Duke University/CFO Magazine Business Outlook Survey

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 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.

   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 agenda/policies
   Budget deficit
   Other:

   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:

   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

8b. Are these passed-up projects permanently cancelled or does your company anticipate pursuing them eventually? (Check all that apply)

  Permanently cancelled
  Postponed indefinitely
  Temporarily postponed, but plan to pursue within months
  Have already initiated the passed-up projects
  Other

8c. Had your company insisted on investing in these attractive projects, what would the cost of funding have been? (e.g., 20%)

% Check here if you could not have borrowed at any cost

8d. For the projects you passed up, about what annual rate of return did you think they would have earned over the project life?

The most attractive passed-up projects would have earned about: % (e.g., 15%)

Averaged across all passed-up projects, they would have earned about: % (e.g., 13%)

8e. Had these investments occurred, what would have been the total required investment capital? Express as a percentage of total company assets: (e.g., 3%, 7% of total assets)

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

11b. Do you believe your company would benefit from the adoption of a national healthcare system in the United States?

Yes
No

Not sure

11c. If no, why not?
  It will cost the company more money
  It will limit our employees' choices of doctors
  It will be too complicated to implement
  It could have an adverse effect on the federal deficit which could hurt our business
  Other

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:

%

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/CFOGlobal Business Outlook Survey Third Quarter 2009

Duke University/CFO
Global Business Outlook Survey
Third Quarter 2009