Nearly 1,500 Vistage members surveyed in the Q3 2013 Vistage CEO Confidence Index held optimistic views about the overall economy and their own firms. Despite debates about federal spending and the debt ceiling (the survey was conducted prior to the Fed’s recent surprise announcement), firms expressed confidence that their prospects would improve in the year ahead. Below are some key highlights from the survey: 54% of all CEOs expected their firm’s profitability to improve. This is the highest figure recorded since the start of 2012. 71% of all CEOs anticipated higher sales revenues, up from 66% a year ago. 46% of CEOs believe economic conditions in the US have improved compared with a year ago, while only 30% believe conditions will improve in the next year.

1. VISTAGE CEO
CONFIDENCE
INDEX, Q3 2013

2. Vistage at a glance
Founded in 1957, Vistage is the world’s leading provider of private advisory
boards to CEOs, executives and business owners.
• Vistage has 17,000 members and operates in 15 countries
• Headquartered in San Diego, CA
• 160 employees
• 700 Vistage Chairs worldwide
• 800 Vistage speakers
Collectively, Vistage member companies represent more than
$250 billion in revenues and 1.5 million employees in the U.S.
alone.

3. Vistage CEO Confidence Index
Overview
• The nation’s largest and most
comprehensive report of the opinions
and projections of small-to-medium
sized business CEOs about the U.S.
economy.
• Conducted quarterly and typically
includes between 1,500 and 2,000 CEO
respondents from across the country.
• Results analyzed by University of
Michigan’s Dr. Richard Curtin, who also
oversees the U.S. Consumer Sentiment
Index.
Dr. Curtin has
determined that since
2003, the Vistage CEO
Confidence Index has
served as a reliable
harbinger for changes
in GDP and
employment.

4. The Vistage CEO
Confidence Index was
97.8 in the 3rd quarter
2013 survey, just above
the 96.7 in the 2nd
quarter survey but
substantially above the
89.0 recorded in last
year’s 3rd quarter.

5. Q2 2013 Highlights
Survey of 1,488 CEOs of small and medium sized businesses,
September 9-18, 2013
54%
54% of all CEOs expected
their firm’s profitability to
improve. This is the
highest figure recorded
since the start of 2012.
71%
71% of all CEOs
anticipated higher sales
revenues, up from 68%
last quarter and 66% a
year ago.
73%
73% of CEOs believe that
Congress must enact a
dollar of spending cuts for
every dollar used
to increase the debt
ceiling.

6. Q2 2013 Highlights continued…
40%
40% of CEOs said a
proposal to raise the
federal minimum
wage to $9 or $10 an
hour would have a
negative impact on
the growth of their
business.
53%
53% of all CEOs said
the minimum wage
hike would not have a
significant impact on
growth, perhaps due
to the higher wages
already paid to
their employees.
68%
68% of CEOs said the
U.S. debt burden of
$16.7 trillion has an
impact on their
business growth.

7. Results in your market
U.S.
State
City
Economy has improved in last year
46%
xx%
xx%
Economy will improve in next year
30%
xx%
xx%
Profitability will improve in next year
54%
xx%
xx%
Expect increase in revenues
71%
xx%
xx%
Plan to hire in next 12 months
54%
xx%
xx%
Small Business CEOs surveyed: United States—1,488 State - xxx; City - xx

8. Index: 2003=100
GDP
6.0
120
4.0
GDP
2.0
0.0
Confidence
100
80
-2.0
60
-4.0
-6.0
40
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Date of Survey
Vistage Confidence Index and Year to Year Changes in GDP

9. Employment
(Y-Y %Change)
Employment Index
(Up – Down + 100)
2.50
Employment
0.50
160
150
140
130
-1.50
120
Employment Expectations
-3.50
110
100
-5.50
90
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Date of Survey
Vistage employment expectations index and year to year
changes in employment.

10. Questions?