Table of Contents

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

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

4. On November 29, 2004 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following:	5
4. On November 29, 2004 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following: 
OUTLIERS BEYOND 1.96 SD's DELETED	6

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

6. Bonuses.	10
6. Bonuses. OUTLIERS BEYOND 1.96 SD's WINDSORIZED	11
6b. How much will bonuses change this year (relative to last year's bonuses)?	12

7. What are the top four concerns your corporation faces in 2005? (rank #1, #2, #3, #4)	13
7. What are the top four concerns your corporation faces in 2005? OTHER SPECIFIED	14

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.)	16
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.) – WHAT CHANGES?	17

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)	18

10. Negative impact of terrorism.	19
10. Negative impact of terrorism.	20

Industry	21
Industry (Other specified)	22
Sales Revenue	23
Weighted Sales Revenue (Millions)	24
Number of Employees	25
Weighted Number of Employees	26
Headquarters	27
Ownership	28
Foreign Sales	29

1

Duke CFO Outlook Survey - 4th Quarter, 2004

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

(N=308)

	More	Less	No	
	optimistic	optimistic	change	Total	
Are you more or less optimistic about the U.S.	167	63	78	308
economy compared to last quarter?	54.2%	20.5%	25.3%	100.0%

Are you more or less optimistic about the
financial prospects for your company	188	50	70	308
compared to last quarter?	61.0%	16.2%	22.7%	100.0%

2

Duke CFO Outlook Survey - 4th Quarter, 2004

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

	Mean	SD	Median	Minimum	Maximum	Total

Rate your optimism about the US economy on a scale
from 0-100, with 0 being the least optimistic and 100 being
the most optimistic.	67.30	16.38	70	7	100	281

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.	72.15	18.94	75	0	100	279

3

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%)

	 	Number	Percent	Cumulative
	0	5	1.6 %	1.6 %
	.2	1	0.3 %	2.0 %
	.7	1	0.3 %	2.3 %
	1	11	3.6 %	5.9 %
	1.2	1	0.3 %	6.2 %
	1.5	11	3.6 %	9.8 %
	1.7	1	0.3 %	10.1 %
	1.75	1	0.3 %	10.4 %
	1.8	1	0.3 %	10.7 %
	1.9	2	0.7 %	11.4 %
	2	46	15.0 %	26.4 %
	2.1	1	0.3 %	26.7 %
	2.2	2	0.7 %	27.4 %
	2.3	4	1.3 %	28.7 %
	2.5	29	9.4 %	38.1 %
	2.7	1	0.3 %	38.4 %
	2.75	2	0.7 %	39.1 %
	2.8	3	1.0 %	40.1 %
	2.9	3	1.0 %	41.0 %
	3	62	20.2 %	61.2 %
	3.1	2	0.7 %	61.9 %
	3.2	8	2.6 %	64.5 %
	3.25	4	1.3 %	65.8 %
	3.3	6	2.0 %	67.8 %
	3.4	2	0.7 %	68.4 %
	3.5	60	19.5 %	87.9 %
	3.6	1	0.3 %	88.3 %
	3.61	1	0.3 %	88.6 %
	3.7	1	0.3 %	88.9 %
	3.75	6	2.0 %	90.9 %
	3.8	1	0.3 %	91.2 %
	4	19	6.2 %	97.4 %
	4.4	1	0.3 %	97.7 %
	4.5	2	0.7 %	98.4 %
	5	5	1.6 %	100.0 %
	Total	307	100.0 %	100.0 %

	Missing Cases = 1 
	Response Percent = 99.7 %

4

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%)

	Minimum = 0

	Maximum = 5

	Mean = 2.81

	Median = 3

	Variance (Unbiased) = 0.82

	Standard Deviation (Unbiased) = 0.91

	Standard Error Of The Mean  = 0.05

	95 Percent Confidence Interval Around The Mean = 2.71 - 2.91

	99 Percent Confidence Interval Around The Mean = 2.68 - 2.94

Quartiles

	 1 = 2
	 2 = 3
	 3 = 3.50

Valid Cases = 307 
Missing Cases = 1 
Response Percent = 99.7%

5

Duke CFO Outlook Survey - 4th Quarter, 2004

4. On November 29, 2004 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	3.24	3.65	2.82 - 3.66	4	-25	20	292

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.67	3.24	7.30 - 8.04	7.50	1	35	302

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	11.14	4.82	10.59 - 11.69	10	3	50	292

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	-0.07	6.23	-0.78 - 0.64	1	-25	15	292

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	6.63	3.46	6.24 - 7.02	6	-5	26	301

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	11.36	5.16	10.76 - 11.95	10	3	32	292

6

Duke CFO Outlook Survey - 4th Quarter, 2004

4. On November 29, 2004 the annual yield on 10-yr treasury bonds was 4.3%. Please complete the following: OUTLIERS BEYOND 1.96 SD's DELETED

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	3.61	2.11	3.36 - 3.86	4	-3	10	275

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.29	2.01	7.06 - 7.52	7	2	12	292

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	10.56	3.10	10.20 - 10.92	10	3	20	284

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	0.77	4.64	0.22 - 1.31	2	-10	11	278

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	6.31	2.65	6.00 - 6.61	6	0	13	288

Over the next year, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be greater than:	10.69	4.19	10.20 - 11.18	10	3	20	279

7

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? (sorted)

(N=308)

	Positive	Zero	Negative	Total	
	282	7	1	290
Wages/Salaries	97.2%	2.4%	0.3%	100.0%

	265	7	6	278
Health care costs	95.3%	2.5%	2.2%	100.0%

	252	8	18	278
Revenues	90.6%	2.9%	6.5%	100.0%

	200	32	2	234
Productivity (output per hour worked)	85.5%	13.7%	0.9%	100.0%

	225	18	22	265
Earnings	84.9%	6.8%	8.3%	100.0%

	178	48	18	244
Technology spending	73.0%	19.7%	7.4%	100.0%

	164	58	27	249
Capital spending	65.9%	23.3%	10.8%	100.0%

	165	61	33	259
Prices of your products	63.7%	23.6%	12.7%	100.0%

	170	63	47	280
Number of employees	60.7%	22.5%	16.8%	100.0%

	140	82	26	248
Advertising/Marketing Spending	56.5%	33.1%	10.5%	100.0%

	91	63	8	162
R&D spending	56.2%	38.9%	4.9%	100.0%

	56	73	2	131
Dividends	42.7%	55.7%	1.5%	100.0%

Number of foreign/off-shore outsourced	73	101	2	176
employees	41.5%	57.4%	1.1%	100.0%

	73	81	42	196
Inventory	37.2%	41.3%	21.4%	100.0%

8

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	15.05	35.21	10.79 - 19.30	10	-50	400	263

Revenues	12.10	27.19	8.90 - 15.30	8	-35	300	278

Health care costs	9.85	10.32	8.63 - 11.06	10	-17	150	278

Capital spending	8.82	26.04	5.58 - 12.06	5	-50	200	248

Technology spending	6.50	21.79	3.77 - 9.24	5	-50	300	244

Productivity (output per hour worked)	5.02	19.68	2.50 - 7.55	3	-10	300	234

Wages/Salaries	4.41	8.40	3.44 - 5.38	3.50	-20	125	290

Number of employees	4.08	20.12	1.73 - 6.44	2	-40	300	280

R&D spending	4.08	11.35	2.33 - 5.82	1.50	-40	103	162

Dividends	3.64	10.87	1.78 - 5.50	0	-20	100	131

Number of foreign/off-shore outsourced
employees	3.59	9.22	2.23 - 4.96	0	-10	100	176

Advertising/Marketing Spending	3.57	9.98	2.32 - 4.81	2	-25	100	248

Prices of your products	1.93	4.69	1.36 - 2.51	2	-20	25	259

Inventory	1.19	8.52	0.00 - 2.39	0	-50	50	196

9

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: OUTLIERS BEYOND 1.96 SD's WINDSORIZED (sorted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	12.60	20.61	10.11 - 15.09	10	-50	84.06	263

Revenues	10.04	13.28	8.48 - 11.60	8	-35	65.39	278

Health care costs	9.40	5.82	8.72 - 10.09	10	-10.40	30.08	278

Capital spending	6.79	15.70	4.84 - 8.75	5	-42.20	59.86	248

Technology spending	5.32	9.58	4.12 - 6.52	5	-36.20	49.21	244

Productivity (output per hour worked)	3.93	4.37	3.37 - 4.49	3	-10	43.59	234

Wages/Salaries	3.88	3.08	3.53 - 4.24	3.50	-12.10	20.87	290

R&D spending	3.43	6.37	2.45 - 4.41	1.50	-18.20	26.33	162

Advertising/Marketing Spending	3.10	6.59	2.28 - 3.92	2	-16	23.13	248

Number of foreign/off-shore outsourced
employees	3.04	5.39	2.25 - 3.84	0	-10	21.66	176

Number of employees	2.98	8.16	2.03 - 3.94	2	-35.40	43.52	280

Dividends	2.91	5.91	1.90 - 3.92	0	-17.70	24.95	131

Prices of your products	1.96	3.57	1.53 - 2.40	2	-7.26	11.12	259

Inventory	0.95	5.75	0.14 - 1.75	0	-15.50	17.89	196

10

Duke CFO Outlook Survey - 4th Quarter, 2004

6. Bonuses.

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

6a. How large will bonuses be at your firm
this year, as a percentage of total
compensation ?  (e.g., 0%, 12%, etc.)	11.52	11.31	10.21 - 12.84	10	0	70	285

6b. How much will bonuses change this
year (relative to last year's bonuses)?  (e.g.,
-20%, +30%)	9.94	44.80	4.74 - 15.14	0	-99	400	285

11

Duke CFO Outlook Survey - 4th Quarter, 2004

6. Bonuses. OUTLIERS BEYOND 1.96 SD's WINDSORIZED

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

6a. How large will bonuses be at your firm
this year, as a percentage of total
compensation ?  (e.g., 0%, 12%, etc.)	10.91	9.23	9.83 - 11.98	10	0	34	285

6b. How much will bonuses change this year
(relative to last year's bonuses)?  (e.g., -20%,
+30%)	7.71	31.55	4.04 - 11.37	0	-78	98	285

12

Duke CFO Outlook Survey - 4th Quarter, 2004

	6b. How much will bonuses change this year (relative to
	last year's bonuses)?	Number	Percent	95% CI
	Decrease	58	20.4 %	± 4.6 %
	Remain the same	86	30.2 %	± 5.3 %
	Increase	141	49.5 %	± 5.8 %
	Total	285	100.0 %

	Missing Cases = 23 
	Response Percent = 92.5 %

13

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)

	Mean & SD	1st	2nd	3rd	4th	Total	
	1.99	73	50	25	23	171
Competition	1.05	42.7%	29.2%	14.6%	13.5%	100.0%

	2.12	36	20	12	17	85
Other	1.16	42.4%	23.5%	14.1%	20.0%	100.0%

	2.24	38	40	26	21	125
Price of Fuel	1.06	30.4%	32.0%	20.8%	16.8%	100.0%

	2.40	26	22	25	19	92
U.S. dollar exchange rate	1.10	28.3%	23.9%	27.2%	20.7%	100.0%

	2.44	24	12	18	19	73
U.S. Budget Deficit	1.19	32.9%	16.4%	24.7%	26.0%	100.0%

	2.45	30	41	27	30	128
Increased interest rates	1.09	23.4%	32.0%	21.1%	23.4%	100.0%

	2.67	18	8	14	23	63
Domestic Terrorism	1.23	28.6%	12.7%	22.2%	36.5%	100.0%

	2.67	36	51	59	56	202
Health Care Costs	1.06	17.8%	25.2%	29.2%	27.7%	100.0%

	2.67	16	22	38	22	98
Inflation	1.00	16.3%	22.4%	38.8%	22.4%	100.0%

	2.69	6	15	7	14	42
Trade Deficit	1.08	14.3%	35.7%	16.7%	33.3%	100.0%

	3.00	3	23	48	29	103
Salaries and Wages	0.79	2.9%	22.3%	46.6%	28.2%	100.0%

	3.61	0	2	3	13	18
Low Consumer Savings Rate	0.68	0.0%	11.1%	16.7%	72.2%	100.0%

14

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? OTHER SPECIFIED

Agricultural Commodity Prices	
Base Metal Commodity Prices	
Capital Spending	
catastrophic risk	
CEO uncontrolled spending	
Chinese growth	
Commodity Inflation	
Consumer Confidence	
Consumer Demand	
Corporate level Spending	
cost of commodities	
cost of pharma	
customer retention	
Customer satisfaction	
Defense spending	
driver availability	
Economic recovery	
Economic stability in world markets we serve	
education spending	
Employment levels	
End market demand	
end user demand	
finding new technologies	
general level of demand (Global GDP)	
Global Economy	
Global equity markets	
GLOBAL TERRORISM	
Government Regulation	
Government Regulations	
housing bust	
increase in commodities (pork	
Increased Govt Regulations / Laws	
Increased material prices	
Internal Execution	
inventory costs	
job growth	
Lack of job growth	
Land Acq	
legal issues	
legislation	
liability insurance cost	
Manufacturing sector slowdown	
Market growth	
Material cost surcharges	
metal availability/pricing	
Mfg electronics to low cost labor geos	
Middle East stability	
New regulation costs	
Pension Expense	
Pension Funding	
Politcial Agendas	
Political/regulatory risk	
Price Declines	

15

Duke CFO Outlook Survey - 4th Quarter, 2004

7. What are the top four concerns your corporation faces in 2005? OTHER SPECIFIED

Price of Steel	
Pricing power	
Product cost	
production consistency	
quality personnel	
Rail Transportation	
reduced corporate technology spending	
regulation	
Regulatory changes	
revenue growth	
Shift from print to other formats	
Skilled Personnel	
SOX	
State Budget Deficit	
state budgets	
steel prices	
steel prices	
Strength of economy	
Strength of int'l economy	
tech spending	
Technological change	
Technological stagnation	
Technology Spending	
tort reform	
Turnover / Loss of Intellectual Capital	
Unemployment	
Wal-Mart	
Weather	
Workers Compensation	

16

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.)

	 	Number	Percent	90% CI
	No	244	80.5 %	± 4.0 %
	Yes	59	19.5 %	± 3.9 %
	Total	303	100.0 %

	Missing Cases = 5 
	Response Percent = 98.4 %

17

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.) - WHAT CHANGES?

acclerated the replacement of older less fuel efficient tractors in our fleet.	
Better scheduling of company trucks	
Changed fleet to smaller engines and organized driver routes more efficiently	
closer monitoring	
competitive bidding	
Conservation	
Conservation programs	
efficiency investments	
Energy savings on electricity and contracts for natural gas	
energy use initiatives in building and cogeneration of electricity	
Fewer vans more high milage cars	
fleet changes	
fleet negotiations	
Focus on minimal increases	
fuel surcharge; changed vendor; changed business practices	
Further capital spending for energy consumption reduction.	
Green team approach to make all employes aware of potential savings.	
hedging fuel	
improve logistics	
improved facility management	
Improving fuel efficiency of our production processes; shifting some production to lower-cost regions	
Increased reliance on futures purchases to better manage market variability risk	
Installed computerized vehicle tracking devices to reduce idle time and improve routing.	
It is attempting to secure long term agreements.	
Load consolidation	
Lower size of fleet	
More capex on more fuel efficient technology	
More consideration of trips	
More efficient plants	
New fleet management program.	
operating procedural changes	
productivity	
Purchasing routines	
Reduce use of electricity	
reduce vehicles	
Reviewed fleet operations and downsized vehicles were applicable.	
Strategies aimed at reducing consumption of electricity and natural gas used for heating our facilities.	
Switch from air to ground transportation	
Switch suppliers	
Transition vehicle fleet to more fuel-efficient vehicles.  Consider placing more employees in company-paid vehicles	
as opposed to reimbursing the IRS mileage rate (which is incresing to $.405/mile).	
Travel reduction	
Usage studies and controls	
Using electronic deliver of documents	
We are a transportation company that has always implemented multiple strategies to minimize fuel consumption.	
Efforts in the past year have intensified	

18

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)

	Mean & SD	1st	2nd	3rd	4th	Total	
	2.02	94	40	34	32	200
Situation in Iraq	1.13	47.0%	20.0%	17.0%	16.0%	100.0%

	2.24	67	62	45	36	210
Budget Deficit	1.08	31.9%	29.5%	21.4%	17.1%	100.0%

	2.30	31	37	20	22	110
Homeland Security	1.08	28.2%	33.6%	18.2%	20.0%	100.0%

	2.44	19	22	22	16	79
Job Market	1.06	24.1%	27.8%	27.8%	20.3%	100.0%

	2.48	16	17	15	16	64
High Oil Prices	1.12	25.0%	26.6%	23.4%	25.0%	100.0%

	2.62	13	14	20	16	63
Trade Deficit	1.08	20.6%	22.2%	31.7%	25.4%	100.0%

	2.65	14	14	11	21	60
U.S. Dollar's Weakness	1.18	23.3%	23.3%	18.3%	35.0%	100.0%

	2.71	15	12	19	22	68
Improving Relations with Allies	1.14	22.1%	17.6%	27.9%	32.4%	100.0%

	2.73	19	27	33	34	113
Tax-Code Reforms	1.07	16.8%	23.9%	29.2%	30.1%	100.0%

	2.82	12	35	38	37	122
Health Care	0.98	9.8%	28.7%	31.1%	30.3%	100.0%

	2.85	9	31	44	32	116
Social Security Reform	0.91	7.8%	26.7%	37.9%	27.6%	100.0%

	3.30	1	4	8	14	27
Reducing the rich/poor gap	0.85	3.7%	14.8%	29.6%	51.9%	100.0%

19

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

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.)	19.38	20.73	17.05 - 21.71	10	0	100	304

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.]	36.43	26.23	33.43 - 39.43	35	0	100	293

Negative impact minus cut-off negative
impact.	-16.60	24.23	-19.37 - -13.82	-15	-80	95	293

20

Duke CFO Outlook Survey - 4th Quarter, 2004

10. Negative impact of terrorism.

	Cut-off negative impact	Number	Percent	90% CI
	Threat of terrorism is significantly affecting your
	   bottom line.	44	14.8 %	± 3.5 %
	Negative impact and cut-off negative impact are equal	62	20.9 %	± 4.0 %
	Threat of terrorism is not significantly affecting your
	   bottom line.	191	64.3 %	± 4.7 %
	Total	297	100.0 %

	Missing Cases = 11 
	Response Percent = 96.4 %

21

Duke CFO Outlook Survey - 4th Quarter, 2004

Industry

	 	Number	Percent	95% CI
	Manufacturing	65	21.5 %	± 4.8 %
	Banking/Finance/Insurance	44	14.5 %	± 4.2 %
	Other	41	13.5 %	± 4.1 %
	Retail/Wholesale	36	11.9 %	± 3.9 %
	Transportation/Energy	26	8.6 %	± 3.4 %
	Service/Consulting	24	7.9 %	± 3.3 %
	Healthcare/Pharmaceutical	21	6.9 %	± 3.2 %
	Communications/Media	18	5.9 %	± 3.0 %
	Tech [Software/Biotech]	17	5.6 %	± 2.9 %
	Mining/Construction	11	3.6 %	± 2.5 %
	Total	303	100.0 %

	Missing Cases = 5 
	Response Percent = 98.4 %

22

Duke CFO Outlook Survey - 4th Quarter, 2004

Industry (Other specified)

agri-products	
Building products	
commercial real estate	
Conglomerate	
Construction	
Distribution	
Education	
Education and training	
Electic Generation & Transmission	
Entertainment	
Entertainment/tourism	
Goverment	
Government	
Hospitality	
importer	
Internet	
leisure	
Licensing	
Local Government	
Local Government	
Non-Profit (Church)	
Not for profit	
not for profit	
Oilfield Services	
Printing	
Publishing	
Real Estate	
Real Estate	
Real Estate	
real estate	
real estate	
Recycling	
Research	
Research	
Restaurants	
Sports & Entertainment	
Substance Abuse	
Tech Distribution	
technology/Hw&Sw	
Travel/Real Estate	
Waste Paper Broker	

23

Duke CFO Outlook Survey - 4th Quarter, 2004

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	30	9.9 %	± 3.6 %
	$25-99 million	50	16.6 %	± 4.4 %
	$100-499 million	76	25.2 %	± 5.1 %
	$500-999 million	25	8.3 %	± 3.4 %
	$1-4.9 billion	69	22.8 %	± 4.9 %
	Over $5 billion	52	17.2 %	± 4.5 %
	Total	302	100.0 %

	Missing Cases = 6 
	Response Percent = 98.1 %

24

Duke CFO Outlook Survey - 4th Quarter, 2004

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 6000

	Mean = 1868.87

	Median = 300

	Variance (Unbiased) = 4848242.08

	Standard Deviation (Unbiased) = 2201.87

	Standard Error Of The Mean  = 126.70

	95 Percent Confidence Interval Around The Mean = 1620.54 - 2117.21

	99 Percent Confidence Interval Around The Mean = 1542.61 - 2195.14

	Skewness = 0.92

	Kolmogorov-Smirnov Statistic For Normality = 5.12

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 302 
Missing Cases = 6 
Response Percent = 98.1%

25

Duke CFO Outlook Survey - 4th Quarter, 2004

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	32	11.8 %	± 3.7 %
	100-499	49	18.0 %	± 4.4 %
	500-999	27	9.9 %	± 3.5 %
	1,000-2,499	40	14.7 %	± 4.0 %
	2,500-4,999	21	7.7 %	± 3.2 %
	5,000-9,999	28	10.3 %	± 3.5 %
	Over 10,000	75	27.6 %	± 5.0 %
	Total	272	100.0 %

	Missing Cases = 36 
	Response Percent = 88.3 %

26

Duke CFO Outlook Survey - 4th Quarter, 2004

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 4768.01

	Median = 1750

	Variance (Unbiased) = 24461593.09

	Standard Deviation (Unbiased) = 4945.87

	Standard Error Of The Mean  = 299.89

	95 Percent Confidence Interval Around The Mean = 4180.24 - 5355.79

	99 Percent Confidence Interval Around The Mean = 3995.81 - 5540.22

	Skewness = 0.56

	Kolmogorov-Smirnov Statistic For Normality = 4.52

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 12000

Valid Cases = 272 
Missing Cases = 36 
Response Percent = 88.3%

27

Duke CFO Outlook Survey - 4th Quarter, 2004

Headquarters

	 	Number	Percent	95% CI
	Northeast US	92	30.5 %	± 5.4 %
	Midwest US	58	19.2 %	± 4.6 %
	South Atlantic US	50	16.6 %	± 4.4 %
	Pacific US	41	13.6 %	± 4.1 %
	South Central US	37	12.3 %	± 3.9 %
	Mountain US	11	3.6 %	± 2.5 %
	Europe	11	3.6 %	± 2.5 %
	Central/Latin America	1	0.3 %
	Asia	1	0.3 %
	Total	302	100.0 %

	Missing Cases = 6 
	Response Percent = 98.1 %

28

Duke CFO Outlook Survey - 4th Quarter, 2004

Ownership

	 	Number	Percent	95% CI
	Private	115	40.8 %	± 5.6 %
	Public, NYSE	108	38.3 %	± 5.6 %
	Public, Nasdaq/AMEX	41	14.5 %	± 4.1 %
	Nonprofit	12	4.3 %	± 2.6 %
	Government	6	2.1 %	± 2.2 %
	Total	282	100.0 %

	Missing Cases = 26 
	Response Percent = 91.6 %

29

Duke CFO Outlook Survey - 4th Quarter, 2004

Foreign Sales

	 	Number	Percent	95% CI
	0%	103	33.9 %	± 5.5 %
	1-24%	113	37.2 %	± 5.6 %
	25-50%	51	16.8 %	± 4.4 %
	Over 50%	37	12.2 %	± 3.9 %
	Total	304	100.0 %

	Missing Cases = 4 
	Response Percent = 98.7 %