Table of Contents

1a. 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
2a. 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. Has your company been affected by the cost or availability of credit?	16
6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	17
6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	18
6c. Increased cost of credit - How many basis points increase since summer 2007?	19
6a. Has your company been affected by the cost or availability of credit? - by - Credit Rating	20
6b. In what ways has your company been affected by the credit market turmoil? - by – Credit Rating	21
6c. Increased cost of credit: How many basis points increase? - by - Credit Rating	22
7a & 7b. Assets and Credit	23
7c. If you have used a bank line of credit this year, have you used the funds to: (Check all that apply)	24
7c. If you have used a bank line of credit this year, have you used the funds to: Other specified	25
7d. If your company has limited your use of bank credit lines in the past few months, why? (check all that apply)	26
7d. If your company has limited the use of bank credit lines in the past few months, why? - Other specified	27
7e. Compared to 2007, is your firm using more or less of the following funding sources?	28
7e. Compared to 2007, is your firm using more or less of the following funding sources? Other specified	29
7f. Where does your firm hold most of its cash? - In November 2008 - Other specified	30
7f. Where does your firm hold most of its cash? (Check the vehicles where your firm keeps the largest balance and 
second largest balance) -  In Summer 2008 (before Lehman collapse)	31
7f. Where does your firm hold most of its cash? -  In Summer 2008 (before Lehman collapse) - Other specified	32
8a & 8b. Effect of capital/credit markets on the ability to pursue attractive investment projects.	33
8c. When external capital is limited, are your corporate investments  (check one or two choices)	34
8c. When external capital is limited, are your corporate investments - Funded by other specified	35
8c. When external capital is limited, are your corporate investments - Other specified	36
8d. How concerned are you about the financial health of the financial institutions your firm deals with?	37
8e. Has Lehmann’s collapse affected how cautious you are about counterparty risk in derivatives markets?	38
9. When do you expect your national economy to begin recovery?	39
9. Estimated number of months to beginning of recovery	40
10. Compared to the last 12 months, how much will exports help your company in 2009?	41
11. In what ways do you feel that the current global financial crisis has affected your company? (Check all that apply)	42
11. In what ways do you feel that the current global financial crisis has affected your company? - Other specified	43
12. Is your company taking any of the following actions in response to economic conditions? (Check all that apply)	44
13. How do you rate your company's long term growth prospects, on a scale of 1 to 10? (10 is highest)	45

Industry	46
Industry (Other specified)	47
Sales Revenue	48
Weighted Sales Revenue (Millions)	49
Number of Employees	50
Weighted Number of Employees	51
Headquarters Europe	52
Headquarters Europe (Other Specified)	53
Ownership	54
Foreign Sales	55
Does your firm have one or more foreign subsidiaries?	56
Does your firm pay a dividend?	57
Will your firm have positive net income in fiscal 2008?	58
What is your company's credit rating?	59
	66

1

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

	 	Number	Percent	95% CI
	3=More optimistic	3	1.6 %	± 1.8 %
	2=No change	23	12.4 %	± 4.8 %
	1=Less optimistic	160	86.0 %	± 5.0 %
	Total	186	100.0 %

	Mean = 1.2
	SD = 0.4

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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 = 0

	Maximum = 90

	Mean = 43.10

	Median = 40

	Variance (Unbiased) = 321.10

	Standard Deviation (Unbiased) = 17.92

	Standard Error Of The Mean  = 1.36

	95 Percent Confidence Interval Around The Mean = 40.43 - 45.77

	99 Percent Confidence Interval Around The Mean = 39.59 - 46.61

Quartiles

	 1 = 30
	 2 = 40
	 3 = 50

Valid Cases = 173 
Missing Cases = 13 
Response Percent = 93.0%

3

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

2a. 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	16	8.6 %	± 4.1 %
	2=No change	40	21.5 %	± 6.0 %
	1=Less optimistic	130	69.9 %	± 6.7 %
	Total	186	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 0 
	Response Percent = 100.0 %

4

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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 = 0

	Maximum = 100

	Mean = 51.87

	Median = 50

	Variance (Unbiased) = 436.88

	Standard Deviation (Unbiased) = 20.90

	Standard Error Of The Mean  = 1.59

	95 Percent Confidence Interval Around The Mean = 48.75 - 55.00

	99 Percent Confidence Interval Around The Mean = 47.77 - 55.98

Quartiles

	 1 = 35
	 2 = 50
	 3 = 70

Valid Cases = 172 
Missing Cases = 14 
Response Percent = 92.5%

5

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

(N=186)

	Mean & SD	1st	2nd	3rd	Total	
	1.4	89	23	13	125
Consumer demand	0.7	47.8%	12.4%	7.0%	67.2%

	1.9	7	3	6	16
Other:	0.9	3.8%	1.6%	3.2%	8.6%

	1.9	29	41	24	94
Credit markets/interest rates	0.8	15.6%	22.0%	12.9%	50.5%

	2.0	26	25	29	80
The financial/banking system	0.8	14.0%	13.4%	15.6%	43.0%

	2.2	2	1	3	6
Environmental regulation	1.0	1.1%	0.5%	1.6%	3.2%

	2.2	0	7	2	9
Trade policies and trade agreements	0.4	0.0%	3.8%	1.1%	4.8%

	2.2	4	16	11	31
Cost of non-fuel commodities	0.7	2.2%	8.6%	5.9%	16.7%

	2.2	6	8	12	26
Housing market fallout	0.8	3.2%	4.3%	6.5%	14.0%

	2.3	12	31	32	75
Volatility of foreign currencies	0.7	6.5%	16.7%	17.2%	40.3%

	2.4	3	6	11	20
Financial regulation	0.8	1.6%	3.2%	5.9%	10.8%

	2.4	3	15	18	36
Foreign competition	0.6	1.6%	8.1%	9.7%	19.4%

	2.6	2	6	16	24
Cost of fuel	0.7	1.1%	3.2%	8.6%	12.9%

6

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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	1.77	1.34	184

Credit markets/interest rates	1.05	1.16	184

The financial/banking system	0.85	1.12	184

Volatility of foreign currencies	0.71	0.97	184

Foreign competition	0.31	0.69	184

Cost of non-fuel commodities	0.30	0.72	184

Housing market fallout	0.25	0.69	184

Other:	0.18	0.64	184

Cost of fuel	0.18	0.53	184

Financial regulation	0.17	0.56	184

Trade policies and trade agreements	0.09	0.40	184

Environmental regulation	0.06	0.36	184

7

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

1.Deep recession  2. Hugely depressed stock markets	
Arbeitsmarkt	
Availability of financing	
Credit markets for our clients	
Customer demand (Oil co's)	
Customer mix	
Default Rate	
financiele situatie klanten/leveranciers	
Government Spending	
govt policy	
Industry demand	
Industry's concentration	
Nachfrage nach Investitionsgütern	
private consumption	
Regulation on my business (solar energy)	
teruglopende overheidsbestedingen	
treasury management	
Wirtschaftliche Situation unserer Kunden	

8

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

(N=186)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	63	27	30	120
Ability to forecast results	0.8	33.9%	14.5%	16.1%	64.5%

	1.8	6	3	4	13
Other:	0.9	3.2%	1.6%	2.2%	7.0%

	1.9	31	33	19	83
Working capital management	0.8	16.7%	17.7%	10.2%	44.6%

	1.9	21	11	16	48
Attracting and retaining qualified employees	0.9	11.3%	5.9%	8.6%	25.8%

	2.0	13	15	15	43
Counterparty risk	0.8	7.0%	8.1%	8.1%	23.1%

	2.1	13	18	18	49
Balance sheet weakness	0.8	7.0%	9.7%	9.7%	26.3%

	2.1	3	2	4	9
Pension obligations	0.9	1.6%	1.1%	2.2%	4.8%

	2.2	9	22	17	48
Supply chain risk	0.7	4.8%	11.8%	9.1%	25.8%

Maintaining morale/productivity during	2.2	19	33	36	88
economic downturn	0.8	10.2%	17.7%	19.4%	47.3%

	2.3	1	4	3	8
Protection of intellectual property	0.7	0.5%	2.2%	1.6%	4.3%

	2.3	5	10	12	27
Managing IT systems	0.8	2.7%	5.4%	6.5%	14.5%

	2.4	0	3	2	5
Cost of health care	0.5	0.0%	1.6%	1.1%	2.7%

	2.8	0	1	3	4
Data security	0.5	0.0%	0.5%	1.6%	2.2%

9

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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

Ability to forecast results	1.48	1.28	185

Working capital management	0.96	1.19	185

Maintaining morale/productivity during economic downturn	0.86	1.05	185

Attracting and retaining qualified employees	0.55	1.03	185

Balance sheet weakness	0.50	0.93	185

Supply chain risk	0.48	0.89	185

Counterparty risk	0.45	0.91	185

Managing IT systems	0.25	0.68	185

Other:	0.15	0.60	185

Pension obligations	0.09	0.45	185

Protection of intellectual property	0.08	0.38	185

Cost of health care	0.04	0.27	185

Data security	0.03	0.19	185

10

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

Überkapazitäten	
ability to cut cost fast enough to respond to further reduction in demand	
Achieving financial targets	
Capacity flexibility	
Capital Employed	
Client retention	
Controlling costs / maintain profit levels	
Govt  PSBR conseq (being the NHS)	
Managing Cost and Capex	
Product cost reduction	
reduce fixed costs	
World trade	

11

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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

Wages/Salaries	2.86	3.89	2.25 - 3.47	3	-10	35	158

Health care costs	2.04	7.20	0.47 - 3.61	0	-15	50	81

Productivity (output per hour worked)	1.83	5.72	0.78 - 2.87	2	-23	25	115

Number of foreign/off-shore outsourced
employees	1.31	14.87	-1.87 - 4.49	0	-40	100	84

Prices of your products	0.82	4.90	0.02 - 1.62	1	-25	15	145

Cash on the balance sheet	-0.11	36.01	-6.97 - 6.74	0	-80	300	106

Share repurchases	-0.94	7.41	-3.03 - 1.16	0	-50	10	48

Number of domestic employees in accounting/
finance	-2.56	6.69	-3.75 - -1.37	0	-30	15	121

Technology spending	-2.60	16.65	-5.64 - 0.44	0	-50	100	115

Number of domestic employees overall	-3.36	9.01	-4.86 - -1.87	-2	-40	50	140

Dividends	-4.14	18.48	-9.73 - 1.45	0	-50	40	42

Marketing/advertising spending	-4.89	22.91	-8.88 - -0.91	-2	-50	200	127

Earnings	-5.38	23.92	-9.44 - -1.31	-1	-70	100	133

Capital spending	-9.21	20.40	-12.79 - -5.63	-2	-80	55	125

12

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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=186)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.8	131	21	6	158
Wages/Salaries	0.5	82.9%	13.3%	3.8%	100.0%

	0.5	74	23	18	115
Productivity (output per hour worked)	0.8	64.3%	20.0%	15.7%	100.0%

	0.3	28	51	2	81
Health care costs	0.5	34.6%	63.0%	2.5%	100.0%

	0.3	74	35	36	145
Prices of your products	0.8	51.0%	24.1%	24.8%	100.0%

Number of foreign/off-shore outsourced	0.1	30	35	21	86
employees	0.8	34.9%	40.7%	24.4%	100.0%

	0.0	39	34	42	115
Technology spending	0.8	33.9%	29.6%	36.5%	100.0%

	0.0	1	45	3	49
Share repurchases	0.3	2.0%	91.8%	6.1%	100.0%

	-0.1	11	18	18	47
Dividends	0.8	23.4%	38.3%	38.3%	100.0%

	-0.2	45	21	68	134
Earnings	0.9	33.6%	15.7%	50.7%	100.0%

	-0.2	26	35	46	107
Cash on the balance sheet	0.8	24.3%	32.7%	43.0%	100.0%

	-0.3	30	30	67	127
Marketing/advertising spending	0.8	23.6%	23.6%	52.8%	100.0%

Number of domestic employees in	-0.3	11	59	51	121
accounting/finance	0.6	9.1%	48.8%	42.1%	100.0%

	-0.4	26	33	82	141
Number of domestic employees overall	0.8	18.4%	23.4%	58.2%	100.0%

	-0.4	22	31	72	125
Capital spending	0.8	17.6%	24.8%	57.6%	100.0%

13

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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

Prices of your products	0.04	4.18	-0.10 - 0.18	0	-8.78	10.42

Share repurchases	-1.02	3.65	-1.22 - -0.82	0	-15.50	10

Technology spending	-3.77	12.68	-4.25 - -3.29	0	-35.20	30.03

Dividends	-4.10	13.97	-4.94 - -3.26	0	-40.40	32.08

Cash on the balance sheet	-4.24	22.21	-5.15 - -3.32	-5	-70.70	70.47

Earnings	-6.30	20.63	-7.06 - -5.54	0	-52.30	41.50

Marketing/advertising spending	-9.10	11.70	-9.54 - -8.67	-10	-49.80	40.01

Capital spending	-11.04	18.81	-11.70 - -10.38	-5	-49.20	30.77

14

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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

Productivity (output per hour worked)	3.11	4.33	2.93 - 3.29	2	-9.38	13.04

Wages/Salaries	2.82	2.28	2.74 - 2.90	3	-4.76	10.48

Health care costs	0.55	2.34	0.42 - 0.67	0	-12.10	16.15

Number of foreign/off-shore outsourced employees	-2.14	10.65	-2.63 - -1.65	0	-27.80	30.46

Number of domestic employees in accounting/finance	-3.65	5.89	-3.88 - -3.43	-2	-15.70	10.55

Number of domestic employees overall	-5.84	7.53	-6.13 - -5.56	-5	-21	14.30

15

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth 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	-7.60	22.79	-8.72 - -6.48	0	-52.30	41.50

Cash on the balance sheet	-2.47	27.60	-4.01 - -0.93	-5	-50	70.47

Dividends	-2.56	13.50	-3.62 - -1.50	0	-40.40	25

Share repurchases	-1.97	4.59	-2.31 - -1.63	0	-15.50	0

16

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

	 	Number	Percent	95% CI
	1=No	91	49.2 %	± 7.3 %
	2=Yes, somewhat	63	34.1 %	± 6.9 %
	3=Yes, very much	31	16.8 %	± 5.4 %
	Total	185	100.0 %

	Mean = 1.7
	SD = 0.7

	Missing Cases = 1 
	Response Percent = 99.5 %

17

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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	61	64.9 %	± 9.8 %
	Decreased availability of credit	53	56.4 %	± 10.2 %
	Experienced difficulty  initiating or renewing a bank credit
	   line	31	33.0 %	± 9.7 %
	Other	20	21.3 %	± 8.4 %
	Total	165

	Number of Cases =94
	Number of Responses =165
	Average Number Of Responses Per Case = 1.8
	Number Of Cases With At Least One Response =92
	Response Percent = 97.9 %

18

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

Availability of credit for consumers to purchase a	
Availability to supplier/customers	
Close to debt covenant	
Customer postpones contracts	
Customers availability of credit	
customers financing	
Decrease of credit conceded by banks to customers	
Eurobond offering cancelled indefinitely	
higher commitment fees, reduce credit lines	
increase bad debts from customers	
Increased duration of debt	
Insécurité financière pour nos fabricants	
Interest margin earned has increased	
klanten krijgen minder krediet bij hun banken	
Kunden bekommen keine Kredite mehr!	
lack of customers financing delay projects	
less invesmtments by prospective hotel owners	
MEER WAARBORGEN VERSTREKKEN	
Onderhandelingen nu: Fee's + 100bps	
Other Companies inability to pay us	
spreads increasing	

19

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

6c. Increased cost of credit - How many basis points increase since summer 2007?

	Minimum = 1

	Maximum = 500

	Mean = 105.89

	Median = 100

	Variance (Unbiased) = 9684.82

	Standard Deviation (Unbiased) = 98.41

	Standard Error Of The Mean  = 13.39

	95 Percent Confidence Interval Around The Mean = 79.64 - 132.14

	99 Percent Confidence Interval Around The Mean = 71.40 - 140.37

Quartiles

	 1 = 27.50
	 2 = 100
	 3 = 150

Valid Cases = 54 
Missing Cases = 7 
Response Percent = 88.5%

20

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

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

N=136		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		136		60	32	38	6	
		100.0%		44.1%	23.5%	27.9%	4.4%	
								
1=No		63		36	15	9	3	
		46.7%		60.0%	46.9%	24.3%	50.0%	
				C		A		
								
2=Yes, somewhat		49		17	11	18	3	
		36.3%		28.3%	34.4%	48.6%	50.0%	
				c		a		
								
3=Yes, very much		23		7	6	10	---	
		17.0%		11.7%	18.8%	27.0%	---	
								
Mean		1.7		1.5	1.7	2.0	1.5	
SD		0.7		0.7	0.8	0.7	0.5	
				C		A		

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

21

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

6b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating

N=72		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		72		24	17	28	3	
		100.0%		33.3%	23.6%	38.9%	4.2%	
								
Increased cost of credit		47		17	11	17	2	
		65.3%		70.8%	64.7%	60.7%	66.7%	
								
Decreased availability of		41		10	11	17	3	
credit		56.9%		41.7%	64.7%	60.7%	100.0%	
								
Experienced difficulty
initiating or renewing a bank		
27		
4	
5	
15	
3	
credit line		37.5%		16.7%	29.4%	53.6%	100.0%	
				CD	d	A	Ab	
								
Other		16		5	3	7	1	
		22.2%		20.8%	17.6%	25.0%	33.3%	

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

22

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

6c. Increased cost of credit: How many basis points increase? - by - Credit Rating

N=47		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		47		17	11	17	2	
Percent		100.0%		36.2%	23.4%	36.2%	4.3%	
								
How many basis points increase since summer 2007?	
								
N		41		12	10	17	2	
Mean		108.1		135.2	107.9	84.1	150.0	
SD		86.0		109.6	95.3	58.5	70.7	

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

23

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7a & 7b. Assets and Credit

	Mean	SD	95% CI	Median	Minimum	Maximum

7a. How much does your firm hold in cash and
marketable securities? TODAY (% of total assets)	14.09	19.54	10.88 - 17.30	7.50	0	100

7a. How much does your firm hold in cash and
marketable securities? ONE YEAR AGO (% of total
assets)	13.96	16.59	11.21 - 16.72	10	0	90

7b. How large are your bank lines of credit? TODAY (%
of total assets)	23.41	22.57	19.63 - 27.19	15	0	100

7b. How large are your bank lines of credit? ONE YEAR
AGO (% of total assets)	22.19	21.07	18.62 - 25.75	15	0	100

24

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7c. If you have used a bank line of credit this year, have you used the funds to: (Check all that apply)

	 	Number	Percent	95% CI
	Fund normal day-to-day operations	73	39.2 %	± 7.1 %
	Manage immediate liquidity needs	43	23.1 %	± 6.1 %
	We do not use bank credit lines	35	18.8 %	± 5.7 %
	We have not drawn on any credit lines	32	17.2 %	± 5.5 %
	Build cash for the future, as a precaution	12	6.5 %	± 3.6 %
	Obtain cash now in the case bank restricts future credit
	   access	11	5.9 %	± 3.4 %
	Other (Please specify)	11	5.9 %	± 3.4 %
	Total	217

	Number of Cases =186
	Number of Responses =217
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response =153
	Response Percent = 82.3 %

25

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7c. If you have used a bank line of credit this year, have you used the funds to: Other specified

Acquisitie	
acquisitions	
as a bank not applicable	
Capital Expenditure	
Dividend Payments	
for share purchasing	
garanties banquaires	
investments	
M & A activities	
NVT	
purchase income generating asset	
Restructure existing debt	
Return of Shareholder funds	
share buy back	
share buy back	
support estate improvement	

26

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7d. If your company has limited your use of bank credit lines in the past few months, why? (check all that apply)

	 	Number	Percent	95% CI
	NA	52	28.0 %	± 6.5 %
	We do not need the funds	28	15.1 %	± 5.2 %
	We do not have a bank credit line	22	11.8 %	± 4.7 %
	To save some unused borrowing capacity for future use	19	10.2 %	± 4.4 %
	The interest rate is too expensive	9	4.8 %	± 3.1 %
	To avoid paying fees	8	4.3 %	± 3.0 %
	To preserve our reputation among bankers and in financial
	   markets	7	3.8 %	± 2.8 %
	Other	3	1.6 %	± 1.8 %
	Total	148

	Number of Cases =186
	Number of Responses =148
	Average Number Of Responses Per Case = 0.8
	Number Of Cases With At Least One Response =124
	Response Percent = 66.7 %

27

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7d. If your company has limited the use of bank credit lines in the past few months, why? - Other specified

aflossingverplichtingen	
as a bank not applicable	
eigen centrale thesaurie	
Stratégie de réduction des financements	

28

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7e. Compared to 2007, is your firm using more or less of the following funding sources?

(N=186)

	Mean & SD	Less	Same	More	NA	Total
	  	-1	0	+1		  	
	0.5	0	2	2	182	186
Other:	0.6	0.0%	1.1%	1.1%	97.8%	100.0%

	0.3	6	30	28	122	186
Asset sales	0.6	3.2%	16.1%	15.1%	65.6%	100.0%

	0.2	23	58	55	50	186
Short-term debt	0.7	12.4%	31.2%	29.6%	26.9%	100.0%

	0.2	14	63	41	68	186
Bank lines of credit	0.6	7.5%	33.9%	22.0%	36.6%	100.0%

	0.2	4	26	14	142	186
Equity infusions or issuances	0.6	2.2%	14.0%	7.5%	76.3%	100.0%

	0.2	16	68	44	58	186
Retained earnings/cash	0.7	8.6%	36.6%	23.7%	31.2%	100.0%

	0.2	25	52	46	63	186
Long-term debt	0.7	13.4%	28.0%	24.7%	33.9%	100.0%

	0.1	10	28	16	132	186
Factoring accounts receivable or other assets	0.7	5.4%	15.1%	8.6%	71.0%	100.0%

	0.1	3	26	5	152	186
Credit card balances	0.5	1.6%	14.0%	2.7%	81.7%	100.0%

	0.0	9	54	12	111	186
Bank letter of credit	0.5	4.8%	29.0%	6.5%	59.7%	100.0%

	-0.1	5	18	3	160	186
Convertible debt	0.6	2.7%	9.7%	1.6%	86.0%	100.0%

	-0.2	15	25	7	139	186
Commercial paper	0.7	8.1%	13.4%	3.8%	74.7%	100.0%

29

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7e. Compared to 2007, is your firm using more or less of the following funding sources? Other specified

as a bank not applicable	
Holding	
Holding company	
No debt	

30

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7f. Where does your firm hold most of its cash? - In November 2008 - Other specified

as a bank, little applicability	
at parent company	
Cash posities diverse landen op RC banken	
Certificates of Deposit	
corporate cash pool	
eigen centrale thesaurie in parijs	
Group	
group cash pooling	
Group company	
Group's Cash Pull	
Group treasury function	
Holding	
Holding Company	
On deposit with sister company	
Owner (mother company)	

31

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7f. Where does your firm hold most of its cash? (Check the vehicles where your firm keeps the largest balance and second largest balance) -  In Summer 2008 (before Lehman collapse)

	 	Number	Percent	95% CI
	Commercial bank account	100	53.8 %	± 7.3 %
	Treasuries	31	16.7 %	± 5.4 %
	Money market funds	28	15.1 %	± 5.2 %
	Other	12	6.5 %	± 3.6 %
	Managed externally by money manager	9	4.8 %	± 3.1 %
	Government agency securities	7	3.8 %	± 2.8 %
	Total	187

	Number of Cases =186
	Number of Responses =187
	Average Number Of Responses Per Case = 1.0
	Number Of Cases With At Least One Response =147
	Response Percent = 79.0 %

32

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

7f. Where does your firm hold most of its cash? -  In Summer 2008 (before Lehman collapse) - Other specified

as a bank, little applicability	
at parent company	
CDs	
comm bank account now split up and held across numerous different banks	
corporate cash pool	
group	
group cash pooling	
Group company	
Group treasury	
Holding	
Holding company	
not actively managed	
NVT	
On deposit with sister company	
Owner (mother company)	

33

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

8a & 8b. Effect of capital/credit markets on the ability to pursue attractive investment projects.

(N=186)

			Small	Moderate	Large	
	Mean & SD	No effect	effect	effect	effect	Total
	  	1	2	3	4	  	
8a. When capital markets are operating
normally, how much does your ability to
access external capital limit your ability to	1.9	76	58	31	10	175
pursue attractive investment projects?	0.9	43.4%	33.1%	17.7%	5.7%	100.0%

8b. In the current credit market environment,
how much does your ability to access
external capital limit your ability to pursue	2.3	53	45	47	30	175
attractive investment projects?	1.1	30.3%	25.7%	26.9%	17.1%	100.0%

34

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

8c. When external capital is limited, are your corporate investments  (check one or two choices)

	 	Number	Percent	95% CI
	Funded by near-term cash flows/profits	72	38.7 %	± 7.1 %
	Funded by cash holdings	69	37.1 %	± 7.0 %
	Postponed or canceled	68	36.6 %	± 7.0 %
	Funded by joint ventures or partnerships	20	10.8 %	± 4.5 %
	Funded by other	13	7.0 %	± 3.7 %
	Other	3	1.6 %	± 1.8 %
	Total	245

	Number of Cases =186
	Number of Responses =245
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =169
	Response Percent = 90.9 %

35

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

8c. When external capital is limited, are your corporate investments - Funded by other specified

credit bail	
Gov't PFI	
Groupe	
Holding	
Holding company	
Intercompany financing	
leasing	
long term funding	
MAISON MERE	
operating lease	
Parent Company	
Parerent	

36

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

8c. When external capital is limited, are your corporate investments - Other specified

eigen central thesaurie parijs	

37

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

8d. How concerned are you about the financial health of the financial institutions your firm deals with?

	 	Number	Percent	95% CI
	1=I have no concerns	46	25.0 %	± 6.3 %
	2=I have moderate concerns	115	62.5 %	± 7.1 %
	3=I have significant concerns	23	12.5 %	± 4.8 %
	Total	184	100.0 %

	Mean = 1.9
	SD = 0.6

	Missing Cases = 2 
	Response Percent = 98.9 %

38

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

8e. Has Lehmann’s collapse affected how cautious you are about counterparty risk in derivatives markets?

	 	Number	Percent	95% CI
	1=No, we  are about as cautious as before	32	17.2 %	± 5.5 %
	2=Yes, we are somewhat more cautious	36	19.4 %	± 5.7 %
	3=Yes, we are much more cautious	25	13.4 %	± 5.0 %
	=NA - My firm does not use derivatives	93	50.0 %	± 7.3 %
	Total	186	100.0 %

	Mean = 1.9
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

39

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

9. When do you expect your national economy to begin recovery?

	 	Number	Percent	Cumulative
	2008, Quarter 4	0	0.0 %	0.0 %
	2009, Quarter 1	5	2.7 %	2.7 %
	2009, Quarter 2	17	9.2 %	11.9 %
	2009, Quarter 3	32	17.3 %	29.2 %
	2009, Quarter 4	36	19.5 %	48.6 %
	First half of 2010	52	28.1 %	76.8 %
	Second half of 2010 or later	43	23.2 %	100.0 %
	Total	185	100.0 %	100.0 %

	Missing Cases = 1 
	Response Percent = 99.5 %

40

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

9. Estimated number of months to beginning of recovery

Number of months

	Minimum = 2.50

	Maximum = 20

	Mean = 13.01

	Median = 14.50

	Variance (Unbiased) = 24.24

	Standard Deviation (Unbiased) = 4.92

	Standard Error Of The Mean  = 0.36

	95 Percent Confidence Interval Around The Mean = 12.30 - 13.71

	99 Percent Confidence Interval Around The Mean = 12.07 - 13.94

Quartiles

	 1 = 8.50
	 2 = 14.50
	 3 = 14.50

Valid Cases = 185 
Missing Cases = 0 
Response Percent = 100.0%

41

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

10. Compared to the last 12 months, how much will exports help your company in 2009?

	 	Number	Percent	95% CI
	-2=A lot less	6	3.2 %	± 2.6 %
	-1=Moderately less	20	10.8 %	± 4.5 %
	0=About the same	61	32.8 %	± 6.8 %
	1=Moderately more	31	16.7 %	± 5.4 %
	2=A lot more	8	4.3 %	± 2.9 %
	=Not applicable	60	32.3 %	± 6.8 %
	Total	186	100.0 %

	Mean = 0.1
	SD = 0.9

	Missing Cases = 0 
	Response Percent = 100.0 %

42

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

11. In what ways do you feel that the current global financial crisis has affected your company? (Check all that apply)

	 	Number	Percent	95% CI
	Slower payment by buyers	91	48.9 %	± 7.3 %
	No increase in defaults yet, but higher risk of defaults	85	45.7 %	± 7.2 %
	Slow down in export orders	62	33.3 %	± 6.8 %
	Increased cost of hedging the higher volatility of the price
	   of oil, commodities and foreign exchange rate.	49	26.3 %	± 6.4 %
	Increased rate of defaults by buyers	31	16.7 %	± 5.4 %
	The continued plunge of stock market worldwide makes
	   financing through IPO, both domestic and foreign, harder
	   than ever.	23	12.4 %	± 4.8 %
	Other (Please specify)	19	10.2 %	± 4.4 %
	Total	360

	Number of Cases =186
	Number of Responses =360
	Average Number Of Responses Per Case = 1.9
	Number Of Cases With At Least One Response =181
	Response Percent = 97.3 %

43

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

11. In what ways do you feel that the current global financial crisis has affected your company? - Other specified

Absatzfinanzierung	
	
baisse chiffre d'affaire	
	
Clients slashing Research & marketing budgets	
	
complete fall off in demand for income generating assets even those with low volatility and risk associated with their	
cashflows	
	
Customer reluctancy	
	
Customers have difficulties to obtain funding	
	
Delay in placing orders	
	
Due to sluggish economic performance, low confidence and increase of unemployment private consumption got hit	
	
Gov't funding restrictions	
	
increases risk in supplier defaults	
	
less properties being built	
	
Lower global consumer demand	
	
none yet	
	
nvt	
	
Price Pressure	
	
problems for our customers to find financing	
	
reduced availability of credit for consumers	
	
Situation einiger Kunden	
	
Vraaguitval	

44

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

12. Is your company taking any of the following actions in response to economic conditions? (Check all that apply)

	 	Number	Percent	95% CI
	Delay, reduce or cancel planned investment	110	59.1 %	± 7.1 %
	Freezing headcount	93	50.0 %	± 7.3 %
	Staff reductions	89	47.8 %	± 7.3 %
	Reduce planned staff bonus and/or freeze salaries	77	41.4 %	± 7.2 %
	Reduce T&E spending	75	40.3 %	± 7.1 %
	Accelerate/initiate divestment	23	12.4 %	± 4.8 %
	Postpone planned divestment	21	11.3 %	± 4.6 %
	Total	488

	Number of Cases =186
	Number of Responses =488
	Average Number Of Responses Per Case = 2.6
	Number Of Cases With At Least One Response =165
	Response Percent = 88.7 %

45

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

13. How do you rate your company's long term growth prospects, on a scale of 1 to 10? (10 is highest)

	 	Number	Percent	Cumulative
	1=Very Poor	0	0.0 %	0.0 %
	2=	5	2.7 %	2.7 %
	3=	8	4.3 %	7.0 %
	4=	12	6.5 %	13.5 %
	5=	22	11.9 %	25.4 %
	6=	28	15.1 %	40.5 %
	7=	44	23.8 %	64.3 %
	8=	45	24.3 %	88.6 %
	9=	13	7.0 %	95.7 %
	10=Very Good	8	4.3 %	100.0 %
	Total	185	100.0 %	100.0 %

	Mean = 6.6
	SD = 1.8

	Missing Cases = 1 
	Response Percent = 99.5 %

46

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Industry

	 	Number	Percent	95% CI
	Manufacturing	60	32.8 %	± 6.8 %
	Retail/Wholesale	22	12.0 %	± 4.7 %
	Service/Consulting	19	10.4 %	± 4.4 %
	Other	18	9.8 %	± 4.3 %
	Banking/Finance/Insurance	17	9.3 %	± 4.2 %
	Transportation/Energy	13	7.1 %	± 3.7 %
	Healthcare/Pharmaceutical	9	4.9 %	± 3.1 %
	Tech [Software/Biotech]	9	4.9 %	± 3.1 %
	Communications/Media	9	4.9 %	± 3.1 %
	Mining/Construction	7	3.8 %	± 2.8 %
	Total	183	100.0 %

	Missing Cases = 3 
	Response Percent = 98.4 %

47

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Industry (Other specified)

Aerospace	
Agent voor wetenschappelijke en professionele informatie	
Agricuture	
Capital Goods	
Costruction	
Education	
education	
FM/Catering	
FMCG	
FMCG	
food and drink	
Grafische sektor	
hospitality	
Leisure	
Oilfield services	
Publishing	
Renewable energy	

48

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	27	15.0 %	± 5.1 %
	$25-$99 million	23	12.8 %	± 4.8 %
	$100-$499 million	49	27.2 %	± 6.4 %
	$500-$999 million	21	11.7 %	± 4.6 %
	$1-$4.9 billion	41	22.8 %	± 6.0 %
	$5-$9.9 billion	6	3.3 %	± 2.6 %
	More than $10 billion	13	7.2 %	± 3.7 %
	Total	180	100.0 %

	Missing Cases = 6 
	Response Percent = 96.8 %

49

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1908.62

	Median = 300

	Variance (Unbiased) = 9162685.04

	Standard Deviation (Unbiased) = 3026.99

	Standard Error Of The Mean  = 225.62

	95 Percent Confidence Interval Around The Mean = 1466.40 - 2350.83

	99 Percent Confidence Interval Around The Mean = 1327.65 - 2489.58

	Skewness = 2.08

	Kolmogorov-Smirnov Statistic For Normality = 4.26

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 180 
Missing Cases = 6 
Response Percent = 96.8%

50

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	20	12.3 %	± 4.5 %
	100-499	23	14.1 %	± 4.8 %
	500-999	26	16.0 %	± 5.0 %
	1,000-2,499	38	23.3 %	± 5.9 %
	2,500-4,999	15	9.2 %	± 4.0 %
	5,000-9,999	12	7.4 %	± 3.6 %
	Over 10,000	29	17.8 %	± 5.3 %
	Total	163	100.0 %

	Missing Cases = 23 
	Response Percent = 87.6 %

51

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3614.42

	Median = 1750

	Variance (Unbiased) = 18924528.52

	Standard Deviation (Unbiased) = 4350.23

	Standard Error Of The Mean  = 340.74

	95 Percent Confidence Interval Around The Mean = 2946.57 - 4282.26

	99 Percent Confidence Interval Around The Mean = 2737.02 - 4491.81

	Skewness = 1.15

	Kolmogorov-Smirnov Statistic For Normality = 4.14

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 4687.50

Valid Cases = 163 
Missing Cases = 23 
Response Percent = 87.6%

52

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Headquarters Europe

	 	Number	Percent	95% CI
	United Kingdom	25	13.6 %	± 5.0 %
	Sweden	17	9.2 %	± 4.2 %
	France	17	9.2 %	± 4.2 %
	United States	15	8.2 %	± 4.0 %
	Germany	14	7.6 %	± 3.8 %
	Denmark	12	6.5 %	± 3.6 %
	Switzerland	11	6.0 %	± 3.4 %
	Finland	10	5.4 %	± 3.3 %
	Netherlands	9	4.9 %	± 3.1 %
	Portugal	9	4.9 %	± 3.1 %
	Spain	9	4.9 %	± 3.1 %
	Other (please specify)	9	4.9 %	± 3.1 %
	Belgium	8	4.3 %	± 2.9 %
	Italy	8	4.3 %	± 2.9 %
	Norway	3	1.6 %	± 1.8 %
	Luxembourg	2	1.1 %	± 1.5 %
	Austria	2	1.1 %	± 1.5 %
	Ireland	1	0.5 %	± 1.1 %
	Russia	1	0.5 %	± 1.1 %
	Africa	1	0.5 %	± 1.1 %
	Greece	1	0.5 %	± 1.1 %
	Asia	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Total	184	100.0 %

	Missing Cases = 2 
	Response Percent = 98.9 %

53

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Headquarters Europe (Other Specified)

Croatia	
Czech republic	
Latvia	
Lithuania	
Lithuania	
Lithuania	
Malta	
Paris	
Russia	
South Africa	
TURKEY	
Waltham (MA)	

54

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Ownership

	 	Number	Percent	95% CI
	Private	107	58.2 %	± 7.2 %
	Public	68	37.0 %	± 7.0 %
	Nonprofit	5	2.7 %	± 2.3 %
	Government	4	2.2 %	± 2.1 %
	Total	184	100.0 %

	Missing Cases = 2 
	Response Percent = 98.9 %

55

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Foreign Sales

	 	Number	Percent	95% CI
	0%	23	12.7 %	± 4.8 %
	1-24%	46	25.4 %	± 6.3 %
	25-50%	35	19.3 %	± 5.7 %
	More than 50%	77	42.5 %	± 7.2 %
	Total	181	100.0 %

	Missing Cases = 5 
	Response Percent = 97.3 %

56

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Does your firm have one or more foreign subsidiaries?

	 	Number	Percent	95% CI
	Yes	131	72.0 %	± 6.6 %
	No	51	28.0 %	± 6.5 %
	Total	182	100.0 %

	Missing Cases = 4 
	Response Percent = 97.8 %

57

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Does your firm pay a dividend?

	 	Number	Percent	95% CI
	Yes	110	59.8 %	± 7.1 %
	No	60	32.6 %	± 6.8 %
	NA	14	7.6 %	± 3.8 %
	Total	184	100.0 %

	Missing Cases = 2 
	Response Percent = 98.9 %

58

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

Will your firm have positive net income in fiscal 2008?

	 	Number	Percent	95% CI
	Yes	143	77.7 %	± 6.1 %
	No	39	21.2 %	± 5.9 %
	NA	2	1.1 %	± 1.5 %
	Total	184	100.0 %

	Missing Cases = 2 
	Response Percent = 98.9 %

59

Duke Tilburg CFO Global Business Outlook survey - Europe - Fourth Quarter, 2008

What is your company's credit rating?

	 	Number	Percent	Cumulative
	AAA	22	16.2 %	16.2 %
	AA+	13	9.6 %	25.7 %
	AA	18	13.2 %	39.0 %
	AA-	7	5.1 %	44.1 %
	A+	9	6.6 %	50.7 %
	A	15	11.0 %	61.8 %
	A-	8	5.9 %	67.6 %
	BBB+	12	8.8 %	76.5 %
	BBB	11	8.1 %	84.6 %
	BBB-	3	2.2 %	86.8 %
	BB+	3	2.2 %	89.0 %
	BB	4	2.9 %	91.9 %
	BB-	5	3.7 %	95.6 %
	B+	3	2.2 %	97.8 %
	B	2	1.5 %	99.3 %
	B-	1	0.7 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	136	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %