Mr. Gabriel Makhlouf:

We do not have any indication about that. We can only make assumptions. The prospectus is only approved for one year so this time next year the issuer will have to decide if it wants to continue issuing bonds. It will have to decide whether the bonds are going to be of a value below €1,000, which is what they are at the moment. If it wants to issue bonds at a value below €1,000, the issuer will have to ask us again to either approve another prospectus or approve the transfer elsewhere. The fact it has decided this year to offer the bonds in only five jurisdictions in the EU means it is a reasonable assumption the issuer is unlikely to change that view next year, although that is entirely up to the issuer. Of course, if it decides it wants to stop issuing securities of less than €1,000 but does want to issue them above €1,000, it can independently choose whichever state of the EU it wants them issued in without asking us.