RWE RWEOY RWEOY US Peter Bisztyga SSE SSEZF SSE LN Fraser McLaren SSE SSEZY SSEZY US Fraser McLaren Uniper XUIKF UN01 GY Peter Bisztyga UNDERPERFORM Centrica CPYYF CNALN Fraser McLaren Centrica CPYYY CPYYY US Fraser McLaren DONG Energy XDJBF DENERG DC Pinaki Das Enagas ENGGF ENG SM Harry Wyburd Endesa ELEZ

nvestors were discerning as several European utilities experienced absolute declined during this same period (e.g., EDP -31%, Enel -30%, Endesa -20%, Centrica -19%). o Japan Rallies Japan offers insights into potential utility outperformance during periods of private sector deleveraging similar to what de