The 2 bnak for example, we will never buy them because they are not cheap

enough. There are few lisitngs. Its more active than African markets or Mena
MARKET.S And its small cap like this that/s actually pretty itneresitng.
We are currently not shareholder. But if we were to be shareholder, we would be a
minority shareholder. Our time horizon is long term. Our mandate is pretty broad
but we tend to focus in frontier market. Industrty-wise we are pretty agnostic. We
tend to avoid commodity nad real estate but we tend to look at anything.
Lots of pension funds so valuation is pretty lofty. We kind of find diffulty to byu
because we are value oriented.

First, is competitive situation in the same market. WOnde ri foreign market present
at all? Any ri theyre coming
If a customer doesnt pay, hwo will be liable?
Do you have trouble collecting premium? Judging from provision made, oyu have no
troble collecting receivable?