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 US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	5

2a. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	9
2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	13

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	17
3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	21

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:	25
4b. During the next year, I expect the S&P 500 return will be:	29

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:	33
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products	57
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)	61
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime	65
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending	69
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs	73
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory	77
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees	81
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries	85
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M & A activity	89
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends	93
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending	97
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending	101
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings	105
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues	109
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of foreign/off-shore 
outsourced employees	113
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending	117

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)	121
6. What are the top three risks your corporation faces over the next 12 months Inflation	137
6. What are the top three risks your corporation faces over the next 12 months Increased interest rates	141
6. What are the top three risks your corporation faces over the next 12 months Wage increases	145
6. What are the top three risks your corporation faces over the next 12 months Situation in Iraq	149
6. What are the top three risks your corporation faces over the next 12 months Domestic Terrorism	153
6. What are the top three risks your corporation faces over the next 12 months Price of oil	157
6. What are the top three risks your corporation faces over the next 12 months U.S. exchange rate	161
6. What are the top three risks your corporation faces over the next 12 months Foreign competition	165
6. What are the top three risks your corporation faces over the next 12 months Health care costs	169
6. What are the top three risks your corporation faces over the next 12 months Presidential election	173
6. What are the top three risks your corporation faces over the next 12 months Control of Senate	177
6. What are the top three risks your corporation faces over the next 12 months Consumer spending/demand	181
6. What are the top three risks your corporation faces over the next 12 months U.S. economic growth	185
6. What are the top three risks your corporation faces over the next 12 months Other	189

7. Fuel costs have risen considerably this year. Has your company implemented strategies to reduce your level of fuel consumption? (For example, 
changes to fleet vehicles, alternative fuel sources, etc.)	193

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  SYMBOLIC TARGET - CONSUMER DEMAND	197
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  SYMBOLIC TARGET - CORPORATE HIRING	201
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  SYMBOLIC TARGET - CAPITAL SPENDING	205
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  HEARTLAND TARGET - CONSUMER DEMAND	209
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  HEARTLAND TARGET - CORPORATE HIRING	213
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  HEARTLAND TARGET - CAPITAL SPENDING	217
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  TRANSPORTATION INFRASTRUCTURE – CONSUMER DEMAND	221
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  TRANSPORTATION INFRASTRUCTURE – CORPORATE HIRING	225
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  TRANSPORTATION INFRASTRUCTURE – CAPITAL SPENDING	229
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  ENERGY INFRASTRUCTURE - CONSUMER DEMAND	233
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  ENERGY INFRASTRUCTURE - CORPORATE HIRING	237
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  ENERGY INFRASTRUCTURE - CAPITAL SPENDING	241
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  CORPORATE INFRASTRUCTURE - CONSUMER DEMAND	245
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  CORPORATE INFRASTRUCTURE - CORPORATE HIRING	249
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  CORPORATE INFRASTRUCTURE - CAPITAL SPENDING	253
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  ASSASSINATION - CONSUMER DEMAND	257
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  ASSASSINATION - CORPORATE HIRING	261
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  ASSASSINATION - CAPITAL SPENDING	265

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  WEAPONS OF MASS DESTRUCTION – CONSUMER DEMAND	269
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  WEAPONS OF MASS DESTRUCTION – CORPORATE HIRING	273
8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and 
capital spending at your company?  WEAPONS OF MASS DESTRUCTION – CAPITAL SPENDING	277

Demographics: Industry	281
Demographics: Sales Revenue	285
Demographics: Number of Employees	289
Demographics: Headquarters	293
Demographics: Ownership	297
Demographics: Foreign Sales	301
Weighted Sales Revenue and Number of Employees	305

1

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
More optimistic		112		9	4	15	4	5	9	33	12	10	10	
		55.7%		60.0%	66.7%	46.9%	40.0%	45.5%	69.2%	58.9%	57.1%	66.7%	50.0%	
														
No change		40		0	1	5	4	2	2	11	5	4	5	
		19.9%		0.0%	16.7%	15.6%	40.0%	18.2%	15.4%	19.6%	23.8%	26.7%	25.0%	
				dhij			a				a	a	a	
														
Less optimistic		49		6	1	12	2	4	2	12	4	1	5	
		24.4%		40.0%	16.7%	37.5%	20.0%	36.4%	15.4%	21.4%	19.0%	6.7%	25.0%	
				i		i						ac		

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

2

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
More optimistic		41	12	20	5	17	16		32	12	64	
		56.2%	54.5%	66.7%	45.5%	54.8%	50.0%		55.2%	50.0%	59.3%	
												
No change		11	5	6	3	8	7		15	7	17	
		15.1%	22.7%	20.0%	27.3%	25.8%	21.9%		25.9%	29.2%	15.7%	
												
Less optimistic		21	5	4	3	6	9		11	5	27	
		28.8%	22.7%	13.3%	27.3%	19.4%	28.1%		19.0%	20.8%	25.0%	

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

3

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
More optimistic		38	16	8	10	7	9	16	
		59.4%	50.0%	72.7%	62.5%	58.3%	56.3%	44.4%	
									
No change		12	6	1	3	3	3	11	
		18.8%	18.8%	9.1%	18.8%	25.0%	18.8%	30.6%	
									
Less optimistic		14	10	2	3	2	4	9	
		21.9%	31.3%	18.2%	18.8%	16.7%	25.0%	25.0%	

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

4

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
More optimistic		28	5	21	11	20	17	9		49	39	13	10	
		50.9%	71.4%	48.8%	64.7%	58.8%	60.7%	60.0%		60.5%	52.0%	50.0%	62.5%	
														
No change		13	1	6	3	8	8	1		13	17	7	2	
		23.6%	14.3%	14.0%	17.6%	23.5%	28.6%	6.7%		16.0%	22.7%	26.9%	12.5%	
														
Less optimistic		14	1	16	3	6	3	5		19	19	6	4	
		25.5%	14.3%	37.2%	17.6%	17.6%	10.7%	33.3%		23.5%	25.3%	23.1%	25.0%	
				f			c							

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

5

Duke CFO Outlook Survey - 3rd Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
														
N		187		13	5	32	10	11	13	49	18	15	19	
Mean		66.16		58.46	74.00	65.63	66.00	67.45	70.77	66.49	70.06	63.63	63.79	
SD		18.02		22.30	12.45	17.17	16.80	12.22	13.67	17.78	15.19	27.56	18.53	
SE		1.32		6.19	5.57	3.03	5.31	3.68	3.79	2.54	3.58	7.11	4.25	

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

6

Duke CFO Outlook Survey - 3rd Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
												
N		66	20	29	10	28	32		55	23	101	
Mean		65.67	67.45	67.97	63.50	66.45	64.94		66.12	64.22	66.72	
SD		18.26	16.52	15.23	21.22	22.63	16.56		19.58	16.68	17.93	
SE		2.25	3.69	2.83	6.71	4.28	2.93		2.64	3.48	1.78	

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

7

Duke CFO Outlook Survey - 3rd Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
									
N		57	31	10	16	11	13	36	
Mean		66.68	63.61	67.50	67.81	68.64	72.85	62.68	
SD		17.62	18.94	17.36	16.93	22.15	13.64	20.04	
SE		2.33	3.40	5.49	4.23	6.68	3.78	3.34	

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

8

Duke CFO Outlook Survey - 3rd Quarter, 2004

1b. Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Rate your optimism about the US economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
														
N		48	7	41	17	32	27	13		74	72	23	16	
Mean		65.86	65.00	63.83	73.29	67.00	66.30	65.31		65.04	65.39	70.76	69.63	
SD		19.04	22.17	20.86	12.53	17.71	15.54	15.91		19.36	15.57	21.40	17.58	
SE		2.75	8.38	3.26	3.04	3.13	2.99	4.41		2.25	1.83	4.46	4.39	

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

9

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
More optimistic		118		7	4	14	6	5	8	35	15	10	13	
		59.3%		46.7%	66.7%	43.8%	60.0%	45.5%	61.5%	62.5%	71.4%	71.4%	65.0%	
														
No change		40		2	0	7	2	3	4	12	3	3	4	
		20.1%		13.3%	0.0%	21.9%	20.0%	27.3%	30.8%	21.4%	14.3%	21.4%	20.0%	
														
Less optimistic		41		6	2	11	2	3	1	9	3	1	3	
		20.6%		40.0%	33.3%	34.4%	20.0%	27.3%	7.7%	16.1%	14.3%	7.1%	15.0%	
				gi						a		a		

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

10

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
More optimistic		45	14	16	6	19	17		30	13	71	
		62.5%	63.6%	55.2%	54.5%	61.3%	53.1%		51.7%	54.2%	67.0%	
												
No change		13	3	6	4	7	7		15	7	16	
		18.1%	13.6%	20.7%	36.4%	22.6%	21.9%		25.9%	29.2%	15.1%	
												
Less optimistic		14	5	7	1	5	8		13	4	19	
		19.4%	22.7%	24.1%	9.1%	16.1%	25.0%		22.4%	16.7%	17.9%	

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

11

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
More optimistic		44	17	7	9	5	10	20	
		69.8%	54.8%	63.6%	56.3%	41.7%	62.5%	55.6%	
									
No change		12	5	1	3	3	4	10	
		19.0%	16.1%	9.1%	18.8%	25.0%	25.0%	27.8%	
									
Less optimistic		7	9	3	4	4	2	6	
		11.1%	29.0%	27.3%	25.0%	33.3%	12.5%	16.7%	
		be	a			a			

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

12

Duke CFO Outlook Survey - 3rd Quarter, 2004

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

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
More optimistic		28	3	27	11	18	20	9		48	44	17	8	
		50.9%	42.9%	62.8%	64.7%	56.3%	71.4%	60.0%		60.8%	58.7%	65.4%	50.0%	
														
No change		14	1	8	2	8	4	3		15	16	3	5	
		25.5%	14.3%	18.6%	11.8%	25.0%	14.3%	20.0%		19.0%	21.3%	11.5%	31.3%	
														
Less optimistic		13	3	8	4	6	4	3		16	15	6	3	
		23.6%	42.9%	18.6%	23.5%	18.8%	14.3%	20.0%		20.3%	20.0%	23.1%	18.8%	

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

13

Duke CFO Outlook Survey - 3rd Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
														
N		184		13	5	32	10	11	13	47	17	15	19	
Mean		69.34		52.69	75.00	68.75	70.50	70.00	75.38	70.43	72.35	67.18	69.74	
SD		19.90		27.74	20.92	17.81	19.92	17.03	14.06	20.56	13.59	25.35	18.17	
SE		1.47		7.69	9.35	3.15	6.30	5.13	3.90	3.00	3.30	6.54	4.17	
				cfghj		a			a	a	a		a	

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

14

Duke CFO Outlook Survey - 3rd Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
												
N		65	20	28	9	28	32		54	23	99	
Mean		69.43	70.25	70.07	71.67	70.74	66.31		66.62	70.48	70.55	
SD		19.70	20.44	17.90	12.99	22.75	21.86		22.13	20.49	18.82	
SE		2.44	4.57	3.38	4.33	4.30	3.86		3.01	4.27	1.89	

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

15

Duke CFO Outlook Survey - 3rd Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
									
N		56	31	10	16	10	13	36	
Mean		70.80	66.77	65.20	72.81	68.50	78.85	65.77	
SD		18.66	21.23	15.54	19.58	24.84	12.44	22.05	
SE		2.49	3.81	4.91	4.89	7.85	3.45	3.68	
				f			cg	f	

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

16

Duke CFO Outlook Survey - 3rd Quarter, 2004

2b. Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Rate your optimism about the financial prospects for your company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	
														
N		46	7	40	17	32	27	13		72	71	23	16	
Mean		69.26	61.43	66.75	74.29	69.44	70.56	72.08		67.94	69.44	72.64	71.56	
SD		21.06	19.73	20.62	17.40	21.28	18.05	20.34		18.91	19.59	24.69	19.98	
SE		3.11	7.46	3.26	4.22	3.76	3.47	5.64		2.23	2.32	5.15	4.99	

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

17

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
														
N		200		15	6	32	10	11	13	56	21	15	20	
Mean		2.78		2.79	2.99	2.76	2.43	2.61	2.69	2.94	2.76	2.77	2.66	
SD		1.10		1.90	1.05	1.32	0.48	0.82	0.81	1.14	0.69	0.92	0.93	
SE		0.08		0.49	0.43	0.23	0.15	0.25	0.23	0.15	0.15	0.24	0.21	

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

18

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
												
N		73	22	29	11	31	32		58	24	107	
Mean		2.61	2.61	3.36	2.95	2.84	2.69		2.75	2.54	2.83	
SD		0.92	1.73	1.07	0.72	1.12	0.92		1.07	1.35	0.97	
SE		0.11	0.37	0.20	0.22	0.20	0.16		0.14	0.27	0.09	
		C		Af			c					

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

19

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
									
N		64	31	11	16	12	16	36	
Mean		2.72	2.77	3.00	3.04	2.46	3.04	2.71	
SD		0.93	1.15	0.92	0.72	1.47	0.70	0.89	
SE		0.12	0.21	0.28	0.18	0.42	0.17	0.15	

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

20

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
														
N		55	7	43	17	33	28	15		80	75	26	16	
Mean		2.76	2.90	2.84	2.64	2.83	2.67	2.90		2.82	2.75	2.67	3.04	
SD		1.32	0.74	1.22	1.59	0.73	0.66	0.79		1.01	1.28	0.95	0.93	
SE		0.18	0.28	0.19	0.38	0.13	0.13	0.20		0.11	0.15	0.19	0.23	

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

21

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		196		14	6	31	10	11	13	54	21	15	20	
		98.0%		93.3%	100.0%	96.9%	100.0%	100.0%	100.0%	96.4%	100.0%	100.0%	100.0%	
														
Zero		1		0	0	0	0	0	0	1	0	0	0	
		0.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	0.0%	
														
Negative		3		1	0	1	0	0	0	1	0	0	0	
		1.5%		6.7%	0.0%	3.1%	0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	0.0%	

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

22

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		73	20	29	11	30	31		56	23	106	
		100.0%	90.9%	100.0%	100.0%	96.8%	96.9%		96.6%	95.8%	99.1%	
		b	a									
												
Zero		0	0	0	0	0	1		1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	3.1%		1.7%	0.0%	0.0%	
												
Negative		0	2	0	0	1	0		1	1	1	
		0.0%	9.1%	0.0%	0.0%	3.2%	0.0%		1.7%	4.2%	0.9%	
		b	a									

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

23

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		64	30	11	16	11	16	35	
		100.0%	96.8%	100.0%	100.0%	91.7%	100.0%	97.2%	
		e				a			
									
Zero		0	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.8%	
									
Negative		0	1	0	0	1	0	0	
		0.0%	3.2%	0.0%	0.0%	8.3%	0.0%	0.0%	
		e				a			

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

24

Duke CFO Outlook Survey - 3rd Quarter, 2004

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		54	7	41	16	33	28	15		79	72	26	16	
		98.2%	100.0%	95.3%	94.1%	100.0%	100.0%	100.0%		98.8%	96.0%	100.0%	100.0%	
														
Zero		0	0	1	0	0	0	0		0	1	0	0	
		0.0%	0.0%	2.3%	0.0%	0.0%	0.0%	0.0%		0.0%	1.3%	0.0%	0.0%	
														
Negative		1	0	1	1	0	0	0		1	2	0	0	
		1.8%	0.0%	2.3%	5.9%	0.0%	0.0%	0.0%		1.3%	2.7%	0.0%	0.0%	

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

25

Duke CFO Outlook Survey - 3rd Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
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:	
														
N		188		14	6	31	10	10	13	52	17	14	20	
Mean		3.29		3.43	4.17	2.84	2.15	3.55	2.90	3.45	3.65	3.73	3.19	
SD		3.25		4.49	3.37	3.25	4.38	2.61	2.36	2.83	3.41	2.50	4.12	
SE		0.24		1.20	1.38	0.58	1.39	0.82	0.65	0.39	0.83	0.67	0.92	
														
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
														
N		193		15	6	31	10	10	13	54	18	15	19	
Mean		7.31		7.73	6.67	7.11	7.75	7.10	6.04	7.49	6.83	7.19	8.21	
SD		2.21		2.19	2.34	1.90	1.87	2.31	1.86	2.10	2.94	2.06	2.56	
SE		0.16		0.56	0.95	0.34	0.59	0.73	0.52	0.29	0.69	0.53	0.59	
				f			f		adgj	f			f	
														
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:	
														
N		192		14	6	32	10	11	13	53	19	14	19	
Mean		10.38		10.82	8.83	10.32	11.50	9.55	8.77	10.60	9.49	10.34	12.08	
SD		3.38		3.55	3.17	3.25	2.51	4.38	2.74	2.81	4.67	2.96	3.60	
SE		0.24		0.95	1.30	0.57	0.79	1.32	0.76	0.39	1.07	0.79	0.83	
							f		dgJ	f			F	

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

26

Duke CFO Outlook Survey - 3rd Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
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:	
												
N		67	21	27	10	29	32		57	22	101	
Mean		3.56	2.30	3.20	3.50	3.41	3.15		3.14	2.80	3.45	
SD		3.67	4.14	2.82	1.96	1.70	3.50		2.80	2.37	3.71	
SE		0.45	0.90	0.54	0.62	0.32	0.62		0.37	0.51	0.37	
												
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
												
N		68	21	30	11	29	32		57	23	103	
Mean		7.17	6.90	7.05	7.09	7.72	7.84		7.74	7.15	7.16	
SD		2.42	2.50	1.86	2.80	1.72	2.06		2.03	2.13	2.37	
SE		0.29	0.55	0.34	0.84	0.32	0.36		0.27	0.45	0.23	
												
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:	
												
N		70	21	28	10	29	32		56	23	104	
Mean		9.81	10.88	9.81	10.35	11.16	11.25		11.35	10.15	10.14	
SD		3.52	3.95	2.77	4.26	3.58	2.50		2.83	3.48	3.56	
SE		0.42	0.86	0.52	1.35	0.66	0.44		0.38	0.72	0.35	
		f		f			ac		c		a	

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

27

Duke CFO Outlook Survey - 3rd Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
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:	
									
N		58	30	11	14	10	16	36	
Mean		3.41	2.78	4.55	3.68	3.80	2.19	3.74	
SD		3.47	4.60	2.16	2.07	1.81	3.69	2.41	
SE		0.46	0.84	0.65	0.55	0.57	0.92	0.40	
									
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
									
N		61	28	11	16	12	16	35	
Mean		7.16	7.11	7.55	6.90	7.54	7.38	7.93	
SD		2.27	2.70	2.33	2.21	2.04	2.09	1.97	
SE		0.29	0.51	0.70	0.55	0.59	0.52	0.33	
									
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:	
									
N		63	28	11	15	10	16	35	
Mean		9.79	10.42	10.36	10.32	10.45	11.03	11.37	
SD		3.44	4.27	3.26	2.93	3.21	3.30	2.88	
SE		0.43	0.81	0.98	0.76	1.02	0.82	0.49	
		g						a	

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

28

Duke CFO Outlook Survey - 3rd Quarter, 2004

4a. Over the next 10 years, I expect the average annual S&P 500 return will be:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
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:	
														
N		51	6	42	16	33	26	12		74	72	24	15	
Mean		3.30	1.17	3.02	3.84	4.15	2.61	3.46		3.52	2.95	3.08	3.57	
SD		2.76	2.48	4.53	2.89	1.73	3.38	3.49		3.31	3.23	3.43	2.67	
SE		0.39	1.01	0.70	0.72	0.30	0.66	1.01		0.38	0.38	0.70	0.69	
			E			Bf	e							
														
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
														
N		52	7	42	17	34	26	13		78	74	24	15	
Mean		6.81	5.43	7.61	7.59	7.49	7.46	7.98		7.61	6.84	7.52	7.63	
SD		2.34	1.90	1.98	2.63	2.04	2.21	2.10		2.20	2.19	2.29	2.16	
SE		0.32	0.72	0.31	0.64	0.35	0.43	0.58		0.25	0.25	0.47	0.56	
			Cefg	B		b	b	b		b	a			
														
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:	
														
N		51	7	42	17	33	26	14		75	74	25	16	
Mean		9.50	8.83	11.15	11.72	10.22	10.62	10.21		10.77	9.94	10.52	10.55	
SD		3.20	3.67	2.78	4.54	3.26	3.02	4.22		3.11	3.42	3.75	4.00	
SE		0.45	1.39	0.43	1.10	0.57	0.59	1.13		0.36	0.40	0.75	1.00	
		Cd		A	a									

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

29

Duke CFO Outlook Survey - 3rd Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
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:	
														
N		184		13	6	29	9	10	13	52	17	14	20	
Mean		0.52		-1.00	3.00	-0.45	-2.67	2.90	-0.52	0.85	0.94	2.04	0.57	
SD		5.38		7.26	3.58	5.67	8.40	4.05	5.78	4.89	5.41	2.66	5.08	
SE		0.40		2.01	1.46	1.05	2.80	1.28	1.60	0.68	1.31	0.71	1.14	
														
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
														
N		191		13	6	30	10	10	13	55	18	14	20	
Mean		6.81		6.08	5.83	6.62	5.60	7.32	5.15	7.86	7.50	6.70	6.09	
SD		3.54		4.55	2.14	3.56	3.47	2.61	2.61	3.83	3.56	2.25	3.71	
SE		0.26		1.26	0.87	0.65	1.10	0.82	0.72	0.52	0.84	0.60	0.83	
									g	f				
														
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:	
														
N		186		12	6	30	9	11	13	50	20	14	20	
Mean		10.79		11.33	9.83	11.63	10.22	9.55	9.60	11.54	9.70	11.32	10.30	
SD		4.58		5.61	5.67	5.37	2.17	3.21	4.28	4.44	5.25	4.78	3.43	
SE		0.34		1.62	2.32	0.98	0.72	0.97	1.19	0.63	1.17	1.28	0.77	

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

30

Duke CFO Outlook Survey - 3rd Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
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:	
												
N		68	21	26	9	29	29		54	21	101	
Mean		0.82	-2.57	1.87	3.17	-0.81	0.98		0.63	1.05	0.26	
SD		5.21	7.16	3.97	3.64	5.68	4.71		5.11	4.87	5.78	
SE		0.63	1.56	0.78	1.21	1.05	0.88		0.69	1.06	0.57	
		b	aCdf	B	b		b					
												
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
												
N		68	19	29	11	30	32		58	22	101	
Mean		6.46	6.82	7.15	7.59	7.00	6.81		7.22	7.10	6.60	
SD		3.11	3.59	3.18	5.98	4.12	3.37		3.87	2.67	3.52	
SE		0.38	0.82	0.59	1.80	0.75	0.60		0.51	0.57	0.35	
												
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:	
												
N		72	21	27	10	24	30		53	20	104	
Mean		9.93	12.61	10.11	12.65	11.01	11.62		12.00	10.82	10.31	
SD		4.31	5.75	3.59	5.67	4.72	4.31		4.49	3.35	4.82	
SE		0.51	1.25	0.69	1.79	0.96	0.79		0.62	0.75	0.47	
		b	a						c		a	

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

31

Duke CFO Outlook Survey - 3rd Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
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:	
									
N		61	29	9	14	10	16	33	
Mean		0.29	-0.02	2.22	0.29	0.85	1.44	0.62	
SD		5.75	6.08	4.68	6.04	6.10	3.60	5.22	
SE		0.74	1.13	1.56	1.62	1.93	0.90	0.91	
									
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
									
N		60	28	11	15	12	16	36	
Mean		6.53	6.57	6.18	6.45	7.83	7.50	7.01	
SD		3.27	3.37	4.45	2.53	5.06	4.29	3.70	
SE		0.42	0.64	1.34	0.65	1.46	1.07	0.62	
									
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:	
									
N		63	31	10	14	9	14	32	
Mean		10.24	10.73	10.02	9.71	12.28	12.43	11.53	
SD		4.53	5.48	3.95	3.41	6.00	5.29	4.07	
SE		0.57	0.98	1.25	0.91	2.00	1.41	0.72	

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

32

Duke CFO Outlook Survey - 3rd Quarter, 2004

4b. During the next year, I expect the S&P 500 return will be:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
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:	
														
N		49	6	41	15	33	26	12		75	69	22	15	
Mean		2.19	-0.67	-0.71	0.00	0.92	-1.52	2.50		0.29	0.32	0.84	1.20	
SD		3.48	3.20	6.37	5.95	5.90	6.19	2.07		5.66	5.68	3.94	4.72	
SE		0.50	1.31	1.00	1.54	1.03	1.21	0.60		0.65	0.68	0.84	1.22	
		CF	g	A			Ag	bf						
														
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
														
N		51	6	42	16	34	27	13		79	70	25	14	
Mean		6.45	5.00	7.30	6.78	7.55	5.91	7.69		6.84	6.83	6.34	7.21	
SD		3.41	2.83	4.30	3.45	3.14	2.72	4.23		3.75	3.39	3.45	3.56	
SE		0.48	1.15	0.66	0.86	0.54	0.52	1.17		0.42	0.41	0.69	0.95	
						f	e							
														
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:	
														
N		49	7	41	15	32	26	14		74	69	24	16	
Mean		9.96	7.07	12.26	11.02	11.55	10.13	10.91		10.83	10.63	10.90	11.46	
SD		4.42	4.32	4.91	3.53	4.70	3.88	5.15		4.31	4.81	4.50	5.21	
SE		0.63	1.63	0.77	0.91	0.83	0.76	1.38		0.50	0.58	0.92	1.30	
		c	cde	ab	b	b								

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

33

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Prices of your products	
														
N		160		15	5	30	10	11	11	31	20	13	12	
Mean		2.29		4.02	6.93	1.55	2.60	4.27	0.42	0.95	2.10	3.77	1.63	
SD		4.29		5.36	4.32	3.07	4.60	6.69	5.59	3.84	2.77	3.17	3.99	
SE		0.34		1.38	1.93	0.56	1.45	2.02	1.69	0.69	0.62	0.88	1.15	
				g	CfGHj	Bi			b	aBi	B	cg	b	
														
Productivity (output per hour worked)	
														
N		134		12	3	27	8	8	7	26	16	13	12	
Mean		4.08		4.50	5.50	4.63	1.13	8.49	4.29	4.42	2.00	2.78	4.92	
SD		4.70		3.71	4.27	4.68	2.95	7.77	2.56	5.71	1.67	2.82	5.55	
SE		0.41		1.07	2.47	0.90	1.04	2.75	0.97	1.12	0.42	0.78	1.60	
				dh	h	h	aef	dHi	dh		abcEf	e		
														
Overtime	
														
N		133		13	4	26	7	8	6	26	17	12	12	
Mean		1.33		1.05	2.75	1.25	-1.71	2.02	2.50	1.49	1.00	1.56	1.81	
SD		4.75		6.05	1.71	6.41	3.73	4.76	4.18	3.66	2.50	5.31	5.50	
SE		0.41		1.68	0.85	1.26	1.41	1.68	1.71	0.72	0.61	1.53	1.59	
							gh			d	d			

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

34

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Prices of your products	
												
N		55	19	27	8	26	24		44	20	87	
Mean		2.85	0.63	2.51	2.13	2.86	1.40		1.81	3.06	2.28	
SD		4.40	3.77	3.61	2.17	5.08	4.69		4.74	5.43	3.90	
SE		0.59	0.87	0.69	0.77	1.00	0.96		0.71	1.21	0.42	
												
Productivity (output per hour worked)	
												
N		44	16	21	7	25	21		40	17	70	
Mean		5.23	2.63	3.72	3.29	3.62	3.95		3.12	6.06	4.17	
SD		5.93	3.10	3.43	1.25	4.39	4.85		3.69	6.77	4.69	
SE		0.89	0.77	0.75	0.47	0.88	1.06		0.58	1.64	0.56	
									b	a		
												
Overtime	
												
N		44	16	22	6	24	21		40	17	71	
Mean		1.65	1.73	2.18	0.83	0.23	0.90		0.63	1.52	1.78	
SD		4.98	5.41	5.07	0.98	4.24	4.79		4.05	5.05	5.14	
SE		0.75	1.35	1.08	0.40	0.86	1.05		0.64	1.22	0.61	

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

35

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Prices of your products	
									
N		44	28	11	14	10	15	25	
Mean		3.16	0.75	2.33	3.05	2.80	3.15	1.38	
SD		4.11	4.28	5.36	5.40	2.49	5.91	3.21	
SE		0.62	0.81	1.62	1.44	0.79	1.53	0.64	
		b	a						
									
Productivity (output per hour worked)	
									
N		34	25	7	11	10	12	23	
Mean		5.00	4.48	4.29	4.45	4.10	2.58	3.35	
SD		6.01	5.76	3.68	6.34	3.07	2.11	2.21	
SE		1.03	1.15	1.39	1.91	0.97	0.61	0.46	
									
Overtime	
									
N		34	25	9	12	8	13	21	
Mean		1.43	2.39	1.97	2.75	1.00	1.31	0.21	
SD		4.96	5.18	6.53	4.65	5.63	1.93	4.45	
SE		0.85	1.04	2.18	1.34	1.99	0.54	0.97	

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

36

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Prices of your products	
														
N		36	6	36	13	32	21	14		57	64	22	14	
Mean		1.50	4.11	1.71	0.16	3.64	3.37	2.47		2.63	2.42	2.68	-0.78	
SD		2.68	5.43	2.79	5.33	4.59	6.44	4.06		3.64	4.73	3.67	5.08	
SE		0.45	2.22	0.47	1.48	0.81	1.41	1.08		0.48	0.59	0.78	1.36	
		e		e	e	acd				D	d	d	Abc	
														
Productivity (output per hour worked)	
														
N		33	5	29	10	25	21	10		50	51	18	12	
Mean		3.85	4.00	3.86	2.70	3.10	5.19	7.19		2.42	4.74	4.86	7.57	
SD		3.63	3.46	3.81	3.23	4.01	5.86	8.95		3.35	4.65	4.58	7.44	
SE		0.63	1.55	0.71	1.02	0.80	1.28	2.83		0.47	0.65	1.08	2.15	
										BcD	A	a	A	
														
Overtime	
														
N		33	6	29	12	26	17	9		48	54	18	10	
Mean		1.64	-2.80	2.36	-1.17	0.35	3.27	2.00		0.05	2.12	1.25	2.50	
SD		4.43	4.64	4.20	4.24	4.39	6.45	3.50		4.33	5.19	2.65	6.19	
SE		0.77	1.89	0.78	1.22	0.86	1.56	1.17		0.62	0.71	0.62	1.96	
		b	acfg	bd	cf		bd	b		b	a			

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

37

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Advertising/Marketing Spending	
														
N		144		15	4	23	7	9	11	32	19	12	10	
Mean		6.25		7.43	1.50	4.91	2.57	14.20	6.09	6.95	4.78	6.29	6.40	
SD		7.68		4.43	1.73	6.67	4.43	13.75	6.09	7.51	7.86	6.08	10.47	
SE		0.64		1.14	0.87	1.39	1.67	4.58	1.84	1.33	1.80	1.76	3.31	
				bd	a	e	a	cgh		e	e			
														
Health care costs	
														
N		162		14	5	28	9	11	10	38	18	12	15	
Mean		9.92		11.14	11.09	9.82	7.56	8.91	12.00	9.29	10.94	11.70	8.83	
SD		4.85		4.33	5.83	5.16	4.10	5.75	4.42	4.75	4.80	4.16	4.93	
SE		0.38		1.16	2.61	0.97	1.37	1.73	1.40	0.77	1.13	1.20	1.27	
							fi		d			d		
														
Inventory	
														
N		107		15	4	25	6	6	6	15	11	11	6	
Mean		1.54		3.72	1.50	1.32	1.33	3.15	0.17	0.66	2.27	0.91	-1.30	
SD		6.22		9.00	3.11	7.01	2.16	7.72	3.19	5.68	5.12	3.96	8.22	
SE		0.60		2.32	1.55	1.40	0.88	3.15	1.30	1.47	1.54	1.19	3.36	

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

38

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Advertising/Marketing Spending	
												
N		50	17	22	8	23	24		42	19	77	
Mean		8.17	8.18	4.09	7.31	3.02	5.60		4.51	9.67	6.48	
SD		9.86	8.41	4.12	3.81	4.19	6.87		5.42	11.74	7.51	
SE		1.39	2.04	0.88	1.35	0.87	1.40		0.84	2.69	0.86	
		e	e		e	abd			b	a		
												
Health care costs	
												
N		56	20	26	7	26	26		46	21	87	
Mean		10.69	11.57	10.65	10.29	7.42	8.67		8.74	10.50	10.47	
SD		5.49	4.81	3.87	1.80	4.12	4.72		4.47	5.17	4.92	
SE		0.73	1.08	0.76	0.68	0.81	0.93		0.66	1.13	0.53	
		E	Ef	E		ABC	b		c		a	
												
Inventory	
												
N		33	12	19	6	18	19		34	11	56	
Mean		1.60	0.50	2.16	-0.33	1.83	1.78		0.70	1.81	1.89	
SD		6.31	3.94	7.94	1.51	5.71	7.10		4.57	7.80	6.70	
SE		1.10	1.14	1.82	0.61	1.35	1.63		0.78	2.35	0.90	

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

39

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Advertising/Marketing Spending	
									
N		42	23	9	13	9	12	25	
Mean		8.73	5.48	5.11	3.62	4.72	6.58	4.76	
SD		9.88	7.20	4.73	7.75	4.75	5.53	4.46	
SE		1.52	1.50	1.58	2.15	1.58	1.60	0.89	
									
Health care costs	
									
N		47	28	10	15	8	13	29	
Mean		10.28	11.12	11.04	9.66	9.75	8.23	8.66	
SD		5.42	5.06	5.91	4.01	2.43	4.23	3.94	
SE		0.79	0.96	1.87	1.04	0.86	1.17	0.73	
			g					b	
									
Inventory	
									
N		23	21	8	9	7	10	18	
Mean		1.04	1.10	4.36	4.87	1.57	1.69	0.11	
SD		6.00	5.96	8.97	8.06	5.26	6.52	4.03	
SE		1.25	1.30	3.17	2.69	1.99	2.06	0.95	
					g			d	

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

40

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Advertising/Marketing Spending	
														
N		37	5	31	13	27	19	10		53	58	17	13	
Mean		5.28	8.40	4.63	9.02	6.85	6.10	9.20		5.71	6.63	4.56	9.15	
SD		6.23	8.53	4.88	11.52	7.77	9.90	9.21		7.74	7.96	5.17	9.39	
SE		1.02	3.82	0.88	3.19	1.50	2.27	2.91		1.06	1.05	1.25	2.60	
				g				c						
														
Health care costs	
														
N		41	7	36	13	30	23	10		61	65	20	13	
Mean		10.44	10.43	10.86	9.34	9.90	8.85	8.14		10.33	10.20	8.60	7.65	
SD		4.90	4.54	4.54	5.49	4.20	4.84	6.81		4.86	4.31	3.99	6.34	
SE		0.76	1.72	0.76	1.52	0.77	1.01	2.15		0.62	0.53	0.89	1.76	
														
Inventory	
														
N		27	6	28	7	18	11	9		37	42	15	10	
Mean		1.96	0.67	1.10	-1.00	0.34	1.45	6.64		0.41	1.81	2.67	3.08	
SD		5.46	9.46	5.32	5.03	5.97	7.02	8.19		4.60	6.62	6.26	9.96	
SE		1.05	3.86	1.01	1.90	1.41	2.12	2.73		0.76	1.02	1.62	3.15	
				g	g	g		cde						

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

41

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number of employees	
														
N		174		15	5	29	10	10	13	41	18	14	17	
Mean		6.62		10.10	9.00	5.61	9.27	4.70	6.62	8.16	2.39	6.93	5.50	
SD		14.66		27.55	11.94	15.77	23.27	7.69	6.86	13.49	3.91	13.29	12.11	
SE		1.11		7.11	5.34	2.93	7.36	2.43	1.90	2.11	0.92	3.55	2.94	
					h				h		bf			
														
Wages/Salaries	
														
N		175		15	5	29	10	10	13	41	19	13	18	
Mean		4.35		3.55	2.10	4.01	3.75	7.42	3.92	5.04	3.21	4.78	4.67	
SD		3.43		1.44	3.97	2.99	0.89	5.28	2.75	3.83	2.64	3.86	3.96	
SE		0.26		0.37	1.78	0.55	0.28	1.67	0.76	0.60	0.60	1.07	0.93	
				e		e	e	acdH			E			
														
M & A activity	
														
N		111		9	2	21	9	9	7	24	11	11	6	
Mean		12.19		11.88	0.00	15.04	17.33	25.89	20.28	7.87	7.27	11.18	0.83	
SD		23.71		25.97	0.00	26.31	33.84	33.10	31.53	16.46	15.55	23.32	1.33	
SE		2.25		8.66	0.00	5.74	11.28	11.03	11.92	3.36	4.69	7.03	0.54	
								g		e				

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

42

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number of employees	
												
N		62	22	27	9	28	25		47	22	97	
Mean		7.59	10.82	6.17	10.41	3.75	2.92		4.33	8.12	6.87	
SD		14.77	21.29	15.19	24.37	6.26	7.65		12.01	15.80	14.26	
SE		1.88	4.54	2.92	8.12	1.18	1.53		1.75	3.37	1.45	
												
Wages/Salaries	
												
N		65	21	24	9	28	27		49	21	98	
Mean		4.99	4.79	3.36	3.44	3.52	4.49		3.95	5.64	4.41	
SD		4.53	3.25	1.21	0.85	2.20	3.25		1.84	4.87	3.61	
SE		0.56	0.71	0.25	0.28	0.42	0.62		0.26	1.06	0.36	
									b	a		
												
M & A activity	
												
N		30	14	17	6	21	23		37	17	52	
Mean		11.73	19.99	12.64	17.33	11.43	7.04		9.65	34.81	7.54	
SD		24.52	32.55	23.98	31.17	20.90	16.77		22.23	30.64	19.00	
SE		4.48	8.70	5.82	12.73	4.56	3.50		3.65	7.43	2.63	
									B	AC	B	

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

43

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number of employees	
									
N		52	31	11	16	11	14	27	
Mean		7.88	7.77	2.23	5.06	2.27	9.05	1.93	
SD		14.87	15.55	8.41	6.73	2.97	20.13	4.43	
SE		2.06	2.79	2.53	1.68	0.90	5.38	0.85	
		g						a	
									
Wages/Salaries	
									
N		54	30	11	14	10	15	29	
Mean		5.34	3.82	3.32	3.62	4.20	4.37	4.04	
SD		4.75	2.02	0.93	1.14	2.21	3.01	2.33	
SE		0.65	0.37	0.28	0.30	0.70	0.78	0.43	
									
M & A activity	
									
N		24	18	6	10	6	12	24	
Mean		12.42	14.27	20.83	9.40	21.49	16.83	5.54	
SD		22.99	29.88	33.23	24.89	34.53	24.49	10.73	
SE		4.69	7.04	13.57	7.87	14.10	7.07	2.19	

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

44

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number of employees	
														
N		44	6	37	16	33	24	13		67	69	21	14	
Mean		6.37	0.83	6.37	8.61	5.71	8.49	7.92		6.80	7.11	5.52	6.36	
SD		16.51	3.54	14.11	18.53	12.19	14.81	15.35		14.70	16.55	12.82	7.93	
SE		2.49	1.45	2.32	4.63	2.12	3.02	4.26		1.80	1.99	2.80	2.12	
														
Wages/Salaries	
														
N		45	7	38	15	33	23	12		69	68	22	13	
Mean		4.10	2.86	3.89	4.85	4.10	5.93	4.92		4.36	4.55	4.00	4.15	
SD		2.22	1.21	2.50	3.87	4.05	4.86	4.60		3.54	3.37	3.12	4.20	
SE		0.33	0.46	0.41	1.00	0.70	1.01	1.33		0.43	0.41	0.67	1.16	
		f		f			ac							
														
M & A activity	
														
N		28	4	26	10	17	16	9		38	48	13	11	
Mean		3.39	1.50	9.65	37.79	19.64	13.75	7.44		12.23	15.62	2.31	9.64	
SD		6.49	2.38	20.01	32.55	34.02	27.39	9.55		26.37	25.89	4.39	15.34	
SE		1.23	1.19	3.92	10.29	8.25	6.85	3.18		4.28	3.74	1.22	4.62	
		De		D	ACg	a		d						

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

45

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Dividends	
														
N		61		5	3	10	6	5	3	16	3	5	4	
Mean		4.04		3.22	9.38	3.82	3.33	0.00	5.33	4.94	0.00	5.80	4.75	
SD		5.42		6.60	9.54	6.62	6.06	0.00	8.39	3.58	0.00	4.38	7.09	
SE		0.69		2.95	5.51	2.09	2.47	0.00	4.84	0.90	0.00	1.96	3.54	
														
Technology spending	
														
N		155		12	4	24	9	10	12	41	16	12	13	
Mean		6.78		5.22	6.75	5.35	2.73	6.41	8.46	8.90	5.75	7.00	7.63	
SD		7.39		7.23	3.77	7.41	6.51	10.12	7.82	7.65	5.04	6.81	8.36	
SE		0.59		2.09	1.89	1.51	2.17	3.20	2.26	1.19	1.26	1.97	2.32	
							g			d				
														
Capital spending	
														
N		151		14	4	28	9	10	11	33	15	12	13	
Mean		5.94		5.10	5.50	6.56	3.52	8.73	9.55	6.23	4.00	4.67	5.37	
SD		10.79		14.31	6.66	11.29	14.44	16.23	10.20	9.05	4.00	6.21	14.34	
SE		0.88		3.82	3.33	2.13	4.81	5.13	3.08	1.58	1.03	1.79	3.98	

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

46

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Dividends	
												
N		4	1	8	6	18	24		42	12	0	
Mean		0.25	0.00	3.69	4.75	5.17	3.93		4.01	4.76	---	
SD		0.50	---	3.65	6.06	6.38	5.48		5.04	6.96	---	
SE		0.25	---	1.29	2.48	1.50	1.12		0.78	2.01	---	
												
Technology spending	
												
N		54	18	22	9	27	25		46	17	85	
Mean		8.97	5.88	4.68	7.39	5.11	6.14		5.47	8.60	7.29	
SD		8.47	9.04	4.66	4.69	6.14	6.92		6.80	7.24	7.85	
SE		1.15	2.13	0.99	1.56	1.18	1.38		1.00	1.76	0.85	
		ce		a		a						
												
Capital spending	
												
N		51	18	24	8	26	24		43	19	82	
Mean		6.82	5.27	7.88	3.00	5.52	4.08		4.22	11.68	5.48	
SD		12.11	13.10	7.36	4.41	11.00	10.43		9.90	12.23	10.38	
SE		1.70	3.09	1.50	1.56	2.16	2.13		1.51	2.81	1.15	
									b	ac	b	

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

47

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Dividends	
									
N		3	0	2	9	7	11	24	
Mean		0.33	---	7.50	3.61	5.93	2.56	4.13	
SD		0.58	---	10.61	4.12	5.33	6.31	4.77	
SE		0.33	---	7.50	1.37	2.01	1.90	0.97	
									
Technology spending	
									
N		45	29	8	13	11	14	26	
Mean		9.25	6.43	8.75	4.66	6.09	5.29	5.23	
SD		8.51	8.49	4.43	6.98	5.13	7.39	5.95	
SE		1.27	1.58	1.57	1.94	1.55	1.98	1.17	
		g						a	
									
Capital spending	
									
N		41	29	8	13	9	14	25	
Mean		7.17	5.26	14.28	7.46	0.22	4.86	3.48	
SD		12.88	10.10	13.89	10.23	8.32	10.39	7.01	
SE		2.01	1.88	4.91	2.84	2.77	2.78	1.40	
			c	beG		c		C	

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

48

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Dividends	
														
N		17	0	13	7	8	8	7		16	22	15	7	
Mean		3.24	---	2.24	6.64	6.33	5.02	3.43		6.69	2.55	2.87	5.59	
SD		3.95	---	3.44	5.51	7.41	8.06	5.59		5.29	4.83	3.98	8.39	
SE		0.96	---	0.95	2.08	2.62	2.85	2.11		1.32	1.03	1.03	3.17	
				d	c					bc	a	a		
														
Technology spending	
														
N		41	5	34	13	26	23	12		57	61	20	14	
Mean		6.36	6.60	6.01	8.15	8.03	6.25	7.67		7.77	5.46	6.75	8.76	
SD		6.36	7.70	7.85	6.49	8.45	8.49	6.89		8.24	6.77	6.32	7.82	
SE		0.99	3.44	1.35	1.80	1.66	1.77	1.99		1.09	0.87	1.41	2.09	
														
Capital spending	
														
N		37	7	33	13	26	23	11		55	60	20	13	
Mean		6.42	5.29	6.77	5.36	6.29	5.11	4.15		5.18	6.76	3.94	9.00	
SD		9.03	4.72	12.49	10.21	11.98	10.40	14.38		9.05	12.04	12.52	10.06	
SE		1.49	1.78	2.17	2.83	2.35	2.17	4.33		1.22	1.55	2.80	2.79	

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

49

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Earnings	
														
N		161		14	5	25	9	11	12	42	17	13	11	
Mean		12.76		8.39	3.60	13.80	19.84	14.02	27.98	11.74	7.41	11.01	12.96	
SD		17.96		24.15	8.93	19.55	24.13	20.46	28.63	11.42	7.10	13.38	18.87	
SE		1.42		6.46	3.99	3.91	8.04	6.17	8.26	1.76	1.72	3.71	5.69	
									GH	F	F			
														
Revenues	
														
N		167		15	5	26	10	10	12	41	18	13	15	
Mean		13.34		11.59	6.60	10.78	15.92	25.02	22.18	12.59	9.89	15.40	10.80	
SD		15.46		12.01	4.67	15.83	21.76	25.02	20.23	11.97	8.86	19.19	12.20	
SE		1.20		3.10	2.09	3.10	6.88	7.91	5.84	1.87	2.09	5.32	3.15	
						e		cgh	gh	ef	ef			
														
Number of foreign/off-shore outsourced employees	
														
N		108		13	4	18	6	6	8	23	11	10	7	
Mean		5.12		5.38	10.00	6.17	-1.17	4.50	18.08	3.17	0.55	7.86	1.86	
SD		12.23		14.06	20.00	12.17	12.50	7.84	21.58	6.07	1.51	16.49	2.41	
SE		1.18		3.90	10.00	2.87	5.10	3.20	7.63	1.27	0.45	5.22	0.91	
									Gh	F	f			

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

50

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Earnings	
												
N		55	17	26	9	27	26		45	21	86	
Mean		9.79	14.10	17.64	10.33	15.54	12.13		14.45	21.30	10.91	
SD		16.91	24.21	22.46	8.50	16.93	13.03		14.57	21.05	18.77	
SE		2.28	5.87	4.40	2.83	3.26	2.55		2.17	4.59	2.02	
										c	b	
												
Revenues	
												
N		56	21	26	9	28	26		48	21	90	
Mean		16.69	18.98	10.38	8.67	10.79	9.38		9.69	19.67	14.52	
SD		18.09	25.37	8.06	3.97	10.63	7.89		8.61	17.97	17.31	
SE		2.42	5.54	1.58	1.32	2.01	1.55		1.24	3.92	1.82	
									B	A		
												
Number of foreign/off-shore outsourced employees	
												
N		30	13	18	6	21	20		35	13	54	
Mean		3.13	0.15	10.03	1.83	4.24	8.83		5.73	6.85	2.99	
SD		9.90	0.55	19.05	15.69	8.79	12.54		10.12	14.21	10.96	
SE		1.81	0.15	4.49	6.41	1.92	2.80		1.71	3.94	1.49	
			f				b					

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

51

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Earnings	
									
N		46	26	9	16	11	14	27	
Mean		13.47	5.82	18.95	21.36	9.82	20.61	9.96	
SD		18.05	18.58	26.06	27.43	7.69	19.42	5.41	
SE		2.66	3.64	8.69	6.86	2.32	5.19	1.04	
			df		bg		bg	df	
									
Revenues	
									
N		47	29	10	15	11	15	27	
Mean		17.34	16.15	8.80	13.27	8.27	11.00	8.85	
SD		18.27	20.17	5.75	12.01	7.16	7.77	8.89	
SE		2.66	3.75	1.82	3.10	2.16	2.01	1.71	
		g						a	
									
Number of foreign/off-shore outsourced employees	
									
N		25	17	7	12	8	9	21	
Mean		1.56	4.24	3.95	7.92	5.00	3.67	6.93	
SD		4.80	12.12	23.40	15.05	8.02	6.50	11.45	
SE		0.96	2.94	8.84	4.34	2.83	2.17	2.50	
		g						a	

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

52

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Earnings	
														
N		43	7	31	15	29	21	13		62	64	20	12	
Mean		10.70	4.71	10.34	21.24	14.68	15.07	13.01		9.62	15.03	16.33	14.05	
SD		17.44	9.14	19.88	20.27	19.08	14.01	19.06		15.79	19.22	19.83	18.93	
SE		2.66	3.46	3.57	5.23	3.54	3.06	5.29		2.01	2.40	4.43	5.46	
														
Revenues	
														
N		44	7	34	14	31	24	12		62	69	21	12	
Mean		10.84	9.86	10.11	17.58	15.14	18.59	14.42		12.86	13.63	13.43	16.43	
SD		15.33	7.13	9.35	18.47	18.99	16.99	15.57		16.93	14.10	13.16	20.90	
SE		2.31	2.69	1.60	4.94	3.41	3.47	4.49		2.15	1.70	2.87	6.03	
				f			c							
														
Number of foreign/off-shore outsourced employees	
														
N		29	4	26	8	16	16	8		36	43	17	11	
Mean		6.50	2.50	1.96	-1.50	6.81	5.38	15.45		0.61	5.99	10.80	8.45	
SD		13.27	5.00	4.19	9.97	15.47	12.69	17.77		5.83	13.18	17.96	9.32	
SE		2.46	2.50	0.82	3.53	3.87	3.17	6.28		0.97	2.01	4.35	2.81	
				G	g			Cd		bCD	a	A	A	

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

53

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
R&D spending	
														
N		111		7	4	24	6	7	12	19	11	12	7	
Mean		4.50		5.71	3.75	2.21	0.83	8.43	9.33	1.16	1.36	13.30	2.43	
SD		8.99		9.32	4.35	4.39	2.04	9.88	7.76	2.59	2.98	19.82	5.26	
SE		0.85		3.52	2.17	0.90	0.83	3.73	2.24	0.59	0.90	5.72	1.99	
						eFi	f	cGh	CdGH	EFi	eF	cg		

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

54

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
R&D spending	
												
N		37	10	17	7	20	20		35	17	53	
Mean		7.56	7.56	2.76	6.57	0.47	2.10		1.19	5.82	6.42	
SD		11.10	16.51	3.19	7.66	3.61	3.91		4.08	6.59	11.56	
SE		1.82	5.22	0.77	2.89	0.81	0.87		0.69	1.60	1.59	
		Ef			E	AD	a		Bc	A	a	

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

55

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
R&D spending	
									
N		31	16	6	10	9	13	18	
Mean		8.86	6.85	4.50	0.70	3.56	-0.38	2.19	
SD		11.92	13.18	4.09	1.16	4.75	3.62	4.00	
SE		2.14	3.30	1.67	0.37	1.58	1.00	0.94	
		dFg		df	ac	f	Ace	a	

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

56

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for:

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
R&D spending	
														
N		30	2	26	6	19	18	9		33	46	17	13	
Mean		6.17	1.00	1.46	3.00	7.92	3.72	4.11		5.44	2.96	3.62	8.51	
SD		11.39	1.41	4.24	4.69	13.42	5.59	4.99		11.19	5.61	6.39	14.22	
SE		2.08	1.00	0.83	1.91	3.08	1.32	1.66		1.95	0.83	1.55	3.94	
				e		c					d		b	

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

57

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		98		12	5	19	6	8	2	15	9	11	9	
		61.3%		80.0%	100.0%	63.3%	60.0%	72.7%	18.2%	48.4%	45.0%	84.6%	75.0%	
				Fgh	Fgh	f		f	ABceIj	abi	abi	Fgh	f	
														
Zero		43		2	0	4	3	1	6	13	10	2	2	
		26.9%		13.3%	0.0%	13.3%	30.0%	9.1%	54.5%	41.9%	50.0%	15.4%	16.7%	
				fh		FgH		fh	aCe	c	aCe			
														
Negative		19		1	0	7	1	2	3	3	1	0	1	
		11.9%		6.7%	0.0%	23.3%	10.0%	18.2%	27.3%	9.7%	5.0%	0.0%	8.3%	

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

58

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		30	10	21	6	16	14		28	14	49	
		54.5%	52.6%	77.8%	75.0%	61.5%	58.3%		63.6%	70.0%	56.3%	
		c		a								
												
Zero		22	5	4	1	8	3		7	3	32	
		40.0%	26.3%	14.8%	12.5%	30.8%	12.5%		15.9%	15.0%	36.8%	
		cf		a			a		c		a	
												
Negative		3	4	2	1	2	7		9	3	6	
		5.5%	21.1%	7.4%	12.5%	7.7%	29.2%		20.5%	15.0%	6.9%	
		bF	a	f			Ac		c		a	

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

59

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		24	15	7	11	7	11	15	
		54.5%	53.6%	63.6%	78.6%	70.0%	73.3%	60.0%	
									
Zero		19	8	2	2	2	2	5	
		43.2%	28.6%	18.2%	14.3%	20.0%	13.3%	20.0%	
		f					a		
									
Negative		1	5	2	1	1	2	5	
		2.3%	17.9%	18.2%	7.1%	10.0%	13.3%	20.0%	
		bcg	a	a				a	

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

60

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Prices of your products

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		18	5	22	6	22	12	12		35	41	14	5	
		50.0%	83.3%	61.1%	46.2%	68.8%	57.1%	85.7%		61.4%	64.1%	63.6%	35.7%	
		g			g			ad						
														
Zero		16	1	8	4	9	5	0		20	16	4	3	
		44.4%	16.7%	22.2%	30.8%	28.1%	23.8%	0.0%		35.1%	25.0%	18.2%	21.4%	
		cG		a	g	g		Ade						
														
Negative		2	0	6	3	1	4	2		2	7	4	6	
		5.6%	0.0%	16.7%	23.1%	3.1%	19.0%	14.3%		3.5%	10.9%	18.2%	42.9%	
					e	d				cD	D	a	AB	

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

61

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		107		10	3	26	5	7	6	19	11	9	10	
		79.9%		83.3%	100.0%	96.3%	62.5%	87.5%	85.7%	73.1%	68.8%	69.2%	83.3%	
						dghi	c			c	c	c		
														
Zero		24		2	0	1	2	1	1	5	5	4	2	
		17.9%		16.7%	0.0%	3.7%	25.0%	12.5%	14.3%	19.2%	31.3%	30.8%	16.7%	
						hi					c	c		
														
Negative		3		0	0	0	1	0	0	2	0	0	0	
		2.2%		0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	7.7%	0.0%	0.0%	0.0%	

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

62

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		31	12	19	7	21	17		33	15	52	
		70.5%	75.0%	90.5%	100.0%	84.0%	81.0%		82.5%	88.2%	74.3%	
												
Zero		12	3	2	0	4	3		6	1	17	
		27.3%	18.8%	9.5%	0.0%	16.0%	14.3%		15.0%	5.9%	24.3%	
												
Negative		1	1	0	0	0	1		1	1	1	
		2.3%	6.3%	0.0%	0.0%	0.0%	4.8%		2.5%	5.9%	1.4%	

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

63

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		24	19	6	10	9	8	22	
		70.6%	76.0%	85.7%	90.9%	90.0%	66.7%	95.7%	
		g					g	af	
									
Zero		9	5	1	1	1	4	0	
		26.5%	20.0%	14.3%	9.1%	10.0%	33.3%	0.0%	
		G	g				G	AbF	
									
Negative		1	1	0	0	0	0	1	
		2.9%	4.0%	0.0%	0.0%	0.0%	0.0%	4.3%	

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

64

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Productivity (output per hour worked)

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		25	5	26	6	19	18	7		35	43	16	11	
		75.8%	100.0%	89.7%	60.0%	76.0%	85.7%	70.0%		70.0%	84.3%	88.9%	91.7%	
				d	c									
														
Zero		8	0	1	4	6	2	3		13	7	2	1	
		24.2%	0.0%	3.4%	40.0%	24.0%	9.5%	30.0%		26.0%	13.7%	11.1%	8.3%	
		c		aDeg	C	c		c						
														
Negative		0	0	2	0	0	1	0		2	1	0	0	
		0.0%	0.0%	6.9%	0.0%	0.0%	4.8%	0.0%		4.0%	2.0%	0.0%	0.0%	

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

65

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		49		6	4	11	0	3	2	8	4	5	4	
		36.8%		46.2%	100.0%	42.3%	0.0%	37.5%	33.3%	30.8%	23.5%	41.7%	33.3%	
				d	cDghj	bd	aBc			b	b		b	
														
Zero		69		3	0	9	5	5	4	17	13	6	7	
		51.9%		23.1%	0.0%	34.6%	71.4%	62.5%	66.7%	65.4%	76.5%	50.0%	58.3%	
				dgH	dgh	gh	ab			abc	Abc			
														
Negative		15		4	0	6	2	0	0	1	0	1	1	
		11.3%		30.8%	0.0%	23.1%	28.6%	0.0%	0.0%	3.8%	0.0%	8.3%	8.3%	
				gh		gh	h			ac	acd			

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

66

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		16	6	10	3	8	6		11	7	28	
		36.4%	37.5%	45.5%	50.0%	33.3%	28.6%		27.5%	41.2%	39.4%	
												
Zero		24	8	10	3	12	12		24	9	35	
		54.5%	50.0%	45.5%	50.0%	50.0%	57.1%		60.0%	52.9%	49.3%	
												
Negative		4	2	2	0	4	3		5	1	8	
		9.1%	12.5%	9.1%	0.0%	16.7%	14.3%		12.5%	5.9%	11.3%	

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

67

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		10	12	5	4	4	5	5	
		29.4%	48.0%	55.6%	33.3%	50.0%	38.5%	23.8%	
									
Zero		22	10	2	7	3	8	12	
		64.7%	40.0%	22.2%	58.3%	37.5%	61.5%	57.1%	
		c		a					
									
Negative		2	3	2	1	1	0	4	
		5.9%	12.0%	22.2%	8.3%	12.5%	0.0%	19.0%	

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

68

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Overtime

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		10	1	13	3	9	8	4		13	23	6	5	
		30.3%	16.7%	44.8%	25.0%	34.6%	47.1%	44.4%		27.1%	42.6%	33.3%	50.0%	
														
Zero		20	2	15	7	14	7	4		27	26	11	4	
		60.6%	33.3%	51.7%	58.3%	53.8%	41.2%	44.4%		56.3%	48.1%	61.1%	40.0%	
														
Negative		3	3	1	2	3	2	1		8	5	1	1	
		9.1%	50.0%	3.4%	16.7%	11.5%	11.8%	11.1%		16.7%	9.3%	5.6%	10.0%	
		b	aCe	B		b								

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

69

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		105		13	2	16	2	7	8	25	12	11	8	
		72.9%		86.7%	50.0%	69.6%	28.6%	77.8%	72.7%	78.1%	63.2%	91.7%	80.0%	
				d			agi			d		d		
														
Zero		34		2	2	7	5	1	3	5	6	1	1	
		23.6%		13.3%	50.0%	30.4%	71.4%	11.1%	27.3%	15.6%	31.6%	8.3%	10.0%	
				d			aeGij	d		D		d	d	
														
Negative		5		0	0	0	0	1	0	2	1	0	1	
		3.5%		0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	6.3%	5.3%	0.0%	10.0%	

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

70

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		36	14	16	7	14	18		30	16	55	
		72.0%	82.4%	72.7%	87.5%	60.9%	75.0%		71.4%	84.2%	71.4%	
												
Zero		11	2	6	1	8	6		11	1	20	
		22.0%	11.8%	27.3%	12.5%	34.8%	25.0%		26.2%	5.3%	26.0%	
												
Negative		3	1	0	0	1	0		1	2	2	
		6.0%	5.9%	0.0%	0.0%	4.3%	0.0%		2.4%	10.5%	2.6%	

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

71

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		31	17	6	7	5	10	21	
		73.8%	73.9%	66.7%	53.8%	55.6%	83.3%	84.0%	
									
Zero		8	5	3	5	4	2	4	
		19.0%	21.7%	33.3%	38.5%	44.4%	16.7%	16.0%	
									
Negative		3	1	0	1	0	0	0	
		7.1%	4.3%	0.0%	7.7%	0.0%	0.0%	0.0%	

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

72

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		27	3	23	9	20	12	9		36	44	11	11	
		73.0%	60.0%	74.2%	69.2%	74.1%	63.2%	90.0%		67.9%	75.9%	64.7%	84.6%	
														
Zero		7	2	7	4	6	7	1		13	13	6	2	
		18.9%	40.0%	22.6%	30.8%	22.2%	36.8%	10.0%		24.5%	22.4%	35.3%	15.4%	
														
Negative		3	0	1	0	1	0	0		4	1	0	0	
		8.1%	0.0%	3.2%	0.0%	3.7%	0.0%	0.0%		7.5%	1.7%	0.0%	0.0%	

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

73

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		157		14	5	28	8	9	10	36	18	12	15	
		96.9%		100.0%	100.0%	100.0%	88.9%	81.8%	100.0%	94.7%	100.0%	100.0%	100.0%	
						e		c						
														
Zero		4		0	0	0	1	2	0	1	0	0	0	
		2.5%		0.0%	0.0%	0.0%	11.1%	18.2%	0.0%	2.6%	0.0%	0.0%	0.0%	
						e		c						
														
Negative		1		0	0	0	0	0	0	1	0	0	0	
		0.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	0.0%	0.0%	0.0%	

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

74

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		53	20	26	7	25	25		45	20	84	
		94.6%	100.0%	100.0%	100.0%	96.2%	96.2%		97.8%	95.2%	96.6%	
												
Zero		2	0	0	0	1	1		1	1	2	
		3.6%	0.0%	0.0%	0.0%	3.8%	3.8%		2.2%	4.8%	2.3%	
												
Negative		1	0	0	0	0	0		0	0	1	
		1.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.1%	

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

75

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		44	28	9	15	8	12	29	
		93.6%	100.0%	90.0%	100.0%	100.0%	92.3%	100.0%	
									
Zero		2	0	1	0	0	1	0	
		4.3%	0.0%	10.0%	0.0%	0.0%	7.7%	0.0%	
									
Negative		1	0	0	0	0	0	0	
		2.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

76

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		41	7	35	12	29	22	9		57	65	20	12	
		100.0%	100.0%	97.2%	92.3%	96.7%	95.7%	90.0%		93.4%	100.0%	100.0%	92.3%	
		g						a		b	ad		b	
														
Zero		0	0	1	1	1	0	1		3	0	0	1	
		0.0%	0.0%	2.8%	7.7%	3.3%	0.0%	10.0%		4.9%	0.0%	0.0%	7.7%	
		g						a			d		b	
														
Negative		0	0	0	0	0	1	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	4.3%	0.0%		1.6%	0.0%	0.0%	0.0%	

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

77

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		39		7	2	13	2	1	2	2	4	2	2	
		36.4%		46.7%	50.0%	52.0%	33.3%	16.7%	33.3%	13.3%	36.4%	18.2%	33.3%	
						g				c				
														
Zero		44		2	1	2	4	5	3	12	7	6	2	
		41.1%		13.3%	25.0%	8.0%	66.7%	83.3%	50.0%	80.0%	63.6%	54.5%	33.3%	
				dEGhi		DEfGHI	aC	AC	c	AC	aC	aC		
														
Negative		24		6	1	10	0	0	1	1	0	3	2	
		22.4%		40.0%	25.0%	40.0%	0.0%	0.0%	16.7%	6.7%	0.0%	27.3%	33.3%	
				gh		gh				ac	ac			

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

78

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		12	4	10	1	6	6		10	4	22	
		36.4%	33.3%	52.6%	16.7%	33.3%	31.6%		29.4%	36.4%	39.3%	
												
Zero		16	5	6	3	8	6		14	4	25	
		48.5%	41.7%	31.6%	50.0%	44.4%	31.6%		41.2%	36.4%	44.6%	
												
Negative		5	3	3	2	4	7		10	3	9	
		15.2%	25.0%	15.8%	33.3%	22.2%	36.8%		29.4%	27.3%	16.1%	

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

79

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		7	11	3	4	3	2	6	
		30.4%	52.4%	37.5%	44.4%	42.9%	20.0%	33.3%	
									
Zero		12	6	4	5	1	6	5	
		52.2%	28.6%	50.0%	55.6%	14.3%	60.0%	27.8%	
									
Negative		4	4	1	0	3	2	7	
		17.4%	19.0%	12.5%	0.0%	42.9%	20.0%	38.9%	
					eg	d		d	

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

80

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		9	2	9	2	6	3	7		8	17	7	5	
		33.3%	33.3%	32.1%	28.6%	33.3%	27.3%	77.8%		21.6%	40.5%	46.7%	50.0%	
		g		g		g	g	acef						
														
Zero		14	2	11	3	8	6	0		23	17	3	0	
		51.9%	33.3%	39.3%	42.9%	44.4%	54.5%	0.0%		62.2%	40.5%	20.0%	0.0%	
		G		g	g	g	g	Acdef		CD	d	A	Ab	
														
Negative		4	2	8	2	4	2	2		6	8	5	5	
		14.8%	33.3%	28.6%	28.6%	22.2%	18.2%	22.2%		16.2%	19.0%	33.3%	50.0%	
										d	d		ab	

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

81

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		114		9	4	15	6	6	11	32	10	9	11	
		65.5%		60.0%	80.0%	51.7%	60.0%	60.0%	84.6%	78.0%	55.6%	64.3%	64.7%	
						fg			c	c				
														
Zero		41		4	1	9	3	1	0	9	6	3	5	
		23.6%		26.7%	20.0%	31.0%	30.0%	10.0%	0.0%	22.0%	33.3%	21.4%	29.4%	
						f	f		cdhj		f		f	
														
Negative		19		2	0	5	1	3	2	0	2	2	1	
		10.9%		13.3%	0.0%	17.2%	10.0%	30.0%	15.4%	0.0%	11.1%	14.3%	5.9%	
				g		G	g	G	g	aCdEfhi	g	g		

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

82

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		40	15	19	8	19	12		28	17	66	
		64.5%	68.2%	70.4%	88.9%	67.9%	48.0%		59.6%	77.3%	68.0%	
					f		d					
												
Zero		16	6	5	0	7	7		12	4	23	
		25.8%	27.3%	18.5%	0.0%	25.0%	28.0%		25.5%	18.2%	23.7%	
												
Negative		6	1	3	1	2	6		7	1	8	
		9.7%	4.5%	11.1%	11.1%	7.1%	24.0%		14.9%	4.5%	8.2%	

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

83

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		33	22	6	13	8	9	15	
		63.5%	71.0%	54.5%	81.3%	72.7%	64.3%	55.6%	
									
Zero		14	7	3	2	2	3	7	
		26.9%	22.6%	27.3%	12.5%	18.2%	21.4%	25.9%	
									
Negative		5	2	2	1	1	2	5	
		9.6%	6.5%	18.2%	6.3%	9.1%	14.3%	18.5%	

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

84

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		27	3	25	11	23	18	7		44	49	10	10	
		61.4%	50.0%	67.6%	68.8%	69.7%	75.0%	53.8%		65.7%	71.0%	47.6%	71.4%	
														
Zero		11	2	8	4	8	6	2		20	14	5	2	
		25.0%	33.3%	21.6%	25.0%	24.2%	25.0%	15.4%		29.9%	20.3%	23.8%	14.3%	
														
Negative		6	1	4	1	2	0	4		3	6	6	2	
		13.6%	16.7%	10.8%	6.3%	6.1%	0.0%	30.8%		4.5%	8.7%	28.6%	14.3%	
						g	G	eF		C	c	Ab		

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

85

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		163		14	4	28	10	10	11	38	16	13	17	
		93.1%		93.3%	80.0%	96.6%	100.0%	100.0%	84.6%	92.7%	84.2%	100.0%	94.4%	
														
Zero		10		1	0	1	0	0	2	3	2	0	1	
		5.7%		6.7%	0.0%	3.4%	0.0%	0.0%	15.4%	7.3%	10.5%	0.0%	5.6%	
														
Negative		2		0	1	0	0	0	0	0	1	0	0	
		1.1%		0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	
					cG	b				B				

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

86

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		55	21	24	9	27	26		49	20	88	
		84.6%	100.0%	100.0%	100.0%	96.4%	96.3%		100.0%	95.2%	89.8%	
		c		a					c		a	
												
Zero		9	0	0	0	0	1		0	1	9	
		13.8%	0.0%	0.0%	0.0%	0.0%	3.7%		0.0%	4.8%	9.2%	
		e				a			c		a	
												
Negative		1	0	0	0	1	0		0	0	1	
		1.5%	0.0%	0.0%	0.0%	3.6%	0.0%		0.0%	0.0%	1.0%	

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

87

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		46	29	11	14	10	15	29	
		85.2%	96.7%	100.0%	100.0%	100.0%	100.0%	100.0%	
		g						a	
									
Zero		7	1	0	0	0	0	0	
		13.0%	3.3%	0.0%	0.0%	0.0%	0.0%	0.0%	
		g						a	
									
Negative		1	0	0	0	0	0	0	
		1.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

88

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		42	7	36	15	29	21	11		65	65	20	10	
		93.3%	100.0%	94.7%	100.0%	87.9%	91.3%	91.7%		94.2%	95.6%	90.9%	76.9%	
										d	d		ab	
														
Zero		3	0	2	0	3	2	0		4	3	0	3	
		6.7%	0.0%	5.3%	0.0%	9.1%	8.7%	0.0%		5.8%	4.4%	0.0%	23.1%	
										d	d	d	abc	
														
Negative		0	0	0	0	1	0	1		0	0	2	0	
		0.0%	0.0%	0.0%	0.0%	3.0%	0.0%	8.3%		0.0%	0.0%	9.1%	0.0%	
										c	c	ab		

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

89

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M & A activity

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		53		4	0	10	3	6	4	14	3	6	2	
		47.7%		44.4%	0.0%	47.6%	33.3%	66.7%	57.1%	58.3%	27.3%	54.5%	33.3%	
														
Zero		58		5	2	11	6	3	3	10	8	5	4	
		52.3%		55.6%	100.0%	52.4%	66.7%	33.3%	42.9%	41.7%	72.7%	45.5%	66.7%	
														
Negative		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

90

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M & A activity

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		14	7	6	3	11	12		17	14	20	
		46.7%	50.0%	35.3%	50.0%	52.4%	52.2%		45.9%	82.4%	38.5%	
									b	aC	B	
												
Zero		16	7	11	3	10	11		20	3	32	
		53.3%	50.0%	64.7%	50.0%	47.6%	47.8%		54.1%	17.6%	61.5%	
									b	aC	B	
												
Negative		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

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

91

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M & A activity

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		14	7	2	2	2	8	14	
		58.3%	38.9%	33.3%	20.0%	33.3%	66.7%	58.3%	
		d			afg		d	d	
									
Zero		10	11	4	8	4	4	10	
		41.7%	61.1%	66.7%	80.0%	66.7%	33.3%	41.7%	
		d			afg		d	d	
									
Negative		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

92

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: M & A activity

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		11	2	12	8	8	6	5		17	25	3	7	
		39.3%	50.0%	46.2%	80.0%	47.1%	37.5%	55.6%		44.7%	52.1%	23.1%	63.6%	
		d			af		d							
														
Zero		17	2	14	2	9	10	4		21	23	10	4	
		60.7%	50.0%	53.8%	20.0%	52.9%	62.5%	44.4%		55.3%	47.9%	76.9%	36.4%	
		d			af		d							
														
Negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

93

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		33		2	3	4	2	0	2	13	0	4	2	
		54.1%		40.0%	100.0%	40.0%	33.3%	0.0%	66.7%	81.3%	0.0%	80.0%	50.0%	
					e	g	g	bGi		cdEh	g	e		
														
Zero		28		3	0	6	4	5	1	3	3	1	2	
		45.9%		60.0%	0.0%	60.0%	66.7%	100.0%	33.3%	18.8%	100.0%	20.0%	50.0%	
					e	g	g	bGi		cdEh	g	e		
														
Negative		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

94

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		1	0	5	3	11	13		24	5	0	
		25.0%	0.0%	62.5%	50.0%	61.1%	54.2%		57.1%	41.7%	0.0%	
												
Zero		3	1	3	3	7	11		18	7	0	
		75.0%	100.0%	37.5%	50.0%	38.9%	45.8%		42.9%	58.3%	0.0%	
												
Negative		0	0	0	0	0	0		0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

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

95

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		1	0	1	5	5	2	16	
		33.3%	0.0%	50.0%	55.6%	71.4%	18.2%	66.7%	
						f	eg	f	
									
Zero		2	0	1	4	2	9	8	
		66.7%	0.0%	50.0%	44.4%	28.6%	81.8%	33.3%	
						f	eg	f	
									
Negative		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

96

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		9	0	6	5	6	3	3		13	8	7	4	
		52.9%	0.0%	46.2%	71.4%	75.0%	37.5%	42.9%		81.3%	36.4%	46.7%	57.1%	
										B	A			
														
Zero		8	0	7	2	2	5	4		3	14	8	3	
		47.1%	0.0%	53.8%	28.6%	25.0%	62.5%	57.1%		18.8%	63.6%	53.3%	42.9%	
										B	A			
														
Negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

97

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		121		9	4	15	6	4	10	35	13	11	13	
		78.1%		75.0%	100.0%	62.5%	66.7%	40.0%	83.3%	85.4%	81.3%	91.7%	100.0%	
						gj	j	fGhiJ	e	cE	e	e	cdE	
														
Zero		31		2	0	8	2	6	2	6	3	1	0	
		20.0%		16.7%	0.0%	33.3%	22.2%	60.0%	16.7%	14.6%	18.8%	8.3%	0.0%	
				e		j		afGhiJ	e	E	e	e	cE	
														
Negative		3		1	0	1	1	0	0	0	0	0	0	
		1.9%		8.3%	0.0%	4.2%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
							g			d				

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

98

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		45	14	16	8	20	18		32	15	69	
		83.3%	77.8%	72.7%	88.9%	74.1%	72.0%		69.6%	88.2%	81.2%	
												
Zero		9	2	6	1	6	7		13	2	14	
		16.7%	11.1%	27.3%	11.1%	22.2%	28.0%		28.3%	11.8%	16.5%	
												
Negative		0	2	0	0	1	0		1	0	2	
		0.0%	11.1%	0.0%	0.0%	3.7%	0.0%		2.2%	0.0%	2.4%	
		b	a									

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

99

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		37	25	7	8	8	10	19	
		82.2%	86.2%	87.5%	61.5%	72.7%	71.4%	73.1%	
									
Zero		8	2	1	5	3	3	7	
		17.8%	6.9%	12.5%	38.5%	27.3%	21.4%	26.9%	
			d		b				
									
Negative		0	2	0	0	0	1	0	
		0.0%	6.9%	0.0%	0.0%	0.0%	7.1%	0.0%	

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

100

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		32	4	25	11	19	19	10		45	46	15	12	
		78.0%	80.0%	73.5%	84.6%	73.1%	82.6%	83.3%		78.9%	75.4%	75.0%	85.7%	
														
Zero		9	1	7	2	7	3	2		11	13	5	2	
		22.0%	20.0%	20.6%	15.4%	26.9%	13.0%	16.7%		19.3%	21.3%	25.0%	14.3%	
														
Negative		0	0	2	0	0	1	0		1	2	0	0	
		0.0%	0.0%	5.9%	0.0%	0.0%	4.3%	0.0%		1.8%	3.3%	0.0%	0.0%	

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

101

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		97		9	3	19	5	4	8	23	10	7	7	
		64.2%		64.3%	75.0%	67.9%	55.6%	40.0%	72.7%	69.7%	66.7%	58.3%	53.8%	
														
Zero		41		3	1	4	2	5	3	9	5	5	4	
		27.2%		21.4%	25.0%	14.3%	22.2%	50.0%	27.3%	27.3%	33.3%	41.7%	30.8%	
						e		c						
														
Negative		13		2	0	5	2	1	0	1	0	0	2	
		8.6%		14.3%	0.0%	17.9%	22.2%	10.0%	0.0%	3.0%	0.0%	0.0%	15.4%	

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

102

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		33	12	20	6	14	12		21	16	55	
		64.7%	66.7%	83.3%	75.0%	53.8%	50.0%		48.8%	84.2%	67.1%	
				ef		c	c		bc	a	a	
												
Zero		15	3	4	1	9	9		17	2	21	
		29.4%	16.7%	16.7%	12.5%	34.6%	37.5%		39.5%	10.5%	25.6%	
									b	a		
												
Negative		3	3	0	1	3	3		5	1	6	
		5.9%	16.7%	0.0%	12.5%	11.5%	12.5%		11.6%	5.3%	7.3%	
			c	b								

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

103

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		24	24	7	7	4	8	14	
		58.5%	82.8%	87.5%	53.8%	44.4%	57.1%	56.0%	
		b	aeg			b		b	
									
Zero		14	3	0	6	4	4	8	
		34.1%	10.3%	0.0%	46.2%	44.4%	28.6%	32.0%	
		b	ade	de	bc	bc			
									
Negative		3	2	1	0	1	2	3	
		7.3%	6.9%	12.5%	0.0%	11.1%	14.3%	12.0%	

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

104

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		25	5	22	7	18	14	5		31	42	10	11	
		67.6%	71.4%	66.7%	53.8%	69.2%	60.9%	45.5%		56.4%	70.0%	50.0%	84.6%	
														
Zero		10	2	7	4	6	8	4		21	13	6	1	
		27.0%	28.6%	21.2%	30.8%	23.1%	34.8%	36.4%		38.2%	21.7%	30.0%	7.7%	
										d			a	
														
Negative		2	0	4	2	2	1	2		3	5	4	1	
		5.4%	0.0%	12.1%	15.4%	7.7%	4.3%	18.2%		5.5%	8.3%	20.0%	7.7%	

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

105

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		138		11	4	22	7	9	10	38	15	11	10	
		85.7%		78.6%	80.0%	88.0%	77.8%	81.8%	83.3%	90.5%	88.2%	84.6%	90.9%	
														
Zero		8		0	0	1	1	0	0	2	1	1	1	
		5.0%		0.0%	0.0%	4.0%	11.1%	0.0%	0.0%	4.8%	5.9%	7.7%	9.1%	
														
Negative		15		3	1	2	1	2	2	2	1	1	0	
		9.3%		21.4%	20.0%	8.0%	11.1%	18.2%	16.7%	4.8%	5.9%	7.7%	0.0%	

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

106

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		44	13	23	8	25	25		43	20	68	
		80.0%	76.5%	88.5%	88.9%	92.6%	96.2%		95.6%	95.2%	79.1%	
									c		a	
												
Zero		4	1	1	0	1	1		2	0	6	
		7.3%	5.9%	3.8%	0.0%	3.7%	3.8%		4.4%	0.0%	7.0%	
												
Negative		7	3	2	1	1	0		0	1	12	
		12.7%	17.6%	7.7%	11.1%	3.7%	0.0%		0.0%	4.8%	14.0%	
			f				b		C		A	

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

107

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		38	20	7	13	9	14	27	
		82.6%	76.9%	77.8%	81.3%	81.8%	100.0%	100.0%	
		g	g	g	g	g		abcde	
									
Zero		3	2	0	0	2	0	0	
		6.5%	7.7%	0.0%	0.0%	18.2%	0.0%	0.0%	
						g		e	
									
Negative		5	4	2	3	0	0	0	
		10.9%	15.4%	22.2%	18.8%	0.0%	0.0%	0.0%	
			g	g	g			bcd	

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

108

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		35	6	27	14	23	20	11		49	57	19	11	
		81.4%	85.7%	87.1%	93.3%	79.3%	95.2%	84.6%		79.0%	89.1%	95.0%	91.7%	
														
Zero		1	0	1	0	4	1	1		5	2	1	0	
		2.3%	0.0%	3.2%	0.0%	13.8%	4.8%	7.7%		8.1%	3.1%	5.0%	0.0%	
														
Negative		7	1	3	1	2	0	1		8	5	0	1	
		16.3%	14.3%	9.7%	6.7%	6.9%	0.0%	7.7%		12.9%	7.8%	0.0%	8.3%	

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

109

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		154		14	5	21	9	9	12	38	16	13	15	
		92.2%		93.3%	100.0%	80.8%	90.0%	90.0%	100.0%	92.7%	88.9%	100.0%	100.0%	
														
Zero		7		0	0	4	1	0	0	1	1	0	0	
		4.2%		0.0%	0.0%	15.4%	10.0%	0.0%	0.0%	2.4%	5.6%	0.0%	0.0%	
														
Negative		6		1	0	1	0	1	0	2	1	0	0	
		3.6%		6.7%	0.0%	3.8%	0.0%	10.0%	0.0%	4.9%	5.6%	0.0%	0.0%	

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

110

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		50	19	24	9	26	25		45	21	82	
		89.3%	90.5%	92.3%	100.0%	92.9%	96.2%		93.8%	100.0%	91.1%	
												
Zero		3	0	1	0	2	1		2	0	5	
		5.4%	0.0%	3.8%	0.0%	7.1%	3.8%		4.2%	0.0%	5.6%	
												
Negative		3	2	1	0	0	0		1	0	3	
		5.4%	9.5%	3.8%	0.0%	0.0%	0.0%		2.1%	0.0%	3.3%	

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

111

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		42	27	9	14	9	15	26	
		89.4%	93.1%	90.0%	93.3%	81.8%	100.0%	96.3%	
									
Zero		2	1	1	0	2	0	1	
		4.3%	3.4%	10.0%	0.0%	18.2%	0.0%	3.7%	
									
Negative		3	1	0	1	0	0	0	
		6.4%	3.4%	0.0%	6.7%	0.0%	0.0%	0.0%	

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

112

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		40	7	31	13	28	24	10		57	63	20	11	
		90.9%	100.0%	91.2%	92.9%	90.3%	100.0%	83.3%		91.9%	91.3%	95.2%	91.7%	
							g	f						
														
Zero		1	0	2	1	2	0	1		3	3	1	0	
		2.3%	0.0%	5.9%	7.1%	6.5%	0.0%	8.3%		4.8%	4.3%	4.8%	0.0%	
														
Negative		3	0	1	0	1	0	1		2	3	0	1	
		6.8%	0.0%	2.9%	0.0%	3.2%	0.0%	8.3%		3.2%	4.3%	0.0%	8.3%	

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

113

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of foreign/off-shore outsourced employees

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		43		3	1	9	2	3	6	10	2	4	3	
		39.8%		23.1%	25.0%	50.0%	33.3%	50.0%	75.0%	43.5%	18.2%	40.0%	42.9%	
				f					ah		f			
														
Zero		63		10	3	9	3	3	2	13	9	6	4	
		58.3%		76.9%	75.0%	50.0%	50.0%	50.0%	25.0%	56.5%	81.8%	60.0%	57.1%	
				f					ah		f			
														
Negative		2		0	0	0	1	0	0	0	0	0	0	
		1.9%		0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

114

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of foreign/off-shore outsourced employees

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		6	1	7	3	11	15		21	7	12	
		20.0%	7.7%	38.9%	50.0%	52.4%	75.0%		60.0%	53.8%	22.2%	
		eF	eF	f		ab	ABc		C	c	Ab	
												
Zero		23	12	11	2	10	5		14	6	41	
		76.7%	92.3%	61.1%	33.3%	47.6%	25.0%		40.0%	46.2%	75.9%	
		deF	deF	f	ab	ab	ABc		C	c	Ab	
												
Negative		1	0	0	1	0	0		0	0	1	
		3.3%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	0.0%	1.9%	

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

115

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of foreign/off-shore outsourced employees

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		4	5	1	6	3	4	16	
		16.0%	29.4%	14.3%	50.0%	37.5%	44.4%	76.2%	
		dG	G	G	a			ABC	
									
Zero		20	12	5	6	5	5	5	
		80.0%	70.6%	71.4%	50.0%	62.5%	55.6%	23.8%	
		G	G	g				ABc	
									
Negative		1	0	1	0	0	0	0	
		4.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%	

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

116

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of foreign/off-shore outsourced employees

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		14	1	9	2	5	6	6		5	20	10	8	
		48.3%	25.0%	34.6%	25.0%	31.3%	37.5%	75.0%		13.9%	46.5%	58.8%	72.7%	
										BCD	A	A	A	
														
Zero		15	3	17	5	11	10	2		30	23	7	3	
		51.7%	75.0%	65.4%	62.5%	68.8%	62.5%	25.0%		83.3%	53.5%	41.2%	27.3%	
										BCD	A	A	A	
														
Negative		0	0	0	1	0	0	0		1	0	0	0	
		0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%		2.8%	0.0%	0.0%	0.0%	

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

117

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Positive		55		3	3	11	1	5	10	5	4	8	4	
		49.5%		42.9%	75.0%	45.8%	16.7%	71.4%	83.3%	26.3%	36.4%	66.7%	57.1%	
						f	f	g	cdGh	eFi	f	g		
														
Zero		53		4	1	12	5	2	1	14	7	4	2	
		47.7%		57.1%	25.0%	50.0%	83.3%	28.6%	8.3%	73.7%	63.6%	33.3%	28.6%	
				f		f	F	g	acDGh	eFij	f	g	g	
														
Negative		3		0	0	1	0	0	1	0	0	0	1	
		2.7%		0.0%	0.0%	4.2%	0.0%	0.0%	8.3%	0.0%	0.0%	0.0%	14.3%	

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

118

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Positive		22	5	9	5	7	7		11	12	28	
		59.5%	50.0%	52.9%	71.4%	35.0%	35.0%		31.4%	70.6%	52.8%	
									b	a		
												
Zero		15	5	8	2	11	12		21	5	25	
		40.5%	50.0%	47.1%	28.6%	55.0%	60.0%		60.0%	29.4%	47.2%	
									b	a		
												
Negative		0	0	0	0	2	1		3	0	0	
		0.0%	0.0%	0.0%	0.0%	10.0%	5.0%		8.6%	0.0%	0.0%	
									c		a	

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

119

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Positive		20	9	4	3	4	3	8	
		64.5%	56.3%	66.7%	30.0%	44.4%	23.1%	44.4%	
		f					a		
									
Zero		11	7	2	7	5	8	9	
		35.5%	43.8%	33.3%	70.0%	55.6%	61.5%	50.0%	
									
Negative		0	0	0	0	0	2	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	15.4%	5.6%	
		f					a		

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

120

Duke CFO Outlook Survey - 3rd Quarter, 2004

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Positive		17	1	8	2	11	10	5		13	23	8	9	
		56.7%	50.0%	30.8%	33.3%	57.9%	55.6%	55.6%		39.4%	50.0%	47.1%	69.2%	
														
Zero		11	1	17	4	8	8	4		20	22	8	3	
		36.7%	50.0%	65.4%	66.7%	42.1%	44.4%	44.4%		60.6%	47.8%	47.1%	23.1%	
		c		a						d			a	
														
Negative		2	0	1	0	0	0	0		0	1	1	1	
		6.7%	0.0%	3.8%	0.0%	0.0%	0.0%	0.0%		0.0%	2.2%	5.9%	7.7%	

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

121

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Inflation	
														
N		40		1	1	5	1	5	0	13	6	3	4	
Mean		2.17		2.00	1.00	1.40	3.00	2.20	---	2.23	2.67	2.33	2.00	
SD		0.81		---	---	0.89	---	0.84	---	0.73	0.52	1.15	0.82	
SE		0.13		---	---	0.40	---	0.37	---	0.20	0.21	0.67	0.41	
						h					c			
														
Increased interest rates	
														
N		46		1	2	4	2	0	1	22	4	3	5	
Mean		1.87		2.00	1.00	2.50	2.00	---	3.00	2.00	1.25	1.67	1.40	
SD		0.86		---	0.00	1.00	0.00	---	---	0.93	0.50	0.58	0.55	
SE		0.13		---	0.00	0.50	0.00	---	---	0.20	0.25	0.33	0.24	
														
Wage increases	
														
N		29		1	0	3	0	2	2	7	5	4	4	
Mean		2.17		3.00	---	2.33	---	3.00	2.50	1.86	2.00	2.50	2.00	
SD		0.89		---	---	0.58	---	0.00	0.71	0.90	1.00	1.00	1.15	
SE		0.17		---	---	0.33	---	0.00	0.50	0.34	0.45	0.50	0.58	

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

122

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Inflation	
												
N		19	4	5	1	6	4		8	6	23	
Mean		1.89	2.75	2.20	3.00	2.33	2.25		2.25	2.33	2.09	
SD		0.81	0.50	0.84	---	0.82	0.96		0.89	0.82	0.79	
SE		0.19	0.25	0.37	---	0.33	0.48		0.31	0.33	0.17	
												
Increased interest rates	
												
N		17	6	6	5	4	8		15	2	26	
Mean		1.94	1.50	2.17	1.80	1.25	2.13		1.93	1.50	1.81	
SD		0.90	0.55	0.98	1.10	0.50	0.83		0.88	0.71	0.85	
SE		0.22	0.22	0.40	0.49	0.25	0.30		0.23	0.50	0.17	
												
Wage increases	
												
N		17	5	3	0	2	2		4	6	17	
Mean		2.12	1.60	3.00	---	3.00	2.00		2.25	2.83	2.00	
SD		0.93	0.55	0.00	---	0.00	1.41		0.96	0.41	0.94	
SE		0.22	0.24	0.00	---	0.00	1.00		0.48	0.17	0.23	
										c	b	

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

123

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Inflation	
									
N		14	8	1	4	0	2	7	
Mean		2.14	1.88	3.00	2.50	---	2.00	2.57	
SD		0.66	0.99	---	0.58	---	1.41	0.79	
SE		0.18	0.35	---	0.29	---	1.00	0.30	
									
Increased interest rates	
									
N		18	4	2	2	5	1	9	
Mean		1.67	2.25	1.50	1.50	1.60	3.00	1.89	
SD		0.84	0.96	0.71	0.71	0.89	---	0.93	
SE		0.20	0.48	0.50	0.50	0.40	---	0.31	
									
Wage increases	
									
N		14	5	0	2	1	1	2	
Mean		2.21	1.60	---	3.00	3.00	3.00	2.00	
SD		0.89	0.89	---	0.00	---	---	1.41	
SE		0.24	0.40	---	0.00	---	---	1.00	

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

124

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Inflation	
														
N		8	1	8	3	9	6	4		16	16	4	2	
Mean		2.50	3.00	1.88	2.00	2.22	2.00	2.00		2.19	2.19	1.75	2.00	
SD		0.76	---	0.83	1.00	0.83	0.63	1.15		0.75	0.83	0.96	1.41	
SE		0.27	---	0.30	0.58	0.28	0.26	0.58		0.19	0.21	0.48	1.00	
														
Increased interest rates	
														
N		13	0	16	3	7	5	1		28	14	2	1	
Mean		2.15	---	1.88	1.33	2.14	1.40	1.00		1.75	2.00	2.50	3.00	
SD		0.99	---	0.89	0.58	0.69	0.55	---		0.84	0.88	0.71	---	
SE		0.27	---	0.22	0.33	0.26	0.24	---		0.16	0.23	0.50	---	
														
Wage increases	
														
N		10	1	3	2	8	3	1		15	10	2	0	
Mean		1.80	3.00	2.67	1.50	2.75	1.67	3.00		2.27	2.30	2.00	---	
SD		0.79	---	0.58	0.71	0.71	1.15	---		0.88	0.82	1.41	---	
SE		0.25	---	0.33	0.50	0.25	0.67	---		0.23	0.26	1.00	---	
		e				a								

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

125

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Situation in Iraq	
														
N		13		0	1	1	0	1	0	7	2	0	0	
Mean		1.85		---	1.00	2.00	---	3.00	---	1.71	2.00	---	---	
SD		0.69		---	---	---	---	---	---	0.49	1.41	---	---	
SE		0.19		---	---	---	---	---	---	0.18	1.00	---	---	
														
Domestic Terrorism	
														
N		55		4	1	7	3	3	4	24	3	1	4	
Mean		2.11		2.25	2.00	2.57	2.33	2.33	2.50	1.92	1.67	3.00	1.75	
SD		0.83		0.50	---	0.79	1.15	1.15	0.58	0.83	1.15	---	0.96	
SE		0.11		0.25	---	0.30	0.67	0.67	0.29	0.17	0.67	---	0.48	
														
Price of oil	
														
N		52		7	0	6	9	0	2	18	5	0	3	
Mean		2.12		2.29	---	1.67	1.89	---	2.00	2.56	1.60	---	2.33	
SD		0.78		0.95	---	0.52	0.93	---	0.00	0.62	0.55	---	0.58	
SE		0.11		0.36	---	0.21	0.31	---	0.00	0.15	0.24	---	0.33	
						G	g			CdH	G			
														
U.S. exchange rate	
														
N		23		1	1	6	0	2	1	3	4	2	2	
Mean		2.09		2.00	1.00	2.00	---	2.00	3.00	2.00	2.50	2.50	2.00	
SD		0.79		---	---	0.89	---	0.00	---	1.00	0.58	0.71	1.41	
SE		0.17		---	---	0.37	---	0.00	---	0.58	0.29	0.50	1.00	

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

126

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Situation in Iraq	
												
N		8	0	0	1	1	3		4	1	5	
Mean		1.88	---	---	2.00	1.00	2.00		1.50	3.00	1.60	
SD		0.64	---	---	---	---	1.00		0.58	---	0.55	
SE		0.23	---	---	---	---	0.58		0.29	---	0.24	
												
Domestic Terrorism	
												
N		15	8	10	3	10	9		17	7	29	
Mean		2.13	1.75	2.30	1.33	2.50	2.00		1.94	2.29	2.14	
SD		0.92	0.89	0.67	0.58	0.71	0.87		0.83	0.76	0.88	
SE		0.24	0.31	0.21	0.33	0.22	0.29		0.20	0.29	0.16	
				d	ce	d						
												
Price of oil	
												
N		18	4	8	4	6	12		18	2	28	
Mean		2.33	2.00	1.88	2.25	2.00	2.00		2.06	2.50	2.18	
SD		0.69	0.82	0.83	0.96	0.89	0.85		0.87	0.71	0.72	
SE		0.16	0.41	0.30	0.48	0.37	0.25		0.21	0.50	0.14	
												
U.S. exchange rate	
												
N		7	2	3	1	7	3		7	1	11	
Mean		2.14	2.00	1.67	2.00	2.14	2.33		2.29	2.00	2.18	
SD		0.90	0.00	1.15	---	0.90	0.58		0.76	---	0.87	
SE		0.34	0.00	0.67	---	0.34	0.33		0.29	---	0.26	

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

127

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Situation in Iraq	
									
N		6	0	0	0	2	2	1	
Mean		1.67	---	---	---	1.50	2.00	2.00	
SD		0.52	---	---	---	0.71	1.41	---	
SE		0.21	---	---	---	0.50	1.00	---	
									
Domestic Terrorism	
									
N		14	10	5	5	4	6	8	
Mean		2.00	2.20	2.00	2.20	1.50	2.50	1.88	
SD		0.88	0.92	1.00	0.45	0.58	0.84	0.83	
SE		0.23	0.29	0.45	0.20	0.29	0.34	0.30	
									
Price of oil	
									
N		16	7	4	4	4	2	11	
Mean		2.44	1.71	1.75	1.50	2.00	1.50	2.36	
SD		0.63	0.76	0.96	1.00	1.15	0.71	0.67	
SE		0.16	0.29	0.48	0.50	0.58	0.50	0.20	
		bd	a		a				
									
U.S. exchange rate	
									
N		5	4	2	1	0	5	3	
Mean		2.40	2.00	2.00	3.00	---	2.20	2.00	
SD		0.89	0.82	1.41	---	---	0.45	1.00	
SE		0.40	0.41	1.00	---	---	0.20	0.58	

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

128

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Situation in Iraq	
														
N		5	0	3	1	1	0	2		5	2	3	2	
Mean		2.20	---	1.67	1.00	1.00	---	2.00		1.80	1.50	1.67	2.50	
SD		0.45	---	0.58	---	---	---	1.41		0.45	0.71	1.15	0.71	
SE		0.20	---	0.33	---	---	---	1.00		0.20	0.50	0.67	0.50	
														
Domestic Terrorism	
														
N		12	3	12	5	9	9	4		25	19	5	5	
Mean		2.08	2.00	2.00	2.00	2.00	2.44	2.25		2.12	2.00	2.40	2.20	
SD		0.90	1.00	0.95	1.00	0.71	0.88	0.50		0.83	0.88	0.89	0.84	
SE		0.26	0.58	0.28	0.45	0.24	0.29	0.25		0.17	0.20	0.40	0.37	
														
Price of oil	
														
N		18	3	12	4	4	5	5		20	22	6	2	
Mean		2.33	1.33	2.25	2.50	2.25	1.60	1.80		2.05	2.36	2.00	1.50	
SD		0.59	0.58	0.75	1.00	0.96	0.89	0.84		0.89	0.66	0.63	0.71	
SE		0.14	0.33	0.22	0.50	0.48	0.40	0.37		0.20	0.14	0.26	0.50	
		bf	a				a							
														
U.S. exchange rate	
														
N		10	0	3	0	4	0	5		1	8	7	5	
Mean		2.30	---	1.67	---	1.50	---	2.60		1.00	2.00	2.43	2.20	
SD		0.67	---	0.58	---	1.00	---	0.55		---	0.76	0.79	0.84	
SE		0.21	---	0.33	---	0.50	---	0.24		---	0.27	0.30	0.37	

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

129

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Foreign competition	
														
N		23		1	1	7	2	2	4	1	1	2	1	
Mean		1.87		1.00	3.00	1.71	2.50	1.00	2.50	1.00	1.00	2.00	1.00	
SD		0.81		---	---	0.76	0.71	0.00	0.58	---	---	0.00	---	
SE		0.17		---	---	0.29	0.50	0.00	0.29	---	---	0.00	---	
														
Health care costs	
														
N		67		9	2	17	1	1	4	11	7	7	6	
Mean		2.15		2.67	2.00	2.18	2.00	2.00	2.25	2.00	2.00	1.86	2.33	
SD		0.74		0.71	0.00	0.81	---	---	0.96	0.63	0.82	0.69	0.82	
SE		0.09		0.24	0.00	0.20	---	---	0.48	0.19	0.31	0.26	0.33	
				gi						a		a		
														
Presidential election	
														
N		25		2	1	1	2	2	0	11	1	3	1	
Mean		1.84		2.00	2.00	2.00	2.50	1.00	---	2.00	3.00	1.00	2.00	
SD		0.90		1.41	---	---	0.71	0.00	---	1.00	---	0.00	---	
SE		0.18		1.00	---	---	0.50	0.00	---	0.30	---	0.00	---	

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

130

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Foreign competition	
												
N		12	3	2	0	3	3		4	5	12	
Mean		1.75	1.67	1.50	---	2.00	2.67		2.00	1.80	1.67	
SD		0.75	1.15	0.71	---	1.00	0.58		0.82	0.84	0.78	
SE		0.22	0.67	0.50	---	0.58	0.33		0.41	0.37	0.22	
												
Health care costs	
												
N		27	11	12	1	5	10		15	5	42	
Mean		1.96	2.18	2.33	3.00	2.40	2.20		2.40	2.00	2.21	
SD		0.76	0.75	0.78	---	0.89	0.63		0.63	0.71	0.72	
SE		0.15	0.23	0.22	---	0.40	0.20		0.16	0.32	0.11	
												
Presidential election	
												
N		10	1	3	4	4	3		9	2	12	
Mean		1.60	1.00	1.33	2.50	2.75	1.33		2.22	2.00	1.50	
SD		0.84	---	0.58	1.00	0.50	0.58		0.83	1.41	0.80	
SE		0.27	---	0.33	0.50	0.25	0.33		0.28	1.00	0.23	
		e		e		acf	e					

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

131

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Foreign competition	
									
N		9	4	2	0	0	2	3	
Mean		1.78	1.50	2.00	---	---	1.50	2.67	
SD		0.83	0.58	1.41	---	---	0.71	0.58	
SE		0.28	0.29	1.00	---	---	0.50	0.33	
			g					b	
									
Health care costs	
									
N		21	15	4	5	2	3	12	
Mean		2.05	2.13	2.75	2.40	3.00	2.33	2.25	
SD		0.80	0.64	0.50	0.55	0.00	1.15	0.62	
SE		0.18	0.17	0.25	0.24	0.00	0.67	0.18	
									
Presidential election	
									
N		8	3	0	2	3	3	3	
Mean		1.63	1.33	---	2.50	2.67	2.33	2.00	
SD		0.92	0.58	---	0.71	0.58	1.15	1.00	
SE		0.32	0.33	---	0.50	0.33	0.67	0.58	
			e			b			

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

132

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Foreign competition	
														
N		3	1	2	1	9	4	2		5	7	7	3	
Mean		1.33	2.00	2.00	2.00	1.89	2.00	1.50		1.60	1.57	1.86	2.67	
SD		0.58	---	1.41	---	0.93	0.82	0.71		0.55	0.79	0.90	0.58	
SE		0.33	---	1.00	---	0.31	0.41	0.50		0.24	0.30	0.34	0.33	
										d			a	
														
Health care costs	
														
N		22	3	18	3	10	9	1		23	32	9	2	
Mean		2.18	2.00	2.17	1.67	2.50	2.00	2.00		2.13	2.22	2.00	2.50	
SD		0.80	1.00	0.79	0.58	0.53	0.71	---		0.76	0.75	0.71	0.71	
SE		0.17	0.58	0.19	0.33	0.17	0.24	---		0.16	0.13	0.24	0.50	
					e	d								
														
Presidential election	
														
N		3	1	3	4	5	5	3		12	7	4	1	
Mean		1.67	1.00	1.33	2.50	1.80	1.80	2.33		1.75	1.86	2.25	2.00	
SD		1.15	---	0.58	0.58	0.84	1.10	1.15		0.97	0.90	0.96	---	
SE		0.67	---	0.33	0.29	0.37	0.49	0.67		0.28	0.34	0.48	---	
				d	c									

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

133

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Control of Senate	
														
N		10		0	0	0	1	1	0	4	0	3	0	
Mean		1.80		---	---	---	1.00	2.00	---	2.25	---	1.67	---	
SD		0.79		---	---	---	---	---	---	0.96	---	0.58	---	
SE		0.25		---	---	---	---	---	---	0.48	---	0.33	---	
														
Consumer spending/demand	
														
N		72		9	2	12	1	7	7	14	7	4	8	
Mean		1.86		1.22	2.50	2.25	1.00	1.71	1.29	1.93	2.14	2.50	2.00	
SD		0.77		0.44	0.71	0.75	---	0.76	0.49	0.73	0.69	0.58	0.93	
SE		0.09		0.15	0.50	0.22	---	0.29	0.18	0.20	0.26	0.29	0.33	
				BCgHIj	Af	AF			bCghI	af	Af	AF	a	
														
U.S. economic growth	
														
N		116		7	4	20	6	5	11	32	14	6	10	
Mean		1.88		2.00	2.75	1.70	2.00	2.40	1.73	1.66	2.00	2.00	2.20	
SD		0.81		0.58	0.50	0.80	0.89	0.89	0.90	0.79	0.88	0.89	0.63	
SE		0.08		0.22	0.25	0.18	0.37	0.40	0.27	0.14	0.23	0.37	0.20	
					cg	b				b				
														
Other	
														
N		41		2	2	4	2	2	3	9	3	5	9	
Mean		1.80		2.00	2.00	2.00	1.50	1.50	2.00	1.67	2.00	1.40	2.00	
SD		0.93		1.41	1.41	1.15	0.71	0.71	1.00	1.00	1.00	0.89	1.00	
SE		0.14		1.00	1.00	0.58	0.50	0.50	0.58	0.33	0.58	0.40	0.33	

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

134

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Control of Senate	
												
N		4	0	1	2	0	3		3	1	4	
Mean		1.75	---	1.00	2.50	---	1.67		1.33	2.00	2.25	
SD		0.96	---	---	0.71	---	0.58		0.58	---	0.96	
SE		0.48	---	---	0.50	---	0.33		0.33	---	0.48	
												
Consumer spending/demand	
												
N		29	5	11	2	11	13		17	13	39	
Mean		1.93	2.00	2.00	1.50	1.82	1.62		1.76	1.85	1.95	
SD		0.84	1.00	0.63	0.71	0.75	0.77		0.75	0.90	0.76	
SE		0.16	0.45	0.19	0.50	0.23	0.21		0.18	0.25	0.12	
												
U.S. economic growth	
												
N		44	12	16	7	18	17		28	15	66	
Mean		1.91	2.25	1.63	1.71	1.61	2.12		1.96	1.60	1.92	
SD		0.83	0.87	0.81	0.49	0.61	0.93		0.84	0.74	0.83	
SE		0.13	0.25	0.20	0.18	0.14	0.22		0.16	0.19	0.10	
			e			b						
												
Other	
												
N		11	5	6	1	11	6		17	4	19	
Mean		1.82	2.20	1.83	1.00	1.73	1.83		1.76	1.25	1.89	
SD		0.98	1.10	0.98	---	0.90	0.98		0.90	0.50	0.99	
SE		0.30	0.49	0.40	---	0.27	0.40		0.22	0.25	0.23	

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

135

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Control of Senate	
									
N		4	1	0	1	0	1	2	
Mean		2.00	3.00	---	1.00	---	2.00	1.50	
SD		0.82	---	---	---	---	---	0.71	
SE		0.41	---	---	---	---	---	0.50	
									
Consumer spending/demand	
									
N		25	9	4	5	5	7	14	
Mean		1.96	1.89	2.00	2.00	2.00	1.71	1.64	
SD		0.84	0.93	0.82	0.71	0.00	0.76	0.84	
SE		0.17	0.31	0.41	0.32	0.00	0.29	0.23	
									
U.S. economic growth	
									
N		36	19	6	10	9	7	19	
Mean		1.89	2.16	1.67	1.50	2.11	1.71	1.84	
SD		0.82	0.83	0.52	0.85	0.93	0.49	0.83	
SE		0.14	0.19	0.21	0.27	0.31	0.18	0.19	
									
Other	
									
N		10	4	3	6	1	6	9	
Mean		1.80	2.25	2.00	1.83	1.00	1.67	1.67	
SD		1.03	0.96	1.00	0.98	---	1.03	0.87	
SE		0.33	0.48	0.58	0.40	---	0.42	0.29	

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

136

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Control of Senate	
														
N		2	0	1	1	1	3	1		6	1	2	0	
Mean		1.00	---	3.00	1.00	2.00	2.33	2.00		2.17	1.00	1.50	---	
SD		0.00	---	---	---	---	0.58	---		0.75	---	0.71	---	
SE		0.00	---	---	---	---	0.33	---		0.31	---	0.50	---	
														
Consumer spending/demand	
														
N		19	3	19	6	8	9	6		27	30	7	6	
Mean		1.79	2.33	1.95	2.33	1.37	1.89	2.00		2.04	1.80	2.00	1.33	
SD		0.71	0.58	0.85	0.82	0.52	0.78	0.89		0.81	0.76	0.82	0.52	
SE		0.16	0.33	0.19	0.33	0.18	0.26	0.37		0.16	0.14	0.31	0.21	
			e		e	bd								
														
U.S. economic growth	
														
N		36	4	20	12	17	18	7		50	43	12	9	
Mean		1.92	1.75	1.85	2.00	1.71	2.06	1.57		1.94	1.79	1.92	1.89	
SD		0.87	0.96	0.75	0.85	0.69	0.87	0.79		0.79	0.80	0.90	0.93	
SE		0.15	0.48	0.17	0.25	0.17	0.21	0.30		0.11	0.12	0.26	0.31	
														
Other	
														
N		12	1	6	3	9	6	3		16	13	8	4	
Mean		1.00	3.00	2.33	2.00	2.11	2.00	2.00		1.63	2.08	1.75	1.75	
SD		0.00	---	1.03	1.00	1.05	0.89	1.00		0.89	1.04	0.89	0.96	
SE		0.00	---	0.42	0.58	0.35	0.37	0.58		0.22	0.29	0.31	0.48	

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

137

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Inflation

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		10		0	1	4	0	1	0	2	0	1	1	
		25.0%		0.0%	100.0%	80.0%	0.0%	20.0%	0.0%	15.4%	0.0%	33.3%	25.0%	
					h	gh				c	bc			
														
2=2nd		13		1	0	0	0	2	0	6	2	0	2	
		32.5%		100.0%	0.0%	0.0%	0.0%	40.0%	0.0%	46.2%	33.3%	0.0%	50.0%	
														
3=3rd		17		0	0	1	1	2	0	5	4	2	1	
		42.5%		0.0%	0.0%	20.0%	100.0%	40.0%	0.0%	38.5%	66.7%	66.7%	25.0%	
														
Mean		2.18		2.00	1.00	1.40	3.00	2.20	---	2.23	2.67	2.33	2.00	
SD		0.81		0.00	0.00	0.89	0.00	0.84	---	0.73	0.52	1.15	0.82	
						h					c			

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

138

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Inflation

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		7	0	1	0	1	1		2	1	6	
		36.8%	0.0%	20.0%	0.0%	16.7%	25.0%		25.0%	16.7%	26.1%	
												
2=2nd		7	1	2	0	2	1		2	2	9	
		36.8%	25.0%	40.0%	0.0%	33.3%	25.0%		25.0%	33.3%	39.1%	
												
3=3rd		5	3	2	1	3	2		4	3	8	
		26.3%	75.0%	40.0%	100.0%	50.0%	50.0%		50.0%	50.0%	34.8%	
												
Mean		1.89	2.75	2.20	3.00	2.33	2.25		2.25	2.33	2.09	
SD		0.81	0.50	0.84	0.00	0.82	0.96		0.89	0.82	0.79	

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

139

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Inflation

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		2	4	0	0	0	1	1	
		14.3%	50.0%	0.0%	0.0%	0.0%	50.0%	14.3%	
									
2=2nd		8	1	0	2	0	0	1	
		57.1%	12.5%	0.0%	50.0%	0.0%	0.0%	14.3%	
									
3=3rd		4	3	1	2	0	1	5	
		28.6%	37.5%	100.0%	50.0%	0.0%	50.0%	71.4%	
									
Mean		2.14	1.88	3.00	2.50	---	2.00	2.57	
SD		0.66	0.99	0.00	0.58	---	1.41	0.79	

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

140

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Inflation

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		1	0	3	1	2	1	2		3	4	2	1	
		12.5%	0.0%	37.5%	33.3%	22.2%	16.7%	50.0%		18.8%	25.0%	50.0%	50.0%	
														
2=2nd		2	0	3	1	3	4	0		7	5	1	0	
		25.0%	0.0%	37.5%	33.3%	33.3%	66.7%	0.0%		43.8%	31.3%	25.0%	0.0%	
														
3=3rd		5	1	2	1	4	1	2		6	7	1	1	
		62.5%	100.0%	25.0%	33.3%	44.4%	16.7%	50.0%		37.5%	43.8%	25.0%	50.0%	
														
Mean		2.50	3.00	1.88	2.00	2.22	2.00	2.00		2.19	2.19	1.75	2.00	
SD		0.76	0.00	0.83	1.00	0.83	0.63	1.15		0.75	0.83	0.96	1.41	

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

141

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Increased interest rates

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		20		0	2	1	0	0	0	9	3	1	3	
		43.5%		0.0%	100.0%	25.0%	0.0%	0.0%	0.0%	40.9%	75.0%	33.3%	60.0%	
														
2=2nd		12		1	0	0	2	0	0	4	1	2	2	
		26.1%		100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	18.2%	25.0%	66.7%	40.0%	
							g			d				
														
3=3rd		14		0	0	3	0	0	1	9	0	0	0	
		30.4%		0.0%	0.0%	75.0%	0.0%	0.0%	100.0%	40.9%	0.0%	0.0%	0.0%	
						j							c	
														
Mean		1.87		2.00	1.00	2.50	2.00	---	3.00	2.00	1.25	1.67	1.40	
SD		0.86		0.00	0.00	1.00	0.00	---	0.00	0.93	0.50	0.58	0.55	

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

142

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Increased interest rates

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		7	3	2	3	3	2		6	1	12	
		41.2%	50.0%	33.3%	60.0%	75.0%	25.0%		40.0%	50.0%	46.2%	
												
2=2nd		4	3	1	0	1	3		4	1	7	
		23.5%	50.0%	16.7%	0.0%	25.0%	37.5%		26.7%	50.0%	26.9%	
												
3=3rd		6	0	3	2	0	3		5	0	7	
		35.3%	0.0%	50.0%	40.0%	0.0%	37.5%		33.3%	0.0%	26.9%	
												
Mean		1.94	1.50	2.17	1.80	1.25	2.13		1.93	1.50	1.81	
SD		0.90	0.55	0.98	1.10	0.50	0.83		0.88	0.71	0.85	

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

143

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Increased interest rates

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		10	1	1	1	3	0	4	
		55.6%	25.0%	50.0%	50.0%	60.0%	0.0%	44.4%	
									
2=2nd		4	1	1	1	1	0	2	
		22.2%	25.0%	50.0%	50.0%	20.0%	0.0%	22.2%	
									
3=3rd		4	2	0	0	1	1	3	
		22.2%	50.0%	0.0%	0.0%	20.0%	100.0%	33.3%	
									
Mean		1.67	2.25	1.50	1.50	1.60	3.00	1.89	
SD		0.84	0.96	0.71	0.71	0.89	0.00	0.93	

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

144

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Increased interest rates

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		5	0	7	2	1	3	1		14	5	0	0	
		38.5%	0.0%	43.8%	66.7%	14.3%	60.0%	100.0%		50.0%	35.7%	0.0%	0.0%	
														
2=2nd		1	0	4	1	4	2	0		7	4	1	0	
		7.7%	0.0%	25.0%	33.3%	57.1%	40.0%	0.0%		25.0%	28.6%	50.0%	0.0%	
		e				a								
														
3=3rd		7	0	5	0	2	0	0		7	5	1	1	
		53.8%	0.0%	31.3%	0.0%	28.6%	0.0%	0.0%		25.0%	35.7%	50.0%	100.0%	
														
Mean		2.15	---	1.88	1.33	2.14	1.40	1.00		1.75	2.00	2.50	3.00	
SD		0.99	---	0.89	0.58	0.69	0.55	0.00		0.84	0.88	0.71	0.00	

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

145

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Wage increases

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		9		0	0	0	0	0	0	3	2	1	2	
		31.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	42.9%	40.0%	25.0%	50.0%	
														
2=2nd		6		0	0	2	0	0	1	2	1	0	0	
		20.7%		0.0%	0.0%	66.7%	0.0%	0.0%	50.0%	28.6%	20.0%	0.0%	0.0%	
														
3=3rd		14		1	0	1	0	2	1	2	2	3	2	
		48.3%		100.0%	0.0%	33.3%	0.0%	100.0%	50.0%	28.6%	40.0%	75.0%	50.0%	
														
Mean		2.17		3.00	---	2.33	---	3.00	2.50	1.86	2.00	2.50	2.00	
SD		0.89		0.00	---	0.58	---	0.00	0.71	0.90	1.00	1.00	1.15	

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

146

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Wage increases

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		6	2	0	0	0	1		1	0	7	
		35.3%	40.0%	0.0%	0.0%	0.0%	50.0%		25.0%	0.0%	41.2%	
												
2=2nd		3	3	0	0	0	0		1	1	3	
		17.6%	60.0%	0.0%	0.0%	0.0%	0.0%		25.0%	16.7%	17.6%	
												
3=3rd		8	0	3	0	2	1		2	5	7	
		47.1%	0.0%	100.0%	0.0%	100.0%	50.0%		50.0%	83.3%	41.2%	
			ce	b		b						
												
Mean		2.12	1.60	3.00	---	3.00	2.00		2.25	2.83	2.00	
SD		0.93	0.55	0.00	---	0.00	1.41		0.96	0.41	0.94	
										c	b	

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

147

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Wage increases

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		4	3	0	0	0	0	1	
		28.6%	60.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
									
2=2nd		3	1	0	0	0	0	0	
		21.4%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
3=3rd		7	1	0	2	1	1	1	
		50.0%	20.0%	0.0%	100.0%	100.0%	100.0%	50.0%	
									
Mean		2.21	1.60	---	3.00	3.00	3.00	2.00	
SD		0.89	0.89	---	0.00	0.00	0.00	1.41	

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

148

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Wage increases

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		4	0	0	1	1	2	0		4	2	1	0	
		40.0%	0.0%	0.0%	50.0%	12.5%	66.7%	0.0%		26.7%	20.0%	50.0%	0.0%	
														
2=2nd		4	0	1	1	0	0	0		3	3	0	0	
		40.0%	0.0%	33.3%	50.0%	0.0%	0.0%	0.0%		20.0%	30.0%	0.0%	0.0%	
														
3=3rd		2	1	2	0	7	1	1		8	5	1	0	
		20.0%	100.0%	66.7%	0.0%	87.5%	33.3%	100.0%		53.3%	50.0%	50.0%	0.0%	
		e			e	ad								
														
Mean		1.80	3.00	2.67	1.50	2.75	1.67	3.00		2.27	2.30	2.00	---	
SD		0.79	0.00	0.58	0.71	0.71	1.15	0.00		0.88	0.82	1.41	---	
		e				a								

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

149

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Situation in Iraq

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		4		0	1	0	0	0	0	2	1	0	0	
		30.8%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	28.6%	50.0%	0.0%	0.0%	
														
2=2nd		7		0	0	1	0	0	0	5	0	0	0	
		53.8%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	71.4%	0.0%	0.0%	0.0%	
														
3=3rd		2		0	0	0	0	1	0	0	1	0	0	
		15.4%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
								g		e				
														
Mean		1.85		---	1.00	2.00	---	3.00	---	1.71	2.00	---	---	
SD		0.69		---	0.00	0.00	---	0.00	---	0.49	1.41	---	---	

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

150

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Situation in Iraq

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		2	0	0	0	1	1		2	0	2	
		25.0%	0.0%	0.0%	0.0%	100.0%	33.3%		50.0%	0.0%	40.0%	
												
2=2nd		5	0	0	1	0	1		2	0	3	
		62.5%	0.0%	0.0%	100.0%	0.0%	33.3%		50.0%	0.0%	60.0%	
												
3=3rd		1	0	0	0	0	1		0	1	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	100.0%	0.0%	
												
Mean		1.88	---	---	2.00	1.00	2.00		1.50	3.00	1.60	
SD		0.64	---	---	0.00	0.00	1.00		0.58	0.00	0.55	

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

151

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Situation in Iraq

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		2	0	0	0	1	1	0	
		33.3%	0.0%	0.0%	0.0%	50.0%	50.0%	0.0%	
									
2=2nd		4	0	0	0	1	0	1	
		66.7%	0.0%	0.0%	0.0%	50.0%	0.0%	100.0%	
									
3=3rd		0	0	0	0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	
									
Mean		1.67	---	---	---	1.50	2.00	2.00	
SD		0.52	---	---	---	0.71	1.41	0.00	

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

152

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Situation in Iraq

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		0	0	1	1	1	0	1		1	1	2	0	
		0.0%	0.0%	33.3%	100.0%	100.0%	0.0%	50.0%		20.0%	50.0%	66.7%	0.0%	
														
2=2nd		4	0	2	0	0	0	0		4	1	0	1	
		80.0%	0.0%	66.7%	0.0%	0.0%	0.0%	0.0%		80.0%	50.0%	0.0%	50.0%	
														
3=3rd		1	0	0	0	0	0	1		0	0	1	1	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%		0.0%	0.0%	33.3%	50.0%	
														
Mean		2.20	---	1.67	1.00	1.00	---	2.00		1.80	1.50	1.67	2.50	
SD		0.45	---	0.58	0.00	0.00	---	1.41		0.45	0.71	1.15	0.71	

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

153

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Domestic Terrorism

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		16		0	0	1	1	1	0	9	2	0	2	
		29.1%		0.0%	0.0%	14.3%	33.3%	33.3%	0.0%	37.5%	66.7%	0.0%	50.0%	
														
2=2nd		17		3	1	1	0	0	2	8	0	0	1	
		30.9%		75.0%	100.0%	14.3%	0.0%	0.0%	50.0%	33.3%	0.0%	0.0%	25.0%	
														
3=3rd		22		1	0	5	2	2	2	7	1	1	1	
		40.0%		25.0%	0.0%	71.4%	66.7%	66.7%	50.0%	29.2%	33.3%	100.0%	25.0%	
														
Mean		2.11		2.25	2.00	2.57	2.33	2.33	2.50	1.92	1.67	3.00	1.75	
SD		0.83		0.50	0.00	0.79	1.15	1.15	0.58	0.83	1.15	0.00	0.96	

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

154

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Domestic Terrorism

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		5	4	1	2	1	3		6	1	9	
		33.3%	50.0%	10.0%	66.7%	10.0%	33.3%		35.3%	14.3%	31.0%	
												
2=2nd		3	2	5	1	3	3		6	3	7	
		20.0%	25.0%	50.0%	33.3%	30.0%	33.3%		35.3%	42.9%	24.1%	
												
3=3rd		7	2	4	0	6	3		5	3	13	
		46.7%	25.0%	40.0%	0.0%	60.0%	33.3%		29.4%	42.9%	44.8%	
												
Mean		2.13	1.75	2.30	1.33	2.50	2.00		1.94	2.29	2.14	
SD		0.92	0.89	0.67	0.58	0.71	0.87		0.83	0.76	0.88	
				d	ce	d						

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

155

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Domestic Terrorism

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		5	3	2	0	2	1	3	
		35.7%	30.0%	40.0%	0.0%	50.0%	16.7%	37.5%	
									
2=2nd		4	2	1	4	2	1	3	
		28.6%	20.0%	20.0%	80.0%	50.0%	16.7%	37.5%	
			d		b				
									
3=3rd		5	5	2	1	0	4	2	
		35.7%	50.0%	40.0%	20.0%	0.0%	66.7%	25.0%	
									
Mean		2.00	2.20	2.00	2.20	1.50	2.50	1.88	
SD		0.88	0.92	1.00	0.45	0.58	0.84	0.83	

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

156

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Domestic Terrorism

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		4	1	5	2	2	2	0		7	7	1	1	
		33.3%	33.3%	41.7%	40.0%	22.2%	22.2%	0.0%		28.0%	36.8%	20.0%	20.0%	
														
2=2nd		3	1	2	1	5	1	3		8	5	1	2	
		25.0%	33.3%	16.7%	20.0%	55.6%	11.1%	75.0%		32.0%	26.3%	20.0%	40.0%	
				g			g	cf						
														
3=3rd		5	1	5	2	2	6	1		10	7	3	2	
		41.7%	33.3%	41.7%	40.0%	22.2%	66.7%	25.0%		40.0%	36.8%	60.0%	40.0%	
														
Mean		2.08	2.00	2.00	2.00	2.00	2.44	2.25		2.12	2.00	2.40	2.20	
SD		0.90	1.00	0.95	1.00	0.71	0.88	0.50		0.83	0.88	0.89	0.84	

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

157

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Price of oil

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		13		2	0	2	4	0	0	1	2	0	0	
		25.0%		28.6%	0.0%	33.3%	44.4%	0.0%	0.0%	5.6%	40.0%	0.0%	0.0%	
							g			d				
														
2=2nd		20		1	0	4	2	0	2	6	3	0	2	
		38.5%		14.3%	0.0%	66.7%	22.2%	0.0%	100.0%	33.3%	60.0%	0.0%	66.7%	
														
3=3rd		19		4	0	0	3	0	0	11	0	0	1	
		36.5%		57.1%	0.0%	0.0%	33.3%	0.0%	0.0%	61.1%	0.0%	0.0%	33.3%	
				c		ag				ch	g			
														
Mean		2.12		2.29	---	1.67	1.89	---	2.00	2.56	1.60	---	2.33	
SD		0.78		0.95	---	0.52	0.93	---	0.00	0.62	0.55	---	0.58	
						G	g			CdH	G			

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

158

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Price of oil

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		2	1	3	1	2	4		6	0	5	
		11.1%	25.0%	37.5%	25.0%	33.3%	33.3%		33.3%	0.0%	17.9%	
												
2=2nd		8	2	3	1	2	4		5	1	13	
		44.4%	50.0%	37.5%	25.0%	33.3%	33.3%		27.8%	50.0%	46.4%	
												
3=3rd		8	1	2	2	2	4		7	1	10	
		44.4%	25.0%	25.0%	50.0%	33.3%	33.3%		38.9%	50.0%	35.7%	
												
Mean		2.33	2.00	1.88	2.25	2.00	2.00		2.06	2.50	2.18	
SD		0.69	0.82	0.83	0.96	0.89	0.85		0.87	0.71	0.72	

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

159

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Price of oil

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		1	3	2	3	2	1	1	
		6.3%	42.9%	50.0%	75.0%	50.0%	50.0%	9.1%	
		bcDe	a	a	Ag	a		d	
									
2=2nd		7	3	1	0	0	1	5	
		43.8%	42.9%	25.0%	0.0%	0.0%	50.0%	45.5%	
									
3=3rd		8	1	1	1	2	0	5	
		50.0%	14.3%	25.0%	25.0%	50.0%	0.0%	45.5%	
									
Mean		2.44	1.71	1.75	1.50	2.00	1.50	2.36	
SD		0.63	0.76	0.96	1.00	1.15	0.71	0.67	
		bd	a		a				

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

160

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Price of oil

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		1	2	2	1	1	3	2		7	2	1	1	
		5.6%	66.7%	16.7%	25.0%	25.0%	60.0%	40.0%		35.0%	9.1%	16.7%	50.0%	
		bF	a				A			b	a			
														
2=2nd		10	1	5	0	1	1	2		5	10	4	1	
		55.6%	33.3%	41.7%	0.0%	25.0%	20.0%	40.0%		25.0%	45.5%	66.7%	50.0%	
														
3=3rd		7	0	5	3	2	1	1		8	10	1	0	
		38.9%	0.0%	41.7%	75.0%	50.0%	20.0%	20.0%		40.0%	45.5%	16.7%	0.0%	
														
Mean		2.33	1.33	2.25	2.50	2.25	1.60	1.80		2.05	2.36	2.00	1.50	
SD		0.59	0.58	0.75	1.00	0.96	0.89	0.84		0.89	0.66	0.63	0.71	
		bf	a				a							

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

161

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. exchange rate

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		6		0	1	2	0	0	0	1	0	0	1	
		26.1%		0.0%	100.0%	33.3%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	50.0%	
														
2=2nd		9		1	0	2	0	2	0	1	2	1	0	
		39.1%		100.0%	0.0%	33.3%	0.0%	100.0%	0.0%	33.3%	50.0%	50.0%	0.0%	
														
3=3rd		8		0	0	2	0	0	1	1	2	1	1	
		34.8%		0.0%	0.0%	33.3%	0.0%	0.0%	100.0%	33.3%	50.0%	50.0%	50.0%	
														
Mean		2.09		2.00	1.00	2.00	---	2.00	3.00	2.00	2.50	2.50	2.00	
SD		0.79		0.00	0.00	0.89	---	0.00	0.00	1.00	0.58	0.71	1.41	

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

162

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. exchange rate

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		2	0	2	0	2	0		1	0	3	
		28.6%	0.0%	66.7%	0.0%	28.6%	0.0%		14.3%	0.0%	27.3%	
												
2=2nd		2	2	0	1	2	2		3	1	3	
		28.6%	100.0%	0.0%	100.0%	28.6%	66.7%		42.9%	100.0%	27.3%	
												
3=3rd		3	0	1	0	3	1		3	0	5	
		42.9%	0.0%	33.3%	0.0%	42.9%	33.3%		42.9%	0.0%	45.5%	
												
Mean		2.14	2.00	1.67	2.00	2.14	2.33		2.29	2.00	2.18	
SD		0.90	0.00	1.15	0.00	0.90	0.58		0.76	0.00	0.87	

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

163

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. exchange rate

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		1	1	1	0	0	0	1	
		20.0%	25.0%	50.0%	0.0%	0.0%	0.0%	33.3%	
									
2=2nd		1	2	0	0	0	4	1	
		20.0%	50.0%	0.0%	0.0%	0.0%	80.0%	33.3%	
									
3=3rd		3	1	1	1	0	1	1	
		60.0%	25.0%	50.0%	100.0%	0.0%	20.0%	33.3%	
									
Mean		2.40	2.00	2.00	3.00	---	2.20	2.00	
SD		0.89	0.82	1.41	0.00	---	0.45	1.00	

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

164

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. exchange rate

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		1	0	1	0	3	0	0		1	2	1	1	
		10.0%	0.0%	33.3%	0.0%	75.0%	0.0%	0.0%		100.0%	25.0%	14.3%	20.0%	
		e				ag		e						
														
2=2nd		5	0	2	0	0	0	2		0	4	2	2	
		50.0%	0.0%	66.7%	0.0%	0.0%	0.0%	40.0%		0.0%	50.0%	28.6%	40.0%	
														
3=3rd		4	0	0	0	1	0	3		0	2	4	2	
		40.0%	0.0%	0.0%	0.0%	25.0%	0.0%	60.0%		0.0%	25.0%	57.1%	40.0%	
														
Mean		2.30	---	1.67	---	1.50	---	2.60		1.00	2.00	2.43	2.20	
SD		0.67	---	0.58	---	1.00	---	0.55		0.00	0.76	0.79	0.84	

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

165

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Foreign competition

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		9		1	0	3	0	2	0	1	1	0	1	
		39.1%		100.0%	0.0%	42.9%	0.0%	100.0%	0.0%	100.0%	100.0%	0.0%	100.0%	
														
2=2nd		8		0	0	3	1	0	2	0	0	2	0	
		34.8%		0.0%	0.0%	42.9%	50.0%	0.0%	50.0%	0.0%	0.0%	100.0%	0.0%	
														
3=3rd		6		0	1	1	1	0	2	0	0	0	0	
		26.1%		0.0%	100.0%	14.3%	50.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	
														
Mean		1.87		1.00	3.00	1.71	2.50	1.00	2.50	1.00	1.00	2.00	1.00	
SD		0.81		0.00	0.00	0.76	0.71	0.00	0.58	0.00	0.00	0.00	0.00	

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

166

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Foreign competition

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		5	2	1	0	1	0		1	2	6	
		41.7%	66.7%	50.0%	0.0%	33.3%	0.0%		25.0%	40.0%	50.0%	
												
2=2nd		5	0	1	0	1	1		2	2	4	
		41.7%	0.0%	50.0%	0.0%	33.3%	33.3%		50.0%	40.0%	33.3%	
												
3=3rd		2	1	0	0	1	2		1	1	2	
		16.7%	33.3%	0.0%	0.0%	33.3%	66.7%		25.0%	20.0%	16.7%	
												
Mean		1.75	1.67	1.50	---	2.00	2.67		2.00	1.80	1.67	
SD		0.75	1.15	0.71	---	1.00	0.58		0.82	0.84	0.78	

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

167

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Foreign competition

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		4	2	1	0	0	1	0	
		44.4%	50.0%	50.0%	0.0%	0.0%	50.0%	0.0%	
									
2=2nd		3	2	0	0	0	1	1	
		33.3%	50.0%	0.0%	0.0%	0.0%	50.0%	33.3%	
									
3=3rd		2	0	1	0	0	0	2	
		22.2%	0.0%	50.0%	0.0%	0.0%	0.0%	66.7%	
									
Mean		1.78	1.50	2.00	---	---	1.50	2.67	
SD		0.83	0.58	1.41	---	---	0.71	0.58	
			g					b	

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

168

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Foreign competition

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		2	0	1	0	4	1	1		2	4	3	0	
		66.7%	0.0%	50.0%	0.0%	44.4%	25.0%	50.0%		40.0%	57.1%	42.9%	0.0%	
														
2=2nd		1	1	0	1	2	2	1		3	2	2	1	
		33.3%	100.0%	0.0%	100.0%	22.2%	50.0%	50.0%		60.0%	28.6%	28.6%	33.3%	
														
3=3rd		0	0	1	0	3	1	0		0	1	2	2	
		0.0%	0.0%	50.0%	0.0%	33.3%	25.0%	0.0%		0.0%	14.3%	28.6%	66.7%	
														
Mean		1.33	2.00	2.00	2.00	1.89	2.00	1.50		1.60	1.57	1.86	2.67	
SD		0.58	0.00	1.41	0.00	0.93	0.82	0.71		0.55	0.79	0.90	0.58	
										d			a	

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

169

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Health care costs

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		14		1	0	4	0	0	1	2	2	2	1	
		20.9%		11.1%	0.0%	23.5%	0.0%	0.0%	25.0%	18.2%	28.6%	28.6%	16.7%	
														
2=2nd		29		1	2	6	1	1	1	7	3	4	2	
		43.3%		11.1%	100.0%	35.3%	100.0%	100.0%	25.0%	63.6%	42.9%	57.1%	33.3%	
				bg	a					a				
														
3=3rd		24		7	0	7	0	0	2	2	2	1	3	
		35.8%		77.8%	0.0%	41.2%	0.0%	0.0%	50.0%	18.2%	28.6%	14.3%	50.0%	
				gi						a		a		
														
Mean		2.15		2.67	2.00	2.18	2.00	2.00	2.25	2.00	2.00	1.86	2.33	
SD		0.74		0.71	0.00	0.81	0.00	0.00	0.96	0.63	0.82	0.69	0.82	
				gi						a		a		

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

170

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Health care costs

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		8	2	2	0	1	1		1	1	7	
		29.6%	18.2%	16.7%	0.0%	20.0%	10.0%		6.7%	20.0%	16.7%	
												
2=2nd		12	5	4	0	1	6		7	3	19	
		44.4%	45.5%	33.3%	0.0%	20.0%	60.0%		46.7%	60.0%	45.2%	
												
3=3rd		7	4	6	1	3	3		7	1	16	
		25.9%	36.4%	50.0%	100.0%	60.0%	30.0%		46.7%	20.0%	38.1%	
												
Mean		1.96	2.18	2.33	3.00	2.40	2.20		2.40	2.00	2.21	
SD		0.76	0.75	0.78	0.00	0.89	0.63		0.63	0.71	0.72	

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

171

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Health care costs

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		6	2	0	0	0	1	1	
		28.6%	13.3%	0.0%	0.0%	0.0%	33.3%	8.3%	
									
2=2nd		8	9	1	3	0	0	7	
		38.1%	60.0%	25.0%	60.0%	0.0%	0.0%	58.3%	
									
3=3rd		7	4	3	2	2	2	4	
		33.3%	26.7%	75.0%	40.0%	100.0%	66.7%	33.3%	
									
Mean		2.05	2.13	2.75	2.40	3.00	2.33	2.25	
SD		0.80	0.64	0.50	0.55	0.00	1.15	0.62	

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

172

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Health care costs

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		5	1	4	1	0	2	0		5	6	2	0	
		22.7%	33.3%	22.2%	33.3%	0.0%	22.2%	0.0%		21.7%	18.8%	22.2%	0.0%	
														
2=2nd		8	1	7	2	5	5	1		10	13	5	1	
		36.4%	33.3%	38.9%	66.7%	50.0%	55.6%	100.0%		43.5%	40.6%	55.6%	50.0%	
														
3=3rd		9	1	7	0	5	2	0		8	13	2	1	
		40.9%	33.3%	38.9%	0.0%	50.0%	22.2%	0.0%		34.8%	40.6%	22.2%	50.0%	
														
Mean		2.18	2.00	2.17	1.67	2.50	2.00	2.00		2.13	2.22	2.00	2.50	
SD		0.80	1.00	0.79	0.58	0.53	0.71	0.00		0.76	0.75	0.71	0.71	
					e	d								

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

173

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Presidential election

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		12		1	0	0	0	2	0	5	0	3	0	
		48.0%		50.0%	0.0%	0.0%	0.0%	100.0%	0.0%	45.5%	0.0%	100.0%	0.0%	
														
2=2nd		5		0	1	1	1	0	0	1	0	0	1	
		20.0%		0.0%	100.0%	100.0%	50.0%	0.0%	0.0%	9.1%	0.0%	0.0%	100.0%	
					g	g				bcj			g	
														
3=3rd		8		1	0	0	1	0	0	5	1	0	0	
		32.0%		50.0%	0.0%	0.0%	50.0%	0.0%	0.0%	45.5%	100.0%	0.0%	0.0%	
														
Mean		1.84		2.00	2.00	2.00	2.50	1.00	---	2.00	3.00	1.00	2.00	
SD		0.90		1.41	0.00	0.00	0.71	0.00	---	1.00	0.00	0.00	0.00	

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

174

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Presidential election

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		6	1	2	1	0	2		2	1	8	
		60.0%	100.0%	66.7%	25.0%	0.0%	66.7%		22.2%	50.0%	66.7%	
												
2=2nd		2	0	1	0	1	1		3	0	2	
		20.0%	0.0%	33.3%	0.0%	25.0%	33.3%		33.3%	0.0%	16.7%	
												
3=3rd		2	0	0	3	3	0		4	1	2	
		20.0%	0.0%	0.0%	75.0%	75.0%	0.0%		44.4%	50.0%	16.7%	
												
Mean		1.60	1.00	1.33	2.50	2.75	1.33		2.22	2.00	1.50	
SD		0.84	0.00	0.58	1.00	0.50	0.58		0.83	1.41	0.80	
		e		e		acf	e					

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

175

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Presidential election

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		5	2	0	0	0	1	1	
		62.5%	66.7%	0.0%	0.0%	0.0%	33.3%	33.3%	
									
2=2nd		1	1	0	1	1	0	1	
		12.5%	33.3%	0.0%	50.0%	33.3%	0.0%	33.3%	
									
3=3rd		2	0	0	1	2	2	1	
		25.0%	0.0%	0.0%	50.0%	66.7%	66.7%	33.3%	
									
Mean		1.63	1.33	---	2.50	2.67	2.33	2.00	
SD		0.92	0.58	---	0.71	0.58	1.15	1.00	
			e			b			

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

176

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Presidential election

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		2	1	2	0	2	3	1		7	3	1	0	
		66.7%	100.0%	66.7%	0.0%	40.0%	60.0%	33.3%		58.3%	42.9%	25.0%	0.0%	
														
2=2nd		0	0	1	2	2	0	0		1	2	1	1	
		0.0%	0.0%	33.3%	50.0%	40.0%	0.0%	0.0%		8.3%	28.6%	25.0%	100.0%	
										d			a	
														
3=3rd		1	0	0	2	1	2	2		4	2	2	0	
		33.3%	0.0%	0.0%	50.0%	20.0%	40.0%	66.7%		33.3%	28.6%	50.0%	0.0%	
														
Mean		1.67	1.00	1.33	2.50	1.80	1.80	2.33		1.75	1.86	2.25	2.00	
SD		1.15	0.00	0.58	0.58	0.84	1.10	1.15		0.97	0.90	0.96	0.00	
				d	c									

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

177

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Control of Senate

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		4		0	0	0	1	0	0	1	0	1	0	
		40.0%		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	25.0%	0.0%	33.3%	0.0%	
														
2=2nd		4		0	0	0	0	1	0	1	0	2	0	
		40.0%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	25.0%	0.0%	66.7%	0.0%	
														
3=3rd		2		0	0	0	0	0	0	2	0	0	0	
		20.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	
														
Mean		1.80		---	---	---	1.00	2.00	---	2.25	---	1.67	---	
SD		0.79		---	---	---	0.00	0.00	---	0.96	---	0.58	---	

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

178

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Control of Senate

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		2	0	1	0	0	1		2	0	1	
		50.0%	0.0%	100.0%	0.0%	0.0%	33.3%		66.7%	0.0%	25.0%	
												
2=2nd		1	0	0	1	0	2		1	1	1	
		25.0%	0.0%	0.0%	50.0%	0.0%	66.7%		33.3%	100.0%	25.0%	
												
3=3rd		1	0	0	1	0	0		0	0	2	
		25.0%	0.0%	0.0%	50.0%	0.0%	0.0%		0.0%	0.0%	50.0%	
												
Mean		1.75	---	1.00	2.50	---	1.67		1.33	2.00	2.25	
SD		0.96	---	0.00	0.71	---	0.58		0.58	0.00	0.96	

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

179

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Control of Senate

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		1	0	0	1	0	0	1	
		25.0%	0.0%	0.0%	100.0%	0.0%	0.0%	50.0%	
									
2=2nd		2	0	0	0	0	1	1	
		50.0%	0.0%	0.0%	0.0%	0.0%	100.0%	50.0%	
									
3=3rd		1	1	0	0	0	0	0	
		25.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Mean		2.00	3.00	---	1.00	---	2.00	1.50	
SD		0.82	0.00	---	0.00	---	0.00	0.71	

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

180

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Control of Senate

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		2	0	0	1	0	0	0		1	1	1	0	
		100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		16.7%	100.0%	50.0%	0.0%	
														
2=2nd		0	0	0	0	1	2	1		3	0	1	0	
		0.0%	0.0%	0.0%	0.0%	100.0%	66.7%	100.0%		50.0%	0.0%	50.0%	0.0%	
														
3=3rd		0	0	1	0	0	1	0		2	0	0	0	
		0.0%	0.0%	100.0%	0.0%	0.0%	33.3%	0.0%		33.3%	0.0%	0.0%	0.0%	
														
Mean		1.00	---	3.00	1.00	2.00	2.33	2.00		2.17	1.00	1.50	---	
SD		0.00	---	0.00	0.00	0.00	0.58	0.00		0.75	0.00	0.71	---	

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

181

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Consumer spending/demand

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		27		7	0	2	1	3	5	4	1	0	3	
		37.5%		77.8%	0.0%	16.7%	100.0%	42.9%	71.4%	28.6%	14.3%	0.0%	37.5%	
				cghi		af			ci	a	a	af		
														
2=2nd		28		2	1	5	0	3	2	7	4	2	2	
		38.9%		22.2%	50.0%	41.7%	0.0%	42.9%	28.6%	50.0%	57.1%	50.0%	25.0%	
														
3=3rd		17		0	1	5	0	1	0	3	2	2	3	
		23.6%		0.0%	50.0%	41.7%	0.0%	14.3%	0.0%	21.4%	28.6%	50.0%	37.5%	
				ci		a						a		
														
Mean		1.86		1.22	2.50	2.25	1.00	1.71	1.29	1.93	2.14	2.50	2.00	
SD		0.77		0.44	0.71	0.75	0.00	0.76	0.49	0.73	0.69	0.58	0.93	
				BCgHIj	Af	AF			bCghI	af	Af	AF	a	

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

182

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Consumer spending/demand

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		11	2	2	1	4	7		7	6	12	
		37.9%	40.0%	18.2%	50.0%	36.4%	53.8%		41.2%	46.2%	30.8%	
												
2=2nd		9	1	7	1	5	4		7	3	17	
		31.0%	20.0%	63.6%	50.0%	45.5%	30.8%		41.2%	23.1%	43.6%	
												
3=3rd		9	2	2	0	2	2		3	4	10	
		31.0%	40.0%	18.2%	0.0%	18.2%	15.4%		17.6%	30.8%	25.6%	
												
Mean		1.93	2.00	2.00	1.50	1.82	1.62		1.76	1.85	1.95	
SD		0.84	1.00	0.63	0.71	0.75	0.77		0.75	0.90	0.76	

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

183

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Consumer spending/demand

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		9	4	1	1	0	3	8	
		36.0%	44.4%	25.0%	20.0%	0.0%	42.9%	57.1%	
						g		e	
									
2=2nd		8	2	2	3	5	3	3	
		32.0%	22.2%	50.0%	60.0%	100.0%	42.9%	21.4%	
		E	e			AbG		E	
									
3=3rd		8	3	1	1	0	1	3	
		32.0%	33.3%	25.0%	20.0%	0.0%	14.3%	21.4%	
									
Mean		1.96	1.89	2.00	2.00	2.00	1.71	1.64	
SD		0.84	0.93	0.82	0.71	0.00	0.76	0.84	

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

184

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Consumer spending/demand

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		7	0	7	1	5	3	2		8	12	2	4	
		36.8%	0.0%	36.8%	16.7%	62.5%	33.3%	33.3%		29.6%	40.0%	28.6%	66.7%	
														
2=2nd		9	2	6	2	3	4	2		10	12	3	2	
		47.4%	66.7%	31.6%	33.3%	37.5%	44.4%	33.3%		37.0%	40.0%	42.9%	33.3%	
														
3=3rd		3	1	6	3	0	2	2		9	6	2	0	
		15.8%	33.3%	31.6%	50.0%	0.0%	22.2%	33.3%		33.3%	20.0%	28.6%	0.0%	
					e	d								
														
Mean		1.79	2.33	1.95	2.33	1.38	1.89	2.00		2.04	1.80	2.00	1.33	
SD		0.71	0.58	0.85	0.82	0.52	0.78	0.89		0.81	0.76	0.82	0.52	
			e		e	bd								

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

185

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. economic growth

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		46		1	0	10	2	1	6	17	5	2	1	
		39.7%		14.3%	0.0%	50.0%	33.3%	20.0%	54.5%	53.1%	35.7%	33.3%	10.0%	
						j			j	j			cfg	
														
2=2nd		38		5	1	6	2	1	2	9	4	2	6	
		32.8%		71.4%	25.0%	30.0%	33.3%	20.0%	18.2%	28.1%	28.6%	33.3%	60.0%	
				fg					a	a				
														
3=3rd		32		1	3	4	2	3	3	6	5	2	3	
		27.6%		14.3%	75.0%	20.0%	33.3%	60.0%	27.3%	18.8%	35.7%	33.3%	30.0%	
					cg	b				b				
														
Mean		1.88		2.00	2.75	1.70	2.00	2.40	1.73	1.66	2.00	2.00	2.20	
SD		0.81		0.58	0.50	0.80	0.89	0.89	0.90	0.79	0.88	0.89	0.63	
					cg	b				b				

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

186

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. economic growth

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		17	3	9	2	8	6		10	8	25	
		38.6%	25.0%	56.3%	28.6%	44.4%	35.3%		35.7%	53.3%	37.9%	
												
2=2nd		14	3	4	5	9	3		9	5	21	
		31.8%	25.0%	25.0%	71.4%	50.0%	17.6%		32.1%	33.3%	31.8%	
		d		d	acf		d					
												
3=3rd		13	6	3	0	1	8		9	2	20	
		29.5%	50.0%	18.8%	0.0%	5.6%	47.1%		32.1%	13.3%	30.3%	
		e	dE		bf	aBF	dE					
												
Mean		1.91	2.25	1.63	1.71	1.61	2.12		1.96	1.60	1.92	
SD		0.83	0.87	0.81	0.49	0.61	0.93		0.84	0.74	0.83	
			e			b						

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

187

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. economic growth

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		14	5	2	7	3	2	8	
		38.9%	26.3%	33.3%	70.0%	33.3%	28.6%	42.1%	
			d		b				
									
2=2nd		12	6	4	1	2	5	6	
		33.3%	31.6%	66.7%	10.0%	22.2%	71.4%	31.6%	
				d	cf		d		
									
3=3rd		10	8	0	2	4	0	5	
		27.8%	42.1%	0.0%	20.0%	44.4%	0.0%	26.3%	
									
Mean		1.89	2.16	1.67	1.50	2.11	1.71	1.84	
SD		0.82	0.83	0.52	0.85	0.93	0.49	0.83	

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

188

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months U.S. economic growth

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		15	2	7	4	7	6	4		17	19	5	4	
		41.7%	50.0%	35.0%	33.3%	41.2%	33.3%	57.1%		34.0%	44.2%	41.7%	44.4%	
														
2=2nd		9	1	9	4	8	5	2		19	14	3	2	
		25.0%	25.0%	45.0%	33.3%	47.1%	27.8%	28.6%		38.0%	32.6%	25.0%	22.2%	
														
3=3rd		12	1	4	4	2	7	1		14	10	4	3	
		33.3%	25.0%	20.0%	33.3%	11.8%	38.9%	14.3%		28.0%	23.3%	33.3%	33.3%	
														
Mean		1.92	1.75	1.85	2.00	1.71	2.06	1.57		1.94	1.79	1.92	1.89	
SD		0.87	0.96	0.75	0.85	0.69	0.87	0.79		0.79	0.80	0.90	0.93	

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

189

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Other

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
1=1st		22		1	1	2	1	1	1	6	1	4	4	
		53.7%		50.0%	50.0%	50.0%	50.0%	50.0%	33.3%	66.7%	33.3%	80.0%	44.4%	
														
2=2nd		5		0	0	0	1	1	1	0	1	0	1	
		12.2%		0.0%	0.0%	0.0%	50.0%	50.0%	33.3%	0.0%	33.3%	0.0%	11.1%	
														
3=3rd		14		1	1	2	0	0	1	3	1	1	4	
		34.1%		50.0%	50.0%	50.0%	0.0%	0.0%	33.3%	33.3%	33.3%	20.0%	44.4%	
														
Mean		1.80		2.00	2.00	2.00	1.50	1.50	2.00	1.67	2.00	1.40	2.00	
SD		0.93		1.41	1.41	1.15	0.71	0.71	1.00	1.00	1.00	0.89	1.00	

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

190

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Other

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
1=1st		6	2	3	1	6	3		9	3	10	
		54.5%	40.0%	50.0%	100.0%	54.5%	50.0%		52.9%	75.0%	52.6%	
												
2=2nd		1	0	1	0	2	1		3	1	1	
		9.1%	0.0%	16.7%	0.0%	18.2%	16.7%		17.6%	25.0%	5.3%	
												
3=3rd		4	3	2	0	3	2		5	0	8	
		36.4%	60.0%	33.3%	0.0%	27.3%	33.3%		29.4%	0.0%	42.1%	
												
Mean		1.82	2.20	1.83	1.00	1.73	1.83		1.76	1.25	1.89	
SD		0.98	1.10	0.98	0.00	0.90	0.98		0.90	0.50	0.99	

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

191

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Other

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
1=1st		6	1	1	3	1	4	5	
		60.0%	25.0%	33.3%	50.0%	100.0%	66.7%	55.6%	
									
2=2nd		0	1	1	1	0	0	2	
		0.0%	25.0%	33.3%	16.7%	0.0%	0.0%	22.2%	
									
3=3rd		4	2	1	2	0	2	2	
		40.0%	50.0%	33.3%	33.3%	0.0%	33.3%	22.2%	
									
Mean		1.80	2.25	2.00	1.83	1.00	1.67	1.67	
SD		1.03	0.96	1.00	0.98	0.00	1.03	0.87	

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

192

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months Other

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
1=1st		12	0	2	1	4	2	1		10	6	4	2	
		100.0%	0.0%	33.3%	33.3%	44.4%	33.3%	33.3%		62.5%	46.2%	50.0%	50.0%	
		BCDEFG	A	A	A	A	A	A						
														
2=2nd		0	0	0	1	0	2	1		2	0	2	1	
		0.0%	0.0%	0.0%	33.3%	0.0%	33.3%	33.3%		12.5%	0.0%	25.0%	25.0%	
		f					a							
														
3=3rd		0	1	4	1	5	2	1		4	7	2	1	
		0.0%	100.0%	66.7%	33.3%	55.6%	33.3%	33.3%		25.0%	53.8%	25.0%	25.0%	
		BCEf	A	A		A	a							
														
Mean		1.00	3.00	2.33	2.00	2.11	2.00	2.00		1.63	2.08	1.75	1.75	
SD		0.00	0.00	1.03	1.00	1.05	0.89	1.00		0.89	1.04	0.89	0.96	

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

193

Duke CFO Outlook Survey - 3rd Quarter, 2004

7. Fuel costs have risen considerably this year. Has your company implemented strategies to reduce your level of fuel consumption? (For example, changes to fleet vehicles, alternative fuel sources, etc.) 

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
No		157		11	6	27	7	8	11	46	15	10	15	
		79.3%		73.3%	100.0%	84.4%	70.0%	72.7%	84.6%	86.8%	71.4%	66.7%	75.0%	
														
Yes		41		4	0	5	3	3	2	7	6	5	5	
		20.7%		26.7%	0.0%	15.6%	30.0%	27.3%	15.4%	13.2%	28.6%	33.3%	25.0%	

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

194

Duke CFO Outlook Survey - 3rd Quarter, 2004

7. Fuel costs have risen considerably this year. Has your company implemented strategies to reduce your level of fuel consumption? (For example, changes to fleet vehicles, alternative fuel sources, etc.) 

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
No		57	18	24	9	24	24		48	18	83	
		79.2%	81.8%	82.8%	81.8%	77.4%	77.4%		84.2%	75.0%	78.3%	
												
Yes		15	4	5	2	7	7		9	6	23	
		20.8%	18.2%	17.2%	18.2%	22.6%	22.6%		15.8%	25.0%	21.7%	

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

195

Duke CFO Outlook Survey - 3rd Quarter, 2004

7. Fuel costs have risen considerably this year. Has your company implemented strategies to reduce your level of fuel consumption? (For example, changes to fleet vehicles, alternative fuel sources, etc.) 

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
No		49	27	8	14	8	15	24	
		77.8%	84.4%	72.7%	87.5%	66.7%	93.8%	68.6%	
									
Yes		14	5	3	2	4	1	11	
		22.2%	15.6%	27.3%	12.5%	33.3%	6.3%	31.4%	

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

196

Duke CFO Outlook Survey - 3rd Quarter, 2004

7. Fuel costs have risen considerably this year. Has your company implemented strategies to reduce your level of fuel consumption? (For example, changes to fleet vehicles, alternative fuel sources, etc.) 

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
No		39	4	37	14	29	22	11		63	58	20	15	
		73.6%	57.1%	86.0%	82.4%	87.9%	78.6%	73.3%		78.8%	79.5%	76.9%	93.8%	
														
Yes		14	3	6	3	4	6	4		17	15	6	1	
		26.4%	42.9%	14.0%	17.6%	12.1%	21.4%	26.7%		21.3%	20.5%	23.1%	6.3%	

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

197

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		34		2	1	7	0	2	3	13	3	0	3	
		17.5%		14.3%	16.7%	21.9%	0.0%	18.2%	23.1%	25.0%	14.3%	0.0%	15.8%	
										i		g		
														
Down		71		6	3	13	4	2	6	20	9	3	5	
		36.6%		42.9%	50.0%	40.6%	40.0%	18.2%	46.2%	38.5%	42.9%	20.0%	26.3%	
														
No Effect		75		6	2	10	6	5	4	13	9	10	9	
		38.7%		42.9%	33.3%	31.3%	60.0%	45.5%	30.8%	25.0%	42.9%	66.7%	47.4%	
						i	g			dI		cG		
														
Up		14		0	0	2	0	2	0	6	0	2	2	
		7.2%		0.0%	0.0%	6.3%	0.0%	18.2%	0.0%	11.5%	0.0%	13.3%	10.5%	

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

198

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		13	1	5	3	5	6		12	4	13	
		18.8%	4.8%	17.2%	27.3%	16.7%	18.8%		21.1%	16.7%	12.6%	
												
Down		22	8	11	5	10	14		24	8	36	
		31.9%	38.1%	37.9%	45.5%	33.3%	43.8%		42.1%	33.3%	35.0%	
												
No Effect		27	10	13	3	13	9		16	11	46	
		39.1%	47.6%	44.8%	27.3%	43.3%	28.1%		28.1%	45.8%	44.7%	
									c		a	
												
Up		7	2	0	0	2	3		5	1	8	
		10.1%	9.5%	0.0%	0.0%	6.7%	9.4%		8.8%	4.2%	7.8%	

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

199

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		10	3	1	3	3	4	6	
		16.9%	9.4%	9.1%	18.8%	25.0%	26.7%	16.7%	
									
Down		17	12	4	4	6	6	17	
		28.8%	37.5%	36.4%	25.0%	50.0%	40.0%	47.2%	
									
No Effect		26	14	6	8	3	4	10	
		44.1%	43.8%	54.5%	50.0%	25.0%	26.7%	27.8%	
									
Up		6	3	0	1	0	1	3	
		10.2%	9.4%	0.0%	6.3%	0.0%	6.7%	8.3%	

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

200

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		15	2	7	2	4	1	3		14	14	3	3	
		30.0%	28.6%	16.7%	11.8%	11.8%	3.6%	20.0%		17.9%	19.2%	12.0%	18.8%	
		F	f				Ab							
														
Down		18	2	23	6	9	9	4		22	33	8	7	
		36.0%	28.6%	54.8%	35.3%	26.5%	32.1%	26.7%		28.2%	45.2%	32.0%	43.8%	
				e		c				b	a			
														
No Effect		13	3	9	9	16	16	8		35	22	13	4	
		26.0%	42.9%	21.4%	52.9%	47.1%	57.1%	53.3%		44.9%	30.1%	52.0%	25.0%	
		deF		deFg	ac	ac	AC	c						
														
Up		4	0	3	0	5	2	0		7	4	1	2	
		8.0%	0.0%	7.1%	0.0%	14.7%	7.1%	0.0%		9.0%	5.5%	4.0%	12.5%	

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

201

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		16		0	1	5	0	0	0	9	1	0	0	
		8.3%		0.0%	16.7%	15.6%	0.0%	0.0%	0.0%	17.3%	5.0%	0.0%	0.0%	
														
Down		62		6	3	13	4	1	6	12	8	5	4	
		32.1%		42.9%	50.0%	40.6%	40.0%	10.0%	46.2%	23.1%	40.0%	33.3%	20.0%	
														
No Effect		111		8	2	14	6	8	7	28	11	10	16	
		57.5%		57.1%	33.3%	43.8%	60.0%	80.0%	53.8%	53.8%	55.0%	66.7%	80.0%	
					j	j				j			bcg	
														
Up		4		0	0	0	0	1	0	3	0	0	0	
		2.1%		0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	5.8%	0.0%	0.0%	0.0%	

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

202

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		6	1	2	2	2	3		7	1	6	
		9.0%	4.8%	6.9%	18.2%	6.5%	9.4%		12.1%	4.3%	5.9%	
												
Down		20	7	12	5	9	7		16	9	33	
		29.9%	33.3%	41.4%	45.5%	29.0%	21.9%		27.6%	39.1%	32.4%	
												
No Effect		40	13	13	4	20	21		33	13	61	
		59.7%	61.9%	44.8%	36.4%	64.5%	65.6%		56.9%	56.5%	59.8%	
												
Up		1	0	2	0	0	1		2	0	2	
		1.5%	0.0%	6.9%	0.0%	0.0%	3.1%		3.4%	0.0%	2.0%	

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

203

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		3	3	1	1	1	2	3	
		5.3%	9.4%	9.1%	6.3%	8.3%	12.5%	8.3%	
									
Down		16	11	4	5	5	7	8	
		28.1%	34.4%	36.4%	31.3%	41.7%	43.8%	22.2%	
									
No Effect		37	17	6	9	6	7	24	
		64.9%	53.1%	54.5%	56.3%	50.0%	43.8%	66.7%	
									
Up		1	1	0	1	0	0	1	
		1.8%	3.1%	0.0%	6.3%	0.0%	0.0%	2.8%	

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

204

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		6	1	6	2	0	0	1		8	5	2	1	
		11.8%	14.3%	14.6%	11.8%	0.0%	0.0%	6.7%		10.4%	6.9%	7.7%	6.3%	
		e	e	ef	e	abcd	c							
														
Down		17	2	15	6	9	10	3		20	29	5	7	
		33.3%	28.6%	36.6%	35.3%	26.5%	37.0%	20.0%		26.0%	40.3%	19.2%	43.8%	
														
No Effect		27	4	20	9	23	16	11		46	38	18	8	
		52.9%	57.1%	48.8%	52.9%	67.6%	59.3%	73.3%		59.7%	52.8%	69.2%	50.0%	
														
Up		1	0	0	0	2	1	0		3	0	1	0	
		2.0%	0.0%	0.0%	0.0%	5.9%	3.7%	0.0%		3.9%	0.0%	3.8%	0.0%	

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

205

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		13		0	1	3	0	0	1	7	1	0	0	
		6.8%		0.0%	16.7%	9.4%	0.0%	0.0%	7.7%	13.2%	5.3%	0.0%	0.0%	
														
Down		65		7	1	10	3	4	7	21	5	2	5	
		33.9%		50.0%	16.7%	31.3%	30.0%	40.0%	53.8%	39.6%	26.3%	13.3%	26.3%	
				i					i			af		
														
No Effect		111		7	4	19	7	4	5	24	13	13	14	
		57.8%		50.0%	66.7%	59.4%	70.0%	40.0%	38.5%	45.3%	68.4%	86.7%	73.7%	
				i				i	i	Ij		aefG	g	
														
Up		3		0	0	0	0	2	0	1	0	0	0	
		1.6%		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	1.9%	0.0%	0.0%	0.0%	
						e		cg		e				

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

206

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		5	0	2	1	2	3		5	1	5	
		7.5%	0.0%	6.9%	9.1%	6.7%	9.4%		8.8%	4.3%	4.9%	
												
Down		24	6	12	7	5	11		18	10	33	
		35.8%	28.6%	41.4%	63.6%	16.7%	34.4%		31.6%	43.5%	32.4%	
				e	E	cD						
												
No Effect		37	15	14	3	22	18		33	11	63	
		55.2%	71.4%	48.3%	27.3%	73.3%	56.3%		57.9%	47.8%	61.8%	
			d		be	d						
												
Up		1	0	1	0	1	0		1	1	1	
		1.5%	0.0%	3.4%	0.0%	3.3%	0.0%		1.8%	4.3%	1.0%	

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

207

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		3	1	1	1	1	1	3	
		5.3%	3.1%	9.1%	6.3%	8.3%	6.7%	8.3%	
									
Down		18	12	4	4	4	5	11	
		31.6%	37.5%	36.4%	25.0%	33.3%	33.3%	30.6%	
									
No Effect		35	19	6	9	7	9	22	
		61.4%	59.4%	54.5%	56.3%	58.3%	60.0%	61.1%	
									
Up		1	0	0	2	0	0	0	
		1.8%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	
			d		bg			d	

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

208

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  SYMBOLIC TARGET - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		5	1	4	1	1	0	1		7	3	2	1	
		9.8%	14.3%	10.0%	5.9%	2.9%	0.0%	6.7%		9.1%	4.2%	7.7%	6.3%	
														
Down		20	3	16	6	8	7	5		18	32	6	9	
		39.2%	42.9%	40.0%	35.3%	23.5%	25.9%	33.3%		23.4%	45.1%	23.1%	56.3%	
										BD	A	d	Ac	
														
No Effect		26	3	20	10	22	20	9		49	36	18	6	
		51.0%	42.9%	50.0%	58.8%	64.7%	74.1%	60.0%		63.6%	50.7%	69.2%	37.5%	
														
Up		0	0	0	0	3	0	0		3	0	0	0	
		0.0%	0.0%	0.0%	0.0%	8.8%	0.0%	0.0%		3.9%	0.0%	0.0%	0.0%	
		e				a								

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

209

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		32		3	0	2	0	2	3	14	2	1	5	
		16.7%		21.4%	0.0%	6.3%	0.0%	18.2%	23.1%	26.9%	10.5%	6.7%	26.3%	
						gj				c			c	
														
Down		79		8	4	18	2	5	6	20	7	4	5	
		41.1%		57.1%	66.7%	56.3%	20.0%	45.5%	46.2%	38.5%	36.8%	26.7%	26.3%	
						j							c	
														
No Effect		62		3	2	10	8	2	4	10	10	6	6	
		32.3%		21.4%	33.3%	31.3%	80.0%	18.2%	30.8%	19.2%	52.6%	40.0%	31.6%	
				D		D	ACefGj	d	d	DH	G		d	
														
Up		19		0	0	2	0	2	0	8	0	4	3	
		9.9%		0.0%	0.0%	6.3%	0.0%	18.2%	0.0%	15.4%	0.0%	26.7%	15.8%	
				i							i	ah		

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

210

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		11	1	5	3	6	6		12	3	16	
		16.2%	4.8%	17.2%	27.3%	20.7%	18.8%		21.1%	12.5%	15.8%	
												
Down		26	9	13	4	8	17		23	14	35	
		38.2%	42.9%	44.8%	36.4%	27.6%	53.1%		40.4%	58.3%	34.7%	
						f	e			c	b	
												
No Effect		22	9	11	4	11	5		14	6	40	
		32.4%	42.9%	37.9%	36.4%	37.9%	15.6%		24.6%	25.0%	39.6%	
			f				b					
												
Up		9	2	0	0	4	4		8	1	10	
		13.2%	9.5%	0.0%	0.0%	13.8%	12.5%		14.0%	4.2%	9.9%	
		c		ae		c						

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

211

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		8	2	2	3	2	4	9	
		13.8%	6.3%	18.2%	18.8%	18.2%	26.7%	25.0%	
			g					b	
									
Down		20	14	3	7	5	5	16	
		34.5%	43.8%	27.3%	43.8%	45.5%	33.3%	44.4%	
									
No Effect		22	13	6	4	4	5	6	
		37.9%	40.6%	54.5%	25.0%	36.4%	33.3%	16.7%	
		g	g	g				abc	
									
Up		8	3	0	2	0	1	5	
		13.8%	9.4%	0.0%	12.5%	0.0%	6.7%	13.9%	

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

212

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		11	1	8	2	6	3	1		11	17	2	2	
		22.0%	14.3%	19.5%	11.8%	17.6%	10.7%	7.1%		14.3%	23.3%	8.3%	12.5%	
														
Down		21	5	21	8	7	9	8		29	30	12	8	
		42.0%	71.4%	51.2%	47.1%	20.6%	32.1%	57.1%		37.7%	41.1%	50.0%	50.0%	
		e	e	E		abCg		e						
														
No Effect		13	1	8	6	16	13	4		28	21	7	4	
		26.0%	14.3%	19.5%	35.3%	47.1%	46.4%	28.6%		36.4%	28.8%	29.2%	25.0%	
		e		ef		ac	c							
														
Up		5	0	4	1	5	3	1		9	5	3	2	
		10.0%	0.0%	9.8%	5.9%	14.7%	10.7%	7.1%		11.7%	6.8%	12.5%	12.5%	

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

213

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		11		1	0	1	0	0	0	6	1	0	2	
		5.7%		7.1%	0.0%	3.1%	0.0%	0.0%	0.0%	11.5%	5.3%	0.0%	10.0%	
														
Down		63		8	2	13	2	3	4	16	6	4	5	
		32.8%		57.1%	33.3%	40.6%	20.0%	30.0%	30.8%	30.8%	31.6%	26.7%	25.0%	
														
No Effect		115		5	4	18	7	6	9	29	12	11	13	
		59.9%		35.7%	66.7%	56.3%	70.0%	60.0%	69.2%	55.8%	63.2%	73.3%	65.0%	
														
Up		3		0	0	0	1	1	0	1	0	0	0	
		1.6%		0.0%	0.0%	0.0%	10.0%	10.0%	0.0%	1.9%	0.0%	0.0%	0.0%	

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

214

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		4	1	1	2	2	1		4	1	6	
		6.0%	4.8%	3.4%	18.2%	6.7%	3.1%		6.9%	4.3%	5.9%	
												
Down		21	7	9	3	8	14		22	7	29	
		31.3%	33.3%	31.0%	27.3%	26.7%	43.8%		37.9%	30.4%	28.7%	
												
No Effect		41	13	18	6	19	17		30	15	65	
		61.2%	61.9%	62.1%	54.5%	63.3%	53.1%		51.7%	65.2%	64.4%	
												
Up		1	0	1	0	1	0		2	0	1	
		1.5%	0.0%	3.4%	0.0%	3.3%	0.0%		3.4%	0.0%	1.0%	

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

215

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		3	0	1	1	1	1	3	
		5.3%	0.0%	9.1%	6.3%	9.1%	6.3%	8.3%	
									
Down		14	14	3	4	3	6	15	
		24.6%	43.8%	27.3%	25.0%	27.3%	37.5%	41.7%	
									
No Effect		39	18	7	9	7	9	18	
		68.4%	56.3%	63.6%	56.3%	63.6%	56.3%	50.0%	
									
Up		1	0	0	2	0	0	0	
		1.8%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	
			d		bg			d	

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

216

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		5	0	2	1	2	1	0		6	5	0	0	
		9.8%	0.0%	4.9%	5.9%	5.9%	3.7%	0.0%		7.8%	6.9%	0.0%	0.0%	
														
Down		16	3	21	5	8	6	4		20	27	8	7	
		31.4%	42.9%	51.2%	29.4%	23.5%	22.2%	28.6%		26.0%	37.5%	32.0%	43.8%	
				ef		c	c							
														
No Effect		30	4	18	11	22	19	10		48	40	17	9	
		58.8%	57.1%	43.9%	64.7%	64.7%	70.4%	71.4%		62.3%	55.6%	68.0%	56.3%	
				f			c							
														
Up		0	0	0	0	2	1	0		3	0	0	0	
		0.0%	0.0%	0.0%	0.0%	5.9%	3.7%	0.0%		3.9%	0.0%	0.0%	0.0%	

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

217

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		9		1	0	1	0	0	1	4	1	0	1	
		4.7%		7.1%	0.0%	3.1%	0.0%	0.0%	7.7%	7.5%	5.3%	0.0%	5.0%	
														
Down		66		8	2	11	2	4	4	21	5	3	6	
		34.2%		57.1%	33.3%	34.4%	20.0%	40.0%	30.8%	39.6%	26.3%	20.0%	30.0%	
				i								a		
														
No Effect		113		5	3	20	8	4	8	27	13	11	13	
		58.5%		35.7%	50.0%	62.5%	80.0%	40.0%	61.5%	50.9%	68.4%	73.3%	65.0%	
				d			a							
														
Up		5		0	1	0	0	2	0	1	0	1	0	
		2.6%		0.0%	16.7%	0.0%	0.0%	20.0%	0.0%	1.9%	0.0%	6.7%	0.0%	
					c	be		cgj		e			e	

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

218

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		5	0	1	1	2	0		2	1	6	
		7.4%	0.0%	3.4%	9.1%	6.7%	0.0%		3.4%	4.3%	5.9%	
												
Down		22	5	9	6	7	17		24	8	29	
		32.4%	23.8%	31.0%	54.5%	23.3%	53.1%		41.4%	34.8%	28.4%	
		f	f			f	abe					
												
No Effect		40	16	18	4	19	15		30	13	65	
		58.8%	76.2%	62.1%	36.4%	63.3%	46.9%		51.7%	56.5%	63.7%	
			df		b		b					
												
Up		1	0	1	0	2	0		2	1	2	
		1.5%	0.0%	3.4%	0.0%	6.7%	0.0%		3.4%	4.3%	2.0%	

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

219

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		3	1	0	1	1	0	2	
		5.2%	3.1%	0.0%	6.3%	9.1%	0.0%	5.6%	
									
Down		17	10	4	4	4	5	17	
		29.3%	31.3%	36.4%	25.0%	36.4%	31.3%	47.2%	
									
No Effect		37	21	7	8	6	11	16	
		63.8%	65.6%	63.6%	50.0%	54.5%	68.8%	44.4%	
									
Up		1	0	0	3	0	0	1	
		1.7%	0.0%	0.0%	18.8%	0.0%	0.0%	2.8%	
		D	d		Ab				

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

220

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  HEARTLAND TARGET - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		3	1	1	1	2	1	0		7	2	0	0	
		5.8%	14.3%	2.4%	5.9%	5.9%	3.7%	0.0%		9.0%	2.8%	0.0%	0.0%	
														
Down		21	2	19	5	8	6	5		18	30	9	9	
		40.4%	28.6%	46.3%	29.4%	23.5%	22.2%	35.7%		23.1%	41.7%	36.0%	56.3%	
				ef		c	c			bD	a		A	
														
No Effect		26	4	21	11	21	20	9		49	40	15	7	
		50.0%	57.1%	51.2%	64.7%	61.8%	74.1%	64.3%		62.8%	55.6%	60.0%	43.8%	
		f					a							
														
Up		2	0	0	0	3	0	0		4	0	1	0	
		3.8%	0.0%	0.0%	0.0%	8.8%	0.0%	0.0%		5.1%	0.0%	4.0%	0.0%	

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

221

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		48		1	2	12	2	2	3	18	6	0	2	
		25.0%		7.1%	33.3%	37.5%	20.0%	18.2%	23.1%	34.6%	30.0%	0.0%	11.1%	
				cg	i	aI				aI	i	bCGh		
														
Down		77		12	3	13	3	3	6	18	8	4	7	
		40.1%		85.7%	50.0%	40.6%	30.0%	27.3%	46.2%	34.6%	40.0%	26.7%	38.9%	
				CdEfGhIj		A	a	A	a	A	a	A	a	
														
No Effect		49		0	1	5	5	3	4	9	6	8	7	
		25.5%		0.0%	16.7%	15.6%	50.0%	27.3%	30.8%	17.3%	30.0%	53.3%	38.9%	
				DefhIj		dI	Acg	a	a	dI	a	ACG	a	
														
Up		18		1	0	2	0	3	0	7	0	3	2	
		9.4%		7.1%	0.0%	6.3%	0.0%	27.3%	0.0%	13.5%	0.0%	20.0%	11.1%	
								h			ei	h		

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

222

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		17	3	6	5	5	11		16	4	24	
		25.0%	14.3%	20.7%	45.5%	17.2%	34.4%		28.1%	17.4%	23.5%	
												
Down		26	8	17	3	10	12		21	10	41	
		38.2%	38.1%	58.6%	27.3%	34.5%	37.5%		36.8%	43.5%	40.2%	
												
No Effect		17	8	6	3	11	4		12	8	28	
		25.0%	38.1%	20.7%	27.3%	37.9%	12.5%		21.1%	34.8%	27.5%	
			f			f	be					
												
Up		8	2	0	0	3	5		8	1	9	
		11.8%	9.5%	0.0%	0.0%	10.3%	15.6%		14.0%	4.3%	8.8%	
				f			c					

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

223

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		12	6	4	3	5	3	12	
		20.7%	18.8%	36.4%	18.8%	45.5%	20.0%	33.3%	
									
Down		21	16	4	7	4	8	12	
		36.2%	50.0%	36.4%	43.8%	36.4%	53.3%	33.3%	
									
No Effect		16	9	3	4	2	3	7	
		27.6%	28.1%	27.3%	25.0%	18.2%	20.0%	19.4%	
									
Up		9	1	0	2	0	1	5	
		15.5%	3.1%	0.0%	12.5%	0.0%	6.7%	13.9%	

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

224

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		19	4	11	2	3	5	4		17	21	5	5	
		38.8%	57.1%	26.2%	11.8%	8.8%	17.9%	28.6%		21.8%	28.8%	21.7%	31.3%	
		dE	dEf		ab	AB	b							
														
Down		18	1	22	7	15	8	6		24	37	8	7	
		36.7%	14.3%	52.4%	41.2%	44.1%	28.6%	42.9%		30.8%	50.7%	34.8%	43.8%	
										b	a			
														
No Effect		8	2	6	7	11	12	3		28	10	8	2	
		16.3%	28.6%	14.3%	41.2%	32.4%	42.9%	21.4%		35.9%	13.7%	34.8%	12.5%	
		df		dF	ac		aC			B	Ac	b		
														
Up		4	0	3	1	5	3	1		9	5	2	2	
		8.2%	0.0%	7.1%	5.9%	14.7%	10.7%	7.1%		11.5%	6.8%	8.7%	12.5%	

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

225

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		20		0	1	8	1	0	0	8	1	0	1	
		10.4%		0.0%	16.7%	25.0%	10.0%	0.0%	0.0%	15.4%	5.3%	0.0%	5.0%	
				c		ai						c		
														
Down		73		9	3	13	3	2	7	16	9	6	5	
		38.0%		64.3%	50.0%	40.6%	30.0%	20.0%	53.8%	30.8%	47.4%	40.0%	25.0%	
				egj				a		a			a	
														
No Effect		94		5	2	10	5	7	6	27	9	9	14	
		49.0%		35.7%	33.3%	31.3%	50.0%	70.0%	46.2%	51.9%	47.4%	60.0%	70.0%	
						eJ		c					C	
														
Up		5		0	0	1	1	1	0	1	0	0	0	
		2.6%		0.0%	0.0%	3.1%	10.0%	10.0%	0.0%	1.9%	0.0%	0.0%	0.0%	

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

226

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		7	2	2	3	3	2		6	2	11	
		10.4%	9.5%	6.9%	27.3%	10.0%	6.3%		10.3%	8.7%	10.9%	
												
Down		24	6	16	5	7	14		21	10	36	
		35.8%	28.6%	55.2%	45.5%	23.3%	43.8%		36.2%	43.5%	35.6%	
				e		c						
												
No Effect		34	13	9	3	19	16		29	11	51	
		50.7%	61.9%	31.0%	27.3%	63.3%	50.0%		50.0%	47.8%	50.5%	
			c	be	e	cd						
												
Up		2	0	2	0	1	0		2	0	3	
		3.0%	0.0%	6.9%	0.0%	3.3%	0.0%		3.4%	0.0%	3.0%	

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

227

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		5	2	1	1	3	2	4	
		8.8%	6.3%	9.1%	6.3%	27.3%	12.5%	11.1%	
									
Down		16	16	6	7	3	6	13	
		28.1%	50.0%	54.5%	43.8%	27.3%	37.5%	36.1%	
		b	a						
									
No Effect		35	12	4	6	5	8	19	
		61.4%	37.5%	36.4%	37.5%	45.5%	50.0%	52.8%	
		b	a						
									
Up		1	2	0	2	0	0	0	
		1.8%	6.3%	0.0%	12.5%	0.0%	0.0%	0.0%	
					g			d	

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

228

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		10	3	4	1	1	1	0		9	8	2	1	
		19.6%	42.9%	9.8%	5.9%	2.9%	3.7%	0.0%		11.7%	11.1%	8.0%	6.3%	
		e	cdEFg	b	b	aB	B	b						
														
Down		20	1	22	5	9	11	5		23	34	5	9	
		39.2%	14.3%	53.7%	29.4%	26.5%	40.7%	35.7%		29.9%	47.2%	20.0%	56.3%	
				e		c				bd	ac	bd	ac	
														
No Effect		21	3	15	11	21	13	9		41	30	17	6	
		41.2%	42.9%	36.6%	64.7%	61.8%	48.1%	64.3%		53.2%	41.7%	68.0%	37.5%	
				e		c					c	b		
														
Up		0	0	0	0	3	2	0		4	0	1	0	
		0.0%	0.0%	0.0%	0.0%	8.8%	7.4%	0.0%		5.2%	0.0%	4.0%	0.0%	
		e				a								

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

229

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		19		0	1	6	1	1	1	7	2	0	0	
		10.0%		0.0%	16.7%	19.4%	10.0%	10.0%	7.7%	13.2%	11.1%	0.0%	0.0%	
						j							c	
														
Down		68		8	2	11	2	2	7	19	5	5	7	
		35.8%		61.5%	33.3%	35.5%	20.0%	20.0%	53.8%	35.8%	27.8%	33.3%	35.0%	
														
No Effect		96		5	3	13	5	5	5	26	10	10	13	
		50.5%		38.5%	50.0%	41.9%	50.0%	50.0%	38.5%	49.1%	55.6%	66.7%	65.0%	
														
Up		7		0	0	1	2	2	0	1	1	0	0	
		3.7%		0.0%	0.0%	3.2%	20.0%	20.0%	0.0%	1.9%	5.6%	0.0%	0.0%	
							gj	gj		de			de	

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

230

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		8	1	2	2	3	3		6	1	10	
		11.9%	4.8%	7.4%	18.2%	10.0%	9.4%		10.3%	4.3%	10.0%	
												
Down		21	7	13	5	5	16		19	10	35	
		31.3%	33.3%	48.1%	45.5%	16.7%	50.0%		32.8%	43.5%	35.0%	
				e		cF	E					
												
No Effect		36	12	11	3	20	13		31	11	51	
		53.7%	57.1%	40.7%	27.3%	66.7%	40.6%		53.4%	47.8%	51.0%	
					e	df	e					
												
Up		2	1	1	1	2	0		2	1	4	
		3.0%	4.8%	3.7%	9.1%	6.7%	0.0%		3.4%	4.3%	4.0%	

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

231

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		5	2	1	0	4	1	4	
		8.8%	6.3%	10.0%	0.0%	36.4%	6.3%	11.1%	
		e	e		e	abd			
									
Down		14	15	5	6	2	5	16	
		24.6%	46.9%	50.0%	37.5%	18.2%	31.3%	44.4%	
		bg	a					a	
									
No Effect		37	13	3	7	5	10	16	
		64.9%	40.6%	30.0%	43.8%	45.5%	62.5%	44.4%	
		bc	a	a					
									
Up		1	2	1	3	0	0	0	
		1.8%	6.3%	10.0%	18.8%	0.0%	0.0%	0.0%	
		d			ag			d	

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

232

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  TRANSPORTATION INFRASTRUCTURE - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		10	2	4	1	1	1	0		8	7	3	1	
		19.2%	33.3%	10.3%	5.9%	2.9%	3.7%	0.0%		10.5%	9.9%	12.0%	6.3%	
		e	efg			ab	b	b						
														
Down		20	2	17	4	9	7	9		17	31	7	12	
		38.5%	33.3%	43.6%	23.5%	26.5%	25.9%	64.3%		22.4%	43.7%	28.0%	75.0%	
					g	g	g	def		BD	Ad	D	AbC	
														
No Effect		21	2	18	11	21	17	5		46	33	14	3	
		40.4%	33.3%	46.2%	64.7%	61.8%	63.0%	35.7%		60.5%	46.5%	56.0%	18.8%	
										D	d	d	Abc	
														
Up		1	0	0	1	3	2	0		5	0	1	0	
		1.9%	0.0%	0.0%	5.9%	8.8%	7.4%	0.0%		6.6%	0.0%	4.0%	0.0%	
										b	a			

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

233

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		49		1	4	13	2	1	4	18	3	1	2	
		25.8%		7.1%	66.7%	40.6%	20.0%	9.1%	30.8%	36.0%	15.8%	6.7%	10.5%	
				bcg	aehIj	aij		b		aij	b	Bcg	bcg	
														
Down		75		10	0	12	3	5	6	16	9	5	9	
		39.5%		71.4%	0.0%	37.5%	30.0%	45.5%	46.2%	32.0%	47.4%	33.3%	47.4%	
				Bcg	Ahj	a				a	b		b	
														
No Effect		43		0	0	5	2	3	3	9	7	7	6	
		22.6%		0.0%	0.0%	15.6%	20.0%	27.3%	23.1%	18.0%	36.8%	46.7%	31.6%	
				ehIj		i		a		i	a	Acg	a	
														
Up		23		3	2	2	3	2	0	7	0	2	2	
		12.1%		21.4%	33.3%	6.3%	30.0%	18.2%	0.0%	14.0%	0.0%	13.3%	10.5%	
				h	fh	d	cfh		bd		abd			

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

234

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		16	7	6	2	8	8		16	3	26	
		23.9%	33.3%	20.7%	18.2%	27.6%	25.8%		28.6%	12.5%	26.0%	
												
Down		22	4	16	6	12	15		25	13	32	
		32.8%	19.0%	55.2%	54.5%	41.4%	48.4%		44.6%	54.2%	32.0%	
		c	cdf	ab	b		b			c	b	
												
No Effect		21	5	6	3	4	4		6	7	30	
		31.3%	23.8%	20.7%	27.3%	13.8%	12.9%		10.7%	29.2%	30.0%	
									bC	a	A	
												
Up		8	5	1	0	5	4		9	1	12	
		11.9%	23.8%	3.4%	0.0%	17.2%	12.9%		16.1%	4.2%	12.0%	
			c	b								

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

235

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		12	7	4	4	6	3	9	
		21.1%	21.9%	36.4%	25.0%	54.5%	20.0%	25.7%	
		e	e			ab			
									
Down		14	14	3	7	5	8	17	
		24.6%	43.8%	27.3%	43.8%	45.5%	53.3%	48.6%	
		fg					a	a	
									
No Effect		22	8	3	2	0	2	5	
		38.6%	25.0%	27.3%	12.5%	0.0%	13.3%	14.3%	
		eg				a		a	
									
Up		9	3	1	3	0	2	4	
		15.8%	9.4%	9.1%	18.8%	0.0%	13.3%	11.4%	

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

236

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		16	1	15	3	7	4	3		16	22	5	5	
		33.3%	14.3%	35.7%	17.6%	21.2%	14.3%	21.4%		20.5%	31.4%	20.8%	31.3%	
														
Down		21	5	16	8	7	11	7		27	31	9	7	
		43.8%	71.4%	38.1%	47.1%	21.2%	39.3%	50.0%		34.6%	44.3%	37.5%	43.8%	
		e	e			ab								
														
No Effect		7	1	7	4	10	9	4		26	8	7	2	
		14.6%	14.3%	16.7%	23.5%	30.3%	32.1%	28.6%		33.3%	11.4%	29.2%	12.5%	
										B	Ac	b		
														
Up		4	0	4	2	9	4	0		9	9	3	2	
		8.3%	0.0%	9.5%	11.8%	27.3%	14.3%	0.0%		11.5%	12.9%	12.5%	12.5%	
		e		e		acg		e						

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

237

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		25		1	3	7	1	0	1	11	1	0	0	
		13.4%		7.1%	50.0%	22.6%	10.0%	0.0%	7.7%	22.0%	5.3%	0.0%	0.0%	
				b	aehIJ	j		b		j	b	B	Bcg	
														
Down		72		8	1	15	2	2	5	15	10	7	7	
		38.5%		57.1%	16.7%	48.4%	20.0%	25.0%	38.5%	30.0%	52.6%	46.7%	35.0%	
														
No Effect		81		4	0	9	4	5	7	22	8	8	13	
		43.3%		28.6%	0.0%	29.0%	40.0%	62.5%	53.8%	44.0%	42.1%	53.3%	65.0%	
				j	efgij	j		b	b	b		b	abc	
														
Up		9		1	2	0	3	1	0	2	0	0	0	
		4.8%		7.1%	33.3%	0.0%	30.0%	12.5%	0.0%	4.0%	0.0%	0.0%	0.0%	
					Cfghij	BD	CfGhij		bd	bD	bd	bd	bd	

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

238

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		9	3	4	1	4	3		9	0	14	
		14.1%	14.3%	13.8%	10.0%	13.3%	9.7%		16.1%	0.0%	14.0%	
												
Down		21	5	16	5	10	14		21	14	31	
		32.8%	23.8%	55.2%	50.0%	33.3%	45.2%		37.5%	66.7%	31.0%	
		c	c	ab					b	aC	B	
												
No Effect		31	11	8	3	14	14		24	7	49	
		48.4%	52.4%	27.6%	30.0%	46.7%	45.2%		42.9%	33.3%	49.0%	
												
Up		3	2	1	1	2	0		2	0	6	
		4.7%	9.5%	3.4%	10.0%	6.7%	0.0%		3.6%	0.0%	6.0%	

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

239

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		7	3	2	3	1	3	4	
		13.0%	9.4%	18.2%	18.8%	10.0%	18.8%	11.4%	
									
Down		9	18	4	5	6	7	16	
		16.7%	56.3%	36.4%	31.3%	60.0%	43.8%	45.7%	
		BEfG	A			A	a	A	
									
No Effect		35	10	3	6	3	6	15	
		64.8%	31.3%	27.3%	37.5%	30.0%	37.5%	42.9%	
		Bceg	A	a		a		a	
									
Up		3	1	2	2	0	0	0	
		5.6%	3.1%	18.2%	12.5%	0.0%	0.0%	0.0%	
				g	g			cd	

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

240

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		10	1	10	1	1	1	1		9	13	2	1	
		20.0%	14.3%	25.0%	5.9%	3.2%	3.7%	7.1%		11.7%	19.1%	8.0%	6.7%	
		e		ef		ac	c							
														
Down		18	4	16	7	8	12	7		21	30	11	8	
		36.0%	57.1%	40.0%	41.2%	25.8%	44.4%	50.0%		27.3%	44.1%	44.0%	53.3%	
										bd	a		a	
														
No Effect		21	2	12	8	18	13	6		41	23	11	6	
		42.0%	28.6%	30.0%	47.1%	58.1%	48.1%	42.9%		53.2%	33.8%	44.0%	40.0%	
				e		c				b	a			
														
Up		1	0	2	1	4	1	0		6	2	1	0	
		2.0%	0.0%	5.0%	5.9%	12.9%	3.7%	0.0%		7.8%	2.9%	4.0%	0.0%	

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

241

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		25		1	3	6	1	0	2	10	1	0	1	
		13.2%		7.7%	50.0%	18.8%	10.0%	0.0%	15.4%	19.6%	5.6%	0.0%	5.0%	
					ehIj			b			b	B	b	
														
Down		69		6	0	16	1	4	5	18	7	5	7	
		36.5%		46.2%	0.0%	50.0%	10.0%	40.0%	38.5%	35.3%	38.9%	33.3%	35.0%	
					c	bd	c							
														
No Effect		80		5	1	10	4	4	6	20	9	9	11	
		42.3%		38.5%	16.7%	31.3%	40.0%	40.0%	46.2%	39.2%	50.0%	60.0%	55.0%	
														
Up		15		1	2	0	4	2	0	3	1	1	1	
		7.9%		7.7%	33.3%	0.0%	40.0%	20.0%	0.0%	5.9%	5.6%	6.7%	5.0%	
					Cfg	BDe	CfGhj	c	bd	bD	d		d	

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

242

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		9	3	4	1	4	3		9	0	15	
		13.8%	14.3%	13.8%	9.1%	13.3%	9.7%		15.8%	0.0%	15.2%	
									b	ac	b	
												
Down		20	6	13	7	10	12		20	13	30	
		30.8%	28.6%	44.8%	63.6%	33.3%	38.7%		35.1%	56.5%	30.3%	
		d			a					c	b	
												
No Effect		33	8	11	2	12	14		24	9	46	
		50.8%	38.1%	37.9%	18.2%	40.0%	45.2%		42.1%	39.1%	46.5%	
		d			a							
												
Up		3	4	1	1	4	2		4	1	8	
		4.6%	19.0%	3.4%	9.1%	13.3%	6.5%		7.0%	4.3%	8.1%	
		b	a									

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

243

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		7	3	3	3	2	2	4	
		12.7%	9.4%	27.3%	18.8%	18.2%	12.5%	11.4%	
									
Down		9	16	2	3	7	7	15	
		16.4%	50.0%	18.2%	18.8%	63.6%	43.8%	42.9%	
		BEfG	Ad	e	be	Acd	a	A	
									
No Effect		36	10	3	7	1	7	15	
		65.5%	31.3%	27.3%	43.8%	9.1%	43.8%	42.9%	
		BcEg	A	a		Ag		ae	
									
Up		3	3	3	3	1	0	1	
		5.5%	9.4%	27.3%	18.8%	9.1%	0.0%	2.9%	
		c		afg			c	c	

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

244

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ENERGY INFRASTRUCTURE - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		9	2	8	1	3	1	1		9	12	2	2	
		17.6%	28.6%	20.5%	5.9%	9.1%	3.7%	7.1%		11.7%	17.4%	8.0%	12.5%	
			f				b							
														
Down		23	3	14	6	9	8	6		18	32	9	9	
		45.1%	42.9%	35.9%	35.3%	27.3%	29.6%	42.9%		23.4%	46.4%	36.0%	56.3%	
										BD	A		A	
														
No Effect		16	2	15	7	16	17	6		42	23	11	4	
		31.4%	28.6%	38.5%	41.2%	48.5%	63.0%	42.9%		54.5%	33.3%	44.0%	25.0%	
		F					A			bd	a		a	
														
Up		3	0	2	3	5	1	1		8	2	3	1	
		5.9%	0.0%	5.1%	17.6%	15.2%	3.7%	7.1%		10.4%	2.9%	12.0%	6.3%	

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

245

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		37		1	0	6	0	1	5	17	4	0	3	
		19.2%		7.1%	0.0%	18.8%	0.0%	9.1%	38.5%	32.7%	20.0%	0.0%	15.8%	
							fg		di	di		fg		
														
Down		81		7	4	16	3	3	6	20	10	6	6	
		42.0%		50.0%	66.7%	50.0%	30.0%	27.3%	46.2%	38.5%	50.0%	40.0%	31.6%	
														
No Effect		59		4	2	8	7	5	2	9	6	6	9	
		30.6%		28.6%	33.3%	25.0%	70.0%	45.5%	15.4%	17.3%	30.0%	40.0%	47.4%	
						d	cfGh	g	d	Dej	d		g	
														
Up		16		2	0	2	0	2	0	6	0	3	1	
		8.3%		14.3%	0.0%	6.3%	0.0%	18.2%	0.0%	11.5%	0.0%	20.0%	5.3%	
											i	h		

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

246

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		14	1	4	3	5	9		14	5	15	
		20.3%	4.8%	13.8%	27.3%	17.2%	28.1%		24.6%	20.8%	14.7%	
			f				b					
												
Down		26	10	16	4	11	13		23	9	44	
		37.7%	47.6%	55.2%	36.4%	37.9%	40.6%		40.4%	37.5%	43.1%	
												
No Effect		23	7	9	4	10	6		13	9	35	
		33.3%	33.3%	31.0%	36.4%	34.5%	18.8%		22.8%	37.5%	34.3%	
												
Up		6	3	0	0	3	4		7	1	8	
		8.7%	14.3%	0.0%	0.0%	10.3%	12.5%		12.3%	4.2%	7.8%	
			c	b								

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

247

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		10	2	2	3	4	3	10	
		16.9%	6.3%	18.2%	18.8%	36.4%	20.0%	27.8%	
			eg			b		b	
									
Down		23	14	3	7	6	6	14	
		39.0%	43.8%	27.3%	43.8%	54.5%	40.0%	38.9%	
									
No Effect		19	14	6	4	1	5	8	
		32.2%	43.8%	54.5%	25.0%	9.1%	33.3%	22.2%	
			e	eg		bc		c	
									
Up		7	2	0	2	0	1	4	
		11.9%	6.3%	0.0%	12.5%	0.0%	6.7%	11.1%	

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

248

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		12	2	9	1	5	4	4		11	17	4	5	
		24.0%	28.6%	21.4%	5.9%	14.7%	14.3%	28.6%		14.1%	23.3%	16.7%	31.3%	
														
Down		23	3	23	9	9	10	4		33	34	8	5	
		46.0%	42.9%	54.8%	52.9%	26.5%	35.7%	28.6%		42.3%	46.6%	33.3%	31.3%	
				e		c								
														
No Effect		11	2	7	6	15	12	5		28	16	10	4	
		22.0%	28.6%	16.7%	35.3%	44.1%	42.9%	35.7%		35.9%	21.9%	41.7%	25.0%	
		e		ef		ac	c							
														
Up		4	0	3	1	5	2	1		6	6	2	2	
		8.0%	0.0%	7.1%	5.9%	14.7%	7.1%	7.1%		7.7%	8.2%	8.3%	12.5%	

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

249

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		16		0	0	5	0	0	1	9	1	0	0	
		8.4%		0.0%	0.0%	15.6%	0.0%	0.0%	7.7%	17.6%	5.3%	0.0%	0.0%	
										j			g	
														
Down		71		5	2	12	3	2	6	19	10	4	8	
		37.2%		35.7%	33.3%	37.5%	30.0%	20.0%	46.2%	37.3%	52.6%	26.7%	40.0%	
														
No Effect		98		8	4	15	6	7	6	20	8	11	12	
		51.3%		57.1%	66.7%	46.9%	60.0%	70.0%	46.2%	39.2%	42.1%	73.3%	60.0%	
										i		g		
														
Up		6		1	0	0	1	1	0	3	0	0	0	
		3.1%		7.1%	0.0%	0.0%	10.0%	10.0%	0.0%	5.9%	0.0%	0.0%	0.0%	

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

250

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		5	0	3	2	3	3		8	1	7	
		7.6%	0.0%	10.3%	18.2%	10.0%	9.4%		13.8%	4.3%	7.0%	
												
Down		22	8	13	5	8	14		21	11	33	
		33.3%	38.1%	44.8%	45.5%	26.7%	43.8%		36.2%	47.8%	33.0%	
												
No Effect		37	12	12	4	18	14		26	11	57	
		56.1%	57.1%	41.4%	36.4%	60.0%	43.8%		44.8%	47.8%	57.0%	
												
Up		2	1	1	0	1	1		3	0	3	
		3.0%	4.8%	3.4%	0.0%	3.3%	3.1%		5.2%	0.0%	3.0%	

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

251

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		3	1	1	2	3	2	3	
		5.4%	3.1%	9.1%	12.5%	27.3%	12.5%	8.3%	
		e	e			ab			
									
Down		15	16	4	4	5	5	15	
		26.8%	50.0%	36.4%	25.0%	45.5%	31.3%	41.7%	
		b	a						
									
No Effect		36	14	6	8	3	9	17	
		64.3%	43.8%	54.5%	50.0%	27.3%	56.3%	47.2%	
		e				a			
									
Up		2	1	0	2	0	0	1	
		3.6%	3.1%	0.0%	12.5%	0.0%	0.0%	2.8%	

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

252

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		5	2	7	0	1	0	1		6	6	2	2	
		9.8%	28.6%	17.1%	0.0%	2.9%	0.0%	7.1%		7.8%	8.5%	8.0%	12.5%	
			deF	f	b	b	Bc							
														
Down		17	2	20	9	8	11	4		27	29	6	8	
		33.3%	28.6%	48.8%	52.9%	23.5%	42.3%	28.6%		35.1%	40.8%	24.0%	50.0%	
				e	e	cd								
														
No Effect		28	3	13	8	22	14	9		41	33	17	6	
		54.9%	42.9%	31.7%	47.1%	64.7%	53.8%	64.3%		53.2%	46.5%	68.0%	37.5%	
		c		aEg		C		c						
														
Up		1	0	1	0	3	1	0		3	3	0	0	
		2.0%	0.0%	2.4%	0.0%	8.8%	3.8%	0.0%		3.9%	4.2%	0.0%	0.0%	

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

253

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		16		0	0	4	0	0	2	8	0	0	2	
		8.3%		0.0%	0.0%	12.5%	0.0%	0.0%	15.4%	15.1%	0.0%	0.0%	10.0%	
														
Down		75		6	2	13	3	2	7	22	10	2	8	
		39.1%		42.9%	33.3%	40.6%	30.0%	20.0%	53.8%	41.5%	55.6%	13.3%	40.0%	
									i	i	i	fgh		
														
No Effect		88		7	4	15	5	6	4	16	7	13	10	
		45.8%		50.0%	66.7%	46.9%	50.0%	60.0%	30.8%	30.2%	38.9%	86.7%	50.0%	
				i		i			I	I	I	acFGHj	i	
														
Up		13		1	0	0	2	2	0	7	1	0	0	
		6.8%		7.1%	0.0%	0.0%	20.0%	20.0%	0.0%	13.2%	5.6%	0.0%	0.0%	
						deg	cj	cj		c			de	

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

254

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		6	1	3	1	3	2		7	1	8	
		9.0%	4.8%	10.3%	9.1%	10.0%	6.3%		12.1%	4.3%	7.9%	
												
Down		24	7	15	6	8	15		23	12	35	
		35.8%	33.3%	51.7%	54.5%	26.7%	46.9%		39.7%	52.2%	34.7%	
												
No Effect		32	11	10	3	17	13		24	8	51	
		47.8%	52.4%	34.5%	27.3%	56.7%	40.6%		41.4%	34.8%	50.5%	
												
Up		5	2	1	1	2	2		4	2	7	
		7.5%	9.5%	3.4%	9.1%	6.7%	6.3%		6.9%	8.7%	6.9%	

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

255

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		4	1	1	3	3	1	2	
		7.0%	3.1%	9.1%	18.8%	27.3%	6.3%	5.6%	
		e	e			abg		e	
									
Down		18	15	3	4	6	5	16	
		31.6%	46.9%	27.3%	25.0%	54.5%	31.3%	44.4%	
									
No Effect		30	14	6	6	2	10	16	
		52.6%	43.8%	54.5%	37.5%	18.2%	62.5%	44.4%	
		e				af	e		
									
Up		5	2	1	3	0	0	2	
		8.8%	6.3%	9.1%	18.8%	0.0%	0.0%	5.6%	

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

256

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  CORPORATE INFRASTRUCTURE - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		5	1	5	0	3	1	1		7	5	2	2	
		9.6%	14.3%	12.5%	0.0%	8.8%	3.7%	7.1%		9.1%	6.9%	8.0%	12.5%	
														
Down		21	3	21	9	6	10	5		23	38	6	8	
		40.4%	42.9%	52.5%	52.9%	17.6%	37.0%	35.7%		29.9%	52.8%	24.0%	50.0%	
		e		E	e	aCd				B	Ac	b		
														
No Effect		23	3	12	7	20	14	8		39	25	17	6	
		44.2%	42.9%	30.0%	41.2%	58.8%	51.9%	57.1%		50.6%	34.7%	68.0%	37.5%	
				e		c					C	B		
														
Up		3	0	2	1	5	2	0		8	4	0	0	
		5.8%	0.0%	5.0%	5.9%	14.7%	7.4%	0.0%		10.4%	5.6%	0.0%	0.0%	

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

257

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		29		1	1	5	1	1	4	11	3	1	1	
		15.3%		7.7%	16.7%	15.6%	10.0%	9.1%	30.8%	22.0%	15.0%	6.7%	5.3%	
														
Down		68		5	4	11	3	3	4	18	8	5	7	
		35.8%		38.5%	66.7%	34.4%	30.0%	27.3%	30.8%	36.0%	40.0%	33.3%	36.8%	
														
No Effect		82		6	1	14	6	5	5	19	9	8	8	
		43.2%		46.2%	16.7%	43.8%	60.0%	45.5%	38.5%	38.0%	45.0%	53.3%	42.1%	
														
Up		11		1	0	2	0	2	0	2	0	1	3	
		5.8%		7.7%	0.0%	6.3%	0.0%	18.2%	0.0%	4.0%	0.0%	6.7%	15.8%	

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

258

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		11	2	6	3	2	4		7	5	15	
		16.4%	9.5%	20.7%	27.3%	6.9%	12.9%		12.5%	20.8%	15.0%	
												
Down		19	10	10	4	12	12		24	9	30	
		28.4%	47.6%	34.5%	36.4%	41.4%	38.7%		42.9%	37.5%	30.0%	
												
No Effect		32	7	13	4	13	13		22	9	48	
		47.8%	33.3%	44.8%	36.4%	44.8%	41.9%		39.3%	37.5%	48.0%	
												
Up		5	2	0	0	2	2		3	1	7	
		7.5%	9.5%	0.0%	0.0%	6.9%	6.5%		5.4%	4.2%	7.0%	

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

259

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		10	0	1	3	2	4	4	
		17.5%	0.0%	9.1%	18.8%	18.2%	26.7%	11.4%	
		b	adeF		b	b	B		
									
Down		16	11	2	9	6	5	15	
		28.1%	34.4%	18.2%	56.3%	54.5%	33.3%	42.9%	
		d			a				
									
No Effect		26	19	8	3	3	5	14	
		45.6%	59.4%	72.7%	18.8%	27.3%	33.3%	40.0%	
			d	De	bC	c			
									
Up		5	2	0	1	0	1	2	
		8.8%	6.3%	0.0%	6.3%	0.0%	6.7%	5.7%	

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

260

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		14	0	4	2	5	1	3		12	13	3	1	
		28.6%	0.0%	10.0%	11.8%	14.7%	3.6%	21.4%		15.6%	18.3%	12.5%	6.3%	
		cF		a			A							
														
Down		17	3	19	6	6	11	6		21	31	9	6	
		34.7%	42.9%	47.5%	35.3%	17.6%	39.3%	42.9%		27.3%	43.7%	37.5%	37.5%	
				E		C				b	a			
														
No Effect		17	4	13	9	19	14	5		37	25	11	8	
		34.7%	57.1%	32.5%	52.9%	55.9%	50.0%	35.7%		48.1%	35.2%	45.8%	50.0%	
				e		c								
														
Up		1	0	4	0	4	2	0		7	2	1	1	
		2.0%	0.0%	10.0%	0.0%	11.8%	7.1%	0.0%		9.1%	2.8%	4.2%	6.3%	

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

261

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		12		0	0	1	1	0	2	6	1	0	1	
		6.3%		0.0%	0.0%	3.1%	10.0%	0.0%	15.4%	11.8%	5.3%	0.0%	5.0%	
														
Down		56		3	3	14	3	1	4	17	4	5	2	
		29.5%		21.4%	50.0%	43.8%	30.0%	10.0%	30.8%	33.3%	21.1%	35.7%	10.0%	
					j	j				j			bcg	
														
No Effect		116		10	3	17	6	8	7	25	14	9	16	
		61.1%		71.4%	50.0%	53.1%	60.0%	80.0%	53.8%	49.0%	73.7%	64.3%	80.0%	
										j			g	
														
Up		6		1	0	0	0	1	0	3	0	0	1	
		3.2%		7.1%	0.0%	0.0%	0.0%	10.0%	0.0%	5.9%	0.0%	0.0%	5.0%	

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

262

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		6	0	3	2	0	1		3	1	8	
		9.1%	0.0%	10.3%	18.2%	0.0%	3.1%		5.2%	4.3%	8.1%	
					e	d						
												
Down		11	7	12	4	8	13		22	9	20	
		16.7%	33.3%	41.4%	36.4%	27.6%	40.6%		37.9%	39.1%	20.2%	
		cf		a			a		c		a	
												
No Effect		45	13	13	5	21	18		32	13	66	
		68.2%	61.9%	44.8%	45.5%	72.4%	56.3%		55.2%	56.5%	66.7%	
		c		ae		c						
												
Up		4	1	1	0	0	0		1	0	5	
		6.1%	4.8%	3.4%	0.0%	0.0%	0.0%		1.7%	0.0%	5.1%	

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

263

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		5	0	1	1	1	2	1	
		8.9%	0.0%	9.1%	6.3%	9.1%	13.3%	2.8%	
			f				b		
									
Down		9	8	3	8	4	4	14	
		16.1%	25.0%	27.3%	50.0%	36.4%	26.7%	38.9%	
		Dg			A			a	
									
No Effect		39	22	7	6	6	9	21	
		69.6%	68.8%	63.6%	37.5%	54.5%	60.0%	58.3%	
		d	d		ab				
									
Up		3	2	0	1	0	0	0	
		5.4%	6.3%	0.0%	6.3%	0.0%	0.0%	0.0%	

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

264

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		7	1	2	0	1	1	0		7	4	1	0	
		13.7%	14.3%	5.0%	0.0%	2.9%	3.8%	0.0%		9.2%	5.6%	4.2%	0.0%	
														
Down		13	2	19	5	5	7	5		19	24	5	7	
		25.5%	28.6%	47.5%	29.4%	14.7%	26.9%	35.7%		25.0%	33.3%	20.8%	43.8%	
		c		aE		C								
														
No Effect		30	4	17	12	25	18	9		46	42	18	9	
		58.8%	57.1%	42.5%	70.6%	73.5%	69.2%	64.3%		60.5%	58.3%	75.0%	56.3%	
				Ef		C	c							
														
Up		1	0	2	0	3	0	0		4	2	0	0	
		2.0%	0.0%	5.0%	0.0%	8.8%	0.0%	0.0%		5.3%	2.8%	0.0%	0.0%	

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

265

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		12		0	0	1	1	0	3	5	0	0	2	
		6.3%		0.0%	0.0%	3.1%	10.0%	0.0%	23.1%	9.6%	0.0%	0.0%	10.0%	
						f			ch		f			
														
Down		48		2	1	9	1	2	4	17	5	3	4	
		25.1%		14.3%	16.7%	28.1%	10.0%	20.0%	30.8%	32.7%	27.8%	20.0%	20.0%	
														
No Effect		124		11	5	22	8	6	6	26	13	12	14	
		64.9%		78.6%	83.3%	68.8%	80.0%	60.0%	46.2%	50.0%	72.2%	80.0%	70.0%	
										i		g		
														
Up		7		1	0	0	0	2	0	4	0	0	0	
		3.7%		7.1%	0.0%	0.0%	0.0%	20.0%	0.0%	7.7%	0.0%	0.0%	0.0%	
						e		cj					e	

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

266

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		5	1	3	2	0	1		3	1	8	
		7.6%	4.8%	10.3%	18.2%	0.0%	3.1%		5.2%	4.3%	8.0%	
					e	d						
												
Down		13	5	9	5	6	10		16	7	21	
		19.7%	23.8%	31.0%	45.5%	20.0%	31.3%		27.6%	30.4%	21.0%	
												
No Effect		44	14	16	4	23	21		38	14	66	
		66.7%	66.7%	55.2%	36.4%	76.7%	65.6%		65.5%	60.9%	66.0%	
					e	d						
												
Up		4	1	1	0	1	0		1	1	5	
		6.1%	4.8%	3.4%	0.0%	3.3%	0.0%		1.7%	4.3%	5.0%	

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

267

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		4	0	2	1	1	2	1	
		7.1%	0.0%	18.2%	6.3%	9.1%	12.5%	2.8%	
			cf	b			b		
									
Down		11	8	1	6	3	2	12	
		19.6%	25.0%	9.1%	37.5%	27.3%	12.5%	33.3%	
									
No Effect		37	23	8	7	7	12	23	
		66.1%	71.9%	72.7%	43.8%	63.6%	75.0%	63.9%	
									
Up		4	1	0	2	0	0	0	
		7.1%	3.1%	0.0%	12.5%	0.0%	0.0%	0.0%	
					g			d	

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

268

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  ASSASSINATION - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		7	0	1	0	3	1	0		6	5	1	0	
		13.5%	0.0%	2.6%	0.0%	8.8%	3.7%	0.0%		7.9%	6.9%	4.0%	0.0%	
														
Down		13	4	13	4	4	4	6		17	17	5	8	
		25.0%	57.1%	33.3%	23.5%	11.8%	14.8%	42.9%		22.4%	23.6%	20.0%	50.0%	
			Ef	e		Bcg	b	e		d	d		ab	
														
No Effect		31	3	24	13	23	21	8		48	48	19	8	
		59.6%	42.9%	61.5%	76.5%	67.6%	77.8%	57.1%		63.2%	66.7%	76.0%	50.0%	
														
Up		1	0	1	0	4	1	0		5	2	0	0	
		1.9%	0.0%	2.6%	0.0%	11.8%	3.7%	0.0%		6.6%	2.8%	0.0%	0.0%	

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

269

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CONSUMER DEMAND

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		112		8	4	24	2	4	10	34	12	4	10	
		58.0%		57.1%	66.7%	75.0%	20.0%	36.4%	76.9%	65.4%	60.0%	26.7%	52.6%	
						DeI	CfGh	c	di	DI	d	CfG		
														
Down		40		2	1	3	7	1	2	13	6	2	3	
		20.7%		14.3%	16.7%	9.4%	70.0%	9.1%	15.4%	25.0%	30.0%	13.3%	15.8%	
				d		D	aCEfGhIJ	D	d	D	d	D	D	
														
No Effect		17		1	0	3	1	4	1	1	2	2	1	
		8.8%		7.1%	0.0%	9.4%	10.0%	36.4%	7.7%	1.9%	10.0%	13.3%	5.3%	
						e		cGj		E			e	
														
Up		24		3	1	2	0	2	0	4	0	7	5	
		12.4%		21.4%	16.7%	6.3%	0.0%	18.2%	0.0%	7.7%	0.0%	46.7%	26.3%	
				h		Ij	i		I	Ij	aIj	CdFGH	cgh	

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

270

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CONSUMER DEMAND

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		35	12	22	6	15	20		36	13	55	
		51.5%	57.1%	75.9%	54.5%	50.0%	62.5%		63.2%	54.2%	53.9%	
		c		ae		c						
												
Down		16	4	3	4	8	5		11	3	25	
		23.5%	19.0%	10.3%	36.4%	26.7%	15.6%		19.3%	12.5%	24.5%	
												
No Effect		8	0	3	1	2	3		2	6	9	
		11.8%	0.0%	10.3%	9.1%	6.7%	9.4%		3.5%	25.0%	8.8%	
									B	Ac	b	
												
Up		9	5	1	0	5	4		8	2	13	
		13.2%	23.8%	3.4%	0.0%	16.7%	12.5%		14.0%	8.3%	12.7%	
			c	b								

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

271

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CONSUMER DEMAND

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		28	17	5	9	9	9	23	
		48.3%	53.1%	45.5%	56.3%	75.0%	60.0%	63.9%	
									
Down		14	6	5	4	3	2	6	
		24.1%	18.8%	45.5%	25.0%	25.0%	13.3%	16.7%	
									
No Effect		7	4	1	1	0	3	1	
		12.1%	12.5%	9.1%	6.3%	0.0%	20.0%	2.8%	
							g	f	
									
Up		9	5	0	2	0	1	6	
		15.5%	15.6%	0.0%	12.5%	0.0%	6.7%	16.7%	

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

272

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CONSUMER DEMAND

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		36	5	28	11	16	9	7		36	50	15	9	
		72.0%	71.4%	66.7%	64.7%	47.1%	33.3%	46.7%		46.8%	68.5%	60.0%	56.3%	
		eF		F	f	a	ACd			B	A			
														
Down		8	1	8	5	4	11	3		22	12	3	3	
		16.0%	14.3%	19.0%	29.4%	11.8%	40.7%	20.0%		28.6%	16.4%	12.0%	18.8%	
		f				f	ae							
														
No Effect		2	1	1	0	6	3	3		8	5	2	2	
		4.0%	14.3%	2.4%	0.0%	17.6%	11.1%	20.0%		10.4%	6.8%	8.0%	12.5%	
		eg		eg		ac		ac						
														
Up		4	0	5	1	8	4	2		11	6	5	2	
		8.0%	0.0%	11.9%	5.9%	23.5%	14.8%	13.3%		14.3%	8.2%	20.0%	12.5%	
		e				a								

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

273

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CORPORATE HIRING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		73		4	3	19	2	1	7	20	7	2	8	
		37.8%		28.6%	50.0%	59.4%	20.0%	10.0%	53.8%	38.5%	35.0%	13.3%	40.0%	
						dEI	c	Cf	ei			Cf		
														
Down		58		5	1	6	5	1	4	16	8	7	5	
		30.1%		35.7%	16.7%	18.8%	50.0%	10.0%	30.8%	30.8%	40.0%	46.7%	25.0%	
														
No Effect		52		4	1	6	2	7	2	13	5	5	6	
		26.9%		28.6%	16.7%	18.8%	20.0%	70.0%	15.4%	25.0%	25.0%	33.3%	30.0%	
						E	e	CdfGhj	e	E	e		e	
														
Up		10		1	1	1	1	1	0	3	0	1	1	
		5.2%		7.1%	16.7%	3.1%	10.0%	10.0%	0.0%	5.8%	0.0%	6.7%	5.0%	

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

274

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CORPORATE HIRING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		24	10	16	5	10	7		22	8	38	
		35.8%	47.6%	55.2%	45.5%	32.3%	21.9%		37.9%	34.8%	37.3%	
				F			C					
												
Down		14	5	8	3	9	18		22	7	26	
		20.9%	23.8%	27.6%	27.3%	29.0%	56.3%		37.9%	30.4%	25.5%	
		F	f	f		f	Abce					
												
No Effect		24	5	4	3	9	7		11	8	32	
		35.8%	23.8%	13.8%	27.3%	29.0%	21.9%		19.0%	34.8%	31.4%	
		c		a								
												
Up		5	1	1	0	3	0		3	0	6	
		7.5%	4.8%	3.4%	0.0%	9.7%	0.0%		5.2%	0.0%	5.9%	

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

275

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CORPORATE HIRING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		20	12	5	5	4	7	11	
		35.1%	37.5%	45.5%	31.3%	33.3%	43.8%	30.6%	
									
Down		12	9	3	7	5	4	17	
		21.1%	28.1%	27.3%	43.8%	41.7%	25.0%	47.2%	
		G						A	
									
No Effect		22	8	3	2	3	5	7	
		38.6%	25.0%	27.3%	12.5%	25.0%	31.3%	19.4%	
									
Up		3	3	0	2	0	0	1	
		5.3%	9.4%	0.0%	12.5%	0.0%	0.0%	2.8%	

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

276

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CORPORATE HIRING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		24	4	22	7	11	4	1		25	37	5	5	
		47.1%	57.1%	53.7%	41.2%	32.4%	14.8%	6.7%		32.5%	51.4%	19.2%	31.3%	
		FG	fg	FG	g		AbC	AbCd		b	aC	B		
														
Down		16	0	9	6	5	16	6		22	18	10	7	
		31.4%	0.0%	22.0%	35.3%	14.7%	59.3%	40.0%		28.6%	25.0%	38.5%	43.8%	
		f	F	F		F	aBCE							
														
No Effect		9	3	8	4	14	5	8		25	15	8	4	
		17.6%	42.9%	19.5%	23.5%	41.2%	18.5%	53.3%		32.5%	20.8%	30.8%	25.0%	
		eG		eg		ac	g	Acf						
														
Up		2	0	2	0	4	2	0		5	2	3	0	
		3.9%	0.0%	4.9%	0.0%	11.8%	7.4%	0.0%		6.5%	2.8%	11.5%	0.0%	

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

277

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CAPITAL SPENDING

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Down Considerably		71		5	3	16	1	2	7	20	7	2	8	
		36.8%		35.7%	50.0%	50.0%	10.0%	20.0%	53.8%	37.7%	36.8%	13.3%	40.0%	
						di	cf		di			cf		
														
Down		59		3	1	9	4	1	4	18	7	6	6	
		30.6%		21.4%	16.7%	28.1%	40.0%	10.0%	30.8%	34.0%	36.8%	40.0%	30.0%	
														
No Effect		49		5	1	7	2	5	2	11	5	4	6	
		25.4%		35.7%	16.7%	21.9%	20.0%	50.0%	15.4%	20.8%	26.3%	26.7%	30.0%	
														
Up		14		1	1	0	3	2	0	4	0	3	0	
		7.3%		7.1%	16.7%	0.0%	30.0%	20.0%	0.0%	7.5%	0.0%	20.0%	0.0%	
					c	bDei	Cfghj	cj	d	d	di	chj	dei	

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

278

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CAPITAL SPENDING

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Down Considerably		23	10	16	3	9	9		21	8	37	
		34.3%	47.6%	55.2%	27.3%	29.0%	28.1%		36.2%	34.8%	36.3%	
				ef		c	c					
												
Down		19	6	6	6	10	11		18	7	31	
		28.4%	28.6%	20.7%	54.5%	32.3%	34.4%		31.0%	30.4%	30.4%	
				d	c							
												
No Effect		21	3	5	1	8	11		14	7	27	
		31.3%	14.3%	17.2%	9.1%	25.8%	34.4%		24.1%	30.4%	26.5%	
												
Up		4	2	2	1	4	1		5	1	7	
		6.0%	9.5%	6.9%	9.1%	12.9%	3.1%		8.6%	4.3%	6.9%	

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

279

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CAPITAL SPENDING

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Down Considerably		18	13	4	5	5	4	13	
		31.6%	40.6%	36.4%	31.3%	41.7%	25.0%	36.1%	
									
Down		15	9	3	6	5	6	12	
		26.3%	28.1%	27.3%	37.5%	41.7%	37.5%	33.3%	
									
No Effect		20	8	3	1	2	6	9	
		35.1%	25.0%	27.3%	6.3%	16.7%	37.5%	25.0%	
		d			af		d		
									
Up		4	2	1	4	0	0	2	
		7.0%	6.3%	9.1%	25.0%	0.0%	0.0%	5.6%	
		d			afg		d	d	

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

280

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect consumer demand for your product, and hiring and capital spending at your company?  WEAPONS OF MASS DESTRUCTION - CAPITAL SPENDING

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Down Considerably		25	5	17	7	11	4	2		23	33	8	5	
		48.1%	71.4%	42.5%	41.2%	32.4%	14.8%	13.3%		29.9%	45.8%	30.8%	31.3%	
		Fg	Fg	fg			ABc	abc		b	a			
														
Down		16	0	12	5	8	14	4		25	22	5	7	
		30.8%	0.0%	30.0%	29.4%	23.5%	51.9%	26.7%		32.5%	30.6%	19.2%	43.8%	
			f			f	be							
														
No Effect		8	2	10	3	10	7	8		22	14	10	3	
		15.4%	28.6%	25.0%	17.6%	29.4%	25.9%	53.3%		28.6%	19.4%	38.5%	18.8%	
		G			g			Ad						
														
Up		3	0	1	2	5	2	1		7	3	3	1	
		5.8%	0.0%	2.5%	11.8%	14.7%	7.4%	6.7%		9.1%	4.2%	11.5%	6.3%	

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

281

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Industry

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Retail Wholesale		15		15	0	0	0	0	0	0	0	0	0	
		7.5%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mining Construction		6		0	6	0	0	0	0	0	0	0	0	
		3.0%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Manufacturing		32		0	0	32	0	0	0	0	0	0	0	
		16.1%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Transportation		10		0	0	0	10	0	0	0	0	0	0	
Energy		5.0%		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Communications		11		0	0	0	0	11	0	0	0	0	0	
Media		5.5%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Tech Software		13		0	0	0	0	0	13	0	0	0	0	
Biotech		6.5%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	
														
Banking Finance		56		0	0	0	0	0	0	56	0	0	0	
Insur.		28.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
														
Service/Consulting		21		0	0	0	0	0	0	0	21	0	0	
		10.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
														
Healthcare/		15		0	0	0	0	0	0	0	0	15	0	
Pharmaceutical		7.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
														
Other		20		0	0	0	0	0	0	0	0	0	20	
		10.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

282

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Industry

N=201		Sales Revenue		Ownership	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Retail Wholesale		4	2	2	1	3	3		3	1	9	
		5.6%	9.1%	6.9%	9.1%	9.7%	9.4%		5.2%	4.2%	8.4%	
												
Mining Construction		1	0	1	0	2	1		2	0	3	
		1.4%	0.0%	3.4%	0.0%	6.5%	3.1%		3.4%	0.0%	2.8%	
												
Manufacturing		8	4	7	2	6	4		10	5	15	
		11.1%	18.2%	24.1%	18.2%	19.4%	12.5%		17.2%	20.8%	14.0%	
												
Transportation		0	2	1	2	3	2		5	1	4	
Energy		0.0%	9.1%	3.4%	18.2%	9.7%	6.3%		8.6%	4.2%	3.7%	
												
Communications		5	0	1	0	2	3		2	5	2	
Media		6.9%	0.0%	3.4%	0.0%	6.5%	9.4%		3.4%	20.8%	1.9%	
												
Tech Software		8	0	3	0	0	2		1	4	8	
Biotech		11.1%	0.0%	10.3%	0.0%	0.0%	6.3%		1.7%	16.7%	7.5%	
												
Banking Finance		20	5	7	4	7	13		24	2	28	
Insur.		27.8%	22.7%	24.1%	36.4%	22.6%	40.6%		41.4%	8.3%	26.2%	
												
Service/Consulting		14	2	1	1	3	0		1	2	17	
		19.4%	9.1%	3.4%	9.1%	9.7%	0.0%		1.7%	8.3%	15.9%	
												
Healthcare/		3	3	2	1	2	4		5	3	7	
Pharmaceutical		4.2%	13.6%	6.9%	9.1%	6.5%	12.5%		8.6%	12.5%	6.5%	
												
Other		9	4	4	0	3	0		5	1	14	
		12.5%	18.2%	13.8%	0.0%	9.7%	0.0%		8.6%	4.2%	13.1%	

283

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Industry

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Retail Wholesale		4	2	1	1	1	1	4	
		6.3%	6.5%	9.1%	6.3%	8.3%	6.3%	11.1%	
									
Mining Construction		1	0	1	1	1	1	0	
		1.6%	0.0%	9.1%	6.3%	8.3%	6.3%	0.0%	
									
Manufacturing		3	8	2	1	4	3	6	
		4.8%	25.8%	18.2%	6.3%	33.3%	18.8%	16.7%	
									
Transportation		0	1	3	2	1	2	1	
Energy		0.0%	3.2%	27.3%	12.5%	8.3%	12.5%	2.8%	
									
Communications		4	0	0	2	1	2	1	
Media		6.3%	0.0%	0.0%	12.5%	8.3%	12.5%	2.8%	
									
Tech Software		8	0	2	1	0	0	2	
Biotech		12.7%	0.0%	18.2%	6.3%	0.0%	0.0%	5.6%	
									
Banking Finance		21	6	1	5	3	3	14	
Insur.		33.3%	19.4%	9.1%	31.3%	25.0%	18.8%	38.9%	
									
Service/Consulting		11	4	0	1	1	0	3	
		17.5%	12.9%	0.0%	6.3%	8.3%	0.0%	8.3%	
									
Healthcare/		3	3	0	1	0	2	4	
Pharmaceutical		4.8%	9.7%	0.0%	6.3%	0.0%	12.5%	11.1%	
									
Other		8	7	1	1	0	2	1	
		12.7%	22.6%	9.1%	6.3%	0.0%	12.5%	2.8%	

284

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Industry

N=201		Headquarters		Foreign Sales	
		Northea-
st	Mounta-
in	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Retail Wholesale		4	1	5	0	3	1	1		4	10	1	0	
		7.3%	14.3%	11.6%	0.0%	9.1%	3.6%	6.7%		5.0%	13.3%	3.8%	0.0%	
														
Mining Construction		1	0	2	1	2	0	0		3	1	2	0	
		1.8%	0.0%	4.7%	5.9%	6.1%	0.0%	0.0%		3.8%	1.3%	7.7%	0.0%	
														
Manufacturing		4	3	15	2	4	2	2		5	17	4	6	
		7.3%	42.9%	34.9%	11.8%	12.1%	7.1%	13.3%		6.3%	22.7%	15.4%	37.5%	
														
Transportation		1	0	0	3	2	4	0		4	5	1	0	
Energy		1.8%	0.0%	0.0%	17.6%	6.1%	14.3%	0.0%		5.0%	6.7%	3.8%	0.0%	
														
Communications		1	1	0	0	4	1	3		4	4	1	2	
Media		1.8%	14.3%	0.0%	0.0%	12.1%	3.6%	20.0%		5.0%	5.3%	3.8%	12.5%	
														
Tech Software		7	0	0	1	3	2	0		2	6	1	4	
Biotech		12.7%	0.0%	0.0%	5.9%	9.1%	7.1%	0.0%		2.5%	8.0%	3.8%	25.0%	
														
Banking Finance		20	0	15	6	6	6	3		28	23	4	1	
Insur.		36.4%	0.0%	34.9%	35.3%	18.2%	21.4%	20.0%		35.0%	30.7%	15.4%	6.3%	
														
Service/Consulting		6	2	3	2	2	3	3		10	5	5	0	
		10.9%	28.6%	7.0%	11.8%	6.1%	10.7%	20.0%		12.5%	6.7%	19.2%	0.0%	
														
Healthcare/		4	0	0	1	4	5	1		8	1	4	1	
Pharmaceutical		7.3%	0.0%	0.0%	5.9%	12.1%	17.9%	6.7%		10.0%	1.3%	15.4%	6.3%	
														
Other		7	0	3	1	3	4	2		12	3	3	2	
		12.7%	0.0%	7.0%	5.9%	9.1%	14.3%	13.3%		15.0%	4.0%	11.5%	12.5%	

285

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Sales Revenue

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Less than $25 million		73		4	1	8	0	5	8	20	14	3	9	
		36.7%		26.7%	20.0%	25.8%	0.0%	45.5%	61.5%	35.7%	66.7%	20.0%	45.0%	
														
$25-99 million		22		2	0	4	2	0	0	5	2	3	4	
		11.1%		13.3%	0.0%	12.9%	20.0%	0.0%	0.0%	8.9%	9.5%	20.0%	20.0%	
														
$100-499 million		30		2	1	7	1	1	3	7	1	2	4	
		15.1%		13.3%	20.0%	22.6%	10.0%	9.1%	23.1%	12.5%	4.8%	13.3%	20.0%	
														
$500-999 million		11		1	0	2	2	0	0	4	1	1	0	
		5.5%		6.7%	0.0%	6.5%	20.0%	0.0%	0.0%	7.1%	4.8%	6.7%	0.0%	
														
$1-4.9 billion		31		3	2	6	3	2	0	7	3	2	3	
		15.6%		20.0%	40.0%	19.4%	30.0%	18.2%	0.0%	12.5%	14.3%	13.3%	15.0%	
														
More than $5 billion		32		3	1	4	2	3	2	13	0	4	0	
		16.1%		20.0%	20.0%	12.9%	20.0%	27.3%	15.4%	23.2%	0.0%	26.7%	0.0%	

286

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Sales Revenue

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Less than $25 million		73	0	0	0	0	0		1	6	63	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		1.7%	26.1%	58.9%	
												
$25-99 million		0	22	0	0	0	0		1	1	19	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		1.7%	4.3%	17.8%	
												
$100-499 million		0	0	30	0	0	0		5	7	15	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		8.6%	30.4%	14.0%	
												
$500-999 million		0	0	0	11	0	0		5	3	2	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		8.6%	13.0%	1.9%	
												
$1-4.9 billion		0	0	0	0	31	0		18	3	8	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		31.0%	13.0%	7.5%	
												
More than $5 billion		0	0	0	0	0	32		28	3	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		48.3%	13.0%	0.0%	

287

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Sales Revenue

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Less than $25 million		57	13	0	0	0	0	0	
		89.1%	40.6%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
$25-99 million		6	11	2	0	0	0	0	
		9.4%	34.4%	18.2%	0.0%	0.0%	0.0%	0.0%	
									
$100-499 million		0	6	7	9	2	0	0	
		0.0%	18.8%	63.6%	60.0%	16.7%	0.0%	0.0%	
									
$500-999 million		1	1	1	0	4	3	1	
		1.6%	3.1%	9.1%	0.0%	33.3%	18.8%	2.9%	
									
$1-4.9 billion		0	1	1	5	3	10	10	
		0.0%	3.1%	9.1%	33.3%	25.0%	62.5%	28.6%	
									
More than $5 billion		0	0	0	1	3	3	24	
		0.0%	0.0%	0.0%	6.7%	25.0%	18.8%	68.6%	

288

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Sales Revenue

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Less than $25 million		20	4	18	2	13	12	3		41	20	7	3	
		37.7%	57.1%	41.9%	11.8%	38.2%	42.9%	20.0%		51.3%	27.0%	26.9%	18.8%	
														
$25-99 million		6	0	3	4	6	3	0		8	12	0	1	
		11.3%	0.0%	7.0%	23.5%	17.6%	10.7%	0.0%		10.0%	16.2%	0.0%	6.3%	
														
$100-499 million		6	3	7	4	6	2	2		12	15	0	3	
		11.3%	42.9%	16.3%	23.5%	17.6%	7.1%	13.3%		15.0%	20.3%	0.0%	18.8%	
														
$500-999 million		2	0	3	2	1	1	2		7	3	0	1	
		3.8%	0.0%	7.0%	11.8%	2.9%	3.6%	13.3%		8.8%	4.1%	0.0%	6.3%	
														
$1-4.9 billion		7	0	5	4	7	4	4		8	11	9	3	
		13.2%	0.0%	11.6%	23.5%	20.6%	14.3%	26.7%		10.0%	14.9%	34.6%	18.8%	
														
More than $5 billion		12	0	7	1	1	6	4		4	13	10	5	
		22.6%	0.0%	16.3%	5.9%	2.9%	21.4%	26.7%		5.0%	17.6%	38.5%	31.3%	

289

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Number of Employees

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Fewer than 100		64		4	1	3	0	4	8	21	11	3	8	
		34.2%		28.6%	20.0%	11.1%	0.0%	40.0%	61.5%	39.6%	55.0%	23.1%	40.0%	
														
100-499		32		2	0	8	1	0	0	6	4	3	7	
		17.1%		14.3%	0.0%	29.6%	10.0%	0.0%	0.0%	11.3%	20.0%	23.1%	35.0%	
														
500-999		11		1	1	2	3	0	2	1	0	0	1	
		5.9%		7.1%	20.0%	7.4%	30.0%	0.0%	15.4%	1.9%	0.0%	0.0%	5.0%	
														
1000-2499		16		1	1	1	2	2	1	5	1	1	1	
		8.6%		7.1%	20.0%	3.7%	20.0%	20.0%	7.7%	9.4%	5.0%	7.7%	5.0%	
														
2500-4999		12		1	1	4	1	1	0	3	1	0	0	
		6.4%		7.1%	20.0%	14.8%	10.0%	10.0%	0.0%	5.7%	5.0%	0.0%	0.0%	
														
5000-9999		16		1	1	3	2	2	0	3	0	2	2	
		8.6%		7.1%	20.0%	11.1%	20.0%	20.0%	0.0%	5.7%	0.0%	15.4%	10.0%	
														
More than 10,000		36		4	0	6	1	1	2	14	3	4	1	
		19.3%		28.6%	0.0%	22.2%	10.0%	10.0%	15.4%	26.4%	15.0%	30.8%	5.0%	

290

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Number of Employees

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Fewer than 100		57	6	0	1	0	0		1	7	54	
		81.4%	31.6%	0.0%	9.1%	0.0%	0.0%		1.7%	35.0%	52.4%	
												
100-499		13	11	6	1	1	0		2	0	30	
		18.6%	57.9%	25.0%	9.1%	3.3%	0.0%		3.4%	0.0%	29.1%	
												
500-999		0	2	7	1	1	0		1	1	9	
		0.0%	10.5%	29.2%	9.1%	3.3%	0.0%		1.7%	5.0%	8.7%	
												
1000-2499		0	0	9	0	5	1		8	4	3	
		0.0%	0.0%	37.5%	0.0%	16.7%	3.2%		13.8%	20.0%	2.9%	
												
2500-4999		0	0	2	4	3	3		7	1	3	
		0.0%	0.0%	8.3%	36.4%	10.0%	9.7%		12.1%	5.0%	2.9%	
												
5000-9999		0	0	0	3	10	3		10	3	2	
		0.0%	0.0%	0.0%	27.3%	33.3%	9.7%		17.2%	15.0%	1.9%	
												
More than 10,000		0	0	0	1	10	24		29	4	2	
		0.0%	0.0%	0.0%	9.1%	33.3%	77.4%		50.0%	20.0%	1.9%	

291

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Number of Employees

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Fewer than 100		64	0	0	0	0	0	0	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
100-499		0	32	0	0	0	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
500-999		0	0	11	0	0	0	0	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	
									
1000-2499		0	0	0	16	0	0	0	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
									
2500-4999		0	0	0	0	12	0	0	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
									
5000-9999		0	0	0	0	0	16	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
									
More than 10,000		0	0	0	0	0	0	36	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

292

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Number of Employees

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Fewer than 100		18	2	15	3	13	11	1		40	19	3	1	
		36.0%	40.0%	36.6%	18.8%	41.9%	40.7%	6.7%		53.3%	27.1%	12.5%	6.7%	
														
100-499		6	1	7	3	5	6	4		11	11	3	5	
		12.0%	20.0%	17.1%	18.8%	16.1%	22.2%	26.7%		14.7%	15.7%	12.5%	33.3%	
														
500-999		1	1	3	3	3	0	0		4	6	0	1	
		2.0%	20.0%	7.3%	18.8%	9.7%	0.0%	0.0%		5.3%	8.6%	0.0%	6.7%	
														
1000-2499		2	1	1	4	3	3	2		7	7	0	2	
		4.0%	20.0%	2.4%	25.0%	9.7%	11.1%	13.3%		9.3%	10.0%	0.0%	13.3%	
														
2500-4999		4	0	2	2	1	1	2		4	5	2	1	
		8.0%	0.0%	4.9%	12.5%	3.2%	3.7%	13.3%		5.3%	7.1%	8.3%	6.7%	
														
5000-9999		4	0	4	0	2	3	3		3	6	6	1	
		8.0%	0.0%	9.8%	0.0%	6.5%	11.1%	20.0%		4.0%	8.6%	25.0%	6.7%	
														
More than 10,000		15	0	9	1	4	3	3		6	16	10	4	
		30.0%	0.0%	22.0%	6.3%	12.9%	11.1%	20.0%		8.0%	22.9%	41.7%	26.7%	

293

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Headquarters

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Northeast		55		4	1	4	1	1	7	20	6	4	7	
		27.6%		26.7%	16.7%	12.5%	10.0%	10.0%	53.8%	35.7%	28.6%	26.7%	35.0%	
														
Mountain		7		1	0	3	0	1	0	0	2	0	0	
		3.5%		6.7%	0.0%	9.4%	0.0%	10.0%	0.0%	0.0%	9.5%	0.0%	0.0%	
														
Midwest		43		5	2	15	0	0	0	15	3	0	3	
		21.6%		33.3%	33.3%	46.9%	0.0%	0.0%	0.0%	26.8%	14.3%	0.0%	15.0%	
														
South Central		17		0	1	2	3	0	1	6	2	1	1	
		8.5%		0.0%	16.7%	6.3%	30.0%	0.0%	7.7%	10.7%	9.5%	6.7%	5.0%	
														
South Atlantic		34		3	2	4	2	4	3	6	2	4	3	
		17.1%		20.0%	33.3%	12.5%	20.0%	40.0%	23.1%	10.7%	9.5%	26.7%	15.0%	
														
Pacific		28		1	0	2	4	1	2	6	3	5	4	
		14.1%		6.7%	0.0%	6.3%	40.0%	10.0%	15.4%	10.7%	14.3%	33.3%	20.0%	
														
Not in U.S.		15		1	0	2	0	3	0	3	3	1	2	
		7.5%		6.7%	0.0%	6.3%	0.0%	30.0%	0.0%	5.4%	14.3%	6.7%	10.0%	

294

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Headquarters

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Northeast		20	6	6	2	7	12		21	3	28	
		27.8%	27.3%	20.0%	18.2%	22.6%	38.7%		36.8%	12.5%	25.9%	
												
Mountain		4	0	3	0	0	0		0	1	6	
		5.6%	0.0%	10.0%	0.0%	0.0%	0.0%		0.0%	4.2%	5.6%	
												
Midwest		18	3	7	3	5	7		14	2	25	
		25.0%	13.6%	23.3%	27.3%	16.1%	22.6%		24.6%	8.3%	23.1%	
												
South Central		2	4	4	2	4	1		8	4	5	
		2.8%	18.2%	13.3%	18.2%	12.9%	3.2%		14.0%	16.7%	4.6%	
												
South Atlantic		13	6	6	1	7	1		5	6	22	
		18.1%	27.3%	20.0%	9.1%	22.6%	3.2%		8.8%	25.0%	20.4%	
												
Pacific		12	3	2	1	4	6		6	6	16	
		16.7%	13.6%	6.7%	9.1%	12.9%	19.4%		10.5%	25.0%	14.8%	
												
Not in U.S.		3	0	2	2	4	4		3	2	6	
		4.2%	0.0%	6.7%	18.2%	12.9%	12.9%		5.3%	8.3%	5.6%	

295

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Headquarters

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Northeast		18	6	1	2	4	4	15	
		28.6%	18.8%	9.1%	12.5%	33.3%	25.0%	42.9%	
									
Mountain		2	1	1	1	0	0	0	
		3.2%	3.1%	9.1%	6.3%	0.0%	0.0%	0.0%	
									
Midwest		15	7	3	1	2	4	9	
		23.8%	21.9%	27.3%	6.3%	16.7%	25.0%	25.7%	
									
South Central		3	3	3	4	2	0	1	
		4.8%	9.4%	27.3%	25.0%	16.7%	0.0%	2.9%	
									
South Atlantic		13	5	3	3	1	2	4	
		20.6%	15.6%	27.3%	18.8%	8.3%	12.5%	11.4%	
									
Pacific		11	6	0	3	1	3	3	
		17.5%	18.8%	0.0%	18.8%	8.3%	18.8%	8.6%	
									
Not in U.S.		1	4	0	2	2	3	3	
		1.6%	12.5%	0.0%	12.5%	16.7%	18.8%	8.6%	

296

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Headquarters

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Northeast		55	0	0	0	0	0	0		18	24	9	2	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		22.5%	32.0%	34.6%	12.5%	
														
Mountain		0	7	0	0	0	0	0		7	0	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		8.8%	0.0%	0.0%	0.0%	
														
Midwest		0	0	43	0	0	0	0		18	20	3	2	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		22.5%	26.7%	11.5%	12.5%	
														
South Central		0	0	0	17	0	0	0		6	7	1	3	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		7.5%	9.3%	3.8%	18.8%	
														
South Atlantic		0	0	0	0	34	0	0		15	16	1	2	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		18.8%	21.3%	3.8%	12.5%	
														
Pacific		0	0	0	0	0	28	0		14	6	5	3	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		17.5%	8.0%	19.2%	18.8%	
														
Not in U.S.		0	0	0	0	0	0	15		2	2	7	4	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		2.5%	2.7%	26.9%	25.0%	

297

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Ownership

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Public, NYSE		58		3	2	10	5	2	1	24	1	5	5	
		30.5%		23.1%	40.0%	33.3%	50.0%	22.2%	7.7%	44.4%	5.0%	33.3%	25.0%	
														
Public, Nasdaq/		24		1	0	5	1	5	4	2	2	3	1	
AMEX		12.6%		7.7%	0.0%	16.7%	10.0%	55.6%	30.8%	3.7%	10.0%	20.0%	5.0%	
														
Private		108		9	3	15	4	2	8	28	17	7	14	
		56.8%		69.2%	60.0%	50.0%	40.0%	22.2%	61.5%	51.9%	85.0%	46.7%	70.0%	

298

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Ownership

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Public, NYSE		1	1	5	5	18	28		58	0	0	
		1.4%	4.8%	18.5%	50.0%	62.1%	90.3%		100.0%	0.0%	0.0%	
												
Public, Nasdaq/		6	1	7	3	3	3		0	24	0	
AMEX		8.6%	4.8%	25.9%	30.0%	10.3%	9.7%		0.0%	100.0%	0.0%	
												
Private		63	19	15	2	8	0		0	0	108	
		90.0%	90.5%	55.6%	20.0%	27.6%	0.0%		0.0%	0.0%	100.0%	

299

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Ownership

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Public, NYSE		1	2	1	8	7	10	29	
		1.6%	6.3%	9.1%	53.3%	63.6%	66.7%	82.9%	
									
Public, Nasdaq/		7	0	1	4	1	3	4	
AMEX		11.3%	0.0%	9.1%	26.7%	9.1%	20.0%	11.4%	
									
Private		54	30	9	3	3	2	2	
		87.1%	93.8%	81.8%	20.0%	27.3%	13.3%	5.7%	

300

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Ownership

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Public, NYSE		21	0	14	8	5	6	3		15	23	14	6	
		40.4%	0.0%	34.1%	47.1%	15.2%	21.4%	27.3%		19.0%	31.9%	63.6%	40.0%	
														
Public, Nasdaq/		3	1	2	4	6	6	2		6	13	1	4	
AMEX		5.8%	14.3%	4.9%	23.5%	18.2%	21.4%	18.2%		7.6%	18.1%	4.5%	26.7%	
														
Private		28	6	25	5	22	16	6		58	36	7	5	
		53.8%	85.7%	61.0%	29.4%	66.7%	57.1%	54.5%		73.4%	50.0%	31.8%	33.3%	

301

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Foreign Sales

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Total		201		15	6	32	10	11	13	56	21	15	20	
		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
0%		81		4	3	5	4	4	2	28	10	8	12	
		40.9%		26.7%	50.0%	15.6%	40.0%	36.4%	15.4%	50.0%	50.0%	57.1%	60.0%	
														
1-24%		75		10	1	17	5	4	6	23	5	1	3	
		37.9%		66.7%	16.7%	53.1%	50.0%	36.4%	46.2%	41.1%	25.0%	7.1%	15.0%	
														
25-50%		26		1	2	4	1	1	1	4	5	4	3	
		13.1%		6.7%	33.3%	12.5%	10.0%	9.1%	7.7%	7.1%	25.0%	28.6%	15.0%	
														
More than 50%		16		0	0	6	0	2	4	1	0	1	2	
		8.1%		0.0%	0.0%	18.8%	0.0%	18.2%	30.8%	1.8%	0.0%	7.1%	10.0%	

302

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Foreign Sales

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
												
Total		73	22	30	11	31	32		58	24	108	
		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
0%		41	8	12	7	8	4		15	6	58	
		57.7%	38.1%	40.0%	63.6%	25.8%	12.5%		25.9%	25.0%	54.7%	
												
1-24%		20	12	15	3	11	13		23	13	36	
		28.2%	57.1%	50.0%	27.3%	35.5%	40.6%		39.7%	54.2%	34.0%	
												
25-50%		7	0	0	0	9	10		14	1	7	
		9.9%	0.0%	0.0%	0.0%	29.0%	31.3%		24.1%	4.2%	6.6%	
												
More than 50%		3	1	3	1	3	5		6	4	5	
		4.2%	4.8%	10.0%	9.1%	9.7%	15.6%		10.3%	16.7%	4.7%	

303

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Foreign Sales

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
									
Total		64	32	11	16	12	16	36	
		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
0%		40	11	4	7	4	3	6	
		63.5%	36.7%	36.4%	43.8%	33.3%	18.8%	16.7%	
									
1-24%		19	11	6	7	5	6	16	
		30.2%	36.7%	54.5%	43.8%	41.7%	37.5%	44.4%	
									
25-50%		3	3	0	0	2	6	10	
		4.8%	10.0%	0.0%	0.0%	16.7%	37.5%	27.8%	
									
More than 50%		1	5	1	2	1	1	4	
		1.6%	16.7%	9.1%	12.5%	8.3%	6.3%	11.1%	

304

Duke CFO Outlook Survey - 3rd Quarter, 2004

Demographics: Foreign Sales

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
														
Total		55	7	43	17	34	28	15		81	75	26	16	
		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
0%		18	7	18	6	15	14	2		81	0	0	0	
		34.0%	100.0%	41.9%	35.3%	44.1%	50.0%	13.3%		100.0%	0.0%	0.0%	0.0%	
														
1-24%		24	0	20	7	16	6	2		0	75	0	0	
		45.3%	0.0%	46.5%	41.2%	47.1%	21.4%	13.3%		0.0%	100.0%	0.0%	0.0%	
														
25-50%		9	0	3	1	1	5	7		0	0	26	0	
		17.0%	0.0%	7.0%	5.9%	2.9%	17.9%	46.7%		0.0%	0.0%	100.0%	0.0%	
														
More than 50%		2	0	2	3	2	3	4		0	0	0	16	
		3.8%	0.0%	4.7%	17.6%	5.9%	10.7%	26.7%		0.0%	0.0%	0.0%	100.0%	

305

Duke CFO Outlook Survey - 3rd Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=201		Totals		Industry	

		Retail
Whole-
sale	Mining
Constr-
uction	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		201		15	6	32	10	11	13	56	21	15	20	
Percent		100.0%		7.5%	3.0%	16.1%	5.0%	5.5%	6.5%	28.1%	10.6%	7.5%	10.1%	
														
Weighted Sales Revenue (Millions)	
														
N		199		15	5	31	10	11	13	56	21	15	20	
Mean		1534.87		1904.93	2465.00	1485.42	2292.40	2220.45	1007.69	1873.39	501.14	2107.40	533.65	
SD		2214.74		2410.11	2434.62	2092.64	2301.49	2680.64	2218.75	2476.71	1058.18	2620.51	1068.33	
SE		157.00		622.29	1088.80	375.85	727.80	808.24	615.37	330.96	230.91	676.61	238.89	
				hj	Hj		HJ	hj		hj	aBDegi	hj	abDegi	
														
Weighted Number of Employees	
														
N		187		14	5	27	10	10	13	53	20	13	20	
Mean		3471.92		4482.14	2770.00	4275.93	3680.00	3465.00	2157.69	4059.43	2190.00	5073.08	1620.00	
SD		4670.49		5327.02	2982.57	4804.97	3986.66	4172.20	4394.54	5133.18	4314.44	5456.59	3311.44	
SE		341.54		1423.71	1333.85	924.72	1260.69	1319.37	1218.83	705.10	964.74	1513.39	740.46	
						j						j	ci	

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

306

Duke CFO Outlook Survey - 3rd Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=201		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	More
than $5
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
		A	B	C	D	E	F		A	B	C	
												
Number		73	22	30	11	31	32		58	24	108	
Percent		36.7%	11.1%	15.1%	5.5%	15.6%	16.1%		30.5%	12.6%	56.8%	
												
Weighted Sales Revenue (Millions)	
												
N		73	22	30	11	31	32		58	23	107	
Mean		25.00	62.00	300.00	750.00	3000.00	6000.00		3919.60	1372.26	306.10	
SD		0.00	0.00	0.00	0.00	0.00	0.00		2225.04	2067.21	780.43	
SE		0.00	0.00	0.00	0.00	0.00	0.00		292.16	431.04	75.45	
									BC	AC	AB	
												
Weighted Number of Employees	
												
N		70	19	24	11	30	31		58	20	103	
Mean		137.14	284.21	1262.50	4604.55	7201.67	10435.48		8012.07	4135.00	744.17	
SD		78.34	188.60	976.04	3693.81	4171.88	3131.14		4470.14	4755.77	1988.04	
SE		9.36	43.27	199.23	1113.73	761.68	562.37		586.96	1063.42	195.89	
		BCDEF	ACDEF	ABDEF	ABCF	ABCF	ABCDE		BC	AC	AB	

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

307

Duke CFO Outlook Survey - 3rd Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=201		Number of Employees	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000	
		A	B	C	D	E	F	G	
									
Number		64	32	11	16	12	16	36	
Percent		34.2%	17.1%	5.9%	8.6%	6.4%	8.6%	19.3%	
									
Weighted Sales Revenue (Millions)	
									
N		64	32	11	15	12	16	35	
Mean		39.80	204.91	543.09	1580.00	2550.00	3140.63	4992.86	
SD		90.84	533.08	834.01	1780.13	2323.79	1670.75	1553.56	
SE		11.35	94.24	251.46	459.63	670.82	417.69	262.60	
		bCDEFG	aDEFG	AeFG	ABfG	ABcG	ABCdG	ABCDEF	
									
Weighted Number of Employees	
									
N		64	32	11	16	12	16	36	
Mean		100.00	300.00	750.00	1750.00	3750.00	7500.00	12000.00	
SD		0.00	0.00	0.00	0.00	0.00	0.00	0.00	
SE		0.00	0.00	0.00	0.00	0.00	0.00	0.00	

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

308

Duke CFO Outlook Survey - 3rd Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=201		Headquarters		Foreign Sales	
		
Northeast	
Mountain	
Midwest	South
Central	South
Atlantic	
Pacific	Not in
U.S.		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	7	43	17	34	28	15		81	75	26	16	
Percent		27.6%	3.5%	21.6%	8.5%	17.1%	14.1%	7.5%		40.9%	37.9%	13.1%	8.1%	
														
Weighted Sales Revenue (Millions)	
														
N		53	7	43	17	34	28	15		80	74	26	16	
Mean		1833.43	142.86	1441.53	1235.18	889.62	1779.86	2545.00		729.64	1608.03	3352.88	2549.19	
SD		2475.04	146.99	2235.99	1724.19	1489.61	2465.02	2451.70		1503.09	2277.80	2438.99	2631.41	
SE		339.97	55.56	340.99	418.18	255.47	465.84	633.03		168.05	264.79	478.33	657.85	
		e	g			aG		bE		BCD	AC	AB	A	
														
Weighted Number of Employees	
														
N		50	5	41	16	31	27	15		75	70	24	15	
Mean		4657.00	600.00	3734.15	1871.87	2485.48	2607.41	4720.00		1760.67	3967.14	7237.50	4340.00	
SD		5276.58	695.52	4957.21	2947.31	4173.37	4118.85	4638.30		3451.56	4869.50	4884.63	5147.30	
SE		746.22	311.05	774.19	736.83	749.56	792.67	1197.60		398.55	582.02	997.07	1329.03	
		d			ag			d		BCd	AC	AB	a	

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