Duke University/CFO
Global Business Outlook Survey
Third Quarter 2009

No individual firms are identified and only aggregate data are made public. Please respond by September 10. If you have any questions about this survey, please contact us.

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?
More optimistic
Less optimistic
No change		 Rate your optimism about the economy of the country where you are based 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
   Financial regulation
   Foreign competition		    Housing market fallout
   Trade policies and trade agreements
   Volatility of foreign currencies
   The financial/banking system
   Stability of local and central government
   Government policy
   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
    Counterparty 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. Currently, is your company adversely affected by the cost or availability of credit?
  No
  Yes, somewhat   
  Yes, very much   		6b. If yes, in what ways is your company being affected by the credit market situation?
   [check all that apply]
    Decreased availability of credit
  Difficulty initiating or renewing a bank credit line
  Increased cost of credit
  Restrictive terms (e.g., high collateral requirements)
  Other:    

6c. For your company, relative to Q1 of 2009, have credit market conditions changed?
  Yes, much worse
  Yes, somewhat worse
  No change
  Yes, somewhat improved
  Yes, much improved

7. How does your company's domestic employment compare to year-end 2007? 
    % (Express as a percentage change relative to year-end 2007, indicating - or +; for example, -3%, +2%)

8. Over the past 18 months, did your company pass up attractive investment projects specifically because of the cost or availability of credit? (Check all that apply)
  Yes, we passed up attractive projects because the cost of credit was too high
  Yes, we passed up attractive projects because the amount of credit available was inadequate
   Yes, we passed up attractive projects because credit terms were too onerous
  We passed up attractive projects, but not primarily due to credit conditions
  No, we did not pass up attractive projects because we had internal funding
  No, we did not pass up any attractive projects because we had sufficient access to credit
  Other    

9a. Does your company have a bank line of credit?
  No
  Yes 
 
9b. 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

10a. Do you expect a diminished role for the US Dollar in regional trade in the future?
  No
   Yes

10b. Do you think China will decouple its currency from the US Dollar?
  No
   Yes
 
10c. China will decouple its currency from the US Dollar within:
  1-2 years
  3-4 years
  5 or more years

11. Is your company taking any of the following actions in response to economic conditions? (Check all that apply)
  Freezing headcount
  Staff reductions
  Reduce planned staff bonus and/or freeze salaries
  Reduce technology spending
  Reduce marketing/advertising spending		   Reduce planned investment
  Postpone or cancel planned investment
  Accelerate/initiate divestment
  No actions being taken
  Other    

12a. When do you expect your country's economy to begin recovery? 12b. When do you expect your firm's sector/industry to begin recovery?
  Recovery has already begun
  2009, Q3
  2009, Q4
  First half of 2010
  Second half of 2010
  2011 or later		   Recovery has already begun
  2009, Q3
  2009, Q4
  First half of 2010
  Second half of 2010
  2011 or later

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. 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. Where are you personally located?   e. Ownership
  (Other specified)
  
If your company headquarters is  another country, please indicate which country.

  (Other specified)
 

      Public
      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. Do you expect your company's operating profit (EBIT) to be
     positive in fiscal 2009?
   %      Yes
     No
  j. In normal credit conditions, about what is your        company's weighted average cost of capital? (e.g., 12%)   k. In early 2009, about what was your company's weighted
      average cost of capital? (e.g., 12%)
   %        %
  l. What is your company's credit rating?   m. 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