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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><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=1181 style='width:885.55pt;border-collapse:collapse'><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><h1 style='text-indent:1.35pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'><img width=161 height=81 id="_x0000_i1031" src="cid:image001.jpg@01D4874A.CEEEE780"></span><o:p></o:p></h1></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#002060'> </span></b><o:p></o:p></p><p class=MsoNormal style='margin-left:1.35pt;text-indent:-1.35pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="http://www.bulls.co.zw/"><b><span style='color:#0070C0'>Bulls.co.zw </span></b></a><b><span style='color:#0070C0'> </span></b><a href="mailto:bulls@bulls.co.zw"><b><span style='color:#0070C0'>Views & Comments</span></b></a><span class=MsoHyperlink><b><span style='color:#0070C0'> </span></b></span><a href="http://www.bulls.co.zw/blog"><b><span style='color:#0070C0'>Bullish Thoughts</span></b></a><span class=MsoHyperlink><b><span style='color:#0070C0'> </span></b></span><a href="http://www.twitter.com/BullsBears2010"><b><span style='color:#0070C0'>Twitter</span></b></a><span class=MsoHyperlink><b><span style='color:#0070C0'> </span></b></span><a href="https://www.facebook.com/BullsBearsZimbabwe"><b><span style='color:#0070C0'>Facebook</span></b></a><span class=MsoHyperlink><b><span style='color:#0070C0'> </span></b></span><a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><b><span style='color:#0070C0'>LinkedIn</span></b></a><span class=MsoHyperlink><b><span style='color:#0070C0'> </span></b></span><a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><b><span style='color:#0070C0'>Unsubscribe</span></b></a></span><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='line-height:105%'><span class=style30><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> </span></b></span><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Bulls n Bears Entrepreneurship Zone :: How these Successful African Entrepreneurs Raised Capital for Their Businesses</span></b></span><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span></span><o:p></o:p></p></td></tr><tr style='height:10.05pt'><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><h2 style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:8.4pt;margin-left:0cm;background:white'><a href="mailto:sales@dulys.co.zw"></a><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f">
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</v:shape><![endif]--><![if !vml]><a href="mailto:sales@dulys.co.zw"><img border=0 width=658 height=931 src="cid:image004.png@01D4874C.127A3490" align=left hspace=12 v:shapes="_x0000_s1026"></a><![endif]><span style='mso-fareast-language:EN-ZW'><a href="mailto:sales@dulys.co.zw"></a></span><b><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333333'>1) Lorna Rutto (Kenya)</span></b><o:p></o:p></h2><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>In 2010, she quit her bank job to start a waste recycling business.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>Her company, <i>EcoPost</i>, collects and recycles waste plastic into aesthetic, durable and environmentally-friendly fencing posts that serve as an alternative material to timber.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>But her business would have remained a dream without the financial support of international and local investors and NGOs.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>Every year, hundreds of international and local organisations support businesses that tackle issues such as environmental pollution, illiteracy, disease and other social problems. They usually provide grants, donations, loans, equity or even training and advice.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>The problem is, many African entrepreneurs don’t know about these funding opportunities, and as a result they don’t apply.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>So in 2010, Lorna applied for and won a $6,000 <i>SEED Award</i> which served as start-up capital for her business. In the same year, she won a grant award of $12,700 from the <i>Enablis Energy Globe-Safaricom Foundation</i>.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>She also won a business plan competition organized by the <i>Cartier Women’s Initiative</i>, and received a prize award of nearly $12,000.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>Recently, her business attracted an equity investment from the <i>Blue Haven Initiative</i> and the <i>Opus Foundation</i> amounting to <b>$495,000</b>. This was used to expand the business and purchase advanced recycling equipment.</span><o:p></o:p></p><p class=MsoNormal style='margin-bottom:15.0pt;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111;mso-fareast-language:EN-ZW'>In the free course at the bottom of this article, I reveal the reasons why these organisations are eager to support businesses in developing countries by giving away millions of dollars as grants, donations, loans and equity every year.</span><o:p></o:p></p><h2 style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:8.4pt;margin-left:0cm;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333333'>2) Jason Njoku (Nigeria)</span><o:p></o:p></h2><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>Jason is the co-founder of IrokoTV, a mobile entertainment and internet TV platform that’s particularly popular for its impressive catalogue of African ‘Nollywood’ movies.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>But the struggle in the early days of this business was not as glamourous.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>After failed attempts at previous businesses in the UK, Jason returned to Nigeria in 2010 to build relationships with local movie producers and purchase content rights for his new startup, IrokoTV.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>Cash was tight, and starting this business would have been impossible without the £90,000 contribution of Jason’s friend and business partner, Sebastian.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>Since then, the growth of IrokoTV has been remarkable. To date, the business has attracted up to <strong><span style='font-family:"Verdana",sans-serif'>$40 million</span></strong> in investment funding from foreign investors, mostly venture capital investors.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>Its investors include <em><span style='font-family:"Verdana",sans-serif'>Tiger Global</span></em>, a New York-based private equity firm, and <em><span style='font-family:"Verdana",sans-serif'>Investment AB Kinnevik</span></em>, a Swedish venture capital investor.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>Venture capital firms invest more than <a href="http://www.ey.com/Publication/vwLUAssets/ey-global-venture-capital-trends-2015/$FILE/ey-global-venture-capital-trends-2015.pdf">$140 billion every year</a> in startups and growth businesses across the world. But in Africa, venture capital is only just starting to pick up and they’re very interested in funding highly-scalable businesses that have significant profit potential.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>In January 2016, IrokoTV raised $19 million in additional funding to expand its business into Francophone countries in Africa.</span><o:p></o:p></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:white;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:#111111'>In summary, by using a combination of business partnerships and venture capital, Jason has been able to successfully raise significant amounts of capital to grow a company that was described by Forbes Magazine as <em><span style='font-family:"Verdana",sans-serif'>“the Netflix of Africa.”</span></em></span><o:p></o:p></p><p class=MsoNormal style='margin-left:8.1pt;text-indent:1.35pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p><p class=MsoNormal style='line-height:105%'><strong><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2018</span></strong><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Company</span></b><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Event</span></b><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Venue</span></b><o:p></o:p></p></td><td width=543 valign=bottom style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Date & Time</span></b><o:p></o:p></p></td></tr><tr style='height:3.0pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet</span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>AGM</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet Park, Msasa</span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>29/11/2018 (9am )</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet</span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>EGM</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet Park, Msasa</span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>29/11/2018 (10am )</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>GetBucks</span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>AGM</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Conference Room 1, Monomotapa Hotel</span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>04/12/2018 (10am )</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Innscor</span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>AGM</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Royal Harare Golf Club</span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>05/12/2018 (8:15am)</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Truworths</span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>AGM</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Boardroom, Prospect Park, 808 Seke Road</span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>06/12/2018 (9am)</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>TSL</span><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>EGM</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Head Office, 28 Simon Mazorodze Road, Southerton</span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>07/11/2018 (10am )</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=425 colspan=2 valign=top style='width:318.75pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Cassava shares list on the ZSE</span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td><td width=543 valign=top style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>11/12/2018</span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=216 valign=top style='width:162.0pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> </span></b><o:p></o:p></p></td><td width=209 style='width:156.75pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span></b><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span></b><o:p></o:p></p></td><td width=543 valign=bottom style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span></b><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=425 colspan=2 valign=top style='width:318.75pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td width=543 valign=bottom style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td></tr><tr style='height:3.25pt'><td width=425 colspan=2 valign=top style='width:318.75pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td width=212 style='width:159.35pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td width=543 valign=bottom style='width:407.45pt;border-top:none;border-left:none;border-bottom:solid #D9D9D9 1.0pt;border-right:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span></i><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span style='font-size:6.0pt;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><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'> </span></i><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=top style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'>(c) 2018 <b>Web</b>:<a href="http://%20www.bulls.co.zw%20"><span style='color:black'> www.bulls.co.zw </span></a><b>Email:</b> <a href="mailto:info@bulls.co.zw"><span style='color:black'>info@bulls.co.zw</span></a> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674</span><o:p></o:p></p></td></tr><tr><td width=1181 colspan=4 valign=bottom style='width:885.55pt;border:solid #D9D9D9 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr></table><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Verdana",sans-serif'> </span><o:p></o:p></p><p><span style='font-size:8.0pt;font-family:"Verdana",sans-serif;color:#666666'><o:p> </o:p></span></p></div></body></html>