Duke CFO Outlook Survey

All information will be used only in aggregate form. No individual data is recorded or made public. Please respond by midnight ET, Thursday, September 19th. If you have any questions about this survey, please contact us.

1. Are you more or less optimistic about the U.S. economy compared to last quarter?
More optimistic
Less optimistic
No change
Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?
More optimistic
Less optimistic
No change
Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

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

4. Relative to the current quarter, what will be your company's PERCENTAGE CHANGE during the fourth quarter (October - December)? (e.g., -2%, +3%)  PLEASE DO NOT ANNUALIZE.
%  Prices of your products
%  Overtime
%  Advertising/Marketing Spending
%  Technology spending
%  Number of employees
%  Productivity (output per hour worked)
%  Wages/Salaries
%  Inventory
%  M&A activity
%  Capital spending
%  Earnings
%  Revenues

5. Regarding capital investments, is your company:
Holding off on all or nearly all capital investments
Spending cautiously
Spending at normal rate
Making ambitious investments in capital expenditures

6. If your company is spending less than normal, which of the following is the most significant reason?
Uncertainty about the economy
Can't raise prices on our products
Difficulty raising capital
Other

7. What is the probability that the US economy will experience a "double-dip" recession (i.e., recession, recovery, another recession)?
%

8. On September 16th, the annual yield on 10-yr treasury bonds was 3.9%. Please complete the following:

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

Worst Case: There is a 1-in-10
chance the actual average
return will be less than:

                 %
Best Guess:
I expect the
return to be:

       %
Best Case: There is a 1-in-10
chance the actual average
return will be greater than:

                %

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

Worst Case: There is a 1-in-10
chance the actual return will
be less than:

                 %
Best Guess:
I expect the
return to be:

      %
Best Case: There is a 1-in-10
chance the actual return will
be greater than:

                %

9. Which of the following worries you most about the prospects of the U.S. economy?
Stock market decline
Accounting/management scandals
Consumer confidence/consumer spending
Interest rates
Lack of capital spending
Global unrest
Terrorism
Oil price spike
Deflation
Other

10. Which of the following makes you feel most confident about the prospects of the U.S. economy?
Stock market prospects
Interest rates
Prospect of increased consumer spending
Prospect of increased capital spending
Bush administration approach to foreign
      policy
Containment of terrorism
Price stability
Resilience of American economic system
Other

11. Please check one from each category that best describes your company.

          a. Industry

                Retail/Wholesale
                Mining/Construction
                Manufacturing
                Transportation/Energy
                Communications/Media
Tech [Software/Biotech]
Banking/Finance/Insurance
Service/Consulting
Other  
          b. Sales Revenue
                Less than $25 million
                $25-99 million
                $100-499 million
                $500-999 million
                $1-4.9 billion
                Over $5 billion
          c. Number of Employees
                Fewer than 100
                100-499
                500-999
                1000-2499
2500-4999
5000-9999
Over 10,000
          d. Headquarters
                Northeast
                Mountain
                Midwest
                South Central
                South Atlantic
                Pacific
          e. Ownership
                Public, NYSE
                Public, Nasdaq/AMEX
                Private
          f. Foreign Sales
                0%
                1-24%
                25-50%
                Over 50%