Table of Contents

1. 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

2. 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 concerns your corporation faces? (rank #1, #2, #3)	5
3. What are the top three concerns your corporation faces? (rank #1, #2, #3) OTHER SPECIFIED	6

4. 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]	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months for:   [Unweighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?  [All Companies - Windsorized - Revenue Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?  [All Companies - Windsorized - Employee Weighted - Sorted]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?  [Public Companies - Windsorized – Revenue Weighted]	13

5. Based on what you see with your own customers, how do you think consumer demand will look at the start of 2007?	14

6. By year-end 2006, what will be the rate of inflation (excluding fuel and food) in your country?	15
6. By year-end 2006, what will be the core rate of consumer price inflation (excluding fuel and food) in your country? OTHER	16
6. By year-end 2006, what will be the core rate of consumer price inflation (excluding fuel and food) in your country?	17

7a & 7b. What portion of ...... increases do you pass on in your final goods prices?	18
7a. What portion of employment cost increases do you pass on in your final goods prices? OTHER	19
7b. What portion of commodity price increases do you pass on in your final goods prices? OTHER	20
7a & 7b. What portion of ...... increases do you pass on in your final goods prices?	21

8a & 8b. At what point would the "price of oil per barrel" ... your firm's bottom line?	22
8a. At what point would the "price of oil per barrel" moderately hurt your firm's bottom line? OTHER	23
8b. At what point would the "price of oil per barrel" greatly hurt your firm's bottom line? OTHER	24
8a & 8b. At what point would the "price of oil per barrel" ... your firm's bottom line?	26
8a & 8b. At what point would the "U.S. Federal Funds rate ... your firm's bottom line?	27
8a. At what point would the "U.S. Federal Funds rate" moderately hurt your firm's bottom line? OTHER	28
8b. At what point would the "U.S. Federal Funds rate" greatly hurt your firm's bottom line? OTHER	29
8a & 8b. At what point would the "U.S. Federal Funds rate" ... your firm's bottom line? 	31
8a & 8b. At what point would the "core rate of consumer price inflation (excluding food and oil) ... your firm's bottom line?	32
8a. At what point would the "core rate of consumer price inflation (excluding food and oil)" moderately hurt 
your firm's bottom line? OTHER	33
8b. At what point would the "core rate of consumer price inflation (excluding food and oil)" greatly hurt 
your firm's bottom line? OTHER	34
8a & 8b. At what point would the "core rate of consumer price inflation (excluding food and oil)"... your firm's bottom line?	36

9. Negative impact of terrorism.	37
9. Negative impact of terrorism.	38

10. On May 22, 2006 the annual yield on 10-yr treasury bonds was 5.0%. Please complete the following:	39
Revenue Weighted: 10. On May 22, 2006 the annual yield on 10-yr treasury bonds was 5.0%. Please complete the following:	40
Employee Weighted: 10. On May 22, 2006 the annual yield on 10-yr treasury bonds was 5.0%. Please complete the following:	41

Industry	42
Industry (Other specified)	43
Sales Revenue	44
Weighted Sales Revenue (Millions)	45
Number of Employees	46
Weighted Number of Employees	47
Headquarters	48
Ownership	49
Foreign Sales	50
1

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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

	 	Number	Percent	95% CI
	3=More optimistic	139	24.0 %	± 3.6 %
	2=No change	175	30.2 %	± 3.8 %
	1=Less optimistic	266	45.9 %	± 4.1 %
	Total	580	100.0 %

	Mean = 1.78
	SD = .81

	Missing Cases = 4 
	Response Percent = 99.3 %

2

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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.

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 = 95

	Mean = 64.14

	Median = 65

	Variance (Unbiased) = 275.91

	Standard Deviation (Unbiased) = 16.61

	Standard Error Of The Mean  = 0.72

	95 Percent Confidence Interval Around The Mean = 62.73 - 65.55

	99 Percent Confidence Interval Around The Mean = 62.29 - 66.00

Valid Cases = 533 
Missing Cases = 51 
Response Percent = 91.3%

3

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

2. 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	282	48.5 %	± 4.2 %
	2=No change	137	23.5 %	± 3.6 %
	1=Less optimistic	163	28.0 %	± 3.8 %
	Total	582	100.0 %

	Mean = 2.20
	SD = .85

	Missing Cases = 2 
	Response Percent = 99.7 %

4

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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 = 2

	Maximum = 100

	Mean = 70.13

	Median = 75

	Variance (Unbiased) = 362.54

	Standard Deviation (Unbiased) = 19.04

	Standard Error Of The Mean  = 0.82

	95 Percent Confidence Interval Around The Mean = 68.52 - 71.75

	99 Percent Confidence Interval Around The Mean = 68.01 - 72.26

Valid Cases = 534 
Missing Cases = 50 
Response Percent = 91.4%

5

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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

(N=584)

	Mean & SD	1st	2nd	3rd	
	1.81	54	24	33
Cost of non-fuel commodities	0.87	9.2%	4.1%	5.7%

	1.84	38	23	24
Other:	0.84	6.5%	3.9%	4.1%

	1.85	85	56	56
Consumer demand	0.84	14.6%	9.6%	9.6%

	1.89	3	4	2
Current account deficit	0.78	0.5%	0.7%	0.3%

Cost of labor (wages, salaries,	1.93	89	81	73
bonuses)	0.82	15.2%	13.9%	12.5%

	1.95	55	44	48
Skilled labor shortage	0.84	9.4%	7.5%	8.2%

	1.97	64	87	57
Cost of fuel	0.76	11.0%	14.9%	9.8%

	2.00	60	63	60
Interest rates	0.81	10.3%	10.8%	10.3%

	2.08	43	53	55
Regulation	0.80	7.4%	9.1%	9.4%

	2.15	48	79	80
Health care costs	0.77	8.2%	13.5%	13.7%

	2.19	9	25	19
Currency values	0.71	1.5%	4.3%	3.3%

	2.23	9	12	18
Budget deficit	0.81	1.5%	2.1%	3.1%

	2.26	14	21	31
Foreign competition	0.79	2.4%	3.6%	5.3%

	2.28	11	11	24
Political stability	0.83	1.9%	1.9%	4.1%

6

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

3. What are the top three concerns your corporation faces? (rank #1, #2, #3) OTHER SPECIFIED

Auto manufacturer solvency.	
Availability of resources	
bird flu outbreak	
business cycle	
capacity constraints	
CAPITAL ACCESS	
capital spending	
Cash Flow	
Catastrophic events (hurricanes, etc)	
catastrophes	
changes in patent law	
client budgetary cutbacks	
Commoditization of product	
commodity prices	
Competition	
Competition	
Competition	
Competition	
Competition	
Competition (not just foreign)	
Competition within the industry	
competition	
competition	
competition	
competition	
competitors	
Corporate Bankruptcy	
Cost Control	
currency risk	
Customer Inventory reductions	
Customer's health	
Domestic competition	
domestic competition	
domestic competition	
Employment	
Entering new business segment	
Excess capital in market	
Finding Buyers for Services we Provide	
focus	
General Competition	
Housing	
housing starts	
housing starts/constr demand	
industrial demand	
Industry competition	
information	
IT support	
law changes	
leadership	
legal case	
legislation	
Liability and workers compensation insurance	
Litigation	
Litigation enviroment	

7

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

3. What are the top three concerns your corporation faces? (rank #1, #2, #3) OTHER SPECIFIED

litigation costs/insurance	
Market Changes for Product	
Medicaid program decisions by state govt	
medical supplies inflation	
national competition	
Parent Company Breakup	
Political Support	
Post-retirement liability	
Potential buy-out by non skilled private equity firm	
Pricing	
Professional Labor Shortage	
Raising Material Cost	
raw material	
raw materials price increases	
retail inv reductions	
Revenue Growth	
Rising Construction Costs	
S&P 500	
senior management	
Stock Market	
Stock Market Performance	
Strategic Focus	
strategic vision	
suited real estate	
tax reform	
tort litigation	
Tort reform - malpractice	
utilities	
weather	
women CFO	

8

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

4. 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

Earnings	14.18	36.16	10.92 - 17.44	8	-60	300	472

Capital spending	10.57	28.20	7.92 - 13.21	5	-75	300	437

Health care costs	8.57	10.39	7.64 - 9.50	8	-15	200	481

Technology spending	6.60	17.84	4.95 - 8.26	5	-90	150	446

Cash on the balance sheet	6.13	27.45	3.37 - 8.90	0	-75	300	379

Number of domestic employees	5.02	20.44	3.15 - 6.89	2	-67	200	458

Wages/Salaries	4.79	9.95	3.93 - 5.64	3.50	-30	200	522

Number of foreign/off-shore outsourced
employees	4.59	17.81	2.47 - 6.70	0	-95	150	273

Productivity (output per hour worked)	3.63	6.21	3.02 - 4.24	3	-30	70	399

Inventory	3.38	21.41	1.04 - 5.71	0	-30	300	323

Prices of your products	3.07	6.78	2.45 - 3.68	3	-30	50	469

Dividends	2.35	9.37	0.75 - 3.95	0	-80	50	132

9

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?

	M&A activity	Number	Percent	95% CI
	Increase	146	33.3 %	± 3.6 %
	No change	241	55.0 %	± 4.1 %
	Decrease	51	11.6 %	± 2.4 %
	Total	438	100.0 %

	Missing Cases = 146 
	Response Percent = 75.0 %

10

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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

(N=584)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.95	503	14	5
Wages/Salaries	0.25	96.4%	2.7%	1.0%

	0.92	454	17	10
Health care costs	0.34	94.4%	3.5%	2.1%

	0.76	317	69	13
Productivity (output per hour worked)	0.50	79.4%	17.3%	3.3%

	0.63	321	87	39
Technology spending	0.64	71.8%	19.5%	8.7%

	0.62	362	42	70
Earnings	0.73	76.4%	8.9%	14.8%

	0.58	304	87	48
Capital spending	0.68	69.2%	19.8%	10.9%

	0.57	332	71	66
Prices of your products	0.73	70.8%	15.1%	14.1%

	0.42	278	95	85
Number of domestic employees	0.79	60.7%	20.7%	18.6%

	0.38	55	75	4
Dividends	0.55	41.0%	56.0%	3.0%

Number of foreign/off-shore	0.35	111	147	15
outsourced employees	0.58	40.7%	53.8%	5.5%

	0.27	179	124	78
Cash on the balance sheet	0.78	47.0%	32.5%	20.5%

	0.22	146	241	51
M&A activity	0.64	33.3%	55.0%	11.6%

	0.16	133	111	80
Inventory	0.80	41.0%	34.3%	24.7%

11

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	11.32	18.80	11.10 - 11.54	9	-55.10	82.39

Capital spending	7.45	14.87	7.27 - 7.63	4	-44	65.95

Technology spending	5.09	9.08	4.98 - 5.19	4	-27.90	42.97

Cash on the balance sheet	3.38	16.48	3.16 - 3.59	0	-44.30	56.68

Prices of your products	3.14	4.87	3.08 - 3.19	3	-12.20	18.66

Dividends	2.80	4.35	2.73 - 2.87	1	-47.30	50

Inventory	1.69	9.72	1.55 - 1.83	0	-30	40.87

12

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	7.78	3.87	7.74 - 7.83	8	-11.90	26.59

Number of foreign/off-shore outsourced employees	4.74	10.91	4.60 - 4.88	2	-31	41.29

Wages/Salaries	3.69	3.06	3.65 - 3.72	3	-12.10	22.38

Productivity (output per hour worked)	3.43	2.93	3.40 - 3.47	3	-9.22	17.44

Number of domestic employees	1.28	7.69	1.19 - 1.36	1	-41.60	52.45

13

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	10.44	16.42	10.20 - 10.67	10	-50	82.39

Dividends	2.84	4.40	2.77 - 2.91	1	-10	50

Cash on the balance sheet	2.08	13.73	1.86 - 2.30	0	-44.30	56.68

14

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

5. Based on what you see with your own customers, how do you think consumer demand will look at the start of 2007?

	 	Number	Percent	95% CI
	1=Very strong	31	5.3 %	± 2.0 %
	2=Somewhat strong	245	42.2 %	± 4.1 %
	3=Neutral	193	33.3 %	± 3.9 %
	4=Somewhat weak	105	18.1 %	± 3.2 %
	5=Very weak	6	1.0 %	± 1.2 %
	Total	580	100.0 %

	Mean = 2.67
	SD = .87

	Missing Cases = 4 
	Response Percent = 99.3 %

15

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

6. By year-end 2006, what will be the rate of inflation (excluding fuel and food) in your country?

	 	Number	Percent	95% CI
	0%	3	0.5 %	± 1.4 %
	1%	3	0.5 %	± 1.4 %
	1.5%	24	4.2 %	± 1.8 %
	2%	65	11.3 %	± 2.7 %
	2.5%	146	25.4 %	± 3.6 %
	3%	152	26.5 %	± 3.7 %
	3.5%	98	17.1 %	± 3.2 %
	4%	50	8.7 %	± 2.4 %
	5%	26	4.5 %	± 1.8 %
	Other	7	1.2 %	± 1.2 %
	Total	574	100.0 %

	Missing Cases = 10 
	Response Percent = 98.3 %

16

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

6. By year-end 2006, what will be the core rate of consumer price inflation (excluding fuel and food) in your country? OTHER

8	
8	
10	
12	
6	
6.5	
7	
6	

17

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

6. By year-end 2006, what will be the core rate of consumer price inflation (excluding fuel and food) in your country?

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Core rate of consumer price inflation	3.00	1.01	3	0	12	2.91 - 3.08	574

18

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

7a & 7b. What portion of ...... increases do you pass on in your final goods prices?

(N=584)

	0%	25%	50%	75%	100%	Other %	
7a. What portion of employment cost
increases do you pass on in your	201	78	79	84	97	25
final goods prices?	35.6%	13.8%	14.0%	14.9%	17.2%	4.4%

7b. What portion of commodity price
increases do you pass on in your	154	51	68	83	170	22
final goods prices?	28.1%	9.3%	12.4%	15.1%	31.0%	4.0%

19

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

7a. What portion of employment cost increases do you pass on in your final goods prices? OTHER

2	
05	
5	
10	
10	
10	
10	
12	
15	
15	
15	
15	
15	
30	
35	
35	
35	
75	
80	
85	
90	
90	
90	
95	
95	

20

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

7b. What portion of commodity price increases do you pass on in your final goods prices? OTHER

+3	
04	
5	
5	
5	
10	
10	
10	
10	
10	
15	
15	
15	
20	
20	
20	
55	
75	
90	
92	
95	
105	

21

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

 7a & 7b. What portion of ...... increases do you pass on in your final goods prices?

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Employment cost increases	40.56	38.37	25	0	100	37.39 - 43.72	564

Commodity price increases	52.17	41.12	50	0	105	48.73 - 55.61	548

22

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a & 8b. At what point would the "price of oil per barrel" ... your firm's bottom line? 

(N=584)

								Does not
								affect our
	$55	$60	$65	$70	$75	$80	$85	bottom line	
Moderately	23	28	39	76	122	98	36	142
hurt	4.1%	5.0%	6.9%	13.5%	21.6%	17.4%	6.4%	25.2%

Greatly	9	2	13	23	49	107	142	131
hurt	1.9%	0.4%	2.7%	4.8%	10.3%	22.5%	29.8%	27.5%

23

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a. At what point would the "price of oil per barrel" moderately hurt your firm's bottom line? OTHER

40	
40	
40	
90	
100	
100	
100	
100	
100	
100	

24

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8b. At what point would the "price of oil per barrel" greatly hurt your firm's bottom line? OTHER

20	
30	
60	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
90	
95	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	

25

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8b. At what point would the "price of oil per barrel" greatly hurt your firm's bottom line? OTHER

100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
100	
105	
110	
110	
110	
120	
120	
120	
150	
150	
200	

26

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a & 8b. At what point would the "price of oil per barrel" ... your firm's bottom line? 

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Moderately
hurt	73.29	8.85	75	40	100	72.45 - 74.12	432

Greatly
hurt	83.34	13.09	85	20	200	82.11 - 84.58	435

27

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a & 8b. At what point would the "U.S. Federal Funds rate ... your firm's bottom line? 

(N=584)

									Does not
									affect our
									bottom
	4.5%	5%	5.25%	5.5%	5.75%	6%	6.5%	7%	line	
Moderately	35	49	41	68	38	130	30	53	125
hurt	6.2%	8.6%	7.2%	12.0%	6.7%	22.8%	5.3%	9.3%	22.0%

Greatly	11	7	7	22	18	81	44	193	124
hurt	2.2%	1.4%	1.4%	4.3%	3.6%	16.0%	8.7%	38.1%	24.5%

28

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a. At what point would the "U.S. Federal Funds rate" moderately hurt your firm's bottom line? OTHER

4	
10	
10	

29

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8b. At what point would the "U.S. Federal Funds rate" greatly hurt your firm's bottom line? OTHER

2	
3.0	
4	
5.5	
7.5	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8.5	
8.5	
9	
9	
9	
9	
9	
9	
9	
9	
9	
9	
9	
9.5	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	

30

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8b. At what point would the "U.S. Federal Funds rate" greatly hurt your firm's bottom line? OTHER

10	
10	
10	
10	
10	
15	
15	
15	

31

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a & 8b. At what point would the "U.S. Federal Funds rate" ... your firm's bottom line? 

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Moderately
hurt	5.77	0.74	5.75	4	10	5.70 - 5.84	447

Greatly
hurt	6.79	1.31	7	2	15	6.67 - 6.91	445

32

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a & 8b. At what point would the "core rate of consumer price inflation (excluding food and oil)" ... your firm's bottom line? 

(N=584)

										Does not
										affect our
										bottom
	1%	1.5%	2%	2.5%	3%	3.5%	4%	4.5%	5%	line	
Moderately	7	6	11	42	91	84	134	29	59	101
hurt	1.2%	1.1%	2.0%	7.4%	16.1%	14.9%	23.8%	5.1%	10.5%	17.9%

Greatly	3	0	3	13	14	27	85	63	193	94
hurt	0.6%	0.0%	0.6%	2.6%	2.8%	5.5%	17.2%	12.7%	39.0%	19.0%

33

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a. At what point would the "core rate of consumer price inflation (excluding food and oil)" moderately hurt your firm's bottom line? OTHER

3	
6	
7	
7	
8	
8	
8	

34

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8b. At what point would the "core rate of consumer price inflation (excluding food and oil)" greatly hurt your firm's bottom line? OTHER

0	
5	
5.5	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
6	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7	
7.5	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	
8	

35

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8b. At what point would the "core rate of consumer price inflation (excluding food and oil)" greatly hurt your firm's bottom line? OTHER

8	
8	
8	
9	
9	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	
10	

36

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

8a & 8b. At what point would the "core rate of consumer price inflation (excluding food and oil)" ... your firm's bottom line? 

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Moderately
hurt	3.66	0.96	3.50	1	8	3.57 - 3.74	470

Greatly
hurt	4.85	1.42	5	0	10	4.72 - 4.97	471

37

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

9. Negative impact of terrorism.

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

9a. On a scale of 0 to 100, what impact is the
threat of terrorism is having on your business?
(0 means no impact, 100 means maximum
negative impact)	21.38	24.42	19.38 - 23.38	10	0	100	573

9b. What number on this scale would indicate
that the threat of terrorism is affecting your
profitability? (If your answer in A is greater
than this answer, it means that the threat of
terrorism is affecting your profitability).	23.51	26.44	21.34 - 25.68	10	0	100	569

Negative impact minus cut-off negative impact.	-2.01	19.60	-3.63 - -0.39	0	-80	75	565

38

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

9. Negative impact of terrorism.

	Cut-off negative impact	Number	Percent	95% CI
	Threat of terrorism is significantly affecting your bottom line.	162	28.2 %	± 3.7 %
	Negative impact and cut-off negative impact are equal	280	48.8 %	± 4.2 %
	Threat of terrorism is not significantly affecting your bottom line.	132	23.0 %	± 3.5 %
	Total	574	100.0 %

	Missing Cases = 10 
	Response Percent = 98.3 %

39

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

10. On May 22, 2006 the annual yield on 10-yr treasury bonds was 5.0%. 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:	3.41	4.42	3.03 - 3.79	4	-25	50	522

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	8.05	4.82	7.64 - 8.45	8	0	70	538

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:	11.74	7.60	11.08 - 12.39	10	0	100	518

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:	0.57	8.34	-0.15 - 1.29	2	-50	80	518

Over the next year, I expect the average annual
S&P 500 return will be: Expected return:	6.24	3.77	5.92 - 6.56	6	-20	25	538

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be greater than:	10.52	5.43	10.05 - 10.99	10	-2	60	517

40

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Revenue Weighted: 10. On May 22, 2006 the annual yield on 10-yr treasury bonds was 5.0%. 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:	3.27	3.12	3.24 - 3.31	4	-5.25	12.07

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.79	2.58	7.77 - 7.82	8	0	17.48

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:	11.32	3.91	11.28 - 11.36	10	0	26.63

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:	-0.07	5.96	-0.14 - -0.01	2	-15.80	16.92

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.08	2.82	6.05 - 6.11	6	-1.16	13.62

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	10.62	4.42	10.57 - 10.67	10	-0.13	21.15

41

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Employee Weighted: 10. On May 22, 2006 the annual yield on 10-yr treasury bonds was 5.0%. 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:	3.57	3.08	3.54 - 3.61	4	-5.25	12.07

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.96	2.61	7.94 - 7.99	8	0	17.48

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:	11.66	4.18	11.62 - 11.71	11	1	26.63

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:	-0.17	5.85	-0.23 - -0.11	2	-15.80	16.92

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.21	2.70	6.18 - 6.24	6	-1.16	13.62

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	10.73	4.27	10.68 - 10.77	10	-0.13	21.15

42

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Industry

	 	Number	Percent	95% CI
	Manufacturing	162	28.2 %	± 3.7 %
	Banking/Finance/Insurance	85	14.8 %	± 3.0 %
	Retail/Wholesale	77	13.4 %	± 2.9 %
	Other	54	9.4 %	± 2.5 %
	Service/Consulting	52	9.1 %	± 2.5 %
	Healthcare/Pharmaceutical	39	6.8 %	± 2.2 %
	Transportation/Energy	33	5.7 %	± 2.0 %
	Communications/Media	28	4.9 %	± 1.9 %
	Tech [Software/Biotech]	23	4.0 %	± 1.8 %
	Mining/Construction	21	3.7 %	± 1.7 %
	Total	574	100.0 %

	Missing Cases = 10 
	Response Percent = 98.3 %

43

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Industry (Other specified)

Advertising/Marketing	
Ag Supply Chain	
Agriculture/forestry	
assisted living	
beverage bottling and distribution	
Business Process Outsourcing	
business process outsourcing	
Child Care	
Commercial Real Estate	
Commodities	
Commodity Exchange	
Communications/Nav equip	
Construction	
Education	
Education	
Education	
Education	
Education	
Education	
education	
Federal Government IT Services Provider	
Food Processor	
Food Service	
Forest products	
Gaming	
hospitality/entertainment	
hospitality/sports & recreation	
Industrial Gas Distribution	
Licensing	
MICE Industry	
Non-profit	
Non-profit	
non profit program services	
Oilfield Services	
Other Services	
Parking / Real Estate	
personal care	
Petrochemical	
Photograph Printing	
Publishing	
REAL ESTATE DEVELOPMENT	
Real Estate	
real estate	
real estate	
real estate development	
Restaurant	
Restaurants	
semiconductor	
State Government	
Tech Services for Gov't	
Tourism	
Waste Paper Broker	
water agency	

44

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	57	9.9 %	± 2.5 %
	$25-$99 million	95	16.5 %	± 3.1 %
	$100-$499 million	186	32.3 %	± 3.9 %
	$500-$999 million	62	10.8 %	± 2.6 %
	$1-$4.9 billion	94	16.3 %	± 3.1 %
	$5-$9.9 billion	28	4.9 %	± 1.9 %
	More than $10 billion	53	9.2 %	± 2.5 %
	Total	575	100.0 %

	Missing Cases = 9 
	Response Percent = 98.5 %

45

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 2060.20

	Median = 300

	Variance (Unbiased) = 11229045.26

	Standard Deviation (Unbiased) = 3350.98

	Standard Error Of The Mean  = 139.75

	95 Percent Confidence Interval Around The Mean = 1786.30 - 2334.10

	99 Percent Confidence Interval Around The Mean = 1700.36 - 2420.04

	Skewness = 1.86

	Kolmogorov-Smirnov Statistic For Normality = 8.35

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 575 
Missing Cases = 9 
Response Percent = 98.5%

46

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	51	10.7 %	± 2.4 %
	100-499	122	25.7 %	± 3.4 %
	500-999	62	13.1 %	± 2.6 %
	1,000-2,499	61	12.8 %	± 2.6 %
	2,500-4,999	48	10.1 %	± 2.4 %
	5,000-9,999	34	7.2 %	± 2.1 %
	Over 10,000	97	20.4 %	± 3.1 %
	Total	475	100.0 %

	Missing Cases = 109 
	Response Percent = 81.3 %

47

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3776.74

	Median = 1750

	Variance (Unbiased) = 21125317.39

	Standard Deviation (Unbiased) = 4596.23

	Standard Error Of The Mean  = 210.89

	95 Percent Confidence Interval Around The Mean = 3363.39 - 4190.08

	99 Percent Confidence Interval Around The Mean = 3233.70 - 4319.78

	Skewness = 1.00

	Kolmogorov-Smirnov Statistic For Normality = 6.41

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 7500

Valid Cases = 475 
Missing Cases = 109 
Response Percent = 81.3%

48

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Headquarters

	 	Number	Percent	95% CI
	Midwest US	146	25.3 %	± 3.6 %
	Northeast US	143	24.7 %	± 3.6 %
	South Atlantic US	91	15.7 %	± 3.1 %
	Pacific US	68	11.8 %	± 2.7 %
	South Central US	58	10.0 %	± 2.6 %
	Asia	36	6.2 %	± 2.1 %
	Europe	16	2.8 %	± 1.5 %
	Mountain US	13	2.2 %	± 1.4 %
	Central/South America	4	0.7 %	± 1.2 %
	Canada	3	0.5 %	± 1.4 %
	Total	578	100.0 %

	Missing Cases = 6 
	Response Percent = 99.0 %

49

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Ownership

	 	Number	Percent	95% CI
	Private	281	53.1 %	± 4.2 %
	Public, NYSE	151	28.5 %	± 3.7 %
	Public, Nasdaq/AMEX	58	11.0 %	± 2.6 %
	Nonprofit	30	5.7 %	± 2.0 %
	Government	9	1.7 %	± 1.3 %
	Total	529	100.0 %

	Missing Cases = 55 
	Response Percent = 90.6 %

50

Duke University/CFO Magazine Business Outlook Survey - U.S. - Spring, 2006

Foreign Sales

	 	Number	Percent	95% CI
	0%	220	38.0 %	± 4.0 %
	1-24%	222	38.3 %	± 4.0 %
	25-50%	78	13.5 %	± 2.9 %
	Over 50%	59	10.2 %	± 2.6 %
	Total	579	100.0 %

	Missing Cases = 5 
	Response Percent = 99.1 %