Table of Contents

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

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

4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. Please complete the following:	5
4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. Please complete the following: 
OUTLIERS BEYOND 1.96 SD's DELETED	6
4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?	7

5. Relative to the previous 12 months, what will be your company's percentage change during the next 
12 months: (sorted)	8
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]	9
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)	10
5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?	11

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar 
will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)	12

7. Which presidential candidate do you think will be better in the following categories?	13

8. Approximately what percent (%) of your company's workforce is outsourced to locations outside of the U.S.?	14
8. Approximately what percent (%) of your company's workforce is outsourced to locations outside of the U.S.?	15

9. Over the past three years, has your company:	16

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)	17

11. What types of functions do you outsource to locations outside of the U.S.?	18
11. What types of functions do you outsource to locations outside of the U.S.? OTHER SPECIFIED	19

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)	20
12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply) OTHER SPECIFIED	21

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?	22

Industry	23
Industry (Other specified)	24
Sales Revenue	25
Weighted Sales Revenue (Millions)	26
Number of Employees	27
Weighted Number of Employees	28
Headquarters	29
Ownership	30
Foreign Sales	31
Age	32
Years as a financial exec	33
Education	34
Gender	35

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)	36

How would you rate your ability to pick which investment projects will be profitable for your firm?	37

Revenue Weighted: 3. What do you think annualized U.S. GDP growth will be during the next 12 months?	38
Revenue Weighted: 4. On March 17th, the annual yield on 10-yr treasury bonds was 3. 7%.
Please complete the following:	39
Revenue Weighted: 5. Relative to the previous 12 months, what will be your company's percentage change 
during the next 12 months: (sorted)	40

Employee Weighted: 3. What do you think annualized U.S. GDP growth will be during the next 12 months?	41
Employee Weighted: 4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. 
Please complete the following:	42
Employee Weighted: 5. Relative to the previous 12 months, what will be your company's percentage change
during the next 12 months: (sorted)	43

1

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

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

(N=226)

	More	Less	No	
	optimistic	optimistic	change	Total	
Are you more or less optimistic about the U.S.	141	29	46	216
economy compared to last quarter?	65.3%	13.4%	21.3%	100.0%

Are you more or less optimistic about the
financial prospects for your company	140	20	55	215
compared to last quarter?	65.1%	9.3%	25.6%	100.0%

2

FEI-Duke CFO Outlook Survey - 1st 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.	67.48	14.52	67	7	95	191

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.	73.57	16.52	75	6	100	189

3

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

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

	 	Number	Percent	Cumulative
	-5	1	0.5 %	0.5 %
	-4	1	0.5 %	0.9 %
	0	2	0.9 %	1.9 %
	1	7	3.3 %	5.1 %
	1.5	3	1.4 %	6.5 %
	1.75	2	0.9 %	7.5 %
	1.9	1	0.5 %	7.9 %
	2	15	7.0 %	15.0 %
	2.2	1	0.5 %	15.4 %
	2.4	1	0.5 %	15.9 %
	2.5	9	4.2 %	20.1 %
	2.75	1	0.5 %	20.6 %
	2.8	4	1.9 %	22.4 %
	3	47	22.0 %	44.4 %
	3.2	2	0.9 %	45.3 %
	3.25	2	0.9 %	46.3 %
	3.4	1	0.5 %	46.7 %
	3.5	35	16.4 %	63.1 %
	3.6	1	0.5 %	63.6 %
	3.75	4	1.9 %	65.4 %
	3.8	1	0.5 %	65.9 %
	3.9	1	0.5 %	66.4 %
	4	48	22.4 %	88.8 %
	4.25	1	0.5 %	89.3 %
	4.3	1	0.5 %	89.7 %
	4.5	14	6.5 %	96.3 %
	5	7	3.3 %	99.5 %
	6	1	0.5 %	100.0 %
	Total	214	100.0 %	100.0 %

	Missing Cases = 12 
	Response Percent = 94.7 %

4

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

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

	Minimum = -5

	Maximum = 6

	Mean = 3.22

	Median = 3.50

	Variance (Unbiased) = 1.46

	Standard Deviation (Unbiased) = 1.21

	Standard Error Of The Mean  = 0.08

	95 Percent Confidence Interval Around The Mean = 3.06 - 3.38

	99 Percent Confidence Interval Around The Mean = 3.01 - 3.44

Quartiles

	 1 = 3
	 2 = 3.50
	 3 = 4

Valid Cases = 214 
Missing Cases = 12 
Response Percent = 94.7%

5

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-
10 chance it will be less than:	2.95	3.79	2.44 - 3.46	3.50	-25	10	211

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.85	2.38	7.53 - 8.16	8	0	20	214

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:	11.82	5.64	11.06 - 12.58	12	3	75	211

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:	-0.82	6.96	-1.76 - 0.12	0	-25	12	210

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	7.79	6.27	6.95 - 8.62	7.20	-10	72	214

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:	13.76	9.61	12.46 - 15.06	12	0	100	210

6

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. 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:	3.54	2.28	3.22 - 3.85	4	-2	10	202

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	7.94	1.97	7.67 - 8.21	8	3.50	12.50	205

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:	11.45	3.45	10.98 - 11.92	12	3	20	209

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:	0.42	5.33	-0.33 - 1.16	0	-14	12	196

Over the next year, I expect the average
annual S&P 500 return will be: Expected return:	7.65	3.80	7.14 - 8.17	7.40	0	20	209

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:	12.87	5.67	12.10 - 13.64	12	0	30	207

7

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

4c. Relative to the typical investor, how would you rate your ability to predict future stock market returns?

	 	Number	Percent	Cumulative
	1=Poor	5	2.3 %	2.3 %
	2=2	7	3.3 %	5.6 %
	3=3	19	8.9 %	14.5 %
	4=Average	118	55.1 %	69.6 %
	5=5	55	25.7 %	95.3 %
	6=6	7	3.3 %	98.6 %
	7=Excellent	3	1.4 %	100.0 %
	Total	214	100.0 %	100.0 %

	Mean = 4.14
	SD = .96

	Missing Cases = 12 
	Response Percent = 94.7 %

8

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

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

(N=226)

	Positive	Zero	Negative	Total	
	198	4	0	202
Wages/Salaries	98.0%	2.0%	0.0%	100.0%

	191	5	4	200
Health care costs	95.5%	2.5%	2.0%	100.0%

	179	5	4	188
Revenues	95.2%	2.7%	2.1%	100.0%

	161	13	2	176
Productivity (output per hour worked)	91.5%	7.4%	1.1%	100.0%

	165	12	10	187
Earnings	88.2%	6.4%	5.3%	100.0%

	129	30	15	174
Technology spending	74.1%	17.2%	8.6%	100.0%

	144	38	13	195
Number of employees	73.8%	19.5%	6.7%	100.0%

	125	35	20	180
Capital spending	69.4%	19.4%	11.1%	100.0%

	122	41	17	180
Prices of your products	67.8%	22.8%	9.4%	100.0%

	94	62	13	169
Advertising/Marketing Spending	55.6%	36.7%	7.7%	100.0%

	69	52	4	125
R&D spending	55.2%	41.6%	3.2%	100.0%

	78	71	14	163
Overtime	47.9%	43.6%	8.6%	100.0%

	63	39	34	136
Inventory	46.3%	28.7%	25.0%	100.0%

	54	76	1	131
M&A activity	41.2%	58.0%	0.8%	100.0%

	41	108	1	150
Number of outsourced/temporary employees	27.3%	72.0%	0.7%	100.0%

	32	90	3	125
Dividends	25.6%	72.0%	2.4%	100.0%

9

FEI-Duke CFO Outlook Survey - 1st 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	34.06	61.05	25.31 - 42.81	15	-80	350	187

M&A activity	17.70	41.12	10.66 - 24.74	0	-60	300	131

Capital spending	15.22	38.18	9.62 - 20.81	5	-75	200	179

Revenues	14.07	17.80	11.53 - 16.61	10	-50	100	188

Health care costs	10.32	5.45	9.57 - 11.08	10	-15	30	200

Technology spending	9.97	28.81	5.69 - 14.25	5	-75	200	174

R&D spending	6.54	28.57	1.53 - 11.54	2	-75	300	125

Advertising/Marketing Spending	6.05	16.28	3.59 - 8.50	2	-40	100	169

Number of employees	5.46	12.87	3.65 - 7.26	3	-60	100	195

Productivity (output per hour worked)	5.12	5.89	4.25 - 5.99	4	-5	50	176

Number of outsourced/temporary
employees	4.82	20.38	1.56 - 8.08	0	-5	225	150

Dividends	4.76	24.58	0.45 - 9.06	0	-20	250	125

Wages/Salaries	4.17	3.71	3.66 - 4.68	3	0	30	202

Prices of your products	2.98	6.26	2.06 - 3.89	2	-20	60	180

Inventory	2.12	10.04	0.43 - 3.81	0	-25	50	136

Overtime	1.94	6.32	0.97 - 2.92	0	-30	25	163

10

FEI-Duke CFO Outlook Survey - 1st 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	28.66	40.36	22.88 - 34.45	15	-80	153.70	187

M&A activity	15.27	29.95	10.14 - 20.40	0	-60	98.30	131

Revenues	13.10	12.51	11.31 - 14.89	10	-20.80	48.96	188

Capital spending	12.49	27.62	8.44 - 16.53	5	-59.60	90.05	179

Health care costs	10.45	4.61	9.81 - 11.09	10	-0.36	21	200

Technology spending	7.88	17.34	5.31 - 10.46	5	-46.50	66.44	174

Number of employees	5.08	8.41	3.90 - 6.26	3	-19.80	30.69	195

R&D spending	4.84	10.76	2.95 - 6.73	2	-49.50	62.54	125

Productivity (output per hour worked)	4.70	4.07	4.10 - 5.30	4	-5	16.66	176

Advertising/Marketing Spending	4.70	9.82	3.22 - 6.18	2	-25.90	37.96	169

Wages/Salaries	3.83	2.06	3.54 - 4.11	3	0	11.44	202

Number of outsourced/temporary
employees	3.38	8.56	2.01 - 4.75	0	-5	44.76	150

Dividends	2.80	8.92	1.24 - 4.37	0	-20	52.94	125

Prices of your products	2.74	4.24	2.12 - 3.36	2	-9.29	15.25	180

Overtime	2.07	4.78	1.33 - 2.80	0	-10.40	14.33	163

Inventory	2.06	8.71	0.60 - 3.53	0	-17.60	21.80	136

11

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

5b. What do you expect to be your company's PERCENTAGE CHANGE in revenues during the next 12 months?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Pessimistic Scenario: There is a 1-in-10
chance the actual change in revenues will
be less than: ______%	3.94	14.47	1.92 - 5.96	2	-50	100	197

Best Guess: I expect the actual change in
revenues to be _____%	14.32	18.55	11.78 - 16.86	10	-50	100	205

Optimistic Scenario: There is a 1-in-10
chance the actual change in revenues will
be greater than _______%	22.78	22.38	19.66 - 25.91	15	-25	100	197

12

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

6. On March 17, 2004, one U.S. dollar was worth 0.806 Euros. How many Euros do you think one U.S. dollar will be worth on December 31, 2004? (e.g., 0.70, 0.95, 1.20)

	Minimum = 0.19

	Maximum = 1.30

	Mean = 0.86

	Median = 0.85

	Variance (Unbiased) = 0.01

	Standard Deviation (Unbiased) = 0.11

	Standard Error Of The Mean  = 0.01

	95 Percent Confidence Interval Around The Mean = 0.84 - 0.87

	99 Percent Confidence Interval Around The Mean = 0.84 - 0.88

4 Groups

	 1 = 0.79
	 2 = 0.85
	 3 = 0.90

Valid Cases = 192 
Missing Cases = 34 
Response Percent = 85.0%

13

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

7. Which presidential candidate do you think will be better in the following categories?  

(N=226)

	Kerry	No	Bush	
	better	difference	better	Total	
	27	51	136	214
GDP growth	12.6%	23.8%	63.6%	100.0%

	59	61	94	214
U.S. Employment	27.6%	28.5%	43.9%	100.0%

	15	46	153	214
Homeland Security	7.0%	21.5%	71.5%	100.0%

	68	25	121	214
Foreign Policy	31.8%	11.7%	56.5%	100.0%

	85	45	84	214
Domestic Issues	39.7%	21.0%	39.3%	100.0%

	25	64	125	214
Stock Market	11.7%	29.9%	58.4%	100.0%

	20	87	107	214
Interest Rates	9.3%	40.7%	50.0%	100.0%

14

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

8. Approximately what percent (%) of your company's workforce is outsourced to locations outside of the U.S.?  (e.g., 0%, 12%, 25%)

	 	Number	Percent	Cumulative
	0	164	75.9 %	75.9 %
	.3	1	0.5 %	76.4 %
	1	7	3.2 %	79.6 %
	2	7	3.2 %	82.9 %
	3	4	1.9 %	84.7 %
	4	1	0.5 %	85.2 %
	5	5	2.3 %	87.5 %
	8	2	0.9 %	88.4 %
	10	8	3.7 %	92.1 %
	12	2	0.9 %	93.1 %
	15	1	0.5 %	93.5 %
	20	2	0.9 %	94.4 %
	25	1	0.5 %	94.9 %
	33	1	0.5 %	95.4 %
	35	1	0.5 %	95.8 %
	45	1	0.5 %	96.3 %
	50	2	0.9 %	97.2 %
	60	2	0.9 %	98.1 %
	75	1	0.5 %	98.6 %
	92	1	0.5 %	99.1 %
	95	1	0.5 %	99.5 %
	100	1	0.5 %	100.0 %
	Total	216	100.0 %	100.0 %

	Missing Cases = 10 
	Response Percent = 95.6 %

15

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

8. Approximately what percent (%) of your company's workforce is outsourced to locations outside of the U.S.?  (e.g., 0%, 12%, 25%)

	Minimum = 0

	Maximum = 100

	Mean = 4.43

	Median = 0

	Variance (Unbiased) = 225.53

	Standard Deviation (Unbiased) = 15.02

	Standard Error Of The Mean  = 1.02

	95 Percent Confidence Interval Around The Mean = 2.43 - 6.43

	99 Percent Confidence Interval Around The Mean = 1.80 - 7.06

Valid Cases = 216 
Missing Cases = 10 
Response Percent = 95.6%

16

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

9. Over the past three years, has your company:

	 	Number	Percent	95% CI
	Increased the number of jobs outsourced outside of
	   the U.S.	30	61.2 %	± 15.1 %
	Decreased the number of jobs outsourced outside of
	   the U.S.	2	4.1 %
	Maintained a steady number of jobs outsourced
	   outside of the U.S.	17	34.7 %	± 14.9 %
	Total	49	100.0 %

	Missing Cases = 3 
	Response Percent = 94.2 %

17

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

10. What skill level jobs have you outsourced to locations outside of the U.S.? (Select all that apply)

	 	Number	Percent	95% CI
	Low skill	30	57.7 %	± 15.1 %
	Moderate skill	26	50.0 %	± 15.4 %
	High skill	0	0.0 %
	Total	56

	Number of Cases = 52 
	Number of Responses = 56 
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response = 46 
	Response Percent = 88.5 %

18

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.?

	 	Number	Percent	95% CI
	Manufacturing	18	34.6 %	± 15.0 %
	Tech support	17	32.7 %	± 14.9 %
	Programming	14	26.9 %	± 14.4 %
	Engineering	11	21.2 %	± 13.7 %
	"Back office" administrative functions	10	19.2 %	± 13.5 %
	Customer service/call centers	9	17.3 %	± 13.2 %
	Data center &  data processing suport	8	15.4 %	± 12.9 %
	Maintenance	7	13.5 %	± 12.7 %
	Other (explain:)	4	7.7 %	± 12.8 %
	Customer help desk	3	5.8 %	± 15.0 %
	Total	101

	Number of Cases = 52 
	Number of Responses = 101 
	Average Number Of Responses Per Case = 1.9
	Number Of Cases With At Least One Response = 47 
	Response Percent = 90.4 %

19

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

11. What types of functions do you outsource to locations outside of the U.S.? OTHER SPECIFIED

Management, legal, audit, tax	
Sales	
pre sales support	
TOOLING	

20

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply)

	 	Number	Percent	95% CI
	Reduced wages	38	73.1 %	± 13.6 %
	Reduced health care costs	16	30.8 %	± 14.7 %
	Support other "off shore" or overseas operations.	14	26.9 %	± 14.4 %
	Expand hours of service (e.g., 24 hours)	9	17.3 %	± 13.2 %
	Other reasons:	6	11.5 %	± 12.5 %
	Provide capabilities not available in the U.S.	5	9.6 %	± 12.4 %
	Reached  U.S.C.I.S. limit on work visas (H-1B), so
	   cannot bring more off-shore employees to the U.S.	2	3.8 %
	Total	90

	Number of Cases = 52 
	Number of Responses = 90 
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response = 47 
	Response Percent = 90.4 %

21

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

12. What are your reasons for outsourcing jobs outside of the U.S.? (Select all that apply) OTHER SPECIFIED

Proximity to supply chain	
Parent Co. in UK	
Match customer moves	
proximity to customers	
customers want offshore sourcing	
SHORTER LEAD TIMES	
Lower overall product cost	
Better service for a lower cost	
better quality	

22

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

13. Rate your satisfaction with the overall performance of the functions you outsourced outside of the U.S.?

	 	Number	Percent	95% CI
	1=Poor	0	0.0 %
	2=Below average	3	5.8 %	± 15.0 %
	3=Average	19	36.5 %	± 15.1 %
	4=Above Average	17	32.7 %	± 14.9 %
	5=Excellent	8	15.4 %	± 12.9 %
	=No opinion	5	9.6 %	± 12.4 %
	Total	52	100.0 %

	Mean = 3.64
	SD = .84

	Missing Cases = 0 
	Response Percent = 100.0 %

23

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Industry

	 	Number	Percent	95% CI
	Manufacturing	62	29.7 %	± 6.2 %
	Banking/Finance/Insurance	32	15.3 %	± 5.0 %
	Retail/Wholesale	31	14.8 %	± 4.9 %
	Service/Consulting	26	12.4 %	± 4.6 %
	Other	16	7.7 %	± 3.9 %
	Transportation/Energy	11	5.3 %	± 3.4 %
	Tech [Software/Biotech]	10	4.8 %	± 3.3 %
	Mining/Construction	8	3.8 %	± 3.1 %
	Healthcare/Pharmaceutical	7	3.3 %	± 3.0 %
	Communications/Media	6	2.9 %	± 3.0 %
	Total	209	100.0 %

	Missing Cases = 17 
	Response Percent = 92.5 %

24

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Industry (Other specified)

Aerospace/Defense	
ag	
government	
government	
Human Services	
Information Service	
Minor League Baseball	
not for profit	
Outsourced IT services	
Private Equity Investing	
Real Estate	
Real Estate	
Real Estate Development	
SDO	
Tech/Semi	
utility	

25

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	34	16.2 %	± 5.1 %
	$25-99 million	50	23.8 %	± 5.8 %
	$100-499 million	66	31.4 %	± 6.3 %
	$500-999 million	18	8.6 %	± 4.0 %
	$1-4.9 billion	27	12.9 %	± 4.7 %
	Over $5 billion	15	7.1 %	± 3.8 %
	Total	210	100.0 %

	Missing Cases = 16 
	Response Percent = 92.9 %

26

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 6000

	Mean = 991.67

	Median = 300

	Variance (Unbiased) = 2836190.75

	Standard Deviation (Unbiased) = 1684.10

	Standard Error Of The Mean  = 116.21

	95 Percent Confidence Interval Around The Mean = 763.89 - 1219.45

	99 Percent Confidence Interval Around The Mean = 692.42 - 1290.92

	Skewness = 2.02

	Kolmogorov-Smirnov Statistic For Normality = 5.44

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 210 
Missing Cases = 16 
Response Percent = 92.9%

27

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	23	12.5 %	± 4.4 %
	100-499	65	35.3 %	± 6.3 %
	500-999	16	8.7 %	± 3.9 %
	1000-2499	27	14.7 %	± 4.7 %
	2500-4999	14	7.6 %	± 3.7 %
	5000-9999	19	10.3 %	± 4.1 %
	Over 10,000	20	10.9 %	± 4.2 %
	Total	184	100.0 %

	Missing Cases = 42 
	Response Percent = 81.4 %

28

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2804.62

	Median = 750

	Variance (Unbiased) = 15279063.24

	Standard Deviation (Unbiased) = 3908.84

	Standard Error Of The Mean  = 288.16

	95 Percent Confidence Interval Around The Mean = 2239.82 - 3369.42

	99 Percent Confidence Interval Around The Mean = 2062.60 - 3546.64

	Skewness = 1.46

	Kolmogorov-Smirnov Statistic For Normality = 4.34

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 184 
Missing Cases = 42 
Response Percent = 81.4%

29

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Headquarters

	 	Number	Percent	95% CI
	Midwest	66	31.1 %	± 6.3 %
	Northeast	57	26.9 %	± 6.0 %
	Pacific	36	17.0 %	± 5.2 %
	South Central	25	11.8 %	± 4.5 %
	South Atlantic	23	10.8 %	± 4.4 %
	Mountain	5	2.4 %	± 2.9 %
	Total	212	100.0 %

	Missing Cases = 14 
	Response Percent = 93.8 %

30

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Ownership

	 	Number	Percent	95% CI
	Private	132	67.0 %	± 6.7 %
	Public, NYSE	35	17.8 %	± 5.1 %
	Public, Nasdaq/AMEX	30	15.2 %	± 4.8 %
	Total	197	100.0 %

	Missing Cases = 29 
	Response Percent = 87.2 %

31

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Foreign Sales

	 	Number	Percent	95% CI
	0%	73	34.8 %	± 6.4 %
	1-24%	101	48.1 %	± 6.8 %
	25-50%	21	10.0 %	± 4.3 %
	Over 50%	15	7.1 %	± 3.8 %
	Total	210	100.0 %

	Missing Cases = 16 
	Response Percent = 92.9 %

32

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Age

	 	Number	Percent	95% CI
	<=39	18	8.5 %	± 4.0 %
	40-49	87	40.8 %	± 6.7 %
	50-59	96	45.1 %	± 6.8 %
	60+	12	5.6 %	± 3.5 %
	Total	213	100.0 %

	Missing Cases = 13 
	Response Percent = 94.2 %

33

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Years as a financial exec

	 	Number	Percent	95% CI
	<4 years	5	2.4 %	± 2.9 %
	4-9 years	24	11.3 %	± 4.5 %
	10-14 years	38	17.9 %	± 5.3 %
	15+ years	145	68.4 %	± 6.5 %
	Total	212	100.0 %

	Missing Cases = 14 
	Response Percent = 93.8 %

34

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Education

	 	Number	Percent	95% CI
	High School	0	0.0 %
	Some college	0	0.0 %
	College degree	85	39.9 %	± 6.6 %
	MBA or other	114	53.5 %	± 6.8 %
	non-business masters	1	0.5 %
	>Masters degree	13	6.1 %	± 3.6 %
	Total	213	100.0 %

	Missing Cases = 13 
	Response Percent = 94.2 %

35

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Gender

	 	Number	Percent	95% CI
	Male	202	95.7 %	± 4.3 %
	Female	9	4.3 %	± 3.2 %
	Total	211	100.0 %

	Missing Cases = 15 
	Response Percent = 93.4 %

36

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Approximately what portion of your compensation is incentive based? (e.g., stock option, bonus, etc.)

	 	Number	Percent	95% CI
	<10%	33	15.5 %	± 5.0 %
	10-19%	24	11.3 %	± 4.5 %
	20-29%	35	16.4 %	± 5.1 %
	30-39%	44	20.7 %	± 5.5 %
	40-49%	13	6.1 %	± 3.6 %
	50% +	64	30.0 %	± 6.2 %
	Total	213	100.0 %

	Missing Cases = 13 
	Response Percent = 94.2 %

37

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

How would you rate your ability to pick which investment projects will be profitable for your firm?

	 	Number	Percent	Cumulative
	1=Poor	0	0.0 %	0.0 %
	2=2	0	0.0 %	0.0 %
	3=3	3	1.4 %	1.4 %
	4=Average	34	16.0 %	17.4 %
	5=5	51	23.9 %	41.3 %
	6=6	101	47.4 %	88.7 %
	7=Excellent	24	11.3 %	100.0 %
	Total	213	100.0 %	100.0 %

	Mean = 5.51
	SD = .94

	Missing Cases = 13 
	Response Percent = 94.2 %

38

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Revenue Weighted: 3. What do you think annualized U.S. GDP growth will be during the next 12 months?

	Mean	SD	95% CI	Median	Minimum	Maximum

What do you think annualized U.S. GDP growth will be
during the next 12 months? (e.g., 3%, -2%)	3.36	1.20	3.32 - 3.39	3.50	-5	6

39

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Revenue Weighted: 4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it will
be less than:	3.09	3.31	3.00 - 3.18	4	-25	10

Over the next 10 years, I expect the average annual
S&P 500 return will be: Expected return:	7.78	2.45	7.71 - 7.85	8	0	20

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:	11.32	3.36	11.22 - 11.41	10	3	25

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:	-2.08	7.79	-2.30 - -1.87	0	-25	12

Over the next year, I expect the average annual S&P
500 return will be: Expected return:	7.42	6.03	7.26 - 7.59	7	-10	72

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:	13.56	8.04	13.34 - 13.78	12	0	100

40

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Revenue Weighted: 5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months: (sorted)

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	30.61	58.89	28.79 - 32.42	20	-80	350

M&A activity	15.72	32.41	14.56 - 16.88	0	-60	300

Capital spending	11.34	35.25	10.21 - 12.47	5	-75	200

Revenues	10.17	13.96	9.73 - 10.60	8	-40	100

Health care costs	9.54	4.57	9.41 - 9.68	10	-15	30

Advertising/Marketing Spending	5.78	18.32	5.18 - 6.39	1	-40	100

R&D spending	5.04	12.78	4.55 - 5.53	3	-20	300

Number of outsourced/temporary employees	4.15	17.83	3.55 - 4.75	0	0	225

Technology spending	4.14	13.54	3.71 - 4.58	5	-50	200

Productivity (output per hour worked)	4.04	3.19	3.94 - 4.14	3	-5	50

Dividends	3.66	22.37	2.85 - 4.47	0	-20	250

Wages/Salaries	3.50	1.61	3.45 - 3.55	3	0	30

Number of employees	2.94	9.11	2.67 - 3.21	2	-25	100

Prices of your products	2.80	5.53	2.63 - 2.97	2	-10	60

Overtime	2.01	5.52	1.82 - 2.19	0.50	-30	25

Inventory	1.14	8.21	0.85 - 1.42	0	-25	50

41

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Employee Weighted: 3. What do you think annualized U.S. GDP growth will be during the next 12 months?

	Mean	SD	95% CI	Median	Minimum	Maximum

What do you think annualized U.S. GDP growth will be
during the next 12 months? (e.g., 3%, -2%)	3.38	1.19	3.34 - 3.42	3.50	-5	6

42

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Employee Weighted: 4. On March 17th, the annual yield on 10-yr treasury bonds was 3.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it will
be less than:	2.78	3.85	2.66 - 2.91	4	-25	10

Over the next 10 years, I expect the average annual
S&P 500 return will be: Expected return:	7.76	2.54	7.67 - 7.84	8	0	20

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:	11.35	3.37	11.24 - 11.45	10	4.20	25

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:	-1.06	7.29	-1.29 - -0.82	0	-25	12

Over the next year, I expect the average annual S&P
500 return will be: Expected return:	8.05	6.23	7.84 - 8.25	8	-10	72

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:	13.90	8.22	13.63 - 14.17	12	0	100

43

FEI-Duke CFO Outlook Survey - 1st Quarter, 2004

Employee Weighted: 5. Relative to the previous 12 months, what will be your company's percentage change during the next 12 months: (sorted)

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	31.69	53.22	29.71 - 33.68	20	-80	300

M&A activity	15.22	31.34	13.93 - 16.52	0	-60	300

Revenues	13.80	20.42	13.05 - 14.54	10	-40	100

Health care costs	10.22	5.54	10.02 - 10.41	10	-15	30

Capital spending	9.66	29.44	8.57 - 10.76	5	-75	200

Number of employees	5.30	17.60	4.67 - 5.93	2	-40	100

Advertising/Marketing Spending	5.07	19.49	4.32 - 5.81	2	-40	100

R&D spending	4.62	17.30	3.86 - 5.38	1	-10	300

Technology spending	4.61	16.44	3.99 - 5.22	5	-50	200

Productivity (output per hour worked)	4.49	4.00	4.34 - 4.63	3	-5	30

Wages/Salaries	3.52	1.85	3.46 - 3.59	3	0	30

Number of outsourced/temporary employees	3.47	12.17	2.99 - 3.94	0	0	225

Dividends	3.33	15.59	2.69 - 3.97	0	-20	250

Prices of your products	3.06	6.03	2.85 - 3.28	3	-10	60

Overtime	2.05	5.21	1.85 - 2.25	0	-20	25

Inventory	0.72	8.48	0.37 - 1.08	0	-25	50