Term 18 months, one 6-month extension.
Multiple series with rollovers.
7 years, 2 one year extensions.
Target investors Accredited investors, foundations, family offices and individuals. Impact
investments interested in Africa, agriculture, developing world poverty
reduction, and/or women’s economic empowerment.
Commitment Minimum 10 units or $100,000.
Fees & Expenses 1.5% per annum of total
Commitments. Fund pays its
operating expenses.
3% per annum of total commitments,
partially paid up front for incubation
and R&D. Fund pays its operating
expenses.
Legal Counsel Dorsey & Whitney LLP
Audit Firm Recognized audit firm(s) to be selected
Summary of General Fund Terms

39. Staff
• Ray Menard, founder
& CEO. Start-ups and
business development.
• Paul Larsen, VP. African
agri-business and
financing.
• Brad Brown, VP.
Impact investment and
social enterprise.
Fund Advisory Board
• Investors
• Chris Maclellan,
Trustee, The
Maclellan
Foundation
• Mark Mortenson,
Trustee, Mortenson
Foundation
Experienced Management

40. • Unique direct investment opportunity for
the “high touch” impact investment client
Set your firm
apart
• Financial and social returns, both highly
measurable
Align values of
your clients
• On-the-ground / in-the-market / culturally
attuned management
Unconventional
for success
• Not an NGO solution, a business solutionOn target
Special Offering for Values Based Investment
Clients of Registered Investment Firm Advisors

41. SummaryofFunds

42. Proof of Concept
• Past 5 Years, Complete
Proof of Scale
• 5 Years, Starting Now
• Result: Everyone
Believes
A Movement
• 1 Billion Lives Changed

43. StartingConcepts
3 year plan to:
Use business to end poverty by
linking opportunity to the poor
Create an investment model that
can be institutionalized and
replicated
Connect philanthropy, business
and capital in a new intersection
of opportunity
ProofofConceptResults
Achieved all starting
concepts (6 years) plus:
Registered a 501(c)(3) investor
Created two innovative models
of finance (Metafinance and
Micro Venture Capital)
Set up first ever VC. in Tanzania
Focused on food and agriculture
Launched 2 new companies, 4
companies in the pilot stage
Patented a ½ ton cargo bike,
developed a new solar food
dryer, more products coming
Created new brands, “Sunborn”
for smallholder foods of quality
Have 30 employees operating in
around 50 villages directly
impacting over 10,000, indirectly
almost 250,000
Substantial livelihood impact
over 10x demonstrated
Began work in 2 more nations
Set up 2 funds and raised almost
$2 million immediately
Plumbed a deal pipeline
approaching $10 million
Joined many partners and grants
Recognized as a thought leader Next–GotoScale
5 year plan to:
Directly impact a 1 million+
people and indirectly far more
Operate in 2-3 regions or
continents, more than 12 nations
Open more than 20 locations (a
common test of franchising skills)
Found more than 10 new
companies
History:
Plan and
Results

44. Typically, aid
gives to the
poor
Cheetah’s
focus is to buy
from the poor

45. Securities Disclaimer
This document is for informational purposes only and does not constitute an
offer or solicitation to sell shares or securities in the Company or any related
or associated company. Any such offer or solicitation will be made only by
means of the Company's confidential Offering Memorandum and in
accordance with the terms of all applicable securities and other laws. None
of the information or analyses presented are intended to form the basis for
any investment decision, and no specific recommendations are intended.
Accordingly this document does not constitute investment advice or counsel
or solicitation for investment in any security. This document does not
constitute or form part of, and should not be construed as, any offer for sale
or subscription of, or any invitation to offer to buy or subscribe for, any
securities, nor should it or any part of it form the basis of, or be relied on in
any connection with, any contract or commitment whatsoever. The Company
expressly disclaims any and all responsibility for any direct or consequential
loss or damage of any kind whatsoever arising directly or indirectly from: (i)
reliance on any information contained herein, (ii) any error, omission or
inaccuracy in any such information or (iii) any action resulting therefrom.

46. Thank you!
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