Duke University/CFO
Global Business Outlook Survey
Second Quarter 2009

No individual firms are identified and only aggregate data are made public. Please respond by May 28. If you have any questions about this survey, please contact us.

1. Are you more or less optimistic about the U.S. economy compared to last quarter?
More optimistic Less optimistic No change	Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?
More optimistic Less optimistic No change	Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

   Consumer demand
   Cost of fuel
   Cost of non-fuel commodities
   Credit markets/interest rates
   Environmental regulation
   Foreign competition

   Housing market fallout
   Trade policies and trade agreements
   Currency risk
   Federal government policies
   Other:

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)

   Ability to forecast results
   Attracting and retaining qualified employees
   Balance sheet weakness
   Cost of health care
   Data security
   Maintaining morale/productivity during economic downturn

   Managing IT systems
   Working capital management
   Pension obligations
   Protection of intellectual property
   Supply chain risk
   Other:

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable.]

   Prices of your products
   Productivity (output per hour worked)
   Technology spending
   Research and development spending
   Capital spending
   Marketing/advertising spending
   Number of domestic employees overall

   Number of foreign/off-shore outsourced employees
   Wages/Salaries
   Health care costs
   Earnings
   Cash on the balance sheet
   Dividends
   Share repurchases

6a. Has your company been affected by the cost or availability of credit?

No Yes, somewhat Yes, very much	6b. If yes, in what ways has your company been affected by the credit market turmoil? [check all that apply]
	Decreased availability of credit Check here if you experienced difficulty initiating or renewing a bank credit line Increased cost of credit How many basis points increase since summer 2007? bps Other:

7a. For your company, relative to Q4 of 2008, have credit market conditions changed?

  Yes, much worse
  Yes, somewhat worse
  No change
  Yes, somewhat improved
  Yes, much improved

7b. Is the Fed-Treasury TALF program helping credit conditions?

	No	Yes	NA
For your company?
For the overall economy?

8. How much does your firm hold in cash and marketable securities? (Express as a percentage of total assets.)

Today % One year ago %

9. Does your company have a bank line of credit?

Yes
No

9b. How large are your bank lines of credit? (Express as a percentage of total assets)

Today % One year ago %

9c. To what extent has your firm drawn on its lines of credit? For example, if you have drawn $60 from a line of credit with a $100 maximum, enter 60%.

Today % One year ago %

9d. Check if in the last year you have...

Arranged a new credit line
Renewed an existing credit line

9e. What costs/fees are associated with your credit line? (costs now, and as of one year ago)

	Now	One Year Ago
Basis point commitment fee	bps	bps
Interest cost - Floating Rate
LIBOR plus	bps	bps
PRIME plus	bps	bps
Interest cost - Fixed Rate	bps	bps
Other current costs/fees (up front or otherwise)
What's the tenor / maturity of your credit line? (in months; e.g., 12, 60)	months	months

9f. Is collateral currently required for your credit line?

Yes
No

10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company?

Suppliers	Lenders
Yes, successfully renegotiated Yes, but unsuccessfully No, we haven't tried	Yes, successfully renegotiated Yes, but unsuccessfully No, we haven't tried

11. When do you expect the US economy to begin recovery?

  Already begun
  2009, Q3
  2009, Q4
  2010, Q1
  2010, Q2
  Second half of 2010
  2011 or later

12. What is your company's strategic focus for the next 12 months? To answer this question, distribute 100 points among the various choices. For example, if half of your strategic focus is revenue growth, enter 50 in the top box and distribute the remaining 50 points to reflect the relative importance of the other categories. (should add up to 100)

   Revenue Growth (Pursue new customers, increase business with existing customers, etc.)
   Direct Cost Reduction (Improve cost efficiency of sourcing, manufacturing, distribution, service delivery, etc.)
   Overhead Cost Reduction (Improve efficiency of shared services, SG&A, etc.)
   Asset Efficiency (Improve management of inventory, PP&E, receivables/payables, etc.)
   Capability Development (Strengthen managerial and operational competencies)
   Other strategic focus:
   Total

13. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100 being excellent growth and investment opportunities.

(0-100)

14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. Please complete the following:

a. Over the next 10 years, I expect the average annual S&P 500 return will be:

Worst Case: There is a 1-in-10
chance the actual average
return will be less than:

%

Best Guess:
I expect the
return to be:

%

Best Case: There is a 1-in-10
chance the actual average
return will be greater than:

%

b. During the next year, I expect the S&P 500 return will be:

Worst Case: There is a 1-in-10
chance the actual return will
be less than:

%

Best Guess:
I expect the
return to be:

%

Best Case: There is a 1-in-10
chance the actual return will
be greater than:

%

15. Please check one from each category that best describes your company:

a. Industry

       Retail/Wholesale
       Mining/Construction
       Manufacturing
       Transportation/Energy
       Communications/Media

      Tech [Software/Biotech]
      Banking/Finance/Insurance
      Service/Consulting
      Healthcare/Pharmaceutical
      Other:

b. Sales Revenue	c. Number of Employees
Less than $25 million $25-$99 million $100-$499 million $500-$999 million $1-$4.9 billion $5-$9.9 billion More than $10 billion	Fewer than 100 100-499 500-999 1,000-2,499 2,500-4,999 5,000-9,999 More than 10,000

d. Headquarters

e. Ownership

      Public, NYSE
      Public, NASDAQ/AMEX
      Private
      Government
      Nonprofit

f. Foreign Sales	g. Does your company pay a dividend?
0% 1-24% 25-50% More than 50%	Yes No

h. What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	i. What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)
%	%

j. What is your company's credit rating?

k. Your job title (e.g., CFO, Asst. Treasurer, etc)

Check here if you do not have a rating, and please estimate what your rating would be.

� Duke University, 2009

Duke University/CFOGlobal Business Outlook Survey Second Quarter 2009

Duke University/CFO
Global Business Outlook Survey
Second Quarter 2009