STOXX 600 Earnings Outlook

European Aggregate Estimates and Revisions

• Second quarter earnings are expected to decline 14.2% from Q2 2015. Excluding the Energy sector, earnings are expected to decline 12.6%.

• Second quarter revenue is expected to decline 6.7% from Q2 2015.

• 285 companies in the STOXX 600 have reported earnings to date for Q2 2016. Of these, 53% reported results exceeding analyst estimates. In a typical quarter 49% beat analyst EPS estimates.

• 313 companies in the STOXX 600 have reported revenue to date for Q2 2016. Of these, 47% reported revenue above analyst estimates. In a typical quarter 54% beat analyst revenue estimates.

• The forward P/E ratio for the STOXX 600 is 19.1.