VARCHAR COMPRESSED is created with a wrong length for multi-byte character sets

CREATE OR REPLACE TABLE t1 (a VARCHAR(1000) CHARACTER SET utf8 COMPRESSED);

SHOW CREATE TABLE t1;

+-------+--------------------------------------------------------------------------------------------------------------------------------------+

| Table | Create Table                                                                                                                         |

+-------+--------------------------------------------------------------------------------------------------------------------------------------+

| t1    | CREATE TABLE `t1` (

  `a` varchar(999) /*!100301 COMPRESSED*/ CHARACTER SET utf8 DEFAULT NULL

) ENGINE=InnoDB DEFAULT CHARSET=latin1 |

+-------+--------------------------------------------------------------------------------------------------------------------------------------+