Dana (DAN) 8-K Regulation FD Disclosure

Exhibit 99.3

Dana Corporation
Return on Invested Capital (ROIC) (1)
(In millions)

	Year Ended December 31, 2003
	Internal
	ROIC					Elimination			Dana
	Measure (1)			DCC		Entries (2)			Consolidated
Calculation of after-tax operating return:
Net income before effect of change in accounting	$	222		$	61	$	(61	)	$	222
Unusual items excluded from operating income:
Net gain on divestitures		30			39		(69	)
Gain on repurchase of notes		9					(9	)
Other unusual items
Operating income		183			22		17			222
After-tax net interest expense [3]		89			35					124
After-tax operating return	$	272		$	57	$	17		$	346
Calculation of average invested capital:
Notes payable	$	260		$	233	$			$	493
Long-term debt		2,087			518					2,605
Shareholders’ equity		2,050			291		(291	)		2,050
		4,397			1,042		(291	)		5,148
Less: Cash and cash equivalents		664			67					731
Invested capital	$	3,733		$	975	$	(291	)	$	4,417
Average invested capital [4]	$	3,690							$	4,485
ROIC [5]		7.4	%							7.7	%

(1)	We believe that ROIC is a meaningful financial measure because it reflects our performance relative to our investment level. Our internal ROIC measure is derived with DCC considered on an equity basis, exclusive of unusual items determined not to be reflective of internal operating performance. Other companies may calculate ROIC differently.
(2)	Elimination entries include entries required to reflect DCC on a fully consolidated basis and to include all items excluded from our performance measures, including Internal ROIC.
(3)	After-tax net interest expense is calculated by tax effecting net interest expense (including net interest expense of discontinued operations) by our assumed long-term effective income tax rate of 39%. Net interest expense is calculated as follows:

	2003
Interest expense — Dana Consolidated	$	221
Interest income — Dana Consolidated (a)		(17	)
Less: DCC net interest expense		(57	)
Net interest expense from continuing operations — Dana with DCC on equity basis		147
Net interest expense of discontinued operations
Net interest expense	$	147

(a)  Interest income is included in ‘Other Income, net’ in the Consolidated Statement of Income.

(4)	Average invested capital is equal to the average of invested capital for the last five quarter-end dates, inclusive.
(5)	ROIC is equal to after-tax operating return divided by average invested capital.

Dana Corporation
Return on Invested Capital (ROIC) (1)
(In millions)

	Year Ended December 31, 2002
	Internal
	ROIC					Elimination			Dana
	Measure (1)			DCC		Entries (2)			Consolidated
Calculation of after-tax operating return:
Net income before effect of change in accounting	$	38		$	65	$	(65	)	$	38
Unusual items excluded from operating income:
Net gain on divestitures		30			39		(69	)
Restructuring costs		(163	)				163
Other unusual items
Operating income		171			26		(159	)		38
After-tax net interest expense [3]		100			44					144
After-tax operating return	$	271		$	70	$	(159	)	$	182
Calculation of average invested capital:
Notes payable	$	53		$	234	$			$	287
Long-term debt		2,462			753					3,215
Shareholders’ equity		1,482			271		(271	)		1,482
		3,997			1,258		(271	)		4,984
Less: Cash and cash equivalents		551			20					571
Invested capital	$	3,446		$	1,238	$	(271	)	$	4,413
Average invested capital [4]	$	4,114							$	5,307
ROIC [5]		6.6	%							3.4	%

(1)	We believe that ROIC is a meaningful financial measure because it reflects our performance relative to our investment level. Our internal ROIC measure is derived with DCC considered on an equity basis, exclusive of unusual items determined not to be reflective of internal operating performance. Other companies may calculate ROIC differently.
(2)	Elimination entries include entries required to reflect DCC on a fully consolidated basis and to include all items excluded from our performance measures, including Internal ROIC.
(3)	After-tax net interest expense is calculated by tax effecting net interest expense (including net interest expense of discontinued operations) by our assumed long-term effective income tax rate of 39%. Net interest expense is calculated as follows:

	2002
Interest expense — Dana Consolidated	$	259
Interest income — Dana Consolidated (a)		(23	)
Less: DCC net interest expense		(73	)
Net interest expense from continuing operations — Dana with DCC on equity basis		163
Net interest expense of discontinued operations
Net interest expense	$	163

(a)  Interest income is included in ‘Other Income, net’ in the Consolidated Statement of Income.

(4)	Average invested capital is equal to the average of invested capital for the last five quarter-end dates, inclusive.
(5)	ROIC is equal to after-tax operating return divided by average invested capital.

Dana Corporation
Return on Invested Capital (ROIC) (1)
(In millions)

	Year Ended December 31, 2001
	Internal
	ROIC					Elimination			Dana
	Measure (1)			DCC		Entries (2)			Consolidated
Calculation of after-tax operating return:
Net income before effect of change in accounting	$	(298	)	$	31	$	(31	)	$	(298	)
Unusual items excluded from operating income:
Net gain on divestitures		10					(10	)
Restructuring costs		(279	)				279
Other unusual items		(34	)				34
Operating income		5			31		(334	)		(298	)
After-tax net interest expense [3]		118			52		(3	)		167
After-tax operating return	$	123		$	83	$	(337	)	$	(131	)
Calculation of average invested capital:
Notes payable	$	617		$	503	$			$	1,120
Long-term debt		2,155			853					3,008
Shareholders’ equity		1,958			198		(198	)		1,958
		4,730			1,554		(198	)		6,086
Less: Cash and cash equivalents		182			17					199
Invested capital	$	4,548		$	1,537	$	(198	)	$	5,887
Average invested capital [4]	$	5,090							$	6,611
ROIC [5]		2.4	%							-2.0	%

(1)	We believe that ROIC is a meaningful financial measure because it reflects our performance relative to our investment level. Our internal ROIC measure is derived with DCC considered on an equity basis, exclusive of unusual items determined not to be reflective of internal operating performance. Other companies may calculate ROIC differently.
(2)	Elimination entries include entries required to reflect DCC on a fully consolidated basis and to include all items excluded from our performance measures, including Internal ROIC.
(3)	After-tax net interest expense is calculated by tax effecting net interest expense (including net interest expense of discontinued operations) by our assumed long-term effective income tax rate of 39%. Net interest expense is calculated as follows:

	2001
Interest expense — Dana Consolidated	$	304
Interest income — Dana Consolidated (a)		(31	)
Less: DCC net interest expense		(85	)
Net interest expense from continuing operations — Dana with DCC on equity basis		188
Net interest expense of discontinued operations		4
Net interest expense	$	192

(a)  Interest income is included in ‘Other Income, net’ in the Consolidated Statement of Income.

(4)	Average invested capital is equal to the average of invested capital for the last five quarter-end dates, inclusive.
(5)	ROIC is equal to after-tax operating return divided by average invested capital.

Dana Corporation
Return on Invested Capital (ROIC) (1)
(In millions)

	Year Ended December 31, 2000
	Internal
	ROIC					Elimination			Dana
	Measure (1)			DCC		Entries (2)			Consolidated
Calculation of after-tax operating return:
Net income before effect of change in accounting	$	334		$	35	$	(35	)	$	334
Unusual items excluded from operating income:
Net gain on divestitures		106								106
Restructuring costs		(129	)							(129	)
Other unusual items		(20	)							(20	)
Operating income		377			35		(35	)		377
After-tax net interest expense [3]		129			50					179
After-tax operating return	$	506		$	85	$	(35	)	$	556
Calculation of average invested capital:
Notes payable	$	1,307		$	638				$	1,945
Long-term debt		1,574			1,075					2,649
Shareholders’ equity		2,628			174		(174	)		2,628
		5,509			1,887		(174	)		7,222
Less: Cash and cash equivalents		149			30					179
Invested capital	$	5,360		$	1,857	$	(174	)	$	7,043
Average invested capital [4]	$	5,529							$	7,065
ROIC [5]		9.1	%							7.9	%

(1)	We believe that ROIC is a meaningful financial measure because it reflects our performance relative to our investment level. Our internal ROIC measure is derived with DCC considered on an equity basis, exclusive of unusual items determined not to be reflective of internal operating performance. Other companies may calculate ROIC differently.
(2)	Elimination entries include entries required to reflect DCC on a fully consolidated basis and to include all items excluded from our performance measures, including Internal ROIC.
(3)	After-tax net interest expense is calculated by tax effecting net interest expense (including net interest expense of discontinued operations) by our assumed long-term effective income tax rate of 39%. Net interest expense is calculated as follows:

��		2000
Interest expense — Dana Consolidated	$	323
Interest income — Dana Consolidated (a)		(30	)
Less: DCC net interest expense		(82	)
Net interest expense from continuing operations — Dana with DCC on equity basis		211
Net interest expense of discontinued operations
Net interest expense	$	211

(a)  Interest income is included in ‘Other Income, net’ in the Consolidated Statement of Income.

(4)	Average invested capital is equal to the average of invested capital for the last five quarter-end dates, inclusive.
(5)	ROIC is equal to after-tax operating return divided by average invested capital.

Dana Corporation
Return on Invested Capital (ROIC) (1)
(In millions)

	Year Ended December 31, 1999
	Internal
	ROIC					Elimination			Dana
	Measure (1)			DCC		Entries (2)			Consolidated
Calculation of after-tax operating return:
Net income before effect of change in accounting	$	513		$	34	$	(34	)	$	513
Unusual items excluded from operating income:
Net gain on divestitures		6								6
Restructuring costs		(163	)							(163	)
Other unusual items		(8	)							(8	)
Operating income		678			34		(34	)		678
After-tax net interest expense [3]		113			35					148
After-tax operating return	$	791		$	69	$	(34	)	$	826
Calculation of average invested capital:
Notes payable	$	897		$	521	$			$	1,418
Long-term debt		1,862			870					2,732
Shareholders’ equity		2,957			145		(145	)		2,957
		5,716			1,536		(145	)		7,107
Less: Cash and cash equivalents		101			10					111
Invested capital	$	5,615		$	1,526	$	(145	)	$	6,996
Average invested capital [4]	$	5,556							$	6,675
ROIC [5]		14.2	%							12.4	%

(1)	We believe that ROIC is a meaningful financial measure because it reflects our performance relative to our investment level. Our internal ROIC measure is derived with DCC considered on an equity basis, exclusive of unusual items determined not to be reflective of internal operating performance. Other companies may calculate ROIC differently.
(2)	Elimination entries include entries required to reflect DCC on a fully consolidated basis and to include all items excluded from our performance measures, including Internal ROIC.
(3)	After-tax net interest expense is calculated by tax effecting net interest expense (including net interest expense of discontinued operations) by our assumed long-term effective income tax rate of 39%. Net interest expense is calculated as follows:

	1999
Interest expense — Dana Consolidated	$	279
Interest income — Dana Consolidated (a)		(37	)
Less: DCC net interest expense		(57	)
Net interest expense from continuing operations — Dana with DCC on equity basis		185
Net interest expense of discontinued operations
Net interest expense	$	185

(a)  Interest income is included in ‘Other Income, net’ in the Consolidated Statement of Income.

(4)	Average invested capital is equal to the average of invested capital for the last five quarter-end dates, inclusive.
(5)	ROIC is equal to after-tax operating return divided by average invested capital.