This document discusses opportunities for investing in smallholder farmers in Africa to address food insecurity and poverty. It notes that Africa has significant untapped agricultural potential but currently imports half its food and half of farmers' production is lost. Smallholder farmers are key to success if given access to credit, inputs, and markets. The model proposes integrating investments across agricultural value chains to link farmers to processors and international food markets. It has had early success improving incomes and aims to scale its impact through franchising models, partnerships, and risk mitigation finance. The goal is to transition millions of families out of poverty in a sustainable way that protects smallholder interests.

1. Extreme Impact Investing

2. Food & Agriculture
By 2050, the world needs almost 2x
food production – and is falling farther
behind every year.
Plus growing middle class demands
better food, protein, and nutrition
meaning value-added production.
Biggest food needs are in Africa, Asia
and Middle East.
Experts agree that Africa is needed
to make up most of the demand.
Africa
Africa has the capacity:
• 65% of world’s open farmland & 97% of local
water unused
• Temperate climate supports multiple crops/year
• Studies have shown that either Uganda or
Tanzania could feed the continent alone.
Africa has huge domestic demand:
• Fastest growing population in the world.
• Fast growing middle class with disposable
incomes and demand for better food choices.
• 50% of food imported, by 2050 will rise to 80%
unless trends are reversed but the world faces a
food shortage.
Vast majority of farmers are
smallholders, so bringing them into
the value-chain is key to success.
Smallholder Farmers
Smallholders are the solution not the
problem:
• Credit for crop inputs brings 10x yields and
commercial viability.
• Aggregating smallholder production delivers
volumes economical for food processors.
• Affordable labor is advantage for high-value crops
Smallholders are a huge market:
• Largest and fastest growing demographic on
earth.
• Buyers of crop inputs, implements, storage and
preservation, irrigation.
• Higher incomes lead to consumer products
purchases
Smallholders can feed Africa and
the rest of the world.
The Opportunity:
Biggest Market –and with Little Competition

3. 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
3
The Problem: 4 Halves of the Have-Nots
In the midst of hunger and market demand,
most crop yields from the growing season are
lost. Why are the opportunities unrealized?
1. It is the lack of processing, preservation, and logistics
businesses that causes most hunger and poverty.
2. Current investment models are often inadequate:
• They usually look for existing businesses rather than
filling value-chain gaps.
• They apply a classic portfolio approach that restricts
opportunity to large-scale well-developed companies.
• They don’t address the entire value-chain and instead restrict
themselves to one segment.
• They try to achieve centralized and significant scale too fast.
• They don’t bring needed capital, including equity and debt.
• They don’t understand that local entrepreneurs (and corruption)
are poorly prepared to engage with investors.
3. Farmers are so small they cannot address markets.
4. Aid often addresses problems by offering “free”
solutions, only weakening sustainable businesses and
requiring continuous infusions of capital to sustain.

4. Farming for profit with
new agronomy practices
Credit ratings identify
starting group in village
Repayment of loans
(usually larger than
microcredit)
Accountability to coop,
banks and outsiders
Bank accounts and
payments not in cash
Work as group especially
selling jointly rather than
opportunistically
Expand credit with larger
loans & build a credit
history with a few years
success
See link between hard
work and profit
End of deep poverty and
thus start a shift in
mindset
Achieve standard terms
from commercial banks
Offer multiyear loan
terms for equipment
Manage large yields,
complex agronomy and/
or special handling
Market awareness
Divide land for food and
cash crops
Reliable contract growing
Sustainability, food safety,
and traceability standards
engaged
Farmers
Achieving
Investability
Fully
Commercial
Farmer
Over $5000 / yr
cash income
4. Expand
production
Enter middle class
3. Introduce high
value crop (fresh or
dried fruits and
vegetables, ancient
grains, herbs, spices)
Become a certified
Sunborn farmer
2. Expand first
crop to max scale
for single family
with hoe (2-5 acres)
Incomes of $500-
$1000
1. Learn to grow
familiar crop
successfully at
small scale
Yields jump 8 fold or
more
Subsistence
Farmer
Farmer Success in 4 Steps
Under $50/yr
cash income
Irrigation for up to 3
harvests/year
Hand Tools for specialty
farming
One-Stop Farmer Supply
Shops supplies everything
the farmer needs
Local Storage and
Packaging for managing
post-harvest losses
Branding becomes
multinational
Cold Store for margin
multiplier for year round
markets
Solar Dryers help end
harvest losses
Branding and Packaging
for increased margin
Tech for traceability
Hand Tools to farm more
land and with sustainability
Cargo Bikes to get
increased crop yields out
of the field
Soil Testing increases
efficacy of expensive loan
inputs & avoids poor soils
Related
Investment
Opportunities
Invest $250
Yrs 1-2
Min 8% IRR,
Any crop, Year 4
IRR x 4 (30%), Year 6 or 7 Revenue x 3, Year 8
Baseline
Projections
Investing
The Solution:
Integrated Model

5. Linking Poverty
To Opportunity
The Impact: How Business Changes Lives
2. Investments are placed in
gaps in the value-chain to
enable farmers to convert
crops into cash.
3. In order for smallholders to become
investable, they must be accountable. That
unlocks opportunity for them and us.
5. Once smallholders have access to
cash, human development naturally
occurs. They put their children in school,
get medical treatment, improve their
housing and food. Studies show that
economic development outperforms aid
in delivering life changing results in
nearly every category, from infant
mortality to HIV incidence and beyond.
1. Our relationship with the smallholders
is as a partner. When they succeed we
succeed.
6. When we can shift from aid to
investment, the money can multiply
rather than just be spent. Without that
there is not enough money in aid to really
address poverty.
4. Turning crops into cash fundamentally
means that rather than giving to the poor
or selling to the poor, we are buying from
the poor – true economic development.

6. Scaleable and
replicable
model
For-profit with
integrated
investment
model
Standardized
smallholder
engagement
processes
Branding of
smallholder
foods
Traceability to
integrate
smallholders
with int’l food
markets
The Core Competency:
Smallholder Management with Unmatched
Capabilities for Competitive Advantage

7. Assets: Examples of Intellectual Property
Two corn fields
planted the same day.
Left is a Pearl Foods farmer.
Pearl guarantees markets
and structures crop finance.
Kabisa’s cargo bike can carry ½ ton
and has patents issued in the USA
Reservoir’s
solar food
dehydrator
can dry 3 tons
of food per
year.
All materials are
locally available
and easily
maintained
Doors at top and
bottom control temps
for optimum drying
Efficient heat collection creates
substantial solar gain so that products
can be dryed on mostly cloudy days
and even in the rain. This is the only
totally passive solar food dry able to
make this claim. This means that
places that grow lots of food (rainy
places) can also dry it.
Food is not exposed to
direct sunlight during drying
so nutrition and flavor
profiles are better than
typical dried foods.
In good weather
conditions, food dries
in one day. Otherwise it
make take two days.
Most value-add
happens
outside of
developing
nations. The
dryer pushes
value-add
down to the
smallholder.
Metafinance
Is a mode of debt financing that engages
local commercial institutions with
smallholders. It has been hailed as the
first viable solution for input finance.
Loans are much larger than microfinance
and are made at a group level, using some
of the systems proven in microlending. It
includes the first method of establishing
credit ratings in a village where no credit
may have previously existed. The rating
system incorporates an algorithm of 8
variables and more than double initial loan
repayment rates.
“Franchising”
Is a model we use to make our
investments replicable, lowering their
costs. In order to make businesses
replicable requires us to carefully
document all processes. This IP is our
internal trade secret.
…plus
Investment Model with Blended Capital
Micro Venture Capital
Branding
And More
Cheetah values diversity and cultural
distinctiveness. However, elements of local
culture can be highly destructive, for
example, encouraging corruption.
Therefore, Cheetah is continuously and
actively building a healthy culture that can
be modeled and replicated in “franchises”.
Culture
LOVE
COURAGE
IMPACT

8. The Plan: First Step Objectives Exceeded
Next: How we Scale 1. Successful Proof of Concept
• Past 3-4 Years, $7 Million Invested
• More than prototype, 50 villages, 3 countries
• Income changes from under $50
to over $1000 per year
• Significant partnerships
• Strong team in place
2. Next: Going to Scale
• 18 month period to complete
• $40M to be invested
• Result: social impact and business
performance
3. Business Expansion
• 5 years
• 1 million families
• 10 companies
• 7 countries
• Pipeline for $200+ million to be invested
4. A Movement
• 1 Billion Lives Changed
How we Reliably Scale:
1. “Franchising” makes businesses replicable at
lowest cost, increases chance of success,
crosses cultures, lowers bar for leadership
skill/experience.
2. Partnerships with aid organizations brings
public trust, large numbers of organized
smallholders, village presence, organizing and
training capacity, and credit data.
3. Agreements with food/agriculture value-chain
companies brings service fees and large
numbers of farmers already engaged in high-
value crops.
4. Risk mitigation in the form of finance from
governments, multilateral organizations and
donors providing non-dilutive risk capital with
advantageous terms.

9. The Platform: Managing the Investment
Protecting the interests of the smallholders is not only the right thing to do, it is the smart thing. Having
middle-class smallholders as partners protects the business future of the investee companies.
A sustainable value-chain cannot be built on the backs of the permanently poor.
Cheetah
• Enables investees
• “Master franchisor” holding
company
• Back office service income
from investee companies
• Manages Metafinance debt
fund
• Owner and/or manager of
some “franchisee” locations
Investee
Companies
• Engages smallholders and
helps them profit through
related investments
• Geographic “franchise”
rights to investors
• Perpetually licenses IP from
foundation with royalties
based on revenue
Foundation
• Protects and Advances
Mission
• Owns IP
• Board membership of
companies and Cheetah
• Applies and qualifies for
grants
• Promotes smallholder
interests (esp. Sunborn)
• Thought leadership via B2P
program

10. Cheetah
• Back-office services for
investee companies
• Lowers costs and risks,
manages corruption
• Expansion prep
• $3M, 20% IRR, 8 yrs (Advance
expansion work)
• Training and process
• $2M, 20% IRR, 3 yrs
(Accenture)
• Metafinance debt fund
• $3M, 2% IRR, 18 mo (finances
farmers through local banks)
Investee
Companies
• Pearl Foods
• $11.2M, 44% IRR, 8 yrs (End-
to-end farmer services)
• Reservoir
• $10.3M 70% IRR, 8 yrs (Solar
dried foods)
• Soilyze
• $4.7M, 80% IRR, 8 yrs
(Complete soil testing)
• Kabisa
• $1.9M, 37%, 5 yrs (Cargo
bikes)
Foundation
• Intellectual Property
• $1M (Registrations, develop
new IP)
• B2P
• $500k (Launch effort and
fundraising)
• Sunborn (farmer “owned”)
• $2.5 (Build brand and
associations)
• Grants and marketing
• $300k
The Investment: Current Round $40.4M, 45% IRR
Cheetah: $5M, 20% IRR
Metafinance: $3M, 2% IRR
Total: $28.1 M,
59% IRR blended
Total: $4.3 M
Impact Beyond Cheetah

11. Terms Debt Fund Equity Investments
Manager or General
Partner
Cheetah Development
Size Up to $3 million by 31 Dec 2016 Up to $40 million by 30 June 2017, immediate
follow on round expected of $150 - $300 million
Target Return 2% IRR 30% IRR compounded
Return Timing 18 months, one 6-month extension.
Multiple series with rollovers.
8 years
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.
Fees & Expenses 1.5% per annum of total Commitments. Fund
pays its operating expenses.
Not applicable.
Legal Counsel Dorsey & Whitney LLP
Audit Firm Recognized audit firm(s) to be selected
For Investors: Investment Terms

12. For Investors: Risk Mitigation
Debt Fund Equity Investments
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

13. Ready to
run with the
Cheetahs?
www.CheetahDevelopment.org
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.