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. Has your company been affected by the cost or availability of credit?	17
6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	18
6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	19
6b. Increased cost of credit - How many basis points increase since summer 2007?	21
6b. In what ways has your company been affected by the credit market turmoil [Only firms that have a
bank line of credit]	22
6b. Increased cost of credit [Only firms that have a bank line 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 [Only US based companies]	24
6b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating [Only
US based companies]	25
6b. Increased cost of credit: How many basis points increase? - by - Credit Rating [Only US based companies]	26
7a. For your company, relative to Q4 of 2008, have credit market conditions changed?	27
7b. Is the Fed-Treasury TALF program helping credit conditions?	28
8. How much does your firm hold in cash and marketable securities?	29
9. Does your company have a bank line of credit?	30
9b. If yes, how large are your bank lines of credit?	31
9c. To what extent has your firm drawn on its lines of credit?	32
9d. Check if in the last year you have...	33
9e. What costs/fees are associated with your credit line? (bps)	34
9e. Other current costs/fees (up front or otherwise)	35
Is collateral currently required for your credit line?	36
10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company?	37
7a. For your company, relative to Q4 of 2008, have credit market conditions changed? [By Constrained & Credit Rating]	38
7b. Is the Fed-Treasury TALF program helping credit conditions for your company? [By Constrained & Credit Rating]	39
7b. Is the Fed-Treasury TALF program helping credit conditions for the overall economy? [By Constrained & 
Credit Rating]	40
8. How much does your firm hold in cash and marketable securities? [By Constrained & Credit Rating]	41
9b. If yes, how large are your bank lines of credit? [By Constrained & Credit Rating]	42
9c. To what extent has your firm drawn on its lines of credit? [By Constrained & Credit Rating]	43
9d. Check if in the last year you have... [By Constrained & Credit Rating]	44
9e. What costs/fees are associated with your credit line? (bps) [By Constrained & Credit Rating]	45
Is collateral currently required for your credit line? [By Constrained & Credit Rating]	47

10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your
company? [By Constrained & Credit Rating]	48
10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your
company? [By Constrained & Credit Rating]	49
11. When do you expect the US economy to begin recovery?	50
11. Estimated number of months to beginning of recovery	51
12. What is your company's strategic focus for the next 12 months? To answer this question, distribute 100 points 
among the various choices. For example, if half of your strategic focus is revenue growth, enter 50 in the top box 
and distribute the remaining 50 points to reflect the relative importance of the other categories. (should add up to 100)	52
12. What is your company's strategic focus for 2009? - Other specified	53
13. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100
being excellent growth and investment opportunities.	55
 14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. Please complete the following:	56
Revenue Weighted:  14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. Please
complete the following:	57
Employee Weighted:  14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. Please
complete the following:	58
A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh"
funding from debt markets? [Funding needed or not needed]	59
A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh"
funding from debt markets? [Funding needed]	60
B) When you seek fresh funding, do you anticipate any difficulty in borrowing to meet your needs?	61
C) How concerned are you about your anticipated cash burn rate for the rest of 2009?	62
A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh"
funding from debt markets? [Funding needs - Companies constrained by credit]	63
A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh"
funding from debt markets? [Funding needs - Companies not constrained by credit]	64
A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh"
funding from debt markets? [Funding needed - Companies constrained by credit]	65
A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh"
funding from debt markets? [Funding needed - Companies not constrained by credit]	66
B) When you seek fresh funding, do you anticipate any difficulty in borrowing to meet your needs?	67
C) How concerned are you about your anticipated cash burn rate for the rest of 2009?	68
Industry	69
Industry (Other specified)	70
Sales Revenue	72
Weighted Sales Revenue (Millions)	73
Number of Employees	74
Weighted Number of Employees	75
Headquarters	76
Ownership	77
Foreign Sales	78
Does your company pay a dividend?	79
What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	80
What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)	81
What is your company's credit rating? 	82
What is your company's credit rating? 	83
What is your company's credit rating? 	84

1

Duke CFO Global Business Outlook survey - U.S. - Second 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	290	53.7 %	± 4.2 %
	2=No change	168	31.1 %	± 3.9 %
	1=Less optimistic	82	15.2 %	± 3.0 %
	Total	540	100.0 %

	Mean = 2.4
	SD = 0.7

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke CFO Global Business Outlook survey - U.S. - Second 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 = 51.7

	Median = 50

	Standard Deviation (Unbiased) = 17.3

	95 Percent Confidence Interval Around The Mean = 50.2 - 53.2

Quartiles

	 1 = 40
	 2 = 50
	 3 = 64.5

Valid Cases = 505 
Missing Cases = 35 
Response Percent = 93.5%

3

Duke CFO Global Business Outlook survey - U.S. - Second 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	215	39.9 %	± 4.1 %
	2=No change	166	30.8 %	± 3.9 %
	1=Less optimistic	158	29.3 %	± 3.9 %
	Total	539	100.0 %

	Mean = 2.1
	SD = 0.8

	Missing Cases = 1 
	Response Percent = 99.8 %

4

Duke CFO Global Business Outlook survey - U.S. - Second 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 = 56.7

	Median = 60

	Standard Deviation (Unbiased) = 20.1

	95 Percent Confidence Interval Around The Mean = 55.0 - 58.5

Quartiles

	 1 = 45
	 2 = 60
	 3 = 70

Valid Cases = 502 
Missing Cases = 38 
Response Percent = 93.0%

5

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

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

(N=540)

	Mean & SD	1st	2nd	3rd	Total	
	1.5	249	91	63	403
Consumer demand	0.8	46.1%	16.9%	11.7%	74.6%

	2.0	99	139	89	327
Credit markets/interest rates	0.8	18.3%	25.7%	16.5%	60.6%

	2.1	93	92	108	293
Federal government policies	0.8	17.2%	17.0%	20.0%	54.3%

	2.1	39	70	53	162
Housing market fallout	0.8	7.2%	13.0%	9.8%	30.0%

	2.1	27	25	39	91
Other:	0.8	5.0%	4.6%	7.2%	16.9%

	2.3	8	17	19	44
Foreign competition	0.8	1.5%	3.1%	3.5%	8.1%

	2.3	12	29	39	80
Cost of non-fuel commodities	0.7	2.2%	5.4%	7.2%	14.8%

	2.4	4	15	21	40
Environmental regulation	0.7	0.7%	2.8%	3.9%	7.4%

	2.4	1	12	12	25
Trade policies and trade agreements	0.6	0.2%	2.2%	2.2%	4.6%

	2.5	4	26	38	68
Cost of fuel	0.6	0.7%	4.8%	7.0%	12.6%

	2.6	4	18	38	60
Currency risk	0.6	0.7%	3.3%	7.0%	11.1%

6

Duke CFO Global Business Outlook survey - U.S. - Second 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	1.84	1.25	540

Credit markets/interest rates	1.23	1.16	540

Federal government policies	1.06	1.15	540

Housing market fallout	0.57	0.97	540

Other:	0.31	0.78	540

Cost of non-fuel commodities	0.25	0.65	540

Cost of fuel	0.19	0.54	540

Currency risk	0.16	0.50	540

Foreign competition	0.14	0.52	540

Environmental regulation	0.12	0.45	540

Trade policies and trade agreements	0.07	0.35	540

7

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

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

3 deflation	
Advertising market	
advertising	
advertising marketplace	
aggressive, desparate competition	
Appraisals for Construction loans	
availability of additional invesment capital	
bankruptices in general	
Business Spending Environment	
business technology spend	
Businesses need to start buying	
Capital Availability	
Capital Investment	
Client Liquidity/Solvency	
Commercial Real Estate	
commercial real estate decline	
Commodity prices	
commodity prices	
Competition	
competition	
competition	
competitor price cutting	
consumer confidence	
Corp. Travel Budgets	
Crude Oil price levels	
Customer stability	
decline of print media markets	
Decrease in funding for NPOs	
Domestic auto industry	
Domestic Competition	
Domestic Competition	
Domestic Competition	
domestic competition	
equity markets	
FASB	
Federal budget	
Fewer Major Commercial Building Projects	
Financial strength of customers	
financial markets instability	
for-profit competition	
general economy	
gov regulation, merger clearance	
Health care costs	
health care costs	
health care reform	
health of banks	
Healthcare Outcome	
Healthcare Plan	
Healthcare reform	
healthcare regulation	
Increased local competition	
increased competition	
Industrial Capacity Utilization	
Industrial Investment	
Industry inventory/oversupply	
Inflation	
investor sentiment	

8

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

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

Irrational competition	
Irrational competitive pricing	
joblessness	
lack of energy demand	
Loss of endowment income	
Manpower & Related Costs	
media	
Non traditional competitors	
Obama Policies	
pessimistic stakeholder	
Philanthropy	
political uncertainty	
Potential Bankruptcy of General Motors	
REDUCED SELLING PRICES	
regulation	
Regulatory Oversite	
SAG union vote	
slowdown in commercial real estate construction	
State & Local Govt Budgets	
State and local govt policies	
State Deficits & Economy	
state government regulation/interference/meddling	
State/local taxes-regs	
State policies	
State regulation	
states' Medicaid finances	
stock market effect on endowments	
supplier failures	
Systemic shifts in consumer & business demand	
tax policy	
Tax Rates	
Unemployment	
unemployment	
unemployment	
unfair foreign competition (dumping)	
Venture capital appetite	

9

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

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

(N=540)

	Mean & SD	1st	2nd	3rd	Total	
	1.8	74	45	39	158
Balance sheet weakness	0.8	13.7%	8.3%	7.2%	29.3%

	1.8	27	12	16	55
Other:	0.9	5.0%	2.2%	3.0%	10.2%

	1.8	101	96	61	258
Working capital management	0.8	18.7%	17.8%	11.3%	47.8%

	2.0	108	89	95	292
Ability to forecast results	0.8	20.0%	16.5%	17.6%	54.1%

	2.0	43	45	42	130
Attracting and retaining qualified employees	0.8	8.0%	8.3%	7.8%	24.1%

	2.0	13	23	14	50
Pension obligations	0.7	2.4%	4.3%	2.6%	9.3%

	2.0	12	15	13	40
Protection of intellectual property	0.8	2.2%	2.8%	2.4%	7.4%

Maintaining morale/productivity during economic	2.1	82	99	97	278
downturn	0.8	15.2%	18.3%	18.0%	51.5%

	2.2	9	8	14	31
Data security	0.9	1.7%	1.5%	2.6%	5.7%

	2.2	17	32	34	83
Managing IT systems	0.8	3.1%	5.9%	6.3%	15.4%

	2.3	18	23	38	79
Supply chain risk	0.8	3.3%	4.3%	7.0%	14.6%

	2.3	28	45	64	137
Cost of health care	0.8	5.2%	8.3%	11.9%	25.4%

10

Duke CFO Global Business Outlook survey - U.S. - Second 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	1.12	1.19	532

Working capital management	1.05	1.21	532

Maintaining morale/productivity during economic downturn	1.02	1.13	532

Balance sheet weakness	0.66	1.11	532

Attracting and retaining qualified employees	0.49	0.95	532

Cost of health care	0.45	0.86	532

Managing IT systems	0.28	0.72	532

Supply chain risk	0.26	0.69	532

Other:	0.23	0.73	532

Pension obligations	0.19	0.62	532

Protection of intellectual property	0.15	0.56	532

Data security	0.11	0.48	532

11

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

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

Ability to develop technology	
ability to manage growth	
ability to win new business	
Acquiring Work	
available real estate	
Balance sheet strength	
Capital Requirements	
competitve position	
compliance	
Controlling loan losses	
Corporate support.	
Cost cutting in light of lower demand	
cost of labor in a falling sales environment	
Cost rationalization	
credit availability & costs of raw matls	
Credit Default Risk	
customer credit managment	
Decisions by desperate competition	
Defining Strategic Goals in Economic Downtown	
developing new pos system	
Earnings	
Execution	
Expiring labor contracts	
FDA product approval timing	
finding appropriate costs to cut.	
Funding	
funding availability	
Growth	
High costs	
innovation	
Interest rates on Investment Portfolio	
Internal collaboration between agency components	
Labor/Union Laws	
lack of new business growth	
leadership development	
Liquidity	
maintaining cash balance	
Managing Costs	
Managing Costs	
managing growth	
Market risk	
obtaining investor capital	
over spending	
R&D Results	
Reduce Costs	
Regulatory environment	
Retaining good customers	
rising cost of workers compensation	
Senior mngt decisions	
staying ahead of revenue declines	
Union Interference	
union relations	
Wage pressures	

12

Duke CFO Global Business Outlook survey - U.S. - Second 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	6.20	7.10	5.52 - 6.88	5	-50	30	416

Cash on the balance sheet	2.48	35.89	-1.19 - 6.16	0	-99	300	366

Productivity (output per hour worked)	1.57	7.90	0.74 - 2.40	2	-50	30	352

Share repurchases	0.51	21.85	-2.94 - 3.96	0	-90	200	154

Number of foreign/off-shore outsourced employees	-0.39	14.37	-2.40 - 1.61	0	-50	100	198

Wages/Salaries	-1.37	11.12	-2.41 - -0.33	0.03	-99	100	439

Prices of your products	-1.38	9.82	-2.33 - -0.43	0	-75	20	412

Research and development spending	-1.44	17.48	-3.60 - 0.72	0	-90	100	251

Technology spending	-4.48	21.83	-6.61 - -2.35	0	-95	100	403

Marketing/advertising spending	-5.21	20.97	-7.34 - -3.07	0	-90	100	371

Number of domestic employees overall	-5.83	16.09	-7.37 - -4.30	-3.50	-70	125	424

Earnings	-5.88	30.43	-8.93 - -2.84	0	-99	100	383

Dividends	-10.88	27.89	-17.71 - -4.04	0	-90	35	64

Capital spending	-11.38	29.98	-14.21 - -8.55	-5	-99	200	431

13

Duke CFO Global Business Outlook survey - U.S. - Second 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=540)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.8	352	37	27	416
Health care costs	0.5	84.6%	8.9%	6.5%	100.0%

	0.5	226	68	58	352
Productivity (output per hour worked)	0.8	64.2%	19.3%	16.5%	100.0%

	0.3	221	110	108	439
Wages/Salaries	0.8	50.3%	25.1%	24.6%	100.0%

	0.2	179	116	117	412
Prices of your products	0.8	43.4%	28.2%	28.4%	100.0%

	0.1	148	97	124	369
Cash on the balance sheet	0.9	40.1%	26.3%	33.6%	100.0%

	0.1	79	110	63	252
Research and development spending	0.7	31.3%	43.7%	25.0%	100.0%

	0.0	43	116	39	198
Number of foreign/off-shore outsourced employees	0.6	21.7%	58.6%	19.7%	100.0%

	0.0	12	133	17	162
Share repurchases	0.4	7.4%	82.1%	10.5%	100.0%

	0.0	15	35	18	68
Dividends	0.7	22.1%	51.5%	26.5%	100.0%

	-0.1	128	108	170	406
Technology spending	0.9	31.5%	26.6%	41.9%	100.0%

	-0.1	157	38	206	401
Earnings	0.9	39.2%	9.5%	51.4%	100.0%

	-0.2	99	97	175	371
Marketing/advertising spending	0.8	26.7%	26.1%	47.2%	100.0%

	-0.3	125	64	243	432
Capital spending	0.9	28.9%	14.8%	56.3%	100.0%

	-0.4	84	79	261	424
Number of domestic employees overall	0.8	19.8%	18.6%	61.6%	100.0%

14

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

Cash on the balance sheet	2.83	24.77	2.45 - 3.21	0	-67.90	72.82

Prices of your products	0.27	6.10	0.18 - 0.35	0	-20.60	17.87

Share repurchases	-0.90	8.91	-1.08 - -0.71	0	-42.30	43.34

Research and development spending	-1.53	11.16	-1.71 - -1.34	0	-35.70	32.82

Technology spending	-4.57	12.63	-4.75 - -4.39	0	-47.30	38.31

Earnings	-5.99	24.62	-6.36 - -5.62	0	-65.50	53.76

Marketing/advertising spending	-6.39	13.81	-6.59 - -6.18	-1	-46.30	35.89

Capital spending	-11.52	22.76	-11.83 - -11.21	-5	-70.20	47.36

Dividends	-11.79	27.66	-12.46 - -11.12	0	-65.60	35

15

Duke CFO Global Business Outlook survey - U.S. - Second 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	5.36	4.11	5.30 - 5.42	5	-7.72	20.12

Productivity (output per hour worked)	2.13	4.96	2.05 - 2.20	2	-13.90	17.05

Number of foreign/off-shore outsourced employees	0.28	9.30	0.11 - 0.45	0	-28.60	27.78

Wages/Salaries	-0.95	6.12	-1.04 - -0.87	0	-23.20	20.43

Number of domestic employees overall	-5.62	8.71	-5.74 - -5.50	-5	-37.40	25.71

16

Duke CFO Global Business Outlook survey - U.S. - Second 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	-4.01	25.16	-4.54 - -3.47	4	-65.50	53.76

Cash on the balance sheet	6.16	26.66	5.61 - 6.71	5	-67.90	72.82

Dividends	-12.01	27.97	-12.70 - -11.32	0	-65.60	35

Share repurchases	-0.50	7.17	-0.68 - -0.32	0	-42.30	10

17

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

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

	 	Number	Percent	95% CI
	1=No	222	41.3 %	± 4.2 %
	2=Yes, somewhat	191	35.5 %	± 4.0 %
	3=Yes, very much	125	23.2 %	± 3.6 %
	Total	538	100.0 %

	Mean = 1.8
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.6 %

18

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

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	195	61.7 %	± 5.4 %
	Increased cost of credit	158	50.0 %	± 5.5 %
	Experienced difficulty initiating or renewing a bank credit line	108	34.2 %	± 5.3 %
	Other	68	21.5 %	± 4.6 %
	Total	529

	Number of Cases =316
	Number of Responses =529
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =306
	Response Percent = 96.8 %

19

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

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

ability of customers to get credit	
Ability to extend credit to customers	
acquisition financing not possible	
Affected our clients	
Attempting to accelerate a refinancing	
Bond financing market	
Clients' borrowing capability	
clients ablility to finance projects	
Clients have lost credit	
collapse of CMBS market	
consumer defaults	
conusmers cannot buy homes	
Converting from construction to permanent financin	
Counterparty risks shrinking alternatives	
counterparties' access to credit	
Credit availability & cost for our customer base	
credit gone	
Customer access to credit	
customer access impacts sales	
Customer credit shortage and company refinancing	
customer credit/ability to pay	
Customers ability to get credit	
Customers can't get credit to finance purchases	
Customers facing problems thereby affecting demand	
Customers inability to obtain financing	
Customers not getting funding for new programs	
customers BK due toinability to renew credit lines	
customers access to credit	
customers arge projects	
customers difficulty getting credit	
customers' access effecting payments	
Decreased consumer finance options	
exhorbitant bank fees	
FLOORS ADDED TO ALL INTEREST	
Forced sales to pay down debt	
higher accountability to my lenders	
higher amendment fees	
Higher interest rate	
Higher scrutiny by bank	
impacted our customers	
Impacts on our investment portfolio	
increase cost of LC fees	
Increased activity because banks not lending	
Lack of credit affects sales	
lack of credit for IPO market	
Lack of cust. base financing for projects	
LACK OF REAL ESTATE FINANCING FOR OUR CUSTOMERS	
Lack of sources	
legal cost	
LIBOR floor	
limits ability to do acquisitions	
Loan defaults	
LOCs, securitization of non-economic insurance	
Managing financial covenants carefully	
Member companies constrained	
More explaining for the same amount	
My customers mak loans, so there liquidity has flo	

20

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

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

New credit agreement floor rate	
No additional seed, venture or angel capital	
Our customers can't  finance their purchaes	
our customers cannot get credit	
personal guarantees	
pressure to utilize fee based bank products	
Reduced credit availability of our customers	
Retail business, customers can't get credit.	
Risk of Covenant default	
short term investmnts, commercial paper not avail	
TARP money has come at a price in dividends	
the ability of clients to obtain mortgages to purc	
Tightening of covenants	
Unable to amend at reasonable cost	
Upfront Syndication Fees	
We are a Commercial Bank	
We loan money to businesses where banks do not	

21

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

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

	Minimum = 0.3

	Maximum = 900

	Mean = 201.1

	Median = 200

	Standard Deviation (Unbiased) = 168.5

	95 Percent Confidence Interval Around The Mean = 173.6 - 228.5

Quartiles

	 1 = 75
	 2 = 200
	 3 = 250

Valid Cases = 145 
Missing Cases = 13 
Response Percent = 91.8%

22

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

6b. In what ways has your company been affected by the credit market turmoil [Only firms that have a bank line of credit]

	 	Number	Percent	95% CI
	Decreased availability of credit	142	60.9 %	± 6.3 %
	Increased cost of credit	125	53.6 %	± 6.5 %
	Experienced difficulty initiating or renewing a bank credit line	82	35.2 %	± 6.2 %
	Other	44	18.9 %	± 5.1 %
	Total	393

	Number of Cases =233
	Number of Responses =393
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =226
	Response Percent = 97.0 %

23

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

6b. Increased cost of credit [Only firms that have a bank line of credit] - How many basis points increase since summer 2007?

	Minimum = 0.3

	Maximum = 900

	Mean = 198.1

	Median = 175

	Standard Deviation (Unbiased) = 174.9

	95 Percent Confidence Interval Around The Mean = 166.6 - 229.7

Quartiles

	 1 = 55
	 2 = 175
	 3 = 250

Valid Cases = 118 
Missing Cases = 7 
Response Percent = 94.4%

24

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

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

N=349		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		349		104	70	109	66	
		100.0%		29.8%	20.1%	31.2%	18.9%	
								
1=No		134		55	33	33	13	
		38.4%		52.9%	47.1%	30.3%	19.7%	
				CD	cD	Ab	AB	
								
2=Yes, somewhat		129		29	26	49	25	
		37.0%		27.9%	37.1%	45.0%	37.9%	
				c		a		
								
3=Yes, very much		86		20	11	27	28	
		24.6%		19.2%	15.7%	24.8%	42.4%	
				D	D	d	ABc	
								
Mean		1.9		1.7	1.7	1.9	2.2	
SD		0.8		0.8	0.7	0.7	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. - Second Quarter, 2009

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

N=215		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		215		49	37	76	53	
		100.0%		22.8%	17.2%	35.3%	24.7%	
								
Decreased availability		140		31	19	48	42	
of credit		65.1%		63.3%	51.4%	63.2%	79.2%	
					D		B	
								
Increased cost of credit		116		21	26	40	29	
		54.0%		42.9%	70.3%	52.6%	54.7%	
				b	a			
								
Other		42		7	6	19	10	
		19.5%		14.3%	16.2%	25.0%	18.9%	
								
Experienced difficulty
initiating or renewing a		
75		
10	
7	
26	
32	
bank credit line		34.9%		20.4%	18.9%	34.2%	60.4%	
				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. - Second Quarter, 2009

6b. Increased cost of credit: How many basis points increase? - by - Credit Rating [Only US based companies]

N=116		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		116		21	26	40	29	
Percent		100.0%		18.1%	22.4%	34.5%	25.0%	
								
How many basis points increase since summer 2007?	
								
N		108		18	22	40	28	
Mean		211.2		159.7	169.3	223.3	260.1	
SD		171.1		164.6	118.8	135.3	236.0	

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

27

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

7a. For your company, relative to Q4 of 2008, have credit market conditions changed?

	 	Number	Percent	95% CI
	-2=Yes, much worse	35	6.6 %	± 2.1 %
	-1=Yes, somewhat worse	142	26.6 %	± 3.7 %
	0=No change	250	46.9 %	± 4.2 %
	1=Yes, somewhat improved	101	18.9 %	± 3.3 %
	2=Yes, much improved	5	0.9 %	± 0.8 %
	Total	533	100.0 %

	Mean = -0.2
	SD = 0.8

	Missing Cases = 7 
	Response Percent = 98.7 %

28

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

7b. Is the Fed-Treasury TALF program helping credit conditions?

(N=540)

	No	Yes	NA	Total	
	299	34	201	534
For your company?	56.0%	6.4%	37.6%	100.0%

	226	224	75	525
For the overall economy?	43.0%	42.7%	14.3%	100.0%

29

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

8. How much does your firm hold in cash and marketable securities?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total assets)	15.11	19.59	13.35 - 16.87	9.80	0	100	476

One Year Ago (% of total assets)	15.34	20.06	13.53 - 17.16	8	0	100	469

30

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

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

	 	Number	Percent	95% CI
	Yes	366	69.3 %	± 4.0 %
	No	162	30.7 %	± 3.9 %
	Total	528	100.0 %

	Missing Cases = 12 
	Response Percent = 97.8 %

31

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

9b. If yes, how large are your bank lines of credit?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total assets)	24.35	21.27	22.07 - 26.62	20	0	100	335

One Year Ago (% of total assets)	24.37	20.29	22.19 - 26.55	20	0	100	333

32

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

9c. To what extent has your firm drawn on its lines of credit?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total assets)	34.85	34.45	31.20 - 38.49	28	0	100	343

One Year Ago (% of total assets)	32.09	31.74	28.71 - 35.47	30	0	100	339

33

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

9d. Check if in the last year you have...

	 	Number	Percent	95% CI
	Arranged a new credit line	61	16.7 %	± 3.8 %
	Renewed an existing credit line	189	51.6 %	± 5.2 %
	Total	250

	Number of Cases =366
	Number of Responses =250
	Average Number Of Responses Per Case = 0.7
	Number Of Cases With At Least One Response =228
	Response Percent = 62.3 %

34

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

9e. What costs/fees are associated with your credit line? (bps)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Basis point commitment fee - Today	52.64	138.64	32.93 - 72.35	15	0	1000	190

Basis point commitment fee - One Year Ago	30.64	95.80	16.73 - 44.56	10	0	1000	182

LIBOR plus - Today	167.07	155.73	145.91 - 188.24	150	0	1000	208

LIBOR plus - One Year Ago	128.02	138.62	108.51 - 147.52	122.50	0	1250	194

PRIME plus - Today	96.44	202.79	56.29 - 136.59	3	-87.50	1250	98

PRIME plus - One Year Ago	56.85	142.55	29.45 - 84.25	0.81	-87.50	1250	104

Fixed rate interest - Today	412.18	1130.72	78.07 - 746.28	117.50	0.50	7500	44

Fixed rate interest - One Year Ago	381.19	875.95	109.73 - 652.65	117.50	0.50	5500	40

Tenor/maturity of credit line (months) - Today	26.97	18.14	24.69 - 29.24	24	0	60	244

Tenor/maturity of credit line (months) - One Year
Ago	29.61	19.22	27.14 - 32.08	24	0	72	232

35

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

9e. Other current costs/fees (up front or otherwise)

$20,000 annually	
$25,000	
$4,000 non use fee	
$4500 audit fees	
$50K Arrangement Fee + $35K Annual Agency Fee	
$750 fee	
0	
0	
0	
0	
0	
0	
1 point	
10,0000	
100	
15	
15,000	
1500.00	
200,000	
200 bps	
200000	
20mm	
250 per month	
26,440	
3%	
300 bps	
5000	
70000	
admin fee	
Audits and other misc fees	
collateral	
cost = prime -125 now, -25 a year ago	
currently floor on floating rate set at 3.125%	
Fed Funds plus 150 bps - same as prior yr	
fees to renew	
floor of 4% was added this year.	
FLOORS ADDED OF 50 BASIS POINTS	
Increased audit fees by 20%, 20k upfront	
LC 125 bps	
LIBOR floor of 350 bps + Default rate of 200 bps	
LIBOR floor plus more upfront fees	
LOC Fees increased to 150 BP	
MInimum interest rate is 4.25%	
None	
none	
none	
Now - unused line fee, none 1 year ago	
personal guarantee now	
remarketing, LOC, agency fees	
we are prime minus 50 bps; 4% floor in 2009	

36

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

Is collateral currently required for your credit line?

	 	Number	Percent	95% CI
	Yes	226	64.8 %	± 5.0 %
	No	123	35.2 %	± 4.9 %
	Total	349	100.0 %

	Missing Cases = 17 
	Response Percent = 95.4 %

37

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

10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company?

(N=540)

	Yes, successfully			
	renegotiated	Yes, but unsuccessfully	No, we haven't tried	Total	
	302	39	185	526
Suppliers	57.4%	7.4%	35.2%	100.0%

	101	123	270	494
Lenders	20.4%	24.9%	54.7%	100.0%

38

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

7a. For your company, relative to Q4 of 2008, have credit market conditions changed? [By Constrained & Credit Rating]

N=540		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		538		316	222		112	74	114	69	
		100.0%		58.7%	41.3%		30.4%	20.1%	30.9%	18.7%	
											
-2=Yes, much worse		35		30	5		5	7	7	9	
		6.6%		9.6%	2.3%		4.5%	9.5%	6.3%	13.0%	
				B	A		d			a	
											
-1=Yes, somewhat		142		103	39		27	19	38	18	
worse		26.6%		32.8%	17.9%		24.3%	25.7%	33.9%	26.1%	
				B	A						
											
0=No change		250		109	140		55	36	41	26	
		46.9%		34.7%	64.2%		49.5%	48.6%	36.6%	37.7%	
				B	A						
											
1=Yes, somewhat		101		70	31		23	11	24	16	
improved		18.9%		22.3%	14.2%		20.7%	14.9%	21.4%	23.2%	
				b	a						
											
2=Yes, much improved		5		2	3		1	1	2	---	
		0.9%		0.6%	1.4%		0.9%	1.4%	1.8%	---	
											
Mean		-0.2		-0.3	-0.1		-0.1	-0.3	-0.2	-0.3	
SD		0.8		0.9	0.7		0.8	0.9	0.9	1.0	
				B	A						

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

39

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

7b. Is the Fed-Treasury TALF program helping credit conditions for your company? [By Constrained & Credit Rating]

N=540		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		538		316	222		112	74	114	69	
		100.0%		58.7%	41.3%		30.4%	20.1%	30.9%	18.7%	
											
No		299		209	89		59	40	64	50	
		56.0%		67.0%	40.3%		52.7%	55.6%	56.6%	72.5%	
				B	A		D	d	d	Abc	
											
Yes		34		22	12		11	3	13	1	
		6.4%		7.1%	5.4%		9.8%	4.2%	11.5%	1.4%	
							d		d	ac	
											
NA		201		81	120		42	29	36	18	
		37.6%		26.0%	54.3%		37.5%	40.3%	31.9%	26.1%	
				B	A						

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

40

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

7b. Is the Fed-Treasury TALF program helping credit conditions for the overall economy? [By Constrained & Credit Rating]

N=540		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		538		316	222		112	74	114	69	
		100.0%		58.7%	41.3%		30.4%	20.1%	30.9%	18.7%	
											
No		226		147	78		52	31	41	27	
		43.0%		48.2%	35.6%		47.3%	43.7%	37.6%	39.1%	
				B	A						
											
Yes		224		121	103		48	28	56	38	
		42.7%		39.7%	47.0%		43.6%	39.4%	51.4%	55.1%	
											
NA		75		37	38		10	12	12	4	
		14.3%		12.1%	17.4%		9.1%	16.9%	11.0%	5.8%	
								d		b	

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

41

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

8. How much does your firm hold in cash and marketable securities? [By Constrained & Credit Rating]

N=540		Total		Constrained		Credit Rating	
				Yes	No		AAA/AA	A	BBB/BB	B or Less	
				A	B		A	B	C	D	
											
Number		540		316	222		112	74	114	69	
Percent		100.0%		58.7%	41.3%		30.4%	20.1%	30.9%	18.7%	
											
Today (% of total assets)	
											
N		476		281	195		99	68	108	68	
Mean		15.1		13.2	17.8		18.2	17.5	12.8	9.8	
SD		19.6		19.0	20.2		21.1	23.6	16.5	15.2	
				b	a		cD	d	a	Ab	
											
One Year Ago (% of total assets)	
											
N		469		277	192		97	67	106	67	
Mean		15.3		14.2	17.0		19.0	17.0	11.9	11.1	
SD		20.1		19.9	20.2		21.4	21.5	16.1	18.0	
							Cd		A	a	

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

42

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

9b. If yes, how large are your bank lines of credit? [By Constrained & Credit Rating]

N=366		Total		Constrained		Credit Rating	
				Yes	No		AAA/AA	A	BBB/BB	B or Less	
				A	B		A	B	C	D	
											
Number		366		233	132		68	50	91	54	
Percent		100.0%		63.8%	36.2%		25.9%	19.0%	34.6%	20.5%	
											
Today (% of total assets)	
											
N		335		215	120		62	46	86	54	
Mean		24.3		26.7	20.2		21.9	21.5	21.9	29.6	
SD		21.3		23.2	16.7		21.1	19.5	16.1	24.3	
				B	A				d	c	
											
One Year Ago (% of total assets)	
											
N		333		214	119		62	46	86	53	
Mean		24.4		27.2	19.4		23.6	20.3	21.4	30.0	
SD		20.3		22.2	15.0		20.1	18.1	15.5	24.1	
				B	A			d	d	bc	

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

43

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

9c. To what extent has your firm drawn on its lines of credit? [By Constrained & Credit Rating]

N=366		Total		Constrained		Credit Rating	
				Yes	No		AAA/AA	A	BBB/BB	B or Less	
				A	B		A	B	C	D	
											
Number		366		233	132		68	50	91	54	
Percent		100.0%		63.8%	36.2%		25.9%	19.0%	34.6%	20.5%	
											
Today (% of total assets)	
											
N		343		220	123		62	48	87	54	
Mean		34.8		41.0	23.8		30.4	28.3	30.2	54.2	
SD		34.4		36.0	28.4		31.5	31.4	32.3	39.9	
				B	A		D	D	D	ABC	
											
One Year Ago (% of total assets)	
											
N		339		216	123		62	48	87	53	
Mean		32.1		36.6	24.1		29.6	28.1	26.4	47.4	
SD		31.7		32.2	29.4		30.9	32.5	27.7	37.2	
				B	A		D	D	D	ABC	

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

44

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

9d. Check if in the last year you have... [By Constrained & Credit Rating] 

N=366		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		366		233	132		68	50	91	54	
		100.0%		63.7%	36.1%		18.6%	13.7%	24.9%	14.8%	
											
Arranged a new credit		61		43	18		13	10	12	8	
line		16.7%		18.5%	13.6%		19.1%	20.0%	13.2%	14.8%	
											
Renewed an existing		189		119	70		43	29	37	23	
credit line		51.6%		51.1%	53.0%		63.2%	58.0%	40.7%	42.6%	
							Cd		A	a	

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

45

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

9e. What costs/fees are associated with your credit line? (bps) [By Constrained & Credit Rating]

N=366		Total		Constrained		Credit Rating	
				Yes	No		AAA/AA	A	BBB/BB	B or Less	
				A	B		A	B	C	D	
											
Number		366		233	132		68	50	91	54	
Percent		100.0%		63.8%	36.2%		25.9%	19.0%	34.6%	20.5%	
											
Basis point commitment fee - Today	
											
N		190		127	63		30	30	50	38	
Mean		52.6		65.8	26.0		51.4	64.3	64.0	65.3	
SD		138.6		150.5	107.1		184.0	198.7	137.3	112.8	
											
Basis point commitment fee - One Year Ago	
											
N		182		120	62		29	28	48	36	
Mean		30.6		34.5	23.3		44.2	13.7	41.1	34.5	
SD		95.8		99.4	88.8		185.1	29.1	108.7	47.4	
								d		b	
											
LIBOR plus - Today	
											
N		208		136	72		35	25	63	35	
Mean		167.1		200.4	104.1		113.7	133.4	179.5	250.2	
SD		155.7		169.3	100.2		112.8	128.7	129.6	238.8	
				B	A		cD	d	a	Ab	
											
LIBOR plus - One Year Ago	
											
N		194		127	67		33	22	63	31	
Mean		128.0		145.5	94.9		97.5	152.2	153.2	129.0	
SD		138.6		155.4	91.7		89.7	262.1	141.0	103.6	
				b	a		c		a		
											
PRIME plus - Today	
											
N		98		62	36		16	17	19	23	
Mean		96.4		128.1	41.9		136.4	43.4	71.6	127.8	
SD		202.8		243.3	77.5		337.7	89.7	125.6	259.9	
				b	a						
											
PRIME plus - One Year Ago	
											
N		104		68	36		18	16	18	27	
Mean		56.8		68.1	35.7		95.8	16.4	54.6	56.9	
SD		142.5		169.3	65.2		293.1	51.4	105.6	79.8	
											
Fixed rate interest - Today	
											
N		44		33	11		11	3	6	13	
Mean		412.2		445.2	313.1		793.5	351.8	443.1	196.8	
SD		1130.7		1303.0	223.4		2232.3	301.0	421.5	287.7	

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

46

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

9e. What costs/fees are associated with your credit line? (bps) [By Constrained & Credit Rating]

N=366		Total		Constrained		Credit Rating	
				Yes	No		AAA/AA	A	BBB/BB	B or Less	
				A	B		A	B	C	D	
											
Fixed rate interest - One Year Ago	
											
N		40		30	10		10	3	6	11	
Mean		381.2		405.4	308.5		619.5	484.8	389.1	177.0	
SD		875.9		1006.4	231.0		1723.1	434.4	351.4	241.3	
											
Tenor/maturity of credit line (months) - Today	
											
N		244		155	89		46	35	67	40	
Mean		27.0		26.6	27.6		26.4	32.1	31.5	22.6	
SD		18.1		18.0	18.4		17.2	21.4	20.0	14.8	
								d	d	bc	
											
Tenor/maturity of credit line (months) - One Year Ago	
											
N		232		147	85		45	31	65	38	
Mean		29.6		30.3	28.4		24.7	31.8	35.9	29.4	
SD		19.2		19.6	18.5		18.2	21.7	20.9	16.6	
							C		A		

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

47

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

Is collateral currently required for your credit line? [By Constrained & Credit Rating]

N=366		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		365		233	132		68	50	91	54	
		100.0%		63.8%	36.2%		25.9%	19.0%	34.6%	20.5%	
											
Yes		226		153	73		41	29	49	45	
		64.8%		68.3%	58.4%		65.1%	58.0%	55.7%	84.9%	
							d	D	D	aBC	
											
No		123		71	52		22	21	39	8	
		35.2%		31.7%	41.6%		34.9%	42.0%	44.3%	15.1%	
							d	D	D	aBC	

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

48

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

10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company? [By Constrained & Credit Rating]

N=540		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		538		316	222		112	74	114	69	
		100.0%		58.7%	41.3%		30.4%	20.1%	30.9%	18.7%	
											
Suppliers	
											
Yes, successfully		302		184	116		64	45	65	40	
renegotiated		57.4%		59.7%	53.7%		58.7%	61.6%	57.5%	58.8%	
											
Yes, but unsuccessfully		39		29	10		6	2	8	13	
		7.4%		9.4%	4.6%		5.5%	2.7%	7.1%	19.1%	
				b	a		D	D	d	ABc	
											
No, we haven't tried		185		95	90		39	26	40	15	
		35.2%		30.8%	41.7%		35.8%	35.6%	35.4%	22.1%	
				b	a						

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

49

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

10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company? [By Constrained & Credit Rating]

N=540		Total		Constrained		Credit Rating	
		 		Yes	No		AAA/AA	A	BBB/BB	B or Less	
		 		A	B		A	B	C	D	
											
Total		538		316	222		112	74	114	69	
		100.0%		58.7%	41.3%		30.4%	20.1%	30.9%	18.7%	
											
Lenders	
											
Yes, successfully		101		64	37		28	20	13	11	
renegotiated		20.4%		21.7%	18.7%		27.7%	29.0%	11.9%	16.7%	
							C	C	AB		
											
Yes, but unsuccessfully		123		113	10		15	10	37	30	
		24.9%		38.3%	5.1%		14.9%	14.5%	33.9%	45.5%	
				B	A		CD	CD	AB	AB	
											
No, we haven't tried		270		118	151		58	39	59	25	
		54.7%		40.0%	76.3%		57.4%	56.5%	54.1%	37.9%	
				B	A		d	d	d	abc	

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

50

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

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

	 	Number	Percent	Cumulative
	Already begun	32	6.0 %	6.0 %
	2009, Q3	58	10.8 %	16.8 %
	2009, Q4	138	25.7 %	42.5 %
	2010, Q1	104	19.4 %	61.8 %
	2010, Q2	60	11.2 %	73.0 %
	Second half of 2010	108	20.1 %	93.1 %
	2011 or later	37	6.9 %	100.0 %
	Total	537	100.0 %	100.0 %

	Missing Cases = 3 
	Response Percent = 99.4 %

51

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

11. Estimated number of months to beginning of recovery

Number of months

	Minimum = 0

	Maximum = 21

	Mean = 10.0

	Median = 9

	Standard Deviation (Unbiased) = 6.1

	95 Percent Confidence Interval Around The Mean = 9.5 - 10.5

Quartiles

	 1 = 6
	 2 = 9
	 3 = 18

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

52

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

12. What is your company's strategic focus for the next 12 months? To answer this question, distribute 100 points among the various choices. For example, if half of your strategic focus is revenue growth, enter 50 in the top box and distribute the remaining 50 points to reflect the relative importance of the other categories. (should add up to 100) 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue Growth (Pursue new customers, increase business
with existing customers, etc.)	39.1	23.1	37.2 - 41.1	40	0	100	529

Direct Cost Reduction (Improve cost efficiency of sourcing,
manufacturing, distribution, service delivery, etc.)	19.9	13.7	18.7 - 21.1	20	0	100	529

Overhead Cost Reduction (Improve efficiency of shared
services, SG&A, etc.)	17.5	13.7	16.3 - 18.7	15	0	85	529

Asset Efficiency (Improve management of inventory, PP&E,
receivables/payables, etc.)	11.3	13.3	10.1 - 12.4	10	0	100	529

Capability Development (Strengthen managerial and
operational compentencies)	7.6	11.9	6.6 - 8.6	0	0	80	529

Other strategic focus:	4.6	12.7	3.5 - 5.6	0	0	90	529

53

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

12. What is your company's strategic focus for 2009? - Other specified 

Acquire distressed assets	
Acquisition	
Acquisition	
acquisition of assets from distressed sellers; assuming financing available	
Acqusitions - broaden product offering	
Being Profitable with positive Cash flow	
Better alignment with international operations	
business combination	
cash management	
collection of past dues	
Communications	
Consolidating Workforce and Processes	
Consolidating Workforce and Processes	
Credit Availability	
Data security	
Decentralization of functions	
Develop additional product lines for sale	
Develop new gas play	
Development of technology programs	
diversify	
diversify	
Exit low revenue Programs	
Expand R&D where possible	
expand to new markets	
expansion	
Financing	
greenong and lean maanufacturing efforts	
Grow globally	
GSA Registration	
Improve regulatory compact	
Innovation	
integration of 2 acquisitions	
IT infrastructure	
Just try and stay profitable by avoiding desperate actions which normally leads to loses.	
launch new products	
M&A	
M&A	
Management of Fuel cost	
Merger	
Minimize Credit Losses	
New initiatives	
new lines of revenues	
New Product Development	
New product development	
New product development	
New product launch	
Next generation product development; R&D	
Obtain additional Capital	
Portfolio management, asset sales	
Problem Loan workouts	
Product Development	
Product Development, R&D	
Product development	
Product Integrations	
Quality	
R&D Results	
raise capital	

54

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

12. What is your company's strategic focus for 2009? - Other specified 

Realign business to capitalize on different strengths	
realigning for the future	
Reduce debt-guarantees	
Reduce leverage	
REDUCTION OF ALL DEBT	
regional/international realignment	
restructure the balance sheet	
Retaining current customers for new work	
Risk Management	
Risk/return optimization	
sale of operation	
sell businesses	
Shared service integration, syrnergies with affiliates/customers	
staff competencies	
Strategic Partnerships	
strategic alliances	
strengthening balance sheet	
Survival with no credit availability	
Technology	
Technology enhancements	
Upgrade systems and technology	

55

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

13. 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 = 64.0

	Median = 70

	Standard Deviation (Unbiased) = 21.9

	95 Percent Confidence Interval Around The Mean = 62.1 - 65.9

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 524 
Missing Cases = 16 
Response Percent = 97.0%

56

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

 14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. 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	6.58	1.39 - 2.57	2.50	-30	65	477

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.31	5.94	6.78 - 7.84	7	-10	60	487

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:	11.22	7.69	10.53 - 11.91	10	0	75	476

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:	-3.10	11.14	-4.10 - -2.10	0	-50	70	477

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.57	7.86	5.88 - 7.27	5	-30	65	485

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:	13.69	10.81	12.72 - 14.66	10	-12	100	475

57

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

Revenue Weighted:  14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. 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:	1.51	4.60	1.46 - 1.57	2	-10.90	14.88

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.66	3.21	6.62 - 6.70	7	-4.33	18.95

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:	10.53	4.81	10.47 - 10.59	10	0	26.29

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:	-2.93	9.54	-3.06 - -2.81	0	-24.90	18.73

Over the next year, I expect the average annual S&P 500 return will
be: Expected return:	6.77	6.85	6.68 - 6.85	5	-8.84	21.98

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:	14.17	9.48	14.05 - 14.29	10	-7.50	34.88

58

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

Employee Weighted:  14. On May 18, 2009 the annual yield on 10-yr treasury bonds was 3.2%. 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:	1.78	4.42	1.72 - 1.84	2	-10.90	14.88

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.66	3.14	6.62 - 6.70	7	-4.33	18.95

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:	10.48	4.85	10.42 - 10.55	10	0	26.29

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:	-2.76	9.38	-2.88 - -2.64	0	-24.90	18.73

Over the next year, I expect the average annual S&P 500 return will
be: Expected return:	6.80	6.69	6.71 - 6.88	5	-8.84	21.98

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:	13.92	9.39	13.79 - 14.04	10	-7.50	34.88

59

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

A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh" funding from debt markets? [Funding needed or not needed]

(N=305)

	Will not		
	need	Will need	
	funding	funding	Total	
	182	107	289
If annualized real GDP growth is -4 to -2%	63.0%	37.0%	100.0%

	198	89	287
If annualized real GDP growth is -2 to 0%	69.0%	31.0%	100.0%

	218	69	287
If annualized real GDP growth is 0 to 2%	76.0%	24.0%	100.0%

	223	61	284
If annualized real GDP growth is 2 to 4%	78.5%	21.5%	100.0%

60

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

A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh" funding from debt markets? [Funding needed]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

If annualized real GDP growth is -4 to -2%, we will seek
"fresh" debt funding in ... months	8.27	7.18	6.91 - 9.63	6	1	24	107

If annualized real GDP growth is -2 to 0%, we will seek
"fresh" debt funding in ... months	8.89	7.03	7.43 - 10.35	6	1	24	89

If annualized real GDP growth is 0 to 2%, we will seek
"fresh" debt funding in ... months	8.83	7.15	7.14 - 10.51	6	1	24	69

If annualized real GDP growth is 2 to 4%, we will seek
"fresh" debt funding in ... months	7.77	7.05	6.00 - 9.54	6	1	24	61

61

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

B) When you seek fresh funding, do you anticipate any difficulty in borrowing to meet your needs?

	 	Number	Percent	95% CI
	1=No Difficulty	29	9.7 %	± 3.4 %
	2=	47	15.8 %	± 4.2 %
	3=Some Difficulty	73	24.5 %	± 4.9 %
	4=	27	9.1 %	± 3.3 %
	5=Much Difficulty	38	12.8 %	± 3.8 %
	=NA or will not seek fresh funding	84	28.2 %	± 5.1 %
	Total	298	100.0 %

	Mean = 3.0
	SD = 1.3

	Missing Cases = 0 
	Response Percent = 100.0 %

62

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

C) How concerned are you about your anticipated cash burn rate for the rest of 2009?

	 	Number	Percent	95% CI
	1=Not At All Concerned	55	18.2 %	± 4.3 %
	2=	76	25.1 %	± 4.9 %
	3=Somewhat Concerned	104	34.3 %	± 5.4 %
	4=	32	10.6 %	± 3.5 %
	5=Very Concerned	36	11.9 %	± 3.6 %
	Total	303	100.0 %

	Mean = 2.7
	SD = 1.2

	Missing Cases = 2 
	Response Percent = 99.3 %

63

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

A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh" funding from debt markets? [Funding needs - Companies constrained by credit]

(N=172)

	Will not		
	need	Will need	
	funding	funding	Total	
	78	84	162
If annualized real GDP growth is -4 to -2%	48.1%	51.9%	100.0%

	87	72	159
If annualized real GDP growth is -2 to 0%	54.7%	45.3%	100.0%

	102	58	160
If annualized real GDP growth is 0 to 2%	63.8%	36.3%	100.0%

	106	52	158
=If annualized real GDP growth is 2 to 4%	67.1%	32.9%	100.0%

64

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

A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh" funding from debt markets? [Funding needs - Companies not constrained by credit]

(N=133)

	Will not		
	need	Will need	
	funding	funding	Total	
	104	23	127
If annualized real GDP growth is -4 to -2%	81.9%	18.1%	100.0%

	111	17	128
If annualized real GDP growth is -2 to 0%	86.7%	13.3%	100.0%

	116	11	127
If annualized real GDP growth is 0 to 2%	91.3%	8.7%	100.0%

	117	9	126
=If annualized real GDP growth is 2 to 4%	92.9%	7.1%	100.0%

65

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

A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh" funding from debt markets? [Funding needed - Companies constrained by credit]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

If annualized real GDP growth is -4 to -2%, we will seek
"fresh" debt funding in ... months	7.19	6.52	5.80 - 8.59	6	1	24	84

If annualized real GDP growth is -2 to 0%, we will seek
"fresh" debt funding in ... months	8.56	7.07	6.92 - 10.19	6	1	24	72

If annualized real GDP growth is 0 to 2%, we will seek
"fresh" debt funding in ... months	8.50	6.95	6.71 - 10.29	6	1	24	58

If annualized real GDP growth is 2 to 4%, we will seek
"fresh" debt funding in ... months	7.25	6.71	5.43 - 9.07	6	1	24	52

66

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

A) Given your anticipated cash burn rate, how many months will it be until your company will seek "fresh" funding from debt markets? [Funding needed - Companies not constrained by credit]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

If annualized real GDP growth is -4 to -2%, we will seek
"fresh" debt funding in ... months	12.22	8.20	8.87 - 15.57	12	1	24	23

If annualized real GDP growth is -2 to 0%, we will seek
"fresh" debt funding in ... months	10.29	6.91	7.01 - 13.58	9	1	24	17

If annualized real GDP growth is 0 to 2%, we will seek
"fresh" debt funding in ... months	10.55	8.25	5.67 - 15.42	6	1	24	11

If annualized real GDP growth is 2 to 4%, we will seek
"fresh" debt funding in ... months	10.78	8.61	5.15 - 16.41	6	1	24	9

67

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

B) When you seek fresh funding, do you anticipate any difficulty in borrowing to meet your needs?

N=298		Total		Constrained	
		 		Yes	No	
		 		A	B	
						
Total		298		167	131	
		100.0%		56.0%	44.0%	
						
1=No Difficulty		29		7	22	
		9.7%		4.2%	16.8%	
				B	A	
						
2=		47		23	24	
		15.8%		13.8%	18.3%	
						
3=Some Difficulty		73		49	24	
		24.5%		29.3%	18.3%	
				b	a	
						
4=		27		22	5	
		9.1%		13.2%	3.8%	
				B	A	
						
5=Much Difficulty		38		32	6	
		12.8%		19.2%	4.6%	
				B	A	
						
=NA or will not seek		84		34	50	
fresh funding		28.2%		20.4%	38.2%	
				B	A	
						
Mean		3.0		3.4	2.4	
SD		1.3		1.2	1.2	
				B	A	

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

68

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

C) How concerned are you about your anticipated cash burn rate for the rest of 2009?

N=305		Total		Constrained	
		 		Yes	No	
		 		A	B	
						
Total		305		172	133	
		100.0%		56.4%	43.6%	
						
1=Not At All		55		18	37	
Concerned		18.2%		10.5%	28.0%	
				B	A	
						
2=		76		37	39	
		25.1%		21.6%	29.5%	
						
3=Somewhat Concerned		104		63	41	
		34.3%		36.8%	31.1%	
						
4=		32		27	5	
		10.6%		15.8%	3.8%	
				B	A	
						
5=Very Concerned		36		26	10	
		11.9%		15.2%	7.6%	
				b	a	
						
Mean		2.7		3.0	2.3	
SD		1.2		1.2	1.2	
				B	A	

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

69

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	126	23.9 %	± 3.6 %
	Other	79	15.0 %	± 3.0 %
	Banking/Finance/Insurance	76	14.4 %	± 2.9 %
	Retail/Wholesale	69	13.1 %	± 2.8 %
	Healthcare/Pharmaceutical	45	8.5 %	± 2.3 %
	Service/Consulting	35	6.6 %	± 2.1 %
	Transportation/Energy	33	6.3 %	± 2.0 %
	Mining/Construction	28	5.3 %	± 1.9 %
	Tech [Software/Biotech]	19	3.6 %	± 1.6 %
	Communications/Media	18	3.4 %	± 1.5 %
	Total	528	100.0 %

	Missing Cases = 12 
	Response Percent = 97.8 %

70

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

Industry (Other specified)

ag supply chain	
AGRICULTURE	
AGRICULTURE	
art auction	
casino resort	
Child Services	
Commercial Real Estate	
Commodity Merchandising and Trading	
conglomerate	
county government	
Cultural / Arts	
Direct Marketing	
Distribution	
Early Stage Cell Research	
Education	
Education	
Education	
education	
Educational Testing	
energy services	
Engineering/Construction	
entertainment	
Equipment Rental	
Facilities Services - office furniture, interior design, project mgmt	
Food/Beverage	
Food Processor	
Food Services	
food services	
GNERAL CONTRACTOR	
Government	
government	
Healthcare IT	
Higher Education	
higher education	
Homebuilding	
Hospitality	
Hospitality/gaming	
hospitality	
Human Services	
Industrial Services	
Information Services	
international development	
Local govt	
Media/Publishing	
Non Profit	
Non Profit	
Nonprofit	
Not for Profit	
Not for profit	
not-for-profit	
Pork Production	
Professional Association	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	

71

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

Industry (Other specified)

Real Estate	
Real Estate	
Real Estate Development	
Real Estate Management	
Real Estate development and construction	
Real estate	
Real estate investment & services	
Real estatte	
real estate	
real estate	
real estate	
recycling	
research	
Sports/Entertainment	
Staffing	
Supply Chain Logistics	
telecommunications, video	
timber/agriculture	
utility	
Waste Paper Broker	

72

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	54	10.2 %	± 2.5 %
	$25-$99 million	131	24.9 %	± 3.6 %
	$100-$499 million	167	31.7 %	± 3.9 %
	$500-$999 million	57	10.8 %	± 2.6 %
	$1-$4.9 billion	60	11.4 %	± 2.7 %
	$5-$9.9 billion	22	4.2 %	± 1.7 %
	More than $10 billion	36	6.8 %	± 2.1 %
	Total	527	100.0 %

	Missing Cases = 13 
	Response Percent = 97.6 %

73

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1600.23

	Median = 300

	Variance (Unbiased) = 9185588.19

	Standard Deviation (Unbiased) = 3030.77

	Standard Error Of The Mean  = 132.02

	95 Percent Confidence Interval Around The Mean = 1341.47 - 1859.00

	99 Percent Confidence Interval Around The Mean = 1260.27 - 1940.19

	Skewness = 2.29

	Kolmogorov-Smirnov Statistic For Normality = 8.89

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 527 
Missing Cases = 13 
Response Percent = 97.6%

74

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	68	14.8 %	± 2.8 %
	100-499	149	32.5 %	± 3.8 %
	500-999	63	13.7 %	± 2.7 %
	1,000-2,499	53	11.5 %	± 2.5 %
	2,500-4,999	33	7.2 %	± 2.0 %
	5,000-9,999	32	7.0 %	± 2.0 %
	Over 10,000	61	13.3 %	± 2.7 %
	Total	459	100.0 %

	Missing Cases = 81 
	Response Percent = 85.0 %

75

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2804.47

	Median = 750

	Variance (Unbiased) = 16702736.56

	Standard Deviation (Unbiased) = 4086.90

	Standard Error Of The Mean  = 190.76

	95 Percent Confidence Interval Around The Mean = 2430.58 - 3178.36

	99 Percent Confidence Interval Around The Mean = 2313.26 - 3295.67

	Skewness = 1.49

	Kolmogorov-Smirnov Statistic For Normality = 7.02

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 459 
Missing Cases = 81 
Response Percent = 85.0%

76

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

Headquarters

	 	Number	Percent	95% CI
	Midwest U.S.	164	31.0 %	± 3.9 %
	Northeast U.S.	113	21.4 %	± 3.4 %
	South Atlantic U.S.	76	14.4 %	± 2.9 %
	Pacific US	74	14.0 %	± 2.9 %
	South Central U.S.	56	10.6 %	± 2.6 %
	Mountain U.S.	18	3.4 %	± 1.5 %
	Europe	15	2.8 %	± 1.4 %
	South America	7	1.3 %	± 1.0 %
	Asia	5	0.9 %	± 0.8 %
	Canada	1	0.2 %	± 0.4 %
	Mexico	0	0.0 %	± 0.0 %
	Total	529	100.0 %

	Missing Cases = 11 
	Response Percent = 98.0 %

77

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

Ownership

	 	Number	Percent	95% CI
	Private	303	62.7 %	± 4.2 %
	Public, NYSE	87	18.0 %	± 3.1 %
	Public, NASDAQ/AMEX	45	9.3 %	± 2.3 %
	Nonprofit	37	7.7 %	± 2.1 %
	Government	11	2.3 %	± 1.2 %
	Total	483	100.0 %

	Missing Cases = 57 
	Response Percent = 89.4 %

78

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	243	45.9 %	± 4.2 %
	1-24%	182	34.4 %	± 4.0 %
	25-50%	64	12.1 %	± 2.7 %
	More than 50%	40	7.6 %	± 2.2 %
	Total	529	100.0 %

	Missing Cases = 11 
	Response Percent = 98.0 %

79

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

Does your company pay a dividend?

	 	Number	Percent	95% CI
	Yes	166	33.8 %	± 3.9 %
	No	325	66.2 %	± 4.1 %
	Total	491	100.0 %

	Missing Cases = 49 
	Response Percent = 90.9 %

80

Duke CFO Global Business Outlook survey - U.S. - Second 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 = 33.8

	Median = 30

	Standard Deviation (Unbiased) = 28.0

	95 Percent Confidence Interval Around The Mean = 31.3 - 36.4

Quartiles

	 1 = 10
	 2 = 30
	 3 = 50

Valid Cases = 476 
Missing Cases = 64 
Response Percent = 88.1%

81

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

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

	Minimum = -50

	Maximum = 100

	Mean = 6.8

	Median = 5

	Standard Deviation (Unbiased) = 15.5

	95 Percent Confidence Interval Around The Mean = 5.4 - 8.2

Quartiles

	 1 = 0.4
	 2 = 5
	 3 = 12

Valid Cases = 444 
Missing Cases = 96 
Response Percent = 82.2%

82

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	23	6.2 %	6.2 %
	AA+	33	8.9 %	15.2 %
	AA	43	11.7 %	26.8 %
	AA-	13	3.5 %	30.4 %
	A+	19	5.1 %	35.5 %
	A	28	7.6 %	43.1 %
	A-	27	7.3 %	50.4 %
	BBB+	32	8.7 %	59.1 %
	BBB	25	6.8 %	65.9 %
	BBB-	17	4.6 %	70.5 %
	BB+	15	4.1 %	74.5 %
	BB	18	4.9 %	79.4 %
	BB-	7	1.9 %	81.3 %
	B+	10	2.7 %	84.0 %
	B	17	4.6 %	88.6 %
	B-	12	3.3 %	91.9 %
	CCC	16	4.3 %	96.2 %
	CC	6	1.6 %	97.8 %
	D	8	2.2 %	100.0 %
	Total	369	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

83

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

What is your company's credit rating? 

N=369		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		369		163	206	
		100.0%		44.2%	55.8%	
						
AAA		23		12	11	
		6.2%		7.4%	5.3%	
						
AA+		33		16	17	
		8.9%		9.8%	8.3%	
						
AA		43		17	26	
		11.7%		10.4%	12.6%	
						
AA-		13		11	2	
		3.5%		6.7%	1.0%	
				B	A	
						
A+		19		8	11	
		5.1%		4.9%	5.3%	
						
A		28		13	15	
		7.6%		8.0%	7.3%	
						
A-		27		18	9	
		7.3%		11.0%	4.4%	
				b	a	
						
BBB+		32		11	21	
		8.7%		6.7%	10.2%	
						
BBB		25		9	16	
		6.8%		5.5%	7.8%	
						
BBB-		17		7	10	
		4.6%		4.3%	4.9%	
						
BB+		15		6	9	
		4.1%		3.7%	4.4%	
						
BB		18		9	9	
		4.9%		5.5%	4.4%	
						
BB-		7		2	5	
		1.9%		1.2%	2.4%	
						
B+		10		4	6	
		2.7%		2.5%	2.9%	
						
B		17		5	12	
		4.6%		3.1%	5.8%	

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

84

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

What is your company's credit rating? 

N=369		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		12		4	8	
		3.3%		2.5%	3.9%	
						
CCC		16		5	11	
		4.3%		3.1%	5.3%	
						
CC		6		3	3	
		1.6%		1.8%	1.5%	
						
D		8		3	5	
		2.2%		1.8%	2.4%	

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