Second Quarter of ’11 S&P 500 Earnings Snapshot as of July 28

The following tables summarize the latest quarterly earnings for companies in the Standard & Poor’s 500 Index.

Profit figures are based on income from continuing operations excluding some gains and losses. The share-weighted percentage changes are year-over-year comparisons. earnings surprises are based on estimates provided by Bloomberg.

S&P 500 Universe:
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                              Number of  Share-Weighted
                              Companies  % Change

Total reported Q2/11:            303@        19.8%
Higher EPS                       249         28.0%
Lower EPS                         48        -38.6%
Unchanged                          6          0.0%

S&P 500 Universe:
==========================================================================
                              Number of  Share-Weighted
                              Companies    %Change

Total reported Ex-Financial:     249        21.5%

Comparable Q2/10:                306        54.6%
End of Q2/10:                    499        48.5%
End of Q1/11:                    498        19.9%

S&P 500 Index EPS with 303/500 companies reported:     $24.78
                    *Net income (as reported) EPS:     $22.28

Earnings Surprises:
==========================================================================
                                    Q2/11              Q2/10
Positive Surprises:            216/303 =  71.3%     374/497 =75.3%
0% Surprises:                   33/303 =  10.9%      45/497 = 9.1%
Negative Surprises:             54/303 =  17.8%      78/497 =15.7%

Sector Summary:
==========================================================================
                                          Share-
                                Reported Weighted Earnings Surprises Sector
                                 /Total   %Change  (+)  same  (-)      EPS

Consumer Discretionary:          39 /79    1.6%    30    3     6     $2.23
Consumer Staples:                23 /41    11.6%   16    3     4     $2.34
Energy:                          24 /41    43.4%   16    0     8     $3.82
Financials:                      54 /82    12.5%   39    5     10    $3.74
Health Care:                     33 /52    7.6%    23    6     4     $3.19
Industrials:                     46 /60    20.1%   35    3     8     $2.53
Information Tech:                50 /74    27.6%   39    7     4     $4.61
Materials:                       23 /30    48.4%   11    4     8     $1.02
Telecom Svcs:                     3 /8     2.2%    1     1     1     $0.56
Utilities:                        8 /33    7.1%    6     1     1     $0.75

Total Reported:                 303 /500   19.8%  214    33    54   $24.78

Total Reported
   Ex-Financial:                249 /418   21.5%  175    28    44
Industry Summary:
==========================================================================
                                          Share-
                                Reported Weighted  Earnings Surprises
                                 /Total   %Change    (+)  same   (-)
CONSUMER DISCRETIONARY:
  Automobiles & Components        4 /4    -10.6%      3     0     1
  Consumer Durables & Apparel     8 /14    -5.8%      6     0     2
  Consumer Services              11 /14    13.3%      8     2     1
  Media                           5 /16    12.3%      5     0     0
  Retailing                      11 /31    10.2%      8     1     2

CONSUMER STAPLES:
  Food & Staples Retailing        5 /9     12.1%      4     0     1
  Food Beverage & Tobacco        15 /26    13.2%     10     3     2
  Household & Personal Products   3 /6     0.0%       2     0     1

FINANCIALS:
  Banks                          15 /16    43.8%     13     0     0
  Diversified Financials         23 /28    11.4%     15     3     5
  Insurance                       8 /22   -42.2%      5     0     3
Industry Summary:
==========================================================================
                                          Share-
                                Reported Weighted  Earnings Surprises
                                 /Total   %Change    (+)  same   (-)
FINANCIALS:
  Real Estate                     8 /16    22.1%      4     2     2

HEALTH CARE:
  Health Care Equipment & Srvs.  19 /31    9.6%      13     5     1
  Pharma., Biotech. & Life Sci.  14 /21    6.3%      10     1     3

INDUSTRIALS:
  Capital Goods                  32 /40    20.4%     26     0     6
  Commercial & Professional Ser   7 /11    3.9%       4     2     1
  Transportation                  7 /9     22.2%      5     1     1

INFORMATION TECH:
  Semiconductors                 12 /19    -4.7%     10     1     1
  Software & Services            23 /32    23.5%     17     4     2
  Technology Hardware & Equip.   15 /23    60.6%     12     2     1
Industry Summary:
==========================================================================
                                          Share-
                                Reported Weighted  Earnings Surprises
                                 /Total   %Change    (+)  same   (-)

ENERGY:                          24 /41    43.4%     16     0     8

MATERIALS:                       23 /30    48.4%     11     4     8

TELECOM SVCS:                     3 /8     2.2%       1     1     1

UTILITIES:                        8 /33    7.1%       6     1     1

TOTAL REPORTED
   UNIVERSE:                    303 /500   19.8%    214    33    54

S&P 500 Year-Over-Year Estimates
==========================================================================
Q2/11 Earnings Estimated Growth: 17.2%;  Ex-Financial: 17.5%
Q3/11 Earnings Estimated Growth: 16.5%;  Ex-Financial: 16.3%
S&P 500 Year-Over-Year Estimates
==========================================================================
Q4/11 Earnings Estimated Growth: 16.6%;  Ex-Financial: 14.2%
Q1/12 Earnings Estimated Growth: 12.3%;  Ex-Financial: 11.4%

@-- The number of companies reported is based on earnings announced for which uses the earnings announcement date for its data selection.

NM -- The calculations of percentage changes between profit and loss and vice versa are not meaningful, hence not calculated.