Absolutely.
I don't author the debt strategy, so I'm not super-intimate with the numbers you're referencing, but some principle is in play. I think the member is right: with, effectively, a yield curve that is flatter than at any time in history, why aren't we locking in at lower rates?
To some extent we are increasing our volumes at the far end of the yield curve with the introduction of some of our ultra bonds, 50- and 60-year bonds, and borrowing more at the longer end. However, I talked about cost and risk dynamics; it's still cheaper to borrow at the shorter end of the curve.
Likewise I have to introduce to you that there are financial market considerations as well. If you issued all your debt at the far end, what would happen is that global pension funds would just buy it all up and hold on to it until maturity. We have to be somewhat conscious about liquidity—repo operations, swaps in financial markets, which really need some of the shorter-term maturities to be able to ensure liquidity of what is AAA paper. I'm on the same track; it's just that there is a multidimensional consideration here.