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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=887 style='width:665.4pt;border-collapse:collapse'><tr><td width=880 colspan=4 valign=top style='width:660.25pt;padding:0cm 5.4pt 0cm 5.4pt'><h1 style='margin-left:26.1pt;line-height:105%'><span style='mso-fareast-language:EN-US'><img width=278 height=111 id="_x0000_i1025" src="cid:image001.png@01D9AED5.96024AE0"><!--[if gte mso 9]><xml>
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</xml><![endif]--></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></h1></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><b><u><span style='font-family:"Verdana",sans-serif;color:#002060;mso-fareast-language:EN-US'><o:p><span style='text-decoration:none'> </span></o:p></span></u></b></p><p class=MsoNormal style='margin-left:26.1pt;text-indent:-1.35pt;line-height:105%'><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bullszimbabwe.com </span></b><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></a></span><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US'> </span></b><span style='mso-fareast-language:EN-US'><a href="mailto:bulls@bulls.co.zw"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Views & Comments</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bullish Thoughts</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="http://www.twitter.com/BullsBears2010"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Twitter</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="https://www.facebook.com/BullsBearsZimbabwe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Facebook</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>LinkedIn</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="mailto:%20bulls@bullszimbabwe.com?subject=Unsubscribe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Unsubscribe</span></b></a></span><span class=style30><span style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='line-height:105%'><span class=style30><b><span style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:26.1pt;line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Bulls n Bears Daily Market Commentary : 04 July 2023</span></b></span><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></b></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:1.0pt'><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:1.0pt'><p class=MsoNormal align=center style='text-align:center;line-height:105%'><img border=0 width=804 height=310 id="_x0000_i1037" src="cid:image002.jpg@01D9AED5.96024AE0"><span class=style30><b><o:p></o:p></b></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:7.2pt'><td width=881 colspan=5 valign=top style='width:661.0pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:7.2pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><br>ZSE commentary<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Zimbabwe Stock Exchange (ZSE)<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The overall Market Cap for today dropped by 1.02% to close at ZWL 13.62 billion. Total turnover increased by 229.45% to close at ZWL1.94 billion, with an increase of 1,372.37% in the total volumes traded which closed at ZWL82.80 million. Turnall, Delta and Tanganda Tea Co. Ltd, were today's three most traded counters with a total contribution of 87% to the total turnover.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The benchmark All-Share Index retreated by 1.00% to close at 166,809.69 points with 20 risers and only 9 decliners. The Top 15 Index lost 1.66% to 114,288.13 points with the Top 10 Index also decreasing by 2.02% to close with 88,617.51 points.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Zimbabwe newspapers and Nmbz Holdings came out as the top performers in the session on gaining 15.00% each to close at $11.50 and $287.50, respectively. First M. Limited and General Beltings Holdings followed after each rose by 14.98% and 14.59% to close at $186.90 and $10.60, respectively. Nampak Zimbabwe strengthened by gaining 13.40% to settle at $68.10, capping off the Top 5 risers pack for the day.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> CBZ Holdings again topped the laggards list after shedding of 15.00% to close at a price of $1,527.30. Fbc Holdings, Ok Zimbabwe and Edgars Stores also traded negative today. Each of these counters lost 7.16%, 3.13% and 2.24% to close at $1,299.70, $251.86 and $105.00, respectively. Econet dropped by 0.93% to settle at $870.53, capping off the Top 5 losers list for the day.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Victoria Falls Stock Exchange (VFEX) <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The VFEX All Share Index lost 1.74% to close at 75.02 points.-Akribos Securities<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='color:windowtext;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_4" src="cid:image003.jpg@01D9AED5.96024AE0"></span></a><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Global Currencies & Equity Markets<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>South Africa<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Rand Rallies on Chinese Export Restriction<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The South African rand looks for its third straight day of gains against the U.S. dollar after Friday’s US Core PCE Deflator release missed estimates. In what would have been a relatively muted trading day today as the US celebrates Independence Day, China’s Foreign Ministry stated they would look to restrict certain chip making materials including gallium and germanium. These two little known substances could have major upside for the local currency as South Africa is one of the biggest germanium producers globally and gallium is produced in aluminum production (a capability South Africa holds). The demand for these materials would in theory rise in accordance with the Chinese decision to limit exports and should increase the demand for the rand.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Other major South African commodity prices are trading higher today including gold and iron ore on the back of a weaker USD and with no significant economic data scheduled for today, I do not expect much in the way of price volatility before tomorrow. Tomorrow’s calendar (see below) begins with South African S&P PMI data which could track lower following the ABSA release yesterday. The primary focus will be the FOMC minutes and the thought process behind its members to keep rates on hold.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Nigeria<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Naira appreciates by 3.61 per cent, exchanges at N741.50 against US <o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Naira appreciated against the US dollar, exchanging at N741.50 at the investors’ and exporters’ window.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>According to NAN, the Naira gained by 3.61 per cent on Monday compared with N769.25, which it exchanged for the dollar at the close of business on June 30.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The open indicative rate closed at N760.39 to one dollar on Monday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The official forex window stood at N792 to the dollar within the day’s trading before it settled at N741.50.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Naira sold for as low as N696.37 to the dollar within the day’s trading.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>On Monday, $88.68 million was traded at the investors’ and exporters’ window.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>On June 14, the Central Bank of Nigeria introduced operational changes to the forex exchange market leading to the unification forex window.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1039" src="cid:image004.jpg@01D9AED5.96024AE0"></span></a><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>China state lenders lower dollar deposit rates for second time in a month - sources<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>(Reuters) - China's major state banks have lowered their dollar deposit rates for the second time in a month, seven banking sources with direct knowledge of the matter said, as authorities have stepped up efforts to arrest a slide in the yuan.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Interest rates offered by the "Big Five" state-owned lenders on most dollar deposits are now capped at 2.8%, down from 4.3% previously, said the people, who declined to be named as they were not authorised to speak to the media.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The People's Bank of China, which typically issues guidance on dollar deposit rates to state banks, did not immediately comment on the matter.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The lenders - Industrial and Commercial Bank of China (601398.SS), , Bank of China (601988.SS), , Agricultural Bank of China (601288.SS), , China Construction Bank (601939.SS), and Bank of Communications (601328.SS), - did not immediately respond to requests for comment.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Traders and analysts said policymakers, worried that a prolonged yuan slide could both discourage foreign investment and spur an outflow of funds abroad, want to bring down dollar deposit rates - which typically track offshore rates - towards domestic rates, which have been cut to aid the flagging economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The yuan is one of the worst-performing Asian currencies this year, knocked nearly 5% lower against the dollar by a slowdown in China's economy and widening yield differentials with the United States.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>"It shows that the move is to narrow the interest rate advantage of the U.S. dollar in onshore markets," said Ken Cheung, chief Asian FX strategist at Mizuho Bank.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>"It is likely aiming to prevent stockpiling dollars and encouraging (foreign exchange) settlements."<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The lower rates could both discourage households from putting savings into higher-yielding dollar deposits and nudge Chinese firms, especially exporters, to settle foreign exchange receipts in yuan.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The new rates came into effect on July 1, said two of the sources, adding that some of the banks were not offering rates above the 2.8% cap for large deposits. Banks typically offer higher rates to deposits exceeding $1 million.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The PBOC, China's central bank, has recently moved to brake the yuan's slide against the dollar, setting stronger-than-expected daily fixings for the currency, while state banks have also been spotted selling dollars on occasion in both the onshore and offshore markets, trading sources said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The latest cut in dollar deposit rates was the second in barely a month. In early June, sources told Reuters the big state banks had lowered such rates as much as 100 basis points from the previous ceiling of 5.3%.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Sources also told Reuters last week that the central bank has surveyed some foreign banks about the interest rates they offer to their clients for dollar deposits.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The PBOC said last Friday it would continue to keep the yuan basically stable and guard against the risk of large exchange rate fluctuations.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Some currency traders also said the cuts in dollar deposit rates would ease pressure on commercial lenders' net interest margin, as banks' dollar deposit rates had risen above lending rates before the recent adjustments.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The latest PBOC data showed that the weighted-average interest rate on large dollar deposits stood at 5.67% in March, up 4.15 percentage points from a year earlier, while the weighted-average dollar lending rate was up only 3.74 percentage points at 5.34%.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1038" src="cid:image004.jpg@01D9AED5.96024AE0"></span></a><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Commodities Markets<br><br><o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold listless as investors wait for Fed’s June meeting minutes<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. The company produces precious metals in ingots, granules, powders in the form of chemical compounds. Precious metal bars of Krastsvetmet are included in the lists of Good Delivery (high quality of delivery) on international platforms. In 2021, the company produced 203 tons of gold, 484 tons of silver and 102 tons of platinum group meta<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Bars of gold are seen at Krastsvetmet, one of the world’s largest producers of precious metals, in Moscow, January 31, 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold prices were flat on Tuesday in thin trading due to a U.S. holiday, while traders awaited the U.S. Federal Reserve’s minutes of the June meeting on Wednesday for more clues on its interest rate hike path ahead.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Spot gold<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> was little changed at $1,921.39 per ounce by 0241 GMT, while U.S. gold futures<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> were flat at $1,929.10.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Trading volume could be light due to a U.S. holiday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“Right now the headwinds for gold are the expectations of a further 50 bps tightening, more liquidity withdrawal and rates remaining relatively elevated for some time after the Terminal value has been reached,” said Nicholas Frappell, global head of institutional markets, ABC Refinery.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Investors see a nearly 90% chance of a 25-basis-point hike in July, according to CME’s Fedwatch tool, bringing rates into the 5.25% to 5.50% range before cuts are seen after March in 2024. High interest rates discourage investment in non-yielding gold.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The dollar index<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> held steady.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>U.S. manufacturing slumped further in June to the lowest reading since May 2020 per data on Monday, yet price pressures continued to deflate since bottlenecks in the supply chain have eased considerably and higher borrowing costs dampen demand.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Markets will also watch for minutes of the June 13 to14 FOMC meeting being released on Wednesday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>While gold prices could recover to $1,940 before a potential drop lower, “the rates background remains a significant drag,” Frappell added.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Japan’s top financial diplomat Masato Kanda said authorities were in close contact with U.S. and other overseas authorities in lieu of the yen falling to a near eight-month low against the dollar last week.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Reserve Bank of Australia’s policy decision would also be watched during the Asian market hours.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Spot silver<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> rose 0.1% to $22.91 per ounce, platinum<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> was up 0.6% to $912.15 while palladium<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> jumped 2% to $1,253.95.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:7.2pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td></tr><tr><td width=881 colspan=5 style='width:661.0pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><strong><span style='font-family:"Verdana",sans-serif;color:#345883;mso-fareast-language:EN-US'>INVESTORS DIARY 2023</span></strong><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=221 style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Company</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Event</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Venue</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Date & Time</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Heroes’ Day<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Aug 14<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Defence Forces Day<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Aug 15<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Counters trading under cautionary<o:p></o:p></span></b></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>CBZH<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>GetBucks<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>EcoCash<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>TSL<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Turnall<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>First Capital Bank<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>ZBFH<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Fidelity<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Zimplow<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>FMHL<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:99.35pt'><td width=880 colspan=4 style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoNormal style='line-height:106%;background:white'><i><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Invest Wisely!</span></i><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Bulls n Bears </span></b><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Cellphone: </span><span style='mso-fareast-language:EN-US'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'>+263 77 344 1674</span></a></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Alt. Email: </span><span style='mso-fareast-language:EN-US'><a href="mailto:info@bulls.co.zw"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif'>bulls@bullszimbabwe.com</span></a></span><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Website: </span><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif'>www.bullszimbabwe.com</span></a></span><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Blog: </span><span style='mso-fareast-language:EN-US'><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='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'>www.bullszimbabwe.com/blog</span></a></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Twitter: @bullsbears2010</span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Facebook: </span><span style='mso-fareast-language:EN-US'><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='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Skype: Bulls.Bears </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><img border=0 width=278 height=115 id="_x0000_i1030" src="cid:image001.png@01D9AED5.96024AE0"><!--[if gte mso 9]><xml>
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</xml><![endif]--></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></i></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white;mso-fareast-language:EN-US'>DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and sourced from third parties.</span></i><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></i></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span lang=EN-GB style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white;mso-fareast-language:EN-US'><o:p> </o:p></span></i></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>(c) 2023 <b>Web</b>:</span><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> www.bullszimbabwe.com </span></a></span><b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Email:</span></b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><a href="mailto:info@bulls.co.zw"><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>bulls@bullszimbabwe.com</span></a></span><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=bottom style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr height=0><td width=221 style='border:none'></td><td width=157 style='border:none'></td><td width=327 style='border:none'></td><td width=175 style='border:none'></td><td width=1 style='border:none'></td><td width=5 style='border:none'></td><td width=1 style='border:none'></td></tr></table></div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p><p class=MsoNormal style='margin-left:36.0pt'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>