After-tax Operating Return on Assets Analysis R*t = EBIT/Sales * Sales/TA * (1-Tax Rate) Fiscal year ended on December 31st 2016 2017 2018 2019 2020 Average Overall % % Change Change R*t 5.89% 6.59% 4.59% 1.34% -1.99% -133.70% % Change 11.76% -30.28% -70.72% -247.74% -84.25% EBIT/Sales 50.41% 12.86% 12.49% 5.85% -3.15% -106.25% % Change -74.49% -2.88% -53.18% -153.86% -71.10% Sales/TA 0.22 0.45 0.44 0.45 0.43 90.77% % Change 98.08% -0.54% 1.76% -4.84% 23.62% 1 - Tax 52% 115% 83% 51% 147% 182.69% Rate % Change 121.15% -27.83% -38.55% 188.24% 60.75% Implied Tax 48% -15% 17% 49% -47% -197.92% Rate % Change 131.25% 213.33% 188.24% -195.92% -88.07%