FEI/Duke CFO Outlook Survey
September 2003

All information will be used only in aggregate form. No individual data is recorded or made public. Please respond by midnight Eastern, Thursday, September 18th. 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. On September 12th, the annual yield on 10-yr treasury bonds was 4.3%. 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:

               %


5. 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
%  Productivity (output per hour worked)
%  Overtime
%  Advertising/Marketing spending
%  Health care costs
%  Inventory
%  Number of employees
%  Wages/Salaries
%  M&A activity
%  Dividends
%  Technology spending
%  Capital spending
%  Earnings
%  Revenues

6a. Regarding capital spending, is your company:
Holding off on all or nearly all capital spending
Spending cautiously
Spending at normal rate
Making ambitious capital expenditures

6b. If your company's capital spending is at less than normal levels, when do you anticipate returning to normal spending?
Last quarter of 2003
First half of 2004
Second half of 2004
2005 or later
Don't know/Can't project
N/A – Not spending below normal levels

7a. Regarding domestic employment in your company (i.e., employees in the U.S.), is your company:
Aggressively reducing employees
Modestly reducing employees
Holding number of employees constant
Hiring cautiously
Hiring at normal rate
Hiring at a greater than normal rate

7b. If your company's domestic employment is at less than normal levels, when do you anticipate returning to normal?
Last quarter of 2003
First half of 2004
Second half of 2004
2005 or later
Might never return to normal levels
Don't know/Can't project
N/A - Not hiring below normal levels

7c. If your company's domestic employment is at less than normal levels, has outsourcing to foreign employees or hiring foreign employees been an important reason that domestic employment is below normal?
Yes, very important reason
Yes, somewhat important reason
Has not affected domestic employment
Don't know
N/A - Not hiring below normal levels

8a. Do you use the Capital Asset Pricing Model (CAPM, aka the "beta model") to determine your cost of equity?
Yes, always
Yes, sometimes
No
Don't know

8b. The Capital Asset Pricing Model (CAPM) requires you to multiply your stock's "beta" times the stock market equity risk premium (the amount by which the expected stock market return exceeds the risk-free rate). What is your current estimate of the risk premium? (e.g., 0%, 3%, 8%).
%

9. 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  c. Number of Employees
       Less than $25 million
       $25-99 million
       $100-499 million
       $500-999 million
       $1-4.9 billion
       Over $5 billion
      Fewer than 100
      100-499
      500-999
      1000-2499
      2500-4999
      5000-9999
      Over 10,000
  d. Headquarters   e. Ownership
       Northeast
       Mountain
       Midwest
       South Central
       South Atlantic
       Pacific
      Public, NYSE
      Public, NASDAQ/AMEX
      Private
  f. Foreign Sales   g. Dividend Payments
       0%
       1-24%
       25-50%
       Over 50%
      Yes
      No