Borrowings

In February 2010 the Company issued €10,000,000 bonds, with an over-allotment option of €2,000,000, bearing an interest rate of 7%, redeemable in 2020 and subject to an early redemption option that may be exercised by the Company between 2017 and 2020.

The Company’s obligation to sinking fund requirements becomes obligatory in 2012.