Hey,

Glad to see some following of MNAP on this board, although there doesn’t seem to be much in the way of active discussion here.

I'd like to hear some thoughts on the risks related to MNAP's assets in Kyrgyzstan and if anyone, other than myself has started to reduce their exposure to Manas.

I've owned MNAP for over a year and have accumulated a sizable position (relatively speaking, about 30% of my portfolio), these recent developments have concerned me. While, I am resolutely a contrarian investor, the unrest in Kyrgyzstan warrants caution. I have sold 2/3 of my position and am waiting for a resolution in Kyrgyzstan before re-entering MNAP.

I’m also curious if anyone has diversified into PetroManas?My original thesis for investing in MNAP was to gain exposure to Albania. A country which I think will prosper in the future.However, owning MNAP seems to offer a more levered exposure to PetroManas via the structure of their deal.How have you all evaluated this, and more importantly, how do you all reconcile the high costs and developmental risks which will PetroManas as they move towards extracting these resources?

Regards,

CHK