There is 1 STOXX 600 companies with quarterly estimates expected to report Q earnings during the week of December /19 11/26 12/3 11/12

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1 PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison December 10, 2015 EUROPEAN AGGREGATE ESTIMATES AND REVISIONS Third quarter earnings are expected to decline 5.3% from Q Third quarter revenue is expected to decline 5.6% from Q companies in the STOXX 600 have reported earnings to date for Q Of these, 48% reported earnings above analyst estimates. In a typical quarter 49% beat analyst EPS estimates. 295 companies in the STOXX 600 have reported revenue to date for Q Of these, 46% reported revenue above analyst estimates. In a typical quarter 55% beat analyst revenue estimates. The forward P/E ratio for the STOXX 600 is There is 1 STOXX 600 companies with quarterly estimates expected to report Q earnings during the week of December 10. SECTION A: EARNINGS OUTLOOK Q3 2015: EARNINGS REVISIONS Exhibit 1A. STOXX 600: Q Earnings Growth Estimate Trend 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% 9/3 9/10 9/17 9/24 10/1 10/8 10/15 10/22 10/29 11/5 11/12 11/19 11/26 12/3 12/10 12/17 12/24 12/31 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 Q3 2015: EARNINGS SCORECARDS Exhibit 2A. STOXX 600: Q Earnings vs. Expectations Surprise Reported Cos. w/ Ests. Sector Above % Match % Below % Factor % Total # Total # Basic Materials 52% 3% 45% 0% Consumer Cyclicals 41% 11% 48% -2% Consumer Non-Cyclicals 54% 0% 46% -7% Energy 63% 0% 37% 2% Financials 36% 9% 55% 3% Healthcare 65% 8% 27% 6% Industrials 45% 4% 51% -1% Technology 63% 6% 31% -3% Telecommunications Services 38% 15% 46% -6% Utilities 44% 0% 56% -7% 9 12 STOXX % 6.2% 45.9% 1% Through December 10, 259 companies in the STOXX 600 Index reported earnings for Q Of these, 47.9% reported earnings above analyst estimates. In a typical quarter (since 2011), 49% of companies beat estimates, 8% match and 43% miss estimates. Over the past four quarters, 52% of companies beat estimates, 9% matched and 39% missed estimates. In aggregate, companies are reporting earnings that are 1% above estimates, which is below the 4% longterm (since 2011) average surprise factor, and below 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 54% 0% 46% Consumer Cyclicals 47% 11% 41% Consumer Non-Cyclicals 63% 6% 31% Energy 57% 4% 39% Financials 34% 7% 59% Healthcare 49% 9% 43% Industrials 45% 11% 43% Technology 86% 0% 14% Telecommunications Services 43% 10% 48% Utilities 53% 6% 41% STOXX % 7.5% 44.6% Thomson Reuters. All marks herein are used under license. TRPR_83201_111 2

3 Q3 2015: REVENUE SCORECARDS Exhibit 4A. STOXX 600: Q Revenue vs. Expectations Surprise Reported Cos. w/ Ests. Sector Above % Match % Below % Factor % Total # Total # Basic Materials 31% 0% 69% -2% Consumer Cyclicals 50% 0% 50% 1% Consumer Non-Cyclicals 63% 0% 38% 0% Energy 67% 0% 33% 4% Financials 40% 0% 60% -2% Healthcare 43% 0% 57% -1% Industrials 38% 0% 62% -2% Technology 44% 0% 56% -1% Telecommunications Services 70% 0% 30% 15% Utilities 67% 0% 33% 9% STOXX % 0.0% 53.6% 1% Through December 10, 295 companies in the STOXX 600 Index reported revenues for Q Of these, 46.4% beat analyst expectations. In aggregate, companies are reporting revenues that are 1% above estimates. Exhibit 5A. STOXX 600: Full Year 2014 Revenue vs. Expectations Reported Cos. w/ Ests. Sector Above % Match % Below % Total # Total # Basic Materials 54% 0% 46% Consumer Cyclicals 61% 1% 38% Consumer Non-Cyclicals 56% 0% 44% Energy 46% 0% 54% Financials 51% 0% 49% Healthcare 49% 0% 51% Industrials 52% 0% 48% Technology 82% 0% 18% Telecommunications Services 67% 0% 33% Utilities 41% 0% 59% STOXX % 0.2% 45.3% Thomson Reuters. All marks herein are used under license. TRPR_83201_111 3

4 Q3 2015: EARNINGS GROWTH RATES Exhibit 6A. STOXX 600: Q Earnings Growth (Based on 303 Companies with Estimates) Earnings $B Earnings $B Growth $B Growth % Sector Q315 Q314 Q315 Q315 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 Q is -5.3%. The STOXX 600 expects to see share-weighted earnings of $95.6B in Q3 2015, compared to share-weighted earnings of $100.9B (based on the year-ago earnings of the current constituents) in Q Five of the ten sectors in the index expect to see an improvement in earnings relative to Q The Utilities sector has the highest earnings growth rate for the quarter, while the Energy sector has the weakest anticipated growth compared to Q The Utilities sector has the highest earnings growth rate (73.3%) of any sector. It is expected to earn $2.9B in Q3 2015, compared to earnings of $1.6B in Q Two of the three industry groups in the sector are anticipated to see higher earnings than a year ago. The Electric Utilities & IPPs industry group has the highest growth rate within the sector at 89%. The Energy sector has the lowest growth rate (-43.3%) of any sector. It is expected to earn $9.0B in Q3 2015, relative to earnings of $15.9B in Q The Oil & Gas industry group has the lowest growth rate within the sector at -45%. Exhibit 7A. STOXX 600: Full Year 2015 Earnings Growth (Based on 509 Companies with Estimates) Earnings $B Earnings $B Growth $B Growth % Sector 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_111 4

5 Q3 2015: REVENUE GROWTH RATES Exhibit 8A. STOXX 600: Q Revenue Growth (Based on 308 Companies with Estimates) Revenue $B Revenue $B Growth $B Growth % Sector Q315 Q314 Q315 Q315 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 Q is -5.6%. The STOXX 600 is expected to earn revenues of $1,330.1B in Q compared to $1,409.7B in Q Seven of the ten sectors anticipate revenue growth for the quarter. The Telecommunications Services 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 Telecommunications Services sector expects the highest revenue growth rate (20.1%) for the quarter. It is expected to generate sales of $86.0B in Q3 2015, compared to sales of $71.6B in Q The Energy sector has the lowest revenue growth rate at (-33.2%). The sector is expected to post sales of $242.3B in Q3 2015, relative to sales of $362.7B in Q Exhibit 9A. STOXX 600: Full Year 2015 Revenue Growth (Based on 508 Companies with Estimates) Revenue $B Revenue $B Growth $B Growth % Sector 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_111 5

6 Q3 2015: EARNINGS GROWTH RATES BY COUNTRY Exhibit 10A. STOXX 600: Q Earnings Growth Rate Estimates by Country Ireland Netherlands Finland Portugal Denmark Jersey Switzerland Germany Sweden France STOXX 600 Greece Belgium Norway Czech Republic Great Britain Bermuda Luxembourg 100% 80% 60% 40% 20% 0% 20% 40% 60% Analysts expect positive earnings growth from 8 of the 20 countries represented in the STOXX 600 index. Ireland (34%) and The Netherlands (21%) have the highest estimated earnings growth rates, while Luxembourg (-76%) and Bermuda (-51%) have the lowest estimated growth. Spain Italy 2014 Thomson Reuters. All marks herein are used under license. TRPR_83201_111 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 Q Q2 2016: EARNINGS GROWTH The estimated earnings growth rates for the STOXX 600 for Q through Q are -5%, 40%, -4% and 5%, respectively. For sector-level growth rates for Q through Q2 2016, see Exhibits 2C-5C in this report. EARNINGS CALENDAR The next several weeks will see the final companies report earnings for Q There is 1 STOXX 600 companies with quarterly estimates scheduled to report Q earnings during the week of December 14. Exhibit 12A. Number of Companies Reporting Q Earnings Reported Report Report Report Q To Date This Week Next Week Remaining STOXX Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_111 7

8 SECTION B: EARNINGS CALENDAR MONDAY: DECEMBER 14 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_111 8

9 TUESDAY: DECEMBER 15 Exhibit 2B. Tuesday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif 12/15/2015 MEOG.DE METRO QTR Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_111 9

10 WEDNESDAY: DECEMBER 16 Exhibit 3B. Wednesday 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_111 10

11 THURSDAY: DECEMBER 17 Exhibit 4B. Thursday Earnings Calendar Date Ticker Company Qtr/Semi Est Yr Ago % Dif 12/17/2015 DC.L DIXONS CARPHONE SEMI NA Source: Thomson Reuters StreetEvents Thomson Reuters. All marks herein are used under license. TRPR_83201_111 11

12 FRIDAY: DECEMBER 18 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_111 12

13 SECTION C: EARNINGS DATA TABLES Exhibit 1C. STOXX 600: Q Earnings Scorecard Sector Above Match Below Surprise Reported Index Basic Materials 52% 3% 45% 0% Cyclical Consumer Goods & Services 41% 11% 48% -2% Non-Cyclical Consumer Goods & Services 54% 0% 46% -7% Energy 63% 0% 37% 2% Financials 36% 9% 55% 3% Healthcare 65% 8% 27% 6% Industrials 45% 4% 51% -1% Technology 63% 6% 31% -3% Telecommunications Services 38% 15% 46% -6% Utilities 44% 0% 56% -7% 9 12 STOXX % 6.2% 45.9% 1% Exhibit 2C. STOXX 600: Q Earnings Growth Sector Today 1 Oct 1 Jul 1 Apr 1 Jan Basic Materials -7.2% -6.5% 3.4% 5.8% -23.9% Cyclical Consumer Goods & Services -8.5% 8.1% 11.5% 9.4% 82.9% Non-Cyclical Consumer Goods & Services -7.9% -1.5% 2.5% 4.0% 36.7% Energy -43.3% -42.4% -35.3% -56.7% -25.7% Financials 2.9% 1.3% 7.7% 13.3% 46.0% Healthcare 5.1% 0.2% 2.6% 3.0% 5.0% Industrials 7.4% 11.8% 14.3% 13.1% 15.5% Technology 5.9% 9.5% 16.3% 14.8% 12.0% Telecommunications Services -11.3% 14.6% -0.2% 4.4% 13.1% Utilities 73.3% 20.9% -5.6% 0.9% 17.0% STOXX % -3.7% -0.3% -3.3% 13.4% Number of Companies Included in Estimate Exhibit 3C. STOXX 600: Q Earnings Growth Sector Today 1 Oct 1 Jul 1 Apr 1 Jan Basic Materials -3.7% 0.6% 16.9% 23.1% -2.4% Cyclical Consumer Goods & Services 5.4% 15.6% 29.2% 29.0% 85.9% Non-Cyclical Consumer Goods & Services -12.4% -2.9% 2.0% 2.5% 18.3% Energy -30.5% -21.9% 0.8% -10.8% -3.0% Financials 448.2% 621.1% 297.7% 57.5% 104.7% Healthcare 5.4% 12.7% 16.0% 20.5% 14.2% Industrials 31.2% 43.6% 38.3% 54.8% 17.5% Technology 3.4% 8.8% 12.8% 12.5% 18.0% Telecommunications Services 98.6% 221.3% 163.3% -6.1% 7.6% Utilities 48.7% 56.3% 61.7% 24.8% 14.8% STOXX % 51.9% 51.3% 26.2% 21.4% Number of Companies Included in Estimate Thomson Reuters. All marks herein are used under license. TRPR_83201_111 13

14 Exhibit 4C. STOXX 600: Q Earnings Growth Sector Today 1 Oct 1 Jul 1 Apr Basic Materials 31.7% 10.2% -7.2% 0.5% Cyclical Consumer Goods & Services 1.9% 4.3% 15.4% 12.6% Non-Cyclical Consumer Goods & Services -11.1% -9.2% 37.2% 11.0% Energy -34.5% -31.3% 2.7% 49.6% Financials 4.8% 12.2% 2.0% 18.6% Healthcare 4.0% 3.6% 1.4% 16.9% Industrials -9.7% -13.2% -13.1% 14.2% Technology 18.8% 28.6% 34.3% 28.6% Telecommunications Services -12.1% 3.7% 1.1% 13.7% Utilities -13.3% 5.5% 18.7% -2.5% STOXX % -0.2% 2.6% 21.9% Number of Companies Included in Estimate Exhibit 5C. STOXX 600: Q Earnings Growth Sector Today 1 Oct 1 Jul Basic Materials 5.9% 14.3% -6.4% Cyclical Consumer Goods & Services 17.8% 16.6% 10.7% Non-Cyclical Consumer Goods & Services 8.4% 38.1% 78.3% Energy -2.8% -4.3% 28.0% Financials 3.0% 16.4% 41.4% Healthcare 13.3% 8.9% 10.9% Industrials 6.8% 1.9% 2.0% Technology 9.2% 12.9% 24.5% Telecommunications Services -6.8% 10.1% 4.1% Utilities 17.7% -5.8% 11.1% STOXX % 10.4% 21.4% Number of Companies Included in Estimate Exhibit 6C. STOXX 600: Q Earnings Growth Sector Today 1 Oct Basic Materials 39.0% 40.2% Cyclical Consumer Goods & Services 18.8% 19.4% Non-Cyclical Consumer Goods & Services 22.9% 45.8% Energy 14.2% 9.4% Financials 7.0% 12.0% Healthcare 7.6% 15.3% Industrials 31.5% 3.2% Technology 23.1% 17.8% Telecommunications Services 8.7% -0.8% Utilities -12.1% 25.0% STOXX % 15.0% Number of Companies Included in Estimate Thomson Reuters. All marks herein are used under license. TRPR_83201_111 14

15 Exhibit 7C. STOXX 600: CY 2015 Earnings Growth Sector Today 1 Oct 1 Jul 1 Apr 1 Jan Basic Materials -14.1% -9.5% -4.8% 2.6% 12.0% Cyclical Consumer Goods & Services 14.1% 15.9% 20.2% 18.5% 15.6% Non-Cyclical Consumer Goods & Services -4.6% -3.6% -2.0% -2.5% 8.4% Energy -43.3% -40.1% -32.1% -39.7% -7.6% Financials 31.6% 36.1% 32.1% 20.6% 20.7% Healthcare 0.6% 1.6% 2.6% 2.8% 7.6% Industrials 11.6% 14.6% 17.4% 17.3% 14.9% Technology 10.5% 12.7% 13.7% 15.2% 20.3% Telecommunications Services 29.6% 36.5% 37.1% 35.2% 10.9% Utilities -3.3% -1.2% -1.7% -0.9% 1.9% STOXX % 7.6% 9.0% 5.9% 11.6% Number of Companies Included in Estimate Exhibit 8C. STOXX 600: CY 2016 Earnings Growth Sector Today 1 Oct 1 Jul 1 Apr Basic Materials 9.6% 14.7% 19.9% 17.6% Cyclical Consumer Goods & Services 12.5% 14.3% 13.0% 13.5% Non-Cyclical Consumer Goods & Services 7.7% 7.2% 8.5% 8.6% Energy 4.2% 9.2% 26.0% 40.0% Financials 5.7% 7.8% 10.6% 11.7% Healthcare 7.3% 8.4% 9.3% 9.6% Industrials 10.3% 10.5% 11.2% 11.9% Technology 15.8% 16.6% 17.3% 14.8% Telecommunications Services 9.5% 12.1% 14.6% 14.8% Utilities -2.2% -1.6% 1.4% 1.0% STOXX % 9.4% 12.4% 13.6% Number of Companies Included in Estimate Thomson Reuters. All marks herein are used under license. TRPR_83201_111 15

16 Exhibit 9C. STOXX 600: Actual Earnings Growth Rates Sector 2Q15 1Q15 4Q14 3Q14 2Q14 Basic Materials 5.7% 29.6% 26.5% 19.4% 13.3% Cyclical Consumer Goods & Services 4.3% 28.7% 13.0% 18.9% 24.8% Non-Cyclical Consumer Goods & Services -14.0% 2.2% -12.4% 8.5% 25.8% Energy -44.8% -32.1% -22.7% -3.2% 23.7% Financials 42.9% 37.0% 156.8% 23.5% 2.3% Healthcare 3.8% 4.5% -8.6% 6.8% 2.1% Industrials 20.7% 40.9% -21.8% 6.6% 12.4% Technology 8.9% 21.6% 17.8% 35.5% 47.9% Telecommunications Services -3.9% 30.9% -55.0% -2.6% -11.9% Utilities -1.0% -12.1% -18.5% -3.4% 7.3% STOXX % 11.1% 7.7% 11.7% 11.1% Exhibit 10C. STOXX 600: Actual vs. Estimate (Above/Match/Below) 2Q15 1Q15 4Q14 3Q14 2Q14 Above 54% 51% 50% 52% 48% Match 10% 10% 8% 9% 8% Below 36% 39% 43% 39% 44% Exhibit 11C. STOXX 600: Actual vs. Estimate (Aggregate Difference) 2Q15 1Q15 4Q14 3Q14 2Q14 Surprise Factor 2.8% 10.3% -5.7% 3.9% 4.0% 2014 Thomson Reuters. All marks herein are used under license. TRPR_83201_111 16

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