<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:"Calibri Light";
panose-1:2 15 3 2 2 2 4 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Verdana;
panose-1:2 11 6 4 3 5 4 4 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0cm;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
h1
{mso-style-priority:9;
mso-style-link:"Heading 1 Char";
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:24.0pt;
font-family:"Times New Roman",serif;
font-weight:bold;}
h2
{mso-style-priority:9;
mso-style-link:"Heading 2 Char";
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:18.0pt;
font-family:"Times New Roman",serif;
font-weight:bold;}
h3
{mso-style-priority:9;
mso-style-link:"Heading 3 Char";
margin-top:2.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
page-break-after:avoid;
font-size:12.0pt;
font-family:"Calibri Light",sans-serif;
color:#1F4D78;
mso-fareast-language:EN-US;
font-weight:normal;}
h4
{mso-style-priority:9;
mso-style-link:"Heading 4 Char";
margin-top:2.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
page-break-after:avoid;
font-size:11.0pt;
font-family:"Calibri Light",sans-serif;
color:#2E74B5;
mso-fareast-language:EN-US;
font-weight:normal;
font-style:italic;}
h5
{mso-style-priority:9;
mso-style-link:"Heading 5 Char";
margin-top:2.0pt;
margin-right:0cm;
margin-bottom:0cm;
margin-left:0cm;
margin-bottom:.0001pt;
page-break-after:avoid;
font-size:11.0pt;
font-family:"Calibri Light",sans-serif;
color:#2E74B5;
mso-fareast-language:EN-US;
font-weight:normal;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
{mso-style-priority:99;
mso-style-link:"Body Text Char";
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;
mso-fareast-language:EN-US;}
p.MsoSubtitle, li.MsoSubtitle, div.MsoSubtitle
{mso-style-priority:11;
mso-style-link:"Subtitle Char";
margin-top:0cm;
margin-right:0cm;
margin-bottom:8.0pt;
margin-left:0cm;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
color:#5A5A5A;
letter-spacing:.75pt;
mso-fareast-language:EN-US;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:#954F72;
text-decoration:underline;}
p
{mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
address
{mso-style-priority:99;
mso-style-link:"HTML Address Char";
margin:0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;
font-style:italic;}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
margin-top:0cm;
margin-right:0cm;
margin-bottom:8.0pt;
margin-left:36.0pt;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-type:export-only;
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:36.0pt;
margin-bottom:.0001pt;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-type:export-only;
margin-top:0cm;
margin-right:0cm;
margin-bottom:0cm;
margin-left:36.0pt;
margin-bottom:.0001pt;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-type:export-only;
margin-top:0cm;
margin-right:0cm;
margin-bottom:8.0pt;
margin-left:36.0pt;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
span.HTMLAddressChar
{mso-style-name:"HTML Address Char";
mso-style-priority:99;
mso-style-link:"HTML Address";
font-family:"Times New Roman",serif;
mso-fareast-language:EN-ZW;
font-style:italic;}
span.Heading1Char
{mso-style-name:"Heading 1 Char";
mso-style-priority:9;
mso-style-link:"Heading 1";
font-family:"Times New Roman",serif;
mso-fareast-language:EN-ZW;
font-weight:bold;}
span.Heading2Char
{mso-style-name:"Heading 2 Char";
mso-style-priority:9;
mso-style-link:"Heading 2";
font-family:"Times New Roman",serif;
mso-fareast-language:EN-ZW;
font-weight:bold;}
span.Heading3Char
{mso-style-name:"Heading 3 Char";
mso-style-priority:9;
mso-style-link:"Heading 3";
font-family:"Calibri Light",sans-serif;
color:#1F4D78;}
span.Heading4Char
{mso-style-name:"Heading 4 Char";
mso-style-priority:9;
mso-style-link:"Heading 4";
font-family:"Calibri Light",sans-serif;
color:#2E74B5;
font-style:italic;}
span.Heading5Char
{mso-style-name:"Heading 5 Char";
mso-style-priority:9;
mso-style-link:"Heading 5";
font-family:"Calibri Light",sans-serif;
color:#2E74B5;
mso-fareast-language:EN-US;}
p.msonormal0, li.msonormal0, div.msonormal0
{mso-style-name:msonormal;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
span.BodyTextChar
{mso-style-name:"Body Text Char";
mso-style-priority:99;
mso-style-link:"Body Text";
font-family:"Times New Roman",serif;}
span.SubtitleChar
{mso-style-name:"Subtitle Char";
mso-style-priority:11;
mso-style-link:Subtitle;
font-family:"Calibri",sans-serif;
color:#5A5A5A;
letter-spacing:.75pt;}
p.wp-caption-text, li.wp-caption-text, div.wp-caption-text
{mso-style-name:wp-caption-text;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.meta, li.meta, div.meta
{mso-style-name:meta;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.cbi-b-summary, li.cbi-b-summary, div.cbi-b-summary
{mso-style-name:cbi-b-summary;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.cbi-b-date, li.cbi-b-date, div.cbi-b-date
{mso-style-name:cbi-b-date;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.mh-meta, li.mh-meta, div.mh-meta
{mso-style-name:mh-meta;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.post-nav-links, li.post-nav-links, div.post-nav-links
{mso-style-name:post-nav-links;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.p1, li.p1, div.p1
{mso-style-name:p1;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.p3, li.p3, div.p3
{mso-style-name:p3;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.story-body-text, li.story-body-text, div.story-body-text
{mso-style-name:story-body-text;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.p2, li.p2, div.p2
{mso-style-name:p2;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
p.p4, li.p4, div.p4
{mso-style-name:p4;
mso-style-priority:99;
mso-margin-top-alt:auto;
margin-right:0cm;
mso-margin-bottom-alt:auto;
margin-left:0cm;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
span.EmailStyle42
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.style30
{mso-style-name:style30;}
span.updated-wrap
{mso-style-name:updated-wrap;}
span.updated-text
{mso-style-name:updated-text;}
span.vjs-control-text
{mso-style-name:vjs-control-text;}
span.vjs-current-time-display
{mso-style-name:vjs-current-time-display;}
span.vjs-duration-display
{mso-style-name:vjs-duration-display;}
span.link600907a1
{mso-style-name:link__600907a1;}
span.pricechangea4e5ebde
{mso-style-name:pricechange__a4e5ebde;}
span.percentchange4644dd7b
{mso-style-name:percentchange__4644dd7b;}
span.nenh5bclitmmlhqori6r
{mso-style-name:nenh5bclitmmlhq_ori6r;}
span.z-TopofFormChar
{mso-style-name:"z-Top of Form Char";
mso-style-priority:99;
mso-style-link:"z-Top of Form";
font-family:"Arial",sans-serif;
display:none;}
span.3vdg7tz3nbnbjk7gdr2y2
{mso-style-name:_3vdg7tz3nbnbjk7gdr2y2_;}
span.2ml6cep2ydeajtymouc70a
{mso-style-name:_2ml6cep2ydeajtymouc70a;}
span.z-BottomofFormChar
{mso-style-name:"z-Bottom of Form Char";
mso-style-priority:99;
mso-style-link:"z-Bottom of Form";
font-family:"Arial",sans-serif;
display:none;}
span.EmailStyle59
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.is-hidden
{mso-style-name:is-hidden;}
span.sharing-screen-reader-text
{mso-style-name:sharing-screen-reader-text;}
span.gfieldrequired
{mso-style-name:gfield_required;}
span.EmailStyle63
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle64
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle65
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.EmailStyle66
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle67
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle68
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle69
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle70
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle71
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle72
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.EmailStyle73
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle74
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle75
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle76
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle77
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.td-post-date
{mso-style-name:td-post-date;}
span.td-nr-views-217783
{mso-style-name:td-nr-views-217783;}
span.EmailStyle80
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle81
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle82
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.EmailStyle83
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle84
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle85
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle86
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle87
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle88
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle89
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle90
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle91
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle92
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle93
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle94
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle95
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle96
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle97
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.s-caption-text
{mso-style-name:s-caption-text;}
span.EmailStyle99
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.il
{mso-style-name:il;}
span.EmailStyle101
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle102
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle103
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle104
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle105
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle106
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle107
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.social-share-icon
{mso-style-name:social-share-icon;}
span.d-ib
{mso-style-name:d-ib;}
span.pdf
{mso-style-name:pdf;}
span.EmailStyle111
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle112
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle113
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle114
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle115
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle116
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle117
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle118
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle119
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle120
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle121
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle122
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle123
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle124
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle125
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle126
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle127
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle128
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle129
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.EmailStyle130
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle131
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle132
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle133
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle134
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle135
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle136
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle137
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle138
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle139
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle140
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle141
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle142
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle143
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle144
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle145
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.cfemail
{mso-style-name:__cf_email__;}
span.EmailStyle147
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle148
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.entry-meta-date
{mso-style-name:entry-meta-date;}
span.entry-meta-author
{mso-style-name:entry-meta-author;}
span.entry-meta-categories
{mso-style-name:entry-meta-categories;}
span.entry-meta-comments
{mso-style-name:entry-meta-comments;}
span.EmailStyle153
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle154
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle155
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.post-page-numbers
{mso-style-name:post-page-numbers;}
span.EmailStyle157
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle158
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle159
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle160
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.apple-converted-space
{mso-style-name:apple-converted-space;}
span.EmailStyle162
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle163
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle164
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle165
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle166
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle167
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.s1
{mso-style-name:s1;}
span.EmailStyle169
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle170
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle171
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle172
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle173
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle174
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle175
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle176
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle177
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.s-meta-published-date
{mso-style-name:s-meta-published-date;}
span.s-meta-views
{mso-style-name:s-meta-views;}
span.s-meta-comments
{mso-style-name:s-meta-comments;}
span.EmailStyle181
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle182
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle183
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle184
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle185
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle186
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle187
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle188
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle189
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle190
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle191
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle192
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:windowtext;}
span.EmailStyle193
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle194
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle195
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle196
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle197
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle198
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.a2alabel
{mso-style-name:a2a_label;}
span.EmailStyle200
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle201
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle202
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle203
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle204
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle205
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle206
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle207
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.s2
{mso-style-name:s2;}
span.EmailStyle209
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle210
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle211
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle212
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle213
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle214
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle215
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle216
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle217
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle218
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle219
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle220
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle221
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle222
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle223
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle224
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle225
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle226
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle227
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.posted-on
{mso-style-name:posted-on;}
span.byline
{mso-style-name:byline;}
span.author
{mso-style-name:author;}
span.EmailStyle231
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle232
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle233
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle234
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle235
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle236
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle237
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle238
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle239
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle240
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle241
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle242
{mso-style-type:personal;
font-family:"Calibri",sans-serif;
color:#1F497D;}
span.EmailStyle245
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:#1F497D;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:612.0pt 792.0pt;
margin:72.0pt 72.0pt 72.0pt 72.0pt;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1755974783;
mso-list-template-ids:150735798;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:36.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Symbol;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:72.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:108.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:144.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:180.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:216.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:252.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:288.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:;
mso-level-tab-stop:324.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
ol
{margin-bottom:0cm;}
ul
{margin-bottom:0cm;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</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=933 style='width:700.0pt;border-collapse:collapse'><tr><td width=927 valign=top style='width:695.6pt;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='color:windowtext;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><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 style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=927 valign=top style='width:695.6pt;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='font-family:"Verdana",sans-serif;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=927 valign=top style='width:695.6pt;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;color:#1F497D'><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 style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=927 valign=top style='width:695.6pt;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: 05 August 2021 :: Nigeria: Entrepreneur explains how she built healthy fast food brand Nuli</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=927 valign=top style='width:695.6pt;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 style='font-family:"Verdana",sans-serif;color:#1F497D'><img border=0 width=762 height=259 id="Picture_x0020_2" src="cid:image002.jpg@01D78531.DF594420"></span><span class=style30><span style='font-family:"Verdana",sans-serif'><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'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=927 rowspan=3 valign=top style='width:695.6pt;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:12.0pt;margin-left:0cm'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'><o:p> </o:p></span></h1><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:3.75pt;margin-bottom:3.75pt;margin-left:36.0pt;background:white'><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Ada Osakwe started Nuli as a juice delivery company operating out of her kitchen and delivering to customers via motorbikes. She has since expanded to selling a range of food and drink products in the biggest supermarkets in the country, as well as six cafés between Lagos and Abuja. Osakwe tells </span></em><strong><i><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>James Torvaney</span></i></strong><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> about growing the company, the challenges she encountered and the opportunities in the healthy food industry.</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>Give us a snapshot of your business.</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Nuli Juice is a healthy fast-casual dining brand. Our mission is to galvanise healthier lifestyles through fresh, locally grown food.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Our food and drinks are prepared with produce sourced locally from indigenous farmers. For example, fonio stir-fry, cassava waffles, and fruit juices.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We currently have six physical stores in Lagos and Abuja. These are a mix of larger stores – with ample seating space where people can eat, have meetings, and relax – and smaller outlets more focused towards ‘grab and go’ customers. We also provide branded Nuli products to supermarkets and hotels, and manufacture drinks and snacks for other retailers.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>What motivated you to start Nuli?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Starting Nuli Juice was an accident – I never set out to be an entrepreneur. After working in finance, I became the senior investment advisor to Nigeria’s Minister of Agriculture, working on bringing agriculture investment into Nigeria. In this role, I observed how Nigeria was sending over $10 billion every year importing basic items like rice and fish.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The country doesn’t have strong domestic processing such as cold storage, power and logistics, making it difficult to industrialise and create true wealth. In addition, approximately 60% of the fruit and vegetables harvested go to waste. I thought, “Why are we spending all this money on importation, when we could be producing it ourselves? Why are we wasting so much nutritious food?” I was motivated to provide the answers to these questions, and founding Nuli was the first step to this.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>How did you get started? What was your first product?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>I started making natural juices in 2015 from my kitchen at home. I saw data showing that although Nigeria is a large producer of fruits like pineapples, barely any of this local produce was processed into fruit juice.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We set up a simple online presence and offered delivery only, via motorcycles. After that, we started going to food fairs, gyms, cafés, hotels, and supermarkets to sell the juices. We were eventually able to get into the large chains like Shoprite and Spar which helped get our name out.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We saw strong demand from customers for fresh and healthy food alternatives. So after a year of offering delivery only, we opened our first Nuli Lounge café with an offering of meals to add to our branded drinks. We broke even in 2016. In 2018, once we had proven we could make a sustainable profit from the business, we raised $850,000, mostly from angel investors, which we invested in scaling up and building new stores. By the beginning of 2020, we had 10 stores in total, including some inside offices at companies like KPMG and the Nigeria stock exchange.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=534 id="_x0000_i1033" src="cid:image008.jpg@01D789D8.169F5140" alt="Nuli produces a range of food and drink products."></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Nuli produces a range of food and drink products.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white'><b><span style='font-family:"Verdana",sans-serif;color:black'>Where do you see the biggest potential for Nuli – in packaged goods or in the restaurant chain?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Both are fast-growing revenue lines. My ambition with Nuli is to build an international African brand that goes global, that will fit in as much in Nairobi and London as it does in Lagos. Our juices help us with this but scaling out the restaurants is core to our medium-term strategy.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Internationally, there are so many similar food and drinks brands you are competing for shelf space with. But with physical stores, we retain much more control over the whole customer experience and therefore we can build a much stronger brand.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>You mentioned some of the infrastructure challenges faced by the agriculture sector in Nigeria. How do you manage these supply chain challenges?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>To fulfil our promise of fresh food, we need to keep our supply chain as tight as possible. We source all our items locally – even things like strawberries and blackcurrants, which are grown in Plateau State. Around half of our products we source directly from farmers, and the rest from intermediaries.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Then we have cold storage in our factory in Lagos. That helps keep produce fresh, but it still has to be processed and sold within a couple of days. One of the things we do is ensure there is direct communication between store and inventory. Each store has ‘Nuli champions’, who spend all day talking to customers and watching which products are selling. They feedback information to the factory every day, on what is selling and what people are asking for.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>A few years ago, I looked very seriously at investing in a HPP (high pressure pascalisation) cold press production line, which would have enabled us to extend the shelf-life of our juice without using any additives. In the end, I decided against it, because it was still a risk. We could cold press our juices, but what if the truck breaks down in transit, or the retailer’s fridge isn’t working? There are still parts of the supply chain that we have no control over.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We keep as much of the supply chain in house – we barely outsource any of our last-mile logistics. We have tried in the past but we have faced issues because often third parties don’t offer the level of service that people expect from the Nuli brand. So now we are investing in our own refrigerated trucks and motorbikes.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>What are some of the biggest operational challenges you have faced?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Compared to countries like Ghana, operating in Nigeria is extremely difficult, particularly for small businesses. I am very fortunate in that I have built up a strong network of people I can call upon from my previous career in private equity and with the Ministry of Agriculture. But even so, there are a lot of roadblocks. Getting a simple NAFDAC (National Agency for Food and Drug Administration and Control) approval for our juice took about a year. Rent is another difficulty – landlords ask for at least two years upfront, sometimes up to five. This makes it really difficult to scale and expand.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We opened our second store, in Ikoyi, in July 2016. The first few weeks went well and we had a good customer base. But less than two months after opening, the Lagos government came in and demolished our store, due to a dispute they had with the landowner. One day it was business as usual – the next day the store was gone. There was no consultation.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>After that it was difficult to be resilient. I had put so much time and money into the store, and it left me in a very dark place. We went from making juice in a nice modern space to a small dark kitchen. I was so embarrassed, but I wanted continuity – I didn’t want to pause operations. It took almost a year before we were able to move back into a proper store.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=534 id="Picture_x0020_1" src="cid:image009.jpg@01D789D8.169F5140" alt="Ada Osakwe with pineapple farmers in Nigeria."></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Ada Osakwe with pineapple farmers in Nigeria.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white'><b><span style='font-family:"Verdana",sans-serif;color:black'>How has the coronavirus pandemic affected your business over the last year?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Before coronavirus struck, we were operating 10 Nuli outlets, including the office concessions. With the move towards home working, we are currently down to six.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The pandemic forced us to think about diversification across other revenue lines such as manufacturing for other outlets. We started working with a large chain with outlets across the country. They wanted grab-and-go sandwiches and other food products to sell under their brand. It’s a small part of our overall business but still a useful revenue line.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>With people spending more time at home and less time in the office, we had to think about how we can remain close to our customers. One of the new things I’m excited about rolling out is Nuli-in-a-box. These are converted shipping containers that are smaller than our regular stores but are much more flexible and make it easy to establish a presence in the higher-density residential areas.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>What are some of the food industry trends you are seeing?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We continue to see trends towards more health-conscious lifestyles, particularly in plant-based eating with the younger generations. Having said that, plant-based diets are still not mainstream in Nigeria, even if a lot of our cuisine actually lends itself to plant-based, whole food diets.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>In Nigeria, looking at our business, we notice some interesting trends in customer behaviours; for example, we found that in our Surulere store people prefer to sit down and spend longer in the restaurant, whereas other areas lean more towards take-out items. Also, we found that Nigerians are less into cold foods, so we have tried to focus our grab-and-go offering on hot food, like our toasted naaninis and stir-fries.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>What about technology? Do you see opportunities there, for example with food delivery apps?</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>There is a lot of focus on tech but unique food delivery apps haven’t really taken off in a big way. Even when people know we are online, they still order through Whatsapp or via phone. This trend is evolving though. Online orders accounted for 1% of our sales in January, but as at June, it now accounts for 5%, with no marketing spend.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>We also see a lot of tech opportunities behind the scenes. For example, we’re using technology to become more customer centric – to anticipate and project demand, understanding behaviour, remembering people’s favourite orders, and so forth. We see a lot of machine learning applications for our business. I also think there are opportunities to use technology to improve traceability of produce from farmers to consumers.-Howwemadeitinafrica</span><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=516 id="Picture_x0020_3" src="cid:image003.jpg@01D789D8.169F5140" alt="Ada Osakwe, founder and managing director of Nuli."></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Ada Osakwe, founder and managing director of Nuli.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><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;background:white'><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=927 valign=top style='width:695.6pt;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'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Invest Wisely!<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bulls n Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><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%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Cellphone: </span><span style='font-family:"Verdana",sans-serif'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>+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:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Alt. Email: </span><span style='font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</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:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Website: </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com</span></a></span><span style='font-family:"Verdana",sans-serif;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:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Blog: </span><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com/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:105%;background:white'><span lang=EN-US style='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-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-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Facebook: </span><span 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 lang=EN-US style='color:windowtext;text-decoration:none'>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:105%'><span lang=EN-US style='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'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><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><td width=927 valign=top style='width:695.6pt;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%'><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><tr><td width=927 valign=top style='width:695.6pt;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><span lang=EN-US style='font-size:8.0pt;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><span lang=EN-US style='font-size:8.0pt;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><tr><td width=927 valign=top style='width:695.6pt;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 lang=EN-GB style='font-size:8.0pt;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><tr><td width=927 valign=top style='width:695.6pt;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 lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>(c) 2021 Web:</span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'> www.bullszimbabwe.com </span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>Email: </span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'> Tel: +263 4 2927658 Cell: +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=927 valign=bottom style='width:695.6pt;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>