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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=1253 style='width:939.55pt;border-collapse:collapse'><tr><td width=813 colspan=4 valign=top style='width:609.55pt;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="http://www.bulls.co.zw/"><b><span style='color:windowtext'>Bulls.co.zw </span></b></a><b> </b><a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><b><span style='color:windowtext'>Views & Comments</span></b></a><span class=MsoHyperlink><b><span style='color:windowtext'> </span></b></span><a href="http://www.bulls.co.zw/blog"><b><span style='color:windowtext'>Bullish Thoughts</span></b></a><span class=MsoHyperlink><b><span style='color:windowtext'> </span></b></span><a href="http://www.twitter.com/BullsBears2010"><b><span style='color:windowtext'>Twitter</span></b></a><span class=MsoHyperlink><b><span style='color:windowtext'> </span></b></span><a href="https://www.facebook.com/BullsBearsZimbabwe"><b><span style='color:windowtext'>Facebook</span></b></a><span class=MsoHyperlink><b><span style='color:windowtext'> </span></b></span><a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><b><span style='color:windowtext'>LinkedIn</span></b></a><span class=MsoHyperlink><b><span style='color:windowtext'> </span></b></span><a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><b><span style='color:windowtext;mso-fareast-language:EN-ZW'>WhatsApp</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW'> </span></b></span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><b><span style='color:windowtext'>Unsubscribe</span></b></a><span class=style30><o:p></o:p></span></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:windowtext'><o:p> </o:p></span></b></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Entrepreneurship Zone: 08 September 2020: Entrepreneur wants Uganda to have a bigger slice of the $7bn market for superfood moringa</span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><a href="http://www.zb.co.zw/"><span lang=EN-ZW style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=762 height=235 id="Picture_x0020_7" src="cid:image002.jpg@01D685B4.071FA450"></span></a></span><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:1.0pt'><td width=813 colspan=4 valign=top style='width:609.55pt;border-top:none;border-left:solid #BFBFBF 1.0pt;border-bottom:none;border-right:solid #BFBFBF 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:1.0pt'><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Uganda based Raintree Farms, established in 2012, specialises in the production and processing of organic moringa, a crop known for its health benefits. The company’s farm and processing facility are located in western Uganda near the town of Masindi. How we made it in Africa spoke to Teddy Ruge, founder and CEO of Raintree Farms, about his journey so far and the potential of the moringa crop.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>You helped establish Hive Colab, Uganda’s first innovation hub and startup incubator. What prompted the shift from technology to agriculture?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>It was actually a simultaneous happenstance. The seeds for both entities (Hive Colab and Raintree Farms) were planted in the same year. Hive Colab is celebrating ten years this year and the origins of Raintree Farms started at the same time, but only coalesced as an idea two to three years later.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>I was working in the US at the time, only coming to Uganda every now and then. I worked as a development blogger and I was really interested in connectivity on the continent, things like the undersea cable projects that were happening. It got me excited about the connected future of the continent and the intersect of Uganda’s young population and the future of technology-driven development. So, I thought we could really add value by providing space for these young entrepreneurs to learn about technology in a safe and collaborative environment. Hive Colab took everyone who was sitting and working in their bedrooms or internet cafes at the time, bringing them together and sharing infrastructure costs. This business, of course, focused on the “one percenters” who had an interest in and access to the digital economy.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'> </span></em><span style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'><img border=0 width=800 height=533 id="Picture_x0020_6" src="cid:image005.jpg@01D685B3.72763D00" alt="Teddy Ruge, CEO of Raintree Farms"></span><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'><br>Teddy Ruge, CEO of Raintree Farms<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>I was also interested in what happens at the last mile of development – in the rural, traditional communities. I wanted to bring something to them, but not something that is new. I wanted to rather accelerate what they already had: the generational tacit knowledge of farming. Raintree Farms could aggregate the production from the mostly subsistence farmers, do value addition and sell it in the relevant markets and in this way create cycles of prosperity.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Why did you decide on the moringa crop for Raintree Farms?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>It was through a process of elimination. I was visiting home one summer and got up early, jetlagged from the flight, to find my mother already busy in her garden in the compound. She was weeding around a crop I did not recognise, and she identified it as aloe vera. I was confused about why she was growing aloe vera. It turns out the government had hyped up the crop to farmers, indicating a big international market. Nothing, however, had materialised of the promised market.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>I started investigating and found that, over a number of years, there had been a series of projects like this where the government was promising a market for a crop, but never did the actual work of setting up the infrastructure and assistance so that farmers could benefit.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>It was impossible for subsistence farmers to realise the opportunities that the government promoted. I wanted to step in and provide a solution to the problem.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>I investigated aloe vera as an option, but the market for it was really tight. Through a process of elimination, we landed on moringa. It was already grown, and the farmers knew what it was. It grew easily and was low maintenance. More importantly, it was a $7.1 billion international market. Also, the continent was only providing 9% of the global supply of moringa, while it can literally grow from north to south as a commercial crop.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>The initial research took a couple of years. I was working remotely from Washington DC, using my remittances to get the project off the ground. In 2012 we took the decision to jump in with both feet and bought a piece of land. We planted our first trees that same year and by 2014 we were ready to start production. We put up a small factory at first to start production, and then in 2015 expanded the factory to increase output to the quantities we needed for export.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'> <o:p></o:p></span></em></p><p style='line-height:106%'><span style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'><img border=0 width=800 height=533 id="Picture_x0020_5" src="cid:image006.jpg@01D685B4.071FA450" alt="https://www.howwemadeitinafrica.com/wp-content/uploads/2020/09/moringa-farm-image.jpg"></span><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'><br>Raintree Farms grows moringa on its own land and also buys from other smallholder farmers.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Due to the fact that we then had an actual physical presence, the farmers started trusting that we were there to help and not to take advantage. We then started working hand-in-hand with them. By 2015 we had seven farmers supplying to us and today we have around 125, just before Covid hit. This totals close to 250 acres under plantation with 124 direct employees.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Who was Raintree Farms’ first client?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>In 2014 a Canadian called me, stating that they were setting up a new company in Uganda to produce nutritional products and wanted the main ingredient to be locally sourced moringa powder. We produced about 760kg that year for them, figuring out the process as we were going along.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>We then realised that it was prudent not to have only one customer and set our sights internationally, only to realise that for access to the international market, we needed organic certification. It is an annual inspection that happens and we take care of that on behalf of farmers. Two to four times a year we also bring the farmers in for refresher training on what is required for the certification. It took us a while to get the organic certification. We only got it towards the end of 2017 and could start exports in 2018.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>We’ve had some steady growth. Our peak production before the Covid shutdown was around 75 tonnes per year. It has, of course, fluctuated. This is agriculture in Africa, after all. You get just about every obstacle that you can think of, or don’t think of, thrown at you.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Raintree has launched a programme to stabilise the incomes of new-to-market smallholder moringa farmers. Explain the thinking behind this initiative.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>We introduced a whole new model of farming that is helping the company in terms of securing uninterrupted supply and assisting the farmers to have a steady and secured income every month.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Moringa leaf powder production works the same way as tea – you can harvest multiple times a year. So, we went to farmers and indicated that we can secure their monthly income by taking the estimated annual aggregate production from the minimum one hectare that they dedicate to us, and then divide the estimated revenue to pay them monthly. This way we are making sure that they have the same amount of money every month. It gives farmers an important financial injection to assist in the possible transition from subsistence to commercial farming. It provides them with an alternative from going into the production of unpredictable seasonal crops to diversify their income.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Describe the main uses of moringa; which industries are your main customers?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Our customers internationally are in the wellness nutraceutical industry. Essentially it is the companies that produce supplements using natural, organic additives.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Moringa is heavily used as a nutritional supplement. They make pills out of it, also nutrition and energy bars and smoothie mixes. It is a powerful immune booster and our first customer in Uganda, for example, was a company that produced moringa pills specifically targeted at HIV/Aids patients to rebuild their immune system after antiretroviral use, as well as pregnant and nursing mothers.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'> </span></em><span style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'><img border=0 width=800 height=600 id="Picture_x0020_4" src="cid:image007.jpg@01D685B4.071FA450" alt="https://www.howwemadeitinafrica.com/wp-content/uploads/2020/09/moringa-sorting-image.jpg"></span><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'><br>Raintree Farms aims to be active throughout the entire moringa value chain.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Internationally we have that same client base, the ones who are essentially introducing a new superfood to the world. One of the customers in the US is Kuli Kuli Foods, which is a pioneer in moringa-based products in North America.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>The export markets are guided by our organic certification. We are certified to export to North America, the EU and Japan, but mostly our customer base has been in North America and the EU.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>You’ve also launched the Qwezi Beauty brand. How did this come about?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>The idea originated due to the flexibility and versatility of the moringa crop itself. Just about every part of the plant can be commercialised or has a use, whether in medicine or beauty or in food.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'> </span></em><span style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'><img border=0 width=673 height=448 id="Picture_x0020_3" src="cid:image008.png@01D685B4.071FA450" alt="https://www.howwemadeitinafrica.com/wp-content/uploads/2020/09/qwezi_hero-1080x719-1.png"></span><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'><br>Raintree Farms produces moringa oil under the Qwezi Beauty brand.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>We saw that we could leverage that versatility for much broader entry into the consumer market. We want to own the entire value chain. In order to do that you have to be able to develop products directly from the fields through the entire value addition process to the shelf.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Qwezi Beauty was the lowest hanging fruit for us. We press oil from the moringa seeds. It is a highly effective oil for use in beauty products because of the natural benefits it has, the purity of the oil and its gentleness on skin.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>It just made sense to develop this brand. The margins from exporting a commodity like oil are very thin, but if you go several steps up in terms of the value addition, you are immediately able to multiply your profitability by several factors. It also protects the company from the shocks of international export by multiplying the customer base infinitely.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Qwezi Beauty Moringa Oil was the first product we launched, and we are currently working on about 10 to 15 SKUs under that brand. These products will be launched in the next six to 18 months.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Are there any other products that you are thinking of?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>We are considering using the leaf powder to produce our own health products and supplements. We are also looking at herbal teas. These will be hitting the local market pretty soon.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>It is easier to launch beauty products than food products because of the requirements in terms of health and safety, so it is a longer process that we have in the pipeline.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>Qwezibeauty.com is already live and will eventually power our international distribution. When we say we want to control the entire value chain, we really mean it.<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>How competitive is the moringa industry?<o:p></o:p></span></em></p><p style='line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>I am not protective of what we have learnt and our intellectual property. The global market for moringa products is $7.1 billion and it is projected to be at $10 billion by 2025. I am not naïve to think that Raintree Farms can produce all of that, I just want a sliver of that. But my passion is to make sure that as many farmers as possible can benefit from that market. We’ve trained other companies, we’ve provided seedlings, we are also a founding member of Face of Moringa Uganda. This creates a bigger market pie for everyone to participate in. I will be ecstatic if Uganda can be the epicentre of high quality moringa on the continent by 2025.<o:p></o:p></span></em></p><p class=wp-caption-text style='margin:0cm;margin-bottom:.0001pt;line-height:106%'><em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US;font-style:normal'>-Howwemadeitinafrica</span></em><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=434 style='width:325.6pt;padding:0cm 0cm 0cm 0cm;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=6><p class='MsoNormal'> </td></tr><tr style='height:10.05pt'><td width=813 colspan=4 rowspan=2 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoListParagraph style='background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=813 colspan=4 style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span lang=EN-US style='font-family:"Verdana",sans-serif'>INVESTORS DIARY 2020</span></strong><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=312 style='width:234.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Company</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=207 style='width:155.55pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Event</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Venue</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=312 valign=top style='width:234.35pt;border:solid #BFBFBF 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 lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=207 style='width:155.55pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=top style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=312 valign=top style='width:234.35pt;border:solid #BFBFBF 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 lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=207 style='width:155.55pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=top style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=520 colspan=2 valign=top style='width:389.9pt;border:solid #BFBFBF 1.0pt;border-top:none;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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=520 colspan=2 valign=top style='width:389.9pt;border:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=520 colspan=2 valign=top style='width:389.9pt;border:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Bindura Nickel Corporation<o:p></o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=520 colspan=2 valign=top style='width:389.9pt;border:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Padenga Holdings<o:p></o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=520 colspan=2 valign=top style='width:389.9pt;border:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Delta Corporation<o:p></o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=520 colspan=2 valign=top style='width:389.9pt;border:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Meikles Limited<o:p></o:p></span></p></td><td width=255 style='width:191.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=38 valign=bottom style='width:1.0cm;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 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 lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:99.35pt'><td width=813 colspan=4 style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black;mso-fareast-language:EN-ZW'>+263 77 344 1674</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span style='mso-fareast-language:EN-ZW'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><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;mso-fareast-language:EN-ZW'>www.bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><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;mso-fareast-language:EN-ZW'>www.bulls.co.zw/blog</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><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;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=210 height=102 id="Picture_x0020_2" src="cid:image003.jpg@01D685B3.382B2480" alt="cid:image012.jpg@01D0BFE7.544DF490"></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'>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.<o:p></o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-GB style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=top style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'>(c) 2020 <b>Web</b>:<a href="http:// www.bulls.co.zw "><span style='color:windowtext'> www.bulls.co.zw </span></a><b>Email:</b> <a href="mailto:info@bulls.co.zw"><span style='color:windowtext'>info@bulls.co.zw</span></a> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=813 colspan=4 valign=bottom style='width:609.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=440 colspan=2 style='width:330.0pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>