Duke CFO Outlook Survey
March 2003

All information will be used only in aggregate form. No individual data is recorded or made public. Please respond by midnight ET, Wednesday, March 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 during the next 12 months? (e.g., +3%, -2%, etc.)
%


4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.)  [Leave blank if not applicable]
%  Prices of your products
%  Overtime
%  Advertising/Marketing spending
%  Number of employees
%  Productivity (output per hour worked)
%  Wages/Salaries
%  Health care costs
%  Technology spending
%  Earnings
%  Revenues
%  Inventory
%  M&A activity
%  Capital spending
%  Dividends

5. Relative to the previous 12 months, what will your company's PERCENTAGE CHANGE in REVENUES be during the next 12 months if the following IRAQ WAR SCENARIOS OCCUR? (e.g., +3%, -2%, etc.)
a. Scenario 1: Peaceful resolution %
b. Scenario 2: Short successful war %
c. Scenario 3: Prolonged war (conflict continuing for more than six months) %
d. Scenario 4: Iraq retaliates with weapons of mass destruction or new large-scale domestic terrorism %

6a. 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

6b. If your company's capital spending is at less than normal levels, when do you anticipate returning to normal spending?
Second quarter of 2003
Second half of 2003
First half of 2004
Second half of 2004
Beyond 2004
Don't know/Can't project
N/A – Not spending below normal levels

7. As of March 14th, the annual yield on 10-yr treasury bonds was 3.7%. 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:

               %

8a. If President Bush's proposal to cut dividend taxation is passed, will your company increase the amount you pay in dividends?
Definitely yes
Probably yes
No opinion/We don't pay dividends
Probably not
Definitely not

8b. If you currently do not pay dividends, will the likelihood increase that you will initiate dividends based on the Bush proposal?
Definitely yes
Probably yes
No opinion
Probably not
Definitely not

9. Will your company make changes to the makeup of the Audit Committee of the Board of Directors this year?
Yes
No
Probably
Not applicable

10. What is your company's:
a. Overall cost of capital? %
b. Cost of equity? %
c. Debt ratio (total debt/total assets)? %

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%
          g. Dividend Payments
               Yes
               No