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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=623 valign=top style='width:467.5pt;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'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>On a Date with Delta Beverages<o:p></o:p></span></b></span></a></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'></span></span><a href="mailto:bulls@bullszimbabwe.com"><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=300 height=296 style='width:3.125in;height:3.0833in' id="_x0000_i1056" src="cid:image016.jpg@01D85570.EE261180"></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: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:_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></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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'><img border=0 width=458 height=181 style='width:4.7708in;height:1.8819in' id="Picture_x0020_18" src="cid:image017.jpg@01D85570.EE261180"></span></span><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:115%'><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></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><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'>#1. History,<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1886, Castle Lager is born birthed by Charles Glass. He had once brewed beer for British troops in India.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1895, Castle Breweries (CB) is founded after Charles Glass secures funding from 2 venture capitalist.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Castle Lager becomes a popular.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=416 height=543 style='width:4.3333in;height:5.6527in' id="Picture_x0020_17" src="cid:image018.jpg@01D85570.EE261180"></span></span><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: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: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'>1898, Susman and Rosenthal exploit a gap in the market and open the Salisbury Lager Beer Brewery and Ice factory on Cameron Street. <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1899, Brewing is started but scarcity of bottles causes the entrepreneurs to charge a deposit fee to elicit bottle returns.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%'><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f">
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style='margin-bottom:0cm;margin-bottom:.0001pt;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: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: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:115%'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe 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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: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: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: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: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: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'>1910, formerly Salisbury Lager Beer Brewery Limited operations are bought by Castle Breweries (CB).<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1946, a wealthy farmer and industrialist James Frederick Kapnek list a new company, Rhodesia Breweries Limited (RBL) on the RSE.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1950, RBL builds an ultra-modern brewery in Bulawayo known as Sable.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1951, CB and RBL boards agree to the sale of CB assets in Rhodesia and Nyasaland to RBL. <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>After the deal RBL becomes majority owned by CB which extends technical and capital support.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=495 height=467 style='width:5.1597in;height:4.8611in' id="Picture_x0020_16" src="cid:image021.jpg@01D85570.EE261180"></span></span><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: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: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'>1955, The South African government imposes heavy taxes on beer sales and consumers shift to spirits.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1956, Ohlsson the maker of Lion Lager and Chandler Union Breweries are struggling due to shift in demand from lagers. CB pounces to acquire its rivals.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=480 height=613 style='width:5.0in;height:6.3888in' id="Picture_x0020_15" src="cid:image022.jpg@01D85570.EE261180"></span></span><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: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: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'>The new business born from CB's acquisition becomes South African Breweries (SAB).<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1962, Brewing at the original site Cameron Street ceases and is moved to Southerton.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>RBL sells its assets in Northern Rhodesia to Northern Rhodesia Breweries.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=545 height=297 style='width:5.6736in;height:3.0972in' id="Picture_x0020_14" src="cid:image023.jpg@01D85570.EE261180"></span></span><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: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: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'>1978, RBL changes name to Delta Corporation<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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=story-body-text style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.0pt;margin-left:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-US'>2001, Delta Corporation, a subsidiary of Anglo American Corporation, puts its flagship five-star Kingdom Hotel in Victoria Falls on the market after its parent company recorded a R75.3 million loss in its half-year results.<o:p></o:p></span></span></p><p class=story-body-text style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.0pt;margin-left:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-US'><o:p> </o:p></span></span></p><p class=story-body-text style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.0pt;margin-left:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;mso-fareast-language:EN-US'>2002, DELTA Corporation Limited shareholders approve the proposed demerger of the company's credit retail business J Pelham Limited (Pelhams), tourism outfit Zimsun and retailing business OK Zimbabwe.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height:115%;box-sizing: border-box;background-color:rgba(255, 255, 255, 0.01);font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px'><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:115%'><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'>#2. Operations,<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Delta Corporation is a focused business in the manufacturing and distribution of beverages<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>It has a diverse portfolio of local and international brands in,<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l8 level1 lfo1'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Lager Beer<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l8 level1 lfo1'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Traditional Beer<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l8 level1 lfo1'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Sparkling<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l8 level1 lfo1'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Alternative non alcoholic beverages<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=602 height=339 style='width:6.2708in;height:3.5277in' id="Picture_x0020_13" src="cid:image024.jpg@01D85570.EE261180"></span></span><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: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:115%'><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'>Lager Beer Business<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>2 breweries are operated by the unit which make,<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Castle <o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Castle Lite<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Golden Pilsener<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Lion<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Carling Black Label<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Zambezi <o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Bollinger's <o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Eagle <o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l0 level1 lfo2'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Sable (recently launched)<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>Imported Brands<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l1 level1 lfo3'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Castle 1895 Draught<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Castle Milk Stout<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Redds<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Flying Fish<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Carling Blue Label<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>Traditional Beer Business<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>9 breweries are operated which supply markets with,<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l9 level1 lfo4'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Chibuku<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l9 level1 lfo4'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Chibuku Super<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l9 level1 lfo4'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Thabani<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>Sparkling Beverages Business<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>3 bottling plants are operated which cover all of Zimbabwe<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Coca-Cola<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Fanta<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Sparletta<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Sprite<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Schweppes<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Burn<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l7 level1 lfo5'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Monster<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>#3. Subsidiaries,<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=339 height=459 style='width:3.5347in;height:4.7847in' id="Picture_x0020_12" src="cid:image025.png@01D85570.EE261180"></span></span><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: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><ol style='margin-top:0cm' start=1 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>United National Breweries - South Africa<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>A manufacturer of traditional African sorghum beer (Umqombothi) in South Africa<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ol style='margin-top:0cm' start=2 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Nampak - Zimbabwe<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Created out of the merger of 3 packaging related entities,<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><ul style='margin-top:0cm' type=circle><li class=MsoListParagraphCxSpFirst style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level2 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Megapak<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level2 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Hunyani<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level2 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Carnaud Metal box<o:p></o:p></span></span></li></ul></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=601 height=271 style='width:6.2638in;height:2.8263in' id="Picture_x0020_11" src="cid:image026.png@01D85570.EE261180"></span></span><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: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><ol style='margin-top:0cm' start=3 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>National Breweries (Natbrew) - Zambia<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>A producer of traditional African beer under the "Chibuku" brand<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>The business was founded by Max Heinrich of Heinrich Syndicate from the town of Kitwe<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Max spotted a gap in the provision of traditional beer to scale<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=602 height=401 style='width:6.2708in;height:4.1736in' id="Picture_x0020_10" src="cid:image027.jpg@01D85570.EE261180"></span></span><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: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><ol style='margin-top:0cm' start=4 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Schweppes Holdings Africa<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>A manufacturer and distributor of non-carbonated, still water beverages under license from Coca-Cola<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>The product portfolio includes <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Cordials<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Fruit Juices<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l3 level1 lfo7'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Bottled water<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>The company has two units the <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l2 level1 lfo8'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Beitbridge Juice<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l2 level1 lfo8'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Best Fruit<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=602 height=339 style='width:6.2708in;height:3.5277in' id="Picture_x0020_9" src="cid:image028.jpg@01D85570.EE261180"></span></span><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: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><ol style='margin-top:0cm' start=5 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>African Distillers<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>The core business is the manufacture, distribution and marketing of branded <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l4 level1 lfo9'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Wines<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l4 level1 lfo9'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Spirits<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l4 level1 lfo9'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Liqueurs<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l4 level1 lfo9'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Ciders<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>For the Zimbabwean market.<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Operates 1 distillery in Harare and 6 depots across the country.<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=601 height=361 style='width:6.2638in;height:3.7569in' id="Picture_x0020_8" src="cid:image029.png@01D85570.EE261180"></span></span><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: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><ol style='margin-top:0cm' start=6 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Food & Industrial Processors - Zimbabwe<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>A business that wholesales starches and glucose for food manufacturing companies.<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ol style='margin-top:0cm' start=7 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Petrecozim <o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Recycling of PET plastics which are sold to beverage enterprises. It has 1 factory.<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><ol style='margin-top:0cm' start=8 type=a><li class=MsoListParagraph style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l5 level1 lfo6'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Mandel Training Centre<o:p></o:p></span></b></span></li></ol><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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'><img border=0 width=601 height=281 style='width:6.2638in;height:2.9236in' id="Picture_x0020_7" src="cid:image030.jpg@01D85570.EE261180"></span></span><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: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:115%'><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'>#4. Competitors,<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>The business has a dominant position in the market for lager beer and traditional beer market but competition in sorghum beer segment includes<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Bulawayo Municipality’s Ingwebu<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Mutare City Council’s Pungwe<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpMiddle style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Kwekwe Town’s Simba<o:p></o:p></span></span></li><li class=MsoListParagraphCxSpLast style='color:#0F1419;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l6 level1 lfo10'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:12.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:white'>Gweru City Council’s Go-Beer<o:p></o:p></span></span></li></ul><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=601 height=337 style='width:6.2569in;height:3.5138in' id="Picture_x0020_6" src="cid:image031.jpg@01D85570.EE261180"></span></span><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: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'>The Alternative Beverages Business is a highly competitive market with strong rivals such as Dairiboad's Pfuko<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>Sparkling Beverages<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Delta Corporation has an equally resourced and deeply incentivised rival in Varun Beverages.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Varun Beverages Limited (VBL or Company) is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). The Company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo. <o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>PepsiCo CSD brands produced and sold by VBL include Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Mountain Dew Ice, Seven-Up<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=602 height=339 style='width:6.2708in;height:3.5277in' id="Picture_x0020_5" src="cid:image032.jpg@01D85570.EE261180"></span></span><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: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:115%'><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'>#6. Share Price,<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>ZWL359.95 per share as at April 20, 2022<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>ZWL162.53 per share as at January 4, 2022<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>ZWL469.4 billion market cap (cUS$1.68bn)<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>121.5% YTD gain<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>12th on the ZSE ranking in terms of performance.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>6th most traded stock in the past 3 months to April 14.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>1,304,272,595 shares issued.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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:115%'><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'>#7. Shareholding,<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Anheuser Busch InBev is the majority shareholder of Delta Corporation.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>The world largest brewer which is based in Belgium bought SABMiller which was the former owner of Delta in 2016.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>SABMiller had invested in Delta when it was RBL<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'><img border=0 width=601 height=257 style='width:6.2638in;height:2.6736in' id="Picture_x0020_4" src="cid:image033.jpg@01D85570.EE261180"></span></span><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: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'><img border=0 width=601 height=171 style='width:6.2638in;height:1.7847in' id="Picture_x0020_3" src="cid:image034.jpg@01D85570.EE261180"></span></span><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: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:115%'><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'>#8. Pitch<o:p></o:p></span></b></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>The business is controlled by a foreign shareholder who has deeper pockets, extensive supply chain and markets.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Managed to acquire Mutare Bottling from Econet Wireless giving it control of the whole Zimbabwean market.<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Well experienced management team<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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: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'>Strong corporate governance<o:p></o:p></span></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;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><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;text-align:justify;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:10.0pt;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></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:10.0pt;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;text-align:justify;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:10.0pt;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></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk95685055'><span style='font-size:10.0pt;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;text-align:justify;line-height:115%;border:none;padding:0cm'><span style='mso-bookmark:_Hlk95685055'><b><span style='font-size:10.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>Disclaimer</span></b></span><span style='mso-bookmark:_Hlk95685055'><span style='font-size:10.0pt;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.<o:p></o:p></span></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:image035.png@01D85570.EE261180"></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>