1. Is the trend in the Company's ROE over the last 5 years favorable or unfavorable?

2. Which factor (or factors) has driven the ROE trend?

3. Do you believe the company has room for future increases in ROE? If so or not, which ROE components would drive these increases and why

= 2016 2017 2018 2019 2020 Pre Tax Income Revenue 28.5% 28.0% 27.4% 25.3% 24.4% (1-t) 74% 75% 82% 84% 86% Net Income! Revenue 21.2% 21.1% 22.4% 21.2% 20.9% Revenue! Assets 0.7 0.6 0.7 0.8 0.8 Assets/ Equity 2.5 2.8 3.4 3.7 5.0 Net Incomel Equity 35.6% 36.1% 55.6% 61.1% 87.9% Check ROE 35.6% 36.1% 55.6% 61.1% 87.9% Check Net Margin 21.2% 21.1% 22.4% 21.2% 20.9% Debt / Capital 47.2% 51.2% 57.1% 61.1% 70.1% Pretax Net