Table of Contents

1a. Are you more or less optimistic about your regional economy compared to last quarter?	1
1b. Rate your optimism about your regional economy on a scale from 0-100, with 0 being the least optimistic and 
100 being the most optimistic.	2
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 the 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 the 
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 - Winsorized - 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 - Winsorized - 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 - Winsorized - Revenue Weighted]	15
6a. During 2009, does your company plan to:	16
6b. During 2009, does your company plan to:	17
7. What payroll actions has your company taken or are you planning to take in response to the recession?
 - Taken in past 12 months	18
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Past 12 months	19
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Plan to take in next 12 months	20
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Next 12 months	21
8a. Has your company been affected by the cost or availability of credit?	22
8b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	23
8b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	24
8b. In what ways has your company been affected by the credit market turmoil (Only for firms that have access to 
lines of credit)	25
8c. Increased cost of credit - How many basis points increase since summer 2007?	26
9a. & 9b. Assets	27
10a. Does your company have a bank line of credit?	28
10b. & 10c. Bank Lines of Credit	29
Bank Lines of Credit - by - Credit Rating	30
11. Considering your funding over the past six months, how much funding has come from each of the
following sources? (express as a percentage of total assets)	31
11. Considering your funding over the past six months, how much funding has come from each of the
following sources? - Other specified	32
12. When do you expect your country's economy (i.e., the country where you work) to begin recovery?	33
12. Estimated number of months to beginning of recovery	34
13a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing with 
your suppliers?	35
13a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing with 
your suppliers? - Other specified	36
13b. What steps are you considering in response?	37
13b. What steps are you considering in response? - Other specified	38
14. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100
being excellent growth and investment opportunities.	39
Industry	40
Industry (Other specified)	41
Sales Revenue	42
Weighted Sales Revenue (Millions)	43
Number of Employees	44
Weighted Number of Employees	45
Headquarters Asia	46
Headquarters Asia (Other Specified)	47
Ownership	48
Foreign Sales	49
Over the next few years, what percentage of earnings does  your company plan to pay out as dividends?
(e.g., 0%, 30%, etc)	50
Over the next few years, what percentage of earnings does your company plan to pay out as dividends? (e.
g., 0%, 30%, etc)	51
What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	52
What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)	53
What is your company's credit rating? 	54
What is your company's credit rating? 	55
What is your company's credit rating? 	56
1

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	 	Number	Percent	95% CI
	3=More optimistic	34	14.0 %	± 4.3 %
	2=No change	31	12.8 %	± 4.2 %
	1=Less optimistic	177	73.1 %	± 5.7 %
	Total	242	100.0 %

	Mean = 1.4
	SD = 0.7

	Missing Cases = 4 
	Response Percent = 98.4 %

2

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	Minimum = 0

	Maximum = 90

	Mean = 47.1

	Median = 50

	Standard Deviation (Unbiased) = 17.9

	95 Percent Confidence Interval Around The Mean = 44.7 - 49.5

Quartiles

	 1 = 35
	 2 = 50
	 3 = 60

Valid Cases = 214 
Missing Cases = 32 
Response Percent = 87.0%

3

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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	41	16.9 %	± 4.7 %
	2=No change	49	20.2 %	± 5.0 %
	1=Less optimistic	152	62.8 %	± 6.1 %
	Total	242	100.0 %

	Mean = 1.5
	SD = 0.8

	Missing Cases = 4 
	Response Percent = 98.4 %

4

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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 = 53.9

	Median = 50

	Standard Deviation (Unbiased) = 19.9

	95 Percent Confidence Interval Around The Mean = 51.2 - 56.6

Quartiles

	 1 = 40
	 2 = 50
	 3 = 70

Valid Cases = 208 
Missing Cases = 38 
Response Percent = 84.6%

5

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

(N=246)

	Mean & SD	1st	2nd	3rd	Total	
	1.3	161	31	11	203
Consumer demand	0.6	65.4%	12.6%	4.5%	82.5%

	2.0	37	59	34	130
Credit markets/interest rates	0.7	15.0%	24.0%	13.8%	52.8%

	2.2	10	10	16	36
Other:	0.8	4.1%	4.1%	6.5%	14.6%

	2.2	6	13	13	32
Cost of fuel	0.8	2.4%	5.3%	5.3%	13.0%

	2.3	6	13	17	36
Rise of protectionism in US and Europe	0.7	2.4%	5.3%	6.9%	14.6%

	2.4	9	53	49	111
Currency risk	0.6	3.7%	21.5%	19.9%	45.1%

	2.4	4	11	15	30
Housing market fallout	0.7	1.6%	4.5%	6.1%	12.2%

	2.4	4	13	17	34
Cost of non-fuel commodities	0.7	1.6%	5.3%	6.9%	13.8%

	2.4	3	3	9	15
Trade policies and trade agreements	0.8	1.2%	1.2%	3.7%	6.1%

	2.5	2	21	26	49
Foreign competition	0.6	0.8%	8.5%	10.6%	19.9%

	2.5	1	4	7	12
Environmental regulation	0.7	0.4%	1.6%	2.8%	4.9%

	2.6	1	11	19	31
Financial regulation	0.6	0.4%	4.5%	7.7%	12.6%

6

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	2.27	1.15	245

Credit markets/interest rates	1.07	1.15	245

Currency risk	0.74	0.92	245

Foreign competition	0.30	0.66	245

Other:	0.27	0.72	245

Rise of protectionism in US and Europe	0.25	0.66	245

Cost of fuel	0.23	0.66	245

Cost of non-fuel commodities	0.22	0.62	245

Housing market fallout	0.20	0.59	245

Financial regulation	0.18	0.51	245

Trade policies and trade agreements	0.10	0.43	245

Environmental regulation	0.07	0.35	245

7

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

Availbailty of Funding from Banks	
Capex budgets of customers frozen	
Competition-both domestic& foreign	
Construction industry fallout	
Credit risks	
Customer deposits	
customer'sprogress	
Economic recession	
Economics	
failure of clients' business	
Fickle minded Government	
Financial Recession	
Financial crisis impact	
Global crisis	
global economic meltdown	
Government intervention	
Government policies	
Increased taxes	
Industrial Activity/ Capacity Utelisation	
lack of funds for infrastructure dev	
lending policies of banks	
Limitation of raising money through Private equity and markets	
liquidity and funding availability	
liquidity crunch	
Local competition	
M&A	
Margins squeeze by Customers	
NIL	
No Headcount	
Political Situation - Elections in India	
Recessionary Sentiment Waves are effecting more then real recession	
Recovery of old outstanding/dues	
Regulatory requirements	
Rise of protectionism in China	
Slower payment from customers	
Social stability	
STAFF MORALE	
Taxation policies impacting profitability	

8

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

(N=246)

	Mean & SD	1st	2nd	3rd	Total	
	1.8	11	8	5	24
Managing IT systems	0.8	4.5%	3.3%	2.0%	9.8%

	1.8	2	2	1	5
Data security	0.8	0.8%	0.8%	0.4%	2.0%

	1.8	59	58	31	148
Ability to forecast results	0.8	24.0%	23.6%	12.6%	60.2%

	1.9	58	45	43	146
Working capital management	0.8	23.6%	18.3%	17.5%	59.3%

	1.9	4	3	3	10
Other:	0.9	1.6%	1.2%	1.2%	4.1%

	1.9	24	20	18	62
Counterparty risk	0.8	9.8%	8.1%	7.3%	25.2%

	2.0	2	1	2	5
Cost of health care	1.0	0.8%	0.4%	0.8%	2.0%

	2.1	18	24	26	68
Balance sheet weakness	0.8	7.3%	9.8%	10.6%	27.6%

Maintaining morale/productivity during economic	2.1	33	41	48	122
downturn	0.8	13.4%	16.7%	19.5%	49.6%

	2.1	17	20	26	63
Attracting and retaining qualified employees	0.8	6.9%	8.1%	10.6%	25.6%

	2.2	9	17	20	46
Supply chain risk	0.8	3.7%	6.9%	8.1%	18.7%

	2.3	4	2	8	14
Protection of intellectual property	0.9	1.6%	0.8%	3.3%	5.7%

	2.5	1	0	3	4
Pension obligations	1.0	0.4%	0.0%	1.2%	1.6%

9

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

4. What are the top three internal, company-specific concerns your corporation faces? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to forecast results	1.34	1.22	242

Working capital management	1.27	1.21	242

Maintaining morale/productivity during economic downturn	0.95	1.10	242

Counterparty risk	0.54	1.01	242

Balance sheet weakness	0.53	0.95	242

Attracting and retaining qualified employees	0.48	0.92	242

Supply chain risk	0.33	0.77	242

Managing IT systems	0.22	0.72	242

Protection of intellectual property	0.10	0.45	242

Other:	0.09	0.45	242

Data security	0.05	0.33	242

Cost of health care	0.04	0.31	242

Pension obligations	0.02	0.22	242

10

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

a good integrated information system	
ability to scale to demand requirement	
Capital Management	
Cost Reductions Sustainability	
Dampness due to recessionary effects	
Domestic competition	
Eroded profitability	
keep employees for work and raw material prices fluctuation	
M&A	
Quality	
Retrenchment	
weak top management	

11

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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	2.38	6.44	0.96 - 3.80	0	-20	20	79

Wages/Salaries	0.36	11.28	-1.42 - 2.15	2	-40	50	154

Share repurchases	-0.17	2.74	-1.00 - 0.66	0	-15	5	42

Productivity (output per hour worked)	-1.71	14.98	-4.53 - 1.12	0	-70	40	108

Number of domestic employees in accounting/finance	-3.37	13.94	-6.12 - -0.63	0	-50	100	99

Number of domestic employees overall	-3.60	24.11	-7.72 - 0.53	-5	-70	200	131

Number of foreign/off-shore outsourced employees	-4.76	18.46	-9.28 - -0.24	-0.75	-60	100	64

Prices of your products	-5.15	13.84	-7.43 - -2.88	-2.50	-70	20	142

Technology spending	-5.38	22.92	-9.68 - -1.08	0	-80	50	109

Marketing/advertising spending	-5.48	24.16	-10.02 - -0.94	-0.40	-70	100	109

Cash on the balance sheet	-9.50	24.77	-14.02 - -4.97	-5	-80	75	115

Capital spending	-9.53	30.23	-14.50 - -4.56	-5	-80	100	142

Dividends	-10.91	22.41	-20.07 - -1.76	0	-80	5	23

Earnings	-12.92	25.48	-17.20 - -8.63	-10	-90	50	136

12

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

(N=246)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.4	37	34	8	79
Health care costs	0.7	46.8%	43.0%	10.1%	100.0%

	0.2	81	29	44	154
Wages/Salaries	0.9	52.6%	18.8%	28.6%	100.0%

	0.1	52	15	41	108
Productivity (output per hour worked)	0.9	48.1%	13.9%	38.0%	100.0%

	0.0	3	37	4	44
Share repurchases	0.4	6.8%	84.1%	9.1%	100.0%

	-0.1	40	17	54	111
Technology spending	0.9	36.0%	15.3%	48.6%	100.0%

	-0.2	40	14	57	111
Marketing/advertising spending	0.9	36.0%	12.6%	51.4%	100.0%

	-0.3	3	12	9	24
Dividends	0.7	12.5%	50.0%	37.5%	100.0%

	-0.3	48	12	85	145
Capital spending	0.9	33.1%	8.3%	58.6%	100.0%

	-0.3	43	19	80	142
Prices of your products	0.9	30.3%	13.4%	56.3%	100.0%

	-0.3	35	16	67	118
Cash on the balance sheet	0.9	29.7%	13.6%	56.8%	100.0%

Number of domestic employees in accounting/	-0.3	12	41	46	99
finance	0.7	12.1%	41.4%	46.5%	100.0%

	-0.3	31	24	76	131
Number of domestic employees overall	0.8	23.7%	18.3%	58.0%	100.0%

	-0.4	41	7	91	139
Earnings	0.9	29.5%	5.0%	65.5%	100.0%

	-0.4	6	25	35	66
Number of foreign/off-shore outsourced employees	0.7	9.1%	37.9%	53.0%	100.0%

13

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Share repurchases	0.22	1.43	0.14 - 0.31	0	-5.54	5

Prices of your products	-3.90	10.38	-4.29 - -3.51	-2	-32.30	20

Cash on the balance sheet	-5.30	23.39	-6.26 - -4.34	0	-58	39.05

Technology spending	-5.71	18.34	-6.47 - -4.94	-2	-50.30	39.54

Marketing/advertising spending	-7.60	23.65	-8.59 - -6.60	-5	-52.80	41.87

Capital spending	-9.37	27.31	-10.41 - -8.33	-10	-68.80	49.72

Earnings	-10.31	25.56	-11.30 - -9.32	-5	-62.80	37.04

Dividends	-12.45	18.24	-13.83 - -11.06	0	-54.80	5

14

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	4.64	8.31	4.16 - 5.13	3	-10.20	15

Wages/Salaries	1.67	9.78	1.25 - 2.10	2	-21.70	22.47

Productivity (output per hour worked)	1.07	9.02	0.64 - 1.49	3	-31.10	25

Number of domestic employees in accounting/finance	0.12	8.98	-0.31 - 0.55	0	-30.70	23.95

Number of domestic employees overall	-3.20	13.62	-3.82 - -2.58	-3	-50.90	43.66

Number of foreign/off-shore outsourced employees	-7.99	11.82	-8.83 - -7.15	-5	-40.90	31.42

15

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	-8.52	27.89	-10.18 - -6.85	-5	-62.80	33

Cash on the balance sheet	1.17	22.77	-0.21 - 2.54	2	-58	39.05

Dividends	-12.45	18.24	-13.83 - -11.06	0	-54.80	5

Share repurchases	0.42	1.83	0.27 - 0.56	0	-5	5

16

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

6a. During 2009, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	18	7.4 %	± 3.3 %
	Acquire part of another company or companies?	19	7.9 %	± 3.4 %
	Both	21	8.7 %	± 3.5 %
	Neither	184	76.0 %	± 5.5 %
	Total	242	100.0 %

	Missing Cases = 4 
	Response Percent = 98.4 %

17

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

6b. During 2009, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company?	3	1.2 %	± 1.4 %
	Sell part of your company?	23	9.4 %	± 3.7 %
	Neither	218	89.3 %	± 4.0 %
	Total	244	100.0 %

	Missing Cases = 2 
	Response Percent = 99.2 %

18

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Taken in past 12 months

(N=246)

	Yes	No	Total	
	120	110	230
Hiring freeze	52.2%	47.8%	100.0%

	79	149	228
Wage freeze or wage reduction	34.6%	65.4%	100.0%

	74	151	225
Wage freeze	32.9%	67.1%	100.0%

	26	183	209
Wage reduction	12.4%	87.6%	100.0%

	42	165	207
Reduction of employee hours	20.3%	79.7%	100.0%

	81	137	218
Reduction of workforce	37.2%	62.8%	100.0%

19

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Past 12 months

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Percentage of the workforce cut (includes companies
with no cuts)	4.43	8.82	0	0	50	3.26 - 5.60	218

If there was a cut, percentage of the workforce cut	12.53	10.91	10	1	50	10.10 - 14.97	77

20

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Plan to take in next 12 months

(N=246)

	Yes	No	Total	
	153	69	222
Hiring freeze	68.9%	31.1%	100.0%

	142	85	227
Wage freeze or wage reduction	62.6%	37.4%	100.0%

	132	87	219
Wage freeze	60.3%	39.7%	100.0%

	49	165	214
Wage reduction	22.9%	77.1%	100.0%

	65	150	215
Reduction of employee hours	30.2%	69.8%	100.0%

	98	128	226
Reduction of workforce	43.4%	56.6%	100.0%

21

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Next 12 months

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Percentage of the workforce that will be cut (includes
companies with no cuts)	5.52	10.01	0	0	60	4.22 - 6.83	226

If there will be a cut, percentage of the workforce that
will be cut	12.73	11.82	10	1	60	10.39 - 15.08	98

22

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	 	Number	Percent	95% CI
	1=No	113	46.5 %	± 6.3 %
	2=Yes, somewhat	105	43.2 %	± 6.2 %
	3=Yes, very much	25	10.3 %	± 3.8 %
	Total	243	100.0 %

	Mean = 1.6
	SD = 0.7

	Missing Cases = 3 
	Response Percent = 98.8 %

23

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

8b. 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	90	69.2 %	± 8.1 %
	Increased cost of credit	59	45.4 %	± 8.7 %
	Experienced difficulty initiating or renewing a bank credit line	34	26.2 %	± 7.7 %
	Other	13	10.0 %	± 5.2 %
	Total	196

	Number of Cases =130
	Number of Responses =196
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response =121
	Response Percent = 93.1 %

24

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

customers do not get financing	
decreased availability of credit to clients	
decreased availability to customers	
Delay order as Customers face difficulty in credit	
Downstream partners decreased availability of cred	
Funding for customer	
HELOC affected our  target consumers	
Increased cost of bank guarantees	
Increased guaranty requirement	
Indirectly by effecting the Debtors to Cash cycle	
Less Trust	
Non availability of foreign currency loans	
Raising money through private equity	
the credit squeeze is impacting our customers	
transfer to local source of creditline	
we are not availing any credits from banks.	

25

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

8b. 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	66	71.0 %	± 9.4 %
	Increased cost of credit	49	52.7 %	± 10.4 %
	Experienced difficulty initiating or renewing a bank credit line	25	26.9 %	± 9.2 %
	Other	10	10.8 %	± 6.4 %
	Total	150

	Number of Cases =93
	Number of Responses =150
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response =89
	Response Percent = 95.7 %

26

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

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

	Minimum = 1

	Maximum = 500

	Mean = 138.4

	Median = 100

	Standard Deviation (Unbiased) = 126.3

	95 Percent Confidence Interval Around The Mean = 104.4 - 172.4

Quartiles

	 1 = 22.5
	 2 = 100
	 3 = 218.8

Valid Cases = 53 
Missing Cases = 6 
Response Percent = 89.8%

27

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

9a. & 9b. Assets

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

9a. How much does your firm hold in cash and
marketable securities? (% of total assets) TODAY	23.64	26.12	20.00 - 27.28	15	0	100	198

9b. How much does your firm hold in cash and
marketable securities? (% of total assets) ONE YEAR
AGO	24.99	27.12	21.09 - 28.89	15	0	100	186

28

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

10a. Does your company have a bank line of credit?

	 	Number	Percent	95% CI
	Yes	160	69.3 %	± 6.0 %
	No	71	30.7 %	± 5.7 %
	Total	231	100.0 %

	Missing Cases = 15 
	Response Percent = 93.9 %

29

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

10b. & 10c. Bank Lines of Credit 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

10b. How large are your bank lines of credit? (% of
total assets) TODAY	31.88	24.48	27.88 - 35.88	26	0	100	144

10b. How large are your bank lines of credit? (% of
total assets) ONE YEAR AGO	30.10	22.54	26.33 - 33.88	27	0	100	137

10c. To what extent has your firm drawn on its lines of
credit?	50.17	34.07	43.81 - 56.54	55	0	100	110

30

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Bank Lines of Credit - by - Credit Rating

N=118		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		118		52	21	34	11	
Percent		100.0%		44.1%	17.8%	28.8%	9.3%	
								
10b. How large are your bank lines of credit? (% of total assets) TODAY	
								
N		82		32	17	26	7	
Mean		34.4		31.5	35.4	35.0	42.7	
SD		24.7		23.4	26.7	25.0	28.1	
								
10b. How large are your bank lines of credit? (% of total assets) ONE YEAR AGO	
								
N		76		28	17	24	7	
Mean		31.4		25.7	34.4	34.5	36.9	
SD		22.0		18.9	23.1	23.8	24.4	
								
10c. To what extent has your firm drawn on its lines of credit?	
								
N		64		22	14	23	5	
Mean		53.5		58.2	55.6	49.6	44.4	
SD		32.9		31.2	30.6	38.0	25.1	

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

31

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

11. Considering your funding over the past six months, how much funding has come from each of the following sources? (express as a percentage of total assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Internal profits/retained earnings	54.80	38.20	48.61 - 61.00	50	0	100	146

Short-term debt	29.73	28.49	24.20 - 35.26	20	0	100	102

Drawing on bank lines of credit	26.90	27.22	21.12 - 32.69	20	0	100	85

Equity infusions or issuances	24.73	38.09	13.47 - 35.99	0	0	100	44

Long-term debt	24.37	27.29	18.31 - 30.42	15	0	100	78

Other:	18.37	29.95	7.07 - 29.67	0	0	100	27

Asset sales	10.29	21.99	3.00 - 17.57	0	0	100	35

Commercial paper	7.39	19.38	0.78 - 14.01	0	0	100	33

32

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

11. Considering your funding over the past six months, how much funding has come from each of the following sources? - Other specified

cash and sale of liquid funds	
deposit	
Government Subvention	
Grant	
head-office debt finance	
Net cash flow from business	
reduction in working capital	
Sale of investment	
shareholder loans	
supplier credit	

33

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

12. When do you expect your country's economy (i.e., the country where you work) to begin recovery?

	 	Number	Percent	Cumulative
	2009, Q1	3	1.2 %	1.2 %
	2009, Q2	10	4.1 %	5.3 %
	2009, Q3	47	19.3 %	24.6 %
	2009, Q4	53	21.7 %	46.3 %
	First half of 2010	71	29.1 %	75.4 %
	Second half of 2010	39	16.0 %	91.4 %
	2011 or later	21	8.6 %	100.0 %
	Total	244	100.0 %	100.0 %

	Missing Cases = 2 
	Response Percent = 99.2 %

34

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

12. Estimated number of months to beginning of recovery

Number of months

	Minimum = 0

	Maximum = 23

	Mean = 12.9

	Median = 14

	Standard Deviation (Unbiased) = 5.6

	95 Percent Confidence Interval Around The Mean = 12.2 - 13.6

Quartiles

	 1 = 10
	 2 = 14
	 3 = 14

Valid Cases = 244 
Missing Cases = 0 
Response Percent = 100.0%

35

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

13a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing with your suppliers?

	 	Number	Percent	95% CI
	No problems with suppliers	111	45.1 %	± 6.3 %
	Suppliers having trade credit or bank difficulty	77	31.3 %	± 5.8 %
	Suppliers aren't receiving enough order volume to be viable	72	29.3 %	± 5.7 %
	Suppliers unable to obtain trade credit	56	22.8 %	± 5.3 %
	Suppliers unable to obtain other bank financing	50	20.3 %	± 5.1 %
	We have seen at least one of our suppliers go out of business	33	13.4 %	± 4.3 %
	Suppliers unable to obtain counterparty insurance	9	3.7 %	± 2.4 %
	Other	4	1.6 %	± 1.6 %
	Total	412

	Number of Cases =246
	Number of Responses =412
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =229
	Response Percent = 93.1 %

36

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

13a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing with your suppliers? - Other specified

Increasing prices	
pressure to reduce prices	
term payments are getting shorter	
We face chalages on the demand side and not on supply side	

37

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

13b. What steps are you considering in response?

	 	Number	Percent	95% CI
	Consolidate orders with stronger suppliers	65	48.1 %	± 8.6 %
	Diversify supply base	56	41.5 %	± 8.4 %
	Provide better payment terms to suppliers	34	25.2 %	± 7.4 %
	Help suppliers obtain bank financing	11	8.1 %	± 4.7 %
	Provide direct financial assistance to suppliers in the form of
	   loans	4	3.0 %	± 2.9 %
	Other	4	3.0 %	± 2.9 %
	Make a direct investment in suppliers	1	0.7 %	± 1.5 %
	Total	175

	Number of Cases =135
	Number of Responses =175
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =110
	Response Percent = 81.5 %

38

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

13b. What steps are you considering in response? - Other specified

meeting and counselling	
N.A.	
None	
stay put	

39

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

14. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100 being excellent growth and investment opportunities.

	Minimum = 0

	Maximum = 100

	Mean = 57.9

	Median = 60

	Standard Deviation (Unbiased) = 24.1

	95 Percent Confidence Interval Around The Mean = 54.8 - 61.0

Quartiles

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases = 232 
Missing Cases = 14 
Response Percent = 94.3%

40

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Industry

	 	Number	Percent	95% CI
	Manufacturing	74	31.8 %	± 5.8 %
	Other	33	14.2 %	± 4.3 %
	Transportation/Energy	20	8.6 %	± 3.4 %
	Retail/Wholesale	20	8.6 %	± 3.4 %
	Banking/Finance/Insurance	18	7.7 %	± 3.3 %
	Service/Consulting	18	7.7 %	± 3.3 %
	Communications/Media	17	7.3 %	± 3.2 %
	Healthcare/Pharmaceutical	13	5.6 %	± 2.8 %
	Mining/Construction	11	4.7 %	± 2.6 %
	Tech [Software/Biotech]	9	3.9 %	± 2.4 %
	Total	233	100.0 %

	Missing Cases = 13 
	Response Percent = 94.7 %

41

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Industry (Other specified)

Business Process Outsourceing	
business process outsourcing	
Chemicals	
Commodity & Supply Chain	
Education	
education	
education	
Engineering / EPC	
FMCG	
Hospitality/Real Estate	
Hygiene	
Industrial Engineering	
IT	
leisure	
Oil & Gas Industry	
oil & gas services provider	
Packaging	
Paints	
Publishing	
Real Estate	
real estate developer	
Remote & Offshore Catering	
sales & service	
Service industry	
Studded jewellery manufacturing/export	
T & M	
technology	
Telecom (active) Infrastructure	
telecom infra services	
Trade Promotions and Exhibitions	
Vet Pharma	

42

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	69	28.5 %	± 5.7 %
	$25-$99 million	61	25.2 %	± 5.4 %
	$100-$499 million	62	25.6 %	± 5.5 %
	$500-$999 million	8	3.3 %	± 2.2 %
	$1-$4.9 billion	24	9.9 %	± 3.7 %
	$5-$9.9 billion	9	3.7 %	± 2.4 %
	More than $10 billion	9	3.7 %	± 2.4 %
	Total	242	100.0 %

	Missing Cases = 4 
	Response Percent = 98.4 %

43

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1109.95

	Median = 62

	Variance (Unbiased) = 6321445.10

	Standard Deviation (Unbiased) = 2514.25

	Standard Error Of The Mean  = 161.62

	95 Percent Confidence Interval Around The Mean = 793.17 - 1426.73

	99 Percent Confidence Interval Around The Mean = 693.77 - 1526.12

	Skewness = 2.88

	Kolmogorov-Smirnov Statistic For Normality = 6.55

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases = 242 
Missing Cases = 4 
Response Percent = 98.4%

44

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	44	23.8 %	± 4.8 %
	100-499	67	36.2 %	± 5.6 %
	500-999	22	11.9 %	± 3.6 %
	1,000-2,499	19	10.3 %	± 3.4 %
	2,500-4,999	7	3.8 %	± 2.1 %
	5,000-9,999	5	2.7 %	± 1.8 %
	Over 10,000	21	11.4 %	± 3.5 %
	Total	185	100.0 %

	Missing Cases = 61 
	Response Percent = 75.2 %

45

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2108.11

	Median = 300

	Variance (Unbiased) = 14448683.90

	Standard Deviation (Unbiased) = 3801.14

	Standard Error Of The Mean  = 279.47

	95 Percent Confidence Interval Around The Mean = 1560.36 - 2655.86

	99 Percent Confidence Interval Around The Mean = 1388.48 - 2827.73

	Skewness = 2.02

	Kolmogorov-Smirnov Statistic For Normality = 4.91

Quartiles

	 1 = 300
	 2 = 300
	 3 = 1750

Valid Cases = 185 
Missing Cases = 61 
Response Percent = 75.2%

46

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Headquarters Asia

	 	Number	Percent	95% CI
	India	62	25.7 %	± 5.5 %
	Europe	32	13.3 %	± 4.2 %
	U.S.	28	11.6 %	± 4.0 %
	Malaysia	28	11.6 %	± 4.0 %
	Hong Kong	25	10.4 %	± 3.8 %
	Singapore	19	7.9 %	± 3.4 %
	Philippines	12	5.0 %	± 2.7 %
	Japan	8	3.3 %	± 2.2 %
	People's Republic of China	7	2.9 %	± 2.1 %
	Indonesia	5	2.1 %	± 1.8 %
	Taiwan	5	2.1 %	± 1.8 %
	Thailand	4	1.7 %	± 1.6 %
	Other (please specify)	4	1.7 %	± 1.6 %
	Vietnam	1	0.4 %	± 0.8 %
	Korea	1	0.4 %	± 0.8 %
	Sri Lanka	0	0.0 %	± 0.0 %
	Laos	0	0.0 %	± 0.0 %
	Total	241	100.0 %

	Missing Cases = 5 
	Response Percent = 98.0 %

47

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Headquarters Asia (Other Specified)

Isle of Man	
Norway	
related via chairman to campus in Europe	
Singapore Regional HQ	
UK	
UK	

48

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Ownership

	 	Number	Percent	95% CI
	Private	151	62.1 %	± 6.1 %
	Public	80	32.9 %	± 5.9 %
	Government	7	2.9 %	± 2.1 %
	Nonprofit	5	2.1 %	± 1.8 %
	Total	243	100.0 %

	Missing Cases = 3 
	Response Percent = 98.8 %

49

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Foreign Sales

	 	Number	Percent	95% CI
	0%	60	25.6 %	± 5.4 %
	1-24%	71	30.3 %	± 5.7 %
	25-50%	27	11.5 %	± 3.9 %
	More than 50%	76	32.5 %	± 5.8 %
	Total	234	100.0 %

	Missing Cases = 12 
	Response Percent = 95.1 %

50

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Over the next few years, what percentage of earnings does  your company plan to pay out as dividends? (e.g., 0%, 30%, etc)

	 	Number	Percent	95% CI
	We do not pay dividends	98	46.4 %	± 6.2 %
	We do pay dividends	113	53.6 %	± 6.3 %
	Total	211	100.0 %

	Missing Cases = 35 
	Response Percent = 85.8 %

51

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

Over the next few years, what percentage of earnings does your company plan to pay out as dividends? (e.g., 0%, 30%, etc)

	Minimum = 0

	Maximum = 100

	Mean = 29.8

	Median = 20

	Standard Deviation (Unbiased) = 27.8

	95 Percent Confidence Interval Around The Mean = 24.7 - 34.9

Quartiles

	 1 = 10
	 2 = 20
	 3 = 50

Valid Cases = 113 
Missing Cases = 35 
Response Percent = 76.4%

52

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)

	Minimum = 0

	Maximum = 100

	Mean = 30.7

	Median = 30

	Standard Deviation (Unbiased) = 24.0

	95 Percent Confidence Interval Around The Mean = 27.4 - 33.9

Quartiles

	 1 = 10
	 2 = 30
	 3 = 41.8

Valid Cases = 209 
Missing Cases = 37 
Response Percent = 85.0%

53

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)

	Minimum = -50

	Maximum = 100

	Mean = 11.0

	Median = 10

	Standard Deviation (Unbiased) = 17.3

	95 Percent Confidence Interval Around The Mean = 8.6 - 13.4

Quartiles

	 1 = 3.6
	 2 = 10
	 3 = 15

Valid Cases = 197 
Missing Cases = 49 
Response Percent = 80.1%

54

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	20	16.9 %	16.9 %
	AA+	16	13.6 %	30.5 %
	AA	14	11.9 %	42.4 %
	AA-	2	1.7 %	44.1 %
	A+	6	5.1 %	49.2 %
	A	10	8.5 %	57.6 %
	A-	5	4.2 %	61.9 %
	BBB+	6	5.1 %	66.9 %
	BBB	8	6.8 %	73.7 %
	BBB-	6	5.1 %	78.8 %
	BB+	7	5.9 %	84.7 %
	BB	3	2.5 %	87.3 %
	BB-	4	3.4 %	90.7 %
	B+	3	2.5 %	93.2 %
	B	4	3.4 %	96.6 %
	B-	0	0.0 %	96.6 %
	CCC	2	1.7 %	98.3 %
	CC	2	1.7 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	118	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

55

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

What is your company's credit rating? 

N=118		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		118		71	47	
		100.0%		60.2%	39.8%	
						
AAA		20		12	8	
		16.9%		16.9%	17.0%	
						
AA+		16		9	7	
		13.6%		12.7%	14.9%	
						
AA		14		8	6	
		11.9%		11.3%	12.8%	
						
AA-		2		1	1	
		1.7%		1.4%	2.1%	
						
A+		6		4	2	
		5.1%		5.6%	4.3%	
						
A		10		8	2	
		8.5%		11.3%	4.3%	
						
A-		5		2	3	
		4.2%		2.8%	6.4%	
						
BBB+		6		5	1	
		5.1%		7.0%	2.1%	
						
BBB		8		5	3	
		6.8%		7.0%	6.4%	
						
BBB-		6		4	2	
		5.1%		5.6%	4.3%	
						
BB+		7		4	3	
		5.9%		5.6%	6.4%	
						
BB		3		---	3	
		2.5%		---	6.4%	
				b	a	
						
BB-		4		3	1	
		3.4%		4.2%	2.1%	
						
B+		3		2	1	
		2.5%		2.8%	2.1%	
						
B		4		1	3	
		3.4%		1.4%	6.4%	

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

56

Duke CFO Global Business Outlook survey - Asia - First Quarter, 2009

What is your company's credit rating? 

N=118		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		---		---	---	
		---		---	---	
						
CCC		2		1	1	
		1.7%		1.4%	2.1%	
						
CC		2		2	---	
		1.7%		2.8%	---	
						
D		---		---	---	
		---		---	---	

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