Table of Contents

1. Are you more or less optimistic about the U.S. economy compared to last quarter?	1
1b. 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
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 external concerns your corporation faces? (rank #1, #2, #3)	5
3. What are the top three external concerns your corporation faces? REVERSE 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. What are the top three internal, company-specific concerns your corporation faces? (rank #1, #2, #3)	9
4. What are the top three internal, company-specific concerns your corporation faces? REVERSE SCALE & WEIGHTED 
BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)	10
4. What are the top three internal, company-specific concerns your corporation faces? (rank # 1, #2, #3) Other specified	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? 	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]	15
5. 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]	16
5. 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]	17
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Windsorized – Revenue Weighted]	18
6a. During 2008, does your company plan to :	19
6b. During 2008, does your company plan to:	20
7a. Do you think the U.S. is currently in a recession?	21
7b. If no, what is the probability that the U.S. economy will experience a recession during 2008? (e.g., 0%, 50%, etc.)	22
Percent Chance of Recession in 2008	23
7c. When do you expect to see the economy turn the corner and begin returning to normal growth?	24
8. To what extent do you believe your company's foreign activity will offset potential weakness in U.S. demand for 
your product? (Headquartered in US with foreign sales)	25
9a. Has your company been affected by the cost or availability of credit?	26
9b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	27
9b. If yes, in what ways has your company been affected by the credit market turmoil?  Other specified	28
9c. Increased cost of credit - How many basis points increase?	29
9a. Has your company been affected by the cost or availability of credit? - by - Credit Rating	30
9b. In what ways has your company been affected by the credit market turmoil? - by – Credit Rating	31
9c. Increased cost of credit: How many basis points increase? - by - Credit Rating	32
10.The Federal Funds rate has been cut significantly in the last few months. From your perspective, what impact have 
these cuts had on your company?	33
11. Is your company taking any actions in response to recent economic turmoil in the U.S.?	34
11. Is your company taking any actions in response to recent economic turmoil in the U.S.? Other specified	35
12. On February 25, 2008 the annual yield on 10-yr treasury bonds was 3.9%. Please complete the following:	37
Revenue Weighted: 12. On February 25, 2008 the annual yield on 10-yr treasury bonds was 3.9%. Please complete 
the following:	38
Employee Weighted: 12. On February 25, 2008 the annual yield on 10-yr treasury bonds was 3.9%. Please complete 
the following:	39
13a.  In the last year, what percentage of 401(k) participants at your company have taken loans against or made hardship
withdrawals from their 401(k) accounts? (e.g., 5%, 12%)	40
13b.  Is the number of loans or withdrawals an increase, relative to 2006?	41
13c. To what do you attribute your employees taking loans or making hardship withdrawals?	42
13c. To what do you attribute your employees taking loans or making hardship withdrawals? Other specified	43
14. Who is your choice for the next president of the United States?	44
14. Who is your choice for the next president of the United States?  Other specified	45
14. Choice for the next president of the United States - by - Age Group	46

Industry	47
Industry (Other specified)	48
Sales Revenue	50
Weighted Sales Revenue (Millions)	51
Number of Employees	52
Weighted Number of Employees	53
Headquarters	54
Ownership	55
Foreign Sales	56

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

1. Are you more or less optimistic about the U.S. economy compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	39	8.2 %	± 2.5 %
	2=No change	93	19.7 %	± 3.6 %
	1=Less optimistic	341	72.1 %	± 4.1 %
	Total	473	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 2 
	Response Percent = 99.6 %

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

1b. 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.

	Minimum = 0

	Maximum = 90

	Mean = 51.66

	Median = 50

	Variance (Unbiased) = 264.23

	Standard Deviation (Unbiased) = 16.26

	Standard Error Of The Mean  = 0.77

	95 Percent Confidence Interval Around The Mean = 50.15 - 53.17

	99 Percent Confidence Interval Around The Mean = 49.67 - 53.64

Quartiles

	 1 = 40
	 2 = 50
	 3 = 65

Valid Cases = 445 
Missing Cases = 30 
Response Percent = 93.7%

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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	141	29.8 %	± 4.1 %
	2=No change	151	31.9 %	± 4.2 %
	1=Less optimistic	181	38.3 %	± 4.4 %
	Total	473	100.0 %

	Mean = 1.9
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.6 %

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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 = 0

	Maximum = 100

	Mean = 64.69

	Median = 70

	Variance (Unbiased) = 363.89

	Standard Deviation (Unbiased) = 19.08

	Standard Error Of The Mean  = 0.91

	95 Percent Confidence Interval Around The Mean = 62.91 - 66.47

	99 Percent Confidence Interval Around The Mean = 62.35 - 67.03

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 442 
Missing Cases = 33 
Response Percent = 93.1%

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

(N=475)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	152	61	60	273
Consumer demand	0.8	32.0%	12.8%	12.6%	57.5%

	1.8	44	15	30	89
Other:	0.9	9.3%	3.2%	6.3%	18.7%

	1.9	70	76	53	199
Credit markets/interest rates	0.8	14.7%	16.0%	11.2%	41.9%

	1.9	55	60	43	158
Housing market fallout	0.8	11.6%	12.6%	9.1%	33.3%

	2.0	42	46	43	131
Cost of non-fuel commodities	0.8	8.8%	9.7%	9.1%	27.6%

	2.0	45	63	50	158
Cost of fuel	0.8	9.5%	13.3%	10.5%	33.3%

	2.2	32	35	60	127
Upcoming change in U.S. administration	0.8	6.7%	7.4%	12.6%	26.7%

	2.2	13	35	32	80
Financial regulation	0.7	2.7%	7.4%	6.7%	16.8%

	2.3	9	39	35	83
Devaluation of the U.S. dollar	0.7	1.9%	8.2%	7.4%	17.5%

	2.4	3	14	15	32
Currency risk	0.7	0.6%	2.9%	3.2%	6.7%

	2.4	6	8	19	33
International political instability	0.8	1.3%	1.7%	4.0%	6.9%

	2.5	4	16	24	44
Environmental regulation	0.7	0.8%	3.4%	5.1%	9.3%

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

	Mean	SD	Total

Consumer demand	1.35	1.31	474

Credit markets/interest rates	0.88	1.15	474

Housing market fallout	0.69	1.08	474

Cost of fuel	0.66	1.03	474

Cost of non-fuel commodities	0.55	0.99	474

Upcoming change in U.S. administration	0.48	0.90	474

Other:	0.41	0.93	474

Financial regulation	0.30	0.72	474

Devaluation of the U.S. dollar	0.30	0.70	474

Environmental regulation	0.14	0.49	474

International political instability	0.11	0.46	474

Currency risk	0.11	0.44	474

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

Available management talent	
biotech financing environment	
Business cycle	
Capital spending	
Change in State and City Administration	
Changes in Federal Spending	
Commercial construction demand	
Commodity Prices	
Competition	
Competition	
competition	
Competitive Pressures	
competitive dynamics	
consumer confidence	
Consumer Sentiment	
Corporate Platform Failure	
cost of healthcare	
Cost of raw material	
Customer demand (B2B, not consumer)	
Demand for commercial R/E	
Deregulation of the industry	
donors turning down grants, individuals give less.	
Drug reimbursement	
External pressures on product pricing	
Falling Prices	
FDA regulation	
Federal, State and Local budgets	
Federal spending changes	
Foreign Competition	
foreign demand creating shortages	
Freelance consult - so survey not real meaningful	
Global economy	
Governmental Regualtion Changes	
Governmental Regulation	
government reimbursement	
health of customers, financial services	
Healthcare Reimbursement Methodologies	
Immigration reform	
Increased competition	
increasing government regulation	
Industry Consolidation	
Industry market demand	
Inflation	
Investment Returns	
IT Spending	
job pool	
Labor availability	
Labor costs	
Labor shortage	
Level of Tech spending	
local and state economy	
local gov rules	

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

local political climate	
low cost competition from China / developing economies	
Low priced competition	
Manufacturing activity	
market competition	
Medicare Changes	
Medicare funding	
Negative business attitudes	
Oil Price	
Patent Reform	
price of crude oil	
Pricing pressures	
Qualitfied Staffing	
recession	
regional economy	
Regulatory Issues, change in public policy	
Regulatory risk	
Respources to deliver product	
School budgets	
Shrinking defense budgets	
Skilled Labor shortage	
Soft Insurance market	
State & Fed Infrastructure funding	
State compelled to look for new and expanded revenue sources	
State Fiscal Health	
steel prices	
Stock Market Decline	
stock market volatity	
Tax Policy	
taxes	
Terrorism	
Transportation costs	
U.S. Economy	
U.S. Farm Policy	
Uncertainty in investment markets	
Unemployment	
US Budget Cuts	
War in Iraq/Afghanstan	
Weather	

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

(N=475)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	129	97	52	278
Cost and availability of non-finance labor	0.8	27.2%	20.4%	10.9%	58.5%

	1.8	127	78	66	271
Ability to forecast results	0.8	26.7%	16.4%	13.9%	57.1%

	2.0	58	64	54	176
Supply chain risk	0.8	12.2%	13.5%	11.4%	37.1%

	2.0	37	23	39	99
Other:	0.9	7.8%	4.8%	8.2%	20.8%

	2.0	79	116	92	287
Cost of health care	0.8	16.6%	24.4%	19.4%	60.4%

Cost and availability of labor in accounting/	2.3	16	26	40	82
finance department	0.8	3.4%	5.5%	8.4%	17.3%

	2.4	4	14	17	35
Auditing costs	0.7	0.8%	2.9%	3.6%	7.4%

	2.4	16	36	63	115
Data security	0.7	3.4%	7.6%	13.3%	24.2%

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

4. What are the top three internal, company-specific concerns your corporation faces? REVERSE SCALE & WEIGHTED BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)

	Mean	SD	Total

Cost and availability of non-finance labor	1.35	1.26	468

Ability to forecast results	1.29	1.26	468

Cost of health care	1.20	1.13	468

Supply chain risk	0.76	1.10	468

Other:	0.42	0.90	468

Data security	0.39	0.77	468

Cost and availability of labor in accounting/finance department	0.30	0.73	468

Auditing costs	0.12	0.47	468

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

1) how to effectively react to changing demand 2)how to better communicate	
Ability to hit Growth targets	
Ability to outpace competition in technological advance	
Ability to sell assets	
ability to react to volume change	
access to capital	
adjusting budgets to reflect currency exchange rate differences due to dollar drop	
advertising costs	
alignment of goals and strategies	
Auction Rate Security Ligquidity	
Availability of credit	
Business Process improvement	
Capital markets turmoil	
Change in growth drivers	
Change management	
Competent College Graduates	
Cost of capital	
Cost of Living Increases	
Cost of oil & oil related products	
Cost of Technology Upgrades	
Costs of litigation	
Credit	
credit risk	
customer financial stability	
customer perceptions of the economy	
Customer returns/cancellations	
Debt financing	
demand	
demand	
Dependence on capital markets	
Developing New Leaders	
Disciplined cost management	
dysfunctional organization	
Employee Retention	
employee retention	
Employee turnover	
employee turn-over, employee willingness to change and try new things.	
ERP Conversion	
ERP System Implementation	
escalating food prices	
Excess Capacity	
execution of operating plan	
Executive Management Changes	
expense control	
financial strength of customers	
financing	
financing markets have failed	
Fuel Cost	
Fuel cost	
Funding issues	
Global Deleveraging	
Governmental regulation-Cost to comply	

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

Growth Management	
high-debt levels	
implementation of SAP acctng system	
Implementing new systems	
Inability to reasonably forecast revenue	
Increased Underwriting costs	
IT systems incompatibility	
Labor productivity	
Lack of sufficient product innovation	
Loan demand	
Locking in EPS	
Management inertia	
Management risk adversion	
Managing capacity, #3 is Managing FCF	
Managing external consultants	
Material + energy costs	
Medical malpractice tort reform	
Mgmt Transition	
na	
New customer acquisition	
New Product development	
New products	
Order Intake	
organic sales growth	
Organisation issues	
Pending Retirements	
Pension/retiree health	
porfitability analysis	
President's Successor	
Pricing pressure	
Project Execution	
quality of professional services provided	
R&D program sucess	
raw material availability	
Reduce Cost	
regulatory decisions	
Rent	
Resistance to change	
Retention of top-rated employees	
retention of top talent	
sales	
Sales execution	
Sales execution	
skills of accountig staff	
Slowing cash collections	
Sraff productivity	
Stock market volatility	
subprime market activity	
Success of new product lines & international start-up	
Successful outsourcing	
System reliability	
tight lending-1	

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

trade A/R credit risk	
turnover	
what the state government will do to balance its books	

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	7.94	4.97	7.45 - 8.44	8	-15	50	388

Earnings	7.54	29.96	4.41 - 10.67	5	-90	300	352

Capital spending	7.27	48.52	2.20 - 12.35	1	-90	450	351

Technology spending	6.75	26.12	3.98 - 9.52	3	-75	350	342

Number of foreign/off-shore outsourced
employees	5.73	30.65	1.39 - 10.06	0	-25	400	192

Marketing/advertising spending	5.23	23.44	2.66 - 7.81	2	-50	300	319

Cash on the balance sheet	3.54	32.59	-0.14 - 7.22	0	-90	360	301

Wages/Salaries	3.25	5.75	2.70 - 3.81	3.50	-80	30	419

Productivity (output per hour worked)	3.19	4.92	2.62 - 3.76	2	-15	50	285

Share repurchases	3.16	17.72	0.32 - 6.01	0	-75	100	149

Prices of your products	2.99	7.58	2.22 - 3.77	3	-20	100	369

Order backlog	2.52	17.35	0.04 - 5.00	0	-60	150	188

Number of domestic employees overall	1.87	10.18	0.81 - 2.94	0	-75	40	351

Number of domestic employees in accounting/
finance	1.84	14.28	0.23 - 3.44	0	-50	150	304

Dividends	0.21	14.13	-3.06 - 3.47	0	-75	30	72

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

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

(N=475)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	372	10	7	389
Health care costs	0.3	95.6%	2.6%	1.8%	100.0%

	0.9	398	5	16	419
Wages/Salaries	0.4	95.0%	1.2%	3.8%	100.0%

	0.7	211	59	15	285
Productivity (output per hour worked)	0.6	74.0%	20.7%	5.3%	100.0%

	0.6	270	47	52	369
Prices of your products	0.7	73.2%	12.7%	14.1%	100.0%

	0.5	209	85	49	343
Technology spending	0.7	60.9%	24.8%	14.3%	100.0%

	0.4	175	96	48	319
Marketing/advertising spending	0.7	54.9%	30.1%	15.0%	100.0%

	0.4	221	45	87	353
Earnings	0.9	62.6%	12.7%	24.6%	100.0%

Number of foreign/off-shore outsourced	0.3	76	108	9	193
employees	0.6	39.4%	56.0%	4.7%	100.0%

	0.2	180	80	95	355
Capital spending	0.8	50.7%	22.5%	26.8%	100.0%

	0.2	132	104	66	302
Cash on the balance sheet	0.8	43.7%	34.4%	21.9%	100.0%

	0.2	173	79	99	351
Number of domestic employees overall	0.9	49.3%	22.5%	28.2%	100.0%

	0.2	22	45	7	74
Dividends	0.6	29.7%	60.8%	9.5%	100.0%

Number of domestic employees in	0.1	93	164	48	305
accounting/finance	0.7	30.5%	53.8%	15.7%	100.0%

	0.1	60	96	33	189
Order backlog	0.7	31.7%	50.8%	17.5%	100.0%

	0.1	20	125	8	153
Share repurchases	0.4	13.1%	81.7%	5.2%	100.0%

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

5. 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	6.29	15.27	6.06 - 6.52	5	-51.20	66.26

Share repurchases	3.33	12.73	3.06 - 3.59	0	-31.60	37.89

Capital spending	3.26	19.08	2.97 - 3.55	0	-87.80	102.40

Technology spending	3.23	9.05	3.09 - 3.37	2	-44.40	57.95

Prices of your products	2.95	4.31	2.89 - 3.02	3	-11.90	17.85

Marketing/advertising spending	2.48	8.40	2.35 - 2.61	0	-40.70	51.17

Dividends	1.84	10.32	1.59 - 2.09	0	-27.50	27.90

Order backlog	1.36	8.07	1.20 - 1.53	0	-31.50	36.53

Cash on the balance sheet	0.41	16.94	0.12 - 0.70	0	-60.30	67.42

17

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

5. 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

Health care costs	6.76	3.12	6.71 - 6.80	6	-1.80	17.68

Number of foreign/off-shore outsourced employees	3.63	6.86	3.50 - 3.76	2	-25	65.80

Wages/Salaries	3.17	2.82	3.14 - 3.21	3	-8.02	14.52

Productivity (output per hour worked)	2.93	2.71	2.89 - 2.98	3	-5	12.83

Number of domestic employees overall	0.61	6.51	0.51 - 0.71	0	-18.10	21.82

Number of domestic employees in accounting/finance	0.15	6.27	0.05 - 0.24	0	-26.10	29.83

18

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

5. 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	8.72	13.90	8.43 - 9.00	8	-50	66.26

Cash on the balance sheet	-1.22	17.16	-1.62 - -0.82	0	-60.30	67.42

Dividends	2.42	9.88	2.17 - 2.68	0	-27.50	27.90

Share repurchases	4.93	15.37	4.52 - 5.33	0	-31.60	37.89

19

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

6a. During 2008, does your company plan to :

	 	Number	Percent	95% CI
	Acquire another company or companies?	83	17.6 %	± 3.4 %
	Acquire part of another company or companies?	25	5.3 %	± 2.0 %
	Both	65	13.8 %	± 3.1 %
	Neither	299	63.3 %	± 4.4 %
	Total	472	100.0 %

	Missing Cases = 3 
	Response Percent = 99.4 %

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

6b. During 2008, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company?	15	3.2 %	± 1.6 %
	Sell part of your company?	53	11.3 %	± 2.8 %
	Neither	403	85.6 %	± 3.2 %
	Total	471	100.0 %

	Missing Cases = 4 
	Response Percent = 99.2 %

21

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

7a. Do you think the U.S. is currently in a recession?

	 	Number	Percent	95% CI
	Yes	258	54.4 %	± 4.5 %
	No	216	45.6 %	± 4.5 %
	Total	474	100.0 %

	Missing Cases = 1 
	Response Percent = 99.8 %

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Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

7b. If no, what is the probability that the U.S. economy will experience a recession during 2008? (e.g., 0%, 50%, etc.)

	Minimum = 0

	Maximum = 100

	Mean = 44.56

	Median = 50

	Variance (Unbiased) = 404.51

	Standard Deviation (Unbiased) = 20.11

	Standard Error Of The Mean  = 1.39

	95 Percent Confidence Interval Around The Mean = 41.83 - 47.29

	99 Percent Confidence Interval Around The Mean = 40.98 - 48.14

Quartiles

	 1 = 30
	 2 = 50
	 3 = 60

Valid Cases = 209 
Missing Cases = 7 
Response Percent = 96.8%

23

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Percent Chance of Recession in 2008

	 	Number	Percent	Cumulative
	90-100%	260	55.6 %	55.6 %
	80-89%	10	2.1 %	57.7 %
	70-79%	19	4.1 %	61.8 %
	60-69%	24	5.1 %	66.9 %
	50-59%	55	11.8 %	78.6 %
	40-49%	22	4.7 %	83.3 %
	30-39%	27	5.8 %	89.1 %
	20-29%	35	7.5 %	96.6 %
	10-19%	11	2.4 %	98.9 %
	0-9%	5	1.1 %	100.0 %
	Total	468	100.0 %	100.0 %

	Missing Cases = 7 
	Response Percent = 98.5 %

24

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

7c. When do you expect to see the economy turn the corner and begin returning to normal growth?

	 	Number	Percent	Cumulative
	2008	61	12.8 %	12.8 %
	1st half 2009	191	40.2 %	53.1 %
	2nd half 2009	166	34.9 %	88.0 %
	Beyond	57	12.0 %	100.0 %
	Total	475	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

25

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

8. To what extent do you believe your company's foreign activity will offset potential weakness in U.S. demand for your product? (Headquartered in US with foreign sales)

	 	Number	Percent	95% CI
	1=Not at all	30	14.2 %	± 4.8 %
	2=A small amount	76	36.0 %	± 6.5 %
	3=A moderate amount	67	31.8 %	± 6.3 %
	4=A large amount	38	18.0 %	± 5.2 %
	Total	211	100.0 %

	Mean = 2.5
	SD = 0.9

	Missing Cases = 0 
	Response Percent = 100.0 %

26

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	305	64.5 %	± 4.3 %
	2=Yes, somewhat	114	24.1 %	± 3.9 %
	3=Yes, very much	54	11.4 %	± 2.9 %
	Total	473	100.0 %

	Mean = 1.5
	SD = 0.7

	Missing Cases = 2 
	Response Percent = 99.6 %

27

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)

	 	Number	Percent	95% CI
	Decreased availability of credit	92	54.8 %	± 7.6 %
	Increased cost of credit	79	47.0 %	± 7.6 %
	Other	32	19.0 %	± 6.0 %
	Total	203

	Number of Cases =168
	Number of Responses =203
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response =160
	Response Percent = 95.2 %

28

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9b. If yes, in what ways has your company been affected by the credit market turmoil?  Other specified

Affected by clients cost of credit	
As a bank, granting credit	
Availability to clients	
Consumer demand	
cost impacted slightly by Ambac	
credit availability for customers	
customer ability to pay for services	
Customer cost of credit	
customer demand	
Customers not paying as prompt	
Decrease in investment returns	
Decrease in sales of real estate	
Decreased Balance Sheet Qualifiers	
Decreased ability of Clients to raise funding	
Decreased cost of credit	
Decreased cost of credit	
Decreased cost of debt as fed rate declines	
Difficulty discounting/factoring receivables	
Difficulty in recapitalizing the business	
Failure of the auction market	
High debt cost to buyers of some of our operations	
Higher level of scrutiny/due diligence by lenders	
Housing Market Fallout	
Increase in credit spread	
investment earning a lot less	
Line expirations	
Longer time to close	
Members needing more access to credit	
potential repricing of debt	
Real estate investors constrained	
Slowing of the housing market	
tightening of the mortgage mkt	
unable to refinance at acceptable rates	

29

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9c. Increased cost of credit - How many basis points increase?

	Minimum = 0.10

	Maximum = 700

	Mean = 118.36

	Median = 50

	Variance (Unbiased) = 20776.36

	Standard Deviation (Unbiased) = 144.14

	Standard Error Of The Mean  = 17.35

	95 Percent Confidence Interval Around The Mean = 84.35 - 152.37

	99 Percent Confidence Interval Around The Mean = 73.68 - 163.04

Quartiles

	 1 = 10
	 2 = 50
	 3 = 200

Valid Cases = 69 
Missing Cases = 10 
Response Percent = 87.3%

30

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9a. Has your company been affected by the cost or availability of credit? - by - Credit Rating

N=91		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		91		43	16	23	9	
		100.0%		47.3%	17.6%	25.3%	9.9%	
								
1=No		64		34	12	14	4	
		70.3%		79.1%	75.0%	60.9%	44.4%	
				d			a	
								
2=Yes, somewhat		18		6	3	8	1	
		19.8%		14.0%	18.8%	34.8%	11.1%	
								
3=Yes, very much		9		3	1	1	4	
		9.9%		7.0%	6.3%	4.3%	44.4%	
				D	d	D	AbC	
								
Mean		1.40		1.28	1.31	1.43	2.00	
SD		0.66		0.59	0.60	0.59	1.00	
				D	d		Ab	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

31

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating

N=27		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		27		9	4	9	5	
		100.0%		33.3%	14.8%	33.3%	18.5%	
								
Decreased availability of		18		4	3	6	5	
credit		66.7%		44.4%	75.0%	66.7%	100.0%	
								
Increased cost of credit		12		2	2	5	3	
		44.4%		22.2%	50.0%	55.6%	60.0%	
								
Other		3		3	0	0	0	
		11.1%		33.3%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

32

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

9c. Increased cost of credit: How many basis points increase? - by - Credit Rating

N=35		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		35		12	5	12	6	
Percent		100.0%		34.3%	14.3%	34.3%	17.1%	
								
How many basis points increase?	
								
N		30		11	4	10	5	
Mean		120.95		136.64	32.50	91.70	215.70	
SD		150.20		206.63	20.62	78.56	144.05	
					d	d	bc	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

33

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

10.The Federal Funds rate has been cut significantly in the last few months. From your perspective, what impact have these cuts had on your company?

	 	Number	Percent	95% CI
	1=Very helpful	36	7.6 %	± 2.4 %
	2=Somewhat helpful	217	45.8 %	± 4.5 %
	3=No impact	169	35.7 %	± 4.3 %
	4=Somewhat harmful	45	9.5 %	± 2.6 %
	5=Very harmful	7	1.5 %	± 1.1 %
	Total	474	100.0 %

	Mean = 2.5
	SD = 0.8

	Missing Cases = 1 
	Response Percent = 99.8 %

34

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

11. Is your company taking any actions in response to recent economic turmoil in the U.S.?

	 	Number	Percent
	No, we are not taking any actions in response	190	40.3 %
	Yes, we are delaying or reducing capital spending	93	19.7 %
	Yes, we are delaying or reducing hiring plans	119	25.2 %
	Yes, we are delaying or reducing M&A plans	9	1.9 %
	Yes, we are delaying or reducing share repurchases	4	0.8 %
	Yes, other action:	57	12.1 %
	Total	472	100.0 %

	Missing Cases = 3 
	Response Percent = 99.4 %

35

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

11. Is your company taking any actions in response to recent economic turmoil in the U.S.? Other specified

Actively monitoring and cutting expenses where possible.	
All Above	
also delaying hiring and share repo	
Although not an option, all of the above, except share repurchases	
careful review of expenditutres	
change in strategic execution	
Conserving cash to buy when others are selling	
Cost containment, limited hiring	
cost controls increased	
Cost reduction	
cost reduction	
cost reduction	
cutting back on production due to weak demand	
cutting costs	
Fixing L/T Interest Rates on Real Estate Owned/Leased to Company	
Going full speed ahead	
increase collections efforts	
Increasing hiring	
Increasing prices/offset USD decline	
investing heavily for new growth	
looking at footprint changes	
lowering sga	
M&A activity at lower pricing multiples	
More cautious giving loans	
normal planning	
Overall spending controls are tighter	
Preparing a contingency plan to reduce op exp	
pricing actions	
raising prices	
reducing bonuses	
Reducing expenses	
reducing expenses	
reducing hiring & cap spending	
Reduction in Capital Spend and	
Reorganizing and restructuring	
Restructuring debt	
reviewing credit process	
selective hiring	
SG&A Restructuring	
Surplus cash invested more in govt securities	
Tightening our credit policies	
tighter control/mangement of receivables	
tighter on our credit allowances	
To the extent it impacts top line growth, we are adjusting additions of sales personnel.	
watching operating indicators closely	
WE ARE ACCELERATING ACTIVITIES O/S THE US TO OFFSET THE IMPACT OF THE US ECONOMY	
We are capitalising on the opportunity it presents to us as a foreign corporation	
We are expanding under more favorable economic terms	
We are increasing capital spending	
We are locking into low interrest rates	
We are more vigilantly monitoring our backlog	
We are raising prices	

36

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

11. Is your company taking any actions in response to recent economic turmoil in the U.S.? Other specified

We are selling more overseas	
we are taking advantage of everyone else's fears, and acquiring under-valued assets	
working to reduce inventory and ar while market is good - anticipate bigger slowdown in late 2008	

37

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

12. On February 25, 2008 the annual yield on 10-yr treasury bonds was 3.9%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-10
chance it will be less than:	4.22	6.90	3.56 - 4.88	4	-20	80	420

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	8.99	9.66	8.09 - 9.90	8	0	100	434

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-10
chance it will be greater than:	13.19	12.85	11.96 - 14.42	10	0	100	421

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be less than:	-3.68	9.54	-4.59 - -2.77	-2	-40	70	425

Over the next year, I expect the average annual
S&P 500 return will be: Expected return:	3.34	6.57	2.72 - 3.96	3	-15	85	432

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be greater than:	8.26	5.53	7.73 - 8.79	7	0	50	420

38

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Revenue Weighted: 12. On February 25, 2008 the annual yield on 10-yr treasury bonds was 3.9%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	3.83	4.33	3.78 - 3.89	4	-9.30	17.74

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	8.33	4.76	8.27 - 8.39	8	0	27.92

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	11.95	6.56	11.86 - 12.04	10	0	38.38

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	-4.18	7.43	-4.28 - -4.08	-3	-22.40	15.02

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	2.81	4.08	2.76 - 2.87	3	-9.54	16.22

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	7.70	4.12	7.64 - 7.75	7	0	19.10

39

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Employee Weighted: 12. On February 25, 2008 the annual yield on 10-yr treasury bonds was 3.9%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	3.88	4.56	3.82 - 3.94	4	-9.30	17.74

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	8.57	5.30	8.51 - 8.64	8	0	27.92

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	12.28	7.10	12.19 - 12.37	10	0	38.38

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	-4.44	7.57	-4.54 - -4.34	-3	-22.40	15.02

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	2.74	4.08	2.69 - 2.79	3	-9.54	16.22

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	7.66	4.07	7.61 - 7.72	7	0	19.10

40

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

13a.  In the last year, what percentage of 401(k) participants at your company have taken loans against or made hardship withdrawals from their 401(k) accounts? (e.g., 5%, 12%)

	Minimum = 0

	Maximum = 50

	Mean = 5.78

	Median = 5

	Variance (Unbiased) = 51.80

	Standard Deviation (Unbiased) = 7.20

	Standard Error Of The Mean  = 0.37

	95 Percent Confidence Interval Around The Mean = 5.06 - 6.51

	99 Percent Confidence Interval Around The Mean = 4.84 - 6.73

Quartiles

	 1 = 1
	 2 = 5
	 3 = 8

Valid Cases = 382 
Missing Cases = 93 
Response Percent = 80.4%

41

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

13b.  Is the number of loans or withdrawals an increase, relative to 2006?

	 	Number	Percent	95% CI
	Yes	136	35.5 %	± 4.1 %
	No	247	64.5 %	± 4.5 %
	Total	383	100.0 %

	Missing Cases = 92 
	Response Percent = 80.6 %

42

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

13c. To what do you attribute your employees taking loans or making hardship withdrawals?

	 	Number	Percent
	To handle a family emergency	150	42.3 %
	To facilitate normal, non-emergency spending	120	33.8 %
	To make mortgage payments	71	20.0 %
	Other (please specify)	46	13.0 %
	To ward off personal bankruptcy	43	12.1 %
	To cover health care costs	40	11.3 %
	Total	470

	Number of Cases =355
	Number of Responses =470
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =355
	Response Percent = 100.0 %

43

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

13c. To what do you attribute your employees taking loans or making hardship withdrawals? Other specified

Miscellaneous	
really don't know	
Home purchase	
College costs, which are too high	
college cost and new home	
Plan does not have loans	
house purchase	
Unknown loans only	
None Taken	
Home Improvements	
all of the above	
Education	
Education	
To keep spending from spouse	
not allowed	
Home purchase	
make a truck purchase	
Not Certain	
Purchase a 1st or 2nd home	
various or undisclosed	
NONE PERMITTED	
New Home Purchase	
To purchase company stock	
Unknown	
Unknown	
Unknown	
No loans	
Schooling for children	
No Plan	
Education expenses	
Home purchase	
reduce short-term credit debts	

44

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

14. Who is your choice for the next president of the United States?

	 	Number	Percent	95% CI
	John McCain	288	62.1 %	± 4.4 %
	Barack Obama	88	19.0 %	± 3.5 %
	Hillary Clinton	33	7.1 %	± 2.3 %
	Other (please specify)	30	6.5 %	± 2.2 %
	Mike Huckabee	25	5.4 %	± 2.0 %
	Total	464	100.0 %

	Missing Cases = 11 
	Response Percent = 97.7 %

45

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

14. Who is your choice for the next president of the United States?  Other specified

Anyone but the above	
anyone else	
Bloomberg	
Don't Know Yet	
guliani	
Have not decided yet	
Hope someone else is available	
McCain - best of a lousy slate	
Michael Bloomberg	
Mike Bloomberg	
MITT ROMNEY	
Mitt Romney	
Mtt Romney	
none	
None of the above - unhappy with choices	
Not yet sure	
Ron Paul	
Ron Paul	
Ron Paul	
Ron Paul	
Undecided	
Undecided	
Undecided	
Undecided at this time	
Undecided.	
Unsure	

46

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

14. Choice for the next president of the United States - by - Age Group

N=475		Total		Age Group	
		 		<40	41-45	46-50	51-55	56-60	>60	
		 		A	B	C	D	E	F	
										
Total		469		60	72	123	85	72	57	
		100.0%		12.8%	15.4%	26.2%	18.1%	15.4%	12.2%	
										
John McCain		288		34	41	76	58	46	30	
		62.1%		58.6%	58.6%	61.8%	69.9%	63.9%	54.5%	
										
Barack Obama		88		14	14	15	13	14	18	
		19.0%		24.1%	20.0%	12.2%	15.7%	19.4%	32.7%	
				c		aF	f		Cd	
										
Hillary Clinton		33		7	6	7	3	9	1	
		7.1%		12.1%	8.6%	5.7%	3.6%	12.5%	1.8%	
				f			e	df	ae	
										
Other (please specify)		30		1	5	13	6	2	3	
		6.5%		1.7%	7.1%	10.6%	7.2%	2.8%	5.5%	
				c		a				
										
Mike Huckabee		25		2	4	12	3	1	3	
		5.4%		3.4%	5.7%	9.8%	3.6%	1.4%	5.5%	
						e		c		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

47

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Industry

	 	Number	Percent	95% CI
	Manufacturing	119	25.2 %	± 3.9 %
	Banking/Finance/Insurance	73	15.4 %	± 3.3 %
	Other	61	12.9 %	± 3.0 %
	Retail/Wholesale	53	11.2 %	± 2.8 %
	Healthcare/Pharmaceutical	44	9.3 %	± 2.6 %
	Transportation/Energy	37	7.8 %	± 2.4 %
	Service/Consulting	36	7.6 %	± 2.4 %
	Communications/Media	18	3.8 %	± 1.7 %
	Mining/Construction	17	3.6 %	± 1.7 %
	Tech [Software/Biotech]	15	3.2 %	± 1.6 %
	Total	473	100.0 %

	Missing Cases = 2 
	Response Percent = 99.6 %

48

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Industry (Other specified)

Aerospace & Defense	
Agriculture	
Architecture	
Behavioral Health Care	
BOTTLING	
Business consulting	
Commercial Real Estate	
construction/prpertymgt	
Defense/Aerospace	
Education	
Education Services	
education	
education	
education	
Electronic seccurity	
Engineering	
Finance/Real Estate	
Foundation	
Government	
Government IT Contractor	
government	
Healthcare	
Heavy Highway Construction	
Higher Education	
Hospitality & Travel	
Hospitality/Leisure/Entertainment	
hospitality	
Leasing/Rental Services	
Metal Recycling & Export	
multi-industry holding corp	
Natural Resources/Forest Products	
Non Profit	
Not for Profit scholarship granting organizaition.	
not for profit	
Public Institution	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate & Hospitality	
Real Estate Advisor	
Real Estate Developer/Mgr	
Real Estate Development	
Real Estate Development/Sales	
Real Estate Property Management	
real estate development, construction & investment	
Recreational R. E. Development	
Restaurants	
Solution Provider	
Supply Chain Management	
Tech-Semiconductors	
Technology - hardware & siftware	

49

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Industry (Other specified)

Telecommunications	
Telecommunications Equipment and Services	
Testing	
Transaction Processing	
Utilitiy	
Waste Paper Broker	
Wireless Technology	

50

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	33	7.0 %	± 2.3 %
	$25-$99 million	107	22.8 %	± 3.8 %
	$100-$499 million	141	30.0 %	± 4.1 %
	$500-$999 million	56	11.9 %	± 2.9 %
	$1-$4.9 billion	72	15.3 %	± 3.2 %
	$5-$9.9 billion	20	4.3 %	± 1.8 %
	More than $10 billion	41	8.7 %	± 2.5 %
	Total	470	100.0 %

	Missing Cases = 5 
	Response Percent = 98.9 %

51

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1933.53

	Median = 300

	Variance (Unbiased) = 10706842.94

	Standard Deviation (Unbiased) = 3272.13

	Standard Error Of The Mean  = 150.93

	95 Percent Confidence Interval Around The Mean = 1637.70 - 2229.36

	99 Percent Confidence Interval Around The Mean = 1544.88 - 2322.18

	Skewness = 1.98

	Kolmogorov-Smirnov Statistic For Normality = 7.78

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 470 
Missing Cases = 5 
Response Percent = 98.9%

52

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	49	12.0 %	± 2.7 %
	100-499	107	26.1 %	± 3.8 %
	500-999	54	13.2 %	± 2.9 %
	1,000-2,499	68	16.6 %	± 3.2 %
	2,500-4,999	34	8.3 %	± 2.3 %
	5,000-9,999	26	6.3 %	± 2.1 %
	Over 10,000	72	17.6 %	± 3.2 %
	Total	410	100.0 %

	Missing Cases = 65 
	Response Percent = 86.3 %

53

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3373.17

	Median = 750

	Variance (Unbiased) = 19296515.59

	Standard Deviation (Unbiased) = 4392.78

	Standard Error Of The Mean  = 216.94

	95 Percent Confidence Interval Around The Mean = 2947.96 - 3798.38

	99 Percent Confidence Interval Around The Mean = 2814.54 - 3931.80

	Skewness = 1.21

	Kolmogorov-Smirnov Statistic For Normality = 6.54

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 410 
Missing Cases = 65 
Response Percent = 86.3%

54

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Headquarters

	 	Number	Percent	95% CI
	Midwest U.S.	141	29.8 %	± 4.1 %
	Northeast U.S.	113	23.9 %	± 3.8 %
	South Atlantic U.S.	85	18.0 %	± 3.5 %
	Pacific US	64	13.5 %	± 3.1 %
	South Central U.S.	39	8.2 %	± 2.5 %
	Europe	13	2.7 %	± 1.5 %
	Mountain U.S.	11	2.3 %	± 1.4 %
	Asia	4	0.8 %	± 0.8 %
	Canada	2	0.4 %	± 0.6 %
	Central/Latin America	1	0.2 %	± 0.4 %
	Total	473	100.0 %

	Missing Cases = 2 
	Response Percent = 99.6 %

55

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Ownership

	 	Number	Percent	95% CI
	Private	235	56.2 %	± 4.5 %
	Public, NYSE	96	23.0 %	± 3.6 %
	Public, NASDAQ/AMEX	41	9.8 %	± 2.5 %
	Nonprofit	39	9.3 %	± 2.5 %
	Government	7	1.7 %	± 1.1 %
	Total	418	100.0 %

	Missing Cases = 57 
	Response Percent = 88.0 %

56

Duke University/CFO Business Outlook Survey - U.S. - Spring, 2008

Foreign Sales

	 	Number	Percent	95% CI
	0%	203	43.4 %	± 4.5 %
	1-24%	173	37.0 %	± 4.3 %
	25-50%	50	10.7 %	± 2.8 %
	More than 50%	42	9.0 %	± 2.6 %
	Total	468	100.0 %

	Missing Cases = 7 
	Response Percent = 98.5 %