Dear Stella,

Regarding the information you have provided us (NPE movements) for the Axel 3 project, please see below some inconsistencies:

1. The closing balance as atof December 2018 is €7.221bn as noted in the previous Axel report. However, based on the information you provided us, the opening balance of 2019 is €7.331bn. We understand that the difference (€0.1bn) appears to be Helix FV Adjustment (Reclassificaition). Therefore, we will have a different starting point as we will use the opening balance of €7.221bn and include the difference as a separate line.
2. The closing balances of 2019-2020 from the table you have sent us differsdiffer from the Financial statements published in the investor relations as you can see in the below table: