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 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)	9
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)	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]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for:   [Unweighted - 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 - Revenue Weighted - Sorted]	14
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]	15
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]	16
6a. During 2009, does your company plan to:	17
6b. During 2009, does your company plan to:	18
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Taken in past 12 months	19
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Past 12 months	20
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	21
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Next 12 months	22
8a. Has your company been affected by the cost or availability of credit?	23
8b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	24
8b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	25
8b. In what ways has your company been affected by the credit market turmoil (Only for firms that have access to 
lines of credit)	27
8c. Increased cost of credit - How many basis points increase since summer 2007?	28
8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating (US based companies)	29
8b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating (US based companies)	30
8c. Increased cost of credit: How many basis points increase? - by - Credit Rating	31
9a. & 9b. Assets	32
10a. Does your company have a bank line of credit?	33
10b. & 10c. Bank Lines of Credit	34
Bank Lines of Credit - by - Credit Rating (US based companies)	35
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)	36
11. Considering your funding over the past six months, how much funding has come from each of the following sources?
 - Other specified	37
12a. & 12b. Obtaining external funding to finance attractive investment projects	38
12c. If external funding is limited, what is the probability that your company will take the following actions
to manage your corporate investments? (Select 0% to 100% for each category)	39
12c. If external funding is limited, what is the probability that your company will take the following actions
to manage your corporate investments? - Other funding source specified	40
13. Do you believe your business would benefit from the adoption of a national health care system in the United States?	43
14. After the federal government's economic stimulus efforts to this point, is the U.S. economy:	44
15. When do you expect the US economy to begin recovery?	45
15. Estimated number of months to beginning of recovery	46
16. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100
being excellent growth and investment opportunities.	47
17. On February 16, 2009 the annual yield on 10-yr treasury bonds was 2.9%. Please complete the following:	48
Revenue Weighted: 17. On February 16, 2009 the annual yield on 10-yr treasury bonds was 2.9%. Please complete 
the following:	49
Employee Weighted: 17. On February 16, 2009 the annual yield on 10-yr treasury bonds was 2.9%. Please complete 
the following:	50
Industry	51
Industry (Other specified)	52
Sales Revenue	54
Weighted Sales Revenue (Millions)	55
Number of Employees	56
Weighted Number of Employees	57
Headquarters	58
Ownership	59
Foreign Sales	60
Over the next few years, what percentage of earnings does  your company plan to pay out as dividends?
(e.g., 0%, 30%, etc)	61
Over the next few years, what percentage of earnings does your company plan to pay out as dividends? (e. g., 0%, 30%, etc)	62
What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	63
What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)	64
What is your company's credit rating? 	65
What is your company's credit rating? 	66
What is your company's credit rating? 	67
1

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

	 	Number	Percent	95% CI
	3=More optimistic	59	11.0 %	± 2.6 %
	2=No change	117	21.8 %	± 3.5 %
	1=Less optimistic	361	67.2 %	± 4.0 %
	Total	537	100.0 %

	Mean = 1.4
	SD = 0.7

	Missing Cases = 6 
	Response Percent = 98.9 %

2

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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 = 100

	Mean = 39.9

	Median = 40

	Standard Deviation (Unbiased) = 17.6

	95 Percent Confidence Interval Around The Mean = 38.4 - 41.5

Quartiles

	 1 = 25
	 2 = 40
	 3 = 50

Valid Cases = 509 
Missing Cases = 34 
Response Percent = 93.7%

3

Duke CFO Global Business Outlook survey - U.S. - 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	113	20.9 %	± 3.4 %
	2=No change	142	26.2 %	± 3.7 %
	1=Less optimistic	286	52.9 %	± 4.2 %
	Total	541	100.0 %

	Mean = 1.7
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.6 %

4

Duke CFO Global Business Outlook survey - U.S. - 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 = 53.4

	Median = 50

	Standard Deviation (Unbiased) = 21.8

	95 Percent Confidence Interval Around The Mean = 51.5 - 55.3

Quartiles

	 1 = 40
	 2 = 50
	 3 = 70

Valid Cases = 507 
Missing Cases = 36 
Response Percent = 93.4%

5

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

(N=543)

	Mean & SD	1st	2nd	3rd	Total	
	1.5	233	86	51	370
Consumer demand	0.7	42.9%	15.8%	9.4%	68.1%

	1.9	118	140	91	349
Credit markets/interest rates	0.8	21.7%	25.8%	16.8%	64.3%

	2.0	30	28	30	88
Other:	0.8	5.5%	5.2%	5.5%	16.2%

	2.0	75	79	87	241
New administration and Congress	0.8	13.8%	14.5%	16.0%	44.4%

	2.1	39	71	62	172
Housing market fallout	0.8	7.2%	13.1%	11.4%	31.7%

	2.3	5	13	13	31
Environmental regulation	0.7	0.9%	2.4%	2.4%	5.7%

	2.3	9	22	26	57
Cost of non-fuel commodities	0.7	1.7%	4.1%	4.8%	10.5%

	2.4	7	10	24	41
Trade policies and trade agreements	0.8	1.3%	1.8%	4.4%	7.6%

	2.4	6	23	31	60
Currency risk	0.7	1.1%	4.2%	5.7%	11.0%

	2.5	5	19	29	53
Cost of fuel	0.7	0.9%	3.5%	5.3%	9.8%

	2.5	2	17	20	39
Foreign competition	0.6	0.4%	3.1%	3.7%	7.2%

	2.5	11	29	62	102
Financial regulation	0.7	2.0%	5.3%	11.4%	18.8%

6

Duke CFO Global Business Outlook survey - U.S. - 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	1.71	1.30	540

Credit markets/interest rates	1.34	1.17	540

New administration and Congress	0.87	1.11	540

Housing market fallout	0.59	0.97	540

Other:	0.33	0.81	540

Financial regulation	0.28	0.66	540

Currency risk	0.18	0.55	540

Cost of non-fuel commodities	0.18	0.57	540

Cost of fuel	0.15	0.51	540

Trade policies and trade agreements	0.12	0.47	540

Foreign competition	0.11	0.43	540

Environmental regulation	0.10	0.44	540

7

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

Ability of custoemrs to pay their loans	
Ability to raise capital	
Access to capital--any capital	
Alternative Investments	
Auto Manufacturer Bankruptcy	
Business Bankruptcies	
business demand since we sell B2B - not directly to consumers	
Canx/Delayed Construction Starts	
capital funding and insurance availability	
Capital Markets	
Changes in healthcare industry	
Commercial/Business Demand	
Commodity prices	
commodity prices	
Competition	
Competition bid for Mkt Share and Financing for our being acquired	
competition lowering prices	
Competitor financial viability and pricing strategy	
Consumer defaults/bad debts	
Consumer demand (again)	
Corporate Spending Cuts	
Customer demand(govt/business)	
customer default risk	
Customer Financial Health	
Customer solvency	
customer solvency	
customers defaulting on their payments	
Defense Dept funding	
Domestic Competition	
Domestic competition/predatory pricing	
Economic downturn	
Employment Levels	
existing customer satisfaction	
FDA regulation	
Federal regulations	
Foreign Government	
Global demand	
Gov't Regs	
Government Intervention	
Governmental Regulation	
govt reg on buying for govt	
health care	
health care and utility costs	
Healthcare reform	
increase in unemployment	
Legislation	
local/state gov't	
Manufacturing Capacity	
Market price for product	
new govt regulation	
non-profit Federal, State & Local program awards	
OEM regulation	
oil and gas prices	
Pharma regulation	
potential cutbacks in local government spending	
Predatory Debt Purchasers	
private investment in capital expenditures	

8

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

Public economic perception	
public policy initiatives	
raw material supply	
Regulations	
Residential Housing Market	
Rising cost of Health Care	
Slowing Global Industrial Demand	
solvency of customers and vendors	
State and local government policy changes	
State Budget Issues	
State budget constraints	
State budget implications	
state funding issues	
State government failures	
State Tax Policies	
stimulus fund allocations	
Stock Market	
Stock markets	
Stock valuations -- the effect on wealth reduces demand for business aircraft on which our engines	
tax increases	
Taxes	
The Government is out of control (see Great Depression)	
Unemployment	
Unemployment level	
unemployment fears; it's the jobs that matter most	
US Deficit Spending	
vendor financial weakness	
Viability of Auto Industry without Bankruptcy	
Weakness in Retail Sector	
Workforce availability	

9

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

(N=543)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	156	84	76	316
Ability to forecast results	0.8	28.7%	15.5%	14.0%	58.2%

	1.8	112	106	63	281
Working capital management	0.8	20.6%	19.5%	11.6%	51.7%

	1.8	73	42	47	162
Balance sheet weakness	0.8	13.4%	7.7%	8.7%	29.8%

	2.0	11	23	10	44
Pension obligations	0.7	2.0%	4.2%	1.8%	8.1%

	2.0	22	12	21	55
Other:	0.9	4.1%	2.2%	3.9%	10.1%

	2.1	8	5	10	23
Data security	0.9	1.5%	0.9%	1.8%	4.2%

Maintaining morale/productivity during economic	2.1	69	113	101	283
downturn	0.8	12.7%	20.8%	18.6%	52.1%

	2.1	28	40	42	110
Attracting and retaining qualified employees	0.8	5.2%	7.4%	7.7%	20.3%

	2.2	22	20	39	81
Supply chain risk	0.8	4.1%	3.7%	7.2%	14.9%

	2.3	5	12	13	30
Protection of intellectual property	0.7	0.9%	2.2%	2.4%	5.5%

	2.3	22	51	68	141
Cost of health care	0.7	4.1%	9.4%	12.5%	26.0%

	2.4	10	25	38	73
Managing IT systems	0.7	1.8%	4.6%	7.0%	13.4%

10

Duke CFO Global Business Outlook survey - U.S. - 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	1.32	1.28	538

Working capital management	1.14	1.22	538

Maintaining morale/productivity during economic downturn	0.99	1.10	538

Balance sheet weakness	0.65	1.10	538

Cost of health care	0.44	0.83	538

Attracting and retaining qualified employees	0.38	0.84	538

Supply chain risk	0.27	0.72	538

Managing IT systems	0.22	0.61	538

Other:	0.21	0.67	538

Pension obligations	0.17	0.59	538

Protection of intellectual property	0.10	0.43	538

Data security	0.08	0.43	538

11

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

Access to capital	
access to loans	
Balancing Cost and Service Pressures	
Client financial condition	
Cost containment	
cost containment	
Cost of Steel	
Costs in line with revenues	
Costs of new 'stimulus' plan	
Counterparty Risk	
Credit and collections	
credit markets	
Credit risk	
Customer Strenghts	
Debt covenants	
downsizing pressure and challenges to continue innovation	
Driving revenue	
Economic impact on healthcare industry	
expense control	
FDA approval of major product	
fixed costs	
going concern	
Government meddling in employment decisions	
Growth	
Growth via new sales/price increases	
High charge-offs	
Human services needs	
increased competition	
Increasing demand for services	
Increasing efficiency and productivity.  Reducing Overhead costs	
Increasing or maintaining sales	
Interest / Debt Obligations	
Inventory mgmt	
Investment portfolio	
labor/union issues	
Liquidity in credit markets	
low customer growth	
maintaining line of credit	
Management talent	
Managing incompetent directors	
managing investments	
NCUA Regulators demands	
plan execution	
Pricing	
Production cost reduction	
Profit Sharing Asset Protection	
profitability	
Reduction of Backlog	
regulatory compliance	
restructuring correctly	
Sales	
The lack of a state budget solution	
Training of our staff, so they can effectively sell and service our customer's.	
very weak oder inflow	
where to allocate capital	

12

Duke CFO Global Business Outlook survey - U.S. - 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	6.49	6.37	5.90 - 7.09	6	-25	50	440

Productivity (output per hour worked)	1.79	6.56	1.11 - 2.47	2	-40	25	354

Number of foreign/off-shore outsourced employees	1.35	24.94	-1.82 - 4.53	0	-50	300	237

Wages/Salaries	-0.14	18.31	-1.81 - 1.53	1	-90	250	463

Share repurchases	-0.63	10.46	-2.18 - 0.92	0	-80	50	175

Prices of your products	-1.08	8.24	-1.87 - -0.30	0	-60	50	423

Cash on the balance sheet	-2.47	36.11	-6.05 - 1.11	0	-90	300	391

Number of domestic employees in accounting/finance	-3.64	10.94	-4.72 - -2.56	0	-70	50	395

Number of domestic employees overall	-4.42	34.57	-7.61 - -1.23	-5	-90	496	452

Technology spending	-5.81	28.72	-8.56 - -3.06	0	-95	400	419

Marketing/advertising spending	-5.87	24.44	-8.30 - -3.45	0	-90	200	389

Dividends	-7.64	25.46	-14.50 - -0.79	0	-99	50	53

Earnings	-11.09	28.83	-13.84 - -8.34	-5	-90	200	422

Capital spending	-13.94	29.79	-16.68 - -11.20	-5	-95	200	454

13

Duke CFO Global Business Outlook survey - U.S. - 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=543)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.8	385	38	18	441
Health care costs	0.5	87.3%	8.6%	4.1%	100.0%

	0.5	229	64	61	354
Productivity (output per hour worked)	0.8	64.7%	18.1%	17.2%	100.0%

	0.3	243	126	94	463
Wages/Salaries	0.8	52.5%	27.2%	20.3%	100.0%

	0.1	170	121	132	423
Prices of your products	0.8	40.2%	28.6%	31.2%	100.0%

	0.0	13	30	12	55
Dividends	0.7	23.6%	54.5%	21.8%	100.0%

	0.0	10	156	17	183
Share repurchases	0.4	5.5%	85.2%	9.3%	100.0%

	-0.1	33	147	58	238
Number of foreign/off-shore outsourced employees	0.6	13.9%	61.8%	24.4%	100.0%

	-0.2	111	112	170	393
Cash on the balance sheet	0.8	28.2%	28.5%	43.3%	100.0%

	-0.2	117	118	186	421
Technology spending	0.8	27.8%	28.0%	44.2%	100.0%

	-0.2	96	117	179	392
Marketing/advertising spending	0.8	24.5%	29.8%	45.7%	100.0%

Number of domestic employees in accounting/	-0.3	56	179	160	395
finance	0.7	14.2%	45.3%	40.5%	100.0%

	-0.3	133	49	252	434
Earnings	0.9	30.6%	11.3%	58.1%	100.0%

	-0.4	100	85	277	462
Capital spending	0.8	21.6%	18.4%	60.0%	100.0%

	-0.5	74	81	297	452
Number of domestic employees overall	0.8	16.4%	17.9%	65.7%	100.0%

14

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

Prices of your products	0.49	5.37	0.41 - 0.56	0	-17.20	15.07

Share repurchases	0.32	4.99	0.22 - 0.42	0	-21.10	19.87

Cash on the balance sheet	-0.92	21.48	-1.22 - -0.61	0	-73.20	68.31

Technology spending	-5.42	15.42	-5.64 - -5.21	0	-62.10	50.48

Marketing/advertising spending	-7.62	16.87	-7.87 - -7.38	-2	-53.80	42.03

Dividends	-9.94	22.36	-10.49 - -9.39	0	-57.50	42.26

Capital spending	-13.34	21.44	-13.62 - -13.05	-5	-72.30	44.49

Earnings	-13.45	25.67	-13.80 - -13.09	-5	-67.60	45.41

15

Duke CFO Global Business Outlook survey - U.S. - 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	5.05	3.75	5.00 - 5.10	5	-6	18.98

Productivity (output per hour worked)	1.65	4.64	1.58 - 1.71	2	-11.10	14.65

Wages/Salaries	-0.54	6.11	-0.62 - -0.46	1	-36	35.75

Number of foreign/off-shore outsourced employees	-1.72	11.44	-1.90 - -1.53	0	-47.50	50.23

Number of domestic employees in accounting/finance	-4.29	7.74	-4.40 - -4.18	-1	-25.10	17.80

Number of domestic employees overall	-5.74	8.57	-5.85 - -5.62	-5	-72.20	63.34

16

Duke CFO Global Business Outlook survey - U.S. - 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	-19.76	26.89	-20.33 - -19.19	-10	-67.60	45.41

Cash on the balance sheet	0.55	19.98	0.13 - 0.98	0	-73.20	68.31

Dividends	-10.88	22.94	-11.48 - -10.29	0	-57.50	42.26

Share repurchases	0.44	6.16	0.28 - 0.61	0	-21.10	19.87

17

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

	 	Number	Percent	95% CI
	Acquire another company or companies?	76	14.0 %	± 2.9 %
	Acquire part of another company or companies?	29	5.3 %	± 1.9 %
	Both	50	9.2 %	± 2.4 %
	Neither	388	71.5 %	± 3.8 %
	Total	543	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

18

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

	 	Number	Percent	95% CI
	Sell your company?	19	3.5 %	± 1.6 %
	Sell part of your company?	55	10.2 %	± 2.5 %
	Neither	466	86.3 %	± 2.9 %
	Total	540	100.0 %

	Missing Cases = 3 
	Response Percent = 99.4 %

19

Duke CFO Global Business Outlook survey - U.S. - 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=543)

	Yes	No	Total	
	287	239	526
Hiring freeze	54.6%	45.4%	100.0%

	245	282	527
Wage freeze or wage reduction	46.5%	53.5%	100.0%

	222	296	518
Wage freeze	42.9%	57.1%	100.0%

	91	417	508
Wage reduction	17.9%	82.1%	100.0%

	182	327	509
Reduction of employee hours	35.8%	64.2%	100.0%

	313	215	528
Reduction of workforce	59.3%	40.7%	100.0%

20

Duke CFO Global Business Outlook survey - U.S. - 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)	7.79	12.79	3	0	90	6.70 - 8.89	528

If there was a cut, percentage of the workforce cut	12.82	14.31	10	0.50	90	11.26 - 14.39	321

21

Duke CFO Global Business Outlook survey - U.S. - 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=543)

	Yes	No	Total	
	282	190	472
Hiring freeze	59.7%	40.3%	100.0%

	285	217	502
Wage freeze or wage reduction	56.8%	43.2%	100.0%

	257	225	482
Wage freeze	53.3%	46.7%	100.0%

	102	381	483
Wage reduction	21.1%	78.9%	100.0%

	185	295	480
Reduction of employee hours	38.5%	61.5%	100.0%

	268	227	495
Reduction of workforce	54.1%	45.9%	100.0%

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Duke CFO Global Business Outlook survey - U.S. - 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)	4.14	6.07	1	0	37	3.60 - 4.67	495

If there will be a cut, percentage of the workforce that will
be cut	7.88	6.37	5	0.50	37	7.11 - 8.66	260

23

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

	 	Number	Percent	95% CI
	1=No	247	45.7 %	± 4.2 %
	2=Yes, somewhat	175	32.3 %	± 3.9 %
	3=Yes, very much	119	22.0 %	± 3.5 %
	Total	541	100.0 %

	Mean = 1.8
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.6 %

24

Duke CFO Global Business Outlook survey - U.S. - 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	171	58.2 %	± 5.7 %
	Increased cost of credit	143	48.6 %	± 5.8 %
	Experienced difficulty initiating or renewing a bank credit line	103	35.0 %	± 5.5 %
	Other	66	22.4 %	± 4.8 %
	Total	483

	Number of Cases =294
	Number of Responses =483
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response =283
	Response Percent = 96.3 %

25

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

1 year deal vs 3 year deal	
Banking fees and cost	
Called loans and unable to renew	
Cannot find a new bank line	
Collapse of equity prices	
Commericial Construction - Owners	
Consumer financing	
covenant amendment fees are expensive	
Credit available to our Clients	
customer ability to get credit	
Customer inability to get credit	
Customer's access to credit	
customer's credit availability	
customer's unable to get financing	
Customers	
Customers Credit Problems	
Customers ability to finance purchases	
Customers unable to finance new construction	
Customers unable to finance purchases	
Customers unable to secure financing for projects	
Customers' ability to get credit	
customers cannot get credit	
customers limited cash has reduced sales	
customers slow to pay	
Decrease in credit costs - LIBOR at historic lows	
Decreased bond ratings	
Difficult negotiations on LOC extension	
Effect on Housing and product demand	
End Customers want to buy, but can't finance	
External economy	
FHLB System Issues	
Fixed income securities valuations	
Forced to raise new $ for bank paydown-tech defalt	
Impact on customers	
Impacted ability to sell business	
Impacts customers	
Impacts our customers significantly	
Inability to place commercial paper	
inability of buyers to secure mortgage financing	
INCREASE in availability of credit	
Increased availability of funds available	
Increased costs for changes to existing agreement	
Increased covenants	
insurance coverage	
investement returns	
investment earnings down	
Lack of commercial real estate financing	
lack of credit for customers	
Lack of financial institutions that lend	
lack of funds	
less buyers of commercial paper	
Less credit available to OUR clients for building	
Low appraisal of a facility under construction	
may not be able to finane expansion opportyunity	
More equity required on renewal	
More strict credit terms	
Much closer management by lender	

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Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

Not investment grade	
Not operating loss due to recognize market losses	
Our customer's ability to obtain financing	
our insureds lost credit	
Parent Company has been restricted in its borrowin	
reduced availability of loans to our customers	
renewal due soon & expect +150 to 200 basis Pt	
Renewing leases - GE Capital Issues	
Revnue opportunities normally using leasing and no	
tightened credit policy and monitoring from Lender	
We are in architecture/design-projects on hold	
We will be when our line is renewed probably 1 bps	

27

Duke CFO Global Business Outlook survey - U.S. - 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
	Increased cost of credit	120	56.9 %	± 6.7 %
	Decreased availability of credit	119	56.4 %	± 6.8 %
	Experienced difficulty initiating or renewing a bank credit line	80	37.9 %	± 6.6 %
	Other	47	22.3 %	± 5.7 %
	Total	366

	Number of Cases =211
	Number of Responses =366
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =204
	Response Percent = 96.7 %

28

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

	Minimum = 0.2

	Maximum = 999

	Mean = 212.6

	Median = 200

	Standard Deviation (Unbiased) = 195.5

	95 Percent Confidence Interval Around The Mean = 178.9 - 246.3

Quartiles

	 1 = 50
	 2 = 200
	 3 = 293.8

Valid Cases = 129 
Missing Cases = 14 
Response Percent = 90.2%

29

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating (US based companies)

N=366		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		366		121	81	103	61	
		100.0%		33.1%	22.1%	28.1%	16.7%	
								
1=No		168		73	41	40	14	
		45.9%		60.3%	50.6%	38.8%	23.0%	
				CD	D	Ad	ABc	
								
2=Yes, somewhat		129		35	24	46	24	
		35.2%		28.9%	29.6%	44.7%	39.3%	
				c	c	ab		
								
3=Yes, very much		69		13	16	17	23	
		18.9%		10.7%	19.8%	16.5%	37.7%	
				D	d	D	AbC	
								
Mean		1.7		1.5	1.7	1.8	2.1	
SD		0.8		0.7	0.8	0.7	0.8	
				CD	D	AD	ABC	

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

30

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

N=198		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		198		48	40	63	47	
		100.0%		24.2%	20.2%	31.8%	23.7%	
								
Decreased availability		110		22	26	30	32	
of credit		55.6%		45.8%	65.0%	47.6%	68.1%	
				d		d	ac	
								
Increased cost of credit		98		22	16	32	28	
		49.5%		45.8%	40.0%	50.8%	59.6%	
								
Other		42		13	6	14	9	
		21.2%		27.1%	15.0%	22.2%	19.1%	
								
Experienced difficulty
initiating or renewing a		
68		
8	
11	
22	
27	
bank credit line		34.3%		16.7%	27.5%	34.9%	57.4%	
				cD	D	ad	ABc	

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

31

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

N=105		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		105		23	17	36	29	
Percent		100.0%		21.9%	16.2%	34.3%	27.6%	
								
How many basis points increase since summer 2007?	
								
N		93		19	16	33	25	
Mean		216.9		174.5	164.1	210.2	291.9	
SD		204.9		142.7	123.7	160.1	304.5	

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

32

Duke CFO Global Business Outlook survey - U.S. - 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	15.25	19.51	13.46 - 17.04	10	0	100	455

9b. How much does your firm hold in cash and
marketable securities? (% of total assets) ONE YEAR
AGO	15.61	19.68	13.77 - 17.44	10	0	100	440

33

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

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

	 	Number	Percent	95% CI
	Yes	390	73.9 %	± 3.8 %
	No	138	26.1 %	± 3.7 %
	Total	528	100.0 %

	Missing Cases = 15 
	Response Percent = 97.2 %

34

Duke CFO Global Business Outlook survey - U.S. - 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	22.71	20.80	20.57 - 24.86	15.50	0	100	360

10b. How large are your bank lines of credit? (% of
total assets) ONE YEAR AGO	23.04	21.28	20.82 - 25.26	15	0	100	353

10c. To what extent has your firm drawn on its lines of
credit?	37.60	36.26	33.52 - 41.68	30	0	100	303

35

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Bank Lines of Credit - by - Credit Rating (US based companies)

N=366		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		366		121	81	103	61	
Percent		100.0%		33.1%	22.1%	28.1%	16.7%	
								
10b. How large are your bank lines of credit? (% of total assets) TODAY	
								
N		259		78	52	82	47	
Mean		22.8		22.2	18.7	25.3	23.8	
SD		20.5		22.2	15.4	21.4	20.6	
								
10b. How large are your bank lines of credit? (% of total assets) ONE YEAR AGO	
								
N		254		76	49	82	47	
Mean		22.5		23.0	17.5	23.7	24.6	
SD		20.2		22.6	15.3	19.0	22.4	
								
10c. To what extent has your firm drawn on its lines of credit?	
								
N		224		70	44	73	37	
Mean		38.5		28.0	29.4	38.9	68.8	
SD		35.8		31.0	31.2	34.3	36.4	
				cD	D	aD	ABC	

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

36

Duke CFO Global Business Outlook survey - U.S. - 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	60.47	39.90	56.28 - 64.65	80	0	100	349

Drawing on bank lines of credit	31.85	36.64	27.58 - 36.11	10	0	100	284

Long-term debt	18.62	25.35	15.25 - 21.98	10	0	100	218

Short-term debt	17.19	28.13	13.24 - 21.14	2	0	100	195

Equity infusions or issuances	16.37	31.49	11.71 - 21.02	0	0	100	176

Other:	13.02	31.33	6.58 - 19.46	0	0	100	91

Asset sales	6.86	18.38	4.01 - 9.70	0	0	100	160

Commercial paper	1.55	5.47	0.61 - 2.49	0	0	40	131

37

Duke CFO Global Business Outlook survey - U.S. - 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	
Customer adv pmts	
Government awards	
Grant funds	
loan from vendor/customer	
loan repayments	
Long Term debt supported by Third Party collateral	
operating cash flow	
operating profit	
Payables	
Retail Deposits Increased	
Slow Pay A/P	
TARP	
Through US Holding	

38

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

12a. & 12b. Obtaining external funding to finance attractive investment projects

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

12a. When capital markets are operating normally, rate
your company's ability to obtain external funding to
finance attractive investment projects. (Rate on a scale
of 0-100, with 0 being no access and 100 being
unrestricted access to capital)	82.96	20.51	81.17 - 84.74	90	0	100	508

12b. In the current credit market environment, rate your
company's ability to obtain external funding to finance
attractive investment projects.  (Rate on a scale of 0-
100, with 0 being no access and 100 being unrestricted
access to capital)	51.31	30.88	48.63 - 53.99	50	0	100	509

39

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

12c. If external funding is limited, what is the probability that your company will take the following actions to manage your corporate investments? (Select 0% to 100% for each category)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

We would fund with current cash flows/profits	63.28	33.00	60.31 - 66.25	75	0	100	474

We would postpone or cancel positive net present
value investment	54.93	33.78	51.59 - 58.27	50	0	100	393

We would fund with cash holdings / past profits	52.49	35.27	49.09 - 55.90	50	0	100	413

We would fund with other sources	30.93	34.72	26.49 - 35.37	20	0	100	235

40

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

12c. If external funding is limited, what is the probability that your company will take the following actions to manage your corporate investments? - Other funding source specified

added Bank lines	
Asset Based Lending	
Asset Sales	
asset sales	
Bank	
Bank	
bank borrowings	
Bank debt/line of credit	
bank debt	
Bank Lines of Credit	
bank lines of credit	
Bank Loan	
Bank of America	
Bank/Venture Capital Partners	
Banks	
Capital Calls	
Capital from Investors	
Capital Issue	
capital leases	
capital raising	
Commercial Bankable Paper	
commercial paper	
credit line	
credit lines	
Credit Unions	
Customer funding	
customer funding	
Customer LOC	
customer terms	
Debentures	
Debt	
debt	
debt issue	
delay ap	
development banks	
Equity	
equity	
equity	
equity contributions	
Equity Infusion	
Equity Infusion	
Equity infusion	
Equity infusion	
Equity infusion	
equity infusion from owners	
Equity injection	
Equity investment	
Equity partner	
Equity Raise	
Equity raise	
Equity raise	
financing companies/mezz	
founders' injection	
gov't loan	
Grants	
increase operating cash flow	

41

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

12c. If external funding is limited, what is the probability that your company will take the following actions to manage your corporate investments? - Other funding source specified

intercompany loans	
Investors	
investors	
joint ventures	
JVs, partners	
lease	
leases	
LEASING	
Leasing of existing equipment	
Line of Credit	
Line of Credit	
Line of Credit	
line of credit	
line of credit	
lines of credit	
Loans	
LOC borrowing	
LT debt & equity	
mezz debt or equity	
mfgr leases	
Mortgage Financing	
mortgage financing	
new capital/investor	
new equity	
new equity	
open market stock	
owner equity	
owner infusion	
owners loans	
Parent Company	
Personal	
personal funds	
principals equity	
Private Equity	
Private equity	
Private equity investors	
private equity	
Private Placement	
receivables	
Revolver	
revolver	
Sale Leasback / Equipment Financing	
Sale of assets	
Sale of assets	
Sale of non-core assets (non-core operating divisions)	
Securitization	
sell assets	
Sell portion of Company	
Shareholder	
shareholder	
Short term debt	
Short term debt	
specialty finance lender	
stock issue	
Stockholders Loans	
TARP	

42

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

12c. If external funding is limited, what is the probability that your company will take the following actions to manage your corporate investments? - Other funding source specified

thrid party collateral for debt	
US Holding	
vendor/customers	
venture capital	
venture capital	
venture capital	
venture debt	
working capital mgt	

43

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

13. Do you believe your business would benefit from the adoption of a national health care system in the United States?

	 	Number	Percent	95% CI
	3=Yes	104	19.4 %	± 3.3 %
	2=Not sure	150	28.0 %	± 3.8 %
	1=No	282	52.6 %	± 4.2 %
	Total	536	100.0 %

	Mean = 1.7
	SD = 0.8

	Missing Cases = 7 
	Response Percent = 98.7 %

44

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

14. After the federal government's economic stimulus efforts to this point, is the U.S. economy:

	 	Number	Percent	95% CI
	3=Better off than it would have been if the government had not
	   acted	171	32.0 %	± 3.9 %
	2=No better or worse off	194	36.3 %	± 4.0 %
	1=Worse off than it would be if the government had not acted	169	31.6 %	± 3.9 %
	Total	534	100.0 %

	Mean = 2.0
	SD = 0.8

	Missing Cases = 9 
	Response Percent = 98.3 %

45

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

15. When do you expect the US economy to begin recovery?

	 	Number	Percent	Cumulative
	2009, Q1	0	0.0 %	0.0 %
	2009, Q2	11	2.0 %	2.0 %
	2009, Q3	81	15.1 %	17.1 %
	2009, Q4	94	17.5 %	34.6 %
	First half of 2010	181	33.7 %	68.3 %
	Second half of 2010	115	21.4 %	89.8 %
	2011 or later	55	10.2 %	100.0 %
	Total	537	100.0 %	100.0 %

	Missing Cases = 6 
	Response Percent = 98.9 %

46

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

15. Estimated number of months to beginning of recovery

Number of months

	Minimum = 4

	Maximum = 23

	Mean = 14.2

	Median = 14

	Standard Deviation (Unbiased) = 5.3

	95 Percent Confidence Interval Around The Mean = 13.8 - 14.7

Quartiles

	 1 = 10
	 2 = 14
	 3 = 20

Valid Cases = 537 
Missing Cases = 0 
Response Percent = 100.0%

47

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

16. 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 = 63.0

	Median = 70

	Standard Deviation (Unbiased) = 24.9

	95 Percent Confidence Interval Around The Mean = 60.9 - 65.1

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 530 
Missing Cases = 13 
Response Percent = 97.6%

48

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

17. On February 16, 2009 the annual yield on 10-yr treasury bonds was 2.9%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
less than:	1.98	7.44	1.33 - 2.64	2	-30	60	491

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	8.77	10.00	7.89 - 9.65	7	-15	100	499

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	13.28	11.94	12.22 - 14.33	10	0	100	494

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:	-8.57	13.26	-9.74 - -7.40	-5	-50	50	492

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	2.18	9.04	1.38 - 2.97	2	-50	70	499

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:	10.24	11.06	9.26 - 11.22	7	-20	100	491

49

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Revenue Weighted: 17. On February 16, 2009 the annual yield on 10-yr treasury bonds was 2.9%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	2.03	5.53	1.96 - 2.10	2	-12.60	16.56

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	8.14	5.43	8.08 - 8.21	7	-10.80	28.37

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:	12.54	7.31	12.45 - 12.63	10	0	36.68

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:	-8.88	11.49	-9.03 - -8.74	-5	-34.60	17.42

Over the next year, I expect the average annual S&P 500 return
will be: Expected return:	1.92	6.74	1.83 - 2.00	2	-15.50	19.90

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:	10.49	8.34	10.39 - 10.60	8	-11.40	31.92

50

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Employee Weighted: 17. On February 16, 2009 the annual yield on 10-yr treasury bonds was 2.9%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	1.19	5.83	1.11 - 1.26	2	-12.60	16.56

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	7.99	5.52	7.93 - 8.06	7	0	28.37

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:	12.56	7.45	12.47 - 12.65	10	0	36.68

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:	-11.47	10.92	-11.61 - -11.33	-10	-34.60	17.42

Over the next year, I expect the average annual S&P 500 return
will be: Expected return:	0.58	7.00	0.49 - 0.67	2	-15.50	19.90

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:	10.13	7.98	10.03 - 10.23	8	-11.40	31.92

51

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Industry

	 	Number	Percent	95% CI
	Manufacturing	132	24.8 %	± 3.6 %
	Retail/Wholesale	77	14.4 %	± 2.9 %
	Other	73	13.7 %	± 2.9 %
	Banking/Finance/Insurance	71	13.3 %	± 2.8 %
	Service/Consulting	48	9.0 %	± 2.4 %
	Healthcare/Pharmaceutical	40	7.5 %	± 2.2 %
	Transportation/Energy	29	5.4 %	± 1.9 %
	Tech [Software/Biotech]	27	5.1 %	± 1.8 %
	Mining/Construction	26	4.9 %	± 1.8 %
	Communications/Media	10	1.9 %	± 1.1 %
	Total	533	100.0 %

	Missing Cases = 10 
	Response Percent = 98.2 %

52

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Industry (Other specified)

Aerospace	
Agriculture/Forestry	
Architecture/Engineering/Construction	
art auction	
Casino	
charity	
Commercial Electronic Distribution	
commercial construction	
Defense contracting	
Dist., Mfg, and Service	
EDUCATION	
Education	
Education	
Education	
education	
Educational Testing	
Energy - Oil & Gas	
Energy Services/construction	
Entertainment	
Entertainment/Hospitality	
Food and Agricultural	
Foundation	
Government	
Heavy equipment sales and service	
Higher Education	
Homebuilding	
Hospitality	
Hospitality	
Hospitality	
hospitality	
hospitality	
Human Services	
Information Services	
Mechanical Contractor/Engineering	
multi-industry holding corp	
Non-Profit	
Nonprofit	
Nonprofit	
nonprofit	
nonprofit museum	
Not For Profit	
Not for profit	
petrochemical industry	
Professional services	
RE development	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Invetment Company	
real estate	
real estate	
realestate	
Research	
Research	

53

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Industry (Other specified)

Research/Marketing	
residential education	
Secondary Education	
Sports & Entertainment	
State Government	
Supply Chain Distribution	
Supply chain	
Technology (AMI, Smart Grid)	
Telecom equipment distribution	
Telecommunications	
travel	
value added distributor	
waste paper broker	
Waste/Recycling	

54

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	56	10.6 %	± 2.6 %
	$25-$99 million	135	25.6 %	± 3.6 %
	$100-$499 million	162	30.7 %	± 3.9 %
	$500-$999 million	52	9.8 %	± 2.5 %
	$1-$4.9 billion	62	11.7 %	± 2.7 %
	$5-$9.9 billion	20	3.8 %	± 1.6 %
	More than $10 billion	41	7.8 %	± 2.2 %
	Total	528	100.0 %

	Missing Cases = 15 
	Response Percent = 97.2 %

55

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1674.94

	Median = 300

	Variance (Unbiased) = 9880672.56

	Standard Deviation (Unbiased) = 3143.35

	Standard Error Of The Mean  = 136.80

	95 Percent Confidence Interval Around The Mean = 1406.82 - 1943.07

	99 Percent Confidence Interval Around The Mean = 1322.69 - 2027.20

	Skewness = 2.21

	Kolmogorov-Smirnov Statistic For Normality = 8.81

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 528 
Missing Cases = 15 
Response Percent = 97.2%

56

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	83	18.1 %	± 3.0 %
	100-499	127	27.7 %	± 3.6 %
	500-999	69	15.1 %	± 2.8 %
	1,000-2,499	53	11.6 %	± 2.5 %
	2,500-4,999	32	7.0 %	± 2.0 %
	5,000-9,999	26	5.7 %	± 1.8 %
	Over 10,000	68	14.8 %	± 2.8 %
	Total	458	100.0 %

	Missing Cases = 85 
	Response Percent = 84.3 %

57

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2886.24

	Median = 750

	Variance (Unbiased) = 17729886.96

	Standard Deviation (Unbiased) = 4210.69

	Standard Error Of The Mean  = 196.75

	95 Percent Confidence Interval Around The Mean = 2500.61 - 3271.88

	99 Percent Confidence Interval Around The Mean = 2379.61 - 3392.88

	Skewness = 1.45

	Kolmogorov-Smirnov Statistic For Normality = 7.10

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 458 
Missing Cases = 85 
Response Percent = 84.3%

58

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Headquarters

	 	Number	Percent	95% CI
	Midwest U.S.	165	30.8 %	± 3.9 %
	Northeast U.S.	117	21.8 %	± 3.5 %
	South Atlantic U.S.	81	15.1 %	± 3.0 %
	Pacific US	77	14.4 %	± 2.9 %
	South Central U.S.	57	10.6 %	± 2.6 %
	Europe	14	2.6 %	± 1.3 %
	Mountain U.S.	10	1.9 %	± 1.1 %
	South America	8	1.5 %	± 1.0 %
	Asia	6	1.1 %	± 0.9 %
	Mexico	1	0.2 %	± 0.4 %
	Canada	0	0.0 %	± 0.0 %
	Total	536	100.0 %

	Missing Cases = 7 
	Response Percent = 98.7 %

59

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Ownership

	 	Number	Percent	95% CI
	Private	345	68.5 %	± 4.1 %
	Public, NYSE	79	15.7 %	± 3.0 %
	Nonprofit	44	8.7 %	± 2.3 %
	Public, NASDAQ/AMEX	30	6.0 %	± 1.9 %
	Government	6	1.2 %	± 0.9 %
	Total	504	100.0 %

	Missing Cases = 39 
	Response Percent = 92.8 %

60

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

Foreign Sales

	 	Number	Percent	95% CI
	0%	230	43.1 %	± 4.2 %
	1-24%	200	37.5 %	± 4.1 %
	25-50%	64	12.0 %	± 2.7 %
	More than 50%	40	7.5 %	± 2.2 %
	Total	534	100.0 %

	Missing Cases = 9 
	Response Percent = 98.3 %

61

Duke CFO Global Business Outlook survey - U.S. - 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	317	62.2 %	± 4.2 %
	We do pay dividends	193	37.8 %	± 4.0 %
	Total	510	100.0 %

	Missing Cases = 33 
	Response Percent = 93.9 %

62

Duke CFO Global Business Outlook survey - U.S. - 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 = 27.5

	Median = 20

	Standard Deviation (Unbiased) = 27.1

	95 Percent Confidence Interval Around The Mean = 23.7 - 31.3

Quartiles

	 1 = 4
	 2 = 20
	 3 = 41.5

Valid Cases = 193 
Missing Cases = 33 
Response Percent = 85.4%

63

Duke CFO Global Business Outlook survey - U.S. - 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 = 34.9

	Median = 30

	Standard Deviation (Unbiased) = 28.5

	95 Percent Confidence Interval Around The Mean = 32.3 - 37.4

Quartiles

	 1 = 10
	 2 = 30
	 3 = 53

Valid Cases = 480 
Missing Cases = 63 
Response Percent = 88.4%

64

Duke CFO Global Business Outlook survey - U.S. - 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 = 8.0

	Median = 6

	Standard Deviation (Unbiased) = 16.2

	95 Percent Confidence Interval Around The Mean = 6.5 - 9.5

Quartiles

	 1 = 1
	 2 = 6
	 3 = 12

Valid Cases = 460 
Missing Cases = 83 
Response Percent = 84.7%

65

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	40	10.4 %	10.4 %
	AA+	40	10.4 %	20.8 %
	AA	32	8.3 %	29.1 %
	AA-	17	4.4 %	33.5 %
	A+	23	6.0 %	39.5 %
	A	29	7.5 %	47.0 %
	A-	32	8.3 %	55.3 %
	BBB+	36	9.4 %	64.7 %
	BBB	28	7.3 %	71.9 %
	BBB-	15	3.9 %	75.8 %
	BB+	11	2.9 %	78.7 %
	BB	14	3.6 %	82.3 %
	BB-	6	1.6 %	83.9 %
	B+	9	2.3 %	86.2 %
	B	10	2.6 %	88.8 %
	B-	13	3.4 %	92.2 %
	CCC	15	3.9 %	96.1 %
	CC	3	0.8 %	96.9 %
	D	12	3.1 %	100.0 %
	Total	385	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

66

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

What is your company's credit rating? 

N=385		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		385		166	219	
		100.0%		43.1%	56.9%	
						
AAA		40		21	19	
		10.4%		12.7%	8.7%	
						
AA+		40		18	22	
		10.4%		10.8%	10.0%	
						
AA		32		10	22	
		8.3%		6.0%	10.0%	
						
AA-		17		8	9	
		4.4%		4.8%	4.1%	
						
A+		23		12	11	
		6.0%		7.2%	5.0%	
						
A		29		13	16	
		7.5%		7.8%	7.3%	
						
A-		32		15	17	
		8.3%		9.0%	7.8%	
						
BBB+		36		9	27	
		9.4%		5.4%	12.3%	
				b	a	
						
BBB		28		15	13	
		7.3%		9.0%	5.9%	
						
BBB-		15		5	10	
		3.9%		3.0%	4.6%	
						
BB+		11		5	6	
		2.9%		3.0%	2.7%	
						
BB		14		4	10	
		3.6%		2.4%	4.6%	
						
BB-		6		5	1	
		1.6%		3.0%	0.5%	
				b	a	
						
B+		9		6	3	
		2.3%		3.6%	1.4%	
						
B		10		3	7	
		2.6%		1.8%	3.2%	

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

67

Duke CFO Global Business Outlook survey - U.S. - First Quarter, 2009

What is your company's credit rating? 

N=385		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		13		4	9	
		3.4%		2.4%	4.1%	
						
CCC		15		9	6	
		3.9%		5.4%	2.7%	
						
CC		3		1	2	
		0.8%		0.6%	0.9%	
						
D		12		3	9	
		3.1%		1.8%	4.1%	

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