We outperformed the market in November. We invested in the airline Air France-KLM. The group boasts the largest (13%) share of the long haul market out of Europe with a special focus on China, Latin America, Africa and the US. The company has embarked upon a dramatic restructuring of the business through the “Transform 2015” programme. Management aim to sharply reduce capex and capacity growth. Unit costs (ex fuel) are also planned to be cut by 10%. New, more flexible, labour agreements have now been struck with the pilots and ground staff. A deal with the cabin crew is expected early next year. Debt is to be reduced by some €2bn, aided by the sale of their stake in Amadeus. Current trends are very encouraging with revenues and operating profits up 5% and 39% respectively in the first nine months of the year.