Table of Contents

1. Are you more or less optimistic about your regional economy compared to last quarter?	1
1b. Rate your optimism about your regional economy on a scale from 0-100, with 0 being the least optimistic and 100 
being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. 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.	4
3. What are the top three concerns your corporation faces? (rank #1, #2, #3)	5
3. What are the top three concerns your corporation faces? REVERSED SCALE & WEIGHTED BY NUMBER OF
RESPONDENTS (Higher number = greater weighted importance)	6
3. What are the top three concerns your corporation faces? (rank #1, #2, #3) Other specified	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
 [Unweighted - Sorted]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Windsorized - Revenue Weighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Windsorized - Employee Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Windsorized – Revenue Weighted]	12
5a. During 2008, does your company plan to:	13
5b. During 2008, does your company plan to:	14
6a. Has your company been affected by the cost or availability of credit?	15
6b. If yes, in what ways has your company been affected by the credit market turmoil? [check all that apply]	16
6b. If yes, in what ways has your company been affected by the credit market turmoil? Other specified	17
6b. Checked increased cost of credit. How many basis points increase?	18
6c. Is your company taking any actions in response to recent credit market turmoil? [check all that apply]	19
6c. Is your company taking any actions in response to recent credit market turmoil? Other action specified	20
7a. Will the weaker U.S. dollar help or hurt your firm in the following areas:	21
7a. Will the weaker U.S. dollar help or hurt your firm in the following areas: Other specified	22
7b. The U.S. dollar's value has recently reached historic lows. Do you believe that the dollar's devaluation is:	23
7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? (choose all that apply)	24
7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? Other specified	25
8. Compared to 2006, how much will year-end bonuses change at your company?	26
8. Compared to 2006, how much will year-end bonuses change at your company? % change (e.g., +12%, -25%, etc.)	27
9. What best describes China's economic growth?	28
10. Do you work for a multinational company?	29
10. Do you work for a multinational company? If yes, are you under pressure from headquarters to contribute a 
greater proportion of revenues to the company's total in 2008, as opposed to 2007?	30
Industry	31
Industry (Other specified)	32
Sales Revenue	33
Weighted Sales Revenue (Millions)	34
Number of Employees	35
Weighted Number of Employees	36
Headquarters Asia	37
Headquarters Asia (Other Specified)	38
Ownership	39
Foreign Sales	40

1

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

1. Are you more or less optimistic about your regional economy compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	106	52.5 %	± 6.9 %
	2=No change	33	16.3 %	± 5.1 %
	1=Less optimistic	63	31.2 %	± 6.4 %
	Total	202	100.0 %

	Mean = 2.2
	SD = 0.9

	Missing Cases = 1 
	Response Percent = 99.5 %

2

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

1b. Rate your optimism about your regional economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 12

	Maximum = 100

	Mean = 68.92

	Median = 70

	Variance (Unbiased) = 258.34

	Standard Deviation (Unbiased) = 16.07

	Standard Error Of The Mean  = 1.22

	95 Percent Confidence Interval Around The Mean = 66.53 - 71.32

	99 Percent Confidence Interval Around The Mean = 65.78 - 72.07

Quartiles

	 1 = 60
	 2 = 70
	 3 = 80

Valid Cases = 173 
Missing Cases = 30 
Response Percent = 85.2%

3

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

2. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	124	61.7 %	± 6.8 %
	2=No change	33	16.4 %	± 5.1 %
	1=Less optimistic	44	21.9 %	± 5.7 %
	Total	201	100.0 %

	Mean = 2.4
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.0 %

4

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

2b. 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.

	Minimum = 20

	Maximum = 100

	Mean = 70.70

	Median = 75

	Variance (Unbiased) = 295.39

	Standard Deviation (Unbiased) = 17.19

	Standard Error Of The Mean  = 1.31

	95 Percent Confidence Interval Around The Mean = 68.13 - 73.27

	99 Percent Confidence Interval Around The Mean = 67.32 - 74.07

Quartiles

	 1 = 60
	 2 = 75
	 3 = 85

Valid Cases = 172 
Missing Cases = 31 
Response Percent = 84.7%

5

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

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

(N=203)

	Mean & SD	1st	2nd	3rd	Total	
	1.8	15	11	7	33
Cost of non-fuel commodities	0.8	7.4%	5.4%	3.4%	16.3%

	1.9	28	28	21	77
Skilled labor shortage	0.8	13.8%	13.8%	10.3%	37.9%

	1.9	16	16	12	44
Credit markets/Interest rates	0.8	7.9%	7.9%	5.9%	21.7%

	1.9	29	23	23	75
Consumer demand	0.8	14.3%	11.3%	11.3%	36.9%

	1.9	11	7	9	27
Health of the U.S. economy	0.9	5.4%	3.4%	4.4%	13.3%

	1.9	22	17	19	58
Cost of fuel	0.8	10.8%	8.4%	9.4%	28.6%

	2.0	10	11	9	30
Political stability	0.8	4.9%	5.4%	4.4%	14.8%

	2.0	36	32	39	107
Cost of labor (wages, salaries, bonuses)	0.8	17.7%	15.8%	19.2%	52.7%

	2.1	17	19	21	57
Regulation	0.8	8.4%	9.4%	10.3%	28.1%

	2.1	3	2	4	9
Cost of health care	0.9	1.5%	1.0%	2.0%	4.4%

	2.1	19	32	29	80
Currency values	0.8	9.4%	15.8%	14.3%	39.4%

	2.4	3	5	10	18
Other:	0.8	1.5%	2.5%	4.9%	8.9%

	2.4	2	11	14	27
Foreign competition	0.6	1.0%	5.4%	6.9%	13.3%

	2.8	0	1	4	5
Terrorism	0.4	0.0%	0.5%	2.0%	2.5%

6

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

3. What are the top three concerns your corporation faces? REVERSED SCALE & WEIGHTED BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)

	Mean	SD	Total

Cost of labor (wages, salaries, bonuses)	1.04	1.16	202

Skilled labor shortage	0.80	1.13	202

Consumer demand	0.77	1.13	202

Currency values	0.74	1.04	202

Cost of fuel	0.59	1.03	202

Regulation	0.54	0.97	202

Credit markets/Interest rates	0.46	0.94	202

Cost of non-fuel commodities	0.37	0.89	202

Political stability	0.30	0.79	202

Health of the U.S. economy	0.28	0.77	202

Foreign competition	0.21	0.58	202

Other:	0.14	0.51	202

Cost of health care	0.08	0.43	202

Terrorism	0.03	0.20	202

7

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

3. What are the top three concerns your corporation faces? (rank #1, #2, #3) Other specified

Competition	
competition local	
Corruption	
Cost of occupancy costs	
Cost of Real Estate	
Customer Orders	
Fixed Asset Investments	
Freight costs	
Health of regional economies	
Industry competition	
Lack of investment opportunities	
Local Competition	
Local Competition	
Market Competition	
no business	
PRC Economic Policy	
shortage of managerial skills	

8

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

4. 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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Cash on the balance sheet	18.00	55.01	7.72 - 28.28	5	-30	400	110

Earnings	16.85	39.50	10.26 - 23.44	10	-50	400	138

Capital spending	14.13	28.45	9.33 - 18.93	10	-50	200	135

Wages/Salaries	11.73	18.64	8.86 - 14.59	8	-10	200	163

Technology spending	11.47	28.10	6.37 - 16.56	5	-50	200	117

Number of domestic employees	10.45	19.03	7.06 - 13.84	5	-20	99	121

Marketing/advertising spending	10.21	18.67	6.78 - 13.64	5	-50	110	114

Dividends	8.41	21.22	0.69 - 16.14	0	-24	100	29

Productivity (output per hour worked)	7.61	19.96	3.98 - 11.24	4	-10	200	116

Prices of your products	7.27	33.84	1.72 - 12.81	4	-10	400	143

Number of foreign/off-shore outsourced
employees	5.75	20.86	1.29 - 10.21	3	-50	125	84

Inventory	4.88	15.83	1.76 - 8.00	3	-60	50	99

Share repurchases	0.36	4.89	-1.00 - 1.72	0	-25	20	50

9

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=203)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	1.0	161	1	1	163
Wages/Salaries	0.2	98.8%	0.6%	0.6%	100.0%

	0.8	97	11	8	116
Productivity (output per hour worked)	0.6	83.6%	9.5%	6.9%	100.0%

	0.7	93	18	6	117
Technology spending	0.5	79.5%	15.4%	5.1%	100.0%

	0.7	111	13	13	137
Capital spending	0.6	81.0%	9.5%	9.5%	100.0%

	0.7	88	19	7	114
Marketing/advertising spending	0.6	77.2%	16.7%	6.1%	100.0%

	0.7	114	6	20	140
Earnings	0.7	81.4%	4.3%	14.3%	100.0%

	0.5	99	23	21	143
Prices of your products	0.7	69.2%	16.1%	14.7%	100.0%

	0.5	88	10	23	121
Number of domestic employees	0.8	72.7%	8.3%	19.0%	100.0%

	0.5	77	14	21	112
Cash on the balance sheet	0.8	68.8%	12.5%	18.8%	100.0%

	0.5	64	19	16	99
Inventory	0.8	64.6%	19.2%	16.2%	100.0%

	0.4	14	14	1	29
Dividends	0.6	48.3%	48.3%	3.4%	100.0%

Number of foreign/off-shore outsourced	0.4	50	21	14	85
employees	0.8	58.8%	24.7%	16.5%	100.0%

	0.1	6	43	1	50
Share repurchases	0.4	12.0%	86.0%	2.0%	100.0%

	0.0	0	0	0	0
Health care costs	0.0	0.0%	0.0%	0.0%	0.0%

10

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Windsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	13.70	15.53	13.06 - 14.33	10	-45.10	64.66

Capital spending	11.11	15.15	10.48 - 11.73	6	-50	81.51

Cash on the balance sheet	8.09	20.81	7.19 - 9.00	5	-30	68.84

Technology spending	7.11	8.53	6.73 - 7.49	5	-34.20	50.53

Marketing/advertising spending	6.83	12.52	6.28 - 7.38	3	-34.50	48.83

Prices of your products	5.54	7.34	5.25 - 5.83	4	-10	32.41

Dividends	4.92	9.39	4.24 - 5.61	0	-24	53.47

Inventory	3.52	7.62	3.16 - 3.89	2	-26.40	31.04

Share repurchases	1.63	3.58	1.41 - 1.85	0	-25	20

11

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Windsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Number of domestic employees	9.03	15.61	8.41 - 9.65	5	-20	55.47

Wages/Salaries	9.00	7.59	8.72 - 9.27	8	-10	36.56

Number of foreign/off-shore outsourced employees	4.95	13.85	4.32 - 5.57	2	-41.10	51.46

Productivity (output per hour worked)	4.09	4.23	3.92 - 4.25	3	-10	25.40

Health care costs	0.00	0.00	0.00 - 0.00	0	0	0

12

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Windsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	9.41	11.48	8.77 - 10.05	10	-45.10	64.66

Dividends	4.93	9.45	4.23 - 5.63	0	-24	53.47

Cash on the balance sheet	-0.26	13.39	-1.03 - 0.51	2	-30	68.84

Share repurchases	2.71	3.98	2.39 - 3.03	0	0	10

13

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

5a. During 2008, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	35	17.6 %	± 5.2 %
	Acquire part of another company or companies?	14	7.0 %	± 3.5 %
	Both	35	17.6 %	± 5.2 %
	Neither	115	57.8 %	± 6.9 %
	Total	199	100.0 %

	Missing Cases = 4 
	Response Percent = 98.0 %

14

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

5b. During 2008, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company?	1	0.5 %	± 1.0 %
	Sell part of your company?	23	11.5 %	± 4.4 %
	Neither	176	88.0 %	± 4.7 %
	Total	200	100.0 %

	Missing Cases = 3 
	Response Percent = 98.5 %

15

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

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

	 	Number	Percent	95% CI
	1=No	146	72.3 %	± 6.2 %
	2=Yes, somewhat	45	22.3 %	± 5.8 %
	3=Yes, very	11	5.4 %	± 3.1 %
	Total	202	100.0 %

	Mean = 1.3
	SD = 0.6

	Missing Cases = 1 
	Response Percent = 99.5 %

16

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

6b. If yes, in what ways has your company been affected by the credit market turmoil? [check all that apply]

	 	Number	Percent	95% CI
	Increased cost of credit	33	58.9 %	± 13.3 %
	Decreased availability of credit	23	41.1 %	± 13.3 %
	Other	6	10.7 %	± 8.4 %
	Total	62

	Number of Cases =56
	Number of Responses =62
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =55
	Response Percent = 98.2 %

17

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

6b. If yes, in what ways has your company been affected by the credit market turmoil? Other specified

15	
Central Bank regulations	
many questions asked	
market volatility	
My customers' investments have slowed down	
no credit available	
Our clients have had a huge impact, therefore us	
Reduction in Business Opportunities	

18

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

6b. Checked increased cost of credit. How many basis points increase?

	Minimum = 1

	Maximum = 300

	Mean = 109.69

	Median = 100

	Variance (Unbiased) = 9127.72

	Standard Deviation (Unbiased) = 95.54

	Standard Error Of The Mean  = 17.74

	95 Percent Confidence Interval Around The Mean = 74.92 - 144.46

	99 Percent Confidence Interval Around The Mean = 64.01 - 155.37

Quartiles

	 1 = 19
	 2 = 100
	 3 = 187.50

Valid Cases = 29 
Missing Cases = 4 
Response Percent = 87.9%

19

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

6c. Is your company taking any actions in response to recent credit market turmoil? [check all that apply]

	 	Number	Percent	95% CI
	Yes, delaying or reducing capital spending	26	46.4 %	± 13.5 %
	No, we are not taking any actions in response	16	28.6 %	± 12.2 %
	Yes, delaying or reducing M&A plans	11	19.6 %	± 10.8 %
	Yes, other action:	9	16.1 %	± 10.0 %
	Yes, delaying or reducing hiring plans	6	10.7 %	± 8.4 %
	Yes, delaying or reducing share repurchases	3	5.4 %	± 6.1 %
	Total	71

	Number of Cases =56
	Number of Responses =71
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =52
	Response Percent = 92.9 %

20

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

6c. Is your company taking any actions in response to recent credit market turmoil? Other action specified

better reducing inventory holding	
Controlled credit exposure to Customers	
credit tightening	
Increase cost reduction projects	
investment activities	
looking for equity investor	
monitoring cash flow tightly	
Reducing Working Capital requirement	
Review all customers credit risk again	
Seeking alternative means of finance	
tighter credit control	
Try widen customer base, keep revenue growth	
watching the market  & looking at alternates	

21

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

7a. Will the weaker U.S. dollar help or hurt your firm in the following areas:

(N=203)

			Not much		
	Mean & SD	Hurt	effect	Help	Total
	  	-1	0	1	  	
	0.0	46	83	51	180
Raw material costs	0.7	25.6%	46.1%	28.3%	100.0%

	-0.1	32	129	22	183
Competitive position domestically	0.5	17.5%	70.5%	12.0%	100.0%

	-0.2	50	106	22	178
Competitive position abroad	0.6	28.1%	59.6%	12.4%	100.0%

	-0.2	6	13	2	21
Other:	0.6	28.6%	61.9%	9.5%	100.0%

	-0.3	82	81	26	189
Translation of foreign revenues	0.7	43.4%	42.9%	13.8%	100.0%

	-0.4	74	87	13	174
Exports	0.6	42.5%	50.0%	7.5%	100.0%

22

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

7a. Will the weaker U.S. dollar help or hurt your firm in the following areas: Other specified

all our transactions are in local currency . hence no impact	
China RMB revalueing	
Equity Inflows	
hiring expats	
Import of Capital Goods	
Japanese Yen affects us	
Less and less spend by MNCs	
no transaction in USD	
Paradox effect of local currency	
Profitability	
Strong Sin Dollars	

23

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

7b. The U.S. dollar's value has recently reached historic lows. Do you believe that the dollar's devaluation is:

	 	Number	Percent	95% CI
	A cyclical / temporary phenomenon	80	39.6 %	± 6.8 %
	A permanent / long-term condition	122	60.4 %	± 6.8 %
	Total	202	100.0 %

	Missing Cases = 1 
	Response Percent = 99.5 %

24

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? (choose all that apply)

	 	Number	Percent	95% CI
	Taken no action	92	45.3 %	± 6.9 %
	Increased hedging position	86	42.4 %	± 6.9 %
	Changed location of investments	18	8.9 %	± 3.9 %
	Other	13	6.4 %	± 3.4 %
	Changed amount or location of outsourced work	9	4.4 %	± 2.9 %
	Changed location of production	8	3.9 %	± 2.7 %
	Total	226

	Number of Cases =203
	Number of Responses =226
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =201
	Response Percent = 99.0 %

25

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? Other specified

adjust product portfolio	
changed currency of investments	
changed sourcing to more USD based	
Changed underlying currency of trade	
decrease US$ exposure	
increased local prices	
intercompany hedged by globally	
Keep foreign currencies as it is	
Managed costs more closely	
more Euro exports	
Moving to non-Dollar based billing (exports)/Rupee Billing for Hotel services	
Sold US$	
wait & see for moment	
We are concerned with JPY movement	

26

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

8. Compared to 2006, how much will year-end bonuses change at your company?

	 	Number	Percent	95% CI
	Some change	95	47.3 %	± 6.9 %
	No change	90	44.8 %	± 6.9 %
	Our company doesn't normally give bonuses	16	8.0 %	± 3.7 %
	Total	201	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

27

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

8. Compared to 2006, how much will year-end bonuses change at your company? % change (e.g., +12%, -25%, etc.)

	Minimum = -50

	Maximum = 200

	Mean = 7.17

	Median = 10

	Variance (Unbiased) = 814.01

	Standard Deviation (Unbiased) = 28.53

	Standard Error Of The Mean  = 2.93

	95 Percent Confidence Interval Around The Mean = 1.43 - 12.91

	99 Percent Confidence Interval Around The Mean = -0.37 - 14.71

Quartiles

	 1 = 0.75
	 2 = 10
	 3 = 15

Valid Cases = 95 
Missing Cases = 108 
Response Percent = 46.8%

28

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

9. What best describes China's economic growth?

	 	Number	Percent	95% CI
	1=The pace of economic growth is unsustainable	17	8.4 %	± 3.8 %
	2=The pace of economic growth is on the verge of being
	   unsustainable and therefore requires close attention	52	25.7 %	± 6.1 %
	3=The pace of economic growth is sustainable, but there is
	   cause for concern	120	59.4 %	± 6.8 %
	4=Economic growth is stable and balanced	13	6.4 %	± 3.4 %
	Total	202	100.0 %

	Mean = 2.6
	SD = 0.7

	Missing Cases = 1 
	Response Percent = 99.5 %

29

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

10. Do you work for a multinational company?

	 	Number	Percent	95% CI
	Yes	115	57.5 %	± 6.9 %
	No	85	42.5 %	± 6.8 %
	Total	200	100.0 %

	Missing Cases = 3 
	Response Percent = 98.5 %

30

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

10. Do you work for a multinational company? If yes, are you under pressure from headquarters to contribute a greater proportion of revenues to the company's total in 2008, as opposed to 2007?

	 	Number	Percent	95% CI
	Yes	92	82.1 %	± 7.4 %
	No	20	17.9 %	± 7.0 %
	Total	112	100.0 %

	Missing Cases = 3 
	Response Percent = 97.4 %

31

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Industry

	 	Number	Percent
	Manufacturing	70	35.7 %
	Other	30	15.3 %
	Banking/Finance/Insurance	24	12.2 %
	Service/Consulting	22	11.2 %
	Tech [Software/Biotech]	13	6.6 %
	Healthcare/Pharmaceutical	11	5.6 %
	Transportation/Energy	8	4.1 %
	Retail/Wholesale	7	3.6 %
	Mining/Construction	6	3.1 %
	Communications/Media	5	2.6 %
	Total	196	100.0 %

	Missing Cases = 7 
	Response Percent = 96.6 %

32

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Industry (Other specified)

Advertising	
Asset Management	
audit	
BPO	
BPO/Call Center	
Charitable/Religious Board	
Comstruciton / Development Management	
Diversified	
Education	
Education	
Education / Publishing	
Food Packaging & Processing	
Information Technology	
Manufacturing ,Marketing of Brand	
MICE Industry	
Oil & Gas	
Publishing	
publishing	
Quick Service Restaurant	
R&D	
Real Estate	
Real Estate	
Real Estate	
Real Estates	
semiconductor	
Stockist for Oil & Gas Industry	
Telecom	
TOBACCO	

33

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Sales Revenue

	 	Number	Percent
	Less than $25 million	47	23.5 %
	$25-$99 million	57	28.5 %
	$100-$499 million	37	18.5 %
	$500-$999 million	18	9.0 %
	$1-$4.9 billion	22	11.0 %
	$5-$9.9 billion	4	2.0 %
	More than $10 billion	15	7.5 %
	Total	200	100.0 %

	Missing Cases = 3 
	Response Percent = 98.5 %

34

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1451.55

	Median = 62

	Variance (Unbiased) = 9197522.14

	Standard Deviation (Unbiased) = 3032.74

	Standard Error Of The Mean  = 214.45

	95 Percent Confidence Interval Around The Mean = 1031.23 - 1871.86

	99 Percent Confidence Interval Around The Mean = 899.34 - 2003.75

	Skewness = 2.47

	Kolmogorov-Smirnov Statistic For Normality = 5.49

Quartiles

	 1 = 62
	 2 = 62
	 3 = 750

Valid Cases = 200 
Missing Cases = 3 
Response Percent = 98.5%

35

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Number of Employees

	 	Number	Percent
	Fewer than 100	30	18.0 %
	100-499	38	22.8 %
	500-999	21	12.6 %
	1,000-2,499	31	18.6 %
	2,500-4,999	16	9.6 %
	5,000-9,999	6	3.6 %
	Over 10,000	25	15.0 %
	Total	167	100.0 %

	Missing Cases = 36 
	Response Percent = 82.3 %

36

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2930.54

	Median = 750

	Variance (Unbiased) = 17100989.47

	Standard Deviation (Unbiased) = 4135.33

	Standard Error Of The Mean  = 320.00

	95 Percent Confidence Interval Around The Mean = 2303.34 - 3557.74

	99 Percent Confidence Interval Around The Mean = 2106.53 - 3754.54

	Skewness = 1.50

	Kolmogorov-Smirnov Statistic For Normality = 4.30

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 167 
Missing Cases = 36 
Response Percent = 82.3%

37

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Headquarters Asia

	 	Number	Percent
	India	42	21.5 %
	U.S.	40	20.5 %
	Europe	28	14.4 %
	Singapore	17	8.7 %
	Hong Kong	13	6.7 %
	Malaysia	12	6.2 %
	People's Republic of China	11	5.6 %
	Philippines	10	5.1 %
	Other (please specify)	6	3.1 %
	Japan	5	2.6 %
	Taiwan	4	2.1 %
	Thailand	3	1.5 %
	Indonesia	3	1.5 %
	Korea	1	0.5 %
	Sri Lanka	0	0.0 %
	Laos	0	0.0 %
	Total	195	100.0 %

	Missing Cases = 8 
	Response Percent = 96.1 %

38

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Headquarters Asia (Other Specified)

Australia	
Australia	
Australia	
Denmark	
Has just been acquired by	
joint venture	
Kolkata, India	
listing in Hong Kong	
New York	
UAE	
UK	

39

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Ownership

	 	Number	Percent
	Private	104	52.5 %
	Public	89	44.9 %
	Government	4	2.0 %
	Nonprofit	1	0.5 %
	Total	198	100.0 %

	Missing Cases = 5 
	Response Percent = 97.5 %

40

Duke University/CFO Business Outlook Survey - Asia - Year-End, 2007

Foreign Sales

	 	Number	Percent
	0%	33	16.8 %
	1-24%	60	30.5 %
	25-50%	31	15.7 %
	Over 50%	73	37.1 %
	Total	197	100.0 %

	Missing Cases = 6 
	Response Percent = 97.0 %