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1. PROPRIETARY RESEARCH
DIRECTOR'S REPORT
May 8, 2015
THE DIRECTOR'S REPORT
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1Q2015 EPS : 89 % of S&P 500 HAVING REPORTED
Exhibit 1. Blended (Reported & Estimated) Quarterly Earnings Growth for 1Q2015
Sector 7 May 1 Apr 1 Jan 1 Oct 1 Jul
Consumer Discretionary 7.7% 7.0% 14.6% 17.4% 18.2%
Consumer Staples 3.8% -0.6% 5.3% 8.6% 10.3%
Energy -57.8% -63.6% -32.2% 2.3% 5.7%
Financials 16.1% 10.9% 13.9% 15.5% 14.7%
Health Care 17.5% 7.2% 11.1% 12.4% 12.2%
Industrials 5.1% 7.5% 11.5% 13.4% 12.3%
Materials 3.4% -2.7% 17.0% 24.2% 22.1%
Technology 9.4% 4.4% 10.2% 11.9% 10.7%
Telecom 3.4% -0.9% 1.2% 7.7% 8.4%
Utilities 4.8% -6.6% -5.9% -5.2% -2.4%
S&P 500 2.1% -2.8% 5.3% 11.5% 11.7%
4Q2014 REPORTED RESULTS
Exhibit 2. Blended (Reported & Estimated) Quarterly Earnings Growth for 4Q2014
Sector Final 1 Jan 1 Oct 1 Jul 1 Apr
Consumer Discretionary 14.6% 8.0% 13.9% 15.8% 17.0%
Consumer Staples 1.2% 0.0% 4.5% 7.7% 7.3%
Energy -21.8% -19.8% 6.4% 10.4% 9.7%
Financials -3.3% 1.4% 10.4% 10.5% 12.1%
Health Care 22.3% 17.6% 19.3% 18.1% 14.8%
Industrials 15.0% 9.9% 12.4% 12.0% 11.5%
Materials 5.2% -2.0% 10.1% 7.7% 7.2%
Technology 18.0% 8.9% 10.4% 10.8% 9.2%
Telecom 7.3% 13.8% 23.5% 22.0% 19.1%
Utilities 9.6% 11.2% 7.8% 8.0% 7.3%
S&P 500 7.0% 4.2% 11.1% 12.0% 11.4%
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2. THOMSON REUTERS PROPRIETARY RESEARCH MAY 8, 2015
DIRECTOR'S REPORT
THE QUARTERLY OUTLOOK FOR THE S&P 500 EARNINGS
Exhibit 3. Estimated Earnings Growth for 2Q2015
Sector 7 May 1 Apr 1 Jan 1 Oct 1 Jul
Consumer Discretionary 8.2% 11.4% 16.6% 17.9% 19.9%
Consumer Staples -1.9% -0.1% 4.0% 7.4% 9.2%
Energy -65.2% -64.8% -31.6% 2.8% 10.5%
Financials 15.2% 16.0% 18.0% 20.0% 13.6%
Health Care 5.2% 5.2% 6.3% 7.8% 14.1%
Industrials 1.6% 7.1% 7.5% 9.6% 11.5%
Materials 1.8% 7.4% 14.6% 20.1% 25.9%
Technology 3.6% 6.0% 11.3% 13.2% 13.5%
Telecom 6.1% 3.4% 4.3% 8.3% 6.1%
Utilities 1.7% 4.8% 6.7% 6.3% 3.9%
S&P 500 -2.4% -0.5% 5.9% 11.8% 13.3%
Exhibit 4. Estimated Earnings Growth for 3Q2015
Sector 7 May 1 Apr 1 Jan 1 Oct
Consumer Discretionary 12.6% 13.4% 17.6% 20.2%
Consumer Staples 0.9% 2.1% 6.0% 10.0%
Energy -60.4% -58.7% -26.4% 13.0%
Financials 14.7% 16.0% 17.8% 23.1%
Health Care 6.6% 8.4% 10.3% 14.8%
Industrials 4.4% 11.0% 8.7% 12.2%
Materials -0.5% -1.0% 6.4% 17.0%
Technology 8.1% 9.4% 12.1% 15.9%
Telecom 8.1% 5.5% 5.6% 7.3%
Utilities 2.1% 3.8% 5.2% 4.0%
S&P 500 0.4% 2.2% 7.4% 15.4%
Exhibit 5. Estimated Earnings Growth for 4Q2015
Sector 7 May 1 Apr 1 Jan
Consumer Discretionary 14.1% 13.2% 18.2%
Consumer Staples 4.3% 5.0% 9.2%
Energy -40.3% -37.1% -1.8%
Financials 21.6% 22.9% 21.2%
Health Care 7.9% 9.2% 14.2%
Industrials 2.8% 7.7% 11.2%
Materials 3.8% 4.1% 19.7%
Technology 3.0% 4.2% 11.1%
Telecom 15.5% 12.9% 13.8%
Utilities 2.1% 4.6% 6.6%
S&P 500 5.0% 6.4% 12.9%
2© 2015 Thomson Reuters. All marks herein are used under licence. TRPR_82201_20150508

3. THOMSON REUTERS PROPRIETARY RESEARCH MAY 8, 2015
DIRECTOR'S REPORT
Exhibit 6. Estimated Earnings Growth for 1Q2016
Sector 7 May 1 Apr
Consumer Discretionary 18.7% 19.8%
Consumer Staples 7.3% 10.3%
Energy 18.3% 45.8%
Financials 6.0% 11.0%
Health Care 4.4% 17.1%
Industrials 9.8% 12.8%
Materials 14.1% 25.8%
Technology 8.3% 14.0%
Telecom 3.2% 4.8%
Utilities -4.5% 3.4%
S&P 500 8.5% 15.1%
THE CALENDAR YEAR OUTLOOK FOR S&P 500 EARNINGS
Exhibit 7. Estimated Earnings Growth for CY2015
Sector 7 May 1 Apr 1 Jan 1 Oct 1 Jul
Consumer Discretionary 10.3% 11.1% 16.9% 18.0% 18.0%
Consumer Staples 1.7% 1.9% 6.6% 9.1% 8.9%
Energy -56.4% -56.6% -23.3% 7.0% 6.5%
Financials 16.5% 16.1% 17.8% 16.7% 12.5%
Health Care 9.7% 7.7% 10.5% 11.6% 11.9%
Industrials 4.7% 9.8% 9.7% 11.6% 11.8%
Materials 3.2% 2.3% 14.7% 19.1% 20.2%
Technology 5.9% 6.0% 11.3% 12.5% 11.3%
Telecom 7.5% 4.6% 4.9% 6.5% 6.5%
Utilities 1.3% 0.9% 2.5% 2.9% 3.5%
S&P 500 1.5% 1.7% 8.1% 12.4% 11.5%
Exhibit 8. Estimated Earnings Growth for CY2016
Sector 7 May 1 Apr
Consumer Discretionary 15.9% 15.0%
Consumer Staples 9.1% 9.0%
Energy 37.9% 46.1%
Financials 9.9% 10.5%
Health Care 11.1% 12.8%
Industrials 9.5% 8.6%
Materials 19.3% 20.3%
Technology 11.0% 11.9%
Telecom 3.6% 5.0%
Utilities 3.4% 4.1%
S&P 500 12.0% 12.8%
3© 2015 Thomson Reuters. All marks herein are used under licence. TRPR_82201_20150508

4. THOMSON REUTERS PROPRIETARY RESEARCH MAY 8, 2015
DIRECTOR'S REPORT
HISTORICAL/CURRENT/FUTURE EARNINGS GROWTH RATES
Exhibit 9.
Sector 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016
Consumer Discretionary 8.8% 7.5% -1.7% 14.6% 7.7% 8.2% 12.6% 14.1% 18.7%
Consumer Staples 3.3% 7.8% 5.7% 1.2% 3.8% -1.9% 0.9% 4.3% 7.3%
Energy -0.1% 17.0% 10.3% -21.8% -57.8% -65.2% -60.4% -40.3% 18.3%
Financials -0.6% -6.6% 16.3% -3.3% 16.1% 15.2% 14.7% 21.6% 6.0%
Health Care 11.8% 18.5% 16.3% 22.3% 17.5% 5.2% 6.6% 7.9% 4.4%
Industrials 3.9% 11.4% 13.1% 15.0% 5.1% 1.6% 4.4% 2.8% 9.8%
Materials 0.0% 12.2% 20.7% 5.2% 3.4% 1.8% -0.5% 3.8% 14.1%
Technology 10.0% 15.3% 10.3% 18.0% 9.4% 3.6% 8.1% 3.0% 8.3%
Telecom 14.0% 6.8% 6.4% 7.3% 3.4% 6.1% 8.1% 15.5% 3.2%
Utilities 22.6% -0.1% 2.1% 9.6% 4.8% 1.7% 2.1% 2.1% -4.5%
S&P 500 5.6% 8.6% 10.3% 7.0% 2.1% -2.4% 0.4% 5.0% 8.5%
LATEST REPORTED QUARTER EARNINGS STATISTICS
Exhibit 10. 1Q2015 Actuals vs. Mean
Above Match Below Surprise Reported Index
Sector % % % Factor Total # Total #
Consumer Discretionary 65% 8% 27% 2.2% 63 84
Consumer Staples 75% 9% 16% 6.9% 32 38
Energy 68% 5% 27% 22.8% 41 41
Financials 61% 15% 24% 4.8% 85 87
Health Care 82% 8% 10% 10.3% 49 55Health Care 82% 8% 10% 10.3% 49 55
Industrials 62% 10% 28% -0.7% 61 65
Materials 63% 4% 33% 7.2% 27 29
Technology 65% 11% 24% 5.9% 55 66
Telecom 80% 0% 20% 5.0% 5 5
Utilities 78% 4% 19% 8.5% 27 30
S&P 500 68% 9% 23% 6.3% 445 500
MAJOR INDEX VALUATION METRICS
Exhibit 11.
Last Trailing Trailing Forward Forward
Index Close Total P/E Total P/E
S&P500 2088 119.22 17.5 122.17 17.1
S&P400 1505.2 77.50 19.4 79.90 18.8
S&P600 706.18 33.48 21.1 36.32 19.4
Russell 2K 1225.5 42.67 28.7 51.15 24.0
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5. THOMSON REUTERS PROPRIETARY RESEARCH MAY 8, 2015
DIRECTOR'S REPORT
QUARTERLY REPORTED RESULTS AND FUTURE EXPECTATIONS
Exhibit 12. Industry Analyst Estimates - S&P 500 Bottom Up ($/share)
Year 1Q 2Q 3Q 4Q CY
2004 15.87 16.74 16.59 17.83 67.10
2005 17.95 19.11 18.86 20.19 76.28
2006 20.73 22.31 22.60 22.44 88.18
2007 22.71 24.40 21.31 16.14 85.12
2008 18.96 19.78 17.49 5.62 65.47
2009 12.83 16.03 16.36 16.80 60.80
2010 19.71 21.48 21.75 22.55 85.28
2011 23.50 24.14 25.65 24.55 97.82
2012 25.60 25.84 26.00 26.32 103.80
2013 26.74 27.40 27.63 28.62 109.68
2014 28.18 30.07 30.04 30.54 118.78
2015 28.58 28.88 30.26 31.95 119.30
2016 31.09 32.93 34.45 36.23 134.02
2017 149.29
THE LATEST AVAILABLE CORPORATE PRE-ANNOUNCEMENTS
Exhibit 13. Pre-Announcements
2Q2015 2Q2015 2Q2014 2Q2014 1Q2015 1Q2015
Type Total # Total % Total # Total % Total # Total %
Positive 17 24.6% 22 23.4% 10 13.7%
In-Line 2 2.9% 10 10.6% 3 4.1%In Line 2 2.9% 10 10.6% 3 4.1%
Negative 50 72.5% 62 66.0% 60 82.2%
Total 69 94 73
N/P Ratio 2.9 2.8 6
5© 2015 Thomson Reuters. All marks herein are used under licence. TRPR_82201_20150508

6. THOMSON REUTERS PROPRIETARY RESEARCH MAY 8, 2015
DIRECTOR'S REPORT
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