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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=817 style='width:612.8pt;border-collapse:collapse'><tr><td width=811 colspan=4 valign=top style='width:8.45in;padding:0in 5.4pt 0in 5.4pt'><h1 style='text-indent:1.35pt;line-height:105%'><img width=161 height=81 id="_x0000_i1031" src="cid:image001.jpg@01D46536.F909B7B0"><span style='mso-fareast-language:EN-US'><o:p></o:p></span></h1></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p 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style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoSubtitle style='line-height:105%'><span class=style30><b><span style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif'>Bulls n Bears Daily Market Commentary : 15 October 2018</span></b></span><b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><o:p> </o:p></b></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:1.0in'><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:1.0in'><p class=MsoTitle style='line-height:105%'><a href="http://www.fidelitylife.co.zw/"><span style='color:windowtext;text-decoration:none'><img border=0 width=792 height=264 id="Picture_x0020_6" src="cid:image002.jpg@01D46536.F909B7B0"></span></a><span class=style30><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:1.0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:10.05pt'><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Zimbabwe Stock Exchange Update<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'>Market Turnover $858,630.40 with foreign buys at $6,129.11 and foreign sales were $219,818. Total trades were 79.<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'>The All Share index opened the week in the negative after losing 28.69 points to close at 171.60 points. OLD MUTUAL went further down by $2.0000 to close at $8.2000, DELTA dropped $0.8476 to end at $3.3925 and ECONET lost $0.5673 to $2.2800. INNSCOR also decreased by $0.4285 to end at $1.7175 and PADENGA was $0.1992 down at $0.7975.<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'>Only two counters traded in the positive territory with GETBUCKS MICROFINANCE BANK adding $0.0089 to end at $0.0540 and DAWN PROPERTIES was $0.0014 stronger at $0.0259.<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=792 height=278 id="_x0000_i1029" src="cid:image003.jpg@01D46536.F909B7B0"></span></a><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'> Global Currencies & Equity Markets<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Kenya<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Kenyan shilling steady, seen trading in narrow range<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - The Kenyan shilling held steady against the dollar on Monday and was expected to trade in a narrow range with inflows from offshore investors and remittances matching demand from importers, traders said. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>At 1314 GMT, commercial banks quoted the shilling at 100.90.101/00 to the dollar, the same as Friday's close.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>South Africa<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>South African rand rallies on Moody's, stocks track Asia lower<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - A decision by Moody’s to delay its review on South Africa’s sovereign debt buoyed the rand to its strongest in a week as it rallied for the third straight session against the dollar on Monday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Stocks followed Asian stocks lower over concerns that trade war tensions between the United States and China were starting to affect economic growth in the world’s second biggest economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The rand was 1.0 percent stronger at 14.3750 per dollar at 1600 GMT, adding to its early session gains to cross the 14.4400 resistance level after retail figures in the United States undershot expectations, sending the greenback weaker.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Traders said the decision by Moody’s to postpone publishing a review of the country’s debt from Friday had given the rand a push. Moody’s did not announce a new date for releasing its rating on Africa’s most industrialised economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>While most analysts saw little risk of a downgrade by Moody’s, the last of the top three ratings firms to rank Pretoria’s debt investment grade, the possibility of a change to the outlook had prompted some bearish positioning.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Government bonds were also firmer, with the yield on the benchmark paper due in 2026 down 2.5 basis points to 9.22 percent.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>On the bourse, the Top-40 index fell 2.07 percent to 46,295 points, while the broader All-Share index was 1.88 percent weaker at 52,467 points as Asian stocks slid.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Data released on Friday showed Chinese auto sales posted the biggest drop in seven years.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Both major equity indices moved into oversold territory, according to momentum indicators tracked by analysts, suggesting they could be in for a technical rebound soon.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>South African bourse heavyweight Naspers dragged the Top-40 index lower, falling 5.43 percent to 2,750 rand, as Hong Kong’s Tencent Holdings, in which Naspers has a 31.2 percent shareholding, closed 1.94 percent lower.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'>Fast-food chain owner Famous Brands Ltd slumped 8.63 percent to 93.20 rand as the company booked an impairment charge of 874 million rand ($61 million)before tax on its struggling UK Gourmet Burger Kitchen business. <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1028" src="cid:image004.jpg@01D46536.F909B7B0"></span></a><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Europe<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>European stocks brush 22-month low as Saudi tensions swirl<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - World markets turned tail again on Monday, as a bounceback in oil prices and rising tensions between Western powers and Saudi Arabia added to a cocktail of concerns that battered global stocks last week.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Japan’s Nikkei and China’s main bourses tumbled overnight as trade concerns persisted, and Europe’s STOXX 600 index hit a 22-month low as U.S. markets re-opened a fraction lower after their worst week since March.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The lack of confidence continued to boost traditional safe haven assets. The yen and Swiss franc both made ground on a subdued dollar in the currency markets while gold hit its highest since the end of July.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Germany’s government bonds also rallied and the euro climbed as high as $1.16 despite a humbling regional election result for Chancellor Angela Merkel’s conservative Bavarian allies on Sunday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The unexplained disappearance from the Saudi embassy in Istanbul of prominent Saudi journalist and dissident Jamal Khashoggi remained in the headlines as Saudi King Salman ordered an internal probe into the case.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>U.S. President Donald Trump said meanwhile that he had spoken with King Salman about Khashoggi and that he was sending Secretary of State Mike Pompeo to meet the king immediately.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Over the weekend Trump had promised “severe punishment” if it turned out the journalist, a U.S. resident and Washington Post columnist, had been killed.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The official Saudi Press Agency (SPA) then quoted an unnamed official saying the kingdom “will respond with greater action,” if there are measures and that its economy “has an influential and vital role in the global economy.”<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Traders read that as meaning driving oil prices up further. Brent crude responded by jumping 1 percent which in turn saw Saudi stocks recover the full 3.5 percent they had lost on Sunday when the diplomatic tensions flared.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Turkey’s lira was another big riser on Monday, jumping 1.5 percent to its highest since mid-August after Trump cheered the release of a U.S. pastor who had been under house arrest in Turkey.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Investors hope his release can lead to an improvement in strained U.S.-Turkey relations.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>CHINA AMMUNITION<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>But the broader global picture was still cautious.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Wall Street’s S&P 500, Dow Jones and Nasdaq started in the red, albeit only just, after lacklustre U.S. retail sales data . Saudi Arabia’s riyal currency was still testing the boundaries of its peg at 3.7514 to the dollar - its weakest spot rate since June 2017.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The Saudi central bank maintains a peg of 3.75 riyals to the dollar, and usually the currency fluctuates in a range of about 3.7498-3.7503.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Overnight, MSCI’s broadest index of Asia-Pacific shares outside Japan had fallen 1 percent as Shanghai ended down 1.5 percent and just off a four-year low.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Japan’s Nikkei slumped 1.8 percent on Monday, with carmaker shares hitting 13-month lows after Washington said it would seek a provision about currency manipulation in future trade deals with Japan.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>MSCI’s broadest gauge of the world’s 47 top stock markets was off 0.2 percent after a sizeable 3.87 percent decline last week - its biggest since March - to a one-year nadir.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Over the weekend, China central bank governor Yi Gang said he still saw plenty of room for adjustment in interest rates and the reserve requirement ratio (RRR), as downside risks from trade tensions with the United States remain significant.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>In London, sterling recovered from renewed Brexit deal worries, while commodities trading remained hung up on the Saudi tensions and the risk they could drive up prices.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Saudi Energy Minister Khalid al-Falih had said on a trip to India that his country is planning to push up production , but the prospect of a major diplomatic feud with the West trumped that sentiment.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Investors suspect the developments could ultimately undermine the leadership of Crown Prince Mohammed bin Salman if they escalate and destabilise the oil-rich kingdom.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Brent crude futures were last up 1 percent to $81.26 per barrel, bouncing back from Friday’s near-three-week low of $79.23.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1027" src="cid:image004.jpg@01D46536.F909B7B0"></span></a><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p><p class=MsoNormal style='text-indent:.3in;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='text-indent:.3in;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Commodities Markets</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Alumina wake-up call for the aluminium supply chain: Andy Home<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - The alumina market is experiencing a year of unprecedented turbulence.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Alumina, which sits in the aluminium production process between bauxite and refined metal, has historically been a highly efficient link in the supply chain.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>It hasn’t generated many headlines over the years because it has largely avoided any newsworthy disruption.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>It is, to quote Greg Wittbecker, analyst at the CRU research house, one of those markets “people have taken for granted”.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Not any more.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A series of supply hits have sent the alumina price on a rollercoaster ride this year, at one stage threatening the closure of several European aluminium smelters.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>This volatility poses some hard questions for aluminium producers, not least as to how alumina is priced.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A YEAR OF LIVING DANGEROUSLY - PART 1<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Alumina’s year of turmoil began in February, when a Brazilian court ordered the part suspension of Hydro’s Alunorte refinery after heavy rains raised concerns about leakage from the plant’s tailings ponds.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Alunorte, with capacity of 6.3 million tonnes a year, is the world’s largest single alumina production site and has been operating at half capacity ever since.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Hydro threatened full closure of the plant on Oct. 3 as the existing tailings area reached capacity, but it reversed the decision on Oct. 8 after the authorities granted permission to use a new residues facility.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Alunorte has reverted to half-capacity operation, as have the bauxite mines that feed it and the Albras aluminium smelter that takes some of its product.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The CME alumina price has whipsawed on the latest Alunorte developments, surging from $425 a tonne to $620 on the full-closure news before retreating back to $515 on confirmation it would resume 50 percent production.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Alunorte, CRU’s Wittbecker told an LME Week seminar last Tuesday, has been “a reality check to pay more attention to alumina”.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A YEAR OF LIVING DANGEROUSLY - PART 2<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The market’s Alunorte woes were compounded in April, when the United States slapped sanctions on Oleg Deripaska and his Rusal aluminium empire.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>That blew a hole in alumina’s complex supply chain, threatening the closure of Rusal’s Aughinish refinery, which in turn placed at risk the European smelters that rely on the Irish plant’s output.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The sanctions deadline has been extended again to Dec. 12 and the market’s assumption is that it is only a matter of time before they are lifted fully.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>However, the fragility of the alumina supply chain has been brutally exposed, serving as wake-up call for the aluminium sector and the U.S. and European governments, who received a short, sharp lesson in the multiple interdependencies of this previously uncontroversial commodity.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A six-week walkout by workers at Alcoa’s Western Australia bauxite mines and alumina refineries simply added to the pricing turbulence before a peace deal was struck at the end of last month.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The combined effect of these supply scares has been a 5 percent year-on-year drop in global alumina output in the first eight months of this year, according to the International Aluminium Institute.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>South American output has slumped by 21 percent because of the continuing loss of production at Alunorte.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>CRU is forecasting the world outside of China to record a 400,000-tonne alumina supply deficit this year.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>CHINA CONSTRAINED<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>China, the world’s largest producer of both alumina and aluminium, has helped to fill the supply gap in the rest of the world.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Historically a net importer of alumina, China has flipped to net exporter this year as overseas sales have been driven by the high international price.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>But there is a practical limit on how much alumina China can divert to overseas markets.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>CRU’s Wittbecker says alumina in China tends to be bagged, which means it has to be unpackaged before to shipment to the international market. Exports this year are unlikely to exceed 2 million tonnes, though even this is “unprecedented”.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Moreover, China, is also expected to be in the unusual position of facing a supply deficit this year, to the tune of 843,000 tonnes, CRU says.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The industrial curtailments during the winter heating season took a heavier toll of the country’s alumina producers than its aluminium smelters.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Environmental checks on the bauxite sector this year also caused some alumina operators to curtail production, while a slew of new projects have been cancelled in the face of local opposition.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>China, in short, is unlikely to be able to continue rebalancing the global market for any sustained period.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>PRICE VOLATILITY<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>At current alumina prices, a significant amount of global smelting capacity is losing money - about 40 percent of it, according to CRU.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The aluminium production sector is now paying the price for changing the way alumina is priced.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Historically, the alumina price was linked to that of primary aluminium metal on the London Metal Exchange (LME), the ratio rarely deviating much from the 17 percent level.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Earlier this decade, however, producers such as BHP Billiton and Alcoa engineered a switch of pricing to spot indices, arguing that the LME linkage undervalued alumina.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>This, arguably, has simply added to this year’s price volatility because the spot market is still highly illiquid.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Some of the price spikes have been based on a very limited number of spot cargoes, meaning that a 130 million tonne global market has been upended by the pricing of a couple of hundred thousand tonnes.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The CME contract, based on S&P Global Platts’ assessment of the spot market, is still immature. Turnover this year has totalled 547,500 tonnes, up only marginally on last year’s levels.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The LME is planning to launch its own futures contract next year, while the Shanghai Futures Exchange (ShFE) is also studying a potential offering.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>However, such contracts will also depend on assessments of what is currently a low-liquidity spot marketplace.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Evidently, the alumina futures market has a lot of growing up to do - and fast - if producers are going to be able to hedge what has become an exceedingly volatile market.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>That volatility looks to be here to stay, even if both the Alunorte and Rusal disruptions are resolved.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>No one will be taking alumina for granted any more.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Anglo Asian's Azerbaijan gold output rises 47 pct in Q3<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - Anglo Asian Mining’s gold output rose 47 percent in the third quarter, the London-listed company said on Monday, adding that full-year production would be at the top end of its current guidance.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Azerbaijan’s leading gold mining firm said it produced 21,318 ounces of the metal in the last quarter, against 14,468 ounces in the same period of last year.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Its total production of gold-equivalent ounces (GEO), which includes other metals, rose 38 percent in the same period to 24,412 GEO. In January-September GEO production was 61,761 ounces, up 28 percent year-on-year.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Gold is produced at Gedabek and other Azeri mines under a production venture in which Anglo Asian holds 51 percent and the state the remainder.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The company said copper output fell to 470 tonnes in the third quarter from 550 tonnes in same period of 2017, while silver output rose 47 percent to 59,346 ounces.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Anglo Asian said in February its gold output would rise to 64,000-70,000 ounces in 2018 from 59,617 ounces last year, and it expected its total metal production to increase to 78,000-84,000 GEO in 2018 from 71,461 GEO last year.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The company said on Monday it expected “production for the full year to be at the upper end of our guidance”.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Anglo Asian began production at Gedabek, the bigger of two mines it operates, in July 2009 with plans to extract 22 tonnes of gold. It eventually plans to develop seven mines in western Azerbaijan, including Gedabek, with estimated gold reserves of 430 tonnes in total.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The company started a significant exploration programme at the end of 2016 after making a new gold discovery at Ugur, 3 km (2 miles) from its Gedabek processing facilities.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Gold bullion sales in the third quarter of 2018 totalled 18,637 ounces at an average price of $1,216 per ounce. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=811 colspan=4 style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span style='font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2018</span></strong><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Company</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Event</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Venue</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=174 valign=bottom style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=174 valign=top style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:2.25in;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=174 valign=bottom style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=425 colspan=2 valign=top style='width:318.75pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=174 valign=bottom style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=425 colspan=2 valign=top style='width:318.75pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=174 valign=bottom style='width:130.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:99.35pt'><td width=811 colspan=4 style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:99.35pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=766 height=268 id="_x0000_i1026" src="cid:image005.jpg@01D46536.F909B7B0"></span></a><span lang=X-NONE style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'>DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and sourced from third parties.</span></i><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=top style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'>(c) 2018 <b>Web</b>:</span><a href="http:// www.bulls.co.zw "><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> www.bulls.co.zw </span></a><b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Email:</span></b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>info@bulls.co.zw</span></a><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=811 colspan=4 valign=bottom style='width:8.45in;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='background:white'><i><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><b><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Telephone: <a href="tel:%2B263%204%202927658" target="_blank"><span style='color:black;text-decoration:none'>+263 4 2927658</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black;text-decoration:none'>+263 77 344 1674</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:blue;text-decoration:none'>info@bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw/blog</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black;text-decoration:none'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=210 height=101 id="Picture_x0020_1" src="cid:image006.jpg@01D46536.F909B7B0" alt="cid:image012.jpg@01D0BFE7.544DF490"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>