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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse'><tr><td width=683 valign=top style='width:512.3pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><a name="_Hlk95685055"></a><a name="_Hlk98312870"><span style='mso-bookmark:_Hlk95685055'></span></a><a href="mailto:marketing@zitf.co.zw"><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;text-decoration:none'><img border=0 width=635 height=445 style='width:6.6111in;height:4.6388in' id="_x0000_i1025" src="cid:image017.jpg@01D848BF.8F959D10"></span></b></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'></span></span></a><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='background:white'><o:p> </o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:16.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>On a Date with Border Timbers Limited (BTL)<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Dating is a critical stage to any investor considering to take a position on any asset class even shares.<b><o:p></o:p></b></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:16.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#1. History,<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1924, Timber plantations set up by the British South Africa Police Company (BSAPC) in the Imbeza area near Mutare.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1946, BSAPC expand the timber plantations into the Chimanimani area.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1953, Charter Sawmill established.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=602 height=387 style='width:6.2708in;height:4.0347in' id="Picture_x0020_8" src="cid:image018.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1979, Renfee, Border Eastern Forest Estate and Forestry Management Services (FMS) combine to form Border Timbers (BTL)<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Plantations in the Imbeza area taken over by FMS<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>BTL is listed on the ZSE and Anglo American Corporation (AAC) becomes major shareholder.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=602 height=400 style='width:6.2708in;height:4.1666in' id="Picture_x0020_7" src="cid:image019.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1981, BTL opens up regional markets in South Africa and Botswana.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1995, Border Timbers International is founded as an exporter of quality furniture and sold off 9 years later.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2000, portions of BTL estates are listed for the land redistribution program.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>AAC offloads its stake in BTL to Radar Holdings a once ZSE listed construction focused firm<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2012, Radar sells off its controlling stake to Rift Valley Corporation (RVC).<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>RVC's main shareholder is the von Pezold family led by Heinrich von Pezold.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Heinrich von Pezold is German national. <o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Prior the Government of Zimbabwe (GOZ) had signed a Bilateral Investment Protection and Promotion Agreement (BIPPA) with Germany.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The BIPPA meant to protect business properties of Germans.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2015, BTL and von Pezold family win a USD 125 million settlement at the International Centre for Settlement of Investment Disputes (ICSID) aganist the GOZ.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The GOZ violated the BIPPA by taking portions of the land owned by BTL and von Pezold.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2016, BTL placed under judicial management due to choking debts exacerbated by loss of its underlining asset (land).<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2022, According to the recent Emergency General Meeting (EGM) BTL is preparing to exit judicial management.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:16.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#2. Operations,<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>BTL is into the growing, milling and manufacturing of timber from managed plantations.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>It operates within 3 divisions namely,<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Forestry<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Sawmilling<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Pole treatment<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Forestry Division<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>5 estates are operated with 2 close to Mutare<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Imbeza<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Sheba <o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Chimanimani<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Tilbury<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Charter<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>° Sawerombe <o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Estates focus on silviculture (growing and cultivation of </span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI Emoji",sans-serif;color:#0F1419;background:white'>🌲</span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>), harvesting, log deliveries to sawmills and </span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI Emoji",sans-serif;color:#0F1419;background:white'>fire risk</span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'> management.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=602 height=387 style='width:6.2708in;height:4.0347in' id="Picture_x0020_6" src="cid:image020.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Sawmilling Division<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2 sawmills are operated at Sheba and Charter.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The mills have the capacity to process 300,000m of saw logs yearly.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The sawmills are designed to cut both pine and eucalyptus saw logs. <o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Cut logs are made into rough sawn timber.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=602 height=387 style='width:6.2708in;height:4.0347in' id="Picture_x0020_5" src="cid:image021.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Pole Treatment Division<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>BTL operates a pole treatment plant at Nyakamete Industrial site in Mutare.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The treated poles are used for a number of applications including transmission and fencing.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=403 height=337 style='width:4.2013in;height:3.5069in' id="Picture_x0020_4" src="cid:image022.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:18.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#3. Customers,<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>BTL attracts industries that utilize timber in Zimbabwe and regionally such as,<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>• Fixed line operators (Telone)<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>• Power utilities (ZESA)<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>• Construction <o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>It has developed export markets in Nambia, Zambia, Mozambique and Malawi.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=602 height=339 style='width:6.2708in;height:3.5347in' id="Picture_x0020_3" src="cid:image023.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:16.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#4. Competitors,<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1. Wattle Company<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The marker and marketer of packaged branded charcoal used for barbeques VESTA.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>It operates a fully integrated timber production business from plantations.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>2. Allied Timbers<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>The largest timber resource base in Zimbabwe.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=602 height=285 style='width:6.2708in;height:2.9652in' id="Picture_x0020_2" src="cid:image024.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:16.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#5. Shareholding,<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>BTL is a subsidiary of Rift Valley Corporation.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>RVC operates two other units Northern Tobacco and Tobacco Processing Zimbabwe.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img border=0 width=601 height=314 style='width:6.2638in;height:3.2708in' id="_x0000_i1040" src="cid:image025.jpg@01D848BF.8F959D10"></span></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:16.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>#6. Pitch,<o:p></o:p></span></b></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>BTL is preparing to exit judicial management and start trading on the ZSE in the not so distant future with ZSE Team having already undertaken a tour of operations.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'> <o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Peter Lewis Bailey the judicial manager is satisfied with the management competencies.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Infrastructural projects being pushed by Southern African governments would likely benefit the firm.<o:p></o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='background:white'><o:p> </o:p></span></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><span style='background:white'><o:p> </o:p></span></span></span></p><div style='mso-element:para-border-div;border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt'><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;line-height:115%;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></i></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></i></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;line-height:115%;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></i></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></i></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><b><i><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Disclaimer</span></i></b></span></span><span style='mso-bookmark:_Hlk98312870'><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;line-height:115%;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.</span></i></span></span><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></i></span></p></div><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><i><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Invest Wisely!<o:p></o:p></span></i></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Bulls n Bears </span></b></span><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'> <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>WhatsApp: +27 71 544 4769<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Mobile/Voice: </span></span><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif;color:windowtext;text-decoration:none'>+263 77 344 1674</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Alt. Email: </span></span><a href="mailto:info@bulls.co.zw"><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif;color:windowtext'>info@bulls.co.zw</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'> <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Website: </span></span><a href="http://www.bullszimbabwe.com"><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>www.bullszimbabwe.com</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'> <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Blog: </span></span><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='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif;color:windowtext'>www.bulls.co.zw/blog</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Twitter: @bullsbears2010<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal;background:white'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Facebook: </span></span><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='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif;color:windowtext'>www.facebook.com/BullsBearsZimbabwe</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:normal'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'>Skype: Bulls.Bears <o:p></o:p></span></span></p><p class=MsoNormal style='line-height:normal'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><img border=0 width=246 height=120 style='width:2.5625in;height:1.25in' id="Picture_x0020_1" src="cid:image033.png@01D848BF.1E5044C0"></span></span><span style='font-size:12.0pt;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></td></tr></table><p class=MsoNormal><o:p> </o:p></p></div></body></html>