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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse'><tr style='height:629.3pt'><td width=610 valign=top style='width:457.8pt;border:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:629.3pt'><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img width=540 height=834 style='width:5.625in;height:8.6833in' id="Picture_x0020_22" src="cid:image001.png@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>1. Zimbabwe's Top Companies Like Delta Corporation Have Mastered This One Thing Better than Global Companies Such As General Electric (GE). This must-read case study covers 20 years of corporate history and will change how you see Executives in Africa!<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=577 height=362 style='width:6.0083in;height:3.775in' id="Picture_x0020_21" src="cid:image004.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>2. In 2000 Delta Corporation wasn't only a beverage company it had a hand in many unrelated businesses. It was into hotels, casinos, supermarkets, furniture as well as being a drinks manufacturer. In short, it was what is called a #conglomerate.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=583 height=670 style='width:6.075in;height:6.975in' id="Picture_x0020_20" src="cid:image005.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>3. A conglomerate is a company that owns multiple unrelated businesses like Delta did in 2000: they sold beer, soft drinks, groceries, furniture, ran hotels, and more.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>This was popular back then. General Electric (GE), the world's biggest company at the time, was a conglomerate.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=578 height=242 style='width:6.0166in;height:2.525in' id="Picture_x0020_19" src="cid:image006.jpg@01D9D1F9.969FB090" alt="A screenshot of a web page
Description automatically generated"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>4. The theoretical advantage of conglomerates is that being in unrelated businesses is a hedge. The bad times in one business or industry are offset by good times in another.<br><img width=590 height=401 style='width:6.15in;height:4.175in' id="Picture_x0020_18" src="cid:image007.jpg@01D9D1F9.969FB090"><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>5. The major criticism of conglomerates is they lack focus and are unnecessarily complex.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>In 2000 GE was 100% persuaded by its conglomerate structure and believed all their different unrelated businesses created intellectual capacity that helped "elevate" GE.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=581 height=160 style='width:6.05in;height:1.6666in' id="Picture_x0020_17" src="cid:image008.jpg@01D9D1F9.969FB090" alt="A yellow text on a white background
Description automatically generated"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><br><br><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>6. Delta however went a different direction deciding to focus on the Beverages business and sell off everything else. This was a bold move as conglomerate breakups were not as common & meant selling influential businesses like OK, one of the largest retail chains in the country.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=586 height=492 style='width:6.1083in;height:5.125in' id="Picture_x0020_16" src="cid:image009.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>7. By 2001, Delta had disposed of its interests in noncore businesses. The remaining Beverage businesses were now related but still only on paper as they ran independently. Delta needed to reorganize as former Delta CEO Mutizwa says in his book "Personal Crucibles".<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=540 height=326 style='width:5.625in;height:3.3916in' id="Picture_x0020_15" src="cid:image010.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>8. Joe Mutizwa and his team needed to persuade many stakeholders. However, in only 24 months the reorganization was complete and Delta had a new vision...'To create a world-class, integrated, total BEVERAGES BUSINESS..."<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=578 height=407 style='width:6.0166in;height:4.2416in' id="Picture_x0020_14" src="cid:image011.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>9. Delta now had a vision focused on a specific business, which wasn't the case before (1st image is Delta's vision before).<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>GE, however, was still vague. They didn't even see the need to highlight competencies in any business. They believed their "core competency" was people</span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI Emoji",sans-serif'>🤔</span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=624 height=238 style='width:6.5in;height:2.475in' id="Picture_x0020_13" src="cid:image012.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>10. As Delta was selling off unrelated businesses GE was trying to buy more with a $45bn bid for Honeywell. GE was into Aircraft Engines, Plastics, Household Appliances, Finance, Software, Power Plants, TV Broadcasting, Healthcare, & more..</span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI Emoji",sans-serif'>🤯</span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>. A total of 13 different businesses.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=576 height=262 style='width:6.0in;height:2.7333in' id="Picture_x0020_12" src="cid:image013.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>11. Over the next 20 yrs, GE & Delta encountered major challenges. In 2001, GE had to deal with the 9/11 terrorist attacks, while Delta faced economic instability in Zim. In 2008, GE faced the global financial crisis, Delta battled extreme hyperinflation & political turmoil<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=583 height=334 style='width:6.075in;height:3.4833in' id="Picture_x0020_11" src="cid:image014.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>12. 20 years later, Delta has navigated these challenges, executed its vision, and is the largest company in </span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI Emoji",sans-serif'>🇿🇼</span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>, whereas GE has struggled. GE's stock price has fallen over 60% since 2000 & it has been on an aggressive turnaround plan that has included huge cuts to dividends.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=425 height=668 style='width:4.425in;height:6.9583in' id="Picture_x0020_10" src="cid:image015.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>13. How can we know that this poor performance is also linked to GE's conglomerate structure? In 2021, as part of the turnaround, GE announced it was breaking into 3 separate businesses in order to be more focused on something that Delta had done 20 years earlier.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=398 height=518 style='width:4.15in;height:5.3916in' id="Picture_x0020_9" src="cid:image016.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>14. How do we know Delta's structure prepared them better? Meikles, one of Delta's peers maintained a conglomerate structure and its performance has lagged behind Delta. In addition in 2001, Meikles also started to unbundle starting with its tea business, Tanganda.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=568 height=275 style='width:5.9166in;height:2.8666in' id="Picture_x0020_8" src="cid:image017.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>15. Other peers that have been resilient such as Innscor and Econet have made similar moves. Econet Wireless Zimbabwe unbundled Ecocash & Steward Bank in 2018 to set up a more finance-focused Casava Smartech (now Ecocash Holdings).<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=566 height=392 style='width:5.8916in;height:4.0833in' id="Picture_x0020_7" src="cid:image018.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>16. Innscor has been particularly good at spinouts. In 2015, it spun out Simbisa Brands to focus on Quick Service Restaurants (see images). Then, in 2016, it spun out Axia to focus on household and durable goods retail.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>In both cases, one of the key goals was to improve focus.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=586 height=332 style='width:6.1in;height:3.4583in' id="Picture_x0020_6" src="cid:image019.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>17. If you look at the 10 biggest companies in the world only one of them, Berkshire Hathaway run by Warren Buffett, is a conglomerate. But even Buffet doesn't classify Berkshire as a typical conglomerate and further highlights the issues of conglomerates<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=569 height=288 style='width:5.925in;height:3.0in' id="Picture_x0020_5" src="cid:image020.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>18. In summary, Delta was better prepared for the future than GE. Often we think of best practices only coming from Europe or the US but in this case, Executives from Zimbabwe did a great job with their corporate strategy to best prepare their companies for success.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img width=577 height=373 style='width:6.0083in;height:3.8833in' id="Picture_x0020_4" src="cid:image021.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><b><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>19. Takeaway 1:</span></b><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'> Companies benefit from having a core focus and operating in related fields where previous competencies can be leveraged. When entering unrelated fields, it's better to establish an independent entity with a separate team possessing industry-specific knowledge.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=573 height=283 style='width:5.9666in;height:2.95in' id="Picture_x0020_3" src="cid:image022.jpg@01D9D1F9.969FB090" alt="A person holding a camera
Description automatically generated"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><b><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>20. Takeaway 2:</span></b><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'> This principle applies to companies but to some extent can be applied universally. Without focus, you can end up a jack of all trades and master of none.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>And one more thing...<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><img width=574 height=389 style='width:5.975in;height:4.05in' id="Picture_x0020_2" src="cid:image023.jpg@01D9D1F9.969FB090"></span><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>21. Thanks for reading! We hope you've found this thread insightful!<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><div style='mso-element:para-border-div;border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;background:#B4C6E7'><p class=MsoNormal style='text-align:justify;background:#B4C6E7;border:none;padding:0cm'><span style='font-size:10.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'>This is our new addition to the weekly Financial Literacy Series focusing on a deep dive into the Finance & Strategy behind the most important companies impacting Africa & the World. The Lead Columnist is Tinashe Mukogo, passionate about Writing on Finance & Strategy. You may follow him on <b>Twitter</b> on <b>@tmukogo</b> or <a href="https://twitter.com/tmukogo">https://twitter.com/tmukogo</a> for similar threads. This is not Investment advice users should consult their Financial Advisors given shares in listed and unlisted companies do carry heightened risk.<o:p></o:p></span></p></div><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:#1F497D;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><i><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><i><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></i></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><b><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Telephone: </span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'>+263 71 944 1674<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:windowtext;mso-fareast-language:EN-US;text-decoration:none'>+263 71</span></a> 944 1675<o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:bulls@bullszimbabwe.com">bulls@bullszimbabwe.com</a> </span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.bullszimbabwe.com/"><span style='text-decoration:none'>www.bullszimbabwe.com</span></a> </span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw/blog</span></a></span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal;background:white'><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='font-size:7.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal'><span style='font-size:14.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=246 height=120 style='width:2.5666in;height:1.25in' id="Picture_x0020_1" src="cid:image024.png@01D9D1F9.969FB090" alt="cid:image007.png@01D8D251.2F5DF3E0"><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:normal'><span style='font-size:14.0pt;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p></td></tr></table></div><p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt;line-height:105%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p></div></body></html>