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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=927 style='width:695.5pt;border-collapse:collapse'><tr><td width=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/"><span style='mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_8" src="cid:image001.png@01D6FBBE.85AC06D0" alt="cid:image001.png@01D6FBBE.85AC06D0"></span></a><span style='color:#1F497D'><o:p></o:p></span></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><a href="http://www.bullszimbabwe.com/"><span style='text-decoration:none'>Bullszimbabwe.com </span></a> <a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><span style='text-decoration:none'>Views & Comments</span></a> <a href="http://www.bulls.co.zw/blog"><span style='text-decoration:none'>Bullish Thoughts</span></a> <a href="http://www.twitter.com/BullsBears2010"><span style='text-decoration:none'>Twitter</span></a> <a href="https://www.facebook.com/BullsBearsZimbabwe"><span style='text-decoration:none'>Facebook</span></a> <a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><span style='text-decoration:none'>LinkedIn</span></a> <a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><span style='text-decoration:none'>WhatsApp</span></a> <a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><span style='text-decoration:none'>Unsubscribe</span></a></span><o:p></o:p></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;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 style='font-family:"Verdana",sans-serif;color:windowtext'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;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;color:#1F497D'>Entrepreneurship Zone: 12 April 2021: Entrepreneur on how she built a successful online fashion and beauty store</span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;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=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><a href="https://www.firstmutual.co.zw/"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=860 height=265 id="Picture_x0020_23" src="cid:image003.jpg@01D72F71.A4D06650"></span></a><span class=style30><b><o:p></o:p></b></span></span></p></td><td width=6 style='width:4.4pt;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'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;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=6 style='width:4.4pt;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=921 rowspan=3 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><h1 style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:22.5pt;margin-bottom:.0001pt;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black;font-weight:normal'><o:p> </o:p></span></h1><h1 style='margin:0cm;margin-bottom:.0001pt;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black;font-weight:normal'><o:p> </o:p></span></h1><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>According to a <a href="http://www.worldwideworx.com/retail2016/" target="_blank"><span style='color:#DD3333;text-decoration:none'>2016 report</span></a> by technology research firm World Wide Worx, the value of online sales in South Africa increased 26% to R7.5bn (US$525m) in 2015 and is expected to double by 2020. As a result, large retailers like Woolworths and Mr Price have introduced e-commerce platforms to operate alongside their brick-and-mortar stores.</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Roxanne Page recognised the potential of e-commerce a few years ago. Having spent some time living abroad, she saw the uptake of online fashion retail in markets like the UK and in 2011 she partnered with her mom, Karen Spies, to explore opportunities in South Africa.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Page, who was working in media at the time, began sourcing fashion and lingerie from local designers and hosting trunk shows, where merchandise is presented directly to customers (and their invited guests) in their private homes over weekends.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The experience helped her gain insight into the local design scene and understanding what consumers were looking for, and a year later she launched her online women’s boutique, SassyChic. The platform, which specialises in South African fashion, lingerie and beauty products, has been steadily gaining traction in the market since, and Page (now 30) recently won the title of the National Small Business Champion at the DHL-sponsored 2016 South African Small Business Awards.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif'><a href="https://www.nedbank.co.zw/"><span style='color:windowtext;text-decoration:none'><img border=0 width=808 height=267 id="_x0000_i1027" src="cid:image002.jpg@01D72DE5.78483DC0"></span></a><span style='color:black'><o:p></o:p></span></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Taking on the giants</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Page wasn’t the only one to spot the opportunities for e-commerce in South Africa. SassyChic launched at the same time as major online fashion players entered the market. These include Zando, followed by Spree (owned by Africa’s largest media company, Naspers) and Superbalist (acquired in 2015 by online retail giant Takealot – which in turn is part-owned by Naspers).<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>So how did an e-commerce start-up manage to blossom alongside major competitors with deep pockets? According to Page, it involved a combination of clever marketing, a focus on customer experience, and a distinct offering.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Page had a small budget, so in the beginning she relied on word-of-mouth marketing and her knowledge of search engine optimisation (SEO). One of the ways she did this was by approaching influential bloggers and getting them to review and test her service. Her site also has its own blog, offers discounts to customers who refer friends, and makes use of social media marketing to target certain consumer groups. In addition, consumers are encouraged to register on the platform for a R100 discount on their first purchase.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Page also had a lucky break. When Candice Abrahams ran for the title of Mrs South Africa 2016, SassyChic sponsored the contestant. Abrahams went on to win the title, as well as Mrs World 2016 – providing the store with huge exposure.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>When it comes to the customer experience of receiving an order, SassyChic aims to give its customers a thrill similar to that of receiving a gift.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>“I know, as an online shopper, that receiving a parcel is like a present from me to me. I believe in that experience… So part of our marketing strategy is including thank you cards with all of our purchases, as well as little gifts. We have little soaps and hand creams that we give with all of our purchases so that people get that personalised touch and gift feeling,” explains Page.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>SassyChic also offers free delivery – which Page says is the company’s greatest expense. However, she notes that research shows high delivery fees as being one of the top reasons that people don’t follow through with payment, or that they decide to ‘abandon cart’.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>“Even though we are a smaller company, I can’t not be offering some form of free delivery with a minimum order spend, when every single one of my other competitors is doing it. It is the biggest drawcard for people.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>However, Page believes the best decision she made for SassyChic was distinguishing the platform from competitors by focusing on South African designers and showcasing products that were not mass-produced, and therefore easy to find on other platforms.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The next step, she adds, will be to develop SassyChic’s own in-house brand.</span><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif'>-Howwemadeitinafrica<o:p></o:p></span></strong></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=599 height=317 id="Picture_x0020_20" src="cid:image004.jpg@01D72F71.A4D06650" alt="Roxanne Page"></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Roxanne Page<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;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=6 style='width:4.4pt;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=6 style='width:4.4pt;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=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%;background:white'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Cellphone: </span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span lang=EN-US style='color:windowtext'>+263 77 344 1674</span></a></span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>rAlt. Email: </span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Website: </span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext'>www.bullszimbabwe.com</span></a></span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Blog: </span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/" target="_blank"><span lang=EN-US style='color:windowtext'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Facebook: </span><span style='font-size:8.0pt;line-height:105%;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 lang=EN-US style='color:windowtext'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=278 height=110 id="Picture_x0020_5" src="cid:image005.png@01D6FBBE.85AC06D0" alt="cid:image005.png@01D6FBBE.85AC06D0"></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:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><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=6 style='width:4.4pt;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=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;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=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;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 lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding: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=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding: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=921 valign=top style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;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'>(c) 2021 <b>Web</b>:</span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext'> www.bullszimbabwe.com </span></a></span><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Email:</span></b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:8.0pt;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: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=921 valign=bottom style='width:691.1pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;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=6 style='width:4.4pt;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><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>