Table of Contents

1a. 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
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)	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? - Other specified	11
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]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months for:   [Unweighted - Sorted]	14
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]	15
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]	16
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]	17
6a. Has your company been affected by the cost or availability of credit?	18
6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	19
6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	20
6b. In what ways has your company been affected by the credit market turmoil (Only for firms that have access to 
lines of credit)	22
6c. Increased cost of credit - How many basis points increase since summer 2007?	23
6a. Has your company been affected by the cost or availability of credit? - by - Credit Rating (US based companies)	24
6b. In what ways has your company been affected by the credit market turmoil? - by – Credit Rating (US based companies)	25
6c. Increased cost of credit: How many basis points increase? - by - Credit Rating 	26
7a & 7b. Assets and Credit	27
7a & 7b. Assets and Credit (Only for firms that have used a bank line of credit this year)	28
7c. If you have used a bank line of credit this year, have you used the funds to: (Check all that apply) (Only for firms that 
have access to lines of credit)	29
7c. If you have used a bank line of credit this year, have you used the funds to: Other specified	30
7d. If your company has limited the use of bank credit lines in the past few months, why? (check all that apply) (Only for 
firms that have access to lines of credit)	32
7d. If your company has limited your use of bank credit lines in the past few months, why? - Other specified	33
7e. Compared to 2007, is your firm using more or less of the following funding sources?	35
7e. Compared to 2007, is your firm using more or less of the following funding sources? - Other specified	36
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 November 2008	37
7f. Where does your firm hold most of its cash? - In November 2008 - Other specified	38
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)	39
7f. Where does your firm hold most of its cash? -  In Summer 2008 (before Lehman collapse) - Other specified	40
8a & 8b. Effect of capital/credit markets on the ability to pursue attractive investment projects.	41
8c. When external capital is limited, are your corporate investments  (check one or two choices)	42
8c. When external capital is limited, are your corporate investments - Funded by other specified	43
8c. When external capital is limited, are your corporate investments - Other specified	44
8a. When capital markets are operating normally, how much does your ability to access external capital limit your ability 
to pursue attractive investment projects? - by - Credit Rating (US based companies)	45
8b. In the current credit market environment, how much does your ability to access external capital limit your ability to 
pursue attractive investment projects? - by - Credit Rating (US based companies)	46
8c. When external capital is limited, are your corporate investments  (check one or two choices) - by - Credit Rating 
(US based companies)	47
9a. Do you conduct significant business with smaller financial institutions (i.e., banks other than the big nine that initially received  money from the Fed's rescue plan)?	48
9b. How concerned are you about the financial health of the financial institutions your firm deals with?	49
9b. How concerned are you about the financial health of the financial institutions your firm deals with? (Only firms that 
conduct significant business with smaller financial institutions)	50
9c. Would you be concerned if the bank your firm does business with applied for Treasury equity?	51
9d. Has Lehmann’s collapse affected how cautious you are about counterparty risk in derivatives markets?	52
10. When do you expect the U.S. economy to begin recovery?	53
10. Estimated number of months to beginning of recovery	54
11. Compared to the last 12 months, how much will exports help your company in 2009?	55
12. On November 24, 2008 the annual yield on 10-yr treasury bonds was 3.3%. Please complete the following:	56
Revenue Weighted: 12. On November 24, 2008 the annual yield on 10-yr treasury bonds was 3.3%. Please complete the
following:	57
Employee Weighted: 12. On November 24, 2008 the annual yield on 10-yr treasury bonds was 3.3%. Please complete the
following:	58
How do you rate your company's long term growth prospects, on a scale of 1 to 10? (10 is highest)	59
Industry	60
Industry (Other specified)	61
Sales Revenue	63
Weighted Sales Revenue (Millions)	64
Number of Employees	65
Weighted Number of Employees	66
Headquarters	67
Ownership	68
Foreign Sales	69
Does your firm have one or more foreign subsidiaries?	70
Does your firm pay a dividend?	71
Will your firm have positive net income in fiscal 2008?	72
What is your company's credit rating? 	73

1

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

	 	Number	Percent	95% CI
	3=More optimistic	61	9.0 %	± 2.2 %
	2=No change	71	10.5 %	± 2.3 %
	1=Less optimistic	545	80.5 %	± 3.0 %
	Total	677	100.0 %

	Mean = 1.3
	SD = 0.6

	Missing Cases = 2 
	Response Percent = 99.7 %

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Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 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 = 95

	Mean = 41.76

	Median = 40

	Variance (Unbiased) = 338.55

	Standard Deviation (Unbiased) = 18.40

	Standard Error Of The Mean  = 0.74

	95 Percent Confidence Interval Around The Mean = 40.31 - 43.20

	99 Percent Confidence Interval Around The Mean = 39.86 - 43.65

Quartiles

	 1 = 30
	 2 = 40
	 3 = 50

Valid Cases = 626 
Missing Cases = 53 
Response Percent = 92.2%

3

Duke CFO Global Business Outlook survey - U.S. - 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	99	14.7 %	± 2.7 %
	2=No change	137	20.3 %	± 3.0 %
	1=Less optimistic	439	65.0 %	± 3.6 %
	Total	675	100.0 %

	Mean = 1.5
	SD = 0.7

	Missing Cases = 4 
	Response Percent = 99.4 %

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Duke CFO Global Business Outlook survey - U.S. - 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 = 54.71

	Median = 50

	Variance (Unbiased) = 466.06

	Standard Deviation (Unbiased) = 21.59

	Standard Error Of The Mean  = 0.87

	95 Percent Confidence Interval Around The Mean = 53.01 - 56.41

	99 Percent Confidence Interval Around The Mean = 52.48 - 56.94

Quartiles

	 1 = 40
	 2 = 50
	 3 = 75

Valid Cases = 621 
Missing Cases = 58 
Response Percent = 91.5%

5

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

(N=679)

	Mean & SD	1st	2nd	3rd	Total	
	1.5	296	113	74	483
Consumer demand	0.7	43.6%	16.6%	10.9%	71.1%

	1.8	186	157	104	447
Credit markets/interest rates	0.8	27.4%	23.1%	15.3%	65.8%

	2.1	32	26	41	99
Other:	0.9	4.7%	3.8%	6.0%	14.6%

	2.1	57	90	86	233
Housing market fallout	0.8	8.4%	13.3%	12.7%	34.3%

	2.1	16	40	27	83
Cost of non-fuel commodities	0.7	2.4%	5.9%	4.0%	12.2%

	2.2	7	27	19	53
Foreign competition	0.7	1.0%	4.0%	2.8%	7.8%

	2.3	51	66	116	233
New administration and Congress	0.8	7.5%	9.7%	17.1%	34.3%

	2.4	2	8	10	20
Trade policies and trade agreements	0.7	0.3%	1.2%	1.5%	2.9%

	2.4	12	39	56	107
Volatility of the dollar	0.7	1.8%	5.7%	8.2%	15.8%

	2.4	9	57	64	130
Financial regulation	0.6	1.3%	8.4%	9.4%	19.1%

	2.4	8	32	47	87
Cost of fuel	0.7	1.2%	4.7%	6.9%	12.8%

	2.5	1	16	17	34
Environmental regulation	0.6	0.1%	2.4%	2.5%	5.0%

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Duke CFO Global Business Outlook survey - U.S. - 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	1.76	1.28	676

Credit markets/interest rates	1.44	1.22	676

Housing market fallout	0.65	1.00	676

New administration and Congress	0.59	0.94	676

Financial regulation	0.30	0.68	676

Other:	0.28	0.75	676

Volatility of the dollar	0.25	0.64	676

Cost of non-fuel commodities	0.23	0.66	676

Cost of fuel	0.20	0.57	676

Foreign competition	0.14	0.51	676

Environmental regulation	0.08	0.36	676

Trade policies and trade agreements	0.05	0.29	676

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Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

auto industry	
auto industry fallout	
Auto prices	
Availability of venture financing	
availability of capital	
availability of credit	
Business Confidence	
Capital Investment	
capital markets	
Capital Spending Trend	
Commercial Real Estate Valuation Changes	
Competition	
Competiton from manufacturers that have tangent markets that are being  more severly affected.	
consolidation of chains/airlines	
Consumer and Business confidence	
Corporate Capital Spending	
Cost of Health Care (it's external, not internal)	
cost of living for employees	
Cost of petroleum related products	
Credit worthiness of sub-contractors and onwers	
customer ability to pay	
Customer financial creditworthiness	
Cuts in government (s) funding	
delinquencies/defaults	
diminishing wealth and its effect upon our customers	
Discretionary consumer spending	
Domestic Competition (in China)	
domestic competition	
Economic volatility in fin'l services industry	
Economy	
employment	
Equity markets	
equity markets	
Fallout of scrap metals market	
FDA regulation	
Fed Policy	
Federal & state government deficits	
Financial weekness of our customers	
fund raising	
Future of U.S. Auto Industry	
Government Regulation	
Government contracts	
Growth in unemployment	
Health Care Cost	
Health Care regulation	
Health care overhaul	
Health of domestic car industry	
hEALTH OF RETAILERS	
Healthcare policies	
Healthcare reform/regulations	
Increased competition	
Increased competition at lower prices	

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Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

interest rates	
Investment climate	
Investment markets	
Investment returns	
investment asset declines	
irrational competitor discounting	
Labor costs	
length of recession	
length of the recession	
Local impact fees on Construction- no value item	
markets	
medical payor discussion	
Medicare budget	
New administration's and Congress plan for the economic recovery	
New Technologies (Product Innovations)	
obtaining sufficient staffing	
our customer's curtailment of capital spending	
our customer's employment outlook	
Pension plan funding/ stock mkt.	
Price Sensitivity of Consumer	
Recession	
Reduction/delay in Corp IT investments	
Small business downsizing or closures	
Stability of offshore manufacturing	
stability and confidence in the financial mkts	
State budget deficits	
State budget situation	
State budgets	
state fiscal conditions	
State Government Administration	
State Govt fiscal issues	
State govt appropriation	
State regulation	
Stock market	
stock market volatilty	
Taxation Changes	
Taxation policies11	
taxes are way too high; we are becoming non-competititve	
Technology demand	
The Economy	
the economy's affect on our clients	
uncertanty of future market demand	
Unemployment	
Unemployment	
unemployment	
unemployment rate	
Union organizing w/card check	
unions	
volitile stock marter	

9

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

(N=679)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	47	17	21	85
Other:	0.8	6.9%	2.5%	3.1%	12.5%

	1.8	219	120	108	447
Ability to forecast results	0.8	32.3%	17.7%	15.9%	65.8%

	1.8	108	86	51	245
Balance sheet weakness	0.8	15.9%	12.7%	7.5%	36.1%

	2.1	56	64	67	187
Attracting and retaining qualified employees	0.8	8.2%	9.4%	9.9%	27.5%

	2.1	16	24	20	60
Pension obligations	0.8	2.4%	3.5%	2.9%	8.8%

Maintaining morale/productivity during	2.1	115	163	157	435
economic downturn	0.8	16.9%	24.0%	23.1%	64.1%

	2.1	34	57	48	139
Supply chain risk	0.8	5.0%	8.4%	7.1%	20.5%

	2.2	12	17	22	51
Protection of intellectual property	0.8	1.8%	2.5%	3.2%	7.5%

	2.2	42	81	89	212
Cost of health care	0.8	6.2%	11.9%	13.1%	31.2%

	2.3	20	33	57	110
Managing IT systems	0.8	2.9%	4.9%	8.4%	16.2%

	2.4	5	9	19	33
Data security	0.8	0.7%	1.3%	2.8%	4.9%

10

Duke CFO Global Business Outlook survey - U.S. - 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	1.49	1.26	675

Maintaining morale/productivity during economic downturn	1.23	1.11	675

Balance sheet weakness	0.81	1.17	675

Cost of health care	0.56	0.93	675

Attracting and retaining qualified employees	0.54	0.97	675

Supply chain risk	0.39	0.84	675

Other:	0.29	0.82	675

Managing IT systems	0.27	0.69	675

Pension obligations	0.17	0.60	675

Protection of intellectual property	0.14	0.52	675

Data security	0.08	0.38	675

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Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

1. access to capital, 2. cutting capital and O&M 3. in denial about impact of fin. crisis	
Ability to attract investment	
Ability to retain bank financing	
ability to scale quickly	
access to capital	
Adapting overhead to current situation	
AR collection	
attracting customers	
auto sales	
Available credit	
Bad Debt	
Bank Financing	
Banking Environment Uncertainty	
Brand Recognition	
Budget cuts	
Cash Flow	
Cash Flow	
Cash flow	
Cash flow	
Cash flow timing	
Cash shortfall to run the business	
Change/transition of CEO	
Company Structure	
Cost containment	
cost management	
Cost reduction programs	
cost structure	
credit availability	
credit exposure	
credit markets / interest rates	
Credit risk exposure	
customer credit risk	
Cutting controllable expenses	
debt compliance	
Debt service over next 3 years	
Declining Revenues	
Decreased availability of credit	
deterioting p&l	
Disconnect between business model and market expectations	
Effective downsizing	
Employee rightsizing	
Energy Costs	
Ethics issues	
Experienced management	
Falling asset values	
Gaining New Business	
high fixed cost structure	
Housing Market	
Illiquidity	
impact of potential RIF	
increasing cost of raw materials	
integrating international acquisitions	

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Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

interest rates	
Investment markets	
Labor cots including health care	
Liquidity	
Loss in value of investments	
Lower costs throughout	
Maintaining Prices	
Managing Cash	
Managing significant growth	
Minimum wage increases affect on labor costs	
Need for External Capital-strong balance sheet but no sources of external capital	
New Product Development	
New Products introduced on time	
organizational issues	
organizational transformation	
Overall tech development	
Pricing	
Product Quality;   new R&D investment decisions	
R&D risk on clinical trials	
Raising Capital	
Reducing costs / Maintain Customer Service	
Reducing expenses	
revenue generation	
Revenue production and collection	
Revenue stability	
Risk Management - Secondary and Terciary Affects	
Scarcer resources- competing priorities	
short term liquidity	
starting my own consulting firm	
state & federal budget cuts	
Taxes	
VC financing	
Working capital management	

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Duke CFO Global Business Outlook survey - U.S. - 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

Health care costs	7.64	8.45	6.94 - 8.34	7	-90	80	553

Productivity (output per hour worked)	2.37	8.20	1.59 - 3.15	2	-40	70	424

Wages/Salaries	1.11	10.01	0.30 - 1.92	3	-92	120	584

Number of foreign/off-shore outsourced
employees	0.58	10.09	-0.63 - 1.79	0	-40	100	267

Cash on the balance sheet	-0.12	34.95	-3.30 - 3.05	0	-95	400	466

Share repurchases	-0.22	16.90	-2.46 - 2.03	0	-90	100	218

Prices of your products	-0.44	10.59	-1.34 - 0.45	0	-60	100	542

Number of domestic employees in accounting/
finance	-2.88	10.40	-3.81 - -1.95	0	-75	50	480

Technology spending	-2.98	25.59	-5.17 - -0.78	0	-90	300	524

Number of domestic employees overall	-4.02	16.66	-5.42 - -2.61	-2	-95	200	539

Marketing/advertising spending	-4.34	21.24	-6.23 - -2.46	0	-90	250	489

Dividends	-4.94	24.61	-9.00 - -0.87	0	-80	100	141

Earnings	-5.29	31.69	-8.03 - -2.55	0	-90	340	513

Capital spending	-8.44	34.79	-11.43 - -5.44	-5	-95	400	519

14

Duke CFO Global Business Outlook survey - U.S. - 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=679)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	506	33	15	554
Health care costs	0.4	91.3%	6.0%	2.7%	100.0%

	0.6	423	94	67	584
Wages/Salaries	0.7	72.4%	16.1%	11.5%	100.0%

	0.5	259	106	59	424
Productivity (output per hour worked)	0.7	61.1%	25.0%	13.9%	100.0%

	0.2	260	142	140	542
Prices of your products	0.8	48.0%	26.2%	25.8%	100.0%

Number of foreign/off-shore outsourced	0.0	57	164	47	268
employees	0.6	21.3%	61.2%	17.5%	100.0%

	0.0	155	146	169	470
Cash on the balance sheet	0.8	33.0%	31.1%	36.0%	100.0%

	0.0	14	195	23	232
Share repurchases	0.4	6.0%	84.1%	9.9%	100.0%

	-0.1	175	138	216	529
Technology spending	0.9	33.1%	26.1%	40.8%	100.0%

	-0.1	27	79	44	150
Dividends	0.7	18.0%	52.7%	29.3%	100.0%

	-0.1	193	73	254	520
Earnings	0.9	37.1%	14.0%	48.8%	100.0%

	-0.2	136	129	228	493
Marketing/advertising spending	0.8	27.6%	26.2%	46.2%	100.0%

Number of domestic employees in	-0.2	60	248	173	481
accounting/finance	0.7	12.5%	51.6%	36.0%	100.0%

	-0.3	138	93	298	529
Capital spending	0.9	26.1%	17.6%	56.3%	100.0%

	-0.3	111	138	290	539
Number of domestic employees overall	0.8	20.6%	25.6%	53.8%	100.0%

15

Duke CFO Global Business Outlook survey - U.S. - 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	6.90	-0.04 - 0.11	1	-21.20	20.32

Share repurchases	-0.05	8.56	-0.18 - 0.09	0	-33.30	32.90

Cash on the balance sheet	-1.29	20.78	-1.55 - -1.04	0	-68.60	68.38

Dividends	-2.87	18.87	-3.19 - -2.55	0	-53.20	43.30

Technology spending	-4.36	13.96	-4.52 - -4.21	0	-53.10	47.18

Marketing/advertising spending	-6.55	13.28	-6.70 - -6.40	-3	-46	37.29

Earnings	-8.19	21.27	-8.43 - -7.95	-2	-67.40	56.82

Capital spending	-10.23	19.41	-10.44 - -10.02	-5	-76.60	59.75

16

Duke CFO Global Business Outlook survey - U.S. - 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

Health care costs	6.38	4.15	6.34 - 6.43	5	-8.92	24.20

Productivity (output per hour worked)	1.77	5.29	1.71 - 1.83	2	-13.70	18.44

Wages/Salaries	1.18	4.70	1.13 - 1.23	2	-18.50	20.73

Number of foreign/off-shore outsourced employees	-1.58	8.46	-1.70 - -1.47	0	-19.20	20.36

Number of domestic employees in accounting/finance	-4.08	6.33	-4.15 - -4.01	-1	-23.30	17.50

Number of domestic employees overall	-4.99	8.25	-5.08 - -4.90	-3	-36.70	28.63

17

Duke CFO Global Business Outlook survey - U.S. - 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	-8.96	21.93	-9.31 - -8.61	0	-67.40	56.82

Cash on the balance sheet	0.46	23.95	0.03 - 0.88	0	-68.60	68.38

Dividends	-2.98	15.89	-3.30 - -2.66	0	-53.20	43.30

Share repurchases	0.65	9.05	0.47 - 0.83	0	-33.30	32.90

18

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

	 	Number	Percent	95% CI
	1=No	283	42.1 %	± 3.7 %
	2=Yes, somewhat	240	35.7 %	± 3.6 %
	3=Yes, very much	150	22.3 %	± 3.1 %
	Total	673	100.0 %

	Mean = 1.8
	SD = 0.8

	Missing Cases = 6 
	Response Percent = 99.1 %

19

Duke CFO Global Business Outlook survey - U.S. - 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
	Decreased availability of credit	241	61.8 %	± 4.8 %
	Increased cost of credit	194	49.7 %	± 5.0 %
	Experienced difficulty  initiating or renewing a bank credit
	   line	122	31.3 %	± 4.6 %
	Other	87	22.3 %	± 4.2 %
	Total	644

	Number of Cases =390
	Number of Responses =644
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =379
	Response Percent = 97.2 %

20

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

Actions taken to meet covenants	
Affecting end demand	
Availability of credit to customers	
Availability of student loans	
Bank forcing partial refi  2subsidize bad credits	
banks funding on revolvers	
Being dropped by long standing bank for constructi	
Bond Sales - no market	
cancellation/delay of const projects	
cannot do amnedments	
changed terms of negotiatiions	
client availability of credit/ Bond funding	
Clients' borrowing capability	
Clients inability to borrow	
collateral calls	
consumer ability to borrow	
Consumer Financing	
Consumer Financing for Purchases of our products	
consumer financing alternatives	
Credit for customers purchasing our vehicles	
customer -- reduced access to credit	
Customer ability to finance spending	
Customer access to credit	
cUSTOMER ABILITY TO GET FINANCING	
customer demand decreas	
Customer's access to capital or cost of capital	
customer's ability to obtain credit	
Customers availability to credit has impacted sale	
Customers credit impacts our cash	
Customers financing of projects	
Customers reduced access to credit	
Customers slower to pay	
customers can not get financing	
customers have reduced credit	
customers need credit for capex/projects	
customers slow to pay due to cash/credit constrain	
Decreased availability of credit to key clients	
decreased customer availabilty of credit	
Defferal of major capital projects	
delay in bond issuance	
Developers experienced difficulty obtaining credit	
difficult fin'g new ventures and expansion	
difficulty renegotiating covenants	
expect 200bp incr 1Q09	
Financial Stability of our Retail Customers	
floating debt base on 30 day LIBOR	
Greater oversight	
Had to refinance auction rate notes	
Hurt customer ability to finance growth	
Impact on customers	
impact on customer ability to borrow	
impact on trade and revenue	

21

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

Inability of customers to obtain credit	
Inability to complete asset sales	
Increase in timeframe req'd to obtain new credit	
increased business opportunities	
increased covenant restrictions	
increased restrictions	
Increases in back up lines and more covenants	
intercompany cross-border restrictions on cash mov	
Interst set the floor of 5.5%	
investment  opportunities	
Lack of access to commercial paper	
Lack of debt for real estate buyers	
Lack of demand	
lack of liquidity facilities	
leverage covenants tighter, income covenants highe	
LIBOR + a good deal right now	
LIBOR based vs. Prime Minus	
Line not able to grow w/company.	
Lines Pulled Regardless of cost	
Looking for additional facility for an M&A deal	
Low rates cause downward pressure on spread	
Maximized lines of credit to maintain cash	
more reporting required	
More restrictive terms	
Need to plan for tighter credit in future	
Our customers rely on credit markets to start proj	
Our customers' are experienceing higher interest	
Personal guarantee required	
Planned and negotiated leases and loans fell apart	
Property appraisals reduced credit availability.	
reduction in trust preferred market	
Refinancing difficulty	
security required	
Since our customers are affected, we are affected.	
Stricter terms	
subsidiary co having credit line problems	
unable to spin off or sell our division	
VC financing	
We are a Commercial Bank	
We are a finance company-so increased applications	

22

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

6b. In what ways has your company been affected by the credit market turmoil (Only for firms that have access to lines of credit)

	 	Number	Percent	95% CI
	Decreased availability of credit	195	63.9 %	± 5.4 %
	Increased cost of credit	156	51.1 %	± 5.6 %
	Experienced difficulty  initiating or renewing a bank credit
	   line	100	32.8 %	± 5.3 %
	Other	62	20.3 %	± 4.5 %
	Total	513

	Number of Cases =305
	Number of Responses =513
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =296
	Response Percent = 97.0 %

23

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

	Minimum = 0.25

	Maximum = 800

	Mean = 179.83

	Median = 150

	Variance (Unbiased) = 21913.73

	Standard Deviation (Unbiased) = 148.03

	Standard Error Of The Mean  = 11.06

	95 Percent Confidence Interval Around The Mean = 158.14 - 201.51

	99 Percent Confidence Interval Around The Mean = 151.34 - 208.32

Quartiles

	 1 = 75
	 2 = 150
	 3 = 250

Valid Cases = 179 
Missing Cases = 15 
Response Percent = 92.3%

24

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

6a. Has your company been affected by the cost or availability of credit? - by - Credit Rating (US based companies)

N=439		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		439		147	98	132	62	
		100.0%		33.5%	22.3%	30.1%	14.1%	
								
1=No		174		73	47	41	13	
		40.0%		50.3%	49.0%	31.1%	21.0%	
				CD	CD	AB	AB	
								
2=Yes, somewhat		164		48	37	57	22	
		37.7%		33.1%	38.5%	43.2%	35.5%	
								
3=Yes, very much		97		24	12	34	27	
		22.3%		16.6%	12.5%	25.8%	43.5%	
				D	cD	bd	ABc	
								
Mean		1.8		1.7	1.6	1.9	2.2	
SD		0.8		0.7	0.7	0.8	0.8	
				CD	CD	ABd	ABc	

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

25

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

N=261		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		261		72	49	91	49	
		100.0%		27.6%	18.8%	34.9%	18.8%	
								
Decreased		157		40	23	54	40	
availability of credit		60.2%		55.6%	46.9%	59.3%	81.6%	
				D	D	D	ABC	
								
Increased cost of		131		31	25	43	32	
credit		50.2%		43.1%	51.0%	47.3%	65.3%	
				d		d	ac	
								
Other		62		19	17	21	5	
		23.8%		26.4%	34.7%	23.1%	10.2%	
				d	D		aB	
								
Experienced difficulty
initiating or renewing		
70		
12	
10	
22	
26	
a bank credit line		26.8%		16.7%	20.4%	24.2%	53.1%	
				D	D	D	ABC	

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

26

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

N=141		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		141		36	25	45	35	
Percent		100.0%		25.5%	17.7%	31.9%	24.8%	
								
How many basis points increase since summer 2007?	
								
N		131		32	24	44	31	
Mean		183.7		157.1	120.3	207.9	225.7	
SD		146.5		124.8	111.6	157.9	157.8	
					cD	b	B	

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

27

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

7a & 7b. Assets and Credit

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

7b. How large are your bank lines of credit?
TODAY (% of total assets)	20.24	21.01	18.50 - 21.98	15	0	100	561

7b. How large are your bank lines of credit?
ONE YEAR AGO (% of total assets)	20.19	21.38	18.41 - 21.96	15	0	100	557

7a. How much does your firm hold in cash and
marketable securities? ONE YEAR AGO (% of
total assets)	16.13	20.56	14.47 - 17.79	10	0	100	590

7a. How much does your firm hold in cash and
marketable securities? TODAY (% of total
assets)	15.74	19.97	14.14 - 17.35	10	0	100	596

28

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

7a & 7b. Assets and Credit (Only for firms that have used a bank line of credit this year)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

7b. How large are your bank lines of credit?
TODAY (% of total assets)	24.80	21.74	22.67 - 26.94	20	0	100	400

7b. How large are your bank lines of credit?
ONE YEAR AGO (% of total assets)	24.49	22.07	22.32 - 26.66	20	0	100	397

7a. How much does your firm hold in cash and
marketable securities? ONE YEAR AGO (% of
total assets)	12.69	18.28	10.93 - 14.46	5	0	100	412

7a. How much does your firm hold in cash and
marketable securities? TODAY (% of total
assets)	12.42	17.91	10.70 - 14.14	5	0	100	416

29

Duke CFO Global Business Outlook survey - U.S. - 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) (Only for firms that have access to lines of credit)

	 	Number	Percent	95% CI
	Fund normal day-to-day operations	289	60.0 %	± 4.4 %
	Manage immediate liquidity needs	222	46.1 %	± 4.5 %
	Build cash for the future, as a precaution	60	12.4 %	± 3.0 %
	Obtain cash now in the case bank restricts future credit
	   access	58	12.0 %	± 2.9 %
	Other (Please specify)	56	11.6 %	± 2.9 %
	We do not use bank credit lines	0	0.0 %	± 0.0 %
	We have not drawn on any credit lines	0	0.0 %	± 0.0 %
	Total	685

	Number of Cases =482
	Number of Responses =685
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response =398
	Response Percent = 82.6 %

30

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

Acquisition	
Acquisition	
Acquisition capital project	
Acquisitions	
Acquisitions	
Acquisitions	
acquisition expenses	
acquisitions	
acquisitions	
Bridge financing use only	
Build inventory	
Business or Product Line Acquisitions	
capex	
capex purchases	
Capital Expansion	
Capital Expenditures	
capital expenditures	
Capital Improvements to Facilities	
Capital Investment	
Capital project	
Capital rexpenditures	
capitalize on new opportunities	
Construct new facility; purchase minority interests	
Construction Contracts	
Equipment purchases and seasonal inventory	
Expansion	
finance capital expenditures	
Finance property acquisition	
floor inventory	
Fund acquisitions	
Fund advances to managed fundraising campaigns	
Fund an acquisition	
Fund loan demand	
Fund location growth	
Fund purchase money sales	
Funding Acquisitions	
have not used	
Lawsuit payout	
letters of credit	
Lines with the Fed and correspondent banks	
Obtained letters of credit	
open new branches & purchase inventory	
our line of credit is a asset based facility so we draw and pay on the facility daily	
Pay capital distributions	
Pay dividends	
Pay down higher rate loans	
Purchase fixed assets	
Refinance maturing debt	
S corp year end tax use	
seasonal inventory & receivables	
share repurchase	
Stock Repurchase	

31

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

Stock repurchase	
support for letters of credit	
Temporarilly fund new plant	
Used to post letters of credit	
We did not use yet	

32

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

	 	Number	Percent	95% CI
	NA	160	33.2 %	± 4.2 %
	We do not need the funds	88	18.3 %	± 3.5 %
	To save some unused borrowing capacity for future use	79	16.4 %	± 3.3 %
	The interest rate is too expensive	29	6.0 %	± 2.1 %
	To avoid paying fees	25	5.2 %	± 2.0 %
	To preserve our reputation among bankers and in financial
	   markets	20	4.1 %	± 1.8 %
	Other	9	1.9 %	± 1.2 %
	We do not have a bank credit line	0	0.0 %	± 0.0 %
	Total	410

	Number of Cases =482
	Number of Responses =410
	Average Number Of Responses Per Case = 0.9
	Number Of Cases With At Least One Response =332
	Response Percent = 68.9 %

33

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

Acquisition	
Acquisition	
Acquisition capital project	
Acquisitions	
Acquisitions	
Acquisitions	
acquisition expenses	
acquisitions	
acquisitions	
Bridge financing use only	
Build inventory	
Business or Product Line Acquisitions	
capex	
capex purchases	
Capital Expansion	
Capital Expenditures	
capital expenditures	
Capital Improvements to Facilities	
Capital Investment	
Capital project	
Capital rexpenditures	
capitalize on new opportunities	
Construct new facility; purchase minority interests	
Construction Contracts	
Equipment purchases and seasonal inventory	
Expansion	
finance capital expenditures	
Finance property acquisition	
floor inventory	
Fund acquisitions	
Fund advances to managed fundraising campaigns	
Fund an acquisition	
Fund loan demand	
Fund location growth	
Fund purchase money sales	
Funding Acquisitions	
have not used	
Lawsuit payout	
letters of credit	
Lines with the Fed and correspondent banks	
Obtained letters of credit	
open new branches & purchase inventory	
our line of credit is a asset based facility so we draw and pay on the facility daily	
Pay capital distributions	
Pay dividends	
Pay down higher rate loans	
Purchase fixed assets	
Refinance maturing debt	
S corp year end tax use	
seasonal inventory & receivables	
share repurchase	
Stock Repurchase	

34

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

Stock repurchase	
support for letters of credit	
Temporarilly fund new plant	
Used to post letters of credit	
We did not use yet	

35

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

(N=679)

	Mean & SD	Less	Same	More	NA	Total
	  	-1	0	+1		  	
	0.3	47	245	220	167	679
Retained earnings/cash	0.6	6.9%	36.1%	32.4%	24.6%	100.0%

	0.3	27	77	91	484	679
Asset sales	0.7	4.0%	11.3%	13.4%	71.3%	100.0%

	0.3	29	64	86	500	679
Equity infusions or issuances	0.7	4.3%	9.4%	12.7%	73.6%	100.0%

	0.3	2	7	7	663	679
Other:	0.7	0.3%	1.0%	1.0%	97.6%	100.0%

	0.2	73	240	173	193	679
Bank lines of credit	0.7	10.8%	35.3%	25.5%	28.4%	100.0%

	0.2	8	59	25	587	679
Convertible debt	0.6	1.2%	8.7%	3.7%	86.5%	100.0%

	0.2	12	65	28	574	679
Factoring accounts receivable or other assets	0.6	1.8%	9.6%	4.1%	84.5%	100.0%

	0.1	81	217	138	243	679
Short-term debt	0.7	11.9%	32.0%	20.3%	35.8%	100.0%

	0.1	93	244	137	205	679
Long-term debt	0.7	13.7%	35.9%	20.2%	30.2%	100.0%

	0.1	17	88	29	545	679
Credit card balances	0.6	2.5%	13.0%	4.3%	80.3%	100.0%

	0.0	44	216	57	362	679
Bank letter of credit	0.6	6.5%	31.8%	8.4%	53.3%	100.0%

	-0.1	35	49	23	572	679
Commercial paper	0.7	5.2%	7.2%	3.4%	84.2%	100.0%

36

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

all cash/debt manager by corp parent	
Bonds	
capital expenditure loans	
seller notes	
stockholder loan	
stretch out payables	
TARP	
TARP	
Te Equity Infusion is from TARP	

37

Duke CFO Global Business Outlook survey - U.S. - 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 November 2008

	 	Number	Percent	95% CI
	Commercial bank account	330	48.6 %	± 3.8 %
	Money market funds	263	38.7 %	± 3.7 %
	Treasuries	138	20.3 %	± 3.0 %
	Other	50	7.4 %	± 2.0 %
	Managed externally by money manager	47	6.9 %	± 1.9 %
	Government agency securities (e.g., Fannie Mae)	43	6.3 %	± 1.8 %
	Total	871

	Number of Cases =679
	Number of Responses =871
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =642
	Response Percent = 94.6 %

38

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

applied against the Revolver	
apply against Line of credit	
bank account	
Bank C Ds	
bank time deposits	
CD's	
CD's	
CDs managed internally	
Commercial Paper	
Commercial Savings	
Common lockbox account	
Corp Credit Union CD's	
Corporate funded	
Corporate parent	
equity offset against floor plan loc	
euro deposit	
Eurodollar deposit accounts	
Fed Funds	
Federal Reserve and in Vaults	
FHLB	
govt sponsored mutual funds	
Hip National	
Invested at Group level in Italy	
Investment funds	
Line of credit	
Managed by parent company	
mixture of sovereigns and credit	
money center bank time deposits	
Muni-bonds	
Municipal Bonds	
na	
Offset to flooring lines	
on revolver	
overnight instruments	
Overnights	
Parent Company	
pays debt	
reduce credit line	
repurchase agreements	
S-T CP	
Use cash to pay down line	
used to pay down revolver	
we are a bank	
We don't have any cash	
with the holding company	
zero balance using line	

39

Duke CFO Global Business Outlook survey - U.S. - 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	316	46.5 %	± 3.8 %
	Money market funds	278	40.9 %	± 3.7 %
	Treasuries	96	14.1 %	± 2.6 %
	Other	58	8.5 %	± 2.1 %
	Managed externally by money manager	53	7.8 %	± 2.0 %
	Government agency securities (e.g., Fannie Mae)	44	6.5 %	± 1.9 %
	Total	845

	Number of Cases =679
	Number of Responses =845
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response =626
	Response Percent = 92.2 %

40

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

applied against the Revolver	
Auction Rate Securities	
auction rate securities	
bank account	
Bank time deposits	
CD's	
CD's	
CD's	
CDs managed internally	
Commercial Paper	
Commercial Paper	
Commercial Paper	
Commercial Savings	
commercial paper	
commercial paper	
commercial paper	
Corporate funded	
Corporate parent	
equity offset against floor plan loc	
euro deposit	
Eurodollar deposit accounts	
Excess swept to secured investments, treasuries, et al	
Fed Funds	
Federal Reserve and in Vaults	
FHLB	
Investment funds	
line of credit	
Managed by parent company	
mixture of sovereigns and credit	
Muni-bonds	
Municipal Bonds	
mutual funds	
na	
offset to flooring lines	
on revolver	
overnight instruments	
overnight secured sweep	
overnight sweep	
overnights	
Parent company	
pays debt	
reduce credit line	
Repos	
S-T CP	
Short term bond fund	
time deposits	
Use cash to pay down line	
used to pay down revolver	
We didn't have any cash	
with the holding company	
zero balance using line	

41

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

(N=679)

			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	2.0	250	235	126	52	663
pursue attractive investment projects?	0.9	37.7%	35.4%	19.0%	7.8%	100.0%

8b. In the current credit market environment,
how much does your ability to access
external capital limit your ability to pursue	2.6	160	147	156	198	661
attractive investment projects?	1.2	24.2%	22.2%	23.6%	30.0%	100.0%

42

Duke CFO Global Business Outlook survey - U.S. - 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	363	53.5 %	± 3.8 %
	Funded by cash holdings	303	44.6 %	± 3.8 %
	Postponed or canceled	240	35.3 %	± 3.6 %
	Funded by joint ventures or partnerships	37	5.4 %	± 1.7 %
	Funded by other	31	4.6 %	± 1.6 %
	Other	9	1.3 %	± 0.9 %
	Total	983

	Number of Cases =679
	Number of Responses =983
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response =650
	Response Percent = 95.7 %

43

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

affiliate borrowing	
asset sales	
asset sales	
asset sales	
Bank Line	
bank line of credit	
bond proceeds	
Capital Assessment	
Capital call of LLC members	
capital infusion from parent co.	
Commercial Paper	
Corporate Parent	
debt	
equity infusions from investor	
Holding	
houses	
Leasing	
leasing	
loans	
loans from owners	
owner	
remaining bank lines	
s/t debt & deposits	
Shareholder loans	
Stockholders	

44

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

equity partners	
Facility with our bank	
grant money	
Limited to the above sources	
N/A	
NA	
new equity	
None	
very costly capital 25%+ equity-ouch	

45

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

8a. When capital markets are operating normally, how much does your ability to access external capital limit your ability to pursue attractive investment projects? - by - Credit Rating (US based companies)

N=439		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		439		147	98	132	62	
		100.0%		33.5%	22.3%	30.1%	14.1%	
								
1=No effect		161		76	39	34	12	
		37.1%		53.1%	39.8%	26.0%	19.4%	
				bCD	acD	Ab	AB	
								
2=Small effect		155		42	40	58	15	
		35.7%		29.4%	40.8%	44.3%	24.2%	
				c	d	aD	bC	
								
3=Moderate effect		87		18	15	30	24	
		20.0%		12.6%	15.3%	22.9%	38.7%	
				cD	D	ad	ABc	
								
4=Large effect		31		7	4	9	11	
		7.1%		4.9%	4.1%	6.9%	17.7%	
				D	D	d	ABc	
								
Mean		2.0		1.7	1.8	2.1	2.5	
SD		0.9		0.9	0.8	0.9	1.0	
				CD	cD	AbD	ABC	

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

46

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

8b. In the current credit market environment, how much does your ability to access external capital limit your ability to pursue attractive investment projects? - by - Credit Rating (US based companies)

N=439		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		439		147	98	132	62	
		100.0%		33.5%	22.3%	30.1%	14.1%	
								
1=No effect		99		49	26	17	7	
		22.9%		34.3%	27.1%	13.0%	11.3%	
				CD	Cd	AB	Ab	
								
2=Small effect		97		40	27	25	5	
		22.5%		28.0%	28.1%	19.1%	8.1%	
				D	D	d	ABc	
								
3=Moderate effect		114		33	30	37	14	
		26.4%		23.1%	31.3%	28.2%	22.6%	
								
4=Large effect		122		21	13	52	36	
		28.2%		14.7%	13.5%	39.7%	58.1%	
				CD	CD	ABd	ABc	
								
Mean		2.6		2.2	2.3	2.9	3.3	
SD		1.1		1.1	1.0	1.1	1.0	
				CD	CD	ABd	ABc	

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

47

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

8c. When external capital is limited, are your corporate investments  (check one or two choices) - by - Credit Rating (US based companies)

N=439		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		439		147	98	132	62	
		100.0%		33.5%	22.3%	30.1%	14.1%	
								
Funded by near-term		241		71	61	81	28	
cash flows/profits		54.9%		48.3%	62.2%	61.4%	45.2%	
				bc	ad	ad	bc	
								
Funded by cash		198		75	51	53	19	
holdings		45.1%		51.0%	52.0%	40.2%	30.6%	
				D	D		AB	
								
Postponed or		157		40	22	58	37	
canceled		35.8%		27.2%	22.4%	43.9%	59.7%	
				CD	CD	ABd	ABc	
								
Funded by joint
ventures or		
20		
3	
3	
7	
7	
partnerships		4.6%		2.0%	3.1%	5.3%	11.3%	
				D	d		Ab	
								
Funded by other		19		7	4	5	3	
		4.3%		4.8%	4.1%	3.8%	4.8%	
								
Other		7		2	2	3	---	
		1.6%		1.4%	2.0%	2.3%	---	

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

48

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

9a. Do you conduct significant business with smaller financial institutions (i.e., banks other than the big nine that initially received    money from the Fed's rescue plan)?

	 	Number	Percent	95% CI
	Yes	322	48.3 %	± 3.8 %
	No	345	51.7 %	± 3.8 %
	Total	667	100.0 %

	Missing Cases = 12 
	Response Percent = 98.2 %

49

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

9b. 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	188	27.9 %	± 3.4 %
	2=I have moderate concerns	399	59.3 %	± 3.7 %
	3=I have significant concerns	86	12.8 %	± 2.5 %
	Total	673	100.0 %

	Mean = 1.8
	SD = 0.6

	Missing Cases = 6 
	Response Percent = 99.1 %

50

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

9b. How concerned are you about the financial health of the financial institutions your firm deals with? (Only firms that conduct significant business with smaller financial institutions)

	 	Number	Percent	95% CI
	1=I have no concerns	91	28.3 %	± 4.9 %
	2=I have moderate concerns	190	59.0 %	± 5.4 %
	3=I have significant concerns	41	12.7 %	± 3.7 %
	Total	322	100.0 %

	Mean = 1.8
	SD = 0.6

	Missing Cases = 0 
	Response Percent = 100.0 %

51

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

9c. Would you be concerned if the bank your firm does business with applied for Treasury equity?

	 	Number	Percent	95% CI
	Yes	242	36.3 %	± 3.6 %
	No	425	63.7 %	± 3.7 %
	Total	667	100.0 %

	Missing Cases = 12 
	Response Percent = 98.2 %

52

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

9d. Has Lehmann’s collapse affected how cautious you are about counterparty risk in derivatives markets?

	 	Number	Percent	95% CI
	NA - My firm does not use derivatives	353	52.9 %	± 3.8 %
	No, we  are about as cautious as before	78	11.7 %	± 2.4 %
	Yes, we are somewhat more cautious	109	16.3 %	± 2.8 %
	Yes, we are much more cautious	127	19.0 %	± 2.9 %
	Total	667	100.0 %

	Missing Cases = 12 
	Response Percent = 98.2 %

53

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

	 	Number	Percent	Cumulative
	2008, Quarter 4	4	0.6 %	0.6 %
	2009, Quarter 1	12	1.8 %	2.4 %
	2009, Quarter 2	68	10.1 %	12.5 %
	2009, Quarter 3	201	29.8 %	42.3 %
	2009, Quarter 4	128	19.0 %	61.3 %
	First half of 2010	187	27.7 %	89.0 %
	Second half of 2010 or later	74	11.0 %	100.0 %
	Total	674	100.0 %	100.0 %

	Missing Cases = 5 
	Response Percent = 99.3 %

54

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

10. Estimated number of months to beginning of recovery

Number of months

	Minimum = 0

	Maximum = 20

	Mean = 11.54

	Median = 11.50

	Variance (Unbiased) = 19.00

	Standard Deviation (Unbiased) = 4.36

	Standard Error Of The Mean  = 0.17

	95 Percent Confidence Interval Around The Mean = 11.21 - 11.87

	99 Percent Confidence Interval Around The Mean = 11.10 - 11.97

Quartiles

	 1 = 8.50
	 2 = 11.50
	 3 = 14.50

Valid Cases = 674 
Missing Cases = 0 
Response Percent = 100.0%

55

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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

	 	Number	Percent	95% CI
	-2=A lot less	13	1.9 %	± 1.0 %
	-1=Moderately less	48	7.1 %	± 1.9 %
	0=About the same	124	18.3 %	± 2.9 %
	1=Moderately more	65	9.6 %	± 2.2 %
	2=A lot more	8	1.2 %	± 0.8 %
	=Not applicable	421	62.0 %	± 3.7 %
	Total	679	100.0 %

	Mean = 0.0
	SD = 0.9

	Missing Cases = 0 
	Response Percent = 100.0 %

56

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

12. On November 24, 2008 the annual yield on 10-yr treasury bonds was 3.3%. 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:	2.00	6.54	1.48 - 2.53	3	-50	30	600

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	8.30	9.33	7.55 - 9.04	7	-10	100	610

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:	12.24	9.81	11.46 - 13.03	10	0	100	598

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:	-6.48	12.62	-7.49 - -5.47	-1	-50	33	601

Over the next year, I expect the average annual
S&P 500 return will be: Expected return:	4.84	10.29	4.02 - 5.65	4	-35	100	612

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:	12.52	12.13	11.55 - 13.49	10	-20	80	597

57

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Revenue Weighted: 12. On November 24, 2008 the annual yield on 10-yr treasury bonds was 3.3%. 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:	2.32	4.20	2.28 - 2.36	3	-10.80	14.82

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.34	3.51	7.31 - 7.38	7	-9.99	26.59

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:	11.49	5.07	11.44 - 11.54	10	0	31.47

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:	-6.24	11.28	-6.36 - -6.13	-5	-31.20	18.26

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	5.01	8.38	4.93 - 5.10	5	-15.30	25.01

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:	12.89	10.70	12.78 - 12.99	10	-11.30	36.29

58

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Employee Weighted: 12. On November 24, 2008 the annual yield on 10-yr treasury bonds was 3.3%. 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:	2.37	3.88	2.34 - 2.41	3	-10.80	14.82

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.21	3.60	7.18 - 7.25	7	-9.99	26.59

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:	11.20	5.33	11.15 - 11.26	10	0	31.47

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:	-6.00	11.21	-6.11 - -5.89	-4	-31.20	18.26

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	4.66	8.35	4.57 - 4.74	5	-15.30	25.01

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:	12.20	10.52	12.09 - 12.30	10	-11.30	36.29

59

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

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	11	1.6 %	1.6 %
	2=	11	1.6 %	3.3 %
	3=	32	4.8 %	8.1 %
	4=	50	7.5 %	15.5 %
	5=	77	11.5 %	27.0 %
	6=	89	13.3 %	40.3 %
	7=	125	18.7 %	59.0 %
	8=	151	22.5 %	81.5 %
	9=	63	9.4 %	90.9 %
	10=Very Good	61	9.1 %	100.0 %
	Total	670	100.0 %	100.0 %

	Mean = 6.7
	SD = 2.1

	Missing Cases = 9 
	Response Percent = 98.7 %

60

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Industry

	 	Number	Percent	95% CI
	Manufacturing	144	21.7 %	± 3.1 %
	Banking/Finance/Insurance	105	15.8 %	± 2.7 %
	Other	103	15.5 %	± 2.7 %
	Retail/Wholesale	87	13.1 %	± 2.5 %
	Healthcare/Pharmaceutical	51	7.7 %	± 2.0 %
	Service/Consulting	45	6.8 %	± 1.9 %
	Transportation/Energy	42	6.3 %	± 1.8 %
	Mining/Construction	38	5.7 %	± 1.7 %
	Communications/Media	26	3.9 %	± 1.4 %
	Tech [Software/Biotech]	24	3.6 %	± 1.4 %
	Total	665	100.0 %

	Missing Cases = 14 
	Response Percent = 97.9 %

61

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Industry (Other specified)

Ag commodities traders	
Agri Distriubtion	
Agricultural	
Agricultural Services	
Agriculture	
AMI (Automated Metering Infrastructure) Utility Solutions	
Behavioral Health Care	
business services	
Commercial Real Estate	
COMMERICAL TRUCK DEALER	
Construction	
Construction & Banking Services	
Construction/Mechanical Engineering	
Consumer Products - Staples	
consumer products	
Distribution	
Educatio	
Education	
Education	
Education Services	
education	
education	
Educational	
Energy	
Energy Utility	
Engineering	
Engineering/Construction	
Entertainment	
Entertainment	
Facilities Planning Services	
Farm Credit Systm entity	
Financial Services	
Food	
Food	
Foodservice	
Foundation	
gaming	
Gaming/hospitality	
Government	
Hardware & Software	
Heavy Construction Equipment Dealer	
Higher Education	
Higher Education / Research	
Hospitality	
Hospitality	
Hospitality & Travel	
hospitality	
hospitality	
hospitality/time share	
Human Services	
Local Government	
media entertainment	

62

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Industry (Other specified)

Mfg/Dist of Aftermarket Auto parts	
multi-industry/multi-company holding corp	
NFPO-Charity	
Non profit	
Non-PROFIT	
Non-profit	
non-profit	
non-profit performing arts	
Nonprofit	
nonprofit	
Not-for-profit service organization	
not for profit	
Public Attraction	
Publishing	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Management	
Real Estate/Hospitality	
Real estate investment	
real estate	
real estate	
real estate	
realestate	
Recreational Consumer Products	
Recycling	
Research	
Residential Real Estate	
Specialty Finance	
Staffing	
Staffing/Recruiting	
State Government	
Tech/hardware	
Travel	
travel & tourism	
Utility	
Waste paper broker	
Web Hosting	
Wholesale/Distributor	
wholesale	
YMCA	

63

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	52	7.8 %	± 2.0 %
	$25-$99 million	179	26.9 %	± 3.3 %
	$100-$499 million	207	31.1 %	± 3.5 %
	$500-$999 million	71	10.7 %	± 2.3 %
	$1-$4.9 billion	82	12.3 %	± 2.5 %
	$5-$9.9 billion	28	4.2 %	± 1.5 %
	More than $10 billion	46	6.9 %	± 1.9 %
	Total	665	100.0 %

	Missing Cases = 14 
	Response Percent = 97.9 %

64

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1638.72

	Median = 300

	Variance (Unbiased) = 9265809.55

	Standard Deviation (Unbiased) = 3043.98

	Standard Error Of The Mean  = 118.04

	95 Percent Confidence Interval Around The Mean = 1407.36 - 1870.08

	99 Percent Confidence Interval Around The Mean = 1334.76 - 1942.67

	Skewness = 2.25

	Kolmogorov-Smirnov Statistic For Normality = 9.82

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 665 
Missing Cases = 14 
Response Percent = 97.9%

65

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	93	15.6 %	± 2.6 %
	100-499	196	32.8 %	± 3.4 %
	500-999	75	12.6 %	± 2.4 %
	1,000-2,499	61	10.2 %	± 2.2 %
	2,500-4,999	48	8.0 %	± 1.9 %
	5,000-9,999	41	6.9 %	± 1.8 %
	Over 10,000	83	13.9 %	± 2.5 %
	Total	597	100.0 %

	Missing Cases = 82 
	Response Percent = 87.9 %

66

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2872.03

	Median = 750

	Variance (Unbiased) = 17208796.72

	Standard Deviation (Unbiased) = 4148.35

	Standard Error Of The Mean  = 169.78

	95 Percent Confidence Interval Around The Mean = 2539.26 - 3204.80

	99 Percent Confidence Interval Around The Mean = 2434.84 - 3309.21

	Skewness = 1.44

	Kolmogorov-Smirnov Statistic For Normality = 7.79

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 597 
Missing Cases = 82 
Response Percent = 87.9%

67

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Headquarters

	 	Number	Percent	95% CI
	Midwest U.S.	171	25.5 %	± 3.3 %
	Northeast U.S.	155	23.1 %	± 3.2 %
	South Atlantic U.S.	101	15.1 %	± 2.7 %
	Pacific US	100	14.9 %	± 2.7 %
	South Central U.S.	82	12.2 %	± 2.5 %
	Mountain U.S.	20	3.0 %	± 1.3 %
	Europe	18	2.7 %	± 1.2 %
	Central/Latin America	10	1.5 %	± 0.9 %
	Asia	9	1.3 %	± 0.9 %
	Canada	5	0.7 %	± 0.6 %
	Total	671	100.0 %

	Missing Cases = 8 
	Response Percent = 98.8 %

68

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Ownership

	 	Number	Percent	95% CI
	Private	385	62.0 %	± 3.7 %
	Public, NYSE	113	18.2 %	± 2.8 %
	Public, NASDAQ/AMEX	58	9.3 %	± 2.1 %
	Nonprofit	47	7.6 %	± 1.9 %
	Government	18	2.9 %	± 1.2 %
	Total	621	100.0 %

	Missing Cases = 58 
	Response Percent = 91.5 %

69

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Foreign Sales

	 	Number	Percent	95% CI
	0%	309	46.1 %	± 3.8 %
	1-24%	229	34.2 %	± 3.6 %
	25-50%	72	10.7 %	± 2.3 %
	More than 50%	60	9.0 %	± 2.1 %
	Total	670	100.0 %

	Missing Cases = 9 
	Response Percent = 98.7 %

70

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Does your firm have one or more foreign subsidiaries?

	 	Number	Percent	95% CI
	Yes	246	38.6 %	± 3.6 %
	No	392	61.4 %	± 3.7 %
	Total	638	100.0 %

	Missing Cases = 41 
	Response Percent = 94.0 %

71

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Does your firm pay a dividend?

	 	Number	Percent	95% CI
	Yes	218	32.6 %	± 3.5 %
	No	358	53.5 %	± 3.8 %
	NA	93	13.9 %	± 2.6 %
	Total	669	100.0 %

	Missing Cases = 10 
	Response Percent = 98.5 %

72

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

Will your firm have positive net income in fiscal 2008?

	 	Number	Percent	95% CI
	Yes	504	77.5 %	± 3.3 %
	No	135	20.8 %	± 3.0 %
	NA	11	1.7 %	± 1.0 %
	Total	650	100.0 %

	Missing Cases = 29 
	Response Percent = 95.7 %

73

Duke CFO Global Business Outlook survey - U.S. - Fourth Quarter, 2008

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	43	9.1 %	9.1 %
	AA+	44	9.3 %	18.5 %
	AA	64	13.6 %	32.1 %
	AA-	13	2.8 %	34.8 %
	A+	36	7.6 %	42.5 %
	A	38	8.1 %	50.5 %
	A-	26	5.5 %	56.1 %
	BBB+	39	8.3 %	64.3 %
	BBB	40	8.5 %	72.8 %
	BBB-	17	3.6 %	76.4 %
	BB+	19	4.0 %	80.5 %
	BB	21	4.5 %	84.9 %
	BB-	6	1.3 %	86.2 %
	B+	7	1.5 %	87.7 %
	B	14	3.0 %	90.7 %
	B-	18	3.8 %	94.5 %
	CCC	16	3.4 %	97.9 %
	CC	5	1.1 %	98.9 %
	D	5	1.1 %	100.0 %
	Total	471	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %