Duke University/CFO Magazine Business Outlook Survey

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
   Currency risk
   Environmental regulation
   Federal budget deficit

   Federal government agenda/policies
   Financial regulation
   Foreign competition
   Global financial instability
   Price pressure from competitors
   Trade policies and trade agreements
   Other:

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

   Ability to forecast results
   Ability to maintain margins
   Attracting and retaining qualified employees
   Balance sheet weakness
   Cost of health care
   Counterparty risk
   Data security

   Maintaining morale/productivity
   Managing IT systems
   Pension obligations
   Protection of intellectual property
   Supply chain risk
   Working capital management
   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.]

   Capital spending
   Cash on the balance sheet
   Dividends
   Earnings
   Health care costs
   Marketing/advertising spending
   Number of domestic full-time employees
   Number of domestic temporary employees

   Number of offshore outsourced employees
   Prices of your products
   Productivity (output per hour worked)
   Technology spending
   Research and development spending
   Share repurchases
   Wages/Salaries

6. When do you anticipate domestic employment at your firm to return to year-end 2007 (pre-recession) levels?

  Already at or exceeding year-end 2007 levels
  Later in 2010
  In 2011
  In 2012

  In 2013
  In 2014 or later
  Possibly never

7. Did your company make cuts in any of the following employee-related areas from 2007-2009? Have you already or will you restore these items to pre-recession levels by June 2011? (Please check all that apply in right and left columns.)

8. At the present time, in which of the following areas is your company focusing its investment for growth? (Check all that apply, up to three)

  Not currently investing for growth
  Reaching new customers in existing markets
  Entering new geographic markets
  Developing new product/service
  Improving existing product/service
  Acquiring assets, a company, or companies
  Other (Please specify)

9. How would you characterize your company's market position right now?

  Still coping with recession impact
  On the sidelines/in a holding pattern
  Cautiously pursuing growth
  Aggressively pursuing growth
  Other (Please specify)

10. Compared to 2009, how much do you expect consumer/customer demand for your company's goods/services to change in 2010?

10b. If you expect an increase, how confident are you in your company's ability to meet increased demand?

	Extremely confident	Somewhat confident	Not confident	Not sure

11a. Compared to Fall 2009, does your company find borrowing now:

	Much more difficult	A little more difficult	About the same	A little easier	Much easier	N/A

11b. In the past year, has your company restricted capital spending below the desired level due to funding difficulties?

  No
  Yes, limited capital spending a small amount
  Yes, limited capital spending a medium amount
  Yes, limited capital spending a large amount
  N/A

11c. Due to capital spending below the desired level, has your company shifted (or will it shift) from "capital towards labor" in your operations?

  No
  Yes, small shift away from capital towards labor
  Yes, medium shift away from capital towards labor
  Yes, large shift away from capital towards labor
  N/A

12. Did your firm experience a covenant violation (or near-violation) for a line of credit during 2008/2009?

  No
  Yes, near violation
  Yes, violation
  N/A, our firm did not have a credit facility

12b. Even though there was no credit line violation... (please answer all parts)

  The terms of our facility were unchanged during 2008-2009
  Our facility was renegotiated because the term of the facility expired
  We preemptively renegotiated our credit facility

Did any features of your credit facility change?

We did not renegotiate our credit facility during 2008/2009

Consider borrowing from all of your credit lines,

%	To what extent had your firm drawn on its lines of credit during 2008/2009? For example, if you had drawn $60 from a line of credit with a $100 maximum, enter 60%.

12b. Given that you had a near violation... (please answer all parts)

  The terms of our facility were unchanged during 2008-2009
  Our facility was renegotiated because the term of the facility expired
  We preemptively renegotiated our credit facility

Did any features of your credit facility change?

We did not renegotiate our credit facility during 2008/2009

Consider borrowing from all of your credit lines,

%	To what extent had your firm drawn on its lines of credit just before the violation/renegotiation? For example, if you had drawn $60 from a line of credit with a $100 maximum, enter 60%
%	In the period following the violation/renegotiation, how much did the maximum of the line change? For example, a new $120 maximum versus a previous maximum of $100 would be +20% increase.
%	In the period following the violation/renegotiation, what was the percentage drawdown?

12b. Tell us about your covenant violation and the consequences. (please answer all parts)

We violated:

Financial covenant Operational covenant Other:

  Even though we violated, we did not renegotiate our facility
  As a result of the violation, we were compelled to renegotiate the facility
  All of our credit lines were canceled
  One or more (but not all) of our credit lines were canceled

Did any features of your credit facility change?

We did not renegotiate our credit facility during 2008/2009

Consider borrowing from all of your credit lines,

%	To what extent had your firm drawn on its lines of credit just before the violation/renegotiation? For example, if you had drawn $60 from a line of credit with a $100 maximum, enter 60%

%	In the period following the violation/renegotiation, how much did the maximum of the line change? For example, a new $120 maximum versus a previous maximum of $100 would be +20% increase.
%	In the period following the violation/renegotiation, what was the percentage drawdown?

13. Compared to your company's views prior to the credit crisis, is your company now more willing to pay for a �rainy day� credit facility (which could simply be a larger line of credit than usual), that you have no real intention of drawing on but which would provide liquidity if needed in extreme circumstances?

  No, not willing to pay premium for a rainy day credit facility
  No, not willing to pay premium for a rainy day credit facility because we hold excess cash for the same purpose
  Yes, willing to pay a small premium for a rainy day credit facility
  Yes, willing to pay a moderate premium for a rainy day credit facility
  Yes, willing to pay a large premium for a rainy day credit facility

Additional information

14. On May 24, 2010 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:

%

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

      Public, NYSE
      Public, NASDAQ/AMEX
      Private
      Government
      Nonprofit

f. Foreign Sales

g. What is your company's credit rating?

       0%
       1-24%
       25-50%
       More than 50%

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

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

� Duke University, 2010

Duke University/CFOGlobal Business Outlook Survey Second Quarter 2010

Duke University/CFO
Global Business Outlook Survey
Second Quarter 2010