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</v:shape><![endif]--><![if !vml]><img width=588 height=449 src="cid:image003.jpg@01D84B22.4A3ECAB0" align=left hspace=12 v:shapes="Picture_x0020_5"><![endif]><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555;font-weight:normal'><o:p></o:p></span></h1><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:36.0pt'><span style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Opportunities exist to manufacture certain pharmaceutical products in Ethiopia, a market currently dominated by imports, according to a study by Manufacturing Africa.</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Ethiopia’s domestic pharmaceutical market could be worth over US$1 billion by 2025. Growth is expected to be driven by a rising middle income base and urbanisation at a rate of 5.4% per year, which leads to greater access to healthcare as cities have better infrastructure and healthcare capacities.<o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Imports account for 65% to 75% of the Ethiopian pharmaceutical market and are primarily sourced from India (22%), Netherlands (20%) and Belgium (13%). Finished pharmaceutical products make up the bulk of the imports: about 80% of all the pharmaceutical products imported in 2019. <o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The key products imported into Ethiopia include:<o:p></o:p></span></p><ul type=disc><li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo2'><span style='font-family:"Verdana",sans-serif'>60% – anti-infectives<o:p></o:p></span></li><li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo2'><span style='font-family:"Verdana",sans-serif'>9% – central nervous system medicines<o:p></o:p></span></li><li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo2'><span style='font-family:"Verdana",sans-serif'>8% – water and acid base electrolytes<o:p></o:p></span></li><li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo2'><span style='font-family:"Verdana",sans-serif'>5% – endocrine disorder and contraceptives<o:p></o:p></span></li></ul><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Some 60% of total pharma spend in Ethiopia is public and social sector related, making the Ethiopian Pharmaceutical Supply Agency (EPSA) the single most powerful buyer in the country. Key products purchased in the public and social sector are antivirals and antibacterials.<o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Domestic competition is low with only 11 manufacturers, 45% of which are jointly owned by international and local investors. China is an emerging force in the Ethiopian pharma sector, with two joint ventures and one fully-owned company.<o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><img border=0 width=799 height=425 id="Picture_x0020_3" src="cid:image009.png@01D84B22.4A3ECAB0" alt="https://cdn-ehepc.nitrocdn.com/irBzRYkBekzJBgZevpNPMGNeqdaqURgx/assets/static/optimized/rev-2265b11/wp-content/uploads/2022/03/Ethiopia-pharma2.png"></span><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The Ethiopian government has put in place several measures to improve the sector. It has developed a 10-year strategy and plan of action for pharmaceutical manufacturing. Kilinto Park is Africa’s first dedicated industrial park covering 279 hectares, with 136 hectares of land dedicated to pharmaceutical manufacturing. The park is located 15km from Addis Ababa’s city centre, 863km from Djibouti port and 10 minute drive from Bole International Airport. Investors are provided with serviced or ready to use land with common infrastructure and utilities to allow for a quick set up.<o:p></o:p></span></p><h4 style='-webkit-font-smoothing: antialiased;line-height:initial'><span style='font-family:"Verdana",sans-serif;color:black'>Which areas offer the best opportunities?<o:p></o:p></span></h4><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Finished pharmaceutical products (FPPs) comprise both active pharmaceutical ingredients (APIs) and excipients (inactive substances that serve as vehicles or mediums for a drug). APIs + excipients = FPPs.<o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>According to the study, there is a growing domestic need for affordable pharmaceutical products to meet Ethiopia’s disease burden. While the manufacture of APIs is difficult and largely unattractive, the country could look to scale up production of the FPPs as well as introduce manufacturers interested in manufacturing excipients.<o:p></o:p></span></p><p><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Active pharmaceutical ingredients</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Description:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> Active pharmaceutical ingredients (APIs) are drug molecules that exert a biological effect.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Current production status:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> There are no API manufacturers in Ethiopia. The country solely relies on imports due to the high degree of complexity required.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Product demand:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> This product is essential for all products and particularly because Africa only has two API manufacturers.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Feasibility:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> Investors would be difficult to attract due to high investment requirements, lack of technology capabilities and relatively low margins.<o:p></o:p></span></p><p><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Excipients</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Description:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> Excipients are the substances that determine the solubility, stability and release method of a drug into the human body.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Current production status:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> The country currently has only one manufacturer which is government owned and operates at a small capacity – it produces starch and starch based products.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Product demand:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> Excipients ordinarily take up 70% to 90% of a drug’s weight and the market is primarily reliant on imports, indicating an opportunity for local suppliers.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Feasibility:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> It is a relatively cheap and simple product to produce. Additionally, other sectors would interested in the production of starch, e.g., the chemicals and textiles industries.<o:p></o:p></span></p><p><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Finished pharmaceutical products</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Description:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> Finished pharmaceutical products (FPPs) are the final combination of the products e.g., tablets, capsules, oral liquids, etc.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Current production status:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> There are 10 local manufacturers which are able to produce FPPs, of which only four are GMP certified, that collectively account for more than 20% of the entire market.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Product demand:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> The country has over 200 importing companies that account for 50% to 60% of the market, indicating an addressable opportunity for local suppliers.<o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Feasibility:</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'> FPPs have a higher return on investment compared to APIs and consumables, receive government support and the manufacturing capabilities are within the country’s scope.<o:p></o:p></span></p><h4 style='-webkit-font-smoothing: antialiased;line-height:initial'><span style='font-family:"Verdana",sans-serif;color:black'>Ethiopia: A pharmaceutical manufacturing hub for sub-Saharan Africa?<o:p></o:p></span></h4><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Ethiopia could also seek to export to the larger sub-Saharan market due to its well established air logistics network through its national carrier, Ethiopian Airlines. Finished pharma products are primarily transported by air due to restrictions on temperature controls. Growth is expected in every segment of Africa’s pharma market, including branded, generics, and over-the-counters. Three factors will drive this growth: the rise of major cities, the expansion in healthcare capacity, and the maturing of the business environment.<o:p></o:p></span></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><img border=0 width=799 height=507 id="Picture_x0020_2" src="cid:image010.png@01D84B22.4A3ECAB0" alt="https://cdn-ehepc.nitrocdn.com/irBzRYkBekzJBgZevpNPMGNeqdaqURgx/assets/static/optimized/rev-2265b11/wp-content/uploads/2022/03/Ethiopia-pharma3.png"></span><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>This article summarises findings from a Manufacturing Africa report. Manufacturing Africa is an FCDO funded programme looking to support investment into the manufacturing sector across Kenya, Ethiopia, Rwanda, Uganda, Nigeria and Senegal. For more information about Manufacturing Africa, investment opportunities, or additional sector deep dive studies please consult the website at <a href="http://www.manufacturingafrica.org/">www.manufacturingafrica.org</a><o:p></o:p></span></em></p><p><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><img border=0 width=800 height=465 id="Picture_x0020_4" src="cid:image011.jpg@01D84B22.4A3ECAB0" alt="https://cdn-ehepc.nitrocdn.com/irBzRYkBekzJBgZevpNPMGNeqdaqURgx/assets/static/optimized/rev-2265b11/wp-content/uploads/2022/03/Ethiopia-pharma1.jpg"></span><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=meta style='margin:0cm;margin-bottom:.0001pt;box-sizing: border-box;font-size:0.625rem !important'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;text-transform:uppercase'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Invest Wisely!<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bulls n Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Cellphone: </span><span style='font-family:"Verdana",sans-serif'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>+263 77 344 1674</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Alt. Email: </span><span style='font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Website: </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Blog: </span><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Facebook: </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=278 height=110 id="_x0000_i1029" src="cid:image005.png@01D6FBBE.85AC06D0" alt="cid:image005.png@01D6FBBE.85AC06D0"></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif;color:white'>DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and sourced from third parties.</span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-GB style='font-size:8.0pt;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>(c) <span style='color:#1F497D'>2022</span> Web:</span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'> www.bullszimbabwe.com </span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>Email: </span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'> Tel: +263 4 2927658 Cell: +263 77 344 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=bottom style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>