There is 0 STOXX 600 companies with quarterly estimates expected to report Q earnings during the week of September 28. 9/3 8/20 8/27 8/6 8/13

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1 PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison September 24, EUROPEAN AGGREGATE ESTIMATES AND REVISIONS Second quarter earnings are expected to grow 6.8% from Q Second quarter revenue is expected to grow 0.05% from Q companies in the STOXX 600 have reported earnings to date for Q2. Of these, 53% reported earnings above analyst estimates. In a typical quarter 48% beat analyst EPS estimates. 302 companies in the STOXX 600 have reported revenue to date for Q2. Of these, 61% reported revenue above analyst estimates. In a typical quarter 53% beat analyst revenue estimates. The forward P/E ratio for the STOXX 600 is There is 0 STOXX 600 companies with quarterly estimates expected to report Q2 earnings during the week of September 28. SECTION A: EARNINGS OUTLOOK Q2 : EARNINGS REVISIONS Exhibit 1A. STOXX 600: Q2 Earnings Growth Estimate Trend 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 6/4 6/11 6/18 6/25 7/2 7/9 7/16 7/23 7/30 8/6 8/13 8/20 8/27 9/3 9/10 9/17 9/24 STOXX 600 Earnings Outlook provides analysis and commentary on aggregate earnings estimate revisions, growth rates and valuations for companies in the STOXX Europe 600 index. View all Thomson Reuters Proprietary Research subscription channels. All data sourced from Thomson Reuters Eikon, a complete solution for research and analytics. It places the most comprehensive market information, news, analytics and trading tools available into a desktop as simple to use as the Internet. Thomson Reuters Eikon clients can run fundamental and technical screens against a global dataset representing more than 100 countries and over 200,000 securities. Learn more. Request a free trial of Thomson Reuters Eikon today Thomson Reuters. All marks herein are used under license.

2 Q2 : EARNINGS SCORECARDS Exhibit 2A. STOXX 600: Q2 Earnings vs. Expectations Surprise Reported Cos. w/ Ests. Sector Above % Match % Below % Factor % Total # Total # Basic Materials 55% 3% 42% -1% Consumer Cyclicals 40% 20% 40% -1% Consumer Non-Cyclicals 43% 7% 50% -3% Energy 50% 0% 50% -9% Financials 56% 9% 35% 2% Healthcare 54% 12% 35% 4% Industrials 58% 10% 32% 26% Technology 56% 19% 25% 7% Telecommunications Services 41% 18% 41% 5% Utilities 80% 0% 20% 37% STOXX % 10.1% 36.7% 4% Through September 24, 267 companies in the STOXX 600 Index reported earnings for Q2. Of these, 53.2% reported earnings above analyst estimates. In a typical quarter (since 2011), 48% of companies beat estimates, 8% match and 44% miss estimates. Over the past four quarters, 50% of companies beat the estimates, 8% matched and 42% missed estimates. In aggregate, companies are reporting earnings that are 4% above estimates, which is in line with the 4% long-term (since 2011) average surprise factor, and in line with the 4% surprise factor recorded over the past four quarters. Exhibit 3A. STOXX 600: Full Year 2014 Earnings vs. Expectations Reported Cos. w/ Ests. Sector Above % Match % Below % Total # Total # Basic Materials 55% 0% 45% Consumer Cyclicals 48% 8% 44% Consumer Non-Cyclicals 63% 6% 31% Energy 57% 4% 39% Financials 33% 9% 59% Healthcare 49% 9% 43% Industrials 44% 9% 46% Technology 86% 0% 14% Telecommunications Services 43% 5% 52% Utilities 59% 0% 41% STOXX % 6.6% 45.7% Thomson Reuters. All marks herein are used under license. TRPR_83201_98 2

3 Q2 : REVENUE SCORECARDS Exhibit 4A. STOXX 600: Q2 Revenue vs. Expectations Surprise Reported Cos. w/ Ests. Sector Above % Match % Below % Factor % Total # Total # Basic Materials 61% 0% 39% 1% Consumer Cyclicals 64% 3% 33% 3% Consumer Non-Cyclicals 47% 0% 53% -2% Energy 60% 0% 40% 13% Financials 60% 0% 40% 3% Healthcare 67% 0% 33% 2% Industrials 65% 0% 35% 2% Technology 56% 0% 44% 1% Telecommunications Services 74% 0% 26% 2% Utilities 33% 0% 67% 3% STOXX % 0.3% 38.7% 3% Through September 24, 302 companies in the STOXX 600 Index reported revenues for Q2. Of these, 60.9% beat analyst expectations. In aggregate, companies are reporting revenues that are 3% above estimates. Exhibit 5A. STOXX 600: Full Year 2014 Revenue vs. Expectations Reported Cos. w/ Ests. Sector Above % Match % Below % Total # Total # Basic Materials 55% 0% 45% Consumer Cyclicals 60% 1% 39% Consumer Non-Cyclicals 56% 0% 44% Energy 46% 0% 54% Financials 52% 0% 48% Healthcare 49% 0% 51% Industrials 52% 0% 48% Technology 82% 0% 18% Telecommunications Services 67% 0% 33% Utilities 41% 0% 59% STOXX % 0.2% 45.1% Thomson Reuters. All marks herein are used under license. TRPR_83201_98 3

4 Q2 : EARNINGS GROWTH RATES Exhibit 6A. STOXX 600: Q2 Earnings Growth (Based on 300 Companies with Estimates) Earnings $B Earnings $B Growth $B Growth % Sector Q215 Q214 Q215 Q215 Basic Materials % Consumer Cyclicals % Consumer Non-Cyclicals % Energy % Financials % Healthcare % Industrials % Technology % Telecommunication Services % Utilities % STOXX % The estimated earnings growth rate for the STOXX 600 for Q2 is 6.8%. The STOXX 600 expects to see share-weighted earnings of $100.0B in Q2, compared to share-weighted earnings of $93.6B (based on the year-ago earnings of the current constituents) in Q Six of the ten sectors in the index expect to see an improvement in earnings relative to Q The Financials sector has the highest earnings growth rate for the quarter, while the Energy sector has the weakest anticipated growth compared to Q The Financials sector has the highest earnings growth rate (45.0%) of any sector. It is expected to earn $36.0B in Q2, compared to earnings of $24.8B in Q Three of the five industry groups in the sector are anticipated to see higher earnings than a year ago. The Investment Banking & Investment Services industry group has the highest growth rate within the sector at 393%. The Energy sector has the lowest growth rate (-43.6%) of any sector. It is expected to earn $9.3B in Q2, relative to earnings of $16.5B in Q The Oil & Gas Related Equipment and Services industry group has the lowest growth rate within the sector at -114%. Exhibit 7A. STOXX 600: Full Year Earnings Growth (Based on 509 Companies with Estimates) Earnings $B Earnings $B Growth $B Growth % Sector 2014 Basic Materials % Consumer Cyclicals % Consumer Non-Cyclicals % Energy % Financials % Healthcare % Industrials % Technology % Telecommunications Services % Utilities % STOXX % 2014 Thomson Reuters. All marks herein are used under license. TRPR_83201_98 4

5 Q2 : REVENUE GROWTH RATES Exhibit 8A. STOXX 600: Q2 Revenue Growth (Based on 307 Companies with Estimates) Revenue $B Revenue $B Growth $B Growth % Sector Q215 Q214 Q215 Q215 Basic Materials % Consumer Cyclicals % Consumer Non-Cyclicals % Energy % Financials % Healthcare % Industrials % Technology % Telecommunications Services % Utilities % STOXX 600 1, , % The estimated revenue growth rate for the STOXX 600 for Q2 is 0.0%. The STOXX 600 is expected to earn revenues of $1,295.7B in Q2 compared to $1,295.1B in Q Nine of the ten sectors anticipate revenue growth for the quarter. The Consumer Cyclicals sector is expected to have the highest revenue growth rate for the quarter, while the Energy sector is expected to have the lowest revenue growth rate. The Consumer Cyclicals sector expects the highest revenue growth rate (16.2%) for the quarter. It is expected to generate sales of $229.5B in Q2, compared to sales of $197.6B in Q The Energy sector has the lowest revenue growth rate at (-26.6%). The sector is expected to post sales of $190.4B in Q2, relative to sales of $259.2B in Q Exhibit 9A. STOXX 600: Full Year Revenue Growth (Based on 505 Companies with Estimates) Revenue $B Revenue $B Growth $B Growth % Sector 2014 Basic Materials % Consumer Cyclicals 1, , % Consumer Non-Cyclicals % Energy 1, , % Financials 1, , % Healthcare % Industrials 1, , % Technology % Telecommunications Services % Utilities % STOXX 600 8, , % 2014 Thomson Reuters. All marks herein are used under license. TRPR_83201_98 5

6 Q2 : EARNINGS GROWTH RATES BY COUNTRY Exhibit 10A. STOXX 600: Q2 Earnings Growth Rate Estimates by Country Ireland Denmark Switzerland Germany Bermuda Sweden Finland STOXX 600 Netherlands France Norway Jersey Czech Republic Belgium Great Britain Greece Luxembourg 70% 60% 50% 40% 30% 20% 10% 0% 10% 20% 30% 40% Analysts expect positive earnings growth from 13 of the 20 countries represented in the STOXX 600 index. Ireland (27%) and Denmark (25%) have the highest estimated earnings growth rates, while Luxembourg (-57%) and Greece (-46%) have the lowest estimated growth. Spain Italy 2014 Thomson Reuters. All marks herein are used under license. TRPR_83201_98 6

7 FORWARD FOUR-QUARTER P/E RATIO Exhibit 11A. STOXX 600: Forward P/E Ratio P/E Ratio Number of Companies CY Forward CY The forward P/E ratio for the STOXX 600 is Q2 Q1 2016: EARNINGS GROWTH The estimated earnings growth rates for the STOXX 600 for Q2 through Q are 7%, -2%, 55% and 0%, respectively. For sector-level growth rates for Q2 through Q1 2016, see Exhibits 2C-5C in this report. EARNINGS CALENDAR The next several weeks will see companies report earnings for Q2. There are 0 STOXX 600 companies with quarterly estimates scheduled to report Q2 earnings during the week of September 28. Exhibit 12A. Number of Companies Reporting Q2 Earnings Reported Report Report Report Q2 To Date This Week Next Week Remaining STOXX Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_98 7

8 SECTION B: EARNINGS CALENDAR MONDAY: SEPTEMBER 28 Exhibit 1B. Monday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_98 8

9 TUESDAY: SEPTEMBER 29 Exhibit 2B. Tuesday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif 9/29/ WDH.CO WILLIAM DEMANT HLDG. QTR NA Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_98 9

10 WEDNESDAY: SEPTEMBER 30 Exhibit 3B. Wednesday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif 9/30/ WOS.L WOLSELEY SEMI NA Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_98 10

11 THURSDAY: OCTOBER 1 Exhibit 4B. Thursday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_98 11

12 FRIDAY: OCTOBER 2 Exhibit 5B. Friday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_98 12

13 SECTION C: EARNINGS DATA TABLES Exhibit 1C. STOXX 600: Q2 Earnings Scorecard Sector Above Match Below Surprise Reported Index Basic Materials 55% 3% 42% -1% Cyclical Consumer Goods & Services 40% 20% 40% -1% Non-Cyclical Consumer Goods & Services 43% 7% 50% -3% Energy 50% 0% 50% -9% Financials 56% 9% 35% 2% Healthcare 54% 12% 35% 4% Industrials 58% 10% 32% 26% Technology 56% 19% 25% 7% Telecommunications Services 41% 18% 41% 5% Utilities 80% 0% 20% 37% STOXX % 10.1% 36.7% 4% Exhibit 2C. STOXX 600: Q2 Earnings Growth Sector Today 1 Jul 1 Apr 1 Jan 1 Oct Basic Materials 5.7% 14.9% 19.0% 20.9% 21.6% Cyclical Consumer Goods & Services 3.7% 3.8% 4.7% 11.0% 13.0% Non-Cyclical Consumer Goods & Services -5.5% 4.0% 7.8% 20.0% 20.9% Energy -43.6% -36.1% -62.9% -30.2% 6.9% Financials 45.0% 36.8% 29.2% 85.5% 20.3% Healthcare 3.9% -1.1% -0.3% -4.8% -8.2% Industrials 20.8% 22.0% 28.5% 17.4% 19.0% Technology 9.2% 2.3% 11.2% 8.5% 7.9% Telecommunications Services -3.5% -10.6% 5.4% 14.6% 29.7% Utilities -8.5% -29.8% -28.7% -27.1% -24.4% STOXX % 4.9% -1.1% 9.3% 10.5% Number of Companies Included in Estimate Exhibit 3C. STOXX 600: Q3 Earnings Growth Sector Today 1 Jul 1 Apr 1 Jan 1 Oct Basic Materials -3.3% 3.4% 5.8% -23.9% 24.1% Cyclical Consumer Goods & Services 12.1% 11.5% 9.4% 82.9% 136.6% Non-Cyclical Consumer Goods & Services -0.5% 2.5% 4.0% 36.7% 11.3% Energy -40.6% -35.3% -56.7% -25.7% 3.8% Financials 2.7% 7.7% 13.3% 46.0% 14.4% Healthcare 0.2% 2.6% 3.0% 5.0% 14.9% Industrials 11.0% 14.3% 13.1% 15.5% 19.4% Technology 10.0% 16.3% 14.8% 12.0% 16.3% Telecommunications Services 14.6% -0.2% 4.4% 13.1% 14.8% Utilities 21.1% -5.6% 0.9% 17.0% 10.3% STOXX % -0.3% -3.3% 13.4% 20.6% Number of Companies Included in Estimate Thomson Reuters. All marks herein are used under license. TRPR_83201_98 13

14 Exhibit 4C. STOXX 600: Q4 Earnings Growth Sector Today 1 Jul 1 Apr 1 Jan Basic Materials -4.3% 16.9% 23.1% -2.4% Cyclical Consumer Goods & Services 25.6% 29.2% 29.0% 85.9% Non-Cyclical Consumer Goods & Services -0.9% 2.0% 2.5% 18.3% Energy -16.4% 0.8% -10.8% -3.0% Financials 620.6% 297.7% 57.5% 104.7% Healthcare 13.3% 16.0% 20.5% 14.2% Industrials 54.1% 38.3% 54.8% 17.5% Technology 8.8% 12.8% 12.5% 18.0% Telecommunications Services 211.6% 163.3% -6.1% 7.6% Utilities 56.3% 61.7% 24.8% 14.8% STOXX % 51.3% 26.2% 21.4% Number of Companies Included in Estimate Exhibit 5C. STOXX 600: Q Earnings Growth Sector Today 1 Jul 1 Apr Basic Materials 10.3% -7.2% 0.5% Cyclical Consumer Goods & Services 6.0% 15.4% 12.6% Non-Cyclical Consumer Goods & Services 30.3% 37.2% 11.0% Energy -32.5% 2.7% 49.6% Financials 9.8% 2.0% 18.6% Healthcare 3.5% 1.4% 16.9% Industrials -12.8% -13.1% 14.2% Technology 29.4% 34.3% 28.6% Telecommunications Services 3.6% 1.1% 13.7% Utilities 5.5% 18.7% -2.5% STOXX % 2.6% 21.9% Number of Companies Included in Estimate Exhibit 6C. STOXX 600: Q Earnings Growth Sector Today 1 Jul Basic Materials 14.5% -6.4% Cyclical Consumer Goods & Services 15.9% 10.7% Non-Cyclical Consumer Goods & Services 93.0% 78.3% Energy 11.7% 28.0% Financials 16.6% 41.4% Healthcare 9.1% 10.9% Industrials 2.1% 2.0% Technology 13.3% 24.5% Telecommunications Services 8.5% 4.1% Utilities -5.1% 11.1% STOXX % 21.4% Number of Companies Included in Estimate Thomson Reuters. All marks herein are used under license. TRPR_83201_98 14

15 Exhibit 7C. STOXX 600: CY Earnings Growth Sector Today 1 Jul 1 Apr 1 Jan 1 Oct Basic Materials -9.8% -4.8% 2.6% 12.0% 17.5% Cyclical Consumer Goods & Services 18.4% 20.2% 18.5% 15.6% 16.5% Non-Cyclical Consumer Goods & Services -3.3% -2.0% -2.5% 8.4% 9.4% Energy -39.4% -32.1% -39.7% -7.6% 10.7% Financials 36.5% 32.1% 20.6% 20.7% 20.7% Healthcare 1.7% 2.6% 2.8% 7.6% 9.3% Industrials 14.8% 17.4% 17.3% 14.9% 17.2% Technology 12.8% 13.7% 15.2% 20.3% 20.2% Telecommunications Services 36.4% 37.1% 35.2% 10.9% 8.7% Utilities -1.6% -1.7% -0.9% 1.9% 4.4% STOXX % 9.0% 5.9% 11.6% 14.9% Number of Companies Included in Estimate Exhibit 8C. STOXX 600: CY 2016 Earnings Growth Sector Today 1 Jul 1 Apr Basic Materials 15.8% 19.9% 17.6% Cyclical Consumer Goods & Services 13.9% 13.0% 13.5% Non-Cyclical Consumer Goods & Services 7.4% 8.5% 8.6% Energy 11.2% 26.0% 40.0% Financials 7.6% 10.6% 11.7% Healthcare 8.5% 9.3% 9.6% Industrials 10.5% 11.2% 11.9% Technology 16.8% 17.3% 14.8% Telecommunications Services 12.6% 14.6% 14.8% Utilities -1.0% 1.4% 1.0% STOXX % 12.4% 13.6% Number of Companies Included in Estimate Thomson Reuters. All marks herein are used under license. TRPR_83201_98 15

16 Exhibit 9C. STOXX 600: Actual Earnings Growth Rates Sector 1Q15 4Q14 3Q14 2Q14 1Q14 Basic Materials 29.6% 26.5% 19.4% 13.3% 6.2% Cyclical Consumer Goods & Services 28.7% 13.0% 18.9% 24.8% 17.8% Non-Cyclical Consumer Goods & Services 2.2% -12.4% 8.5% 25.8% 19.2% Energy -32.1% -22.7% -3.2% 23.7% -2.1% Financials 37.0% 156.8% 23.5% 2.3% -0.2% Healthcare 4.5% -8.6% 6.8% 2.1% -1.0% Industrials 40.9% -21.8% 6.6% 12.4% 31.0% Technology 21.6% 17.8% 35.5% 47.9% 47.2% Telecommunications Services 30.9% -55.0% -2.6% -11.9% -32.0% Utilities -12.1% -18.5% -3.4% 7.3% -19.0% STOXX % 7.7% 11.7% 11.1% 1.1% Exhibit 10C. STOXX 600: Actual vs. Estimate (Above/Match/Below) 1Q15 4Q14 3Q14 2Q14 1Q14 Above 51% 50% 52% 48% 45% Match 10% 8% 9% 8% 7% Below 39% 43% 39% 44% 48% Exhibit 11C. STOXX 600: Actual vs. Estimate (Aggregate Difference) 1Q15 4Q14 3Q14 2Q14 1Q14 Surprise Factor 10.3% -5.7% 3.9% 4.0% 7.4% 2014 Thomson Reuters. All marks herein are used under license. TRPR_83201_98 16

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