Table of Contents

1a & 2a. Are you more or less optimistic about...	1
1b & 2b. Rate your level of optimisim...	2

3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	3
3. What do you think annualized U.S. GDP growth will be during the next 12 months? (e.g., 3%, -2%)	4

4. On September 7, 2004 the annual yield on 10-yr treasury bonds was 4.25%. Please complete the following:	5
4. On September 7, 2004 the annual yield on 10-yr treasury bonds was 4.25%. Please complete the following: 
OUTLIERS BEYOND 1.96 SD's DELETED	6

5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months: 
(sorted)	7
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months: 
(sorted) EXTREMES ELIMINATED [-100 & +500]	8
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months: OUTLIERS BEYOND 1.96 SD's WINDSORIZED (sorted)	9

6. What are the top three risks your corporation faces over the next 12 months (indicate top 3 risks using 1, 2, 3)	10
6. What are the top three risks your corporation faces over the next 12 months – OTHER SPECIFIED	11

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.)	12
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 - OTHER SPECIFIED	13

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?  SUMMARY	14
8. If there were an act of domestic terrorism before the presidential election, how would this affect 
CONSUMER SPENDING at your company? (sorted)	16
8. If there were an act of domestic terrorism before the presidential election, how would this affect 
CORPORATE HIRING at your company? (sorted)	17
8. If there were an act of domestic terrorism before the presidential election, how would this affect 
CAPITAL SPENDING at your company? (sorted)	18

Industry	19
Industry (Other specified)	20
Sales Revenue	21
Weighted Sales Revenue (Millions)	22
Number of Employees	23
Weighted Number of Employees	24
Headquarters	25
Ownership	26
Foreign Sales	27

1

Duke CFO Outlook Survey - 3rd Quarter, 2004

1a & 2a. Are you more or less optimistic about...

(N=201)

	More	Less	No	
	optimistic	optimistic	change	Total	
Are you more or less optimistic about the U.S.	112	49	40	201
economy compared to last quarter?	55.7%	24.4%	19.9%	100.0%

Are you more or less optimistic about the
financial prospects for your company	118	41	40	199
compared to last quarter?	59.3%	20.6%	20.1%	100.0%

2

Duke CFO Outlook Survey - 3rd Quarter, 2004

1b & 2b. Rate your level of optimisim...

	Mean	SD	Median	Minimum	Maximum	Total

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.	66.16	18.02	70	0.50	92	187

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.	69.34	19.90	75	0.75	100	184

3

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%)

	 	Number	Percent	Cumulative
	-3	1	0.5 %	0.5 %
	-2	1	0.5 %	1.0 %
	-1	1	0.5 %	1.5 %
	0	1	0.5 %	2.0 %
	.2	1	0.5 %	2.5 %
	.5	1	0.5 %	3.0 %
	1	6	3.0 %	6.0 %
	1.5	6	3.0 %	9.0 %
	2	31	15.5 %	24.5 %
	2.1	3	1.5 %	26.0 %
	2.2	2	1.0 %	27.0 %
	2.4	3	1.5 %	28.5 %
	2.5	30	15.0 %	43.5 %
	2.7	1	0.5 %	44.0 %
	2.75	1	0.5 %	44.5 %
	2.8	3	1.5 %	46.0 %
	2.85	1	0.5 %	46.5 %
	2.9	2	1.0 %	47.5 %
	3	33	16.5 %	64.0 %
	3.1	1	0.5 %	64.5 %
	3.2	3	1.5 %	66.0 %
	3.25	4	2.0 %	68.0 %
	3.3	2	1.0 %	69.0 %
	3.4	1	0.5 %	69.5 %
	3.5	34	17.0 %	86.5 %
	3.75	1	0.5 %	87.0 %
	3.8	2	1.0 %	88.0 %
	4	16	8.0 %	96.0 %
	4.2	1	0.5 %	96.5 %
	4.25	1	0.5 %	97.0 %
	4.3	1	0.5 %	97.5 %
	4.5	2	1.0 %	98.5 %
	4.8	1	0.5 %	99.0 %
	5	1	0.5 %	99.5 %
	8	1	0.5 %	100.0 %
	Total	200	100.0 %	100.0 %

	Missing Cases = 1 
	Response Percent = 99.5 %

4

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%)

	Minimum = -3

	Maximum = 8

	Mean = 2.78

	Median = 3

	Variance (Unbiased) = 1.21

	Standard Deviation (Unbiased) = 1.10

	Standard Error Of The Mean  = 0.08

	95 Percent Confidence Interval Around The Mean = 2.63 - 2.93

	99 Percent Confidence Interval Around The Mean = 2.58 - 2.98

Quartiles

	 1 = 2.10
	 2 = 3
	 3 = 3.50

Valid Cases = 200 
Missing Cases = 1 
Response Percent = 99.5%

5

Duke CFO Outlook Survey - 3rd Quarter, 2004

4. On September 7, 2004 the annual yield on 10-yr treasury bonds was 4.25%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	3.27	7.07	2.27 - 4.27	3.75	-40	75	192

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.56	2.88	7.16 - 7.97	7.50	2	25	197

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	10.83	4.84	10.15 - 11.51	10	2	50	196

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	0.05	9.14	-1.24 - 1.35	1	-40	80	192

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	6.73	4.78	6.06 - 7.40	6	-25	34	196

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	11.73	6.68	10.80 - 12.67	10	2	62	195

6

Duke CFO Outlook Survey - 3rd Quarter, 2004

4. On September 7, 2004 the annual yield on 10-yr treasury bonds was 4.25%. Please complete the following: OUTLIERS BEYOND 1.96 SD's DELETED

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	3.29	3.25	2.83 - 3.76	4	-10	15	188

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.31	2.21	6.99 - 7.62	7	2	13	193

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	10.38	3.38	9.90 - 10.86	10	2	20	192

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	0.52	5.38	-0.26 - 1.29	2	-15	10	184

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	6.81	3.54	6.31 - 7.31	6	-2	15	191

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	10.79	4.58	10.13 - 11.44	10	2	20	186

7

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: (sorted)

(N=201)

	Positive	Zero	Negative	Total	
	157	4	1	162
Health care costs	96.9%	2.5%	0.6%	100.0%

	163	10	2	175
Wages/Salaries	93.1%	5.7%	1.1%	100.0%

	154	7	6	167
Revenues	92.2%	4.2%	3.6%	100.0%

	139	8	15	162
Earnings	85.8%	4.9%	9.3%	100.0%

	107	24	3	134
Productivity (output per hour worked)	79.9%	17.9%	2.2%	100.0%

	121	31	3	155
Technology spending	78.1%	20.0%	1.9%	100.0%

	105	34	5	144
Advertising/Marketing Spending	72.9%	23.6%	3.5%	100.0%

	114	41	19	174
Number of employees	65.5%	23.6%	10.9%	100.0%

	97	41	13	151
Capital spending	64.2%	27.2%	8.6%	100.0%

	98	43	19	160
Prices of your products	61.3%	26.9%	11.9%	100.0%

	33	28	0	61
Dividends	54.1%	45.9%	0.0%	100.0%

	55	53	3	111
R&D spending	49.5%	47.7%	2.7%	100.0%

	53	58	0	111
M & A activity	47.7%	52.3%	0.0%	100.0%

Number of foreign/off-shore outsourced	43	63	2	108
employees	39.8%	58.3%	1.9%	100.0%

	49	69	15	133
Overtime	36.8%	51.9%	11.3%	100.0%

	39	44	24	107
Inventory	36.4%	41.1%	22.4%	100.0%

8

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: (sorted) EXTREMES ELIMINATED [-100 & +500]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenues	15.64	30.37	11.04 - 20.25	10	-20	300	167

Earnings	14.91	27.38	10.68 - 19.14	10	-50	200	161

M & A activity	14.79	32.74	8.70 - 20.88	0	0	200	111

Health care costs	9.98	5.33	9.16 - 10.81	10	-10	25	162

Number of employees	9.65	33.20	4.71 - 14.58	3	-25	300	174

Advertising/Marketing Spending	7.18	13.08	5.05 - 9.32	5	-10	100	144

Number of foreign/off-shore outsourced
employees	6.93	23.31	2.53 - 11.32	0	-25	200	108

R&D spending	6.69	23.92	2.24 - 11.14	0	-10	200	111

Technology spending	6.60	9.17	5.16 - 8.04	5	-50	30	155

Capital spending	6.42	14.40	4.13 - 8.72	3	-50	100	151

Wages/Salaries	4.84	6.30	3.91 - 5.77	3.50	-5	60	175

Productivity (output per hour worked)	4.74	8.77	3.26 - 6.23	3	-5	80	134

Dividends	4.61	7.93	2.62 - 6.60	1	0	50	61

Prices of your products	2.60	6.15	1.65 - 3.56	2	-15	50	160

Inventory	2.06	8.59	0.43 - 3.68	0	-20	50	107

Overtime	1.44	6.25	0.38 - 2.51	0	-25	30	133

9

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: OUTLIERS BEYOND 1.96 SD's WINDSORIZED (sorted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenues	13.34	15.46	11.00 - 15.69	10	-20	75.17	167

Earnings	12.76	17.96	9.99 - 15.54	10	-38.80	68.57	161

M & A activity	12.19	23.71	7.78 - 16.60	0	0	78.96	111

Health care costs	9.92	4.85	9.17 - 10.67	10	-0.47	20.43	162

Technology spending	6.78	7.39	5.62 - 7.95	5	-11.40	24.57	155

Number of employees	6.62	14.66	4.44 - 8.80	3	-25	74.72	174

Advertising/Marketing Spending	6.25	7.68	5.00 - 7.51	5	-10	32.82	144

Capital spending	5.94	10.79	4.22 - 7.66	3	-21.80	34.64	151

Number of foreign/off-shore outsourced
employees	5.12	12.23	2.82 - 7.43	0	-25	52.62	108

R&D spending	4.50	8.99	2.83 - 6.17	0	-10	53.57	111

Wages/Salaries	4.35	3.43	3.84 - 4.86	3.50	-5	17.19	175

Productivity (output per hour worked)	4.08	4.70	3.28 - 4.87	3	-5	21.93	134

Dividends	4.04	5.42	2.68 - 5.40	1	0	20.15	61

Prices of your products	2.29	4.29	1.62 - 2.95	2	-9.45	14.65	160

Inventory	1.54	6.22	0.36 - 2.72	0	-14.80	18.90	107

Overtime	1.33	4.75	0.53 - 2.14	0	-10.80	13.69	133

10

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)

	Mean & SD	1st	2nd	3rd	Total	
	1.80	4	4	2	10
Control of Senate	0.75	40.0%	40.0%	20.0%	100.0%

	1.80	22	5	14	41
Other	0.92	53.7%	12.2%	34.1%	100.0%

	1.84	12	5	8	25
Presidential election	0.88	48.0%	20.0%	32.0%	100.0%

	1.85	4	7	2	13
Situation in Iraq	0.66	30.8%	53.8%	15.4%	100.0%

	1.86	27	28	17	72
Consumer spending/demand	0.77	37.5%	38.9%	23.6%	100.0%

	1.87	9	8	6	23
Foreign competition	0.80	39.1%	34.8%	26.1%	100.0%

	1.87	20	12	14	46
Increased interest rates	0.85	43.5%	26.1%	30.4%	100.0%

	1.88	46	38	32	116
U.S. economic growth	0.81	39.7%	32.8%	27.6%	100.0%

	2.09	6	9	8	23
U.S. exchange rate	0.78	26.1%	39.1%	34.8%	100.0%

	2.11	16	17	22	55
Domestic Terrorism	0.82	29.1%	30.9%	40.0%	100.0%

	2.12	13	20	19	52
Price of oil	0.78	25.0%	38.5%	36.5%	100.0%

	2.15	14	29	24	67
Health care costs	0.74	20.9%	43.3%	35.8%	100.0%

	2.17	9	6	14	29
Wage increases	0.87	31.0%	20.7%	48.3%	100.0%

	2.17	10	13	17	40
Inflation	0.80	25.0%	32.5%	42.5%	100.0%

11

Duke CFO Outlook Survey - 3rd Quarter, 2004

6. What are the top three risks your corporation faces over the next 12 months - OTHER SPECIFIED

Ability to secure price increases	
ability to perform in a high growth cycle	
availability of qualified people	
CA Tax Revenue Growth	
Capital Market Activity	
Capital Programs	
Capital spending	
Certain commodity prices	
Changing compliance	
Competition	
consolidation of industry	
Domestic competition	
domestic competition	
domestic competition	
Flat yield curve	
Global economic growth	
govt reimbursement changes	
housing demands	
Irrational competition	
Kerry #1	
legal issues	
litigation	
new product not taking off	
NIH budget	
no tort reform	
patent litigation	
Price of Natural Gas	
Price of steel	
Product Development	
restrictive import legislation	
Retail Delivery Execution	
steel prices	
Substitue technology	
Technology	
Technology Spending	
TERRORISM	
Terrorism	
U.S. Deficit Spending	
US Psych Outlook	
Weather	
weather	
Weather/Hurricanes	

12

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.)

	 	Number	Percent
	No	157	79.3 %
	Yes	41	20.7 %
	Total	198	100.0 %

	Missing Cases = 3 
	Response Percent = 98.5 %

13

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 - OTHER SPECIFIED

Bid out transportation contract and consolidated with vendor to reduce costs (leveraged total volume).	
Capital to improve efficiency	
Changed vendors	
Combined scheduling to minimize transportation.  Alternate materials to plastic.  Fixed price contracts with some	
suppliers.	
consolidate freight forwarded	
Continue to pursue utility reducing strategies, i.e. more efficient chillers and lighting	
contracted at fioxed rate to control variability	
decrease travel, work from home	
Don't use fuel much, most clients come to see us	
ENERGY AND SCRAP WASTE REDUCTION, REFORMULATIONS	
Fuel costs do not have a direct impact on our cost structure.	
hedges/swaps	
hedging	
Implementation of commodity managers in internal Purchasing Organization	
Implemented energy consumption reduction programs for both natural gas and electricity to bring efficiencies to	
manufacturing operations.  Primarily aimed at metal melting and heat treat operations.	
Less travel (both in town trips & air travel), greater usage of teleconferences, e-mail, and telephone.	
Lessen travel	
looking for higher mileage vehicles, including hybrid vehicles.	
marginal technical improvements in efficiency	
More efficient routing where possible and more fuel-efficient vehicles where replacements or addtions to our fleets	
are required.	
More efficient vehicles, fewer miles.	
more efficient car	
More people working at home.	
N/A	
outsourcing	
Reduced plant fuel consumption, renegotitated power contract	
Reduced slecticity usage form our ITY network through various energy savings technology and redcution of	
redundant power. Reduced operations in themore expensive energy locations	
Reducing lighting and other cutbacks in usage	
REDUCING OCTANE REQUIREMENTS OF VEHICLES: MORE INTERNET USAGE	
REPLACEMENT OF OLD BOILERS WITH MORE EFFICIENT ONES.	
restricted all non-essential company car use	
Tighter controls on travel	
Tighter procurement standards; gas cards for our drivers	
We are a transportation company and monitor our fule very closely.  We have increased our scrutiny and measures	
considerbly and leverage bulk purchasing.	

14

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?  SUMMARY

(N=201)

	Down			
	Considerably	Down	No Effect	Up	
Symbolic target	34	71	75	14
Consumer Demand	17.5%	36.6%	38.7%	7.2%

Symbolic target	16	62	111	4
Corporate Hiring	8.3%	32.1%	57.5%	2.1%

Symbolic target	13	65	111	3
Capital Spending	6.8%	33.9%	57.8%	1.6%

Heartland target	32	79	62	19
Consumer Demand	16.7%	41.1%	32.3%	9.9%

Heartland target	11	63	115	3
Corporate Hiring	5.7%	32.8%	59.9%	1.6%

Heartland target	9	66	113	5
Capital Spending	4.7%	34.2%	58.5%	2.6%

Transportation infrastructure	48	77	49	18
Consumer Demand	25.0%	40.1%	25.5%	9.4%

Transportation infrastructure	20	73	94	5
Corporate Hiring	10.4%	38.0%	49.0%	2.6%

Transportation infrastructure	19	68	96	7
Capital Spending	10.0%	35.8%	50.5%	3.7%

Energy infrastructure	49	75	43	23
Consumer Demand	25.8%	39.5%	22.6%	12.1%

Energy infrastructure	25	72	81	9
Corporate Hiring	13.4%	38.5%	43.3%	4.8%

Energy infrastructure	25	69	80	15
Capital Spending	13.2%	36.5%	42.3%	7.9%

Corporate infrastructure	37	81	59	16
Consumer Demand	19.2%	42.0%	30.6%	8.3%

Corporate infrastructure	16	71	98	6
Corporate Hiring	8.4%	37.2%	51.3%	3.1%

Corporate infrastructure	16	75	88	13
Capital Spending	8.3%	39.1%	45.8%	6.8%

15

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?  SUMMARY

	Down			
	Considerably	Down	No Effect	Up	
Assassination	29	68	82	11
Consumer Demand	15.3%	35.8%	43.2%	5.8%

Assassination	12	56	116	6
Corporate Hiring	6.3%	29.5%	61.1%	3.2%

Assassination	12	48	124	7
Capital Spending	6.3%	25.1%	64.9%	3.7%

Weapons of Mass Destruction	112	40	17	24
Consumer Demand	58.0%	20.7%	8.8%	12.4%

Weapons of Mass Destruction	73	58	52	10
Corporate Hiring	37.8%	30.1%	26.9%	5.2%

Weapons of Mass Destruction	71	59	49	14
Capital Spending	36.8%	30.6%	25.4%	7.3%

16

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 SPENDING at your company? (sorted)

(N=201)

		Down			
	Mean & SD	Considerably	Down	No Effect	Up
	  	1	2	3	4	
Weapons of Mass
Destruction  (nuclear,
dirty, chemical,	1.76	112	40	17	24
biological)	1.05	58.0%	20.7%	8.8%	12.4%

Transportation
infrastructure  (airlines,	2.19	48	77	49	18
trains)	0.92	25.0%	40.1%	25.5%	9.4%

Energy infrastructure
(nuclear, conventional,	2.21	49	75	43	23
refining)	0.96	25.8%	39.5%	22.6%	12.1%

Corporate
infrastructure  (large
bank or financial	2.28	37	81	59	16
center)	0.87	19.2%	42.0%	30.6%	8.3%

Heartland target
(shopping mall in	2.35	32	79	62	19
medium city)	0.87	16.7%	41.1%	32.3%	9.9%

Symbolic target  (e.g.
World Bank, U.N	2.36	34	71	75	14
House)	0.85	17.5%	36.6%	38.7%	7.2%

Assassination
(Congress, Judicial,	2.39	29	68	82	11
Exec. branch	0.81	15.3%	35.8%	43.2%	5.8%

17

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect CORPORATE HIRING at your company? (sorted)

(N=201)

		Down			
	Mean & SD	Considerably	Down	No Effect	Up
	  	1	2	3	4	
Weapons of Mass
Destruction  (nuclear,
dirty, chemical,	1.99	73	58	52	10
biological)	0.92	37.8%	30.1%	26.9%	5.2%

Energy infrastructure
(nuclear, conventional,	2.40	25	72	81	9
refining)	0.78	13.4%	38.5%	43.3%	4.8%

Transportation
infrastructure  (airlines,	2.44	20	73	94	5
trains)	0.71	10.4%	38.0%	49.0%	2.6%

Corporate
infrastructure  (large
bank or financial	2.49	16	71	98	6
center)	0.69	8.4%	37.2%	51.3%	3.1%

Symbolic target  (e.g.
World Bank, U.N.	2.53	16	62	111	4
)	0.68	8.3%	32.1%	57.5%	2.1%

Heartland target
(shopping mall in	2.57	11	63	115	3
medium city)	0.62	5.7%	32.8%	59.9%	1.6%

Assassination
(Congress, Judicial,	2.61	12	56	116	6
Exec. branch	0.65	6.3%	29.5%	61.1%	3.2%

18

Duke CFO Outlook Survey - 3rd Quarter, 2004

8. If there were an act of domestic terrorism before the presidential election, how would this affect CAPITAL SPENDING at your company? (sorted)

(N=201)

		Down			
	Mean & SD	Considerably	Down	No Effect	Up
	  	1	2	3	4	
Weapons of Mass
Destruction  (nuclear,
dirty, chemical,	2.03	71	59	49	14
biological)	0.95	36.8%	30.6%	25.4%	7.3%

Energy infrastructure
(nuclear, conventional,	2.45	25	69	80	15
refining)	0.82	13.2%	36.5%	42.3%	7.9%

Transportation
infrastructure  (airlines,	2.48	19	68	96	7
trains)	0.72	10.0%	35.8%	50.5%	3.7%

Corporate
infrastructure  (large
bank or financial	2.51	16	75	88	13
center)	0.74	8.3%	39.1%	45.8%	6.8%

Symbolic target  (e.g.
World Bank, U.N.	2.54	13	65	111	3
)	0.64	6.8%	33.9%	57.8%	1.6%

Heartland target
(shopping mall in	2.59	9	66	113	5
medium city)	0.62	4.7%	34.2%	58.5%	2.6%

Assassination
(Congress, Judicial,	2.66	12	48	124	7
Exec. branch	0.65	6.3%	25.1%	64.9%	3.7%

19

Duke CFO Outlook Survey - 3rd Quarter, 2004

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance	56	28.1 %	± 6.6 %
	Manufacturing	32	16.1 %	± 5.5 %
	Service/Consulting	21	10.6 %	± 4.8 %
	Other	20	10.1 %	± 4.7 %
	Retail/Wholesale	15	7.5 %	± 4.2 %
	Healthcare/Pharmaceutical	15	7.5 %	± 4.2 %
	Tech [Software/Biotech]	13	6.5 %	± 4.0 %
	Communications/Media	11	5.5 %	± 3.8 %
	Transportation/Energy	10	5.0 %	± 3.7 %
	Mining/Construction	6	3.0 %	± 3.3 %
	Total	199	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

20

Duke CFO Outlook Survey - 3rd Quarter, 2004

Industry (Other specified)

Biotechnology	
church	
COMMERCIAL AND RESIDENTIAL REAL ESTATE	
Commercial R.E.	
education	
energy	
Enviornmental Services	
food processing and services	
Hospitality / Hotels	
Import/Distribution	
International Mailing Services	
licensing	
Non-profit	
not for profit	
Printing and Globalization	
publishing	
Real Estate	
real estate	
Technology and Services for Retailers	

21

Duke CFO Outlook Survey - 3rd Quarter, 2004

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	73	36.7 %	± 7.0 %
	$25-99 million	22	11.1 %	± 4.8 %
	$100-499 million	30	15.1 %	± 5.4 %
	$500-999 million	11	5.5 %	± 3.8 %
	$1-4.9 billion	31	15.6 %	± 5.5 %
	Over $5 billion	32	16.1 %	± 5.5 %
	Total	199	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

22

Duke CFO Outlook Survey - 3rd Quarter, 2004

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 6000

	Mean = 1534.87

	Median = 300

	Variance (Unbiased) = 4905094.62

	Standard Deviation (Unbiased) = 2214.74

	Standard Error Of The Mean  = 157.00

	95 Percent Confidence Interval Around The Mean = 1227.15 - 1842.59

	99 Percent Confidence Interval Around The Mean = 1130.60 - 1939.14

	Skewness = 1.19

	Kolmogorov-Smirnov Statistic For Normality = 4.81

Quartiles

	 1 = 25
	 2 = 300
	 3 = 3000

Valid Cases = 199 
Missing Cases = 2 
Response Percent = 99.0%

23

Duke CFO Outlook Survey - 3rd Quarter, 2004

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	64	34.2 %	± 6.8 %
	100-499	32	17.1 %	± 5.5 %
	500-999	11	5.9 %	± 3.8 %
	1,000-2,499	16	8.6 %	± 4.3 %
	2,500-4,999	12	6.4 %	± 3.9 %
	5,000-9,999	16	8.6 %	± 4.3 %
	Over 10,000	36	19.3 %	± 5.8 %
	Total	187	100.0 %

	Missing Cases = 14 
	Response Percent = 93.0 %

24

Duke CFO Outlook Survey - 3rd Quarter, 2004

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3471.93

	Median = 300

	Variance (Unbiased) = 21813495.20

	Standard Deviation (Unbiased) = 4670.49

	Standard Error Of The Mean  = 341.54

	95 Percent Confidence Interval Around The Mean = 2802.51 - 4141.34

	99 Percent Confidence Interval Around The Mean = 2592.46 - 4351.39

	Skewness = 1.04

	Kolmogorov-Smirnov Statistic For Normality = 4.14

Quartiles

	 1 = 100
	 2 = 300
	 3 = 7500

Valid Cases = 187 
Missing Cases = 14 
Response Percent = 93.0%

25

Duke CFO Outlook Survey - 3rd Quarter, 2004

Headquarters

	 	Number	Percent	95% CI
	Northeast	55	27.6 %	± 6.6 %
	Midwest	43	21.6 %	± 6.1 %
	South Atlantic	34	17.1 %	± 5.6 %
	Pacific	28	14.1 %	± 5.3 %
	South Central	17	8.5 %	± 4.4 %
	Not in U.S.	15	7.5 %	± 4.2 %
	Mountain	7	3.5 %	± 3.4 %
	Total	199	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

26

Duke CFO Outlook Survey - 3rd Quarter, 2004

Ownership

	 	Number	Percent	95% CI
	Private	108	56.8 %	± 7.2 %
	Public, NYSE	58	30.5 %	± 6.7 %
	Public, Nasdaq/AMEX	24	12.6 %	± 5.0 %
	Total	190	100.0 %

	Missing Cases = 11 
	Response Percent = 94.5 %

27

Duke CFO Outlook Survey - 3rd Quarter, 2004

Foreign Sales

	 	Number	Percent	95% CI
	0%	81	40.9 %	± 7.2 %
	1-24%	75	37.9 %	± 7.1 %
	25-50%	26	13.1 %	± 5.1 %
	Over 50%	16	8.1 %	± 4.3 %
	Total	198	100.0 %

	Missing Cases = 3 
	Response Percent = 98.5 %