Duke University/CFO Magazine Business Outlook Survey

No individual firms are identified and only aggregate data are made public. Please respond by March 1. 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
   Currency risk
   Environmental regulation
   Federal budget deficit
   Federal government agenda/policies

   Financial regulation
   Foreign competition
   Global financial instability
   Global political instability
   National employment outlook
   Price pressure from competitors
   State or local government budget deficits
   Other:

   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)
   Research and development spending
   Revenue
   Share repurchases
   Technology spending
   Wages/Salaries

6. During 2012, does your company plan to: (Please make a selection in each column)

7. In an adverse scenario in which multiple European banks were to become insolvent, how would this impact your business?

	A Significant Effect	A Minor Effect	No Effect

8. What do you think is the probability that the U.S. will enter a recession in: (e.g., 40 means a 40% chance of entering recession)

2012: %
2013: %

9a. Are you actively looking to fill one or more vacant positions now?

Yes
No

   Maintaining records
   Auditing/controlling
   Developing financial systems and practices
   Providing finance and accounting services
   Strategic business partnerships
   Total

11b. If the highest investor tax rate on dividends were to increase to 40% (from the current 15%) starting in 2012, would this affect the amount of dividends that your firm pays? (check all that apply)

  No, dividend taxation will not affect how much we pay in dividends.
  Yes, we will be less likely to increase dividends in the future
  Yes, we will increase dividends in the future but by a smaller amount than had tax rates not increased
  Yes, we are more likely to pay a special dividend in 2011, before dividend tax rates increase.
  Other:

11b. If the highest investor tax rate on dividends were to increase to 40% (from the current 15%) starting in 2012, would this affect your firm’s plans to initiate a dividend in the future? (check all that apply)

  No, we are not planning to ever pay a dividend regardless of the tax rate
  No, the investor tax rate will not affect our plans regarding when to initiate a dividend
  Yes, it will affect us in that we will delay when we eventually initiate a dividend
  Yes, it will affect us in that we will be less likely to ever initiate a dividend
  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. 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/CFOGlobal Business Outlook Survey First Quarter 2012

Duke University/CFO
Global Business Outlook Survey
First Quarter 2012