<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=us-ascii"><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;
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;}
@font-face
{font-family:"Segoe UI";
panose-1:2 11 5 2 4 2 4 2 2 3;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin-top:0cm;
margin-right:0cm;
margin-bottom:8.0pt;
margin-left:0cm;
line-height:106%;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
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.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:106%;
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:106%;
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:106%;
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:106%;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
@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:343168421;
mso-list-type:hybrid;
mso-list-template-ids:-498561410 805896193 805896195 805896197 805896193 805896195 805896197 805896193 805896195 805896197;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Symbol;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l1
{mso-list-id:952588638;
mso-list-type:hybrid;
mso-list-template-ids:2041865220 805896207 805896217 805896219 805896207 805896217 805896219 805896207 805896217 805896219;}
@list l1:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l1:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l1:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l1:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l1:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l1:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l1:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l1:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2
{mso-list-id:1703242325;
mso-list-type:hybrid;
mso-list-template-ids:1837114536 805896207 805896217 805896219 805896207 805896217 805896219 805896207 805896217 805896219;}
@list l2:level1
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l2:level2
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l2:level3
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level4
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l2:level5
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l2:level6
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l2:level7
{mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l2:level8
{mso-level-number-format:alpha-lower;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-18.0pt;}
@list l2:level9
{mso-level-number-format:roman-lower;
mso-level-tab-stop:none;
mso-level-number-position:right;
text-indent:-9.0pt;}
@list l3
{mso-list-id:2042045355;
mso-list-type:hybrid;
mso-list-template-ids:-1980443102 805896193 805896195 805896197 805896193 805896195 805896197 805896193 805896195 805896197;}
@list l3:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:54.0pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l3:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:90.0pt;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l3:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:126.0pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l3:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:162.0pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l3:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:198.0pt;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l3:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:234.0pt;
text-indent:-18.0pt;
font-family:Wingdings;}
@list l3:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:270.0pt;
text-indent:-18.0pt;
font-family:Symbol;}
@list l3:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:306.0pt;
text-indent:-18.0pt;
font-family:"Courier New";}
@list l3:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:342.0pt;
text-indent:-18.0pt;
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><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>On A Date with National Foods<o:p></o:p></span></b></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><a href="mailto:bulls@bullszimbabwe.com"><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;text-decoration:none'><img border=0 width=300 height=296 style='width:3.125in;height:3.0833in' id="Picture_x0020_13" src="cid:image021.jpg@01D81291.474BD6A0"></span></a><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#1. History,<o:p></o:p></span></b></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1908, Joseph Palte a native of Lithuania a country in Europe starts J. Palte & Co in Bulawayo. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>J. Palte & Co is an independent grain and general merchant business. Mark Harris works with Joseph Palte.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;mso-fareast-language:EN-ZW'><img border=0 width=329 height=435 style='width:3.4305in;height:4.5347in' id="Picture_x0020_12" src="cid:image001.jpg@01D8128F.C29F9050"></span><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1915, Mark Harris moves to Harare and sets up Mark Harris Manufacturing (MHM). <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Establish the first roller maize and flour mill in Zimbabwe operating as Atlas Mill. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1920, British South Africa Company (BSAC) buys a stake in MHM<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;mso-fareast-language:EN-ZW'><img border=0 width=602 height=428 style='width:6.2708in;height:4.4583in' id="Picture_x0020_11" src="cid:image022.jpg@01D81291.474BD6A0"></span><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The Gloria flour brand is launched by MHM. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1924, BSAC rename MHM to Rhodesia Milling and Manufacturing Company (RMMC) after Mark Harris' offloads his entire holding. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1928, Mark Harris joins Cessey Harris in Bulawayo and form Harris Bros & Co.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;mso-fareast-language:EN-ZW'><img border=0 width=600 height=360 style='width:6.25in;height:3.75in' id="Picture_x0020_10" src="cid:image004.jpg@01D8128F.C29F9050"></span><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1934, Joseph Palte commits suicide by self administering of cyanide and his son Jack Palte takes over J. Palte & Co operations. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1952, Tiger Brands formerly Tiger Oats acquires a significant stake in J. Palte & Co to become a major shareholder.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;mso-fareast-language:EN-ZW'><img border=0 width=602 height=401 style='width:6.2708in;height:4.1736in' id="Picture_x0020_9" src="cid:image023.jpg@01D81291.474BD6A0"></span><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1956, RMMC acquires Harris Bros & Co and a 10 year non competition clause is signed to deter the Harris brothers from flour trade. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Harris Maize Milling is formed. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1964, J.Palte & Co, Harris Maize Milling, Meadows Milling merge to form Palte Harris.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=602 height=213 style='width:6.2708in;height:2.2222in' id="Picture_x0020_8" src="cid:image024.jpg@01D81291.474BD6A0"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1965, Anglo American Corporation absorb RMMC which was now Rhodesia Milling Company (RMC). <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1969, Palte Harris changed name to Palte Harris Industrial Holdings (PHIH) and listed on the ZSE 1 year later.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'> 1975, The merger of PHIH and RMC form National Foods.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=201 height=300 style='width:2.0972in;height:3.125in' id="Picture_x0020_7" src="cid:image009.jpg@01D8128F.C29F9050"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#2 Operations, <o:p></o:p></span></b></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>National Foods is the largest manufacturer and marketer of:-<o:p></o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraphCxSpFirst style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l0 level1 lfo1'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Stockfeeds <o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l0 level1 lfo1'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Snacks <o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l0 level1 lfo1'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Treats<o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l0 level1 lfo1'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Cereals <o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l0 level1 lfo1'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Edible Oils<o:p></o:p></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l0 level1 lfo1'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Basic foods <o:p></o:p></span></li></ul><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>It is also heavily involved in contract farming initiatives contributing to its raw materials needs.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=602 height=249 style='width:6.2708in;height:2.5902in' id="Picture_x0020_6" src="cid:image025.jpg@01D81291.474BD6A0"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>National Foods has manufacturing sites in Harare, Bulawayo and Mutare. <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>It has 40% stake in Pure Oil Industries the maker of Zimgold brand of edible oil. <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>50% stake in a logistics joint venture with Equity Distribution Services.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=601 height=332 style='width:6.2638in;height:3.4583in' id="Picture_x0020_5" src="cid:image026.jpg@01D81291.474BD6A0"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#3. Competitors, <o:p></o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>National Foods has a competitive advantage in the supply of FMCG due to its size. <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Key rivals <o:p></o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1. Mega Market <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2. Blue Ribbon Foods <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>3. Probrands <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>4. United Refineries <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>5. Cairns Foods <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>6. Surface Wilmar <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>7. Agrifoods <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>8. Victoria Foods<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=522 height=303 style='width:5.4375in;height:3.1597in' id="Picture_x0020_4" src="cid:image014.jpg@01D8128F.C29F9050"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#4. Shareholding, <o:p></o:p></span></b></p><ol style='margin-top:0cm' start=1 type=1><li class=MsoListParagraphCxSpFirst style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l1 level1 lfo2'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Innscor Africa Limited <o:p></o:p></span></li></ol><ul style='margin-top:0cm' type=disc><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l3 level1 lfo6'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>A diversified ZSE listed Investment holding company with interests in FMCGs <o:p></o:p></span></li></ul><ol style='margin-top:0cm' start=2 type=1><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l1 level1 lfo2'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Tiger Brands Limited <o:p></o:p></span></li></ol><ul style='margin-top:0cm' type=disc><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l3 level1 lfo6'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Listed on the JSE with a number of leading brands in the FMCGs category.<o:p></o:p></span></li></ul><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=601 height=559 style='width:6.2638in;height:5.8263in' id="Picture_x0020_3" src="cid:image027.jpg@01D81291.474BD6A0"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#5. Share Price<o:p></o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'> 1,350 ZWL per share as of the 25 of January 2022. <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1,374 ZWL per share on the 3rd of January 2022. <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:red;background:white'>-1.8% </span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>loss from the beginning of 2022. <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1,772% Year on Year Return<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>755,648,101 issued shares<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>ZWL92.34bn market cap and 6.6% ZSE market weight<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>US$376m market cap at Alternative Market Exchange Rate <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#6. Management <o:p></o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Michael Lashbrook <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Appointed CEO on the 1st of January 2015 <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Appointed COO of NFHL in August of 2008 <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Successfully grew an export agri business <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Holds a BSc in Agriculture from University of Natal and MBA from University of Southern Queensland<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=602 height=693 style='width:6.2708in;height:7.2222in' id="Picture_x0020_2" src="cid:image028.jpg@01D81291.474BD6A0"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#7. Pitch <o:p></o:p></span></b></p><ol style='margin-top:0cm' start=1 type=1><li class=MsoListParagraphCxSpFirst style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>The business is investing in building its efficiencies <o:p></o:p></span></li><ol style='margin-top:0cm' start=1 type=a><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level2 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Through plant upgrade at the flour mill in Bulawayo, <o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level2 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Expanding the breakfast cereal plant in Harare. <o:p></o:p></span></li></ol><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>A dividend declaring company 43 times in its 50 years of listing on the ZSE.<o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>An aggressive import substitution plan through local contract farming thereby reduce the future foreign currency needs of the group.<o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>A good defensive stock which continues to perform well in troubled economies due to the nature of products.<o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>A recently proposed share buyback program which if actioned will increase the value of the stock. <o:p></o:p></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>Strong major shareholders in two geographical locations who have been invested for a number of years. <o:p></o:p></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:150%;mso-list:l2 level1 lfo3'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;background:white'>A proven management that has managed to deliver.<o:p></o:p></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:18.0pt;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-ZW'><img border=0 width=601 height=274 style='width:6.2638in;height:2.8541in' id="Picture_x0020_1" src="cid:image029.png@01D81291.474BD6A0"></span><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Each week will be on a DATE with a company listed on the ZSE with Martin Mataga <b>Twitter</b> @MartinMataga. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The purpose of this thread is to assist investors to have a minimum appreciation of listed firms. <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Disclaimer</span></b><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>: Do not misconstrue this thread as investment advice. DATE companies before you buy their shares.<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><i><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Invest Wisely!<o:p></o:p></span></i></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><b><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>WhatsApp: +27 71 544 4769<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Mobile/Voice: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:windowtext;text-decoration:none'>+263 77 344 1674</span></a><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:windowtext'>info@bulls.co.zw</span></a> <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Website: <a href="http://www.bullszimbabwe.com">www.bullszimbabwe.com</a> <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:windowtext'>www.bulls.co.zw/blog</span></a><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;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='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:windowtext'>www.facebook.com/BullsBearsZimbabwe</span></a><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='font-size:9.0pt;line-height:115%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt'><img border=0 width=246 height=120 style='width:2.5625in;height:1.25in' id="Picture_x0020_14" src="cid:image030.png@01D81291.474BD6A0"><o:p></o:p></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span lang=EN-GB style='font-size:12.0pt;line-height:150%'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:150%'><span style='font-size:12.0pt;line-height:150%'><o:p> </o:p></span></p></div></body></html>