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]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months for:   [Unweighted - Sorted]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months?  [All Companies - Winsorized - Revenue Weighted - Sorted]	15
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months?  [All Companies - Winsorized - Employee Weighted - Sorted]	16
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 
months?  [Public Companies - Winsorized - Revenue Weighted]	17
6a. Currently, is your company adversely affected by the cost or availability of credit?	18
6b. If yes, in what ways is your company being affected by the credit market situation? (Check all that apply)	19
6b. If yes, in what ways is your company being affected by the credit market situation? - Other specified	20
6b. In what ways has your company been affected by the credit market situation [Only firms that have a bank line of credit]	21
6a. Currently, is your company adversely affected by the cost or availability of credit? - by - Credit Rating [US 
repondents only]	22
6b. In what ways has your company been affected by the credit market situation? - by - Credit Rating [US respondents only]	23
6c. For your company, relative to Q1 in 2009, have credit market conditions changed?	24
7a. How does your company's domestic employment compare to year-end 2007? [Expressed as a positive or negative 
percentage change relative to year-end 2007]	25
7a. How does your company's domestic employment compare to year-end 2007? [5% increments]	26
7b. About when do you anticipate domestic employment at your firm to return to year-end 2007 levels? - [Only companies 
where domestic employment has decreased since 2007]	27
7c. Compared to current sales revenue, how much will your company's revenue need to increase for you to increase 
domestic employment to year-end 2007 levels? - [Only companies where domestic employment has decreased since 2007]	28
8a. Over the past 18 months, did your company pass up attractive investment projects specifically because of the cost or 
availability of credit?  (Check all that apply)	29
8b. Are these passed-up projects permanently cancelled or does your company anticipate pursuing them eventually? 
(Check all that apply) [Only those who passed up attractive projects]	30
Number of months before plan to pursue a temporarily postponed project	31
8c. Had your company insisted on investing in these attractive projects, what would the cost of funding have been?	32
8c. Had your company insisted on investing in these attractive projects, what would the cost of funding have been? 
(e.g., 20%)	33
8d. For the projects you passed up, about what annual rate of return did you think they would have earned over the 
project life?	34
8e. Had these investments occurred, what would have been the total required investment capital?	35
9a. Does your company have a bank line of credit?	36
9b. To what extent has your firm drawn on its lines of credit?	37
9b. To what extent has your firm drawn on its lines of credit - by - Credit Rating [US respondents only]	38
10a. When do you expect the US economy to begin recovery?	39
10b. When do you expect your firm's sector/industry to begin recovery?	40
10a&b. Estimated number of months to beginning of recovery	41
11a. Does your company have an employer-sponsored health insurance plan?	42
11b. Do you believe your company would benefit from the adoption of a national healthcare system in the United States?	43
11c. Reason(s) your company would not benefit from the adoption of a national healthcare system	44
11c. Reasons your company would not benefit from the adoption of a national healthcare system – Other specified	45
12. On August 28, 2009 the annual yield on 10-yr treasury bonds was 3.4%. Please complete the following:	47
Revenue Weighted: 12. On August 28, 2009 the annual yield on 10-yr treasury bonds was 3.4%. Please
complete the following:	48
Employee Weighted: 12. On August 28, 2009 the annual yield on 10-yr treasury bonds was 3.4%. Please
complete the following:	49
Industry	50
Industry (Other specified)	51
Sales Revenue	53
Weighted Sales Revenue (Millions)	54
Number of Employees	55
Weighted Number of Employees	56
Where are you personally located?	57
Where are you personally located? - Other specified	58
Ownership	59
Foreign Sales	60
Does your company pay a dividend?	61
What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	62
Do you expect your company's operating profit (EBIT) to be positive in fiscal 2009?	63
Cost of Capital	64
What is your company's credit rating? 	65
What is your company's credit rating? 	66

1 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	379	57.7 %	± 3.8 %
	2=No change	190	28.9 %	± 3.5 %
	1=Less optimistic	88	13.4 %	± 2.6 %
	Total	657	100.0 %

	Mean = 2.4
	SD = 0.7

	Missing Cases = 0 
	Response Percent = 100.0 %

2 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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 = 2

	Maximum = 100

	Mean = 55.6

	Median = 60

	Standard Deviation (Unbiased) = 15.8

	95 Percent Confidence Interval Around The Mean = 54.3 - 56.8

Quartiles

	 1 = 49.5
	 2 = 59
	 3 = 65

Valid Cases = 615 
Missing Cases = 42 
Response Percent = 93.6%

3 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	313	47.8 %	± 3.8 %
	2=No change	208	31.8 %	± 3.6 %
	1=Less optimistic	134	20.5 %	± 3.1 %
	Total	655	100.0 %

	Mean = 2.3
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.7 %

4 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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 = 4

	Maximum = 100

	Mean = 61.9

	Median = 62

	Standard Deviation (Unbiased) = 18.6

	95 Percent Confidence Interval Around The Mean = 60.5 - 63.4

Quartiles

	 1 = 50
	 2 = 61
	 3 = 75

Valid Cases = 609 
Missing Cases = 48 
Response Percent = 92.7%

5 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

(N=657)

	Mean & SD	1st	2nd	3rd	Total	
	1.5	285	92	76	453
Consumer demand	0.8	43.4%	14.0%	11.6%	68.9%

	2.0	107	136	94	337
Credit markets/interest rates	0.8	16.3%	20.7%	14.3%	51.3%

Federal government agenda/	2.0	134	102	126	362
policies	0.8	20.4%	15.5%	19.2%	55.1%

	2.0	50	83	52	185
Housing market fallout	0.7	7.6%	12.6%	7.9%	28.2%

	2.2	24	24	41	89
Other:	0.8	3.7%	3.7%	6.2%	13.5%

	2.2	13	34	28	75
Foreign competition	0.7	2.0%	5.2%	4.3%	11.4%

	2.3	13	34	37	84
Cost of non-fuel commodities	0.7	2.0%	5.2%	5.6%	12.8%

	2.4	19	59	79	157
Budget deficit	0.7	2.9%	9.0%	12.0%	23.9%

	2.4	6	24	34	64
Environmental regulation	0.7	0.9%	3.7%	5.2%	9.7%

	2.5	5	31	39	75
Cost of fuel	0.6	0.8%	4.7%	5.9%	11.4%

	2.5	1	30	31	62
Currency risk	0.5	0.2%	4.6%	4.7%	9.4%

Trade policies and trade	2.5	3	9	18	30
agreements	0.7	0.5%	1.4%	2.7%	4.6%

6 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	1.7	1.3	657

Federal government agenda/policies	1.1	1.2	657

Credit markets/interest rates	1.0	1.2	657

Housing market fallout	0.6	1.0	657

Budget deficit	0.4	0.8	657

Cost of non-fuel commodities	0.2	0.6	657

Cost of fuel	0.2	0.5	657

Foreign competition	0.2	0.6	657

Environmental regulation	0.2	0.5	657

Other:	0.2	0.7	657

Trade policies and trade agreements	0.1	0.3	657

Currency risk	0.1	0.5	657

7 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

access to working capital	
Automotive market weakness	
Availablitly of ST liquidity funding	
Banking as a whole	
California Budget Issues	
Capital Investment	
Capital markets	
China trade policies	
Commercial Real Estate	
Commercial real estate fallout	
commercial aerospace market trends	
Competition	
Competition (domestic & foreign)	
competition	
competition from new competitors	
Competitive threats	
competitive rail service	
Competitors doing anything to try to stay in business	
Construction fallout	
consumer's attitudes about economic outlook	
Corporate demand	
corporate capital budgets	
cross industry competition	
Demand for comm real estate	
Direct competition	
domestic competition	
domestic competition	
domestic competition	
durable goods manufacturing activity	
Employment	
Employment	
employment	
employment	
employment trends	
equity markets	
Federal & State funding for non-profits	
Federal Regulation	
federal regulation	
General lack of economic confidence amongst customers	
Healthcare reform	
Higher state and fed taxes	
industrial product demand	
Industry Demand	
Industry Regulations	
Inflation	
ITAR EAR Guidelines	
Job Loss	
local government agenda	
Macro Economy	
market stabilization	
mild weather	
National unemployment rates; people with no jobs don't travel	
need tort reform	
New business models	
new commercial construction	
Non-environmental regulation	
Non-Residential Construction	

8 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

normal construction financing	
Nursing shortage	
Obamacare	
other state competition	
Oversupply of Buildings	
Price competition	
price level of oil & nat gas	
Private donations	
Specialty network shrinking - Pediatricians	
State budget issues	
state govt fiscal status	
State Regulations	
State regulation	
StateTax Revenues	
Talent pool	
Taxes	
Technology spending	
U.S Army Demand	
UNEMPLOYMENT	
unemployment	
unemployment	
unemployment	
unemployment	
unemployment	
unemployment	
unemployment	
US Employment	
US Employment Rates	
Weather	
World Economy	

9 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

(N=657)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	37	20	17	74
Other:	0.8	5.6%	3.0%	2.6%	11.3%

	1.8	82	52	43	177
Balance sheet weakness	0.8	12.5%	7.9%	6.5%	26.9%

	1.8	158	115	91	364
Ability to forecast results	0.8	24.0%	17.5%	13.9%	55.4%

	1.8	117	100	69	286
Working capital management	0.8	17.8%	15.2%	10.5%	43.5%

Protection of intellectual	1.9	15	10	12	37
property	0.9	2.3%	1.5%	1.8%	5.6%

	2.1	14	18	18	50
Pension obligations	0.8	2.1%	2.7%	2.7%	7.6%

	2.1	10	20	15	45
Counterparty risk	0.7	1.5%	3.0%	2.3%	6.8%

Attracting and retaining	2.1	54	54	76	184
qualified employees	0.8	8.2%	8.2%	11.6%	28.0%

Maintaining morale/
productivity during economic	2.1	82	106	125	313
downturn	0.8	12.5%	16.1%	19.0%	47.6%

	2.2	46	69	82	197
Cost of health care	0.8	7.0%	10.5%	12.5%	30.0%

	2.2	20	49	47	116
Supply chain risk	0.7	3.0%	7.5%	7.2%	17.7%

	2.3	18	30	41	89
Managing IT systems	0.8	2.7%	4.6%	6.2%	13.5%

	2.3	5	13	15	33
Data security	0.7	0.8%	2.0%	2.3%	5.0%

10 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	1.2	1.2	655

Working capital management	0.9	1.2	655

Maintaining morale/productivity during economic downturn	0.9	1.1	655

Balance sheet weakness	0.6	1.1	655

Cost of health care	0.5	0.9	655

Attracting and retaining qualified employees	0.5	1.0	655

Other:	0.3	0.8	655

Supply chain risk	0.3	0.7	655

Managing IT systems	0.2	0.7	655

Pension obligations	0.1	0.6	655

Data security	0.1	0.4	655

Counterparty risk	0.1	0.5	655

Protection of intellectual property	0.1	0.5	655

11 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

2010 cost control	
Ability to determine customer specific profitability	
Access to working capital at a fair price due to sources existing only in secondary or private marke	
borrowing capacity	
Cash FLow	
client demand	
Competition low balling prices	
Completion of major building project	
consistent processes	
Consumer demand	
Consumer demand	
continuous improvement	
control of foreign entities	
Controlling costs	
Cost Control	
cost management	
Cost of Workers' Comp	
Customer Demand	
customer risk	
decreased funding/increased demand	
delay in economic revival	
equity Investment climate	
Executing to plan, tight process control and accountability	
external growth opportunities	
FALLING SELLING PRICES	
FDIC Insurance	
getting work	
Government regulation	
Growth	
growth	
healthcare debacle	
Impact of Gov. regulations and tax increases	
Implementing new technology	
increasing profitability	
insurance rate	
insurance risk	
interest rates in credit market	
Liquidity	
Liquidity/credit	
Maintaining loan convenants	
Maintaining market share	
Maintaining our sales momentum	
Managing Costs	
Managing growth	
Managing leverage covenants	
managing outsource providers	
managing pre set historic costs	
Market penetration	
Need for capital spending	
none of these	
Obtaining Work	
our ability to connect with consumers	
Ownership Transfer	
Privacy	
Product development	
productivity	
Profitability	

12 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

profitability	
pursuing growth	
Regulatory oversight	
Regulatory risk with FDA	
Replacing business with Franchises that were taken after GM and Chrysler Bankruptcies	
Retaining & increasing consumer census	
Revenue production	
Sales	
sales	
Stakeholder support	
stakeholder confidence	
State Regulatory Body	
unavailable credit	
Underperforming businesses	
USG Trade Policies	
Wage/price pressure	

13 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	7.0	7.1	6.4 - 7.6	7	-65	50	523

Number of foreign/off-shore outsourced employees	3.4	15.4	1.4 - 5.4	0	-50	100	235

Productivity (output per hour worked)	2.9	7.7	2.1 - 3.6	2	-33	100	416

Cash on the balance sheet	2.9	24.9	0.6 - 5.2	0	-90	200	451

Share repurchases	1.4	13.0	-0.4 - 3.3	0	-50	100	188

Research and development spending	1.2	15.5	-0.6 - 3.0	0	-80	100	292

Marketing/advertising spending	1.0	18.6	-0.7 - 2.7	0	-75	200	459

Wages/Salaries	0.7	8.1	0.0 - 1.4	2	-50	115	551

Technology spending	0.5	18.5	-1.1 - 2.2	0	-80	200	485

Earnings	0.2	24.4	-2.0 - 2.4	1	-80	200	478

Prices of your products	0.0	6.1	-0.5 - 0.6	0	-60	25	501

Number of domestic employees overall	-0.1	24.4	-2.2 - 2.0	0	-75	300	514

Capital spending	-2.6	26.2	-4.9 - -0.3	0	-99	200	493

Dividends	-2.8	15.9	-6.6 - 1.1	0	-80	25	65

14 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=657)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	471	37	17	525
Health care costs	0.4	89.7%	7.0%	3.2%	100.0%

Productivity (output per hour	0.6	305	76	36	417
worked)	0.6	73.1%	18.2%	8.6%	100.0%

	0.5	357	117	79	553
Wages/Salaries	0.7	64.6%	21.2%	14.3%	100.0%

Research and development	0.2	114	138	43	295
spending	0.7	38.6%	46.8%	14.6%	100.0%

	0.2	232	144	126	502
Prices of your products	0.8	46.2%	28.7%	25.1%	100.0%

Marketing/advertising	0.2	204	140	120	464
spending	0.8	44.0%	30.2%	25.9%	100.0%

	0.2	209	120	127	456
Cash on the balance sheet	0.8	45.8%	26.3%	27.9%	100.0%

Number of foreign/off-shore	0.2	73	132	31	236
outsourced employees	0.6	30.9%	55.9%	13.1%	100.0%

	0.2	19	38	8	65
Dividends	0.6	29.2%	58.5%	12.3%	100.0%

	0.2	249	66	169	484
Earnings	0.9	51.4%	13.6%	34.9%	100.0%

	0.1	205	143	140	488
Technology spending	0.8	42.0%	29.3%	28.7%	100.0%

	0.1	18	168	7	193
Share repurchases	0.4	9.3%	87.0%	3.6%	100.0%

	0.0	195	112	192	499
Capital spending	0.9	39.1%	22.4%	38.5%	100.0%

Number of domestic	-0.1	153	140	222	515
employees overall	0.8	29.7%	27.2%	43.1%	100.0%

15 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	4.1	17.4	3.9 - 4.4	1	-45.9	51.7

Earnings	1.7	17.0	1.5 - 1.9	2	-47.6	48

Share repurchases	0.8	6.5	0.7 - 0.9	0	-24.1	26.9

Prices of your products	0.6	4.1	0.5 - 0.6	0	-12	12

Marketing/advertising spending	0.6	8.5	0.5 - 0.7	0	-35.5	37.5

Research and development spending	0.4	5.9	0.4 - 0.5	0	-29.2	31.6

Technology spending	-0.4	8.7	-0.5 - -0.3	0	-35.8	36.8

Dividends	-1.5	11.7	-1.7 - -1.3	0	-34	25

Capital spending	-3.2	15.7	-3.3 - -3.0	0	-54	48.8

16 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	6.0	4.4	5.9 - 6.0	5	-6.9	20.9

Number of foreign/off-shore outsourced employees	2.6	8.2	2.5 - 2.7	0	-26.8	33.6

Productivity (output per hour worked)	2.5	3.6	2.4 - 2.5	2	-12.2	18

Wages/Salaries	0.9	3.9	0.8 - 0.9	2	-15.2	16.6

Number of domestic employees overall	-3.2	9.8	-3.3 - -3.1	-1	-47.9	47.7

17 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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	3.1	16.8	2.8 - 3.4	4	-47.6	48

Cash on the balance sheet	4.5	17.8	4.2 - 4.8	4	-45.9	51.7

Dividends	-1.7	12.1	-1.9 - -1.4	0	-34	25

Share repurchases	0.2	6.5	0.1 - 0.3	0	-24.1	26.9

18 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

6a. Currently, is your company adversely affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	291	44.4 %	± 3.8 %
	2=Yes, somewhat	247	37.7 %	± 3.7 %
	3=Yes, very much	117	17.9 %	± 2.9 %
	Total	655	100.0 %

	Mean = 1.7
	SD = 0.7

	Missing Cases = 2 
	Response Percent = 99.7 %

19 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

6b. If yes, in what ways is your company being affected by the credit market situation? (Check all that apply)

	 	Number	Percent	95% CI
	Increased cost of credit	240	65.9 %	± 4.9 %
	Decreased availability of credit	186	51.1 %	± 5.2 %
	Restrictive terms (e.g., high collateral requirements)	172	47.3 %	± 5.2 %
	Difficulty initiating or renewing a bank credit line	142	39.0 %	± 5.0 %
	Other	54	14.8 %	± 3.7 %
	Total	794

	Number of Cases =364
	Number of Responses =794
	Average Number Of Responses Per Case = 2.2
	Number Of Cases With At Least One Response =360
	Response Percent = 98.9 %

20 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

6b. If yes, in what ways is your company being affected by the credit market situation? - Other specified

a buyout of our company failed because of lack of credit	
Affecting our  Customer's  Demand for our products	
Banks unwillingness to lend on A,D&C loans at all	
Because of the downturn and desire to keep bus. going balance sheet analysis does not reflect manage	
Charges for unused facilities. New for 2009	
Client's ability to obtain project financing	
Clients' borrowing capability	
collecting receivables - customers credit problems	
Consumber demand exceeds credit availibility	
Consumer access to credit for our products - we have adequate access to credit.	
consumer financing	
Covenant Compliance	
Covenants	
CSTOMERS UNABLE TO OBTAIN FINANCING	
Customer access to credit	
customer credit availability	
Customer inability to find credit	
customer willingness to buy due to their cash shortfalls	
Customers Struggle to Obtain Financing	
Customers ability to obtain financing	
Customers ability to purchase & finance equipment	
Customers don't have access to credit	
Customers inability to obtain financing for construction projects	
Customers unable to finance purchases from our Co.	
Customers unable to obtain financing	
debt markets miss-aligned	
Difficulty in financing business growth opportunities, acquisitions	
Entertainment ie -movies and TV cannot get credit	
Financial restructuring	
Financial stability of lead lender	
G.E. Capital pulled our cap leases	
Impact on parent company's ability to support subs	
Impacts customers ability to finance purchases of our equipment	
issues with MBIA & Ambac	
lack of liquidity of banks	
Lenders that have notes and revolver position repricing notes to renew revolver -- blackmail	
less avaibility of credit for our costumers	
Limitation of alternatives for client firms	
Limited credit restricting customer purchases	
Low appraisal values limiting loan amounts	
M&A Activity and Client Business Growth	
managing covenants	
More lengthy, conservative approvals	
Our customers depend on loan to pay for our services	
our customer are unable to pay on time / get collaterals	
personal guarantees	
prospects for renewing letter of credit	
Reduced ability of customers to finance projects	
reduced credit card line	
Retail Consumer / Wholesale Flooring Lines	
Slightly higher rates	
slow down in customer payments	
ST liquidity funding	
Strength of banks	
There are not alternative sources that were once available	
We are positively affected by the above factors, as we lend money to small business	

21 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

	 	Number	Percent	95% CI
	Increased cost of credit	184	68.1 %	± 5.6 %
	Decreased availability of credit	134	49.6 %	± 6.0 %
	Restrictive terms (e.g., high collateral requirements)	132	48.9 %	± 6.0 %
	Difficulty initiating or renewing a bank credit line	107	39.6 %	± 5.9 %
	Other	37	13.7 %	± 4.1 %
	Total	594

	Number of Cases =270
	Number of Responses =594
	Average Number Of Responses Per Case = 2.2
	Number Of Cases With At Least One Response =267
	Response Percent = 98.9 %

22 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

6a. Currently, is your company adversely affected by the cost or availability of credit? - by - Credit Rating [US repondents only]

N=438		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		438		145	77	140	76	
		100.0%		33.1%	17.6%	32.0%	17.4%	
								
1=No		195		89	37	49	20	
		44.5%		61.4%	48.1%	35.0%	26.3%	
				CD	D	A	AB	
								
2=Yes, somewhat		165		44	29	64	28	
		37.7%		30.3%	37.7%	45.7%	36.8%	
				C		A		
								
3=Yes, very much		78		12	11	27	28	
		17.8%		8.3%	14.3%	19.3%	36.8%	
				CD	D	AD	ABC	
								
Mean		1.7		1.5	1.7	1.8	2.1	
SD		0.7		0.6	0.7	0.7	0.8	
				bCD	aD	Ad	ABc	

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

23 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

6b. In what ways has your company been affected by the credit market situation? - by - Credit Rating [US respondents only]

N=243		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		243		56	40	91	56	
		100.0%		23.0%	16.5%	37.4%	23.0%	
								
Decreased availability of		122		19	20	39	44	
credit		50.2%		33.9%	50.0%	42.9%	78.6%	
				D	D	D	ABC	
								
Difficulty initiating or
renewing a bank credit		
97		
12	
11	
42	
32	
line		39.9%		21.4%	27.5%	46.2%	57.1%	
				CD	cD	Ab	AB	
								
Increased cost of credit		161		34	26	65	36	
		66.3%		60.7%	65.0%	71.4%	64.3%	
								
Restrictive terms (e.g.,
high collateral		
111		
21	
13	
46	
31	
requirements)		45.7%		37.5%	32.5%	50.5%	55.4%	
					d		b	
								
Other		37		9	11	10	7	
		15.2%		16.1%	27.5%	11.0%	12.5%	
					c	b		

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

24 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

6c. For your company, relative to Q1 in 2009, have credit market conditions changed?

	 	Number	Percent	95% CI
	-2=Yes, much worse	35	5.4 %	± 1.7 %
	-1=Yes, somewhat worse	120	18.5 %	± 3.0 %
	0=No change	319	49.2 %	± 3.8 %
	1=Yes, somewhat improved	163	25.1 %	± 3.3 %
	2=Yes, much improved	12	1.8 %	± 1.0 %
	Total	649	100.0 %

	Mean = 0.0
	SD = 0.9

	Missing Cases = 8 
	Response Percent = 98.8 %

25 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

7a. How does your company's domestic employment compare to year-end 2007? [Expressed as a positive or negative percentage change relative to year-end 2007]

	Minimum = -90

	Maximum = 100

	Mean = -6.3

	Median = -5

	Standard Deviation (Unbiased) = 20.4

	95 Percent Confidence Interval Around The Mean = -7.9 - -4.7

Quartiles

	 1 = -15
	 2 = -5
	 3 = 1

Deciles

	 1 = -30
	 2 = -20
	 3 = -10
	 4 = -8
	 5 = -5
	 6 = -2
	 7 = 0
	 8 = 3
	 9 = 10

Valid Cases = 638 
Missing Cases = 19 
Response Percent = 97.1%

26 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

7a. How does your company's domestic employment compare to year-end 2007? [5% increments]

	 	Number	Percent	Cumulative
	< -25	68	10.7 %	10.7 %
	-25 to -20	26	4.1 %	14.7 %
	-20 to -15	46	7.2 %	21.9 %
	-15 to -10	45	7.1 %	29.0 %
	-10 to -5	85	13.3 %	42.3 %
	-5 to -0.01	125	19.6 %	61.9 %
	0 to 5	134	21.0 %	82.9 %
	5 to 10	42	6.6 %	89.5 %
	10 to 15	21	3.3 %	92.8 %
	15 to 20	14	2.2 %	95.0 %
	> 20	32	5.0 %	100.0 %
	Total	638	100.0 %	100.0 %

	Missing Cases = 19 
	Response Percent = 97.1 %

27 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

7b. About when do you anticipate domestic employment at your firm to return to year-end 2007 levels? - [Only companies where domestic employment has decreased since 2007]

	 	Number	Percent	Cumulative
	2009	1	0.3 %	0.3 %
	2010	51	13.0 %	13.3 %
	2011	128	32.7 %	45.9 %
	2012	67	17.1 %	63.0 %
	2013 or later	52	13.3 %	76.3 %
	Possibly never	93	23.7 %	100.0 %
	Total	392	100.0 %	100.0 %

	Missing Cases = 3 
	Response Percent = 99.2 %

28 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

7c. Compared to current sales revenue, how much will your company's revenue need to increase for you to increase domestic employment to year-end 2007 levels? - [Only companies where domestic employment has decreased since 2007]

	Minimum = 0

	Maximum = 500

	Mean = 37.0

	Median = 25

	Standard Deviation (Unbiased) = 53.5

	95 Percent Confidence Interval Around The Mean = 31.6 - 42.4

Quartiles

	 1 = 15
	 2 = 25
	 3 = 40

Valid Cases = 377 
Missing Cases = 18 
Response Percent = 95.4%

29 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

8a. Over the past 18 months, did your company pass up attractive investment projects specifically because of the cost or availability of credit?  (Check all that apply)

	 	Number	Percent	95% CI
	NET: At least one 'Yes' response	149	22.7 %	± 3.2 %
	Yes, we passed up attractive projects because the cost of credit
	   was too high	76	11.6 %	± 2.5 %
	Yes, we passed up attractive projects because the amount of
	   credit available was inadequate	118	18.0 %	± 2.9 %
	Yes, we passed up attractive projects because credit terms were
	   too onerous	62	9.4 %	± 2.2 %
	We passed up attractive projects, but not primarily due to credit
	   conditions	116	17.7 %	± 2.9 %
	No, we did not pass up attractive projects because we had
	   internal funding	232	35.3 %	± 3.7 %
	No, we did not pass up any attractive projects because we had
	   sufficient access to credit	182	27.7 %	± 3.4 %
	Other	31	4.7 %	± 1.6 %
	Total	966

	Number of Cases =657
	Number of Responses =966
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response =638
	Response Percent = 97.1 %

30 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

8b. Are these passed-up projects permanently cancelled or does your company anticipate pursuing them eventually? (Check all that apply) [Only those who passed up attractive projects]

	 	Number	Percent	95% CI
	Postponed indefinitely	87	58.4 %	± 8.0 %
	Temporarily postponed, but plan to pursue within ? months	42	28.2 %	± 7.3 %
	Permanently cancelled	38	25.5 %	± 7.1 %
	Have already initiated the passed-up projects	2	1.3 %	± 1.9 %
	Other	1	0.7 %	± 1.3 %
	Total	170

	Number of Cases =149
	Number of Responses =170
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =148
	Response Percent = 99.3 %

31 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Number of months before plan to pursue a temporarily postponed project

Months

	Minimum = 3

	Maximum = 48

	Mean = 15.2

	Median = 12

	Standard Deviation (Unbiased) = 9.6

	95 Percent Confidence Interval Around The Mean = 12.2 - 18.2

Quartiles

	 1 = 8
	 2 = 12
	 3 = 18

Valid Cases = 40 
Missing Cases = 2 
Response Percent = 95.2%

32 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

8c. Had your company insisted on investing in these attractive projects, what would the cost of funding have been?

	 	Number	Percent	95% CI
	Would have been able to borrow	78	55.3 %	± 8.1 %
	Could not have borrowed at any cost	63	44.7 %	± 8.0 %
	Total	141	100.0 %

	Missing Cases = 8 
	Response Percent = 94.6 %

33 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

8c. Had your company insisted on investing in these attractive projects, what would the cost of funding have been? (e.g., 20%)

	Minimum = 4.5

	Maximum = 50

	Mean = 14.3

	Median = 12.5

	Standard Deviation (Unbiased) = 8.0

	95 Percent Confidence Interval Around The Mean = 12.5 - 16.0

Quartiles

	 1 = 8.5
	 2 = 12
	 3 = 18

Valid Cases = 76 
Missing Cases = 8 
Response Percent = 90.5%

34 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

8d. For the projects you passed up, about what annual rate of return did you think they would have earned over the project life?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

The most attractive passed-up projects would have earned
(percent)	23.2	27.4	18.6 - 27.9	18	10	300	133

Averaged across all passed-up projects, they would have
earned  (percent)	16.6	8.6	15.1 - 18.0	15	0.2	50	130

35 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

8e. Had these investments occurred, what would have been the total required investment capital?

Required investment capital? (percentage of total company assets)

	Minimum = 0

	Maximum = 100

	Mean = 14.6

	Median = 10

	Standard Deviation (Unbiased) = 17.6

	95 Percent Confidence Interval Around The Mean = 11.6 - 17.5

Quartiles

	 1 = 5
	 2 = 10
	 3 = 20

Valid Cases = 136 
Missing Cases = 13 
Response Percent = 91.3%

36 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

	 	Number	Percent	95% CI
	Yes	458	72.4 %	± 3.5 %
	No	175	27.6 %	± 3.4 %
	Total	633	100.0 %

	Missing Cases = 24 
	Response Percent = 96.3 %

37 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total line of credit)	30.8	33.9	27.6 - 34.0	20	0	100	436

One Year Ago (% of total line of credit)	32.3	33.0	29.2 - 35.4	22.5	0	100	430

38 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

9b. To what extent has your firm drawn on its lines of credit - by - Credit Rating [US respondents only]

N=318		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		318		97	55	114	52	
Percent		100.0%		30.5%	17.3%	35.8%	16.4%	
								
Today (% of total line of credit)	
								
N		303		91	52	108	52	
Mean		27.9		17.8	23.9	32.8	39.5	
SD		32.9		25.8	31.8	34.2	37.3	
				CD	d	A	Ab	
								
One Year Ago (% of total line of credit)	
								
N		298		90	51	106	51	
Mean		30.6		19.9	23.4	37.4	42.7	
SD		32.9		27.2	31.0	33.6	35.8	
				CD	cD	Ab	AB	

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

39 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

10a. When do you expect the US economy to begin recovery?

	 	Number	Percent	Cumulative
	Recovery has already begun	119	18.3 %	18.3 %
	2009, Q3	51	7.9 %	26.2 %
	2009, Q4	86	13.3 %	39.4 %
	First half of 2010	185	28.5 %	68.0 %
	Second half of 2010	144	22.2 %	90.1 %
	2011 or later	64	9.9 %	100.0 %
	Total	649	100.0 %	100.0 %

	Missing Cases = 8 
	Response Percent = 98.8 %

40 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

10b. When do you expect your firm's sector/industry to begin recovery?

	 	Number	Percent	Cumulative
	Recovery has already begun	118	19.1 %	19.1 %
	2009, Q3	27	4.4 %	23.5 %
	2009, Q4	42	6.8 %	30.3 %
	First half of 2010	172	27.8 %	58.1 %
	Second half of 2010	161	26.1 %	84.1 %
	2011 or later	98	15.9 %	100.0 %
	Total	618	100.0 %	100.0 %

	Missing Cases = 39 
	Response Percent = 94.1 %

41 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

10a&b. Estimated number of months to beginning of recovery

	Mean	SD	95% CI	Median	Total

US economy	6.9	6.3	6.4 - 7.4	6	649

Firm's sector/industry	8.4	6.9	7.8 - 8.9	6	618

42 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

11a. Does your company have an employer-sponsored health insurance plan?

	 	Number	Percent	95% CI
	Yes	630	96.2 %	± 1.5 %
	No	25	3.8 %	± 1.5 %
	Total	655	100.0 %

	Missing Cases = 2 
	Response Percent = 99.7 %

43 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

11b. Do you believe your company would benefit from the adoption of a national healthcare system in the United States?

	 	Number	Percent	95% CI
	Yes	99	15.2 %	± 2.7 %
	No	412	63.4 %	± 3.7 %
	Not sure	139	21.4 %	± 3.1 %
	Total	650	100.0 %

	Missing Cases = 7 
	Response Percent = 98.9 %

44 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

11c. Reason(s) your company would not benefit from the adoption of a national healthcare system

	11c. If no, why not?	Number	Percent	95% CI
	It will cost the company more money	237	57.5 %	± 4.8 %
	It will limit our employees' choices of doctors	177	43.0 %	± 4.8 %
	It will be too complicated to implement	193	46.8 %	± 4.8 %
	It could have an adverse effect on the federal deficit which could
	   hurt our business	255	61.9 %	± 4.7 %
	Other	60	14.6 %	± 3.4 %
	Total	922

	Number of Cases =412
	Number of Responses =922
	Average Number Of Responses Per Case = 2.2
	Number Of Cases With At Least One Response =399
	Response Percent = 96.8 %

45 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

11c. Reasons your company would not benefit from the adoption of a national healthcare system - Other specified

2,3,&4	
All of the above and it will become a bigger issue than it already is	
Anything the government does hurts business	
Bad policy	
Because the gov't will not pay healthcare providers adequately, it will bankrupt the system as we know it today.	
boondoggle	
Brazilian company	
companies will be taxed to pay for it	
contractual obligations	
could adversely impact our clients	
Could reduce our participants and raise premiums	
Current plan is better for employees	
do not beleive govt can run anything effectively	
Federal regulation/beauracracy	
Government messes up everything they touch	
government intervention is NOT the way to go	
government run plan would reduce quality & increase costs	
Govt has no constitutional right to be involved!	
Health care system needs work but it is complicated.  Too much defensive medicine because of legal concerns.	
Health care will likely be rationed.	
Increased tax burden	
Increased tax burden on employees increasing compensation cost	
It depends on how the national plan is structured	
It doesn't work!	
It limits individual's freedom to choose which is always an evil thing	
It will decrease the quality of care and increase the wait time fro access	
It will limit accessibility to qualified medical providers and procedures	
It will limit our patients' access to treatment	
It will reduce the quality of healthcare	
it will result in substandard service and impact productivity	
It woould help if there was a clearly defined plan vs. rhetoric	
it would remove health care as an attractive fringe benefit to potential employees	
loss of our competitive advantagr in attracting/retaining employees	
Medicare problems	
minimal faith in federal government to run this program	
Negative Tax Consequences	
no impact	
Non US Company	
not needed	
not sure about union enviornment, future deficit for country	
Nothing the government touches is run well and always costs more than the private sector doing it.	
other country	
Our HSA would become obsolete.  Our HSA plan has decreased our costs 15% the last 3 years.	
out of our control and the best interests of all our employees	
Private sector options will be more efficient, there are some make sense government mandates that could prove helpful (standardize	
forms, reporting, systems)	
since when does the govt implement something cost effective-Never!	
Socialism is not a friend to the free market/capitalist business	
Take away competitive edge	
The bureaucrats are misdirected in their approach.	
The cost of this program will destroy our economy forever.	
The Feds are not good at running anything, let alone healthcare.	
The government rarely demonstrates an ability to operate affectively	
The govnt is not an efficient organization capable of undertaking such a program	
The plan would be disastrous for us and our employees.	
The plans we have are already working	
The problems with the US healthcare system are way overblow and the government should find ways to be less involved not more	

46 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

11c. Reasons your company would not benefit from the adoption of a national healthcare system - Other specified

The quality of care will suffer dramatically; look at the wait Canadians have for surgeries with a national healthcare system	
Unless and until they can define 'system' I don't see it as a solution. Do you really want to get me started on this?	
we are a brasilian company	
We are in the health insurance business.  It will be detrimental to our line of business	
We don't get to keep our current plan despite what they say.	
We might dump our plan and pay the cheaper penalty	
we will lose the benefit of below-average costs	
We would probably drop healthcare, employees would be stuck with Gov option	
Who the heck knows what will actually be enacted?	

47 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

12. On August 28, 2009 the annual yield on 10-yr treasury bonds was 3.4%. 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:	1.3	7.1	0.8 - 1.9	2	-50	75	586

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	7.6	9.0	6.9 - 8.3	6	-10	100	602

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:	12.0	12.2	11.0 - 13.0	10	0	100	589

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:	-2.8	10.5	-3.6 - -1.9	0	-50	50	586

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.4	6.8	5.8 - 6.9	5	-30	50	598

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	13.0	9.8	12.2 - 13.8	10	-10	90	588

48 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Revenue Weighted: 12. On August 28, 2009 the annual yield on 10-yr treasury bonds was 3.4%. 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:	0.9	4.6	0.9 - 1.0	2	-12.6	15.2

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.6	3.7	6.6 - 6.7	6	-10	25.2

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:	10.5	5.2	10.5 - 10.6	10	0	35.9

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:	-2.2	7.9	-2.3 - -2.1	0	-23.4	17.8

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	6.4	4.9	6.4 - 6.5	5	-6.9	19.7

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	12.7	7.6	12.6 - 12.8	10	-6.2	32.2

49 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Employee Weighted: 12. On August 28, 2009 the annual yield on 10-yr treasury bonds was 3.4%. 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:	1.6	4.7	1.5 - 1.6	2	-12.6	15.2

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	7.4	4.5	7.3 - 7.4	7	-10	25.2

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:	11.3	6.3	11.2 - 11.4	10	0	35.9

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:	-1.6	7.8	-1.7 - -1.5	0	-23.4	17.8

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	7.0	4.9	6.9 - 7.0	6	-6.9	19.7

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	12.9	7.5	12.8 - 12.9	10	-6.2	32.2

50 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Industry

	 	Number	Percent	95% CI
	Manufacturing	153	23.5 %	± 3.2 %
	Banking/Finance/Insurance	95	14.6 %	± 2.7 %
	Retail/Wholesale	89	13.7 %	± 2.6 %
	Other	85	13.1 %	± 2.6 %
	Service/Consulting	54	8.3 %	± 2.1 %
	Healthcare/Pharmaceutical	53	8.2 %	± 2.1 %
	Mining/Construction	37	5.7 %	± 1.8 %
	Transportation/Energy	33	5.1 %	± 1.7 %
	Tech [Software/Biotech]	29	4.5 %	± 1.6 %
	Communications/Media	22	3.4 %	± 1.4 %
	Total	650	100.0 %

	Missing Cases = 7 
	Response Percent = 98.9 %

51 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Industry (Other specified)

Advertising/Marketing	
Aerospace Defense	
agribusiness	
agribusiness/wholesale/transport	
AGRICULTURE	
Agriculture	
Aquarium	
Auto Dealership	
Church	
demolition/recycling	
distribution	
Education	
Education	
Education	
Education	
Education	
education	
education	
Educational	
Employee Staffing	
ENTERTAINMENT	
Entertainment	
Food processing	
Food Service	
For Profit Education	
Forest Products	
Forestry	
Foundation	
Gaming/hospitality	
Government	
Government	
Government	
government	
government	
govt	
Higher Education	
Higher Education, private non-profit	
Hospitality	
Hospitality	
Hospitality/Travel	
hotel casino resort	
Human Services	
international development	
Mechanical Engineering	
media/ent	
mlm	
multi-industry holding corp	
NGO	
Non-Profit	
Non-profit Social Services	
nonprofit social services	
Not For Profit	
Not for Profit (Pension Admin)	
Not for profit	
Not for profit	
office furniture dealer, interior space design, project mgmt and asset mgmt services	
professional associatiomn	

52 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Industry (Other specified)

Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Brokerage	
Real Estate Development & Mgmt	
Real Estate Management	
Real estate services	
real estate	
real estate	
real estate	
real estate	
real estate	
real estate commerical	
Rental Services	
Residential Construction & Development	
Restaurant	
Restaurants	
Settlement and guarantee of transactions at Buenos Aires Stock Exchange	
Sports entertainment	
Sports/Entertainment	
Telecommunications	
Telecommunications	
Travel & Tourism	
trucking/logistics	
waste paper broker	

53 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	60	9.3 %	± 2.2 %
	$25-$99 million	183	28.4 %	± 3.4 %
	$100-$499 million	203	31.5 %	± 3.5 %
	$500-$999 million	66	10.2 %	± 2.3 %
	$1-$4.9 billion	73	11.3 %	± 2.4 %
	$5-$9.9 billion	22	3.4 %	± 1.4 %
	More than $10 billion	38	5.9 %	± 1.8 %
	Total	645	100.0 %

	Missing Cases = 12 
	Response Percent = 98.2 %

54 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1434.5

	Median = 300

	Variance (Unbiased) = 8107732.7

	Standard Deviation (Unbiased) = 2847.4

	Standard Error Of The Mean  = 112.1

	95 Percent Confidence Interval Around The Mean = 1214.7 - 1654.2

	99 Percent Confidence Interval Around The Mean = 1145.8 - 1723.2

	Skewness = 2.5

	Kolmogorov-Smirnov Statistic For Normality = 9.9

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 645 
Missing Cases = 12 
Response Percent = 98.2%

55 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	89	15.6 %	± 2.6 %
	100-499	200	35.1 %	± 3.5 %
	500-999	72	12.7 %	± 2.4 %
	1,000-2,499	62	10.9 %	± 2.2 %
	2,500-4,999	45	7.9 %	± 1.9 %
	5,000-9,999	38	6.7 %	± 1.8 %
	Over 10,000	63	11.1 %	± 2.3 %
	Total	569	100.0 %

	Missing Cases = 88 
	Response Percent = 86.6 %

56 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2532.8

	Median = 300

	Variance (Unbiased) = 14861736.3

	Standard Deviation (Unbiased) = 3855.1

	Standard Error Of The Mean  = 161.6

	95 Percent Confidence Interval Around The Mean = 2216.0 - 2849.5

	99 Percent Confidence Interval Around The Mean = 2116.6 - 2948.9

	Skewness = 1.7

	Kolmogorov-Smirnov Statistic For Normality = 7.7

Quartiles

	 1 = 300
	 2 = 300
	 3 = 3750

Valid Cases = 569 
Missing Cases = 88 
Response Percent = 86.6%

57 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	169	25.9 %	± 3.4 %
	Northeast U.S.	158	24.2 %	± 3.3 %
	South Atlantic U.S.	103	15.8 %	± 2.8 %
	Pacific US	101	15.5 %	± 2.8 %
	South Central U.S.	73	11.2 %	± 2.4 %
	Mountain U.S.	23	3.5 %	± 1.4 %
	Other	11	1.7 %	± 1.0 %
	Central/Latin America	7	1.1 %	± 0.8 %
	Canada	3	0.5 %	± 0.5 %
	Asia	3	0.5 %	± 0.5 %
	Europe	2	0.3 %	± 0.4 %
	Total	653	100.0 %

	Missing Cases = 4 
	Response Percent = 99.4 %

58 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Where are you personally located? - Other specified

BWI	
Caribbean	
Chile	
Mid-Atlantic U.S.	
mid atlantic	
mid-atlantic	
Middle East Saudi Arabia	
multiple cities	
Southeast UA	
Southwest	
TEXAS	
USA	

59 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Ownership

	 	Number	Percent	95% CI
	Private	411	66.8 %	± 3.7 %
	Public, NYSE	90	14.6 %	± 2.6 %
	Public, NASDAQ/AMEX	52	8.5 %	± 2.1 %
	Nonprofit	44	7.2 %	± 1.9 %
	Government	18	2.9 %	± 1.3 %
	Total	615	100.0 %

	Missing Cases = 42 
	Response Percent = 93.6 %

60 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Foreign Sales

	 	Number	Percent	95% CI
	0%	297	45.9 %	± 3.8 %
	1-24%	232	35.9 %	± 3.7 %
	25-50%	59	9.1 %	± 2.2 %
	More than 50%	59	9.1 %	± 2.2 %
	Total	647	100.0 %

	Missing Cases = 10 
	Response Percent = 98.5 %

61 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Does your company pay a dividend?

	 	Number	Percent	95% CI
	Yes	194	30.9 %	± 3.5 %
	No	434	69.1 %	± 3.6 %
	Total	628	100.0 %

	Missing Cases = 29 
	Response Percent = 95.6 %

62 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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 = 35.6

	Median = 32

	Standard Deviation (Unbiased) = 28.4

	95 Percent Confidence Interval Around The Mean = 33.3 - 37.9

Quartiles

	 1 = 10
	 2 = 32
	 3 = 55

Valid Cases = 568 
Missing Cases = 89 
Response Percent = 86.5%

63 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Do you expect your company's operating profit (EBIT) to be positive in fiscal 2009?

	 	Number	Percent	95% CI
	Yes	480	75.2 %	± 3.4 %
	No	158	24.8 %	± 3.3 %
	Total	638	100.0 %

	Missing Cases = 19 
	Response Percent = 97.1 %

64 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

Cost of Capital

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

In normal credit conditions, about what is your company's
weighted average cost of capital?	9.6	7.0	9.0 - 10.2	9	0	100	539

In early 2009, about what was your company's weighted
average cost of capital?	10.0	5.5	9.5 - 10.5	9.5	0	40	528

65 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	46	10.1 %	10.1 %
	AA+	43	9.4 %	19.5 %
	AA	45	9.9 %	29.4 %
	AA-	15	3.3 %	32.7 %
	A+	26	5.7 %	38.4 %
	A	31	6.8 %	45.2 %
	A-	24	5.3 %	50.4 %
	BBB+	44	9.6 %	60.1 %
	BBB	37	8.1 %	68.2 %
	BBB-	16	3.5 %	71.7 %
	BB+	20	4.4 %	76.1 %
	BB	21	4.6 %	80.7 %
	BB-	8	1.8 %	82.5 %
	B+	12	2.6 %	85.1 %
	B	18	3.9 %	89.0 %
	B-	13	2.9 %	91.9 %
	CCC	20	4.4 %	96.3 %
	CC	9	2.0 %	98.2 %
	D	8	1.8 %	100.0 %
	Total	456	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

66 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

What is your company's credit rating? 

N=456		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		456		200	256	
		100.0%		43.9%	56.1%	
						
AAA		46		25	21	
		10.1%		12.5%	8.2%	
						
AA+		43		21	22	
		9.4%		10.5%	8.6%	
						
AA		45		20	25	
		9.9%		10.0%	9.8%	
						
AA-		15		10	5	
		3.3%		5.0%	2.0%	
						
A+		26		11	15	
		5.7%		5.5%	5.9%	
						
A		31		16	15	
		6.8%		8.0%	5.9%	
						
A-		24		8	16	
		5.3%		4.0%	6.3%	
						
BBB+		44		20	24	
		9.6%		10.0%	9.4%	
						
BBB		37		11	26	
		8.1%		5.5%	10.2%	
						
BBB-		16		7	9	
		3.5%		3.5%	3.5%	
						
BB+		20		10	10	
		4.4%		5.0%	3.9%	
						
BB		21		6	15	
		4.6%		3.0%	5.9%	
						
BB-		8		3	5	
		1.8%		1.5%	2.0%	
						
B+		12		6	6	
		2.6%		3.0%	2.3%	
						
B		18		11	7	
		3.9%		5.5%	2.7%	

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

67 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third Quarter, 2009

What is your company's credit rating? 

N=456		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		13		6	7	
		2.9%		3.0%	2.7%	
						
CCC		20		5	15	
		4.4%		2.5%	5.9%	
						
CC		9		1	8	
		2.0%		0.5%	3.1%	
				b	a	
						
D		8		3	5	
		1.8%		1.5%	2.0%	

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