Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country'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 facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? REVERSE SCALE & WEIGHTED BY NUMBER 
OF RESPONDENTS (Higher number = greater weighted importance)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns your corporation faces? (rank # 1, #2, #3)	8
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)	9
4. What are the top three internal, company-specific concerns your corporation faces? – Other specified	10
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]	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months 
for:   [Unweighted - Sorted]	12
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]	13
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]	14
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]	15
6a. In the past year, has your company taken steps to reduce the impact of rising fuel costs?	16
6b. If yes, what steps has your company taken? (Check all that apply)	17
6b. Steps to reduce the impact of rising fuel costs - Other specified	18
6b. Switching fuel source from ? to ?	19
7. How has your company responded to other recent non-fuel commodity and raw materials price increases? 
(check all that apply)	20
7. How has your company responded to other recent non-fuel commodity and raw materials price increases? - Other specified	21
8a. Has your company been affected by the cost or availability of credit?	22
8b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	23
8b. If yes, in what ways has your company been affected by the credit market turmoil? – Other specified	24
8c. Increased cost of credit - How many basis points increase since summer 2007?	25
8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating	26
8b. In what ways has your company been affected by the credit market turmoil? - by – Credit Rating	27
8c. Increased cost of credit: How many basis points increase? - by - Credit Rating	28
9a. Have the recent credit market and economic conditions caused your company to take the following actions over the 
past six months?	29
9a. Have the recent credit market and economic conditions caused your company to take action over the past six 
months? - Other action specified	30
9b. Do you anticipate that credit market and economic conditions will cause your company to take the following actions 
over the next six months?	31
9b. Do you anticipate that credit market and economic conditions will cause your company to take action over the next 
six months? - Other action specified	32
9a. Have the recent credit market and economic conditions caused your company to take the following actions over the 
past six months? - Only companies affected by the cost or availability of credit	33
9b. Do you anticipate that credit market and economic conditions will cause your company to take the following actions 
over the next six months? - Only companies affected by the cost or availability of credit	34
10. Do you expect any change in your cost of funds in the next six months?	35
11a. Is the current US slowdown hurting your company now as much as it would have hurt your company five years ago?	36
11b. When do you expect the U.S. economy to begin recovery?	37
11b. Estimated number of months to beginning of recovery	38
12. Some government officials in Europe have suggested that extra taxes should be imposed on executive pay that they 
think is not sufficiently linked to company performance. Do you agree?	39

Industry	40
Industry (Other specified)	41
Sales Revenue	42
Weighted Sales Revenue (Millions)	43
Number of Employees	44
Weighted Number of Employees	45
Headquarters Europe	46
Headquarters Europe (Other Specified)	47
Ownership	48
Foreign Sales	49

1

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

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

	 	Number	Percent	95% CI
	3=More optimistic	16	7.7 %	± 3.7 %
	2=No change	60	28.8 %	± 6.2 %
	1=Less optimistic	132	63.5 %	± 6.6 %
	Total	208	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

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

	Minimum = 3

	Maximum = 95

	Mean = 55.73

	Median = 60

	Variance (Unbiased) = 330.13

	Standard Deviation (Unbiased) = 18.17

	Standard Error Of The Mean  = 1.33

	95 Percent Confidence Interval Around The Mean = 53.13 - 58.34

	99 Percent Confidence Interval Around The Mean = 52.31 - 59.15

Quartiles

	 1 = 40
	 2 = 60
	 3 = 70

Valid Cases = 187 
Missing Cases = 21 
Response Percent = 89.9%

3

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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	55	26.4 %	± 6.0 %
	2=No change	64	30.8 %	± 6.3 %
	1=Less optimistic	89	42.8 %	± 6.8 %
	Total	208	100.0 %

	Mean = 1.8
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

4

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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 = 1

	Maximum = 95

	Mean = 62.43

	Median = 70

	Variance (Unbiased) = 378.88

	Standard Deviation (Unbiased) = 19.46

	Standard Error Of The Mean  = 1.43

	95 Percent Confidence Interval Around The Mean = 59.62 - 65.25

	99 Percent Confidence Interval Around The Mean = 58.74 - 66.13

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 184 
Missing Cases = 24 
Response Percent = 88.5%

5

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

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

(N=208)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	67	30	27	124
Consumer demand	0.8	32.2%	14.4%	13.0%	59.6%

	1.8	25	24	13	62
Cost of non-fuel commodities	0.8	12.0%	11.5%	6.3%	29.8%

	1.8	34	28	19	81
Cost of fuel	0.8	16.3%	13.5%	9.1%	38.9%

	2.0	19	20	21	60
Credit markets/interest rates	0.8	9.1%	9.6%	10.1%	28.8%

	2.1	7	11	9	27
Housing market fallout	0.8	3.4%	5.3%	4.3%	13.0%

	2.1	11	2	15	28
Other:	1.0	5.3%	1.0%	7.2%	13.5%

	2.1	10	22	17	49
Devaluation of the dollar	0.7	4.8%	10.6%	8.2%	23.6%

	2.2	3	11	6	20
Trade policies and trade agreements	0.7	1.4%	5.3%	2.9%	9.6%

	2.2	12	22	23	57
Inflation	0.8	5.8%	10.6%	11.1%	27.4%

	2.2	3	10	8	21
Financial regulation	0.7	1.4%	4.8%	3.8%	10.1%

	2.2	11	12	22	45
Foreign competition	0.8	5.3%	5.8%	10.6%	21.6%

	2.3	0	2	1	3
Upcoming change in U.S. administration	0.6	0.0%	1.0%	0.5%	1.4%

	2.4	3	6	10	19
Environmental regulation	0.8	1.4%	2.9%	4.8%	9.1%

	2.6	1	5	13	19
International political instability	0.6	0.5%	2.4%	6.3%	9.1%

6

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

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

	Mean	SD	Total

Consumer demand	1.40	1.30	206

Cost of fuel	0.86	1.18	206

Cost of non-fuel commodities	0.66	1.09	206

Credit markets/interest rates	0.57	1.00	206

Inflation	0.50	0.90	206

Devaluation of the dollar	0.44	0.87	206

Foreign competition	0.38	0.82	206

Other:	0.25	0.73	206

Housing market fallout	0.25	0.71	206

Trade policies and trade agreements	0.18	0.59	206

Financial regulation	0.18	0.58	206

Environmental regulation	0.15	0.52	206

International political instability	0.13	0.43	206

Upcoming change in U.S. administration	0.02	0.21	206

7

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

3. What are the top three external concerns facing your corporation? - Other specified

Afzwakkende economie USA	
Arbeitsmarkt	
attracting employees	
Authority regulation	
Availability of skilled labour	
binnenlandse concurrentie	
changement de règlementation	
conjunctuur	
Cost of labour	
cost of labour	
demand from Finncial services customers	
Digital TV signals	
Dollar & STG weakness	
domestic competition	
Economic rececssion	
europese regelgeving	
Global economy	
Interest rates	
International equity markets	
Needs for Electricity	
Overcapacity in Europe	
Regulatory	
Situation politique belge	
stabile Lieferanten	
State regulation	
Telecom Regularory board restrictions	
tightening of corporate spending	
totaal economie	

8

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

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

(N=208)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	81	36	32	149
Attracting and retaining qualified employees	0.8	38.9%	17.3%	15.4%	71.6%

	1.8	13	6	8	27
Other:	0.9	6.3%	2.9%	3.8%	13.0%

	1.8	34	41	18	93
Supply chain risk	0.7	16.3%	19.7%	8.7%	44.7%

	2.0	37	36	37	110
Ability to forecast results	0.8	17.8%	17.3%	17.8%	52.9%

	2.0	6	9	7	22
Protection of intellectual property	0.8	2.9%	4.3%	3.4%	10.6%

	2.1	15	13	18	46
Balance sheet weakness	0.9	7.2%	6.3%	8.7%	22.1%

	2.2	12	46	28	86
Managing IT systems	0.7	5.8%	22.1%	13.5%	41.3%

	2.3	1	1	2	4
Cost of health care	1.0	0.5%	0.5%	1.0%	1.9%

	2.5	2	4	10	16
Auditing costs	0.7	1.0%	1.9%	4.8%	7.7%

	2.6	2	0	7	9
Personal job security	0.9	1.0%	0.0%	3.4%	4.3%

	2.7	1	4	15	20
Data security	0.6	0.5%	1.9%	7.2%	9.6%

9

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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

Attracting and retaining qualified employees	1.70	1.25	204

Ability to forecast results	1.08	1.17	204

Supply chain risk	0.99	1.19	204

Managing IT systems	0.76	0.99	204

Balance sheet weakness	0.44	0.90	204

Other:	0.29	0.81	204

Protection of intellectual property	0.21	0.66	204

Data security	0.13	0.43	204

Auditing costs	0.12	0.45	204

Personal job security	0.06	0.35	204

Cost of health care	0.03	0.27	204

10

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

1	
Bürokratie	
Capacité de se moderniser	
Cash	
Cost of Labour	
cost of labour	
costs	
Increasing wages	
interne Prozesse und IT-Systeme, die unabgestimmt vorgegeben werden (aus EHQ bzw. USA)	
Klanten	
Kostenmanagement	
kostprijzen	
large scale staff reduction	
Liquidity	
LT uncertainty over funding	
Managing growth	
Managing Risk	
Organizational structure	
Pension costs, FX risk mgt	
Post investments optimisation and integration	
profit margin	
réduction d'activité dans les services aux grands groupes	
raw material cost increases	
reducing cost base	
Sales channels	
Sales Execution	
to few customers	
Veränderungsprozess	
wekkapitaalbehoefte	

11

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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

Dividends	9.72	25.23	-1.93 - 21.38	0	-15	100	18

Earnings	6.43	25.32	2.06 - 10.80	3	-50	200	129

Number of foreign/off-shore outsourced
employees	3.59	11.13	1.06 - 6.13	0	-20	50	74

Prices of your products	3.47	7.82	2.20 - 4.73	3	-20	50	147

Wages/Salaries	3.42	6.50	2.43 - 4.41	4	-50	30	166

Technology spending	3.36	15.33	0.45 - 6.26	3	-75	56	107

Productivity (output per hour worked)	3.12	6.16	1.95 - 4.29	2	-25	30	106

Marketing/advertising spending	3.06	24.50	-1.56 - 7.68	0	-50	200	108

Capital spending	2.69	19.80	-1.16 - 6.53	0.50	-75	100	102

Health care costs	2.64	4.67	1.57 - 3.71	2	-10	30	73

Share repurchases	1.38	6.50	-0.64 - 3.39	0	0	40	40

Cash on the balance sheet	0.42	17.03	-3.24 - 4.09	0	-70	50	83

Number of domestic employees in accounting/
finance	0.37	24.12	-4.16 - 4.89	0	-90	200	109

Number of domestic employees overall	-0.47	13.27	-2.70 - 1.77	0	-85	40	135

12

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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=208)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	156	5	5	166
Wages/Salaries	0.4	94.0%	3.0%	3.0%	100.0%

	0.7	81	18	7	106
Productivity (output per hour worked)	0.6	76.4%	17.0%	6.6%	100.0%

	0.6	103	26	18	147
Prices of your products	0.7	70.1%	17.7%	12.2%	100.0%

	0.6	42	30	1	73
Health care costs	0.5	57.5%	41.1%	1.4%	100.0%

	0.5	69	22	17	108
Technology spending	0.8	63.9%	20.4%	15.7%	100.0%

	0.4	9	8	2	19
Dividends	0.7	47.4%	42.1%	10.5%	100.0%

	0.4	81	14	35	130
Earnings	0.9	62.3%	10.8%	26.9%	100.0%

Number of foreign/off-shore outsourced	0.3	29	37	8	74
employees	0.7	39.2%	50.0%	10.8%	100.0%

	0.3	51	26	25	102
Capital spending	0.8	50.0%	25.5%	24.5%	100.0%

	0.2	52	30	27	109
Marketing/advertising spending	0.8	47.7%	27.5%	24.8%	100.0%

	0.1	34	28	22	84
Cash on the balance sheet	0.8	40.5%	33.3%	26.2%	100.0%

	0.1	58	26	51	135
Number of domestic employees overall	0.9	43.0%	19.3%	37.8%	100.0%

	0.0	3	37	2	42
Share repurchases	0.3	7.1%	88.1%	4.8%	100.0%

Number of domestic employees in	-0.1	26	48	35	109
accounting/finance	0.7	23.9%	44.0%	32.1%	100.0%

13

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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

Dividends	13.74	23.08	12.06 - 15.42	5	-15	59.17

Earnings	4.88	17.58	4.25 - 5.52	3	-43.20	56.06

Technology spending	3.28	7.27	3.00 - 3.56	3	-26.70	33.41

Capital spending	2.89	12.61	2.39 - 3.39	0	-36.10	41.50

Share repurchases	2.12	3.87	1.88 - 2.36	0	0	14.12

Cash on the balance sheet	2.07	12.39	1.48 - 2.67	0	-33	33.80

Prices of your products	1.50	5.67	1.31 - 1.68	3	-11.90	18.80

Marketing/advertising spending	-0.75	8.67	-1.08 - -0.42	0	-45	51.08

14

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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

Wages/Salaries	3.58	2.25	3.50 - 3.65	3	-9.32	16.16

Number of foreign/off-shore outsourced employees	2.85	9.43	2.45 - 3.24	0	-18.20	25.40

Productivity (output per hour worked)	2.40	4.04	2.25 - 2.55	2	-8.95	15.19

Health care costs	2.03	3.16	1.88 - 2.19	0	-6.51	11.79

Number of domestic employees in accounting/finance	-0.29	12.84	-0.76 - 0.18	0	-30	47.65

Number of domestic employees overall	-1.21	10.21	-1.57 - -0.86	-1	-26.50	25.54

15

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 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	3.05	17.61	2.22 - 3.88	2	-30	56.06

Cash on the balance sheet	4.33	14.30	3.31 - 5.35	0	-33	25

Dividends	13.74	23.08	12.06 - 15.42	5	-15	59.17

Share repurchases	3.33	4.42	2.99 - 3.67	0	0	14.12

16

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

6a. In the past year, has your company taken steps to reduce the impact of rising fuel costs?

	 	Number	Percent	95% CI
	No	96	49.2 %	± 6.8 %
	Yes	99	50.8 %	± 6.9 %
	Total	195	100.0 %

	Missing Cases = 13 
	Response Percent = 93.8 %

17

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

6b. If yes, what steps has your company taken? (Check all that apply)

	 	Number	Percent	95% CI
	Improving facility management [e.g., reduced lighting]	41	41.4 %	± 9.9 %
	Reducing business travel	35	35.4 %	± 9.6 %
	Using more efficient production process	32	32.3 %	± 9.4 %
	Passed on price increases by raising our prices	32	32.3 %	± 9.4 %
	Using more fuel-efficient fleet	31	31.3 %	± 9.3 %
	Using more efficient shipping methods [e.g., consolidating
	   shipments]	21	21.2 %	± 8.2 %
	Negotiated fixed price fuel contracts	17	17.2 %	± 7.6 %
	Hedging	16	16.2 %	± 7.4 %
	Reduced our margins	15	15.2 %	± 7.2 %
	Telecommuting	9	9.1 %	± 5.8 %
	Other	3	3.0 %	± 3.4 %
	Switching fuel source	1	1.0 %	± 2.0 %
	Total	253

	Number of Cases =99
	Number of Responses =253
	Average Number Of Responses Per Case = 2.6
	Number Of Cases With At Least One Response =97
	Response Percent = 98.0 %

18

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

6b. Steps to reduce the impact of rising fuel costs - Other specified 

Improving overall Supply Chain efficiency	
Reviewing contracts	
ecodriving	
energiestudie	
more attention to fuel costs	

19

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

6b. Switching fuel source from ? to ?

From	To	
Fuel	Gaz	
olie	lpg	

20

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

7. How has your company responded to other recent non-fuel commodity and raw materials price increases? (check all that apply)

	 	Number	Percent	95% CI
	We have passed on price increases by raising our prices	95	45.7 %	± 6.8 %
	We have reduced our margins	74	35.6 %	± 6.6 %
	We have sought alternative sources and/or raw materials	56	26.9 %	± 6.1 %
	We have negotiated fixed price contracts with our vendors	43	20.7 %	± 5.6 %
	We have not been impacted	42	20.2 %	± 5.5 %
	We have hedged commodity prices	22	10.6 %	± 4.2 %
	We have made no changes	17	8.2 %	± 3.8 %
	Other	2	1.0 %	± 1.3 %
	Total	351

	Number of Cases =208
	Number of Responses =351
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =201
	Response Percent = 96.6 %

21

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

7. How has your company responded to other recent non-fuel commodity and raw materials price increases? - Other specified 

n/a	
We have cut costs	
na	
Included raw material escalation clauses in our contracts	

22

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	142	68.6 %	± 6.4 %
	2=Yes, somewhat	47	22.7 %	± 5.7 %
	3=Yes, very much	18	8.7 %	± 3.9 %
	Total	207	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 1 
	Response Percent = 99.5 %

23

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8b. 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	42	64.6 %	± 12.0 %
	Decreased availability of credit	24	36.9 %	± 12.1 %
	Experienced difficulty initiating or renewing a bank credit
	   line	6	9.2 %	± 7.2 %
	Other	4	6.2 %	± 6.0 %
	Total	76

	Number of Cases =65
	Number of Responses =76
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response =62
	Response Percent = 95.4 %

24

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified

customer insolvencies, payment delays	
Distributors decrease availability of credit	
Impact marchés financiers en général	
Reluctance of consumers to take on credit	

25

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8c. Increased cost of credit - How many basis points increase since summer 2007?

	Minimum = 1

	Maximum = 300

	Mean = 59.40

	Median = 40

	Variance (Unbiased) = 4489.97

	Standard Deviation (Unbiased) = 67.01

	Standard Error Of The Mean  = 11.33

	95 Percent Confidence Interval Around The Mean = 37.20 - 81.60

	99 Percent Confidence Interval Around The Mean = 30.24 - 88.57

Quartiles

	 1 = 5
	 2 = 40
	 3 = 78.75

Valid Cases = 35 
Missing Cases = 7 
Response Percent = 83.3%

26

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating

N=132		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		132		74	27	28	3	
		100.0%		56.1%	20.5%	21.2%	2.3%	
								
1=No		93		57	16	18	2	
		70.5%		77.0%	59.3%	64.3%	66.7%	
								
2=Yes, somewhat		31		13	9	8	1	
		23.5%		17.6%	33.3%	28.6%	33.3%	
								
3=Yes, very much		8		4	2	2	---	
		6.1%		5.4%	7.4%	7.1%	---	
								
Mean		1.36		1.28	1.48	1.43	1.33	
SD		0.59		0.56	0.64	0.63	0.58	

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

27

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating

N=39		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		39		17	11	10	1	
		100.0%		43.6%	28.2%	25.6%	2.6%	
								
Increased cost of credit		27		12	8	6	1	
		69.2%		70.6%	72.7%	60.0%	100.0%	
								
Decreased availability of		13		4	5	4	---	
credit		33.3%		23.5%	45.5%	40.0%	---	
								
Experienced difficulty
initiating or renewing a bank		
3		
1	
1	
1	
---	
credit line		7.7%		5.9%	9.1%	10.0%	---	
								
Other		2		1	1	---	---	
		5.1%		5.9%	9.1%	---	---	

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

28

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

8c. Increased cost of credit: How many basis points increase? - by - Credit Rating

N=30		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		30		13	9	7	1	
Percent		100.0%		43.3%	30.0%	23.3%	3.3%	
								
How many basis points increase since summer 2007?	
								
N		25		11	7	6	1	
Mean		46.84		46.27	54.59	30.00	100.00	
SD		44.76		45.38	49.66	39.33	---	

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

29

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

9a. Have the recent credit market and economic conditions caused your company to take the following actions over the past six months?

(N=208)

	Yes	No	Total	
	61	138	199
Delay, reduce or cancel new investment plans	30.7%	69.3%	100.0%

	62	136	198
Delay, reduce or cancel hiring plans	31.3%	68.7%	100.0%

	69	133	202
Initiate a substantial cost cutting program	34.2%	65.8%	100.0%

	1	29	30
Other:	3.3%	96.7%	100.0%

30

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

9a. Have the recent credit market and economic conditions caused your company to take action over the past six months? - Other action specified 

Sell off assets (e.g. property)	

31

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

9b. Do you anticipate that credit market and economic conditions will cause your company to take the following actions over the next six months?

(N=208)

	Yes	No	Total	
	82	117	199
Delay, reduce or cancel new investment plans	41.2%	58.8%	100.0%

	81	115	196
Delay, reduce or cancel hiring plans	41.3%	58.7%	100.0%

	88	109	197
Initiate a substantial cost cutting program	44.7%	55.3%	100.0%

	3	26	29
Other:	10.3%	89.7%	100.0%

32

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

9b. Do you anticipate that credit market and economic conditions will cause your company to take action over the next six months? - Other action specified 

Sell of assets	
credits monetization	
growth constrained due to limited working cap	
prioritize capital investments	

33

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

9a. Have the recent credit market and economic conditions caused your company to take the following actions over the past six months? - Only companies affected by the cost or availability of credit

(N=65)

	Yes	No	Total	
	27	34	61
Delay, reduce or cancel new investment plans	44.3%	55.7%	100.0%

	27	34	61
Delay, reduce or cancel hiring plans	44.3%	55.7%	100.0%

	27	35	62
Initiate a substantial cost cutting program	43.5%	56.5%	100.0%

	0	6	6
Other:	0.0%	100.0%	100.0%

34

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

9b. Do you anticipate that credit market and economic conditions will cause your company to take the following actions over the next six months? - Only companies affected by the cost or availability of credit

(N=65)

	Yes	No	Total	
	31	30	61
Delay, reduce or cancel new investment plans	50.8%	49.2%	100.0%

	32	29	61
Delay, reduce or cancel hiring plans	52.5%	47.5%	100.0%

	31	29	60
Initiate a substantial cost cutting program	51.7%	48.3%	100.0%

	2	5	7
Other:	28.6%	71.4%	100.0%

35

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

10. Do you expect any change in your cost of funds in the next six months?

	 	Number	Percent	95% CI
	-1=Decrease	13	6.3 %	± 3.3 %
	0=Stay the same	194	93.7 %	± 3.4 %
	+1=Increase	0	0.0 %	± 0.0 %
	Total	207	100.0 %

	Mean = -0.1
	SD = 0.2

	Missing Cases = 1 
	Response Percent = 99.5 %

36

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

11a. Is the current US slowdown hurting your company now as much as it would have hurt your company five years ago?

	 	Number	Percent
	The impact would have been worse five years ago.	55	26.7 %
	The impact is the same as it would have been five years ago.	44	21.4 %
	The impact is worse than it would have been five years ago.	32	15.5 %
	No impact	75	36.4 %
	Total	206	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

37

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

11b. When do you expect the U.S. economy to begin recovery?

	 	Number	Percent	Cumulative
	Recovery already began	4	2.2 %	2.2 %
	2008, Quarter 3	7	3.9 %	6.1 %
	2008, Quarter 4	18	10.0 %	16.1 %
	2009, Quarter 1	39	21.7 %	37.8 %
	2009, Quarter 2	51	28.3 %	66.1 %
	2009, Quarter 3	27	15.0 %	81.1 %
	2009, Quarter 4	15	8.3 %	89.4 %
	2010 or beyond	19	10.6 %	100.0 %
	Total	180	100.0 %	100.0 %

	Missing Cases = 28 
	Response Percent = 86.5 %

38

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

11b. Estimated number of months to beginning of recovery

Number of months

	Minimum = 0

	Maximum = 23

	Mean = 11.89

	Median = 11.50

	Variance (Unbiased) = 31.05

	Standard Deviation (Unbiased) = 5.57

	Standard Error Of The Mean  = 0.42

	95 Percent Confidence Interval Around The Mean = 11.08 - 12.71

	99 Percent Confidence Interval Around The Mean = 10.82 - 12.96

Quartiles

	 1 = 8.50
	 2 = 11.50
	 3 = 14.50

Valid Cases = 180 
Missing Cases = 0 
Response Percent = 100.0%

39

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

12. Some government officials in Europe have suggested that extra taxes should be imposed on executive pay that they think is not sufficiently linked to company performance. Do you agree?

	 	Number	Percent
	I agree. Excessive executive pay is a problem that may
	   require greater regulatory oversight.	42	20.4 %
	I disagree. Pay is sufficiently linked to performance.	18	8.7 %
	I disagree. Regardless of whether pay is linked to
	   performance or not, the issue should be left for companies
	   and their shareholders to decide.	146	70.9 %
	Total	206	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

40

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Industry

	 	Number	Percent
	Manufacturing	67	33.0 %
	Retail/Wholesale	33	16.3 %
	Banking/Finance/Insurance	24	11.8 %
	Service/Consulting	23	11.3 %
	Transportation/Energy	16	7.9 %
	Other	14	6.9 %
	Tech [Software/Biotech]	8	3.9 %
	Communications/Media	8	3.9 %
	Mining/Construction	7	3.4 %
	Healthcare/Pharmaceutical	3	1.5 %
	Total	203	100.0 %

	Missing Cases = 5 
	Response Percent = 97.6 %

41

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Industry (Other specified)

Automotive Supplier	
Chemicals Manufacturing & Distribution	
chemicals	
Chemie	
Computing	
Consumer goods	
cosmetiques	
entrepreneur general	
Government / Public Sector	
hotel	
leisure travel	
local government	
Paper and FiberComposites	
wine company	

42

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Sales Revenue

	 	Number	Percent
	Less than $25 million	28	13.7 %
	$25-$99 million	26	12.7 %
	$100-$499 million	55	27.0 %
	$500-$999 million	26	12.7 %
	$1-$4.9 billion	36	17.6 %
	$5-$9.9 billion	7	3.4 %
	More than $10 billion	26	12.7 %
	Total	204	100.0 %

	Missing Cases = 4 
	Response Percent = 98.1 %

43

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 2376.53

	Median = 300

	Variance (Unbiased) = 13454544.17

	Standard Deviation (Unbiased) = 3668.04

	Standard Error Of The Mean  = 256.81

	95 Percent Confidence Interval Around The Mean = 1873.17 - 2879.89

	99 Percent Confidence Interval Around The Mean = 1715.23 - 3037.83

	Skewness = 1.63

	Kolmogorov-Smirnov Statistic For Normality = 4.78

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 204 
Missing Cases = 4 
Response Percent = 98.1%

44

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Number of Employees

	 	Number	Percent
	Fewer than 100	27	15.5 %
	100-499	25	14.4 %
	500-999	33	19.0 %
	1,000-2,499	24	13.8 %
	2,500-4,999	13	7.5 %
	5,000-9,999	15	8.6 %
	Over 10,000	37	21.3 %
	Total	174	100.0 %

	Missing Cases = 34 
	Response Percent = 83.7 %

45

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3920.69

	Median = 1750

	Variance (Unbiased) = 21817633.05

	Standard Deviation (Unbiased) = 4670.93

	Standard Error Of The Mean  = 354.10

	95 Percent Confidence Interval Around The Mean = 3226.65 - 4614.73

	99 Percent Confidence Interval Around The Mean = 3008.88 - 4832.50

	Skewness = 0.92

	Kolmogorov-Smirnov Statistic For Normality = 4.05

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 7500

Valid Cases = 174 
Missing Cases = 34 
Response Percent = 83.7%

46

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Headquarters Europe

	 	Number	Percent
	United Kingdom	30	14.4 %
	United States	22	10.6 %
	Sweden	19	9.1 %
	France	18	8.7 %
	Belgium	16	7.7 %
	Netherlands	15	7.2 %
	Germany	14	6.7 %
	Finland	12	5.8 %
	Denmark	9	4.3 %
	Other (please specify)	9	4.3 %
	Switzerland	7	3.4 %
	Norway	6	2.9 %
	Portugal	6	2.9 %
	Ireland	4	1.9 %
	Greece	4	1.9 %
	Austria	4	1.9 %
	Italy	3	1.4 %
	Spain	3	1.4 %
	Luxembourg	3	1.4 %
	Russia	2	1.0 %
	Asia	1	0.5 %
	Canada	1	0.5 %
	Africa	0	0.0 %
	Latin America	0	0.0 %
	Australia	0	0.0 %
	Total	208	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

47

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Headquarters Europe (Other Specified)

Croatia	
Czech Republic	
Europe	
Lithuania	
Lithuania	
londres	
Luxembourg	
PARIS	
Paris	
Poland	
Romania	
Serbia	
Siège France	
u.k	
U.S.	

48

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Ownership

	 	Number	Percent
	Private	128	61.8 %
	Public	69	33.3 %
	Government	7	3.4 %
	Nonprofit	3	1.4 %
	Total	207	100.0 %

	Missing Cases = 1 
	Response Percent = 99.5 %

49

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Second Quarter, 2008

Foreign Sales

	 	Number	Percent
	0%	35	17.1 %
	1-24%	52	25.4 %
	25-50%	35	17.1 %
	More than 50%	83	40.5 %
	Total	205	100.0 %

	Missing Cases = 3 
	Response Percent = 98.6 %