Table of Contents

1. Are you more or less optimistic about the U.S. economy compared to last quarter?	1
1b. 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 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 company faces in 2006? (rank #1, #2, #3)	5
3. What are the top three concerns your company faces in 2006? OTHER SPECIFIED	6

4. During the past 12 months, what percentage change has your firm experienced for:	7

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]	8
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?	9
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months for:   [Unweighted - Sorted]	10
5. 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
5. 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
5. 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

6a. Many expect that inflation will increase over the next few years. How would an increase in
annual inflation by 1% (i.e., from current rate of 2.5% to a new rate of 3.5%) affect your corporation?	14
6b. How would an increase in annual inflation by 2% affect your corporation?	15

7. What Fed policy would be best for your corporation?	16
7. What Fed policy would be best for your corporation? OTHER SPECIFIED	17

8a. Over the next year, do you expect the U.S. dollar to change in value relative to the Euro?	18
8b. If the U.S. dollar were to depreciate more than 10%, how would your firm respond? (check all that apply)	19
8b. If the U.S. dollar were to depreciate more than 10%, how would your firm respond? OTHER SPECIFIED	20

9. Over the next year, what does your company plan to do with its cash holdings? [Rank #1, # 2, #3]	21
9. Over the next year, what does your company plan to do with its cash holdings? [Rank #1, # 2, #3] OTHER	22

10. Decreasing US dependence on mid-East oil, as President Bush has suggested, will come at a cost. What price 
of oil per barrel would be acceptable to your firm, in order to cut in half within five years the dependence of your 
country on Mid-East oil?  The price of a barrel of oil on February 17 was about $60 per barrel.	23

11. On February 27, 2006 the annual yield on 10-yr treasury bonds was 4.6%. Please complete the following:	24
Revenue Weighted: 11. On February 27, 2006 the annual yield on 10-yr treasury bonds was 4.6%.	25
Employee Weighted: 11. On February 27, 2006 the annual yield on 10-yr treasury bonds was 4.6%.	26

Industry	27
Industry (Other specified)	28
Sales Revenue	29
Weighted Sales Revenue (Millions)	30
Number of Employees	31
Weighted Number of Employees	32
Headquarters	33
Ownership	34
Foreign Sales	35

1

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

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

	 	Number	Percent	95% CI
	3=More optimistic	137	42.4 %	± 5.6 %
	2=No change	105	32.5 %	± 5.3 %
	1=Less optimistic	81	25.1 %	± 5.0 %
	Total	323	100.0 %

	Mean = 2.17
	SD = .80

	Missing Cases = 0 
	Response Percent = 100.0 %

2

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

1b. 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 = 5

	Maximum = 100

	Mean = 67.21

	Median = 70

	Variance (Unbiased) = 233.92

	Standard Deviation (Unbiased) = 15.29

	Standard Error Of The Mean  = 0.88

	95 Percent Confidence Interval Around The Mean = 65.48 - 68.94

	99 Percent Confidence Interval Around The Mean = 64.94 - 69.48

Valid Cases = 301 
Missing Cases = 22 
Response Percent = 93.2%

3

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

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	175	54.7 %	± 5.6 %
	2=No change	73	22.8 %	± 4.8 %
	1=Less optimistic	72	22.5 %	± 4.8 %
	Total	320	100.0 %

	Mean = 2.32
	SD = .82

	Missing Cases = 3 
	Response Percent = 99.1 %

4

Duke University/CFO Magazine Business Outlook Survey - U.S. - Winter, 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 = 15

	Maximum = 100

	Mean = 72.12

	Median = 75

	Variance (Unbiased) = 326.76

	Standard Deviation (Unbiased) = 18.08

	Standard Error Of The Mean  = 1.05

	95 Percent Confidence Interval Around The Mean = 70.07 - 74.18

	99 Percent Confidence Interval Around The Mean = 69.43 - 74.82

Valid Cases = 298 
Missing Cases = 25 
Response Percent = 92.3%

5

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

3. What are the top three concerns your company faces in 2006? (rank #1, #2, #3)

(N=323)

	Mean & SD	1st	2nd	3rd	
	1.58	23	5	8
Other:	0.84	7.1%	1.5%	2.5%

	1.82	61	58	34
Competition	0.77	18.9%	18.0%	10.5%

	1.86	35	21	24
Increased interest rates	0.85	10.8%	6.5%	7.4%

	1.94	30	29	25
Declining consumer demand	0.81	9.3%	9.0%	7.7%

	1.96	32	29	28
Economic and political stability	0.82	9.9%	9.0%	8.7%

	1.97	22	21	20
Skilled labor shortage	0.82	6.8%	6.5%	6.2%

	1.98	33	34	31
Cost of fuel	0.81	10.2%	10.5%	9.6%

	2.00	11	14	11
Cost of non-fuel commodities	0.79	3.4%	4.3%	3.4%

	2.04	21	25	24
Increased regulation	0.81	6.5%	7.7%	7.4%

	2.04	18	30	21
Cost of labor (wages, salaries, bonuses)	0.76	5.6%	9.3%	6.5%

	2.21	26	36	49
Health care costs	0.80	8.0%	11.1%	15.2%

	2.23	4	12	10
Currency values	0.71	1.2%	3.7%	3.1%

	2.27	2	4	5
Possibility of a bird flu epidemic	0.79	0.6%	1.2%	1.5%

	2.50	3	1	10
Terrorism	0.85	0.9%	0.3%	3.1%

	2.63	2	3	14
Inflation	0.68	0.6%	0.9%	4.3%

6

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

3. What are the top three concerns your company faces in 2006? OTHER SPECIFIED

Availability of capital	
Availability of loans	
BUSH INCOMPETENCE	
Changing Gov't Regs	
changing technology	
construction cost inflation	
Consumer credit trends	
Corporate Capital Spending	
Cost of insurance	
Customer business erosion	
Declining Corporate demand	
Energy Cost Volatility	
Federal deficit	
Foreign Competition	
freight costs	
Growing Protectionism	
Healthcare reimbursement	
hurricanes	
increase supply of ships	
Internal matters	
Investment requirements	
IP legal challenges	
IT Services Mkt	
Labor negotiations	
litigation	
Medicare, Medicaid	
metal prices	
New Product to Market	
Offshoring	
Poor Image	
pricing	
Product Introduction	
regulation changes	
Retail industry movement to EDLP	
tight supply	
Yield Curve Inversion	

7

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

4. During the past 12 months, what percentage change has your firm experienced for: 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Change in capital spending	14.83	63.39	7.72 - 21.94	5	-80	999	305

Cost of employee benefits	10.09	7.50	9.26 - 10.93	8.95	0	74	312

Cost of labor (wages, salaries, and bonuses)	5.11	3.81	4.69 - 5.53	4	-1	30	317

8

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

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

Earnings	14.83	32.55	11.07 - 18.58	9	-90	300	289

Technology spending	11.86	29.72	8.33 - 15.38	5	-40	300	273

Health care costs	9.73	12.39	8.31 - 11.15	9	-23	200	294

Capital spending	7.79	31.18	4.15 - 11.44	4	-95	200	281

Marketing/Advertising	6.64	22.62	3.78 - 9.50	3	-50	290	240

Number of foreign/off-shore outsourced
employees	6.64	26.08	2.95 - 10.32	0	-30	300	192

Number of domestic employees	6.22	29.47	2.78 - 9.66	2	-50	375	282

Cash on the balance sheet	5.66	33.22	1.34 - 9.98	0	-90.80	250	227

Dividends	4.95	15.66	2.58 - 7.32	0	-50	100	168

Wages/Salaries	4.71	11.85	3.37 - 6.05	4	-40	200	301

Productivity (output per hour worked)	4.50	5.68	3.77 - 5.24	3	-10	40	230

Prices of your products	3.49	7.66	2.57 - 4.42	3	-35	54.50	263

Inventory	1.07	10.89	-0.40 - 2.54	0	-50	75	211

9

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

5. 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	89	36.8 %	± 5.1 %
	No change	128	52.9 %	± 5.5 %
	Decrease	25	10.3 %	± 3.2 %
	Total	242	100.0 %

	Missing Cases = 81 
	Response Percent = 74.9 %

10

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

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

(N=323)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.97	286	6	2
Health care costs	0.22	97.3%	2.0%	0.7%

	0.96	290	10	1
Wages/Salaries	0.21	96.3%	3.3%	0.3%

	0.74	178	44	8
Productivity (output per hour worked)	0.51	77.4%	19.1%	3.5%

	0.69	237	19	36
Earnings	0.68	81.2%	6.5%	12.3%

	0.63	189	68	16
Technology spending	0.59	69.2%	24.9%	5.9%

	0.63	188	53	22
Prices of your products	0.63	71.5%	20.2%	8.4%

	0.48	139	78	23
Marketing/Advertising	0.67	57.9%	32.5%	9.6%

	0.44	168	70	44
Capital spending	0.75	59.6%	24.8%	15.6%

	0.41	165	69	48
Number of domestic employees	0.77	58.5%	24.5%	17.0%

Number of foreign/off-shore outsourced	0.33	69	118	5
employees	0.53	35.9%	61.5%	2.6%

	0.32	59	105	5
Dividends	0.53	34.9%	62.1%	3.0%

	0.26	89	128	25
M&A activity	0.63	36.8%	52.9%	10.3%

	0.26	102	82	43
Cash on the balance sheet	0.76	44.9%	36.1%	18.9%

	0.12	75	87	49
Inventory	0.76	35.5%	41.2%	23.2%

11

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

5. 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	11.94	16.67	11.62 - 12.26	10	-59	90.61

Technology spending	8.43	11.58	8.19 - 8.66	5	-40	65.71

Capital spending	6.47	16.73	6.14 - 6.80	4	-60.60	80.47

Dividends	5.60	9.07	5.40 - 5.81	1	-25.30	35.03

Marketing/Advertising	3.55	7.63	3.39 - 3.72	4	-30.90	43.50

Prices of your products	3.34	4.91	3.24 - 3.44	3	-11.60	17.28

Cash on the balance sheet	2.64	18.51	2.24 - 3.04	1	-62.30	75.73

Inventory	0.27	5.81	0.13 - 0.40	0	-22.40	24.24

12

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

5. 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	8.43	4.08	8.35 - 8.50	8	-13.60	28.78

Number of foreign/off-shore outsourced employees	6.54	11.19	6.32 - 6.76	2	-10	55.34

Wages/Salaries	4.22	2.06	4.18 - 4.25	4	-14.20	20

Productivity (output per hour worked)	3.79	3.56	3.72 - 3.86	3	-7.04	16.68

Number of domestic employees	2.03	6.90	1.91 - 2.16	1	-43.30	54.43

13

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

5. 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	13.06	14.49	12.75 - 13.38	10	-50	90.61

Dividends	6.19	9.30	5.96 - 6.43	2.50	0	35.03

Cash on the balance sheet	2.62	18.05	2.18 - 3.07	2	-62.30	75.73

14

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

6a. Many expect that inflation will increase over the next few years. How would an increase in annual inflation by 1% (i.e., from current rate of 2.5% to a new rate of 3.5%) affect your corporation?

	 	Number	Percent	95% CI
	-2=Large negative impact	7	2.2 %	± 2.1 %
	-1=Negative impact	99	31.0 %	± 5.3 %
	0=No impact	188	58.9 %	± 5.6 %
	1=Positive impact	22	6.9 %	± 3.1 %
	2=Large Positive impact	3	0.9 %	± 2.5 %
	Total	319	100.0 %

	Mean = -.27
	SD = .66

	Missing Cases = 4 
	Response Percent = 98.8 %

15

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

6b. How would an increase in annual inflation by 2% affect your corporation?

	 	Number	Percent	95% CI
	-2=Large negative impact	40	12.5 %	± 3.9 %
	-1=Negative impact	127	39.6 %	± 5.5 %
	0=No impact	114	35.5 %	± 5.4 %
	1=Positive impact	37	11.5 %	± 3.8 %
	2=Large Positive impact	3	0.9 %	± 2.5 %
	Total	321	100.0 %

	Mean = -.51
	SD = .89

	Missing Cases = 2 
	Response Percent = 99.4 %

16

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

7. What Fed policy would be best for your corporation?

	 	Number	Percent	95% CI
	Decrease rates by 50bp	115	35.7 %	± 5.4 %
	Decrease rates by 25bp	36	11.2 %	± 3.7 %
	Do nothing to rates	134	41.6 %	± 5.6 %
	Increase rates by 25bp	17	5.3 %	± 2.8 %
	Increase rates by 50bp	14	4.3 %	± 2.6 %
	Other	6	1.9 %	± 2.1 %
	Total	322	100.0 %

	Missing Cases = 1 
	Response Percent = 99.7 %

17

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

7. What Fed policy would be best for your corporation? OTHER SPECIFIED

Fed policy should only control inflation	
follow sound monetary policy	
Increase by 100bp	
NA	
tax USF	
unaffected	

18

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

8a. Over the next year, do you expect the U.S. dollar to change in value relative to the Euro?

	 	Number	Percent	95% CI
	Depreciate 10% or more	13	4.1 %	± 2.5 %
	Depreciate less than 10%	117	36.7 %	± 5.5 %
	No change	77	24.1 %	± 4.9 %
	Appreciate less than 10%	108	33.9 %	± 5.4 %
	Appreciate 10% or more	4	1.3 %	± 2.1 %
	Total	319	100.0 %

	Missing Cases = 4 
	Response Percent = 98.8 %

19

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

8b. If the U.S. dollar were to depreciate more than 10%, how would your firm respond? (check all that apply)

	 	Number	Percent	95% CI
	Invest more in US operations	29	10.1 %	± 3.4 %
	Invest more in overseas operations	25	8.7 %	± 3.2 %
	Procure more supplies in US	30	10.5 %	± 3.5 %
	Target more products for export	31	10.8 %	± 3.5 %
	Increase hedging	46	16.1 %	± 4.1 %
	Raise more capital outside of US	16	5.6 %	± 2.7 %
	Adjust prices of products	71	24.8 %	± 4.8 %
	Other	38	13.3 %	± 3.8 %
	Total	286	100.0 %

	Number of Cases = 323 
	Number of Responses = 286 
	Average Number Of Responses Per Case = 0.9
	Number Of Cases With At Least One Response = 214 
	Response Percent = 66.3 %

20

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

8b. If the U.S. dollar were to depreciate more than 10%, how would your firm respond? OTHER SPECIFIED

Can't predict	
do nothing	
Doesn't Apply	
Export more	
increase salaries on fixed price service contracts	
little to no impact	
N/A	
N/A	
N/A	
n/a	
n/a	
N/A - Not much FX exposure	
NA	
na	
No change	
No change	
no change	
no change	
no difference in biz model	
No effect	
no foreign business	
no impact	
no real response, we are pretty balanced	
No response	
No specific response	
none	
none	
none	
none	
NONE OF THE ABOVE	
None of the above	
nothing	
raise more benevolence	
Reduce Capital spending	
sell to Asia	
Slow purchases of foreign equipment	
we are not international	

21

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

9. Over the next year, what does your company plan to do with its cash holdings? [Rank #1, #2, #3]

(N=323)

	Mean & SD	1st	2nd	3rd	
	1.56	27	11	7
Other	0.76	8.4%	3.4%	2.2%

	1.79	30	34	14
Repurchase shares	0.73	9.3%	10.5%	4.3%

	1.83	84	55	52
Retain as cash	0.83	26.0%	17.0%	16.1%

	1.91	45	45	34
M&A	0.80	13.9%	13.9%	10.5%

	1.98	46	46	43
Increase capital spending	0.81	14.2%	14.2%	13.3%

	2.04	38	32	42
Pay dividends	0.85	11.8%	9.9%	13.0%

	2.05	24	36	28
Invest in inventory and working capital	0.77	7.4%	11.1%	8.7%

	2.18	10	25	20
Research and Development	0.72	3.1%	7.7%	6.2%

	2.35	10	17	30
Increase wages/benefits	0.77	3.1%	5.3%	9.3%

22

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

9. Over the next year, what does your company plan to do with its cash holdings? [Rank #1, #2, #3] OTHER SPECIFIED

acquisitions	
Debt management	
debt reduction	
decrease debt	
Expansion	
frivilous expenditures	
Invest for greater return	
Invest in equities	
Invest in low risk bonds	
invest in RE	
invest in financial paper	
Invest o/s of industry	
Pay Debt	
pay debt	
pay debt of recent acquisition	
Pay down Debt	
Pay down debt	
Pay down debt	
Pay down debt	
Pay down debt	
Pay down debt	
pay down debt	
pay down parent co debt	
Pay off debt	
Reduce Debt	
Reduce Debt	
Reduce Debt	
Reduce Debt	
Reduce debt	
reduce debt	
reduce debt	
reduce debt	
reduce debt	
reduce debt	
reduce debt	
reduce debt	
reduce debt	
Reduce Line of Credit	
Refund maturing debt	
Repay Debt	
Repay debt	
Repay debt	
Repay Deby	
repay LT Debt	
Sales and Marketing	
spend on programs	
Technology	
We do not hold cash	

23

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

10. Decreasing US dependence on mid-East oil, as President Bush has suggested, will come at a cost. What price of oil per barrel would be acceptable to your firm, in order to cut in half within five years the dependence of your country on Mid-East oil?  The price of a barrel of oil on February 17 was about $60 per barrel.

	Minimum = 40

	Maximum = 200

	Mean = 70.39

	Median = 70

	Variance (Unbiased) = 217.27

	Standard Deviation (Unbiased) = 14.74

	Standard Error Of The Mean  = 0.87

	95 Percent Confidence Interval Around The Mean = 68.68 - 72.11

	99 Percent Confidence Interval Around The Mean = 68.14 - 72.65

Valid Cases = 284 
Missing Cases = 39 
Response Percent = 87.9%

24

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

11. On February 27, 2006 the annual yield on 10-yr treasury bonds was 4.6%. 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:	2.42	5.30	1.81 - 3.04	3	-25	50	285

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.48	4.81	6.93 - 8.02	7	0.05	75	295

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:	11.11	6.11	10.41 - 11.82	10	0.07	75	287

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:	-0.36	7.07	-1.18 - 0.47	2	-30	25	280

Over the next year, I expect the average annual
S&P 500 return will be: Expected return:	6.44	3.61	6.03 - 6.86	6	-10	30	293

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:	11.14	5.09	10.54 - 11.73	10	0	35	280

25

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

Revenue Weighted: 11. On February 27, 2006 the annual yield on 10-yr treasury bonds was 4.6%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	2.37	3.56	2.30 - 2.44	3	-7.97	12.81

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.29	2.53	7.24 - 7.34	7	0.05	16.91

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:	10.81	3.55	10.74 - 10.88	10	0.07	23.09

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:	-0.35	6.02	-0.47 - -0.23	1	-14.20	13.50

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.54	3.10	6.48 - 6.60	6	-0.64	13.52

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:	11.44	4.94	11.35 - 11.54	10	1.16	21.12

26

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

Employee Weighted: 11. On February 27, 2006 the annual yield on 10-yr treasury bonds was 4.6%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	2.41	3.70	2.35 - 2.48	3	-7.97	12.81

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.24	2.68	7.19 - 7.29	7	1	16.91

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:	10.97	3.56	10.91 - 11.03	10	2	23.09

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:	-0.08	5.97	-0.19 - 0.02	1	-14.20	13.50

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.61	3.22	6.55 - 6.66	6	-0.64	13.52

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:	11.47	4.96	11.39 - 11.56	10	1.16	21.12

27

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	74	23.2 %	± 4.8 %
	Banking/Finance/Insurance	53	16.6 %	± 4.3 %
	Retail/Wholesale	42	13.2 %	± 3.9 %
	Other	38	11.9 %	± 3.8 %
	Transportation/Energy	26	8.2 %	± 3.3 %
	Service/Consulting	25	7.8 %	± 3.2 %
	Tech [Software/Biotech]	21	6.6 %	± 3.0 %
	Healthcare/Pharmaceutical	20	6.3 %	± 3.0 %
	Communications/Media	13	4.1 %	± 2.5 %
	Mining/Construction	7	2.2 %	± 2.1 %
	Total	319	100.0 %

	Missing Cases = 4 
	Response Percent = 98.8 %

28

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

Industry (Other specified)

Agriculture	
agriculture service	
BtB info services	
Chemical Manufacturing	
Chemical Mfg / Mining	
Commercial Cotton Seed	
education	
Energy/Oil	
Food/Agriculture	
Forestry	
Government	
Hospitality	
Hospitality	
hospitality	
Human Services/Retail	
Importer of goods	
IT Services	
Non-profit - Higher Ed	
Not For Profit Service	
oil & gas	
Oilfield Services	
processor/distributor	
Real Estate	
Real Estate	
Real Estate Development	
Real Estate Managment	
Real estate	
religios organization	
Restaurants	
Semiconductor	
Sports/Entertainment	
Tech-Hardware	
Telecommunications	
Tourism	
Travel & real estate	
Waste Paper Broker	

29

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	19	6.0 %	± 2.9 %
	$25-$99 million	71	22.4 %	± 4.8 %
	$100-$499 million	94	29.7 %	± 5.2 %
	$500-$999 million	29	9.1 %	± 3.4 %
	$1-$4.9 billion	41	12.9 %	± 3.9 %
	$5-$9.9 billion	26	8.2 %	± 3.3 %
	More than $10 billion	37	11.7 %	± 3.8 %
	Total	317	100.0 %

	Missing Cases = 6 
	Response Percent = 98.1 %

30

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 2460.02

	Median = 300

	Variance (Unbiased) = 13972043.22

	Standard Deviation (Unbiased) = 3737.92

	Standard Error Of The Mean  = 209.94

	95 Percent Confidence Interval Around The Mean = 2048.53 - 2871.51

	99 Percent Confidence Interval Around The Mean = 1919.42 - 3000.62

	Skewness = 1.46

	Kolmogorov-Smirnov Statistic For Normality = 6.22

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 317 
Missing Cases = 6 
Response Percent = 98.1%

31

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	24	9.0 %	± 3.2 %
	100-499	67	25.0 %	± 4.7 %
	500-999	40	14.9 %	± 3.9 %
	1,000-2,499	27	10.1 %	± 3.3 %
	2,500-4,999	31	11.6 %	± 3.5 %
	5,000-9,999	15	5.6 %	± 2.7 %
	Over 10,000	64	23.9 %	± 4.6 %
	Total	268	100.0 %

	Missing Cases = 55 
	Response Percent = 83.0 %

32

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 4091.42

	Median = 1750

	Variance (Unbiased) = 22924738.81

	Standard Deviation (Unbiased) = 4787.98

	Standard Error Of The Mean  = 292.47

	95 Percent Confidence Interval Around The Mean = 3518.17 - 4664.66

	99 Percent Confidence Interval Around The Mean = 3338.30 - 4844.53

	Skewness = 0.86

	Kolmogorov-Smirnov Statistic For Normality = 4.55

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 7500

Valid Cases = 268 
Missing Cases = 55 
Response Percent = 83.0%

33

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

Headquarters

	 	Number	Percent	95% CI
	Northeast US	92	28.6 %	± 5.2 %
	Midwest US	76	23.6 %	± 4.9 %
	South Atlantic US	48	14.9 %	± 4.1 %
	South Central US	40	12.4 %	± 3.9 %
	Pacific US	32	9.9 %	± 3.6 %
	Europe	19	5.9 %	± 2.9 %
	Mountain US	12	3.7 %	± 2.5 %
	Canada	2	0.6 %
	Asia	1	0.3 %
	Central/South America	0	0.0 %
	Total	322	100.0 %

	Missing Cases = 1 
	Response Percent = 99.7 %

34

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

Ownership

	 	Number	Percent	95% CI
	Private	140	48.4 %	± 5.6 %
	Public, NYSE	96	33.2 %	± 5.2 %
	Public, Nasdaq/AMEX	31	10.7 %	± 3.5 %
	Nonprofit	16	5.5 %	± 2.7 %
	Government	6	2.1 %	± 2.1 %
	Total	289	100.0 %

	Missing Cases = 34 
	Response Percent = 89.5 %

35

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	115	36.1 %	± 5.4 %
	1-24%	141	44.2 %	± 5.6 %
	25-50%	42	13.2 %	± 3.9 %
	Over 50%	21	6.6 %	± 3.0 %
	Total	319	100.0 %

	Missing Cases = 4 
	Response Percent = 98.8 %