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. real 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	53
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)	57
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Advertising/Marketing Spending	61
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Health care costs	65
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Inventory	69
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Number of employees	73
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Wages/Salaries	77
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Dividends	81
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Technology spending	85
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Capital spending	89
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Earnings	93
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: Revenues	97
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	101
5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months for: R&D spending	105

6. Bonuses.	109
6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)	113

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)	117

8. Fuel costs have risen considerably in 2004.  Has your company implemented strategies to reduce your level of fuel consumption? 
(e.g., changes to fleet vehicles, etc.)	133

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should
get the most attention. (rank #1, #2, #3, #4)	137

10. Negative impact of terrorism.	153
10. Negative impact of terrorism.	157

Demographics: Industry	161
Demographics: Sales Revenue	165
Demographics: Number of Employees	169
Demographics: Headquarters	173
Demographics: Ownership	177
Demographics: Foreign Sales	181
Weighted Sales Revenue and Number of Employees	185

1

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
More optimistic		167		21	7	29	15	9	10	23	12	12	26	
		54.2%		58.3%	63.6%	44.6%	57.7%	50.0%	58.8%	52.3%	50.0%	57.1%	63.4%	
														
No change		78		9	3	22	7	3	2	9	7	7	8	
		25.3%		25.0%	27.3%	33.8%	26.9%	16.7%	11.8%	20.5%	29.2%	33.3%	19.5%	
														
Less optimistic		63		6	1	14	4	6	5	12	5	2	7	
		20.5%		16.7%	9.1%	21.5%	15.4%	33.3%	29.4%	27.3%	20.8%	9.5%	17.1%	

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

2

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
More optimistic		16	27	44	12	38	26		54	24	61	5	6	
		53.3%	54.0%	57.9%	48.0%	55.1%	50.0%		50.0%	58.5%	53.0%	83.3%	50.0%	
														
No change		7	17	14	6	22	12		30	10	31	0	4	
		23.3%	34.0%	18.4%	24.0%	31.9%	23.1%		27.8%	24.4%	27.0%	0.0%	33.3%	
			c	b										
														
Less optimistic		7	6	18	7	9	14		24	7	23	1	2	
		23.3%	12.0%	23.7%	28.0%	13.0%	26.9%		22.2%	17.1%	20.0%	16.7%	16.7%	

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

3

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
More optimistic		20	28	11	19	14	15	37		60	64	25	16	
		62.5%	57.1%	40.7%	47.5%	66.7%	53.6%	49.3%		58.3%	56.6%	49.0%	43.2%	
														
No change		6	12	9	11	4	9	21		28	32	9	8	
		18.8%	24.5%	33.3%	27.5%	19.0%	32.1%	28.0%		27.2%	28.3%	17.6%	21.6%	
														
Less optimistic		6	9	7	10	3	4	17		15	17	17	13	
		18.8%	18.4%	25.9%	25.0%	14.3%	14.3%	22.7%		14.6%	15.0%	33.3%	35.1%	
										CD	CD	AB	AB	

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

4

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
More optimistic		54	4	27	22	33	21	0	3	0	
		58.7%	36.4%	46.6%	59.5%	66.0%	51.2%	0.0%	27.3%	0.0%	
				e		ch			e		
											
No change		18	5	20	9	11	10	1	2	0	
		19.6%	45.5%	34.5%	24.3%	22.0%	24.4%	100.0%	18.2%	0.0%	
		c		a							
											
Less optimistic		20	2	11	6	6	10	0	6	1	
		21.7%	18.2%	19.0%	16.2%	12.0%	24.4%	0.0%	54.5%	100.0%	
		h		h	hi	Hi			acdE	de	

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

5

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
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		281		31	10	59	25	16	15	40	22	21	38	
Mean		67.30		70.06	74.50	69.17	67.00	60.31	66.33	63.02	65.23	71.48	67.24	
SD		16.38		17.98	9.85	14.15	16.07	19.19	13.16	20.63	15.77	14.53	14.87	
SE		0.98		3.23	3.11	1.84	3.21	4.80	3.40	3.26	3.36	3.17	2.41	
					e	e		bc						

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

6

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
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		28	45	68	23	62	50		100	36	106	6	12	
Mean		65.18	67.47	68.68	64.70	67.11	67.10		68.54	67.44	65.27	75.00	62.58	
SD		20.29	14.36	16.83	19.21	14.50	16.05		14.73	16.11	18.28	9.49	17.74	
SE		3.83	2.14	2.04	4.01	1.84	2.27		1.47	2.68	1.78	3.87	5.12	

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

7

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
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		29	45	24	38	19	26	69		97	100	49	33	
Mean		64.48	67.80	66.33	64.45	77.63	66.92	66.23		68.64	67.41	64.61	66.21	
SD		16.32	18.40	20.40	15.05	9.18	13.79	16.84		16.68	15.86	18.12	14.63	
SE		3.03	2.74	4.16	2.44	2.11	2.70	2.03		1.69	1.59	2.59	2.55	
		E	e	e	E	AbcDFG	E	E						

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

8

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
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		82	10	54	35	47	37	1	10	1	
Mean		65.98	67.00	67.56	70.20	73.62	63.65	35.00	57.50	65.00	
SD		19.32	13.98	14.44	12.92	15.77	14.37	---	16.03	---	
SE		2.13	4.42	1.97	2.18	2.30	2.36	---	5.07	---	
		e		e	fh	acFH	dE		dE		

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

9

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
More optimistic		188		25	7	34	15	12	13	25	15	12	26	
		61.0%		69.4%	63.6%	52.3%	57.7%	66.7%	76.5%	56.8%	62.5%	57.1%	63.4%	
														
No change		70		7	3	13	9	5	3	10	5	8	6	
		22.7%		19.4%	27.3%	20.0%	34.6%	27.8%	17.6%	22.7%	20.8%	38.1%	14.6%	
												j	i	
														
Less optimistic		50		4	1	18	2	1	1	9	4	1	9	
		16.2%		11.1%	9.1%	27.7%	7.7%	5.6%	5.9%	20.5%	16.7%	4.8%	22.0%	
						di	c					c		

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

10

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
More optimistic		19	30	42	16	44	32		60	27	76	4	5	
		63.3%	60.0%	55.3%	64.0%	63.8%	61.5%		55.6%	65.9%	66.1%	66.7%	41.7%	
														
No change		5	10	18	7	18	12		30	4	24	0	6	
		16.7%	20.0%	23.7%	28.0%	26.1%	23.1%		27.8%	9.8%	20.9%	0.0%	50.0%	
									b	aE	e	e	Bcd	
														
Less optimistic		6	10	16	2	7	8		18	10	15	2	1	
		20.0%	20.0%	21.1%	8.0%	10.1%	15.4%		16.7%	24.4%	13.0%	33.3%	8.3%	

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

11

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
More optimistic		25	28	16	19	17	19	42		60	71	27	27	
		78.1%	57.1%	59.3%	47.5%	81.0%	67.9%	56.0%		58.3%	62.8%	52.9%	73.0%	
		Dg			Ae	dg		ae						
														
No change		3	6	6	14	3	7	21		25	23	14	7	
		9.4%	12.2%	22.2%	35.0%	14.3%	25.0%	28.0%		24.3%	20.4%	27.5%	18.9%	
		dg	dg		ab			ab						
														
Less optimistic		4	15	5	7	1	2	12		18	19	10	3	
		12.5%	30.6%	18.5%	17.5%	4.8%	7.1%	16.0%		17.5%	16.8%	19.6%	8.1%	
			ef			b	b							

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

12

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
More optimistic		56	5	31	26	34	25	0	7	0	
		60.9%	45.5%	53.4%	70.3%	68.0%	61.0%	0.0%	63.6%	0.0%	
											
No change		27	2	11	6	10	8	1	3	1	
		29.3%	18.2%	19.0%	16.2%	20.0%	19.5%	100.0%	27.3%	100.0%	
					gi			d		d	
											
Less optimistic		9	4	16	5	6	8	0	1	0	
		9.8%	36.4%	27.6%	13.5%	12.0%	19.5%	0.0%	9.1%	0.0%	
		bC	a	Ae		c					

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

13

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
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		279		32	10	58	25	16	13	40	22	21	38	
Mean		72.15		72.03	80.00	68.76	73.20	72.50	71.54	70.63	72.77	77.38	71.89	
SD		18.94		21.03	16.83	20.67	22.26	17.51	13.29	19.88	15.87	18.41	16.69	
SE		1.13		3.72	5.32	2.71	4.45	4.38	3.69	3.14	3.38	4.02	2.71	

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

14

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
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		28	46	68	23	60	49		97	37	106	6	12	
Mean		69.18	67.91	72.26	75.30	73.27	73.12		73.57	68.97	71.32	67.00	67.08	
SD		21.06	21.34	18.52	16.58	19.69	16.09		15.49	23.01	19.66	24.04	22.41	
SE		3.98	3.15	2.25	3.46	2.54	2.30		1.57	3.78	1.91	9.81	6.47	

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

15

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
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		29	46	24	38	19	26	67		97	101	47	33	
Mean		72.14	69.07	65.46	69.66	80.21	72.85	73.52		71.65	71.57	70.00	77.79	
SD		19.17	20.85	25.47	17.21	13.65	16.88	17.05		20.47	17.84	20.93	13.31	
SE		3.56	3.07	5.20	2.79	3.13	3.31	2.08		2.08	1.77	3.05	2.32	
			e	e	e	bcd								

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

16

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
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		80	10	55	35	48	35	1	10	1	
Mean		73.90	69.20	68.24	72.31	76.92	66.69	80.00	79.20	75.00	
SD		19.13	24.01	18.82	19.04	16.56	21.35	---	13.11	---	
SE		2.14	7.59	2.54	3.22	2.39	3.61	---	4.15	---	
				e		cf	e				

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

17

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
What do you think annualized U.S. real GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
														
N		307		36	11	65	25	18	17	44	24	21	41	
Mean		2.81		2.71	2.66	2.67	2.83	3.21	3.09	2.85	2.84	2.92	2.74	
SD		0.91		1.04	1.06	0.86	0.68	0.88	0.73	1.16	0.63	0.98	0.84	
SE		0.05		0.17	0.32	0.11	0.14	0.21	0.18	0.17	0.13	0.21	0.13	
						e		c						

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

18

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
What do you think annualized U.S. real GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
														
N		30	50	76	25	68	52		107	41	115	6	12	
Mean		2.79	2.91	2.66	2.73	2.83	2.96		2.84	3.03	2.68	3.12	2.62	
SD		0.93	0.90	0.87	0.97	0.94	0.91		0.94	0.74	0.95	0.74	0.95	
SE		0.17	0.13	0.10	0.19	0.11	0.13		0.09	0.12	0.09	0.30	0.27	
										c	b			

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

19

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
What do you think annualized U.S. real GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
														
N		32	49	27	40	21	28	75		103	113	50	37	
Mean		2.81	2.80	2.62	2.61	2.84	3.07	2.83		2.83	2.83	2.66	2.97	
SD		0.99	0.79	0.93	0.87	1.20	0.72	0.95		0.95	0.88	0.97	0.71	
SE		0.18	0.11	0.18	0.14	0.26	0.14	0.11		0.09	0.08	0.14	0.12	
				f	f		cd							

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

20

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
What do you think annualized U.S. real GDP growth will be during the next 12 months? (e.g., 3%, -2%)	
											
N		92	11	58	37	49	41	1	11	1	
Mean		2.90	2.83	2.70	2.71	2.96	2.75	3.00	2.64	2.00	
SD		0.98	0.59	0.83	1.07	0.80	0.94	---	0.93	---	
SE		0.10	0.18	0.11	0.18	0.11	0.15	---	0.28	---	

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

21

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		302		34	10	64	25	18	17	43	24	21	41	
		98.4%		94.4%	90.9%	98.5%	100.0%	100.0%	100.0%	97.7%	100.0%	100.0%	100.0%	
														
Zero		5		2	1	1	0	0	0	1	0	0	0	
		1.6%		5.6%	9.1%	1.5%	0.0%	0.0%	0.0%	2.3%	0.0%	0.0%	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%	0.0%	0.0%	0.0%	

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

22

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		30	49	74	24	67	52		106	41	111	6	12	
		100.0%	98.0%	97.4%	96.0%	98.5%	100.0%		99.1%	100.0%	96.5%	100.0%	100.0%	
														
Zero		0	1	2	1	1	0		1	0	4	0	0	
		0.0%	2.0%	2.6%	4.0%	1.5%	0.0%		0.9%	0.0%	3.5%	0.0%	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%	0.0%	0.0%	0.0%	

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

23

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		32	48	26	39	20	28	74		99	113	49	37	
		100.0%	98.0%	96.3%	97.5%	95.2%	100.0%	98.7%		96.1%	100.0%	98.0%	100.0%	
										b	a			
														
Zero		0	1	1	1	1	0	1		4	0	1	0	
		0.0%	2.0%	3.7%	2.5%	4.8%	0.0%	1.3%		3.9%	0.0%	2.0%	0.0%	
										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

24

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		90	11	58	35	49	40	1	11	1	
		97.8%	100.0%	100.0%	94.6%	100.0%	97.6%	100.0%	100.0%	100.0%	
											
Zero		2	0	0	2	0	1	0	0	0	
		2.2%	0.0%	0.0%	5.4%	0.0%	2.4%	0.0%	0.0%	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

25

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
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		275		26	10	61	24	16	17	40	21	19	36	
Mean		3.61		3.28	2.82	3.60	3.68	3.34	3.38	3.60	4.00	3.76	4.12	
SD		2.11		2.40	1.94	1.56	2.16	2.47	2.25	2.05	2.77	2.57	1.94	
SE		0.13		0.47	0.61	0.20	0.44	0.62	0.54	0.32	0.61	0.59	0.32	
														
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
														
N		292		33	11	62	26	17	16	42	21	20	40	
Mean		7.29		7.47	7.07	7.49	7.62	7.09	7.89	6.88	6.81	7.61	7.14	
SD		2.01		2.23	2.04	1.42	2.23	2.17	2.25	2.23	1.98	1.97	2.03	
SE		0.12		0.39	0.61	0.18	0.44	0.53	0.56	0.34	0.43	0.44	0.32	
														
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		284		30	11	59	26	16	17	42	20	20	39	
Mean		10.56		11.13	10.33	10.80	11.10	10.00	10.82	10.76	9.85	10.06	10.14	
SD		3.10		4.03	3.56	2.43	3.35	2.92	3.34	3.51	2.62	2.90	2.73	
SE		0.18		0.74	1.07	0.32	0.66	0.73	0.81	0.54	0.59	0.65	0.44	

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

26

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
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		30	42	64	23	64	46		98	37	102	5	11	
Mean		3.28	3.98	3.73	3.21	3.45	3.69		3.51	3.72	3.55	3.80	4.86	
SD		2.51	1.73	2.21	2.23	2.09	2.06		2.09	2.12	2.12	1.10	2.45	
SE		0.46	0.27	0.28	0.46	0.26	0.30		0.21	0.35	0.21	0.49	0.74	
									e				a	
														
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
														
N		28	49	70	24	66	50		104	40	110	6	11	
Mean		7.20	7.13	7.16	7.08	7.22	7.82		7.46	7.48	7.06	6.30	8.00	
SD		2.38	1.65	2.21	2.08	1.89	2.05		1.96	2.07	2.10	1.91	2.10	
SE		0.45	0.24	0.26	0.43	0.23	0.29		0.19	0.33	0.20	0.78	0.63	
														
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		29	45	68	23	65	49		101	40	108	6	11	
Mean		9.94	10.55	10.24	10.12	10.86	11.29		11.07	10.55	10.25	8.17	11.23	
SD		3.40	3.02	3.28	2.51	3.13	3.06		3.04	3.18	3.10	2.23	3.25	
SE		0.63	0.45	0.40	0.52	0.39	0.44		0.30	0.50	0.30	0.91	0.98	
									d			a		

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

27

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Over the next 10 years, I expect the average annual S&P 500 return will be: There is a 1-in-10 chance it will be less than:	
														
N		29	42	21	37	16	26	71		91	99	47	35	
Mean		3.10	3.96	4.45	3.54	3.63	3.17	3.56		3.95	3.51	3.01	3.75	
SD		2.01	2.29	1.79	2.17	2.45	2.26	2.08		2.32	1.96	2.08	1.93	
SE		0.37	0.35	0.39	0.36	0.61	0.44	0.25		0.24	0.20	0.30	0.33	
		c		af			c			c		a		
														
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
														
N		30	47	26	39	18	26	74		98	107	49	36	
Mean		6.62	7.41	7.25	7.37	7.53	7.11	7.49		7.09	7.40	7.25	7.46	
SD		2.16	1.89	2.24	2.21	1.62	2.11	2.00		1.99	1.96	2.06	2.13	
SE		0.39	0.28	0.44	0.35	0.38	0.41	0.23		0.20	0.19	0.29	0.35	
														
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		29	47	23	37	20	25	73		95	104	48	35	
Mean		9.85	10.35	10.76	10.53	11.45	10.16	10.86		10.21	10.79	10.49	10.86	
SD		3.35	2.85	3.61	3.05	3.19	3.27	3.01		3.10	3.13	3.12	3.06	
SE		0.62	0.42	0.75	0.50	0.71	0.65	0.35		0.32	0.31	0.45	0.52	

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

28

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
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		80	11	52	36	43	35	1	10	1	
Mean		3.17	2.27	3.68	3.72	4.54	3.98	3.00	2.95	5.00	
SD		2.19	1.62	1.89	2.16	2.21	1.78	---	2.06	---	
SE		0.25	0.49	0.26	0.36	0.34	0.30	---	0.65	---	
		E	cdEF	be	b	ABch	B		e		
											
Over the next 10 years, I expect the average annual S&P 500 return will be: Expected return:	
											
N		87	11	57	37	45	37	1	11	1	
Mean		7.15	5.85	7.31	7.53	7.66	7.19	6.00	7.73	10.00	
SD		2.24	1.92	1.71	2.03	1.93	1.99	---	2.16	---	
SE		0.24	0.58	0.23	0.33	0.29	0.33	---	0.65	---	
			cdEh	b	b	B			b		
											
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		84	11	54	36	44	37	1	11	1	
Mean		10.70	8.55	10.51	10.54	11.26	10.08	11.00	10.55	12.00	
SD		3.44	2.30	2.73	3.11	3.44	2.55	---	3.14	---	
SE		0.38	0.69	0.37	0.52	0.52	0.42	---	0.95	---	
		b	ace	b		b					

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

29

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
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		278		29	11	58	24	15	16	39	22	20	39	
Mean		0.77		-0.07	0.09	0.66	-0.33	0.92	0.44	0.49	1.32	3.02	1.22	
SD		4.64		6.01	4.41	4.26	5.84	4.39	4.44	4.49	4.00	3.19	4.83	
SE		0.28		1.12	1.33	0.56	1.19	1.13	1.11	0.72	0.85	0.71	0.77	
				i	i	i	i		i	i		abcdfg		
														
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
														
N		288		32	11	60	25	17	16	42	22	20	39	
Mean		6.31		7.27	7.14	5.90	5.81	6.44	7.06	5.95	6.11	6.83	5.94	
SD		2.65		1.86	2.64	2.48	3.48	2.67	2.21	2.90	2.75	2.78	2.57	
SE		0.16		0.33	0.80	0.32	0.70	0.65	0.55	0.45	0.59	0.62	0.41	
				Cdgj		A	a			a			a	
														
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		279		28	11	57	24	15	17	42	22	20	39	
Mean		10.69		12.00	11.07	10.86	10.13	9.65	11.82	11.29	9.51	9.80	9.83	
SD		4.19		3.96	3.70	4.52	3.95	3.60	4.48	4.49	3.84	4.03	3.91	
SE		0.25		0.75	1.11	0.60	0.81	0.93	1.09	0.69	0.82	0.90	0.63	
				hj							a		a	

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

30

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
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		29	43	68	23	63	46		97	37	103	6	12	
Mean		1.12	1.91	0.59	-1.02	0.43	0.58		0.79	1.00	0.70	3.33	0.63	
SD		4.64	3.77	4.64	5.14	4.21	5.52		4.70	4.22	4.64	3.28	4.69	
SE		0.86	0.58	0.56	1.07	0.53	0.81		0.48	0.69	0.46	1.34	1.35	
			d		b									
														
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
														
N		28	49	70	25	66	46		100	40	108	6	11	
Mean		6.20	6.53	6.06	5.70	6.57	6.34		6.44	6.57	6.15	6.03	5.73	
SD		2.27	2.52	2.81	2.75	2.69	2.71		2.65	2.33	2.78	2.25	2.76	
SE		0.43	0.36	0.34	0.55	0.33	0.40		0.26	0.37	0.27	0.92	0.83	
														
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		30	43	70	23	60	47		95	39	106	6	12	
Mean		10.28	10.52	10.26	10.52	11.68	10.18		10.80	10.73	10.54	9.20	10.67	
SD		3.89	4.28	4.40	3.54	4.46	3.69		4.03	4.09	4.11	2.83	5.57	
SE		0.71	0.65	0.53	0.74	0.58	0.54		0.41	0.65	0.40	1.16	1.61	

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

31

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
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		30	43	24	34	19	26	70		94	100	49	32	
Mean		-0.08	2.35	0.00	0.79	-0.21	0.83	0.94		1.11	0.68	-0.05	0.94	
SD		4.29	3.47	6.05	3.51	6.26	4.68	4.65		4.86	4.86	3.87	4.49	
SE		0.78	0.53	1.24	0.60	1.44	0.92	0.56		0.50	0.49	0.55	0.79	
		B	Ace	b		b								
														
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
														
N		31	46	25	39	17	25	70		99	104	48	35	
Mean		5.89	6.66	6.11	5.88	6.41	6.68	6.49		6.37	6.32	5.80	6.72	
SD		2.64	2.58	2.98	2.91	2.94	2.09	2.61		2.92	2.39	2.58	2.72	
SE		0.47	0.38	0.60	0.47	0.71	0.42	0.31		0.29	0.23	0.37	0.46	
														
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		30	46	24	36	20	23	68		96	100	46	34	
Mean		9.90	10.53	11.23	10.37	13.30	10.33	10.38		10.64	10.85	9.62	11.51	
SD		3.66	4.35	4.48	4.49	4.78	3.84	3.87		4.07	4.06	3.90	5.04	
SE		0.67	0.64	0.91	0.75	1.07	0.80	0.47		0.42	0.41	0.57	0.86	
		E	e		e	AbdfG	e	E						

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

32

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
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		83	11	50	33	45	40	1	8	1	
Mean		1.53	0.23	0.72	0.70	1.33	-0.63	-2.00	-0.13	0.00	
SD		3.85	2.98	4.46	4.79	5.53	5.30	---	5.79	---	
SE		0.42	0.90	0.63	0.83	0.82	0.84	---	2.05	---	
		f					a				
											
Over the next year, I expect the average annual S&P 500 return will be: Expected return:	
											
N		84	11	54	36	46	39	1	11	1	
Mean		6.50	6.02	6.13	6.06	6.82	5.97	4.00	6.05	8.00	
SD		2.47	2.34	2.63	3.13	2.57	2.75	---	2.96	---	
SE		0.27	0.71	0.36	0.52	0.38	0.44	---	0.89	---	
											
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		84	11	52	35	41	38	1	10	1	
Mean		10.75	9.32	11.35	10.17	11.17	10.15	15.00	9.15	10.00	
SD		4.31	3.52	4.59	3.85	3.76	4.27	---	3.96	---	
SE		0.47	1.06	0.64	0.65	0.59	0.69	---	1.25	---	

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

33

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Prices of your products	
														
N		259		33	9	60	19	17	16	31	21	17	33	
Mean		1.96		2.52	3.48	1.71	3.52	0.69	1.58	1.06	1.89	2.95	1.63	
SD		3.57		2.29	5.45	3.52	3.86	4.31	3.90	3.62	3.08	3.07	3.73	
SE		0.22		0.40	1.82	0.45	0.89	1.04	0.98	0.65	0.67	0.74	0.65	
							eg	d		d				
														
Productivity (output per hour worked)	
														
N		234		29	9	57	17	15	16	32	14	16	26	
Mean		3.93		3.48	2.78	4.53	4.06	3.13	3.97	4.80	3.44	3.00	3.92	
SD		4.37		2.81	1.64	6.00	5.03	2.92	4.46	4.53	2.90	2.39	4.13	
SE		0.29		0.52	0.55	0.79	1.22	0.76	1.11	0.80	0.78	0.60	0.81	
														
Advertising/Marketing Spending	
														
N		248		31	8	53	16	16	16	35	19	16	35	
Mean		3.10		2.96	3.50	2.20	0.38	0.50	5.44	5.53	3.63	3.79	2.98	
SD		6.59		6.67	4.41	6.12	6.81	2.90	8.10	8.80	5.93	6.39	5.47	
SE		0.42		1.20	1.56	0.84	1.70	0.72	2.02	1.49	1.36	1.60	0.93	
						g	g	fg	e	cde				

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

34

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Prices of your products	
														
N		23	45	64	20	64	39		91	36	94	3	12	
Mean		2.31	0.72	2.61	1.44	2.30	1.83		1.79	1.11	2.40	1.00	2.76	
SD		3.34	3.15	3.20	3.78	4.13	3.51		3.37	4.37	3.51	1.73	3.41	
SE		0.70	0.47	0.40	0.84	0.52	0.56		0.35	0.73	0.36	1.00	0.99	
			Ce	B		b								
														
Productivity (output per hour worked)	
														
N		18	37	59	18	59	39		87	31	86	3	7	
Mean		2.89	4.94	4.01	3.63	2.92	4.94		3.49	4.75	4.03	3.67	1.29	
SD		3.21	5.51	5.96	2.60	2.63	3.34		2.80	4.68	3.87	1.15	1.98	
SE		0.76	0.91	0.78	0.61	0.34	0.53		0.30	0.84	0.42	0.67	0.75	
		f	e			bF	aE		e				a	
														
Advertising/Marketing Spending	
														
N		24	43	64	24	54	35		83	36	94	4	11	
Mean		4.09	4.38	2.81	4.94	2.19	1.50		3.05	2.76	3.36	-0.75	1.09	
SD		7.89	7.20	7.65	6.88	4.72	4.75		5.36	5.89	7.67	2.99	6.74	
SE		1.61	1.10	0.96	1.40	0.64	0.80		0.59	0.98	0.79	1.49	2.03	
			f		ef	d	bd							

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

35

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Prices of your products	
														
N		24	41	21	33	17	27	63		85	97	44	31	
Mean		2.55	1.11	2.47	1.60	3.86	1.61	2.06		2.36	1.78	1.41	2.25	
SD		3.58	3.21	3.77	3.52	3.52	3.72	3.43		3.25	3.63	3.27	4.60	
SE		0.73	0.50	0.82	0.61	0.85	0.72	0.43		0.35	0.37	0.49	0.83	
			E		e	Bd								
														
Productivity (output per hour worked)	
														
N		19	35	17	32	15	23	63		73	90	41	28	
Mean		2.95	4.22	3.94	3.23	3.27	3.76	3.87		2.93	4.87	3.88	3.60	
SD		4.54	4.36	3.05	3.04	2.52	2.89	2.93		2.51	6.08	2.71	3.11	
SE		1.04	0.74	0.74	0.54	0.65	0.60	0.37		0.29	0.64	0.42	0.59	
										b	a			
														
Advertising/Marketing Spending	
														
N		24	44	20	32	17	23	57		84	97	38	28	
Mean		4.76	3.48	2.65	0.68	5.65	1.67	2.36		2.94	3.70	1.38	3.59	
SD		9.00	6.38	3.54	7.69	7.45	4.18	4.91		6.53	7.09	6.10	5.30	
SE		1.84	0.96	0.79	1.36	1.81	0.87	0.65		0.71	0.72	0.99	1.00	
					e	dfg	e	e						

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

36

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Prices of your products	
											
N		76	8	52	30	40	37	1	9	1	
Mean		2.39	1.22	1.61	2.47	2.10	1.25	7.00	0.58	2.00	
SD		2.76	4.87	3.24	3.62	3.75	4.62	---	5.04	---	
SE		0.32	1.72	0.45	0.66	0.59	0.76	---	1.68	---	
											
Productivity (output per hour worked)	
											
N		76	9	46	24	33	33	1	8	1	
Mean		3.46	4.00	4.40	2.90	5.17	3.97	0.00	4.93	1.50	
SD		3.17	2.87	3.14	4.12	8.10	3.74	---	3.76	---	
SE		0.36	0.96	0.46	0.84	1.41	0.65	---	1.33	---	
											
Advertising/Marketing Spending	
											
N		78	8	47	27	37	37	1	10	0	
Mean		3.84	2.50	0.91	3.58	3.84	3.84	5.00	1.65	---	
SD		6.04	2.83	6.20	5.83	8.24	7.70	---	5.36	---	
SE		0.68	1.00	0.90	1.12	1.35	1.27	---	1.70	---	
		c		a							

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

37

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
														
Health care costs	
														
N		278		36	10	59	22	16	16	37	23	19	37	
Mean		9.40		11.47	7.90	8.70	7.00	6.81	7.16	10.37	9.74	11.27	10.19	
SD		5.82		4.99	7.46	4.68	3.35	3.90	6.56	7.92	6.43	7.18	4.84	
SE		0.35		0.83	2.36	0.61	0.71	0.98	1.64	1.30	1.34	1.65	0.80	
				CDEf		A	AiJ	Aij	a			de	De	
														
Inventory	
														
N		196		33	6	58	8	14	13	15	11	15	21	
Mean		0.95		-0.32	5.48	1.05	0.00	0.57	0.85	1.16	-0.27	1.33	1.89	
SD		5.75		7.03	10.15	5.79	3.55	2.34	1.72	6.63	3.58	4.23	7.07	
SE		0.41		1.22	4.14	0.76	1.25	0.63	0.48	1.71	1.08	1.09	1.54	
														
Number of employees	
														
N		280		35	9	59	22	17	16	40	22	19	38	
Mean		2.98		1.97	3.56	2.13	0.82	0.91	4.94	5.35	3.86	6.36	2.00	
SD		8.16		8.83	6.80	8.99	8.55	6.07	7.77	7.32	5.49	11.43	7.18	
SE		0.49		1.49	2.27	1.17	1.82	1.47	1.94	1.16	1.17	2.62	1.16	
							g	g		dej			g	

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

38

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Health care costs	
														
N		26	48	71	24	62	42		94	37	106	6	12	
Mean		10.48	11.29	9.43	8.67	8.72	7.93		8.50	8.62	10.27	10.33	12.08	
SD		6.93	6.90	5.71	7.74	4.66	3.88		4.88	5.54	6.11	10.33	7.38	
SE		1.36	1.00	0.68	1.58	0.59	0.60		0.50	0.91	0.59	4.22	2.13	
			eF			b	B		ce		a		a	
														
Inventory	
														
N		11	32	50	17	53	30		74	27	70	2	6	
Mean		-0.14	2.48	1.61	1.64	0.60	-1.02		0.08	1.18	1.39	3.50	0.83	
SD		7.18	6.15	5.76	6.97	5.46	3.69		5.36	6.37	6.03	4.95	2.04	
SE		2.17	1.09	0.82	1.69	0.75	0.67		0.62	1.23	0.72	3.50	0.83	
			F	f			Bc							
														
Number of employees	
														
N		25	46	72	24	63	45		98	38	104	6	11	
Mean		6.06	3.23	4.17	3.63	2.20	0.28		1.61	2.13	4.40	1.17	4.00	
SD		9.65	8.53	8.90	7.20	7.05	7.07		6.08	12.54	7.55	3.60	6.80	
SE		1.93	1.26	1.05	1.47	0.89	1.05		0.61	2.03	0.74	1.47	2.05	
		eF		f		a	Ac		C		A			

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

39

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Health care costs	
														
N		29	45	25	36	19	25	66		96	105	43	32	
Mean		11.38	10.03	9.90	8.79	8.45	8.94	8.43		10.26	10.15	7.19	7.55	
SD		7.56	6.50	5.91	4.92	5.39	5.29	4.01		6.58	5.45	5.07	4.43	
SE		1.40	0.97	1.18	0.82	1.24	1.06	0.49		0.67	0.53	0.77	0.78	
		g						a		Cd	Cd	AB	ab	
														
Inventory	
														
N		11	27	17	24	15	24	50		59	72	38	26	
Mean		0.59	1.16	2.46	0.58	1.37	0.83	-0.49		1.28	1.85	-1.04	0.42	
SD		6.68	6.36	5.95	6.13	3.32	6.62	4.47		6.11	6.48	4.34	3.79	
SE		2.01	1.22	1.44	1.25	0.86	1.35	0.63		0.80	0.76	0.70	0.74	
				g				c		c	c	ab		
														
Number of employees	
														
N		26	47	24	36	19	26	69		93	104	47	34	
Mean		6.14	4.39	3.92	1.50	5.18	2.85	0.29		4.16	2.51	1.78	3.03	
SD		9.39	5.97	9.91	6.55	7.09	5.66	7.33		7.31	9.55	6.69	7.59	
SE		1.84	0.87	2.02	1.09	1.63	1.11	0.88		0.76	0.94	0.98	1.30	
		dG	dG		ab	g		ABe						

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

40

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Health care costs	
											
N		83	8	55	32	43	40	1	10	1	
Mean		9.12	10.63	10.15	8.55	10.65	9.75	3.00	4.70	3.00	
SD		5.38	2.92	5.48	6.95	7.33	4.74	---	4.53	---	
SE		0.59	1.03	0.74	1.23	1.12	0.75	---	1.43	---	
		h	H	H		h	H		aBCeF		
											
Inventory	
											
N		60	8	43	22	25	28	1	7	0	
Mean		0.83	0.63	0.33	1.72	1.34	1.75	5.00	-1.29	---	
SD		5.26	4.31	6.71	7.30	7.13	3.38	---	2.56	---	
SE		0.68	1.52	1.02	1.56	1.43	0.64	---	0.97	---	
							h		f		
											
Number of employees	
											
N		79	8	57	33	45	41	1	10	1	
Mean		4.04	-1.86	1.95	2.82	3.87	2.44	2.00	2.60	3.00	
SD		6.58	14.70	6.86	8.56	11.55	5.60	---	9.72	---	
SE		0.74	5.20	0.91	1.49	1.72	0.88	---	3.07	---	
		b	a								

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

41

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
														
Wages/Salaries	
														
N		290		35	10	61	23	18	17	41	24	19	39	
Mean		3.88		4.04	3.60	3.45	2.81	3.32	3.74	4.51	5.05	4.62	3.70	
SD		3.08		3.03	1.49	1.20	3.35	1.95	1.03	4.09	5.15	4.05	2.87	
SE		0.18		0.51	0.47	0.15	0.70	0.46	0.25	0.64	1.05	0.93	0.46	
						hi					c	c		
														
Dividends	
														
N		131		13	4	35	9	11	11	19	6	11	11	
Mean		2.91		0.48	1.25	3.17	4.61	5.49	0.91	2.41	5.67	1.82	4.27	
SD		5.91		6.89	1.50	4.88	3.67	9.82	3.02	6.69	5.96	4.62	6.86	
SE		0.52		1.91	0.75	0.83	1.22	2.96	0.91	1.53	2.43	1.39	2.07	
							f		dh		f			
														
Technology spending	
														
N		244		28	10	52	17	16	16	37	20	15	30	
Mean		5.32		5.54	3.45	4.89	3.41	0.89	7.94	7.01	5.93	4.20	6.83	
SD		9.58		12.37	3.59	9.05	9.35	12.23	6.92	10.42	6.74	12.31	8.07	
SE		0.61		2.34	1.14	1.26	2.27	3.06	1.73	1.71	1.51	3.18	1.47	

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

42

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Wages/Salaries	
														
N		27	49	73	25	66	45		100	39	109	6	12	
Mean		5.81	3.95	3.93	3.61	3.72	3.05		3.69	3.38	4.38	3.33	3.67	
SD		5.90	2.50	3.05	1.70	2.45	2.46		2.07	4.06	3.81	0.61	1.54	
SE		1.14	0.36	0.36	0.34	0.30	0.37		0.21	0.65	0.36	0.25	0.45	
		ceF		a		a	A							
														
Dividends	
														
N		2	12	24	10	46	35		84	23	0	3	2	
Mean		6.00	1.58	-0.43	0.83	3.75	5.13		2.89	3.26	---	3.33	0.00	
SD		5.66	4.38	3.81	7.28	5.69	6.56		6.18	6.41	---	4.16	0.00	
SE		4.00	1.26	0.78	2.30	0.84	1.11		0.67	1.34	---	2.40	0.00	
		c		aEF		C	C							
														
Technology spending	
														
N		20	44	60	23	57	36		88	33	88	5	9	
Mean		6.30	5.45	5.81	5.22	5.57	3.57		4.45	7.40	5.21	1.60	5.67	
SD		7.28	13.78	9.43	6.32	10.64	3.77		6.82	9.32	10.02	4.22	15.60	
SE		1.63	2.08	1.22	1.32	1.41	0.63		0.73	1.62	1.07	1.89	5.20	

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

43

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Wages/Salaries	
														
N		30	47	26	37	19	28	69		98	107	47	36	
Mean		6.04	3.78	3.79	3.59	3.61	3.53	3.26		4.17	3.71	3.58	4.00	
SD		5.73	2.87	3.65	1.32	0.66	0.87	2.95		3.70	2.94	1.48	3.29	
SE		1.05	0.42	0.72	0.22	0.15	0.16	0.36		0.37	0.28	0.22	0.55	
		bdfG	a		a		a	A						
														
Dividends	
														
N		1	10	5	12	10	20	53		31	42	32	26	
Mean		5.00	2.64	0.60	-1.95	2.90	2.40	4.49		2.35	3.30	2.42	3.54	
SD		---	3.80	0.89	7.75	5.07	4.73	5.99		4.25	5.04	7.91	6.27	
SE		---	1.20	0.40	2.24	1.60	1.06	0.82		0.76	0.78	1.40	1.23	
					G			D						
														
Technology spending	
														
N		21	39	21	32	17	26	56		83	93	40	27	
Mean		8.18	6.33	3.95	2.69	6.59	3.01	4.52		4.58	6.60	3.70	5.78	
SD		13.79	9.04	5.86	8.35	7.23	13.68	4.12		9.15	10.44	10.54	5.40	
SE		3.01	1.45	1.28	1.48	1.75	2.68	0.55		1.00	1.08	1.67	1.04	

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

44

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Wages/Salaries	
											
N		85	9	58	33	46	41	1	11	1	
Mean		4.47	3.44	3.41	3.40	4.31	3.57	3.00	3.62	4.00	
SD		3.96	1.01	1.15	1.58	4.80	1.52	---	2.48	---	
SE		0.43	0.34	0.15	0.28	0.71	0.24	---	0.75	---	
											
Dividends	
											
N		42	4	29	13	16	16	1	8	0	
Mean		2.63	0.50	3.34	2.38	1.53	1.94	8.00	8.36	---	
SD		7.16	1.00	5.11	5.09	1.88	3.59	---	10.65	---	
SE		1.11	0.50	0.95	1.41	0.47	0.90	---	3.77	---	
						h	h		ef		
											
Technology spending	
											
N		76	8	45	28	36	38	1	8	1	
Mean		5.74	5.38	4.87	4.02	7.37	5.26	10.00	2.75	0.00	
SD		7.82	5.45	14.47	6.58	10.74	7.27	---	4.40	---	
SE		0.90	1.93	2.16	1.24	1.79	1.18	---	1.56	---	

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

45

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
														
Capital spending	
														
N		248		30	9	57	20	15	16	31	19	18	30	
Mean		6.79		8.02	7.98	6.29	8.91	7.47	7.37	4.45	7.52	5.22	7.35	
SD		15.70		17.62	19.57	18.67	23.54	15.25	8.36	11.77	12.11	10.07	13.72	
SE		1.00		3.22	6.52	2.47	5.26	3.94	2.09	2.11	2.78	2.37	2.51	
														
Earnings	
														
N		263		33	10	56	20	16	17	40	19	17	32	
Mean		12.60		13.70	6.00	9.89	8.65	13.38	24.65	15.10	17.21	10.88	9.13	
SD		20.61		13.26	22.63	21.38	12.39	20.60	33.00	21.50	19.09	8.83	24.45	
SE		1.27		2.31	7.16	2.86	2.77	5.15	8.00	3.40	4.38	2.14	4.32	
						f			c					
														
Revenues	
														
N		278		34	10	59	22	17	17	41	23	18	34	
Mean		10.04		8.46	6.80	8.87	9.43	7.53	13.14	11.81	14.88	12.67	8.10	
SD		13.28		10.84	19.01	12.74	8.77	14.29	16.34	12.05	17.57	11.36	14.43	
SE		0.80		1.86	6.01	1.66	1.87	3.47	3.96	1.88	3.66	2.68	2.47	

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

46

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Capital spending	
														
N		21	37	62	22	63	39		93	34	87	3	10	
Mean		6.00	4.60	9.18	10.68	5.89	4.71		3.51	7.64	11.03	6.00	5.00	
SD		13.67	15.38	16.41	16.92	17.25	12.96		11.26	11.40	19.11	1.00	18.82	
SE		2.98	2.53	2.08	3.61	2.17	2.07		1.17	1.96	2.05	0.58	5.95	
									C		A			
														
Earnings	
														
N		23	44	66	23	63	40		95	31	102	4	8	
Mean		19.36	9.39	12.92	12.89	12.13	12.18		11.44	18.67	13.20	1.75	-2.00	
SD		32.22	16.31	22.04	21.22	21.76	10.74		11.19	31.64	23.09	1.71	20.45	
SE		6.72	2.46	2.71	4.42	2.74	1.70		1.15	5.68	2.29	0.85	7.23	
									E				A	
														
Revenues	
														
N		25	47	70	24	65	43		97	37	105	5	11	
Mean		18.17	9.27	9.78	9.90	8.90	8.45		8.91	11.67	9.95	3.38	10.18	
SD		20.74	15.08	13.89	11.38	11.41	5.98		8.80	19.04	13.61	1.33	13.97	
SE		4.15	2.20	1.66	2.32	1.41	0.91		0.89	3.13	1.33	0.60	4.21	
		bcEF	a	a		A	A							

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

47

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Capital spending	
														
N		20	38	20	34	17	27	62		82	91	42	33	
Mean		4.75	6.57	12.59	8.70	0.00	6.33	5.39		8.68	5.59	5.12	7.57	
SD		15.67	12.65	23.04	17.10	15.64	13.81	12.08		15.65	16.07	16.53	13.74	
SE		3.50	2.05	5.15	2.93	3.79	2.66	1.53		1.73	1.68	2.55	2.39	
														
Earnings	
														
N		27	42	21	33	17	27	63		86	99	44	32	
Mean		19.75	8.74	11.40	10.87	20.94	12.00	10.03		9.63	13.06	12.98	18.55	
SD		29.57	15.78	14.43	28.84	26.26	10.49	13.85		19.66	22.18	16.60	23.01	
SE		5.69	2.43	3.15	5.02	6.37	2.02	1.74		2.12	2.23	2.50	4.07	
		bg	ae			bg		ae		d			a	
														
Revenues	
														
N		29	45	25	34	19	27	66		92	105	45	34	
Mean		19.63	8.22	8.44	6.28	12.32	9.74	7.55		9.82	10.31	7.13	13.31	
SD		19.44	13.87	6.94	12.04	9.47	10.44	6.82		14.50	13.94	7.64	13.62	
SE		3.61	2.07	1.39	2.07	2.17	2.01	0.84		1.51	1.36	1.14	2.34	
		BCDfG	A	A	A	g	a	Ae				d	c	

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

48

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Capital spending	
											
N		73	8	49	29	38	36	1	9	1	
Mean		5.33	10.00	7.56	8.42	10.18	5.00	10.00	6.56	0.00	
SD		10.54	16.84	19.15	16.38	18.93	16.37	---	7.02	---	
SE		1.23	5.95	2.74	3.04	3.07	2.73	---	2.34	---	
											
Earnings	
											
N		82	8	51	28	41	37	1	10	1	
Mean		13.34	26.27	7.71	8.00	16.06	12.81	8.00	22.66	0.00	
SD		20.80	36.09	15.49	18.55	22.72	20.33	---	23.49	---	
SE		2.30	12.76	2.17	3.51	3.55	3.34	---	7.43	---	
			c	beh		c			c		
											
Revenues	
											
N		84	8	55	32	43	40	1	10	1	
Mean		10.77	16.80	5.63	10.63	13.84	7.98	15.00	14.55	5.00	
SD		10.87	32.53	7.82	12.96	17.54	10.64	---	18.72	---	
SE		1.19	11.50	1.05	2.29	2.67	1.68	---	5.92	---	
		C	c	AbdEh	c	C			c		

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

49

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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 foreign/off-shore outsourced employees	
														
N		176		22	4	45	10	13	14	23	11	12	21	
Mean		3.04		2.21	1.25	3.00	4.77	2.38	5.79	4.09	3.15	1.33	2.03	
SD		5.39		5.94	2.50	5.44	6.52	2.53	5.37	5.33	6.82	4.31	5.64	
SE		0.41		1.27	1.25	0.81	2.06	0.70	1.43	1.11	2.06	1.25	1.23	
								f	ei			f		
														
R&D spending	
														
N		162		15	3	50	8	9	16	20	9	12	19	
Mean		3.43		0.65	0.33	3.43	0.25	2.00	7.65	3.97	0.56	7.61	2.79	
SD		6.37		6.62	0.58	5.73	2.76	3.28	8.68	7.05	6.86	7.33	4.09	
SE		0.50		1.71	0.33	0.81	0.98	1.09	2.17	1.58	2.29	2.12	0.94	
				fi		fi	fi	i	acdhj		fi	acdehj	fi	

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

50

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number of foreign/off-shore outsourced employees	
														
N		13	28	39	13	48	31		70	27	55	2	4	
Mean		0.31	1.77	3.06	2.88	2.94	5.28		3.29	4.85	1.79	0.00	0.00	
SD		1.11	4.95	6.88	5.94	3.46	5.61		4.28	6.74	4.93	0.00	0.00	
SE		0.31	0.94	1.10	1.65	0.50	1.01		0.51	1.30	0.67	0.00	0.00	
		EF	f			Af	Abe			c	b			
														
R&D spending	
														
N		13	26	37	13	42	27		66	24	48	2	4	
Mean		4.46	3.45	2.59	4.09	2.88	4.62		3.57	4.50	2.28	1.00	0.25	
SD		6.21	6.87	6.86	8.22	4.47	7.34		5.42	9.21	5.06	1.41	0.50	
SE		1.72	1.35	1.13	2.28	0.69	1.41		0.67	1.88	0.73	1.00	0.25	

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

51

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number of foreign/off-shore outsourced employees	
														
N		10	29	10	19	15	24	46		43	67	38	27	
Mean		0.10	1.07	2.67	2.06	3.51	2.79	4.64		0.23	3.44	3.96	5.36	
SD		0.32	2.40	6.86	6.10	7.19	3.78	5.13		1.07	6.10	5.68	5.72	
SE		0.10	0.45	2.17	1.40	1.86	0.77	0.76		0.16	0.75	0.92	1.10	
		fG	fG				ab	AB		BCD	A	A	A	
														
R&D spending	
														
N		12	23	10	19	15	19	41		39	63	34	26	
Mean		4.58	3.87	2.05	-0.17	6.07	1.26	4.50		1.85	3.80	4.23	3.84	
SD		6.73	5.37	2.43	6.30	4.70	4.29	6.44		4.80	6.56	8.01	5.44	
SE		1.94	1.12	0.77	1.44	1.21	0.98	1.01		0.77	0.83	1.37	1.07	
			d	e	bEg	cDF	E	d						

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

52

Duke CFO Outlook Survey - 4th Quarter, 2004

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

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number of foreign/off-shore outsourced employees	
											
N		56	5	35	18	22	27	1	9	1	
Mean		3.52	1.00	2.25	1.76	1.94	5.22	7.00	3.61	0.00	
SD		6.15	2.24	4.28	5.50	5.06	6.15	---	2.20	---	
SE		0.82	1.00	0.72	1.30	1.08	1.18	---	0.73	---	
				f			c				
											
R&D spending	
											
N		51	6	32	19	19	25	0	8	1	
Mean		4.40	5.19	2.11	2.53	2.53	5.23	---	0.47	0.00	
SD		6.33	14.95	4.09	4.41	5.48	8.35	---	1.00	---	
SE		0.89	6.10	0.72	1.01	1.26	1.67	---	0.35	---	

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

53

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		165		26	7	40	15	10	8	12	12	13	19	
		63.7%		78.8%	77.8%	66.7%	78.9%	58.8%	50.0%	38.7%	57.1%	76.5%	57.6%	
				fG	g	g	G		a	AbcDi		g		
														
Zero		61		6	1	8	3	2	6	15	8	2	10	
		23.6%		18.2%	11.1%	13.3%	15.8%	11.8%	37.5%	48.4%	38.1%	11.8%	30.3%	
				g		fGh	g	g	c	aCdei	c	g		
														
Negative		33		1	1	12	1	5	2	4	1	2	4	
		12.7%		3.0%	11.1%	20.0%	5.3%	29.4%	12.5%	12.9%	4.8%	11.8%	12.1%	
				cE		a		Ah			e			

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

54

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		13	17	48	14	45	25		57	22	63	1	7	
		56.5%	37.8%	75.0%	70.0%	70.3%	64.1%		62.6%	61.1%	67.0%	33.3%	58.3%	
			CdEf	B	b	B	b							
														
Zero		9	23	12	2	9	6		20	6	22	2	5	
		39.1%	51.1%	18.8%	10.0%	14.1%	15.4%		22.0%	16.7%	23.4%	66.7%	41.7%	
		def	CDEF	B	aB	aB	aB			d		b		
														
Negative		1	5	4	4	10	8		14	8	9	0	0	
		4.3%	11.1%	6.3%	20.0%	15.6%	20.5%		15.4%	22.2%	9.6%	0.0%	0.0%	
				f			c							

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

55

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		14	16	15	22	14	17	46		54	62	25	22	
		58.3%	39.0%	71.4%	66.7%	82.4%	63.0%	73.0%		63.5%	63.9%	56.8%	71.0%	
			cdEG	b	b	B		B						
														
Zero		9	21	5	4	3	6	5		26	21	10	4	
		37.5%	51.2%	23.8%	12.1%	17.6%	22.2%	7.9%		30.6%	21.6%	22.7%	12.9%	
		dG	cDefG	b	aB	b	b	AB						
														
Negative		1	4	1	7	0	4	12		5	14	9	5	
		4.2%	9.8%	4.8%	21.2%	0.0%	14.8%	19.0%		5.9%	14.4%	20.5%	16.1%	
					e	d				c		a		

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

56

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		53	5	31	19	25	21	1	4	1	
		69.7%	62.5%	59.6%	63.3%	62.5%	56.8%	100.0%	44.4%	100.0%	
											
Zero		20	1	9	9	10	9	0	3	0	
		26.3%	12.5%	17.3%	30.0%	25.0%	24.3%	0.0%	33.3%	0.0%	
											
Negative		3	2	12	2	5	7	0	2	0	
		3.9%	25.0%	23.1%	6.7%	12.5%	18.9%	0.0%	22.2%	0.0%	
		bCFh	a	A			A		a		

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

57

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		200		25	8	54	14	13	10	26	12	13	23	
		85.5%		86.2%	88.9%	94.7%	82.4%	86.7%	62.5%	81.3%	85.7%	81.3%	88.5%	
						Fg			C	c				
														
Zero		32		4	1	2	3	2	6	6	2	3	2	
		13.7%		13.8%	11.1%	3.5%	17.6%	13.3%	37.5%	18.8%	14.3%	18.8%	7.7%	
						dFgi	c		Cj	c		c	f	
														
Negative		2		0	0	1	0	0	0	0	0	0	1	
		0.9%		0.0%	0.0%	1.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.8%	

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

58

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		13	31	48	17	48	39		77	26	74	3	3	
		72.2%	83.8%	81.4%	94.4%	81.4%	100.0%		88.5%	83.9%	86.0%	100.0%	42.9%	
		F	f	F		F	AbCE		E	e	E		AbC	
														
Zero		5	5	11	1	10	0		9	4	12	0	4	
		27.8%	13.5%	18.6%	5.6%	16.9%	0.0%		10.3%	12.9%	14.0%	0.0%	57.1%	
		F	f	F		F	AbCE		E	e	E		AbC	
														
Negative		0	1	0	0	1	0		1	1	0	0	0	
		0.0%	2.7%	0.0%	0.0%	1.7%	0.0%		1.1%	3.2%	0.0%	0.0%	0.0%	

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

59

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		14	29	15	25	14	20	60		56	81	39	22	
		73.7%	82.9%	88.2%	78.1%	93.3%	87.0%	95.2%		76.7%	90.0%	95.1%	78.6%	
		G	g		g			Abd		bc	a	ad	c	
														
Zero		5	5	2	7	1	2	3		17	8	2	5	
		26.3%	14.3%	11.8%	21.9%	6.7%	8.7%	4.8%		23.3%	8.9%	4.9%	17.9%	
		G			g			Ad		bc	a	a		
														
Negative		0	1	0	0	0	1	0		0	1	0	1	
		0.0%	2.9%	0.0%	0.0%	0.0%	4.3%	0.0%		0.0%	1.1%	0.0%	3.6%	

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

60

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		64	9	43	19	28	26	0	7	1	
		84.2%	100.0%	93.5%	79.2%	84.8%	78.8%	0.0%	87.5%	100.0%	
		g	g	G		g		abCe			
											
Zero		12	0	3	4	5	6	1	1	0	
		15.8%	0.0%	6.5%	16.7%	15.2%	18.2%	100.0%	12.5%	0.0%	
		g	g	G		g		abCe			
											
Negative		0	0	0	1	0	1	0	0	0	
		0.0%	0.0%	0.0%	4.2%	0.0%	3.0%	0.0%	0.0%	0.0%	

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

61

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		140		16	4	28	7	6	11	23	11	10	23	
		56.5%		51.6%	50.0%	52.8%	43.8%	37.5%	68.8%	65.7%	57.9%	62.5%	65.7%	
														
Zero		82		12	4	19	5	7	4	8	7	5	9	
		33.1%		38.7%	50.0%	35.8%	31.3%	43.8%	25.0%	22.9%	36.8%	31.3%	25.7%	
														
Negative		26		3	0	6	4	3	1	4	1	1	3	
		10.5%		9.7%	0.0%	11.3%	25.0%	18.8%	6.3%	11.4%	5.3%	6.3%	8.6%	

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

62

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		14	26	33	17	29	19		50	19	53	1	5	
		58.3%	60.5%	51.6%	70.8%	53.7%	54.3%		60.2%	52.8%	56.4%	25.0%	45.5%	
														
Zero		7	14	22	4	22	11		28	12	29	2	4	
		29.2%	32.6%	34.4%	16.7%	40.7%	31.4%		33.7%	33.3%	30.9%	50.0%	36.4%	
					e	d								
														
Negative		3	3	9	3	3	5		5	5	12	1	2	
		12.5%	7.0%	14.1%	12.5%	5.6%	14.3%		6.0%	13.9%	12.8%	25.0%	18.2%	

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

63

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		16	24	12	13	9	10	36		41	65	17	16	
		66.7%	54.5%	60.0%	40.6%	52.9%	43.5%	63.2%		48.8%	67.0%	44.7%	57.1%	
					g			d		b	ac	b		
														
Zero		4	15	8	10	8	11	16		33	22	17	10	
		16.7%	34.1%	40.0%	31.3%	47.1%	47.8%	28.1%		39.3%	22.7%	44.7%	35.7%	
		ef				a	a			b	ac	b		
														
Negative		4	5	0	9	0	2	5		10	10	4	2	
		16.7%	11.4%	0.0%	28.1%	0.0%	8.7%	8.8%		11.9%	10.3%	10.5%	7.1%	
				d	ceg	d		d						

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

64

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		53	5	20	15	21	21	1	3	0	
		67.9%	62.5%	42.6%	55.6%	56.8%	56.8%	100.0%	30.0%	0.0%	
		Ch		A					a		
											
Zero		19	3	18	11	12	12	0	5	0	
		24.4%	37.5%	38.3%	40.7%	32.4%	32.4%	0.0%	50.0%	0.0%	
											
Negative		6	0	9	1	4	4	0	2	0	
		7.7%	0.0%	19.1%	3.7%	10.8%	10.8%	0.0%	20.0%	0.0%	

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

65

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		265		36	9	56	21	14	14	34	22	19	37	
		95.3%		100.0%	90.0%	94.9%	95.5%	87.5%	87.5%	91.9%	95.7%	100.0%	100.0%	
				ef				aj	aj				ef	
														
Zero		7		0	0	0	1	2	0	3	1	0	0	
		2.5%		0.0%	0.0%	0.0%	4.5%	12.5%	0.0%	8.1%	4.3%	0.0%	0.0%	
				e		Eg		aCj		c			e	
														
Negative		6		0	1	3	0	0	2	0	0	0	0	
		2.2%		0.0%	10.0%	5.1%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	
				f					agj	f			f	

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

66

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		25	46	68	21	60	40		90	35	100	6	12	
		96.2%	95.8%	95.8%	87.5%	96.8%	95.2%		95.7%	94.6%	94.3%	100.0%	100.0%	
														
Zero		1	1	1	2	1	1		2	1	4	0	0	
		3.8%	2.1%	1.4%	8.3%	1.6%	2.4%		2.1%	2.7%	3.8%	0.0%	0.0%	
														
Negative		0	1	2	1	1	1		2	1	2	0	0	
		0.0%	2.1%	2.8%	4.2%	1.6%	2.4%		2.1%	2.7%	1.9%	0.0%	0.0%	

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

67

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		28	42	24	35	18	24	64		91	103	39	30	
		96.6%	93.3%	96.0%	97.2%	94.7%	96.0%	97.0%		94.8%	98.1%	90.7%	93.8%	
											c	b		
														
Zero		1	2	1	1	0	0	1		4	0	1	2	
		3.4%	4.4%	4.0%	2.8%	0.0%	0.0%	1.5%		4.2%	0.0%	2.3%	6.3%	
										b	ad		b	
														
Negative		0	1	0	0	1	1	1		1	2	3	0	
		0.0%	2.2%	0.0%	0.0%	5.3%	4.0%	1.5%		1.0%	1.9%	7.0%	0.0%	

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

68

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		80	8	54	29	40	39	1	8	1	
		96.4%	100.0%	98.2%	90.6%	93.0%	97.5%	100.0%	80.0%	100.0%	
		h		h			h		acf		
											
Zero		2	0	0	1	2	0	0	2	0	
		2.4%	0.0%	0.0%	3.1%	4.7%	0.0%	0.0%	20.0%	0.0%	
		h		H			H		aCF		
											
Negative		1	0	1	2	1	1	0	0	0	
		1.2%	0.0%	1.8%	6.3%	2.3%	2.5%	0.0%	0.0%	0.0%	

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

69

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		73		14	3	21	3	4	3	4	2	8	9	
		37.2%		42.4%	50.0%	36.2%	37.5%	28.6%	23.1%	26.7%	18.2%	53.3%	42.9%	
														
Zero		81		8	1	20	3	9	10	10	8	4	8	
		41.3%		24.2%	16.7%	34.5%	37.5%	64.3%	76.9%	66.7%	72.7%	26.7%	38.1%	
				eFGH	fh	eFgh		ac	AbCij	Aci	Abci	fgh	f	
														
Negative		42		11	2	17	2	1	0	1	1	3	4	
		21.4%		33.3%	33.3%	29.3%	25.0%	7.1%	0.0%	6.7%	9.1%	20.0%	19.0%	
				f	f	f			abc					

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

70

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		2	17	21	8	16	8		22	13	29	1	1	
		18.2%	53.1%	42.0%	47.1%	30.2%	26.7%		29.7%	48.1%	41.4%	50.0%	16.7%	
			ef			b	b							
														
Zero		6	13	20	6	24	11		30	10	27	1	5	
		54.5%	40.6%	40.0%	35.3%	45.3%	36.7%		40.5%	37.0%	38.6%	50.0%	83.3%	
									e	e	e		abc	
														
Negative		3	2	9	3	13	11		22	4	14	0	0	
		27.3%	6.3%	18.0%	17.6%	24.5%	36.7%		29.7%	14.8%	20.0%	0.0%	0.0%	
			eF			b	B							

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

71

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		5	8	10	8	6	6	17		23	33	8	8	
		45.5%	29.6%	58.8%	33.3%	40.0%	25.0%	34.0%		39.0%	45.8%	21.1%	30.8%	
				f			c				c	b		
														
Zero		3	15	5	11	7	14	14		25	26	17	13	
		27.3%	55.6%	29.4%	45.8%	46.7%	58.3%	28.0%		42.4%	36.1%	44.7%	50.0%	
			g				g	bf						
														
Negative		3	4	2	5	2	4	19		11	13	13	5	
		27.3%	14.8%	11.8%	20.8%	13.3%	16.7%	38.0%		18.6%	18.1%	34.2%	19.2%	
			g	g				bc						

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

72

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		24	3	15	7	12	10	1	1	0	
		40.0%	37.5%	34.9%	31.8%	48.0%	35.7%	100.0%	14.3%	0.0%	
											
Zero		24	3	14	10	8	16	0	4	0	
		40.0%	37.5%	32.6%	45.5%	32.0%	57.1%	0.0%	57.1%	0.0%	
				f			c				
											
Negative		12	2	14	5	5	2	0	2	0	
		20.0%	25.0%	32.6%	22.7%	20.0%	7.1%	0.0%	28.6%	0.0%	
				f			c				

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

73

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		170		24	4	26	13	7	11	29	14	17	25	
		60.7%		68.6%	44.4%	44.1%	59.1%	41.2%	68.8%	72.5%	63.6%	89.5%	65.8%	
				c	i	aGIj	i	gI		Ce		bCdE	c	
														
Zero		63		6	3	17	4	6	3	7	7	1	6	
		22.5%		17.1%	33.3%	28.8%	18.2%	35.3%	18.8%	17.5%	31.8%	5.3%	15.8%	
						i		i			i	ceh		
														
Negative		47		5	2	16	5	4	2	4	1	1	7	
		16.8%		14.3%	22.2%	27.1%	22.7%	23.5%	12.5%	10.0%	4.5%	5.3%	18.4%	
						ghi				c	c	c		

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

74

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		14	34	46	14	36	23		53	23	71	4	6	
		56.0%	73.9%	63.9%	58.3%	57.1%	51.1%		54.1%	60.5%	68.3%	66.7%	54.5%	
			f				b		c		a			
														
Zero		10	5	15	6	17	10		24	6	22	0	5	
		40.0%	10.9%	20.8%	25.0%	27.0%	22.2%		24.5%	15.8%	21.2%	0.0%	45.5%	
		B	Ae			b				e			b	
														
Negative		1	7	11	4	10	12		21	9	11	2	0	
		4.0%	15.2%	15.3%	16.7%	15.9%	26.7%		21.4%	23.7%	10.6%	33.3%	0.0%	
		f					a		c	c	ab			

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

75

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		16	36	13	17	16	15	37		61	68	23	17	
		61.5%	76.6%	54.2%	47.2%	84.2%	57.7%	53.6%		65.6%	65.4%	48.9%	50.0%	
			Dg	e	Be	cdg		be						
														
Zero		9	6	7	11	2	9	12		25	17	13	8	
		34.6%	12.8%	29.2%	30.6%	10.5%	34.6%	17.4%		26.9%	16.3%	27.7%	23.5%	
		b	adf		b		b							
														
Negative		1	5	4	8	1	2	20		7	19	11	9	
		3.8%	10.6%	16.7%	22.2%	5.3%	7.7%	29.0%		7.5%	18.3%	23.4%	26.5%	
		dG	g		a	g	g	Abef		bCD	a	A	A	

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

76

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		53	4	31	23	28	24	1	3	1	
		67.1%	50.0%	54.4%	69.7%	62.2%	58.5%	100.0%	30.0%	100.0%	
		h			h				ad		
											
Zero		18	1	11	4	12	12	0	2	0	
		22.8%	12.5%	19.3%	12.1%	26.7%	29.3%	0.0%	20.0%	0.0%	
											
Negative		8	3	15	6	5	5	0	5	0	
		10.1%	37.5%	26.3%	18.2%	11.1%	12.2%	0.0%	50.0%	0.0%	
		bcH	a	a	h	H	H		AdEF		

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

77

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		282		35	9	61	22	17	17	39	22	19	38	
		97.2%		100.0%	90.0%	100.0%	95.7%	94.4%	100.0%	95.1%	91.7%	100.0%	97.4%	
					c	bh					c			
														
Zero		7		0	1	0	0	1	0	2	2	0	1	
		2.4%		0.0%	10.0%	0.0%	0.0%	5.6%	0.0%	4.9%	8.3%	0.0%	2.6%	
					c	bh					c			
														
Negative		1		0	0	0	1	0	0	0	0	0	0	
		0.3%		0.0%	0.0%	0.0%	4.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

78

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		26	48	70	24	65	44		99	37	106	6	11	
		96.3%	98.0%	95.9%	96.0%	98.5%	97.8%		99.0%	94.9%	97.2%	100.0%	91.7%	
														
Zero		1	1	3	1	1	0		1	1	3	0	1	
		3.7%	2.0%	4.1%	4.0%	1.5%	0.0%		1.0%	2.6%	2.8%	0.0%	8.3%	
														
Negative		0	0	0	0	0	1		0	1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	2.2%		0.0%	2.6%	0.0%	0.0%	0.0%	

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

79

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		29	45	24	37	19	28	67		94	105	47	34	
		96.7%	95.7%	92.3%	100.0%	100.0%	100.0%	97.1%		95.9%	98.1%	100.0%	94.4%	
														
Zero		1	2	2	0	0	0	1		4	1	0	2	
		3.3%	4.3%	7.7%	0.0%	0.0%	0.0%	1.4%		4.1%	0.9%	0.0%	5.6%	
														
Negative		0	0	0	0	0	0	1		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%		0.0%	0.9%	0.0%	0.0%	

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

80

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		84	9	58	31	45	38	1	10	1	
		98.8%	100.0%	100.0%	93.9%	97.8%	92.7%	100.0%	90.9%	100.0%	
				fh			c		c		
											
Zero		1	0	0	2	0	3	0	1	0	
		1.2%	0.0%	0.0%	6.1%	0.0%	7.3%	0.0%	9.1%	0.0%	
				fh		h	c		ce		
											
Negative		0	0	0	0	1	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	2.2%	0.0%	0.0%	0.0%	0.0%	

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

81

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		56		4	2	15	8	5	1	9	4	2	6	
		42.7%		30.8%	50.0%	42.9%	88.9%	45.5%	9.1%	47.4%	66.7%	18.2%	54.5%	
				d		df	acFgI		cDghj	df	f	D	f	
														
Zero		73		8	2	20	1	6	10	9	2	9	5	
		55.7%		61.5%	50.0%	57.1%	11.1%	54.5%	90.9%	47.4%	33.3%	81.8%	45.5%	
				d		df	acFI		cDghj	f	f	D	f	
														
Negative		2		1	0	0	0	0	0	1	0	0	0	
		1.5%		7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	

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

82

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		2	2	3	5	21	23		40	7	0	2	0	
		100.0%	16.7%	12.5%	50.0%	45.7%	65.7%		47.6%	30.4%	0.0%	66.7%	0.0%	
		bC	aF	AdEF	c	C	BC							
														
Zero		0	10	20	4	25	12		42	16	0	1	2	
		0.0%	83.3%	83.3%	40.0%	54.3%	34.3%		50.0%	69.6%	0.0%	33.3%	100.0%	
		bc	adF	adeF	bc	c	BC							
														
Negative		0	0	1	1	0	0		2	0	0	0	0	
		0.0%	0.0%	4.2%	10.0%	0.0%	0.0%		2.4%	0.0%	0.0%	0.0%	0.0%	
					e	d								

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

83

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		1	4	2	2	4	6	32		12	21	13	10	
		100.0%	40.0%	40.0%	16.7%	40.0%	30.0%	60.4%		38.7%	50.0%	40.6%	38.5%	
					G		g	Df						
														
Zero		0	6	3	8	6	14	21		19	21	17	16	
		0.0%	60.0%	60.0%	66.7%	60.0%	70.0%	39.6%		61.3%	50.0%	53.1%	61.5%	
							g	f						
														
Negative		0	0	0	2	0	0	0		0	0	2	0	
		0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%		0.0%	0.0%	6.3%	0.0%	
					G			D						

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

84

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		19	1	12	3	8	5	1	5	0	
		45.2%	25.0%	41.4%	23.1%	50.0%	31.3%	100.0%	62.5%	0.0%	
											
Zero		21	3	17	10	8	11	0	3	0	
		50.0%	75.0%	58.6%	76.9%	50.0%	68.8%	0.0%	37.5%	0.0%	
											
Negative		2	0	0	0	0	0	0	0	0	
		4.8%	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

85

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		178		19	6	33	11	13	15	25	16	12	25	
		73.0%		67.9%	60.0%	63.5%	64.7%	81.3%	93.8%	67.6%	80.0%	80.0%	83.3%	
					f	f	f		bcdg	f				
														
Zero		48		7	4	14	5	1	1	9	2	1	4	
		19.7%		25.0%	40.0%	26.9%	29.4%	6.3%	6.3%	24.3%	10.0%	6.7%	13.3%	
					ef			b	b					
														
Negative		18		2	0	5	1	2	0	3	2	2	1	
		7.4%		7.1%	0.0%	9.6%	5.9%	12.5%	0.0%	8.1%	10.0%	13.3%	3.3%	

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

86

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		15	32	43	17	43	25		64	28	60	3	7	
		75.0%	72.7%	71.7%	73.9%	75.4%	69.4%		72.7%	84.8%	68.2%	60.0%	77.8%	
														
Zero		5	7	10	5	10	10		17	4	21	1	1	
		25.0%	15.9%	16.7%	21.7%	17.5%	27.8%		19.3%	12.1%	23.9%	20.0%	11.1%	
														
Negative		0	5	7	1	4	1		7	1	7	1	1	
		0.0%	11.4%	11.7%	4.3%	7.0%	2.8%		8.0%	3.0%	8.0%	20.0%	11.1%	

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

87

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		15	31	12	21	13	15	44		60	72	25	21	
		71.4%	79.5%	57.1%	65.6%	76.5%	57.7%	78.6%		72.3%	77.4%	62.5%	77.8%	
														
Zero		5	6	7	5	3	7	11		17	16	9	5	
		23.8%	15.4%	33.3%	15.6%	17.6%	26.9%	19.6%		20.5%	17.2%	22.5%	18.5%	
														
Negative		1	2	2	6	1	4	1		6	5	6	1	
		4.8%	5.1%	9.5%	18.8%	5.9%	15.4%	1.8%		7.2%	5.4%	15.0%	3.7%	
					G		g	Df						

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

88

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		56	5	30	23	25	31	1	6	0	
		73.7%	62.5%	66.7%	82.1%	69.4%	81.6%	100.0%	75.0%	0.0%	
											
Zero		16	3	10	3	9	4	0	1	1	
		21.1%	37.5%	22.2%	10.7%	25.0%	10.5%	0.0%	12.5%	100.0%	
					i		i			df	
											
Negative		4	0	5	2	2	3	0	1	0	
		5.3%	0.0%	11.1%	7.1%	5.6%	7.9%	0.0%	12.5%	0.0%	

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

89

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		163		20	4	35	10	11	13	18	13	13	24	
		65.7%		66.7%	44.4%	61.4%	50.0%	73.3%	81.3%	58.1%	68.4%	72.2%	80.0%	
					j		j						bd	
														
Zero		58		6	5	10	8	2	3	11	4	4	4	
		23.4%		20.0%	55.6%	17.5%	40.0%	13.3%	18.8%	35.5%	21.1%	22.2%	13.3%	
				b	acej	bd	cj	b		j			bdg	
														
Negative		27		4	0	12	2	2	0	2	2	1	2	
		10.9%		13.3%	0.0%	21.1%	10.0%	13.3%	0.0%	6.5%	10.5%	5.6%	6.7%	
						f			c					

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

90

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		13	24	46	16	39	22		54	26	61	3	6	
		61.9%	64.9%	74.2%	72.7%	61.9%	56.4%		58.1%	76.5%	70.1%	100.0%	60.0%	
														
Zero		7	8	9	5	15	13		27	7	19	0	2	
		33.3%	21.6%	14.5%	22.7%	23.8%	33.3%		29.0%	20.6%	21.8%	0.0%	20.0%	
				f			c							
														
Negative		1	5	7	1	9	4		12	1	7	0	2	
		4.8%	13.5%	11.3%	4.5%	14.3%	10.3%		12.9%	2.9%	8.0%	0.0%	20.0%	

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

91

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		12	29	13	23	10	13	41		57	62	22	22	
		60.0%	76.3%	65.0%	67.6%	58.8%	48.1%	66.1%		69.5%	68.1%	52.4%	66.7%	
			f				b							
														
Zero		6	6	4	7	3	12	15		19	17	13	9	
		30.0%	15.8%	20.0%	20.6%	17.6%	44.4%	24.2%		23.2%	18.7%	31.0%	27.3%	
			f				b							
														
Negative		2	3	3	4	4	2	6		6	12	7	2	
		10.0%	7.9%	15.0%	11.8%	23.5%	7.4%	9.7%		7.3%	13.2%	16.7%	6.1%	

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

92

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		46	5	33	20	27	25	1	5	0	
		63.0%	62.5%	67.3%	69.0%	71.1%	69.4%	100.0%	55.6%	0.0%	
											
Zero		22	3	8	8	5	6	0	4	1	
		30.1%	37.5%	16.3%	27.6%	13.2%	16.7%	0.0%	44.4%	100.0%	
				i		hi	i		e	cef	
											
Negative		5	0	8	1	6	5	0	0	0	
		6.8%	0.0%	16.3%	3.4%	15.8%	13.9%	0.0%	0.0%	0.0%	

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

93

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		224		30	7	43	18	14	15	36	18	15	25	
		85.2%		90.9%	70.0%	76.8%	90.0%	87.5%	88.2%	90.0%	94.7%	88.2%	78.1%	
														
Zero		18		2	0	4	1	2	2	2	1	2	2	
		6.8%		6.1%	0.0%	7.1%	5.0%	12.5%	11.8%	5.0%	5.3%	11.8%	6.3%	
														
Negative		21		1	3	9	1	0	0	2	0	0	5	
		8.0%		3.0%	30.0%	16.1%	5.0%	0.0%	0.0%	5.0%	0.0%	0.0%	15.6%	
				b	aefghi			b	b	b	b	b		

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

94

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		20	33	53	19	56	39		87	26	83	3	5	
		87.0%	75.0%	80.3%	82.6%	88.9%	97.5%		91.6%	83.9%	81.4%	75.0%	62.5%	
			F	f	f		Bcd		ce		a		a	
														
Zero		2	6	8	1	1	0		3	3	8	1	2	
		8.7%	13.6%	12.1%	4.3%	1.6%	0.0%		3.2%	9.7%	7.8%	25.0%	25.0%	
			ef	ef		bc	bc		dE			a	A	
														
Negative		1	5	5	3	6	1		5	2	11	0	1	
		4.3%	11.4%	7.6%	13.0%	9.5%	2.5%		5.3%	6.5%	10.8%	0.0%	12.5%	

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

95

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		25	31	20	24	14	25	58		71	85	36	30	
		92.6%	73.8%	95.2%	72.7%	82.4%	92.6%	92.1%		82.6%	85.9%	81.8%	93.8%	
			cg	bd	cg			bd						
														
Zero		1	7	0	4	2	0	1		7	5	5	1	
		3.7%	16.7%	0.0%	12.1%	11.8%	0.0%	1.6%		8.1%	5.1%	11.4%	3.1%	
			fG		g		b	Bd						
														
Negative		1	4	1	5	1	2	4		8	9	3	1	
		3.7%	9.5%	4.8%	15.2%	5.9%	7.4%	6.3%		9.3%	9.1%	6.8%	3.1%	

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

96

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		74	7	39	22	38	30	1	10	0	
		90.2%	87.5%	76.5%	78.6%	92.7%	81.1%	100.0%	100.0%	0.0%	
		cI		ae		cI			I	AEH	
											
Zero		4	1	4	2	2	3	0	0	1	
		4.9%	12.5%	7.8%	7.1%	4.9%	8.1%	0.0%	0.0%	100.0%	
		I		I	I	I	I		I	ACDEFH	
											
Negative		4	0	8	4	1	4	0	0	0	
		4.9%	0.0%	15.7%	14.3%	2.4%	10.8%	0.0%	0.0%	0.0%	
		c		ae		c					

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

97

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		252		32	7	52	20	14	15	37	23	18	31	
		90.6%		94.1%	70.0%	88.1%	90.9%	82.4%	88.2%	90.2%	100.0%	100.0%	91.2%	
				b	aHi			h			Be	b		
														
Zero		8		0	0	1	1	2	1	2	0	0	1	
		2.9%		0.0%	0.0%	1.7%	4.5%	11.8%	5.9%	4.9%	0.0%	0.0%	2.9%	
				e				a						
														
Negative		18		2	3	6	1	1	1	2	0	0	2	
		6.5%		5.9%	30.0%	10.2%	4.5%	5.9%	5.9%	4.9%	0.0%	0.0%	5.9%	
				b	agHij					b	B	b	b	

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

98

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		23	43	60	22	59	41		90	32	92	5	10	
		92.0%	91.5%	85.7%	91.7%	90.8%	95.3%		92.8%	86.5%	87.6%	100.0%	90.9%	
														
Zero		1	1	4	0	1	1		2	1	4	0	1	
		4.0%	2.1%	5.7%	0.0%	1.5%	2.3%		2.1%	2.7%	3.8%	0.0%	9.1%	
														
Negative		1	3	6	2	5	1		5	4	9	0	0	
		4.0%	6.4%	8.6%	8.3%	7.7%	2.3%		5.2%	10.8%	8.6%	0.0%	0.0%	

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

99

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		28	38	24	27	18	25	62		82	96	40	32	
		96.6%	84.4%	96.0%	79.4%	94.7%	92.6%	93.9%		89.1%	91.4%	88.9%	94.1%	
		d			ag			d						
														
Zero		0	3	0	2	1	1	0		4	2	1	1	
		0.0%	6.7%	0.0%	5.9%	5.3%	3.7%	0.0%		4.3%	1.9%	2.2%	2.9%	
			g		g			bd						
														
Negative		1	4	1	5	0	1	4		6	7	4	1	
		3.4%	8.9%	4.0%	14.7%	0.0%	3.7%	6.1%		6.5%	6.7%	8.9%	2.9%	

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

100

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		79	7	48	29	40	34	1	9	1	
		94.0%	87.5%	87.3%	90.6%	93.0%	85.0%	100.0%	90.0%	100.0%	
											
Zero		3	0	1	0	2	2	0	0	0	
		3.6%	0.0%	1.8%	0.0%	4.7%	5.0%	0.0%	0.0%	0.0%	
											
Negative		2	1	6	3	1	4	0	1	0	
		2.4%	12.5%	10.9%	9.4%	2.3%	10.0%	0.0%	10.0%	0.0%	
		c		a							

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

101

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		73		7	1	18	6	7	10	13	4	2	5	
		41.5%		31.8%	25.0%	40.0%	60.0%	53.8%	71.4%	56.5%	36.4%	16.7%	23.8%	
				f		f	i		aciJ	ij		dfg	Fg	
														
Zero		101		14	3	27	4	6	4	10	7	10	15	
		57.4%		63.6%	75.0%	60.0%	40.0%	46.2%	28.6%	43.5%	63.6%	83.3%	71.4%	
				f		f	i		acij	i		dfg	f	
														
Negative		2		1	0	0	0	0	0	0	0	0	1	
		1.1%		4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.8%	

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

102

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		1	6	12	4	26	23		41	14	13	0	0	
		7.7%	21.4%	30.8%	30.8%	54.2%	74.2%		58.6%	51.9%	23.6%	0.0%	0.0%	
		EF	EF	eF	F	ABc	ABCD		Ce	c	Ab		a	
														
Zero		12	22	26	9	22	8		28	12	42	2	4	
		92.3%	78.6%	66.7%	69.2%	45.8%	25.8%		40.0%	44.4%	76.4%	100.0%	100.0%	
		EF	EF	F	F	AB	ABCD		Ce	Ce	AB		ab	
														
Negative		0	0	1	0	0	0		1	1	0	0	0	
		0.0%	0.0%	2.6%	0.0%	0.0%	0.0%		1.4%	3.7%	0.0%	0.0%	0.0%	

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

103

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		1	6	2	6	6	12	31		2	27	23	21	
		10.0%	20.7%	20.0%	31.6%	40.0%	50.0%	67.4%		4.7%	40.3%	60.5%	77.8%	
		fG	fG	G	g		ab	ABCd		BCD	AcD	Ab	AB	
														
Zero		9	23	8	12	9	12	14		41	39	14	6	
		90.0%	79.3%	80.0%	63.2%	60.0%	50.0%	30.4%		95.3%	58.2%	36.8%	22.2%	
		fG	fG	G	g	g	ab	ABCde		BCD	AcD	Ab	AB	
														
Negative		0	0	0	1	0	0	1		0	1	1	0	
		0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	2.2%		0.0%	1.5%	2.6%	0.0%	

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

104

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		27	1	12	2	5	18	1	7	0	
		48.2%	20.0%	34.3%	11.1%	22.7%	66.7%	100.0%	77.8%	0.0%	
		De		fh	AFgH	aFH	cDE	d	cDE		
											
Zero		27	4	23	16	17	9	0	2	1	
		48.2%	80.0%	65.7%	88.9%	77.3%	33.3%	0.0%	22.2%	100.0%	
		De		fh	AFgH	aFH	cDE	d	cDE		
											
Negative		2	0	0	0	0	0	0	0	0	
		3.6%	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

105

Duke CFO Outlook Survey - 4th 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=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Positive		91		5	1	31	2	5	13	9	4	9	11	
		56.2%		33.3%	33.3%	62.0%	25.0%	55.6%	81.3%	45.0%	44.4%	75.0%	57.9%	
				fi			fi		adg	f		ad		
														
Zero		63		9	2	17	5	4	2	10	3	3	8	
		38.9%		60.0%	66.7%	34.0%	62.5%	44.4%	12.5%	50.0%	33.3%	25.0%	42.1%	
				F	f		f		Abdg	f				
														
Negative		8		1	0	2	1	0	1	1	2	0	0	
		4.9%		6.7%	0.0%	4.0%	12.5%	0.0%	6.3%	5.0%	22.2%	0.0%	0.0%	
											j		h	

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

106

Duke CFO Outlook Survey - 4th 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=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Positive		8	13	20	7	25	16		42	16	22	1	1	
		61.5%	50.0%	54.1%	53.8%	59.5%	59.3%		63.6%	66.7%	45.8%	50.0%	25.0%	
														
Zero		5	12	14	5	15	10		20	5	25	1	3	
		38.5%	46.2%	37.8%	38.5%	35.7%	37.0%		30.3%	20.8%	52.1%	50.0%	75.0%	
									c	ce	ab		b	
														
Negative		0	1	3	1	2	1		4	3	1	0	0	
		0.0%	3.8%	8.1%	7.7%	4.8%	3.7%		6.1%	12.5%	2.1%	0.0%	0.0%	

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

107

Duke CFO Outlook Survey - 4th 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=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Positive		8	10	6	8	12	9	27		14	38	23	16	
		66.7%	43.5%	60.0%	42.1%	80.0%	47.4%	65.9%		35.9%	60.3%	67.6%	61.5%	
			e		e	bd				bCd	a	A	a	
														
Zero		4	13	4	7	3	8	13		24	22	8	9	
		33.3%	56.5%	40.0%	36.8%	20.0%	42.1%	31.7%		61.5%	34.9%	23.5%	34.6%	
			e			b				bCd	a	A	a	
														
Negative		0	0	0	4	0	2	1		1	3	3	1	
		0.0%	0.0%	0.0%	21.1%	0.0%	10.5%	2.4%		2.6%	4.8%	8.8%	3.8%	
			d		bg			d						

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

108

Duke CFO Outlook Survey - 4th 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=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Positive		34	5	14	8	9	18	0	2	0	
		66.7%	83.3%	43.8%	42.1%	47.4%	72.0%	0.0%	25.0%	0.0%	
		ch		af			ch		af		
											
Zero		14	0	17	11	9	5	0	6	1	
		27.5%	0.0%	53.1%	57.9%	47.4%	20.0%	0.0%	75.0%	100.0%	
		cdh	cdehi	abf	abf	b	cdH		abF	b	
											
Negative		3	1	1	0	1	2	0	0	0	
		5.9%	16.7%	3.1%	0.0%	5.3%	8.0%	0.0%	0.0%	0.0%	

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

109

Duke CFO Outlook Survey - 4th Quarter, 2004

6. Bonuses.

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
6a. How large will bonuses be at your firm this year, as a percentage of total compensation ?  (e.g., 0%, 12%, etc.)	
														
N		285		33	11	59	24	18	16	41	22	19	38	
Mean		10.91		11.61	12.18	10.92	12.71	9.12	11.00	12.88	6.80	11.50	9.47	
SD		9.23		9.38	7.99	8.12	9.91	6.43	6.68	10.33	8.79	11.10	10.60	
SE		0.55		1.63	2.41	1.06	2.02	1.51	1.67	1.61	1.87	2.55	1.72	
							h			h	dg			
														
6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)	
														
N		285		33	11	61	23	17	16	41	24	19	36	
Mean		7.71		15.18	10.91	17.98	2.83	3.41	14.44	2.02	4.33	-6.05	2.56	
SD		31.55		36.43	40.93	39.31	33.63	27.46	30.03	25.19	9.64	22.07	26.61	
SE		1.87		6.34	12.34	5.03	7.01	6.66	7.51	3.93	1.97	5.06	4.44	
				i		gij			i	c	i	acfh	c	

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

110

Duke CFO Outlook Survey - 4th Quarter, 2004

6. Bonuses.

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
6a. How large will bonuses be at your firm this year, as a percentage of total compensation ?  (e.g., 0%, 12%, etc.)	
														
N		29	50	72	24	62	44		96	38	111	6	12	
Mean		6.28	8.82	9.91	8.58	12.44	15.81		14.35	11.05	9.23	4.92	1.38	
SD		8.29	9.82	8.87	6.68	7.80	9.64		9.47	8.88	8.49	8.31	2.71	
SE		1.54	1.39	1.05	1.36	0.99	1.45		0.97	1.44	0.81	3.39	0.78	
		EF	eF	F	eF	Abdf	ABCDe		CdE	E	AE	a	ABC	
														
6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)	
														
N		29	48	70	24	64	45		99	37	111	6	11	
Mean		6.48	6.81	5.40	2.17	14.48	4.60		5.13	13.70	8.50	3.33	-4.55	
SD		21.33	32.99	31.01	37.94	31.48	32.88		28.97	33.47	34.75	5.16	15.08	
SE		3.96	4.76	3.71	7.74	3.94	4.90		2.91	5.50	3.30	2.11	4.55	

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

111

Duke CFO Outlook Survey - 4th Quarter, 2004

6. Bonuses.

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
6a. How large will bonuses be at your firm this year, as a percentage of total compensation ?  (e.g., 0%, 12%, etc.)	
														
N		32	46	26	38	19	26	65		98	106	44	35	
Mean		8.81	8.48	10.23	7.43	12.74	13.19	14.59		8.44	11.69	12.82	13.03	
SD		10.22	8.43	10.33	5.72	9.30	10.04	8.98		8.85	9.18	9.80	8.84	
SE		1.81	1.24	2.03	0.93	2.13	1.97	1.11		0.89	0.89	1.48	1.49	
		G	fG	g	eFG	d	bD	ABcD		bCD	a	A	A	
														
6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)	
														
N		32	45	26	37	19	27	67		98	105	47	33	
Mean		9.56	2.98	10.54	-0.51	11.68	0.78	12.24		5.52	12.44	1.51	8.27	
SD		25.61	30.90	28.99	31.16	23.92	31.13	35.47		30.41	33.69	33.85	23.36	
SE		4.53	4.61	5.69	5.12	5.49	5.99	4.33		3.07	3.29	4.94	4.07	

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

112

Duke CFO Outlook Survey - 4th Quarter, 2004

6. Bonuses.

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
6a. How large will bonuses be at your firm this year, as a percentage of total compensation ?  (e.g., 0%, 12%, etc.)	
											
N		83	11	52	35	46	40	1	11	1	
Mean		11.25	10.82	11.49	10.26	10.46	9.18	15.00	14.91	9.00	
SD		9.78	9.21	10.14	10.24	8.42	7.36	---	7.57	---	
SE		1.07	2.78	1.41	1.73	1.24	1.16	---	2.28	---	
							h		f		
											
6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)	
											
N		84	10	52	33	47	41	1	11	1	
Mean		7.45	21.80	12.38	5.03	9.62	3.63	50.00	-4.45	0.00	
SD		24.20	33.67	37.93	37.31	35.50	27.93	---	17.81	---	
SE		2.64	10.65	5.26	6.49	5.18	4.36	---	5.37	---	
			h						b		

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

113

Duke CFO Outlook Survey - 4th Quarter, 2004

6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Decrease		58		8	2	13	8	4	1	7	2	5	6	
		20.4%		24.2%	18.2%	21.3%	34.8%	23.5%	6.3%	17.1%	8.3%	26.3%	16.7%	
							fh		d		d			
														
Remain the same		86		8	1	12	5	4	2	15	13	9	16	
		30.2%		24.2%	9.1%	19.7%	21.7%	23.5%	12.5%	36.6%	54.2%	47.4%	44.4%	
				h	hij	Hij	h		hij		abCdf	bcf	bcf	
														
Increase		141		17	8	36	10	9	13	19	9	5	14	
		49.5%		51.5%	72.7%	59.0%	43.5%	52.9%	81.3%	46.3%	37.5%	26.3%	38.9%	
					i	i	f		dgHIJ	f	F	bcF	F	

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

114

Duke CFO Outlook Survey - 4th Quarter, 2004

6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Decrease		2	10	16	9	12	9		22	6	26	0	1	
		6.9%	20.8%	22.9%	37.5%	18.8%	20.0%		22.2%	16.2%	23.4%	0.0%	9.1%	
		D			A									
														
Remain the same		20	20	21	4	6	13		19	8	39	4	10	
		69.0%	41.7%	30.0%	16.7%	9.4%	28.9%		19.2%	21.6%	35.1%	66.7%	90.9%	
		bCDEF	adE	AE	Ab	ABCF	AE		cDE	dE	aE	Ab	ABC	
														
Increase		7	18	33	11	46	23		58	23	46	2	0	
		24.1%	37.5%	47.1%	45.8%	71.9%	51.1%		58.6%	62.2%	41.4%	33.3%	0.0%	
		cEf	E	aE	e	ABCdf	ae		cE	cE	abE		ABC	

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

115

Duke CFO Outlook Survey - 4th Quarter, 2004

6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Decrease		2	11	4	13	4	11	9		18	21	14	5	
		6.3%	24.4%	15.4%	35.1%	21.1%	40.7%	13.4%		18.4%	20.0%	29.8%	15.2%	
		bDF	a	f	Ag		AcG	dF						
														
Remain the same		17	18	9	9	4	4	14		45	22	11	7	
		53.1%	40.0%	34.6%	24.3%	21.1%	14.8%	20.9%		45.9%	21.0%	23.4%	21.2%	
		deFG	fg		a	a	Ab	Ab		Bcd	A	a	a	
														
Increase		13	16	13	15	11	12	44		35	62	22	21	
		40.6%	35.6%	50.0%	40.5%	57.9%	44.4%	65.7%		35.7%	59.0%	46.8%	63.6%	
		g	G		g			aBd		BD	A		A	

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

116

Duke CFO Outlook Survey - 4th Quarter, 2004

6b. How much will bonuses change this year (relative to last year's bonuses)?  (e.g., -20%, +30%)

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Decrease		14	1	9	8	11	9	0	4	0	
		16.7%	10.0%	17.3%	24.2%	23.4%	22.0%	0.0%	36.4%	0.0%	
											
Remain the same		21	2	16	11	16	15	0	3	1	
		25.0%	20.0%	30.8%	33.3%	34.0%	36.6%	0.0%	27.3%	100.0%	
											
Increase		49	7	27	14	20	17	1	4	0	
		58.3%	70.0%	51.9%	42.4%	42.6%	41.5%	100.0%	36.4%	0.0%	

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

117

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
U.S. Budget Deficit	
														
N		73		9	3	13	5	5	4	15	6	6	5	
Mean		2.44		2.78	2.67	2.31	3.00	2.00	2.25	2.07	2.67	3.17	2.20	
SD		1.20		1.39	0.58	1.38	1.00	1.00	1.50	1.10	1.21	1.17	1.30	
SE		0.14		0.46	0.33	0.38	0.45	0.45	0.75	0.28	0.49	0.48	0.58	
														
Trade Deficit	
														
N		42		3	2	12	3	3	5	8	2	1	2	
Mean		2.69		2.67	2.50	2.58	3.33	2.00	3.00	2.88	3.50	1.00	2.50	
SD		1.09		1.15	0.71	1.16	0.58	0.00	1.00	1.36	0.71	---	2.12	
SE		0.17		0.67	0.50	0.34	0.33	0.00	0.45	0.48	0.50	---	1.50	
														
Domestic Terrorism	
														
N		63		8	1	5	9	4	2	9	11	1	12	
Mean		2.67		2.50	1.00	3.40	2.56	2.50	4.00	2.11	2.73	1.00	2.92	
SD		1.24		1.41	---	0.89	1.33	1.73	0.00	0.78	1.27	---	1.24	
SE		0.16		0.50	---	0.40	0.44	0.87	0.00	0.26	0.38	---	0.36	
						g				c				

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

118

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
U.S. Budget Deficit	
														
N		7	7	18	8	16	15		27	5	28	0	5	
Mean		1.57	2.14	2.89	1.88	2.37	2.73		2.63	2.40	2.39	---	2.00	
SD		1.13	1.35	1.13	1.13	1.20	1.16		1.24	1.34	1.17	---	1.00	
SE		0.43	0.51	0.27	0.40	0.30	0.30		0.24	0.60	0.22	---	0.45	
		cf		ad	c		a							
														
Trade Deficit	
														
N		2	2	14	4	13	6		16	3	14	0	2	
Mean		2.00	3.00	2.86	1.75	2.77	3.17		2.94	3.33	2.43	---	3.50	
SD		0.00	1.41	1.17	0.50	1.17	0.75		1.18	1.15	1.02	---	0.71	
SE		0.00	1.00	0.31	0.25	0.32	0.31		0.30	0.67	0.27	---	0.50	
					f		d							
														
Domestic Terrorism	
														
N		6	11	18	8	11	8		17	5	35	1	1	
Mean		3.00	2.82	2.78	2.38	2.45	2.63		2.47	3.40	2.69	4.00	4.00	
SD		1.26	1.25	1.31	1.30	1.29	1.30		1.23	1.34	1.23	---	---	
SE		0.52	0.38	0.31	0.46	0.39	0.46		0.30	0.60	0.21	---	---	

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

119

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
U.S. Budget Deficit	
														
N		8	10	5	7	5	6	23		24	23	15	11	
Mean		2.13	2.30	2.80	1.86	1.80	3.17	2.61		2.46	2.61	2.13	2.45	
SD		1.13	1.16	1.30	1.21	0.84	1.17	1.16		1.10	1.27	1.36	1.13	
SE		0.40	0.37	0.58	0.46	0.37	0.48	0.24		0.23	0.26	0.35	0.34	
														
Trade Deficit	
														
N		3	4	4	7	2	8	7		9	11	14	8	
Mean		2.33	2.75	2.75	2.43	1.50	3.13	2.86		3.22	2.18	2.79	2.63	
SD		1.53	1.50	1.26	1.13	0.71	1.25	0.69		1.09	1.08	0.89	1.30	
SE		0.88	0.75	0.63	0.43	0.50	0.44	0.26		0.36	0.33	0.24	0.46	
						g		e		b	a			
														
Domestic Terrorism	
														
N		5	11	7	10	5	5	13		20	29	7	7	
Mean		3.00	2.27	3.00	3.60	1.60	2.40	2.38		2.50	2.90	2.43	2.43	
SD		1.41	1.35	1.15	0.52	0.55	0.89	1.45		1.36	1.21	1.13	1.27	
SE		0.63	0.41	0.44	0.16	0.24	0.40	0.40		0.30	0.22	0.43	0.48	
			D	e	BEFg	cD	D	d						

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

120

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
U.S. Budget Deficit	
											
N		25	4	13	9	3	13	1	4	0	
Mean		2.24	2.25	2.85	2.44	2.33	2.38	3.00	3.00	---	
SD		1.20	0.96	1.28	1.33	1.53	1.12	---	1.41	---	
SE		0.24	0.48	0.36	0.44	0.88	0.31	---	0.71	---	
											
Trade Deficit	
											
N		12	2	8	3	4	9	0	3	0	
Mean		2.33	3.00	2.13	2.67	3.50	3.22	---	3.00	---	
SD		1.15	1.41	1.25	1.15	0.58	0.83	---	1.00	---	
SE		0.33	1.00	0.44	0.67	0.29	0.28	---	0.58	---	
				f			c				
											
Domestic Terrorism	
											
N		21	0	7	9	13	7	1	4	0	
Mean		2.71	---	2.86	2.44	2.62	2.86	1.00	2.50	---	
SD		1.27	---	0.90	1.42	1.39	1.46	---	0.58	---	
SE		0.28	---	0.34	0.47	0.38	0.55	---	0.29	---	

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

121

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
														
U.S. dollar exchange rate	
														
N		92		10	1	28	7	4	8	13	6	4	9	
Mean		2.40		2.10	2.00	2.46	2.14	3.00	2.63	2.23	2.00	2.50	2.78	
SD		1.11		1.29	---	1.23	1.07	0.82	1.19	0.83	1.10	1.00	1.09	
SE		0.12		0.41	---	0.23	0.40	0.41	0.42	0.23	0.45	0.50	0.36	
														
Low Consumer Savings Rate	
														
N		18		1	0	3	1	3	2	8	0	0	0	
Mean		3.61		3.00	---	4.00	4.00	3.00	4.00	3.63	---	---	---	
SD		0.70		---	---	0.00	---	1.00	0.00	0.74	---	---	---	
SE		0.16		---	---	0.00	---	0.58	0.00	0.26	---	---	---	
														
Price of Fuel	
														
N		125		23	5	29	23	4	0	13	5	2	19	
Mean		2.24		2.70	2.20	2.00	1.61	2.75	---	2.77	3.20	2.50	2.11	
SD		1.07		1.02	1.10	0.96	0.89	1.50	---	1.09	0.84	0.71	0.99	
SE		0.10		0.21	0.49	0.18	0.19	0.75	---	0.30	0.37	0.50	0.23	
				cD		agh	AeGH	d		cD	cDj		h	

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

122

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
U.S. dollar exchange rate	
														
N		6	11	26	6	24	18		36	14	30	1	2	
Mean		2.33	2.64	2.19	2.33	2.54	2.33		2.39	2.07	2.70	3.00	1.00	
SD		1.03	1.03	1.17	1.21	1.25	0.91		1.05	1.38	1.06	---	0.00	
SE		0.42	0.31	0.23	0.49	0.26	0.21		0.17	0.37	0.19	---	0.00	
														
Low Consumer Savings Rate	
														
N		0	2	4	6	3	3		9	3	4	0	0	
Mean		---	4.00	3.25	3.83	3.00	4.00		3.56	4.00	3.50	---	---	
SD		---	0.00	0.96	0.41	1.00	0.00		0.88	0.00	0.58	---	---	
SE		---	0.00	0.48	0.17	0.58	0.00		0.29	0.00	0.29	---	---	
														
Price of Fuel	
														
N		8	24	29	11	29	23		41	10	58	3	3	
Mean		1.88	2.54	2.03	2.36	2.41	2.04		2.07	2.50	2.33	1.33	2.00	
SD		1.25	0.98	0.87	1.29	1.09	1.19		1.06	1.35	1.03	0.58	1.00	
SE		0.44	0.20	0.16	0.39	0.20	0.25		0.17	0.43	0.14	0.33	0.58	

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

123

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
U.S. dollar exchange rate	
														
N		11	10	10	12	7	12	22		11	31	22	27	
Mean		2.73	2.20	2.20	2.33	2.71	2.00	2.55		2.36	2.68	2.55	2.04	
SD		0.90	1.03	1.40	1.15	1.11	1.28	1.01		1.12	1.14	1.06	1.06	
SE		0.27	0.33	0.44	0.33	0.42	0.37	0.22		0.34	0.20	0.23	0.20	
											d		b	
														
Low Consumer Savings Rate	
														
N		0	1	3	3	3	1	4		6	5	5	2	
Mean		---	4.00	3.33	4.00	3.33	3.00	4.00		3.33	3.60	3.80	4.00	
SD		---	---	0.58	0.00	1.15	---	0.00		0.82	0.89	0.45	0.00	
SE		---	---	0.33	0.00	0.67	---	0.00		0.33	0.40	0.20	0.00	
														
Price of Fuel	
														
N		10	18	15	14	7	12	36		44	55	14	11	
Mean		2.50	2.44	2.27	1.71	1.86	2.58	2.22		2.18	2.38	2.14	1.82	
SD		1.27	1.04	0.88	0.91	1.07	1.24	1.12		1.08	1.06	1.29	0.60	
SE		0.40	0.25	0.23	0.24	0.40	0.36	0.19		0.16	0.14	0.35	0.18	
			d		b									

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

124

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
U.S. dollar exchange rate	
											
N		31	3	16	5	8	17	0	9	1	
Mean		2.35	3.67	2.88	3.00	2.63	1.82	---	1.89	2.00	
SD		1.05	0.58	1.02	1.00	1.41	1.01	---	1.05	---	
SE		0.19	0.33	0.26	0.45	0.50	0.25	---	0.35	---	
		b	aFh	Fh	f		BCd		bc		
											
Low Consumer Savings Rate	
											
N		8	0	2	2	1	1	0	3	0	
Mean		3.38	---	3.50	4.00	4.00	4.00	---	4.00	---	
SD		0.92	---	0.71	0.00	---	---	---	0.00	---	
SE		0.32	---	0.50	0.00	---	---	---	0.00	---	
											
Price of Fuel	
											
N		37	4	21	15	30	9	1	4	0	
Mean		2.43	2.00	1.81	2.00	2.37	2.67	2.00	1.75	---	
SD		0.99	1.41	0.87	1.13	1.16	1.00	---	0.50	---	
SE		0.16	0.71	0.19	0.29	0.21	0.33	---	0.25	---	
		c		af			c				

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

125

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
														
Inflation	
														
N		98		12	3	21	10	7	2	14	8	10	11	
Mean		2.67		2.33	3.00	2.48	3.20	2.29	3.00	2.57	3.13	3.10	2.45	
SD		1.00		1.07	1.00	0.98	0.92	0.95	0.00	1.09	0.99	0.88	1.04	
SE		0.10		0.31	0.58	0.21	0.29	0.36	0.00	0.29	0.35	0.28	0.31	
														
Increased interest rates	
														
N		128		16	9	18	12	7	1	31	7	6	19	
Mean		2.45		2.69	2.11	2.61	2.50	2.86	4.00	2.19	1.71	3.50	2.26	
SD		1.09		1.01	1.45	0.98	0.80	1.21	---	1.11	1.11	0.55	1.05	
SE		0.10		0.25	0.48	0.23	0.23	0.46	---	0.20	0.42	0.22	0.24	
					i	i	i			I	I	bcdGHj	i	
														
Salaries and Wages	
														
N		103		11	2	19	7	3	7	13	10	11	20	
Mean		3.00		3.18	2.50	3.21	3.29	3.00	2.71	3.38	2.50	2.27	3.15	
SD		0.79		0.75	0.71	0.71	0.49	1.00	0.49	0.65	0.53	0.65	0.99	
SE		0.08		0.23	0.50	0.16	0.18	0.58	0.18	0.18	0.17	0.19	0.22	
				hI		hI	fHI		dg	fHI	acDG	ACDGj	i	

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

126

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Inflation	
														
N		13	19	17	9	22	15		36	11	35	4	3	
Mean		3.31	2.21	2.47	3.00	2.82	2.67		2.67	2.18	2.71	2.50	3.33	
SD		0.63	1.03	0.87	1.22	0.85	1.18		1.01	0.98	0.99	1.29	0.58	
SE		0.17	0.24	0.21	0.41	0.18	0.30		0.17	0.30	0.17	0.65	0.33	
		BC	Ae	A		b								
														
Increased interest rates	
														
N		12	15	38	13	23	26		46	14	54	2	3	
Mean		1.92	2.40	2.45	2.54	2.57	2.50		2.35	2.79	2.41	2.50	3.00	
SD		1.16	1.30	1.13	1.05	1.08	0.91		0.90	1.19	1.21	0.71	1.73	
SE		0.34	0.34	0.18	0.29	0.23	0.18		0.13	0.32	0.16	0.50	1.00	
														
Salaries and Wages	
														
N		16	26	29	4	14	14		29	19	33	5	11	
Mean		2.88	3.04	2.97	2.75	3.14	3.07		3.14	2.74	3.09	2.60	2.82	
SD		0.81	0.82	0.91	0.50	0.77	0.62		0.74	0.73	0.80	1.14	0.75	
SE		0.20	0.16	0.17	0.25	0.21	0.16		0.14	0.17	0.14	0.51	0.23	

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

127

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Inflation	
														
N		13	15	11	13	3	6	23		37	33	18	9	
Mean		3.00	2.67	2.09	2.54	2.33	2.67	2.65		2.65	2.55	2.72	3.33	
SD		0.91	0.98	1.04	0.97	0.58	1.21	1.11		0.98	0.97	1.07	0.87	
SE		0.25	0.25	0.31	0.27	0.33	0.49	0.23		0.16	0.17	0.25	0.29	
		c		a							d		b	
														
Increased interest rates	
														
N		15	21	14	16	9	8	32		61	37	17	12	
Mean		1.93	2.52	2.29	2.69	2.56	2.63	2.53		2.26	2.38	2.88	3.00	
SD		1.22	1.21	1.14	1.08	1.13	0.74	1.02		1.11	1.06	1.05	0.95	
SE		0.32	0.26	0.30	0.27	0.38	0.26	0.18		0.14	0.17	0.26	0.28	
										cd		a	a	
														
Salaries and Wages	
														
N		13	27	8	14	6	3	22		39	38	11	14	
Mean		2.46	3.26	3.13	3.00	3.17	2.67	3.09		2.85	3.16	2.91	3.07	
SD		0.52	0.81	0.64	0.78	1.17	1.15	0.61		0.84	0.86	0.70	0.47	
SE		0.14	0.16	0.23	0.21	0.48	0.67	0.13		0.14	0.14	0.21	0.13	
		BcdG	A	a	a			A						

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

128

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Inflation	
											
N		27	3	25	11	14	10	1	5	1	
Mean		2.59	2.67	2.64	2.27	2.79	2.80	4.00	3.00	4.00	
SD		0.93	1.15	0.99	1.10	1.12	0.92	---	1.22	---	
SE		0.18	0.67	0.20	0.33	0.30	0.29	---	0.55	---	
											
Increased interest rates	
											
N		36	3	19	20	26	17	0	6	0	
Mean		2.17	2.33	2.53	2.65	2.42	2.59	---	3.17	---	
SD		1.06	1.53	1.12	1.14	0.95	1.18	---	1.17	---	
SE		0.18	0.88	0.26	0.25	0.19	0.29	---	0.48	---	
		h							a		
											
Salaries and Wages	
											
N		30	4	13	17	17	19	0	2	0	
Mean		3.17	2.75	3.08	2.88	2.76	3.00	---	3.00	---	
SD		0.75	0.50	0.76	0.86	0.97	0.75	---	0.00	---	
SE		0.14	0.25	0.21	0.21	0.24	0.17	---	0.00	---	

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

129

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
														
Health Care Costs	
														
N		202		25	8	45	17	8	11	22	19	15	28	
Mean		2.67		2.48	3.13	2.71	2.71	2.75	3.00	3.14	2.42	2.27	2.54	
SD		1.07		0.96	0.99	1.06	1.10	1.28	0.89	0.99	1.07	1.28	1.07	
SE		0.08		0.19	0.35	0.16	0.27	0.45	0.27	0.21	0.25	0.33	0.20	
				g						ahij	g	g	g	
														
Competition	
														
N		171		18	8	32	10	12	14	24	15	16	22	
Mean		1.99		1.50	2.25	2.09	2.10	2.17	1.57	1.79	2.33	1.88	2.32	
SD		1.06		0.86	1.28	1.03	0.88	1.11	0.76	1.02	1.18	1.02	1.25	
SE		0.08		0.20	0.45	0.18	0.28	0.32	0.20	0.21	0.30	0.26	0.27	
				chj		a			h		af		a	
														
Other	
														
N		85		3	2	22	5	6	10	8	7	8	12	
Mean		2.12		2.33	3.50	1.91	3.60	1.50	1.70	2.38	2.29	2.25	1.75	
SD		1.17		1.53	0.71	1.15	0.89	0.84	0.95	1.06	1.60	1.28	0.75	
SE		0.13		0.88	0.50	0.25	0.40	0.34	0.30	0.37	0.61	0.45	0.22	
					efJ	D	CEFJ	bD	bD				BD	

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

130

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Health Care Costs	
														
N		22	37	48	19	44	30		65	28	81	6	11	
Mean		2.77	2.51	2.65	2.74	2.64	2.90		2.94	2.75	2.56	2.17	2.18	
SD		1.07	1.04	1.10	0.99	1.10	1.06		1.04	0.70	1.10	1.17	1.25	
SE		0.23	0.17	0.16	0.23	0.17	0.19		0.13	0.13	0.12	0.48	0.38	
									ce		a		a	
														
Competition	
														
N		18	27	40	11	41	32		66	31	54	1	4	
Mean		2.50	1.96	2.07	1.91	1.88	1.72		1.83	1.90	2.07	4.00	2.75	
SD		1.10	1.19	1.02	1.04	0.98	0.99		0.97	1.11	1.08	---	0.96	
SE		0.26	0.23	0.16	0.31	0.15	0.18		0.12	0.20	0.15	---	0.48	
		ef				a	a							
														
Other	
														
N		8	9	21	3	26	15		34	14	27	1	2	
Mean		1.50	1.89	2.14	1.67	2.19	2.60		2.18	2.14	1.93	4.00	1.00	
SD		0.76	1.27	1.28	0.58	1.17	1.18		1.17	1.10	1.17	---	0.00	
SE		0.27	0.42	0.28	0.33	0.23	0.31		0.20	0.29	0.23	---	0.00	
		f					a							

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

131

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Health Care Costs	
														
N		24	30	21	29	13	17	47		77	77	27	19	
Mean		2.79	2.43	2.33	3.00	2.69	2.47	2.79		2.61	2.51	2.81	3.21	
SD		1.10	1.10	1.15	0.89	0.85	1.01	1.10		1.09	1.06	1.00	0.92	
SE		0.23	0.20	0.25	0.16	0.24	0.24	0.16		0.12	0.12	0.19	0.21	
			d	d	bc					d	D		aB	
														
Competition	
														
N		16	26	8	24	12	16	46		52	69	30	19	
Mean		2.38	1.92	2.75	1.83	2.58	2.06	1.72		2.15	2.00	1.80	1.79	
SD		1.20	0.89	1.16	1.05	1.31	1.12	0.93		1.07	1.08	1.00	1.03	
SE		0.30	0.17	0.41	0.21	0.38	0.28	0.14		0.15	0.13	0.18	0.24	
		g	c	bdG	c	g		aCe						
														
Other	
														
N		9	12	5	9	8	11	22		24	33	17	11	
Mean		1.89	1.92	2.60	1.44	2.63	1.91	2.41		2.46	2.06	1.76	2.09	
SD		1.27	1.24	1.52	0.73	1.41	0.94	1.10		1.41	1.06	0.97	1.14	
SE		0.42	0.36	0.68	0.24	0.50	0.28	0.23		0.29	0.18	0.24	0.34	
					eg	d		d						

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

132

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)  

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Health Care Costs	
											
N		56	9	42	25	36	26	0	5	1	
Mean		2.84	2.56	2.57	2.52	2.67	2.50	---	3.40	3.00	
SD		1.06	1.13	1.15	0.96	1.07	1.14	---	0.55	---	
SE		0.14	0.38	0.18	0.19	0.18	0.22	---	0.24	---	
											
Competition	
											
N		48	6	34	21	27	26	0	6	0	
Mean		1.94	1.50	2.09	1.95	2.19	1.85	---	2.00	---	
SD		1.08	1.22	1.11	1.02	1.08	1.01	---	1.10	---	
SE		0.16	0.50	0.19	0.22	0.21	0.20	---	0.45	---	
											
Other	
											
N		27	1	20	7	15	10	0	2	1	
Mean		2.15	2.00	2.10	2.00	1.80	2.90	---	1.00	1.00	
SD		1.20	---	1.12	1.15	1.01	1.29	---	0.00	---	
SE		0.23	---	0.25	0.44	0.26	0.41	---	0.00	---	
						f	e				

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

133

Duke CFO Outlook Survey - 4th Quarter, 2004

8. Fuel costs have risen considerably in 2004.  Has your company implemented strategies to reduce your level of fuel consumption? (e.g., changes to fleet vehicles, etc.)

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
No		244		28	9	44	18	16	17	41	20	16	31	
		80.5%		80.0%	81.8%	67.7%	69.2%	88.9%	100.0%	93.2%	90.9%	76.2%	77.5%	
						FGh	fG		Cdij	CDj	c	f	fg	
														
Yes		59		7	2	21	8	2	0	3	2	5	9	
		19.5%		20.0%	18.2%	32.3%	30.8%	11.1%	0.0%	6.8%	9.1%	23.8%	22.5%	
						FGh	fG		Cdij	CDj	c	f	fg	

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

134

Duke CFO Outlook Survey - 4th Quarter, 2004

8. Fuel costs have risen considerably in 2004.  Has your company implemented strategies to reduce your level of fuel consumption? (e.g., changes to fleet vehicles, etc.)

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
No		27	40	67	20	52	35		81	34	93	4	9	
		93.1%	83.3%	89.3%	80.0%	75.4%	67.3%		75.0%	82.9%	83.0%	66.7%	81.8%	
		ef		eF		ac	aC							
														
Yes		2	8	8	5	17	17		27	7	19	2	2	
		6.9%	16.7%	10.7%	20.0%	24.6%	32.7%		25.0%	17.1%	17.0%	33.3%	18.2%	
		ef		eF		ac	aC							

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

135

Duke CFO Outlook Survey - 4th Quarter, 2004

8. Fuel costs have risen considerably in 2004.  Has your company implemented strategies to reduce your level of fuel consumption? (e.g., changes to fleet vehicles, etc.)

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
No		30	42	19	35	15	21	50		88	87	38	29	
		100.0%	85.7%	76.0%	87.5%	71.4%	75.0%	66.7%		87.1%	77.7%	76.0%	78.4%	
		bCdEFG	ag	A	ag	A	A	Abd						
														
Yes		0	7	6	5	6	7	25		13	25	12	8	
		0.0%	14.3%	24.0%	12.5%	28.6%	25.0%	33.3%		12.9%	22.3%	24.0%	21.6%	
		bCdEFG	ag	A	ag	A	A	Abd						

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

136

Duke CFO Outlook Survey - 4th Quarter, 2004

8. Fuel costs have risen considerably in 2004.  Has your company implemented strategies to reduce your level of fuel consumption? (e.g., changes to fleet vehicles, etc.)

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
No		70	10	44	32	40	34	1	7	1	
		77.8%	90.9%	75.9%	86.5%	80.0%	87.2%	100.0%	63.6%	100.0%	
											
Yes		20	1	14	5	10	5	0	4	0	
		22.2%	9.1%	24.1%	13.5%	20.0%	12.8%	0.0%	36.4%	0.0%	

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

137

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
U.S. Dollar's Weakness	
														
N		60		4	3	17	3	2	1	9	6	4	9	
Mean		2.65		2.00	3.33	2.88	4.00	1.50	2.00	2.11	2.33	3.00	2.78	
SD		1.19		1.41	1.15	1.05	0.00	0.71	---	0.93	1.51	1.15	1.30	
SE		0.15		0.71	0.67	0.26	0.00	0.50	---	0.31	0.61	0.58	0.43	
														
High Oil Prices	
														
N		64		6	2	11	10	4	0	4	7	6	11	
Mean		2.48		2.67	2.50	2.00	1.90	3.75	---	2.25	2.57	3.17	2.73	
SD		1.13		1.03	0.71	1.18	0.88	0.50	---	1.26	1.27	1.17	1.10	
SE		0.14		0.42	0.50	0.36	0.28	0.25	---	0.63	0.48	0.48	0.33	
						e	Ei	cD				d		
														
Job Market	
														
N		79		11	4	12	5	8	8	12	8	4	7	
Mean		2.44		3.00	2.50	2.17	2.00	1.88	2.62	2.67	2.25	3.25	2.14	
SD		1.07		1.10	0.58	0.94	1.00	1.13	1.41	1.07	1.04	0.50	1.07	
SE		0.12		0.33	0.29	0.27	0.45	0.40	0.50	0.31	0.37	0.25	0.40	
				e		i		ai				ce		

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

138

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
U.S. Dollar's Weakness	
														
N		8	7	18	5	11	11		21	9	21	1	3	
Mean		2.75	2.71	2.61	2.20	2.91	2.55		2.71	2.56	2.81	1.00	2.00	
SD		0.89	1.38	1.38	1.30	0.94	1.29		1.23	0.88	1.21	---	1.73	
SE		0.31	0.52	0.32	0.58	0.28	0.39		0.27	0.29	0.26	---	1.00	
														
High Oil Prices	
														
N		6	9	21	4	11	12		21	3	31	1	6	
Mean		2.17	2.56	2.81	1.75	2.27	2.50		2.57	2.00	2.52	2.00	2.50	
SD		1.33	1.01	1.08	0.50	1.19	1.31		1.21	1.00	1.18	---	1.05	
SE		0.54	0.34	0.24	0.25	0.36	0.38		0.26	0.58	0.21	---	0.43	
														
Job Market	
														
N		10	11	17	7	22	12		34	16	22	1	0	
Mean		2.70	2.45	2.35	2.86	2.36	2.25		2.29	2.88	2.50	2.00	---	
SD		1.16	1.37	1.00	0.69	1.09	1.06		1.03	1.09	1.14	---	---	
SE		0.37	0.41	0.24	0.26	0.23	0.30		0.18	0.27	0.24	---	---	

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

139

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
U.S. Dollar's Weakness	
														
N		9	6	7	10	4	7	11		17	29	9	3	
Mean		2.78	3.17	1.43	3.10	3.25	2.29	2.55		3.12	2.55	2.00	2.67	
SD		1.09	0.98	1.13	1.20	0.96	0.76	1.29		1.22	1.15	1.00	1.53	
SE		0.36	0.40	0.43	0.38	0.48	0.29	0.39		0.30	0.21	0.33	0.88	
		c	c	abde	c	c				c		a		
														
High Oil Prices	
														
N		7	8	9	9	3	6	17		22	23	11	6	
Mean		2.86	2.38	2.11	3.00	3.00	2.17	2.24		2.50	2.22	2.82	2.50	
SD		0.90	1.30	0.60	1.32	1.00	1.17	1.20		1.14	1.09	1.40	0.55	
SE		0.34	0.46	0.20	0.44	0.58	0.48	0.29		0.24	0.23	0.42	0.22	
														
Job Market	
														
N		11	10	4	12	4	3	22		25	25	16	13	
Mean		2.55	2.70	2.25	2.17	1.75	2.67	2.64		2.44	2.52	2.13	2.69	
SD		1.37	1.16	1.26	0.94	0.96	1.53	1.00		1.04	1.16	1.02	1.03	
SE		0.41	0.37	0.63	0.27	0.48	0.88	0.21		0.21	0.23	0.26	0.29	

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

140

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
U.S. Dollar's Weakness	
											
N		19	1	15	4	8	10	0	3	0	
Mean		2.21	2.00	2.80	3.25	3.13	2.90	---	2.00	---	
SD		1.18	---	1.08	0.96	1.13	1.29	---	1.73	---	
SE		0.27	---	0.28	0.48	0.40	0.41	---	1.00	---	
											
High Oil Prices	
											
N		21	3	9	4	12	7	1	5	0	
Mean		2.67	3.00	2.22	1.50	2.08	2.86	2.00	2.60	---	
SD		1.24	1.00	1.09	0.58	1.24	0.69	---	0.89	---	
SE		0.27	0.58	0.36	0.29	0.36	0.26	---	0.40	---	
					F		D				
											
Job Market	
											
N		27	2	11	10	10	9	1	4	1	
Mean		2.70	2.00	2.36	2.10	2.40	2.56	3.00	2.25	2.00	
SD		0.99	0.00	1.29	0.88	1.17	1.42	---	0.96	---	
SE		0.19	0.00	0.39	0.28	0.37	0.47	---	0.48	---	

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

141

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
														
Trade Deficit	
														
N		63		3	4	22	2	7	5	11	1	4	3	
Mean		2.62		3.33	3.50	2.68	2.50	2.43	2.20	2.45	2.00	2.75	1.67	
SD		1.08		1.15	0.58	1.09	2.12	0.98	1.30	0.93	---	1.26	1.15	
SE		0.14		0.67	0.29	0.23	1.50	0.37	0.58	0.28	---	0.63	0.67	
					j								b	
														
Improving Relations with Allies	
														
N		68		4	1	14	13	2	4	15	4	3	8	
Mean		2.71		2.00	4.00	2.50	3.00	3.50	2.75	2.53	3.25	2.33	2.75	
SD		1.15		1.41	---	1.16	1.29	0.71	1.26	1.25	0.50	0.58	1.04	
SE		0.14		0.71	---	0.31	0.36	0.50	0.63	0.32	0.25	0.33	0.37	
														
Reducing the rich/poor gap	
														
N		27		1	1	5	3	0	3	5	2	2	5	
Mean		3.30		4.00	4.00	2.60	3.00	---	3.67	3.40	2.50	4.00	3.60	
SD		0.87		---	---	1.14	1.00	---	0.58	0.89	0.71	0.00	0.55	
SE		0.17		---	---	0.51	0.58	---	0.33	0.40	0.50	0.00	0.24	

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

142

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Trade Deficit	
														
N		4	6	18	8	13	12		25	9	21	0	0	
Mean		2.50	2.83	2.61	2.75	2.77	2.17		2.32	2.44	2.95	---	---	
SD		1.29	1.17	0.85	1.04	1.30	1.19		1.11	0.88	1.12	---	---	
SE		0.65	0.48	0.20	0.37	0.36	0.34		0.22	0.29	0.24	---	---	
														
Improving Relations with Allies	
														
N		4	13	13	8	13	17		27	8	23	1	2	
Mean		2.25	2.77	2.46	3.25	2.77	2.65		2.67	2.38	2.74	3.00	2.50	
SD		0.96	1.24	1.05	1.16	1.24	1.17		1.11	1.30	1.25	---	0.71	
SE		0.48	0.34	0.29	0.41	0.34	0.28		0.21	0.46	0.26	---	0.50	
														
Reducing the rich/poor gap	
														
N		2	5	9	1	5	5		9	3	9	0	1	
Mean		2.50	4.00	3.11	3.00	3.60	3.00		3.22	3.67	3.00	---	3.00	
SD		0.71	0.00	1.05	---	0.55	1.00		0.83	0.58	1.12	---	---	
SE		0.50	0.00	0.35	---	0.24	0.45		0.28	0.33	0.37	---	---	

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

143

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Trade Deficit	
														
N		2	10	6	12	4	7	14		16	20	11	16	
Mean		3.00	2.50	3.17	2.33	2.50	2.71	2.29		3.13	2.40	2.55	2.44	
SD		1.41	0.97	0.75	0.89	1.29	1.38	1.33		0.96	1.05	1.21	1.09	
SE		1.00	0.31	0.31	0.26	0.65	0.52	0.35		0.24	0.23	0.37	0.27	
										b	a			
														
Improving Relations with Allies	
														
N		5	9	7	10	2	6	21		13	28	12	14	
Mean		2.40	2.56	2.57	2.80	2.50	2.00	2.95		2.38	2.93	2.67	2.50	
SD		1.34	1.24	1.27	1.03	2.12	1.26	1.07		1.19	1.15	1.07	1.16	
SE		0.60	0.41	0.48	0.33	1.50	0.52	0.23		0.33	0.22	0.31	0.31	
														
Reducing the rich/poor gap	
														
N		3	5	2	5	2	1	6		4	9	9	5	
Mean		3.00	3.80	3.50	2.60	3.50	4.00	3.00		3.25	3.44	3.11	3.40	
SD		1.00	0.45	0.71	1.14	0.71	---	0.89		0.96	1.01	0.78	0.89	
SE		0.58	0.20	0.50	0.51	0.50	---	0.37		0.48	0.34	0.26	0.40	

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

144

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Trade Deficit	
											
N		19	4	11	5	7	10	0	6	0	
Mean		2.58	3.50	2.36	3.00	2.86	2.80	---	2.00	---	
SD		1.07	1.00	1.29	1.41	0.69	0.92	---	0.89	---	
SE		0.25	0.50	0.39	0.63	0.26	0.29	---	0.37	---	
			h						b		
											
Improving Relations with Allies	
											
N		19	1	12	9	9	8	1	6	1	
Mean		3.00	4.00	2.42	3.11	2.33	2.13	4.00	2.17	3.00	
SD		1.00	---	1.16	1.17	1.22	1.25	---	0.98	---	
SE		0.23	---	0.34	0.39	0.41	0.44	---	0.40	---	
											
Reducing the rich/poor gap	
											
N		11	1	2	4	3	2	0	3	0	
Mean		3.09	4.00	4.00	3.75	2.67	4.00	---	3.00	---	
SD		1.04	---	0.00	0.50	0.58	0.00	---	1.00	---	
SE		0.31	---	0.00	0.25	0.33	0.00	---	0.58	---	
					e	d					

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

145

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
														
Tax-Code Reforms	
														
N		113		13	6	21	11	5	8	15	10	9	14	
Mean		2.73		2.69	2.00	2.81	2.91	2.60	2.50	2.67	3.00	2.56	3.07	
SD		1.07		1.03	1.10	0.98	1.04	1.14	1.31	0.98	1.05	1.24	1.14	
SE		0.10		0.29	0.45	0.21	0.31	0.51	0.46	0.25	0.33	0.41	0.30	
														
Health Care	
														
N		122		21	2	23	11	7	5	15	11	9	16	
Mean		2.82		3.14	2.50	3.13	2.45	2.71	3.00	3.00	2.64	2.44	2.44	
SD		0.98		1.01	0.71	0.87	0.93	1.38	1.22	0.93	0.92	1.13	0.81	
SE		0.09		0.22	0.50	0.18	0.28	0.52	0.55	0.24	0.28	0.38	0.20	
				j		dj	c						ac	
														
Situation in Iraq	
														
N		200		27	5	43	13	12	10	29	13	16	31	
Mean		2.02		1.74	1.80	2.19	1.77	2.33	2.20	2.38	1.77	1.31	2.06	
SD		1.13		0.86	1.30	1.14	1.30	1.07	1.14	1.29	1.01	0.70	1.18	
SE		0.08		0.17	0.58	0.17	0.36	0.31	0.36	0.24	0.28	0.18	0.21	
				g		I		I	i	aI		CEfGj	i	

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

146

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Tax-Code Reforms	
														
N		13	18	24	4	30	22		48	13	39	4	4	
Mean		3.15	2.44	2.88	2.75	2.67	2.73		2.83	2.31	2.69	4.00	2.25	
SD		1.07	1.20	0.80	1.50	1.18	0.98		0.97	1.25	1.03	0.00	1.26	
SE		0.30	0.28	0.16	0.75	0.22	0.21		0.14	0.35	0.16	0.00	0.63	
														
Health Care	
														
N		11	19	30	11	28	21		36	16	53	2	7	
Mean		2.64	2.63	2.93	2.73	2.82	3.00		3.00	2.69	2.87	1.00	2.14	
SD		0.81	0.96	1.11	1.10	1.02	0.84		0.86	1.08	0.96	0.00	0.90	
SE		0.24	0.22	0.20	0.33	0.19	0.18		0.14	0.27	0.13	0.00	0.34	
									e				a	
														
Situation in Iraq	
														
N		16	36	57	17	42	29		67	33	74	5	7	
Mean		2.13	1.78	1.89	2.12	2.19	2.24		2.07	2.12	1.99	2.40	1.71	
SD		1.36	0.96	1.10	1.27	1.04	1.33		1.17	1.19	1.14	1.14	1.11	
SE		0.34	0.16	0.15	0.31	0.16	0.25		0.14	0.21	0.13	0.51	0.42	

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

147

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Tax-Code Reforms	
														
N		13	21	12	6	8	14	30		41	44	17	10	
Mean		2.85	3.05	3.00	2.67	2.75	2.36	2.73		2.66	2.82	3.12	2.10	
SD		0.99	1.07	0.95	1.03	1.28	1.08	1.08		1.11	1.06	0.86	0.99	
SE		0.27	0.23	0.28	0.42	0.45	0.29	0.20		0.17	0.16	0.21	0.31	
												D	C	
														
Health Care	
														
N		11	17	17	16	6	11	32		42	45	22	13	
Mean		2.64	2.65	3.00	3.31	2.83	2.91	2.66		2.76	2.73	3.05	2.92	
SD		1.12	1.06	1.00	0.79	0.98	0.94	0.94		1.08	0.89	0.95	1.04	
SE		0.34	0.26	0.24	0.20	0.40	0.28	0.17		0.17	0.13	0.20	0.29	
					g			d						
														
Situation in Iraq	
														
N		19	38	17	29	16	17	42		68	71	32	27	
Mean		2.05	1.92	1.76	2.00	2.06	2.24	2.24		1.84	2.13	1.97	2.22	
SD		1.27	1.05	1.09	1.16	1.18	1.15	1.23		1.02	1.21	1.12	1.25	
SE		0.29	0.17	0.26	0.22	0.30	0.28	0.19		0.12	0.14	0.20	0.24	

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

148

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Tax-Code Reforms	
											
N		32	2	18	19	26	12	0	4	0	
Mean		2.84	2.50	2.78	2.74	2.96	2.08	---	2.00	---	
SD		0.92	0.71	1.17	1.19	1.04	1.16	---	0.82	---	
SE		0.16	0.50	0.27	0.27	0.20	0.34	---	0.41	---	
		f				f	ae				
											
Health Care	
											
N		37	7	29	14	15	12	0	4	0	
Mean		2.65	3.14	3.03	2.50	2.87	3.17	---	2.50	---	
SD		1.03	1.07	0.94	0.94	0.99	0.83	---	1.00	---	
SE		0.17	0.40	0.18	0.25	0.26	0.24	---	0.50	---	
											
Situation in Iraq	
											
N		64	6	37	23	29	30	0	8	1	
Mean		2.11	1.83	1.95	1.78	1.97	1.93	---	2.88	4.00	
SD		1.18	1.33	1.00	1.09	1.18	1.05	---	1.36	---	
SE		0.15	0.54	0.16	0.23	0.22	0.19	---	0.48	---	
				h	h		h		cdf		

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

149

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
														
Social Security Reform	
														
N		116		13	5	23	9	8	5	21	6	10	15	
Mean		2.85		3.08	3.20	2.96	2.78	3.25	2.40	2.38	3.00	2.80	3.07	
SD		0.92		0.76	0.45	0.93	0.67	0.71	0.89	1.16	0.89	0.92	0.88	
SE		0.09		0.21	0.20	0.19	0.22	0.25	0.40	0.25	0.37	0.29	0.23	
														
Budget Deficit	
														
N		210		26	5	45	19	13	13	29	19	11	28	
Mean		2.24		2.38	1.20	2.13	2.26	2.23	2.15	2.03	2.47	2.64	2.43	
SD		1.08		1.06	0.45	1.18	0.99	1.17	0.80	0.98	1.26	1.03	1.10	
SE		0.07		0.21	0.20	0.18	0.23	0.32	0.22	0.18	0.29	0.31	0.21	
				b	adfhij		b		b		b	b	b	
														
Homeland Security	
														
N		110		15	6	23	9	4	5	14	8	6	17	
Mean		2.30		2.07	2.50	2.35	2.11	1.75	2.60	2.36	2.38	2.83	2.06	
SD		1.09		1.16	1.38	1.11	0.93	0.50	1.34	1.08	1.19	0.98	1.09	
SE		0.10		0.30	0.56	0.23	0.31	0.25	0.60	0.29	0.42	0.40	0.26	

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

150

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Social Security Reform	
														
N		9	20	29	8	28	20		45	13	38	4	6	
Mean		3.00	2.90	2.86	2.63	2.93	2.65		2.89	2.85	2.71	2.75	3.33	
SD		1.00	0.91	1.03	0.74	0.90	0.88		0.91	0.99	0.87	1.26	0.82	
SE		0.33	0.20	0.19	0.26	0.17	0.20		0.14	0.27	0.14	0.63	0.33	
														
Budget Deficit	
														
N		21	36	52	18	45	34		70	30	77	2	9	
Mean		1.90	2.61	2.35	2.33	2.16	1.97		2.11	2.33	2.19	2.50	2.89	
SD		0.89	1.08	1.10	1.24	1.11	0.94		1.04	1.12	1.08	0.71	1.05	
SE		0.19	0.18	0.15	0.29	0.17	0.16		0.12	0.21	0.12	0.50	0.35	
		b	af				b		e				a	
														
Homeland Security	
														
N		10	20	24	9	28	15		39	11	46	3	3	
Mean		2.50	2.35	2.13	2.33	2.18	2.33		2.00	2.91	2.43	2.33	3.00	
SD		1.27	1.04	1.08	1.12	1.09	1.11		1.08	1.04	1.07	1.15	1.73	
SE		0.40	0.23	0.22	0.37	0.21	0.29		0.17	0.31	0.16	0.67	1.00	
									b	a				

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

151

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Social Security Reform	
														
N		11	18	9	10	10	12	32		42	42	20	11	
Mean		2.64	2.67	2.78	3.20	2.70	2.92	2.88		2.86	2.93	2.55	3.18	
SD		0.92	0.91	0.83	1.03	0.95	1.16	0.79		1.00	0.87	0.89	0.75	
SE		0.28	0.21	0.28	0.33	0.30	0.34	0.14		0.15	0.13	0.20	0.23	
														
Budget Deficit	
														
N		20	35	14	32	16	17	48		68	77	38	27	
Mean		2.05	2.23	2.36	2.09	2.75	2.53	1.92		2.41	2.23	2.16	1.93	
SD		1.00	1.14	1.08	0.96	1.06	1.12	1.03		1.07	1.10	1.10	1.00	
SE		0.22	0.19	0.29	0.17	0.27	0.27	0.15		0.13	0.13	0.18	0.19	
					e	dG	g	Ef		d			a	
														
Homeland Security	
														
N		12	18	12	9	9	11	27		45	38	13	11	
Mean		2.58	2.56	2.17	2.56	1.78	2.45	2.33		2.44	2.21	2.08	2.45	
SD		1.16	1.04	1.11	1.13	0.97	1.21	1.14		1.10	1.09	0.95	1.21	
SE		0.34	0.25	0.32	0.38	0.32	0.37	0.22		0.16	0.18	0.26	0.37	

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

152

Duke CFO Outlook Survey - 4th Quarter, 2004

9. Here is a list of issues that President Bush faces in his second term. Please rank the top four in terms of what you think should get the most attention. (rank #1, #2, #3, #4) 

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Social Security Reform	
											
N		23	3	25	19	24	16	0	6	0	
Mean		2.70	2.33	2.84	2.89	2.92	3.19	---	2.50	---	
SD		0.97	1.53	0.85	0.88	0.88	0.91	---	1.05	---	
SE		0.20	0.88	0.17	0.20	0.18	0.23	---	0.43	---	
											
Budget Deficit	
											
N		57	10	43	24	31	31	1	8	1	
Mean		2.32	1.80	2.40	2.17	2.45	2.16	1.00	1.38	1.00	
SD		1.05	0.92	1.18	1.13	1.09	1.04	---	0.52	---	
SE		0.14	0.29	0.18	0.23	0.20	0.19	---	0.18	---	
		h		h		h	h		acef		
											
Homeland Security	
											
N		32	4	20	13	22	16	0	3	0	
Mean		2.16	2.50	2.25	2.77	2.05	2.63	---	2.00	---	
SD		1.19	0.58	1.12	0.93	1.13	0.96	---	1.00	---	
SE		0.21	0.29	0.25	0.26	0.24	0.24	---	0.58	---	

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

153

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
10a. On a scale of 0 to 100, how do you rank the negative impact that the threat of terrorism is having on your business? (0 means no impact, 100 means maximum negative impact from threat of terrorism.)	
														
N		304		36	11	64	26	18	17	42	24	21	41	
Mean		19.38		14.53	11.64	13.61	32.50	19.72	22.65	23.86	27.08	13.81	17.98	
SD		20.73		16.56	9.72	13.21	24.95	20.03	24.88	23.94	24.18	17.10	21.32	
SE		1.19		2.76	2.93	1.65	4.89	4.72	6.03	3.69	4.94	3.73	3.33	
				Dh	d	DfGH	AbCIj		c	C	aCi	Dh	d	
														
10b. What is the “cut-off” negative impact that would cause the threat of terrorism to have a significant negative effect on your bottom line?    [If your answer in 10a is greater than this number, it means that the threat of terrorism is significantly affecting your bottom line.]	
														
N		293		36	10	60	25	16	17	42	23	20	40	
Mean		36.43		28.61	27.50	35.18	45.20	35.44	32.65	39.79	48.91	31.00	34.50	
SD		26.23		23.20	23.83	23.57	26.48	30.04	24.94	26.71	26.02	31.10	26.86	
SE		1.53		3.87	7.54	3.04	5.30	7.51	6.05	4.12	5.43	6.95	4.25	
				dH	h	h	a				Abcij	h	h	
														
Negative impact minus cut-off negative impact.	
														
N		293		36	10	60	25	16	17	42	23	20	40	
Mean		-16.60		-14.08	-15.70	-21.00	-13.40	-13.25	-10.00	-15.93	-20.65	-16.50	-16.08	
SD		24.23		22.99	21.22	18.99	23.31	23.95	27.50	28.08	24.23	25.96	27.38	
SE		1.42		3.83	6.71	2.45	4.66	5.99	6.67	4.33	5.05	5.80	4.33	

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

154

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
10a. On a scale of 0 to 100, how do you rank the negative impact that the threat of terrorism is having on your business? (0 means no impact, 100 means maximum negative impact from threat of terrorism.)	
														
N		30	50	76	25	69	49		106	41	114	6	12	
Mean		17.40	15.76	20.07	18.48	20.68	21.98		21.13	14.98	19.04	25.83	18.08	
SD		22.61	16.14	23.50	21.28	20.46	19.93		20.83	18.28	21.25	19.85	24.32	
SE		4.13	2.28	2.70	4.26	2.46	2.85		2.02	2.85	1.99	8.11	7.02	
														
10b. What is the “cut-off” negative impact that would cause the threat of terrorism to have a significant negative effect on your bottom line?    [If your answer in 10a is greater than this number, it means that the threat of terrorism is significantly affecting your bottom line.]	
														
N		29	49	71	25	67	48		103	40	110	6	12	
Mean		40.66	32.86	36.00	34.08	34.93	39.31		36.14	33.25	37.11	39.17	37.08	
SD		30.91	24.75	27.27	26.59	24.03	26.23		26.03	27.12	25.60	29.40	35.38	
SE		5.74	3.54	3.24	5.32	2.94	3.79		2.56	4.29	2.44	12.00	10.21	
														
Negative impact minus cut-off negative impact.	
														
N		29	49	71	25	67	48		103	40	110	6	12	
Mean		-22.66	-16.78	-15.51	-15.60	-13.78	-16.88		-14.58	-17.90	-17.38	-13.33	-19.00	
SD		27.90	19.41	27.49	18.30	24.57	23.30		24.81	20.36	23.85	12.91	36.46	
SE		5.18	2.77	3.26	3.66	3.00	3.36		2.44	3.22	2.27	5.27	10.52	

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

155

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
10a. On a scale of 0 to 100, how do you rank the negative impact that the threat of terrorism is having on your business? (0 means no impact, 100 means maximum negative impact from threat of terrorism.)	
														
N		32	49	27	40	21	28	72		103	112	50	37	
Mean		13.19	20.33	21.19	16.92	21.00	17.43	20.38		16.24	20.61	18.60	24.32	
SD		15.75	23.33	24.21	18.17	28.71	18.88	17.88		19.07	20.80	21.26	23.40	
SE		2.78	3.33	4.66	2.87	6.27	3.57	2.11		1.88	1.97	3.01	3.85	
										d			a	
														
10b. What is the “cut-off” negative impact that would cause the threat of terrorism to have a significant negative effect on your bottom line?    [If your answer in 10a is greater than this number, it means that the threat of terrorism is significantly affecting your bottom line.]	
														
N		31	48	27	36	21	28	69		102	110	45	34	
Mean		38.84	38.33	33.19	37.33	26.43	28.21	39.49		34.83	36.60	37.67	37.35	
SD		29.35	27.08	27.97	26.37	24.19	20.42	25.06		26.37	26.78	22.70	28.79	
SE		5.27	3.91	5.38	4.39	5.28	3.86	3.02		2.61	2.55	3.38	4.94	
						g	g	ef						
														
Negative impact minus cut-off negative impact.	
														
N		31	48	27	36	21	28	69		102	110	45	34	
Mean		-25.23	-17.58	-12.00	-19.08	-5.43	-10.79	-18.38		-18.43	-15.62	-17.00	-13.24	
SD		25.52	25.07	23.96	18.89	31.15	19.35	24.75		24.93	24.12	23.24	24.95	
SE		4.58	3.62	4.61	3.15	6.80	3.66	2.98		2.47	2.30	3.46	4.28	
		cef		a	e	ad	a							

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

156

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
10a. On a scale of 0 to 100, how do you rank the negative impact that the threat of terrorism is having on your business? (0 means no impact, 100 means maximum negative impact from threat of terrorism.)	
											
N		89	11	58	37	50	41	1	11	1	
Mean		18.18	16.36	15.78	15.14	20.86	21.95	90.00	40.00	50.00	
SD		20.51	9.24	17.59	17.96	21.43	21.91	---	26.93	---	
SE		2.17	2.79	2.31	2.95	3.03	3.42	---	8.12	---	
		H	h	H	H	h	h		AbCDef		
											
10b. What is the “cut-off” negative impact that would cause the threat of terrorism to have a significant negative effect on your bottom line?    [If your answer in 10a is greater than this number, it means that the threat of terrorism is significantly affecting your bottom line.]	
											
N		85	11	56	36	49	40	1	9	1	
Mean		32.78	41.36	36.52	35.28	36.80	36.63	30.00	55.56	70.00	
SD		24.95	24.91	24.97	31.24	26.40	26.05	---	25.91	---	
SE		2.71	7.51	3.34	5.21	3.77	4.12	---	8.64	---	
		h		h					ac		
											
Negative impact minus cut-off negative impact.	
											
N		85	11	56	36	49	40	1	9	1	
Mean		-13.98	-25.00	-20.18	-21.11	-15.51	-14.13	60.00	-7.78	-20.00	
SD		24.85	22.80	20.55	20.98	24.81	25.39	---	34.83	---	
SE		2.70	6.88	2.75	3.50	3.54	4.01	---	11.61	---	

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

157

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Threat of terrorism is
significantly affecting		
44		
7	
2	
5	
4	
3	
4	
9	
3	
2	
4	
your bottom line.		14.8%		19.4%	20.0%	8.2%	16.0%	18.8%	23.5%	20.5%	13.0%	10.0%	10.0%	
														
Negative impact and
cut-off negative		
62		
7	
3	
12	
2	
4	
5	
8	
2	
8	
10	
impact are equal		20.9%		19.4%	30.0%	19.7%	8.0%	25.0%	29.4%	18.2%	8.7%	40.0%	25.0%	
							i				i	dh		
														
Threat of terrorism is
not significantly
affecting your bottom		

191		

22	

5	

44	

19	

9	

8	

27	

18	

10	

26	
line.		64.3%		61.1%	50.0%	72.1%	76.0%	56.3%	47.1%	61.4%	78.3%	50.0%	65.0%	
									h		f			

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

158

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Threat of terrorism is
significantly affecting		
3	
5	
12	
2	
14	
8		
20	
3	
15	
1	
3	
your bottom line.		10.3%	10.2%	16.9%	8.0%	20.9%	15.7%		19.0%	7.5%	13.5%	16.7%	25.0%	
														
Negative impact and
cut-off negative		
9	
13	
17	
5	
7	
10		
17	
12	
22	
1	
3	
impact are equal		31.0%	26.5%	23.9%	20.0%	10.4%	19.6%		16.2%	30.0%	19.8%	16.7%	25.0%	
		e	e	e		abc								
														
Threat of terrorism is
not significantly
affecting your bottom		

17	

31	

42	

18	

46	

33		

68	

25	

74	

4	

6	
line.		58.6%	63.3%	59.2%	72.0%	68.7%	64.7%		64.8%	62.5%	66.7%	66.7%	50.0%	

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

159

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Threat of terrorism is
significantly affecting		
3	
6	
6	
4	
4	
6	
11		
17	
16	
6	
5	
your bottom line.		9.7%	12.5%	22.2%	11.1%	19.0%	21.4%	15.3%		16.7%	14.4%	13.0%	14.7%	
														
Negative impact and
cut-off negative		
7	
10	
7	
7	
6	
4	
10		
19	
27	
8	
6	
impact are equal		22.6%	20.8%	25.9%	19.4%	28.6%	14.3%	13.9%		18.6%	24.3%	17.4%	17.6%	
														
Threat of terrorism is
not significantly
affecting your bottom		

21	

32	

14	

25	

11	

18	

51		

66	

68	

32	

23	
line.		67.7%	66.7%	51.9%	69.4%	52.4%	64.3%	70.8%		64.7%	61.3%	69.6%	67.6%	

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

160

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Threat of terrorism is
significantly affecting		
13	
1	
6	
3	
9	
7	
1	
4	
0	
your bottom line.		14.8%	9.1%	10.7%	8.3%	18.4%	17.5%	100.0%	44.4%	0.0%	
		gh	g	Gh	Gh	g	g	abCDef	acd		
											
Negative impact and
cut-off negative		
23	
2	
8	
8	
10	
10	
0	
0	
0	
impact are equal		26.1%	18.2%	14.3%	22.2%	20.4%	25.0%	0.0%	0.0%	0.0%	
											
Threat of terrorism is
not significantly
affecting your bottom		

52	

8	

42	

25	

30	

23	

0	

5	

1	
line.		59.1%	72.7%	75.0%	69.4%	61.2%	57.5%	0.0%	55.6%	100.0%	

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

161

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Industry

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Retail Wholesale		36		36	0	0	0	0	0	0	0	0	0	
		11.9%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mining Construction		11		0	11	0	0	0	0	0	0	0	0	
		3.6%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Manufacturing		65		0	0	65	0	0	0	0	0	0	0	
		21.5%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Transportation		26		0	0	0	26	0	0	0	0	0	0	
Energy		8.6%		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Communications		18		0	0	0	0	18	0	0	0	0	0	
Media		5.9%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Tech Software		17		0	0	0	0	0	17	0	0	0	0	
Biotech		5.6%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	
														
Banking Finance		44		0	0	0	0	0	0	44	0	0	0	
Insur.		14.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
														
Service/Consulting		24		0	0	0	0	0	0	0	24	0	0	
		7.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
														
Healthcare/		21		0	0	0	0	0	0	0	0	21	0	
Pharmaceutical		6.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
														
Other		41		0	0	0	0	0	0	0	0	0	41	
		13.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

162

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Industry

N=308		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	
Govern-
ment	

Nonprofit	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Retail Wholesale		0	6	13	3	11	3		9	6	18	0	0	
		0.0%	12.0%	17.3%	13.0%	15.9%	5.8%		8.4%	14.6%	16.1%	0.0%	0.0%	
														
Mining Construction		1	1	5	1	3	0		3	0	7	0	0	
		3.4%	2.0%	6.7%	4.3%	4.3%	0.0%		2.8%	0.0%	6.3%	0.0%	0.0%	
														
Manufacturing		4	10	17	3	18	12		24	10	22	0	0	
		13.8%	20.0%	22.7%	13.0%	26.1%	23.1%		22.4%	24.4%	19.6%	0.0%	0.0%	
														
Transportation		1	1	3	2	7	12		13	1	10	0	0	
Energy		3.4%	2.0%	4.0%	8.7%	10.1%	23.1%		12.1%	2.4%	8.9%	0.0%	0.0%	
														
Communications		0	3	5	1	5	4		7	3	4	0	0	
Media		0.0%	6.0%	6.7%	4.3%	7.2%	7.7%		6.5%	7.3%	3.6%	0.0%	0.0%	
														
Tech Software		3	3	3	2	5	1		4	9	3	0	0	
Biotech		10.3%	6.0%	4.0%	8.7%	7.2%	1.9%		3.7%	22.0%	2.7%	0.0%	0.0%	
														
Banking Finance		5	6	8	6	9	10		22	3	16	1	1	
Insur.		17.2%	12.0%	10.7%	26.1%	13.0%	19.2%		20.6%	7.3%	14.3%	16.7%	8.3%	
														
Service/Consulting		7	6	3	3	3	2		6	2	11	1	2	
		24.1%	12.0%	4.0%	13.0%	4.3%	3.8%		5.6%	4.9%	9.8%	16.7%	16.7%	
														
Healthcare/		3	1	4	0	4	6		11	2	4	0	4	
Pharmaceutical		10.3%	2.0%	5.3%	0.0%	5.8%	11.5%		10.3%	4.9%	3.6%	0.0%	33.3%	
														
Other		5	13	14	2	4	2		8	5	17	4	5	
		17.2%	26.0%	18.7%	8.7%	5.8%	3.8%		7.5%	12.2%	15.2%	66.7%	41.7%	

163

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Industry

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Retail Wholesale		2	5	7	3	2	5	8		16	14	2	3	
		6.5%	10.2%	25.9%	7.7%	9.5%	18.5%	10.7%		15.7%	12.7%	3.9%	8.1%	
														
Mining Construction		1	2	2	1	0	1	2		9	1	0	1	
		3.2%	4.1%	7.4%	2.6%	0.0%	3.7%	2.7%		8.8%	0.9%	0.0%	2.7%	
														
Manufacturing		3	9	5	11	5	6	19		5	31	17	11	
		9.7%	18.4%	18.5%	28.2%	23.8%	22.2%	25.3%		4.9%	28.2%	33.3%	29.7%	
														
Transportation		2	2	2	1	1	2	13		6	10	3	7	
Energy		6.5%	4.1%	7.4%	2.6%	4.8%	7.4%	17.3%		5.9%	9.1%	5.9%	18.9%	
														
Communications		0	3	0	2	0	2	4		6	4	6	2	
Media		0.0%	6.1%	0.0%	5.1%	0.0%	7.4%	5.3%		5.9%	3.6%	11.8%	5.4%	
														
Tech Software		2	3	0	2	2	4	1		0	4	7	6	
Biotech		6.5%	6.1%	0.0%	5.1%	9.5%	14.8%	1.3%		0.0%	3.6%	13.7%	16.2%	
														
Banking Finance		6	9	2	5	7	1	12		21	13	6	3	
Insur.		19.4%	18.4%	7.4%	12.8%	33.3%	3.7%	16.0%		20.6%	11.8%	11.8%	8.1%	
														
Service/Consulting		8	3	3	2	1	2	3		14	6	2	2	
		25.8%	6.1%	11.1%	5.1%	4.8%	7.4%	4.0%		13.7%	5.5%	3.9%	5.4%	
														
Healthcare/		2	3	1	3	2	3	7		11	4	6	0	
Pharmaceutical		6.5%	6.1%	3.7%	7.7%	9.5%	11.1%	9.3%		10.8%	3.6%	11.8%	0.0%	
														
Other		5	10	5	9	1	1	6		14	23	2	2	
		16.1%	20.4%	18.5%	23.1%	4.8%	3.7%	8.0%		13.7%	20.9%	3.9%	5.4%	

164

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Industry

N=308		Headquarters	
		Northea-
st
US	Mounta-
in
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Retail Wholesale		11	1	9	4	6	5	0	0	0	
		12.1%	10.0%	15.5%	10.8%	12.2%	12.5%	0.0%	0.0%	0.0%	
											
Mining Construction		2	1	0	3	1	3	0	1	0	
		2.2%	10.0%	0.0%	8.1%	2.0%	7.5%	0.0%	9.1%	0.0%	
											
Manufacturing		13	3	29	4	9	5	0	1	0	
		14.3%	30.0%	50.0%	10.8%	18.4%	12.5%	0.0%	9.1%	0.0%	
											
Transportation		5	0	1	4	9	3	1	2	0	
Energy		5.5%	0.0%	1.7%	10.8%	18.4%	7.5%	100.0%	18.2%	0.0%	
											
Communications		4	1	2	0	3	2	0	4	0	
Media		4.4%	10.0%	3.4%	0.0%	6.1%	5.0%	0.0%	36.4%	0.0%	
											
Tech Software		5	0	0	3	1	8	0	0	0	
Biotech		5.5%	0.0%	0.0%	8.1%	2.0%	20.0%	0.0%	0.0%	0.0%	
											
Banking Finance		21	1	4	4	5	6	0	3	0	
Insur.		23.1%	10.0%	6.9%	10.8%	10.2%	15.0%	0.0%	27.3%	0.0%	
											
Service/Consulting		8	0	2	2	5	5	0	0	1	
		8.8%	0.0%	3.4%	5.4%	10.2%	12.5%	0.0%	0.0%	100.0%	
											
Healthcare/		9	0	4	3	4	1	0	0	0	
Pharmaceutical		9.9%	0.0%	6.9%	8.1%	8.2%	2.5%	0.0%	0.0%	0.0%	
											
Other		13	3	7	10	6	2	0	0	0	
		14.3%	30.0%	12.1%	27.0%	12.2%	5.0%	0.0%	0.0%	0.0%	

165

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Sales Revenue

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Less than $25 million		30		0	1	4	1	0	3	5	7	3	5	
		9.9%		0.0%	9.1%	6.3%	3.8%	0.0%	17.6%	11.4%	29.2%	16.7%	12.5%	
														
$25-99 million		50		6	1	10	1	3	3	6	6	1	13	
		16.6%		16.7%	9.1%	15.6%	3.8%	16.7%	17.6%	13.6%	25.0%	5.6%	32.5%	
														
$100-499 million		76		13	5	17	3	5	3	8	3	4	14	
		25.2%		36.1%	45.5%	26.6%	11.5%	27.8%	17.6%	18.2%	12.5%	22.2%	35.0%	
														
$500-999 million		25		3	1	3	2	1	2	6	3	0	2	
		8.3%		8.3%	9.1%	4.7%	7.7%	5.6%	11.8%	13.6%	12.5%	0.0%	5.0%	
														
$1-4.9 billion		69		11	3	18	7	5	5	9	3	4	4	
		22.8%		30.6%	27.3%	28.1%	26.9%	27.8%	29.4%	20.5%	12.5%	22.2%	10.0%	
														
More than $5 billion		52		3	0	12	12	4	1	10	2	6	2	
		17.2%		8.3%	0.0%	18.8%	46.2%	22.2%	5.9%	22.7%	8.3%	33.3%	5.0%	

166

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Sales Revenue

N=308		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	
Govern-
ment	

Nonprofit	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Less than $25 million		30	0	0	0	0	0		1	5	19	0	4	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.9%	12.5%	16.7%	0.0%	33.3%	
														
$25-99 million		0	50	0	0	0	0		3	6	29	2	3	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		2.8%	15.0%	25.4%	33.3%	25.0%	
														
$100-499 million		0	0	76	0	0	0		12	8	39	3	4	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		11.3%	20.0%	34.2%	50.0%	33.3%	
														
$500-999 million		0	0	0	25	0	0		6	6	11	1	0	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		5.7%	15.0%	9.6%	16.7%	0.0%	
														
$1-4.9 billion		0	0	0	0	69	0		38	11	14	0	1	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		35.8%	27.5%	12.3%	0.0%	8.3%	
														
More than $5 billion		0	0	0	0	0	52		46	4	2	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		43.4%	10.0%	1.8%	0.0%	0.0%	

167

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Sales Revenue

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Less than $25 million		21	8	0	0	0	1	0		16	10	3	1	
		65.6%	16.3%	0.0%	0.0%	0.0%	3.7%	0.0%		15.8%	8.9%	6.0%	2.8%	
														
$25-99 million		5	24	6	2	0	0	0		20	24	1	5	
		15.6%	49.0%	23.1%	5.0%	0.0%	0.0%	0.0%		19.8%	21.4%	2.0%	13.9%	
														
$100-499 million		5	16	15	23	5	1	0		34	24	11	6	
		15.6%	32.7%	57.7%	57.5%	25.0%	3.7%	0.0%		33.7%	21.4%	22.0%	16.7%	
														
$500-999 million		0	1	4	7	4	2	3		11	7	5	2	
		0.0%	2.0%	15.4%	17.5%	20.0%	7.4%	4.1%		10.9%	6.3%	10.0%	5.6%	
														
$1-4.9 billion		1	0	1	6	10	20	24		13	29	14	13	
		3.1%	0.0%	3.8%	15.0%	50.0%	74.1%	32.9%		12.9%	25.9%	28.0%	36.1%	
														
More than $5 billion		0	0	0	2	1	3	46		7	18	16	9	
		0.0%	0.0%	0.0%	5.0%	5.0%	11.1%	63.0%		6.9%	16.1%	32.0%	25.0%	

168

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Sales Revenue

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Less than $25 million		8	2	4	3	8	4	0	0	1	
		8.8%	18.2%	7.1%	8.3%	16.3%	9.8%	0.0%	0.0%	100.0%	
											
$25-99 million		13	2	11	9	6	9	0	0	0	
		14.3%	18.2%	19.6%	25.0%	12.2%	22.0%	0.0%	0.0%	0.0%	
											
$100-499 million		23	4	12	8	14	11	0	3	0	
		25.3%	36.4%	21.4%	22.2%	28.6%	26.8%	0.0%	27.3%	0.0%	
											
$500-999 million		7	1	2	6	4	2	0	2	0	
		7.7%	9.1%	3.6%	16.7%	8.2%	4.9%	0.0%	18.2%	0.0%	
											
$1-4.9 billion		19	2	17	7	9	10	1	2	0	
		20.9%	18.2%	30.4%	19.4%	18.4%	24.4%	100.0%	18.2%	0.0%	
											
More than $5 billion		21	0	10	3	8	5	0	4	0	
		23.1%	0.0%	17.9%	8.3%	16.3%	12.2%	0.0%	36.4%	0.0%	

169

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Number of Employees

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Fewer than 100		32		2	1	3	2	0	2	6	8	2	5	
		11.8%		6.3%	11.1%	5.2%	8.7%	0.0%	14.3%	14.3%	36.4%	9.5%	13.5%	
														
100-499		49		5	2	9	2	3	3	9	3	3	10	
		18.0%		15.6%	22.2%	15.5%	8.7%	27.3%	21.4%	21.4%	13.6%	14.3%	27.0%	
														
500-999		27		7	2	5	2	0	0	2	3	1	5	
		9.9%		21.9%	22.2%	8.6%	8.7%	0.0%	0.0%	4.8%	13.6%	4.8%	13.5%	
														
1000-2499		40		3	1	11	1	2	2	5	2	3	9	
		14.7%		9.4%	11.1%	19.0%	4.3%	18.2%	14.3%	11.9%	9.1%	14.3%	24.3%	
														
2500-4999		21		2	0	5	1	0	2	7	1	2	1	
		7.7%		6.3%	0.0%	8.6%	4.3%	0.0%	14.3%	16.7%	4.5%	9.5%	2.7%	
														
5000-9999		28		5	1	6	2	2	4	1	2	3	1	
		10.3%		15.6%	11.1%	10.3%	8.7%	18.2%	28.6%	2.4%	9.1%	14.3%	2.7%	
														
More than 10,000		75		8	2	19	13	4	1	12	3	7	6	
		27.6%		25.0%	22.2%	32.8%	56.5%	36.4%	7.1%	28.6%	13.6%	33.3%	16.2%	

170

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Number of Employees

N=308		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	
Govern-
ment	

Nonprofit	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Fewer than 100		21	5	5	0	1	0		0	4	25	0	2	
		70.0%	13.5%	7.7%	0.0%	1.6%	0.0%		0.0%	10.5%	23.4%	0.0%	16.7%	
														
100-499		8	24	16	1	0	0		3	7	29	3	5	
		26.7%	64.9%	24.6%	4.8%	0.0%	0.0%		3.0%	18.4%	27.1%	50.0%	41.7%	
														
500-999		0	6	15	4	1	0		4	1	19	2	1	
		0.0%	16.2%	23.1%	19.0%	1.6%	0.0%		4.0%	2.6%	17.8%	33.3%	8.3%	
														
1000-2499		0	2	23	7	6	2		11	6	18	1	3	
		0.0%	5.4%	35.4%	33.3%	9.7%	3.8%		10.9%	15.8%	16.8%	16.7%	25.0%	
														
2500-4999		0	0	5	4	10	1		8	5	7	0	0	
		0.0%	0.0%	7.7%	19.0%	16.1%	1.9%		7.9%	13.2%	6.5%	0.0%	0.0%	
														
5000-9999		1	0	1	2	20	3		17	5	3	0	1	
		3.3%	0.0%	1.5%	9.5%	32.3%	5.8%		16.8%	13.2%	2.8%	0.0%	8.3%	
														
More than 10,000		0	0	0	3	24	46		58	10	6	0	0	
		0.0%	0.0%	0.0%	14.3%	38.7%	88.5%		57.4%	26.3%	5.6%	0.0%	0.0%	

171

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Number of Employees

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Fewer than 100		32	0	0	0	0	0	0		16	10	3	2	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		17.6%	10.2%	6.5%	5.9%	
														
100-499		0	49	0	0	0	0	0		25	16	3	5	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		27.5%	16.3%	6.5%	14.7%	
														
500-999		0	0	27	0	0	0	0		14	11	1	1	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		15.4%	11.2%	2.2%	2.9%	
														
1000-2499		0	0	0	40	0	0	0		16	13	8	3	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%		17.6%	13.3%	17.4%	8.8%	
														
2500-4999		0	0	0	0	21	0	0		7	8	4	2	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		7.7%	8.2%	8.7%	5.9%	
														
5000-9999		0	0	0	0	0	28	0		3	10	9	6	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		3.3%	10.2%	19.6%	17.6%	
														
More than 10,000		0	0	0	0	0	0	75		10	30	18	15	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		11.0%	30.6%	39.1%	44.1%	

172

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Number of Employees

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Fewer than 100		9	3	3	4	6	5	0	0	1	
		10.6%	37.5%	5.7%	12.9%	13.6%	14.3%	0.0%	0.0%	100.0%	
											
100-499		13	1	11	4	9	10	0	1	0	
		15.3%	12.5%	20.8%	12.9%	20.5%	28.6%	0.0%	11.1%	0.0%	
											
500-999		8	1	4	4	6	3	0	1	0	
		9.4%	12.5%	7.5%	12.9%	13.6%	8.6%	0.0%	11.1%	0.0%	
											
1000-2499		14	2	8	5	5	4	0	1	0	
		16.5%	25.0%	15.1%	16.1%	11.4%	11.4%	0.0%	11.1%	0.0%	
											
2500-4999		7	0	2	5	2	4	0	1	0	
		8.2%	0.0%	3.8%	16.1%	4.5%	11.4%	0.0%	11.1%	0.0%	
											
5000-9999		5	1	9	2	5	4	0	1	0	
		5.9%	12.5%	17.0%	6.5%	11.4%	11.4%	0.0%	11.1%	0.0%	
											
More than 10,000		29	0	16	7	11	5	1	4	0	
		34.1%	0.0%	30.2%	22.6%	25.0%	14.3%	100.0%	44.4%	0.0%	

173

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Headquarters

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Northeast US		92		11	2	13	5	4	5	21	8	9	13	
		30.5%		30.6%	18.2%	20.3%	20.0%	25.0%	29.4%	47.7%	34.8%	42.9%	31.7%	
														
Mountain US		11		1	1	3	0	1	0	1	0	0	3	
		3.6%		2.8%	9.1%	4.7%	0.0%	6.3%	0.0%	2.3%	0.0%	0.0%	7.3%	
														
Midwest US		58		9	0	29	1	2	0	4	2	4	7	
		19.2%		25.0%	0.0%	45.3%	4.0%	12.5%	0.0%	9.1%	8.7%	19.0%	17.1%	
														
South Central US		37		4	3	4	4	0	3	4	2	3	10	
		12.3%		11.1%	27.3%	6.3%	16.0%	0.0%	17.6%	9.1%	8.7%	14.3%	24.4%	
														
South Atlantic US		50		6	1	9	9	3	1	5	5	4	6	
		16.6%		16.7%	9.1%	14.1%	36.0%	18.8%	5.9%	11.4%	21.7%	19.0%	14.6%	
														
Pacific US		41		5	3	5	3	2	8	6	5	1	2	
		13.6%		13.9%	27.3%	7.8%	12.0%	12.5%	47.1%	13.6%	21.7%	4.8%	4.9%	
														
Central/Latin America		1		0	0	0	1	0	0	0	0	0	0	
		0.3%		0.0%	0.0%	0.0%	4.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Europe		11		0	1	1	2	4	0	3	0	0	0	
		3.6%		0.0%	9.1%	1.6%	8.0%	25.0%	0.0%	6.8%	0.0%	0.0%	0.0%	
														
Asia		1		0	0	0	0	0	0	0	1	0	0	
		0.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.3%	0.0%	0.0%	

174

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Headquarters

N=308		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	
Govern-
ment	

Nonprofit	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Northeast US		8	13	23	7	19	21		42	7	34	0	4	
		26.7%	26.0%	30.7%	29.2%	28.4%	41.2%		39.3%	17.5%	29.8%	0.0%	33.3%	
														
Mountain US		2	2	4	1	2	0		1	3	5	1	0	
		6.7%	4.0%	5.3%	4.2%	3.0%	0.0%		0.9%	7.5%	4.4%	16.7%	0.0%	
														
Midwest US		4	11	12	2	17	10		21	7	18	3	2	
		13.3%	22.0%	16.0%	8.3%	25.4%	19.6%		19.6%	17.5%	15.8%	50.0%	16.7%	
														
South Central US		3	9	8	6	7	3		12	8	12	1	2	
		10.0%	18.0%	10.7%	25.0%	10.4%	5.9%		11.2%	20.0%	10.5%	16.7%	16.7%	
														
South Atlantic US		8	6	14	4	9	8		18	3	23	1	2	
		26.7%	12.0%	18.7%	16.7%	13.4%	15.7%		16.8%	7.5%	20.2%	16.7%	16.7%	
														
Pacific US		4	9	11	2	10	5		7	10	19	0	2	
		13.3%	18.0%	14.7%	8.3%	14.9%	9.8%		6.5%	25.0%	16.7%	0.0%	16.7%	
														
Central/Latin America		0	0	0	0	1	0		1	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	1.5%	0.0%		0.9%	0.0%	0.0%	0.0%	0.0%	
														
Europe		0	0	3	2	2	4		5	2	2	0	0	
		0.0%	0.0%	4.0%	8.3%	3.0%	7.8%		4.7%	5.0%	1.8%	0.0%	0.0%	
														
Asia		1	0	0	0	0	0		0	0	1	0	0	
		3.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.9%	0.0%	0.0%	

175

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Headquarters

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Northeast US		9	13	8	14	7	5	29		26	39	16	10	
		29.0%	26.5%	29.6%	35.9%	33.3%	18.5%	39.7%		25.2%	34.8%	34.0%	27.0%	
														
Mountain US		3	1	1	2	0	1	0		5	4	1	1	
		9.7%	2.0%	3.7%	5.1%	0.0%	3.7%	0.0%		4.9%	3.6%	2.1%	2.7%	
														
Midwest US		3	11	4	8	2	9	16		14	27	14	3	
		9.7%	22.4%	14.8%	20.5%	9.5%	33.3%	21.9%		13.6%	24.1%	29.8%	8.1%	
														
South Central US		4	4	4	5	5	2	7		19	12	2	4	
		12.9%	8.2%	14.8%	12.8%	23.8%	7.4%	9.6%		18.4%	10.7%	4.3%	10.8%	
														
South Atlantic US		6	9	6	5	2	5	11		25	19	3	2	
		19.4%	18.4%	22.2%	12.8%	9.5%	18.5%	15.1%		24.3%	17.0%	6.4%	5.4%	
														
Pacific US		5	10	3	4	4	4	5		14	11	7	8	
		16.1%	20.4%	11.1%	10.3%	19.0%	14.8%	6.8%		13.6%	9.8%	14.9%	21.6%	
														
Central/Latin America		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%		0.0%	0.0%	0.0%	2.7%	
														
Europe		0	1	1	1	1	1	4		0	0	4	7	
		0.0%	2.0%	3.7%	2.6%	4.8%	3.7%	5.5%		0.0%	0.0%	8.5%	18.9%	
														
Asia		1	0	0	0	0	0	0		0	0	0	1	
		3.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	2.7%	

176

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Headquarters

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Northeast US		92	0	0	0	0	0	0	0	0	
		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Mountain US		0	11	0	0	0	0	0	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Midwest US		0	0	58	0	0	0	0	0	0	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
South Central US		0	0	0	37	0	0	0	0	0	
		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
South Atlantic US		0	0	0	0	50	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	
											
Pacific US		0	0	0	0	0	41	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
											
Central/Latin America		0	0	0	0	0	0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
											
Europe		0	0	0	0	0	0	0	11	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
											
Asia		0	0	0	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

177

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Ownership

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Public, NYSE		108		9	3	24	13	7	4	22	6	11	8	
		38.3%		27.3%	30.0%	42.9%	54.2%	50.0%	25.0%	51.2%	27.3%	52.4%	20.5%	
														
Public, Nasdaq/		41		6	0	10	1	3	9	3	2	2	5	
AMEX		14.5%		18.2%	0.0%	17.9%	4.2%	21.4%	56.3%	7.0%	9.1%	9.5%	12.8%	
														
Private		115		18	7	22	10	4	3	16	11	4	17	
		40.8%		54.5%	70.0%	39.3%	41.7%	28.6%	18.8%	37.2%	50.0%	19.0%	43.6%	
														
Govern-ment		6		0	0	0	0	0	0	1	1	0	4	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	4.5%	0.0%	10.3%	
														
Nonprofit		12		0	0	0	0	0	0	1	2	4	5	
		4.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	9.1%	19.0%	12.8%	

178

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Ownership

N=308		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	
Govern-
ment	

Nonprofit	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Public, NYSE		1	3	12	6	38	46		108	0	0	0	0	
		3.4%	7.0%	18.2%	25.0%	59.4%	88.5%		100.0%	0.0%	0.0%	0.0%	0.0%	
														
Public, Nasdaq/		5	6	8	6	11	4		0	41	0	0	0	
AMEX		17.2%	14.0%	12.1%	25.0%	17.2%	7.7%		0.0%	100.0%	0.0%	0.0%	0.0%	
														
Private		19	29	39	11	14	2		0	0	115	0	0	
		65.5%	67.4%	59.1%	45.8%	21.9%	3.8%		0.0%	0.0%	100.0%	0.0%	0.0%	
														
Govern-ment		0	2	3	1	0	0		0	0	0	6	0	
		0.0%	4.7%	4.5%	4.2%	0.0%	0.0%		0.0%	0.0%	0.0%	100.0%	0.0%	
														
Nonprofit		4	3	4	0	1	0		0	0	0	0	12	
		13.8%	7.0%	6.1%	0.0%	1.6%	0.0%		0.0%	0.0%	0.0%	0.0%	100.0%	

179

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Ownership

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Public, NYSE		0	3	4	11	8	17	58		22	40	28	16	
		0.0%	6.4%	14.8%	28.2%	40.0%	65.4%	78.4%		22.7%	38.5%	62.2%	48.5%	
														
Public, Nasdaq/		4	7	1	6	5	5	10		9	13	7	12	
AMEX		12.9%	14.9%	3.7%	15.4%	25.0%	19.2%	13.5%		9.3%	12.5%	15.6%	36.4%	
														
Private		25	29	19	18	7	3	6		49	50	10	5	
		80.6%	61.7%	70.4%	46.2%	35.0%	11.5%	8.1%		50.5%	48.1%	22.2%	15.2%	
														
Govern-ment		0	3	2	1	0	0	0		6	0	0	0	
		0.0%	6.4%	7.4%	2.6%	0.0%	0.0%	0.0%		6.2%	0.0%	0.0%	0.0%	
														
Nonprofit		2	5	1	3	0	1	0		11	1	0	0	
		6.5%	10.6%	3.7%	7.7%	0.0%	3.8%	0.0%		11.3%	1.0%	0.0%	0.0%	

180

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Ownership

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Public, NYSE		42	1	21	12	18	7	1	5	0	
		48.3%	10.0%	41.2%	34.3%	38.3%	18.4%	100.0%	55.6%	0.0%	
											
Public, Nasdaq/		7	3	7	8	3	10	0	2	0	
AMEX		8.0%	30.0%	13.7%	22.9%	6.4%	26.3%	0.0%	22.2%	0.0%	
											
Private		34	5	18	12	23	19	0	2	1	
		39.1%	50.0%	35.3%	34.3%	48.9%	50.0%	0.0%	22.2%	100.0%	
											
Govern-ment		0	1	3	1	1	0	0	0	0	
		0.0%	10.0%	5.9%	2.9%	2.1%	0.0%	0.0%	0.0%	0.0%	
											
Nonprofit		4	0	2	2	2	2	0	0	0	
		4.6%	0.0%	3.9%	5.7%	4.3%	5.3%	0.0%	0.0%	0.0%	

181

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Foreign Sales

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
0%		103		16	9	5	6	6	0	21	14	11	14	
		33.9%		45.7%	81.8%	7.8%	23.1%	33.3%	0.0%	48.8%	58.3%	52.4%	34.1%	
														
1-24%		113		14	1	31	10	4	4	13	6	4	23	
		37.2%		40.0%	9.1%	48.4%	38.5%	22.2%	23.5%	30.2%	25.0%	19.0%	56.1%	
														
25-50%		51		2	0	17	3	6	7	6	2	6	2	
		16.8%		5.7%	0.0%	26.6%	11.5%	33.3%	41.2%	14.0%	8.3%	28.6%	4.9%	
														
More than 50%		37		3	1	11	7	2	6	3	2	0	2	
		12.2%		8.6%	9.1%	17.2%	26.9%	11.1%	35.3%	7.0%	8.3%	0.0%	4.9%	

182

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Foreign Sales

N=308		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	
Govern-
ment	

Nonprofit	
														
Total		30	50	76	25	69	52		108	41	115	6	12	
		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
0%		16	20	34	11	13	7		22	9	49	6	11	
		53.3%	40.0%	45.3%	44.0%	18.8%	14.0%		20.8%	22.0%	43.0%	100.0%	91.7%	
														
1-24%		10	24	24	7	29	18		40	13	50	0	1	
		33.3%	48.0%	32.0%	28.0%	42.0%	36.0%		37.7%	31.7%	43.9%	0.0%	8.3%	
														
25-50%		3	1	11	5	14	16		28	7	10	0	0	
		10.0%	2.0%	14.7%	20.0%	20.3%	32.0%		26.4%	17.1%	8.8%	0.0%	0.0%	
														
More than 50%		1	5	6	2	13	9		16	12	5	0	0	
		3.3%	10.0%	8.0%	8.0%	18.8%	18.0%		15.1%	29.3%	4.4%	0.0%	0.0%	

183

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Foreign Sales

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Total		32	49	27	40	21	28	75		103	113	51	37	
		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
0%		16	25	14	16	7	3	10		103	0	0	0	
		51.6%	51.0%	51.9%	40.0%	33.3%	10.7%	13.7%		100.0%	0.0%	0.0%	0.0%	
														
1-24%		10	16	11	13	8	10	30		0	113	0	0	
		32.3%	32.7%	40.7%	32.5%	38.1%	35.7%	41.1%		0.0%	100.0%	0.0%	0.0%	
														
25-50%		3	3	1	8	4	9	18		0	0	51	0	
		9.7%	6.1%	3.7%	20.0%	19.0%	32.1%	24.7%		0.0%	0.0%	100.0%	0.0%	
														
More than 50%		2	5	1	3	2	6	15		0	0	0	37	
		6.5%	10.2%	3.7%	7.5%	9.5%	21.4%	20.5%		0.0%	0.0%	0.0%	100.0%	

184

Duke CFO Outlook Survey - 4th Quarter, 2004

Demographics: Foreign Sales

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
											
Total		92	11	58	37	50	41	1	11	1	
		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
0%		26	5	14	19	25	14	0	0	0	
		28.6%	45.5%	24.1%	51.4%	51.0%	35.0%	0.0%	0.0%	0.0%	
											
1-24%		39	4	27	12	19	11	0	0	0	
		42.9%	36.4%	46.6%	32.4%	38.8%	27.5%	0.0%	0.0%	0.0%	
											
25-50%		16	1	14	2	3	7	0	4	0	
		17.6%	9.1%	24.1%	5.4%	6.1%	17.5%	0.0%	36.4%	0.0%	
											
More than 50%		10	1	3	4	2	8	1	7	1	
		11.0%	9.1%	5.2%	10.8%	4.1%	20.0%	100.0%	63.6%	100.0%	

185

Duke CFO Outlook Survey - 4th Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=308		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		308		36	11	65	26	18	17	44	24	21	41	
Percent		100.0%		11.9%	3.6%	21.5%	8.6%	5.9%	5.6%	14.5%	7.9%	6.9%	13.5%	
														
Weighted Sales Revenue (Millions)	
														
N		302		36	11	64	26	18	17	44	24	18	40	
Mean		1868.87		1597.83	1030.64	2094.84	3672.58	2302.00	1391.82	2145.39	1029.04	2740.94	765.78	
SD		2201.87		1835.91	1277.99	2241.04	2414.26	2359.44	1758.49	2375.28	1812.65	2624.95	1493.42	
SE		126.70		305.99	385.33	280.13	473.48	556.13	426.50	358.09	370.00	618.71	236.13	
				Dj	D	DhJ	ABCFgHJ	J	D	dhJ	cDgi	hJ	aCDEGI	
														
Weighted Number of Employees	
														
N		272		32	9	58	23	11	14	42	22	21	37	
Mean		4768.02		4787.50	3938.89	5478.45	7773.91	6127.27	3864.29	4554.76	2827.27	5766.67	2871.62	
SD		4945.87		4890.82	5111.19	5026.90	5278.49	5309.58	3867.84	5008.94	4314.25	5082.18	4283.46	
SE		299.89		864.58	1703.73	660.06	1100.64	1600.90	1033.72	772.90	919.80	1109.02	704.20	
				d		hj	afgHJ	j	d	d	cDi	hj	cDei	

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

186

Duke CFO Outlook Survey - 4th Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=308		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	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		30	50	76	25	69	52		108	41	115	6	12	
Percent		9.9%	16.6%	25.2%	8.3%	22.8%	17.2%		38.3%	14.5%	40.8%	2.1%	4.3%	
														
Weighted Sales Revenue (Millions)	
														
N		30	50	76	25	69	52		106	40	114	6	12	
Mean		25.00	62.00	300.00	750.00	3000.00	6000.00		3757.65	1609.93	668.62	295.67	373.83	
SD		0.00	0.00	0.00	0.00	0.00	0.00		2194.70	1917.84	1178.18	251.27	836.50	
SE		0.00	0.00	0.00	0.00	0.00	0.00		213.17	303.24	110.35	102.58	241.48	
									BCDE	ACe	AB	A	Ab	
														
Weighted Number of Employees	
														
N		30	37	65	21	62	52		101	38	107	6	12	
Mean		400.00	424.32	1277.69	3883.33	7852.42	11187.50		8679.71	5000.00	1660.75	691.67	1266.67	
SD		1343.95	374.47	1255.08	3923.27	3878.53	2443.92		4298.72	4824.40	2921.53	563.40	2071.82	
SE		245.37	61.56	155.67	856.13	492.57	338.91		427.74	782.62	282.43	230.01	598.08	
		CDEF	CDEF	ABDEF	ABCEF	ABCDF	ABCDE		BCDE	ACde	AB	Ab	Ab	

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

187

Duke CFO Outlook Survey - 4th Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=308		Number of Employees		Foreign Sales	
		
Fewer
than 100	

100-499	

500-999	

1000-2499	

2500-4999	

5000-9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	49	27	40	21	28	75		103	113	51	37	
Percent		11.8%	18.0%	9.9%	14.7%	7.7%	10.3%	27.6%		33.9%	37.2%	16.8%	12.2%	
														
Weighted Sales Revenue (Millions)	
														
N		32	49	26	40	20	27	73		101	112	50	36	
Mean		166.72	147.71	418.15	1056.85	2025.00	2956.48	4797.95		1000.89	1867.75	2903.74	2684.31	
SD		526.49	146.53	568.40	1496.47	1567.56	1430.63	1638.12		1664.80	2173.73	2408.42	2288.40	
SE		93.07	20.93	111.47	236.61	350.52	275.33	191.73		165.65	205.40	340.60	381.40	
		DEFG	CDEFG	BdEFG	ABceFG	ABCdfG	ABCDeG	ABCDEF		BCD	AC	AB	A	
														
Weighted Number of Employees	
														
N		32	49	27	40	21	28	75		91	98	46	34	
Mean		100.00	300.00	750.00	1750.00	3750.00	7500.00	12000.00		2377.47	5120.41	6835.87	7064.71	
SD		0.00	0.00	0.00	0.00	0.00	0.00	0.00		3729.92	5049.36	4784.98	5041.95	
SE		0.00	0.00	0.00	0.00	0.00	0.00	0.00		391.00	510.06	705.51	864.69	
										BCD	A	A	A	

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

188

Duke CFO Outlook Survey - 4th Quarter, 2004

Weighted Sales Revenue and Number of Employees 

N=308		Headquarters	
		
Northeast
US	
Mountain
US	
Midwest
US	South
Central
US	South
Atlantic
US	
Pacific
US	Central/
Latin
America	

Europe	

Asia	
		A	B	C	D	E	F	G	H	I	
											
Number		92	11	58	37	50	41	1	11	1	
Percent		30.5%	3.6%	19.2%	12.3%	16.6%	13.6%	0.3%	3.6%	0.3%	
											
Weighted Sales Revenue (Millions)	
											
N		91	11	56	36	49	41	1	11	1	
Mean		2155.56	738.55	2087.18	1292.58	1689.22	1596.54	3000.00	2945.45	25.00	
SD		2381.03	1137.17	2220.96	1812.53	2201.88	2047.23	---	2606.96	---	
SE		249.60	342.87	296.79	302.09	314.55	319.72	---	786.03	---	
			h		h				bd		
											
Weighted Number of Employees	
											
N		85	8	53	31	44	35	1	9	1	
Mean		5259.41	1543.75	5426.42	4229.03	4398.86	3364.29	12000.00	6894.44	100.00	
SD		5179.06	2506.91	5010.58	4670.29	4968.58	4270.26	---	5270.52	---	
SE		561.75	886.33	688.26	838.81	749.04	721.80	---	1756.84	---	
		b	ach	bf			ch		bf		

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