outlook, ongoing DKK700mn buyback (trading +11%) • Capita O1 IMS all inline, nothing new, margins unchanged, maintains guidance (trading -1.6%) • Severn Trent receives approach from Borealis/KIO consortium, potential £23 bid speculated (trading +14%) • Jeronimo Martins; GS places 31.5M shares on behalf of

Plans WSJ • EU Parliament Flexes Muscle WSJ • Norway Tax to Hit Oil Profit WSJ • Tories force Cameron to enshrine EU vote in law The Times • Severn Trent confirms £5bn takeover talks The Times • Two parties both riven by the same old splits The Times • This dash for growth is fraught with danger Th

Pinaki Das Enagas ENGGF ENG SM Harry Wyburd Endesa ELEZF ELE SM Harry Wyburd Fortum FOJCF FORTUM FH Peter Bisztyga Pennon PEGRF PNN LN Fraser McLaren Severn Trent SVTRF SVT LN Fraser McLaren Snam SNMRF SRG IM Harry Wyburd United Utilities UUGWEF UU/ LN Fraser McLaren RSTR Abengoa B AGOAF ABG/P SM Pinaki Das r

-Sep 01) they also staged a fierce outperformance rally, and early fundamental investors realized very attractive absolute returns (e.g. Pennon +80%, Severn Trent +52% and United Utilities +21%), and enormous outperformance of the broader market (FTSE 100 Index -33%). This is all the more impressive when you co