#1Updated on February 15, 2023 to include slide 23 Q4 & Full Year 2022 Earnings Review February 2, 2023 Cura Ford • Ford F-Series, The Leader In Trucks: America's Best-Selling Truck 46 Years In A Row America's Best-Selling Vehicle 41 Years In A Row F-150 Lightning - North American Truck Of The Year F-150 Lightning - Motor Trend Truck Of The Year • F-150 Lightning - America's Best-Selling EV Truck Since Its Launch All-New Super Duty - New Lineup Offers Best- In-Class Towing, Payload And Power * See Next Slide For Vehicle Information#2Information Regarding This Presentation FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated. For a discussion of these risks, uncertainties, and other factors, please see the "Cautionary Note on Forward-Looking Statements" at the end of this presentation and "Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K, as updated by subsequent filings with the United States Securities and Exchange Commission. GAAP AND NON-GAAP FINANCIAL MEASURES This presentation includes financial measures calculated in accordance with Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures. The non-GAAP financial measures are intended to be considered supplemental information to their comparable GAAP financial measures. The non-GAAP financial measures are defined and reconciled to the most comparable GAAP financial measures in the Appendix to this presentation. ADDITIONAL INFORMATION Calculated results may not sum due to rounding. N/M denotes "Not Meaningful." All variances are year-over-year unless otherwise noted. Visit ford.com for vehicle information. SECRET Vehicle Information On Cover: F-550 XL, F-150, F-150 Lightning, F-Series Super Duty Ford 2#3Ford + Investment Thesis Disruptive Technology Allows Us to Leverage Foundational Strengths to Build New Capabilities - Enriching Customer Experiences and Deepening Loyalty SECRET FOUNDATIONAL STRENGTHS Iconic Nameplates Leading Market Positions Ford Credit + CUSTOMER EXPERIENCE ENHANCED CAPABILITIES Integrated Hardware and Software Connectivity Data Analytics EXPANDED TAM & VALUE CREATION Ford Blue Ford Model e Ford Pro Ford Next Drives Strong Margins and Cash Flow Enables Deep Customer Insight Unlocks New Growth Opportunities Ford 3#4Executing Our Investment Thesis To Deliver Ford+ FOUNDATIONAL STRENGTHS Iconic Nameplates + ENHANCED CAPABILITIES Integrated Hardware & Software EXPANDED TAM & VALUE CREATION Electrification 808 VUV Launching seventh-generation Mustang and all-new Super Duty in 2023 Ford Credit Demonstrating real progress with BlueCruise; 42M+ hands-free highway miles driven as of YE; using data to continually improve user experience Connectivity Launching the all-new one tonne E-Transit Custom in 2023, an EV version of Europe's best- selling van Ford Pro SECRET Continuing to launch new digital service enhancements and expand product offerings for commercial customers Continuously improving the customer ownership experience; over 7M Ford Power-Up software updates delivered so far North American leader in class 1-7 commercial full-size truck and vans, nearly double the share of our closest competitor Ford 4#5Executing Our Investment Thesis To Deliver Ford+ 2022 Highlights Disruptive Technology Allows Us to Leverage Foundational Strengths to Build New Capabilities - Enriching Customer Experiences and Deepening Loyalty CUSTOMER EXPERIENCE SECRET • ICE/Hybrid: Delivering the freshest and most-appealing lineup in the industry with Broncos, Mavericks, Rangers etc., along with derivatives like Raptor and Tremor Electrification: #2 EV brand in the U.S.; more than 60% of sales to customers new to Ford; sales growth rate about 2x the rate of the overall EV segment; scaling to 600K units of global capacity by the end of 2023 Commercial: Commanding leadership in North America and Europe; fast-growing, high-margin software business, driving productivity, telematics, charging and fleet management; expanding sales of parts and services. Ford 5#6Q4 Financial Results SECRET Revenue $44.0B Adj. EBIT $2.6B Adj. EBIT Margin 5.8% Adj. FCF $2.4B Up $6.3B Up $0.5B Up 0.4 ppts Up $0.1B 2022 Mustang Mach-E $158.1B Up $21.7B $10.4B Up $0.4B MUSTANG MACH-E Full Year MUSTANG MACHE 6.6% Down 0.7 ppts $9.1B Up $4.5B Adj. EPS $0.51 Up $0.25 $1.88 Up $0.29 Ford 6#7Full Year 2022 Results (SB) $9.7 • Company Adjusted EBIT driven by strong Automotive and Ford Credit results Special Items include Rivian mark-to-market net loss of $7.4B and a $2.7B impairment on Argo investment $(0.9) SECRET $2.7 $10.4 $(1.0) $(1.3) $(12.2) $1.0 Ford $(2.0) Taxes / Automotive Mobility Ford Credit Corporate Other Company Adj. EBIT Interest On Debt Special Items Non-Controlling Net Income / Interests (Loss) B/(W) FY 2021 $2.3 $0.1 $(2.1) $0.1 $0.4 $0.5 $(21.8) $0.9 $(19.9) 7#8Full Year 2022 Adjusted EBIT (SB) North America South America Total Europe China IMG Auto Total Company Ford FY 2021 $ SA 7.4 $ (0.1) $ (0.2) $ (0.3) SA 0.6 $ 7.4 $ 10.0 YoY Change: Volume / Mix $ Net Pricing Cost SA 4.0 $ (0.1) $ 0.5 $ (0.3) 0.2 $ 4.3 $ 4.3 6.6 0.9 2.8 (0.0) 0.6 10.9 10.9 Commodities $(4.5) Material / Freight (4.5) (8.3) (0.4) (2.8) 0.0 (0.5) (12.0) (12.0) Structural (2.1) Pension/OPEB (0.5) Exchange 0.2 (0.0) (0.6) (0.0) (0.2) (0.5) (0.5) Warranty (0.3) JVs/Other (0.7) 0.1 0.2 0.0 (0.2) (0.4) (0.4) Total Automotive $ 1.8 $ 0.5 $ 0.2 $ (0.2) $ 0.0 $ 2.3 $ 2.3 JVs Other Mobility 0.1 $ 0.1 (0.5) Ford Credit (2.1) Corporate Other 0.1 Total Change $ 0.4 FY 2022 $ 9.2 $ 0.4 $ 0.0 $ (0.6) $ 0.6 $ 9.7 $ 10.4 SECRET 8#9Q4 Revenue And Adjusted EBIT Q4 wholesales up 4%, driven by improvement in supply chain constraints and EV scaling • Revenue up 17%, driven by increased volume and higher net pricing, offset partially by weaker currencies Adjusted EBIT up $0.5B, driven by higher net pricing. and volume improvement, offset partially by inflationary. cost increases and lower Ford Credit profits SECRET Wholesale Units (000) & Revenue ($B) Wholesale Units $44.0 $40.2 $39.4 $37.7 $35.7 $34.5 Adjusted EBIT ($B) & EBIT Margin (%) Ford $3.7 1,104 1,147 1,032 1,086 1,012 $3.0 966 $2.6 $2.3 $2.0 $1.8 Q4 Q1 2021 22 Q2 2022 Q3 3 Q4 HE Q3 Q4 Q1 Q2 Q3 3 60 Q4 Adj. 2021 2022 EBIT Margin 8.4% 5.4% 6.7% 9.3% 4.6% 5.8% 9#10Q4 Cash Flow, Cash Balance And Liquidity (SB) • Q4 Adjusted FCF of $2.4B, driven by automotive EBIT Strong cash and liquidity available to invest in growth SECRET $7.8 $2.3 Adjusted Free Cash Flow $(0.6) Cash Balance & Liquidity Ford Liquidity $52.4 $49.2 $47.4 $45.1 $44.6 $48.0 $3.6 $3.6 $36.5 $2.4 $31.5 $32.0 $32.3 Rivian $28.8 $28.7 Rivian $10.6* $0.8 Rivian $0.2* Rivian $5.1 Rivian $2.0 $25.9 $32.1 $31.2 $23.6 $26.8 Q3 Q4 Q1 Q2 Q3 Q4 bo Q3 Q4 Q1 Q2 Q3 60 Q4 Ford Credit 2021 2022 Cash 2021 2022 Distributions Net of Incl. Above $1.5 $1.0 $1.0 $0.6 $0.5 $ - Debt $5.9 $16.1 $8.7 $9.4 $11.8 $12.3 * At December 31, 2021 and December 31, 2022, Rivian common shares were valued at $103.69 and $18.43, respectively, per share. Our investment is marked to market on a recurring basis and gains and losses could be material in any period. In the fourth quarter of 2022, we sold 14.3 million of our Rivian common shares 10#11Q4 2022 Results ($B) Company Adjusted EBIT driven by Automotive results Special Items driven by pensions and joint venture asset impairments in China SECRET $2.8 $0.2 $2.6 $0.1 Ford $1.3 $(0.2) $(0.2) $(0.3) $(1.1) Automotive Mobility Ford Credit Corporate Other Company Interest Adj. EBIT On Debt Special Items Taxes / Non-Controlling Net Income / Interests (Loss) B/(W) Q4 2021 $1.1 $0.1 $(0.9) $0.1 $0.5 $0.1 $(10.7) $(0.9) $(11.0) Q3 2022 1.1 0.0 (0.4) 0.1 0.8 0.0 1.5 (0.2) 2.1 11#12Q4 2022 Adjusted EBIT (SB) Ford North America South America Europe China IMG Total Auto Total Company Q4 2021 $ 1.8 $ 0.0 $ (0.2) $ (0.2) 0.1 $ 1.6 $ 2.0 YoY Change: Volume / Mix $ 0.9 $ (0.0) $ 0.3 $ (0.1) 0.2 $ 1.4 $ 1.4 Material/Freight $(1.8) Net Pricing 2.2 0.2 0.8 (0.0) 0.2 3.4 3.4 Structural (0.5) Cost (1.6) (0.2) (1.0) 0.0 (0.2) (2.9) (2.9) Commodities (0.4) Warranty (0.1) Exchange 0.0 (0.0) (0.3) (0.0) (0.1) (0.4) (0.4) Pension/OPEB (0.1) JVs/Other (0.3) 0.0 (0.0) 0.0 (0.0) (0.3) (0.3) Total Automotive $ 1.2 $ 0.1 $ (0.2) $ (0.1) $ 0.2 $ 1.1 $ 1.1 JVs Other Mobility 0.1 $ 0.1 (0.3) Ford Credit (0.9) Corporate Other 0.1 Total Change $ 0.5 Q4 2022 $ 3.0 $ 0.1 $ (0.4) $ (0.2) $ 0.2 $ 2.8 $ 2.6 SECRET 12#13North America • • Leadership in trucks and Ford Pro commercial vehicles; plus, utilities and iconic nameplates FY EBIT of $9.2B, up $1.8B America's best-selling commercial van lineup for the 44th consecutive year Q4 EV sales in the U.S. grew at about 2x the rate of the overall segment SECRET Wholesale Units (000) Revenue ($B) $31.0 $29.1 $25.8 $26.3 618 635 $24.0 $22.3 599 568 546 514 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 EBIT ($B) $3.3 $3.0 EBIT Margin (%) Ford $2.4 $1.8 $1.6 $1.3 10.1% 11.3% 7.1% 7.1% 5.0% H. .. 9.7% Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 13#14Wholesale Units (000) Revenue ($B) South America . Lean, de-risked and asset-light business, focused on key franchises like Ranger and Transit FY EBIT of $0.4B, up $0.5B First FY profit in 10 years; region de-risked and expected to be sustainably profitable • Q4 Ranger share of segment improved to 12.0%; #2 mid-size pickup in the region 20 26 20 Q3 2021 Q4 2021 SECRET 18 15 $0.8 $0.9 $0.9 23 23 26 $0.6 $0.7 $0.6 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 EBIT ($B) EBIT Margin (%) 16.9% 14.8% 11.8% 8.7% $0.1 $0.1 $0.1 4.5% $0.0 $0.0 $0.1 0.3% Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Ford 14#15• Europe Commercial vehicle strength with Ford Pro, focused passenger portfolio with key imports FY EBIT of $47M, up $201M • #1 European commercial . vehicle brand for 8 straight years, a first for any OEM Q4 growth of 40% in Ford Pro's paid Telematics subscriptions Wholesale Units (000)* Revenue ($B) $6.9 $6.8 $6.1 273 $5.7 $5.8 $6.1 266 254 218 213 222 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $(0.1) $(0.2) EBIT ($B) $0.2 $0.2 $0.0 (0.9)% (2.8)% EBIT Margin (%) 3.0% 3.0% 0.2% (6.1)% $(0.4) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 SECRET Includes Ford brand vehicles produced and sold by our unconsolidated affiliate in Türkiye (19K units in Q4 2021 and 29K units in Q4 2022). Revenue does not include these sales Ford 15#16China • • Focused on strength in Lincoln brand, commercial vehicles and Ford utility portfolio FY EBIT of $(0.6)B, down $0.2B, as investments in EVs continue to increase Lincoln profit pillar for the region JV Volume Wholesale Units (000)* Revenue ($B) 186 162 184 137 128 160 114 117 $0.6 $0.6 $0.6 134 $0.4 $0.4 125 111 114 $0.3 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Ford EBIT ($B) and EBIT Margin (%) JV Equity Income ($B) and Equity Income (%) 7.8% 5.2% 4.7% 3.6% 2.9% 1.3% $(0.0) $(0.1) $(0.1) $(0.2) $(0.2) (6.6)% $(0.2) (9.4)% (25.8)% (27.6)% $0.1 $0.1 $0.1 (44.7)% $0.0 $0.0 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 (60.6)% Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $0.0 Q4 2022 SECRET Wholesale units include Ford and Lincoln brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates and Ford brand vehicles produced in Taiwan by Lio Ho Group. Revenue does not include these sales 16#17International Markets Group Portfolio strengths of Ranger pickup and Everest • FY EBIT of $0.6B unchanged • FY profit driven by the launch of all-new Ranger and the exit of India • Record Ranger share of 18.3% in Q4 66 Q3 2021 Wholesale Units (000)* 80 60 55 59 59 59 86 103 Revenue ($B) $3.3 $2.8 $2.4 $2.0 $1.9 $1.7 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 EBIT ($B) EBIT Margin (%) 6.6% 5.5% 3.9% 3.1% 8.2% 7.3% $0.2 $0.2 $0.1 $0.1 $0.1 $0.1 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 SECRET Includes Ford brand vehicles produced and sold by our unconsolidated affiliate in Russia (8K units in Q4 2021 and zero units since Q1 2022). Revenue does not include these sales Ford 17#18Mobility • FY EBIT of $(0.9)B, improved $0.1B Winding down Argo SECRET EBIT ($B) Q4 EBIT YOY ($B) $(0.3) $(0.2) $(0.2) $(0.2) $(0.2) $(0.3) $(0.3) $0.1 $0.0 $(0.2) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q4 2021 Autonomous Vehicles Other Mobility Q4 2022 Ford 18#19Ford Credit ● Best-in-class finance company is a strategic asset and competitive advantage FY EBT of $2.7B, down $2.1B, reflecting lower credit loss and lease residual reserve releases, lower financing margin, and lower lease return rates . Credit losses remain low; Auction Values (Per Unit)* $24,690 $22,230 $34,315 $34,170 $34,780 $31,740 $29,905 0.63% U.S. Retail Loss-to-Receivables 0.37% ("LTR") Ratio (%) 0.25% lll ..... 0.07% 0.08% Q4 2019 Q4 2020 Q4 2021 Q1 Q2 Q3 Q4 2022 Q4 2019 Q4 2020 Q4 Q1 Q2 Q3 Q4 2021 2022 delinquencies have normalized to pre-pandemic levels, but strong equity values have resulted in low actual losses . Expect auction values to continue to decline in 2023 as the supply of new vehicle. inventory improves SECRET EBT ($B) Q4 EBT YoY ($B) $1.1 $0.9 $0.9 $0.9 $0.6 $1.1 $(0.0) $0.6 $(0.2) $(0.2) $0.2 $(0.3) $0.2 $(0.2) Q4 2019 Q4 2020 Q4 2021 Q1 Q2 Q3 Q4 Q4 2021 Vol. / Mix 2022 Fin Credit Lease Other Margin Loss Residual Q4 2022 U.S. 36-month off-lease auction values at Q4 2022 mix Ford 19#20Cash Flow And Balance Sheet (SB) Ford Fourth Quarter Company Adj. EBIT excl. Ford Credit Capital spending Depreciation and tooling amortization Net Spending Receivables Inventory 2021 2022 EA $ 1.0 $ 2.4 SA (1.8) (2.0) 2021 Full Year 5.3 2022 Balance Sheet 2021 2022 Dec. 31 Dec. 31 7.8 SA (6.2) (6.5) 1.3 (0.5) 0.5 1.3 5.1 5.2 Company Excl. Ford Credit (0.7) (1.1) (1.3) Cash and marketable securities 36.5 $ 32.3 E (0.3) (0.2) (1.0) Liquidity 52.4 48.0 1.4 1.6 (1.8) (2.5) Debt Trade payables (0.8) (2.1) 0.3 3.7 Cash Net of Debt (20.4) 16.1 (19.9) 12.3 Changes in Working Capital $ 1.1 $ (0.8) $ (1.7) 0.2 Ford Credit distributions 1.0 7.5 2.1 Pension Funded Status Interest on debt and cash taxes (0.8) (0.5) (2.3) (1.7) All Other and timing differences (a) 0.5 2.1 (3.1) 1.9 Funded Plans Unfunded Plans EA 5.8 EA (6.1) Company Adjusted FCF $ 2.3 2.4 4.6 9.1 Total Global Pension (0.3) Global Redesign (incl. Separations) (0.3) (0.3) (1.9) (0.4) Changes in debt (5.4) (0.5) (3.7) (0.4) Total Funded Status OPEB $ (6.0) EA $ 4.1 (4.3) (0.2) $ (4.5) Funded pension contributions (0.2) (0.1) (0.8) (0.6) Shareholder distributions (0.4) (1.1) (0.4) (2.5) All Other (b) 9.0 (0.2) 7.9 (9.5) Change in Cash $ 5.0 $ 0.2 $ 5.7 (4.3) Q4 Adjusted FCF Of $2.4B, Driven By Automotive EBIT a. Includes differences between accrual-based EBIT and associated cash flows (e.g., pension and OPEB income or expense; compensation payments; marketing incentive and warranty payments to dealers) b. Includes a $10.6B gain in full year 2021 and a $7.4B loss in full year 2022 on our Rivian investment SECRET 20 20#21Special Items (SB) Global Redesign China India South America Separations and Other (not included above) Subtotal Global Redesign Other Items Gain (loss) on Rivian investment AV Strategy including Argo Impairment Debt extinguishment premium Other Subtotal Other Items Fourth Quarter Full Year 2021 2022 2021 2022 Global Redesign 2022 Actions and Cash Effects Recorded 2018-2021 $ FA (0.0) $ (0.3) $ 0.2 $ (0.4) (0.1) (0.0) (0.5) (0.3) (0.1) 0.1 (0.8) 0.1 (0.2) (0.1) (0.6) (0.3) $9.8 EA (0.5) (0.4) (1.7) $ (1.0) $1.0 $ SA 8.2 (0.1) EA 9.1 $ (7.4) (0.1) (2.8) (1.7) (1.7) (0.1) 0.1 (0.1) 0.1 (0.5) $ 6.6 (0.3) 7.5 $ (10.8) Pension and OPEB Gain (Loss) $3.9 Pension and OPEB remeasurement $ 3.5 0.1 $ 3.9 0.0 $8.8 Pension Settlements & Curtailments (0.0) (0.4) (0.1) (0.4) $0.4 Subtotal Pension and OPEB Gain / (Loss) $ 3.5 $ (0.4) 3.8 $ (0.4) Total EBIT Special Items $ 9.6 $ (1.1) EA $ 9.6 $ (12.2) Cash effect of Global Redesign (incl. separations) SA (0.3) (0.3) (1.9) $ (0.4) $3.5 Q4 EBIT Special Items Of $(1.1)B Driven By Pensions And Joint Venture Asset Impairments In China SECRET EBIT Charges Cash Effects Ford 21#22Ford 2023 Outlook (SB) Headwinds Expected mild U.S. recession, moderate Europe recession Adjusted EBIT 2023 Outlook $9B to $11B 2022 Actual $10.4 • Higher incentives across the industry as supply and demand come back into balance Adjusted FCF Capital Spending ~$6B $8B to $9B $9.1 $6.5 · Ford Credit EBT of $1.3B, down $1.4B · • · Continued strong dollar About $2B lower past service pension income Continued investments in growth, including in customer experience, connected services, and capex Tailwinds • Improvement in supply chain and industry volumes (U.S. SAAR ~15M units, Europe SAAR ~13M) Launch of all-new Super Duty Lower cost of goods sold, including efficiencies in materials, commodities, logistics and other parts of our industrial platform SECRET 22 22#232023 Outlook ($B, YoY Change) + Volume: Industry, supply chain ~ Pricing: + All-new Super Duty - Lower ATPs + Material: Production stability + + Commodities - Ford Credit: - - More normalized credit losses and auction values, non-reoccurrence of derivative gains and higher borrowing costs Low-double-digit target for return on equity Continued smaller balance sheet - Growth investments: + Argo wind down Customer experience, EV capacity expansion $10.4 Tailwinds $1.0-$3.0 ~$2.5 Headwinds Commodities ~$- ~$(2.0) ~$(1.4) ~$(0.5) ~$(1.0) Ford $9.0 - $11.0 2022 Volume Net of Mfg. Cost Pricing COGS (Material / Logistics) Past Service Pension Ford Credit Growth Exchange/ Invest. Other 2023 Outlook 23 23#24What To Expect SECRET March 23: Teach In Event Operating and financial reporting of new business segments: Ford Blue, Ford Model e and Ford Pro May 2: Q1 2023 Earnings First quarter reported with three new business segments May 22: Capital Markets Day Full day immersive event in Dearborn, Michigan, including operating targets/KPIs for total company and business segments ED Ford Ford 24#25Ford Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: • Ford and Ford Credit's financial condition and results of operations have been and may continue to be adversely affected by public health issues, including epidemics or pandemics such as COVID-19; • • Ford is highly dependent on its suppliers to deliver components in accordance with Ford's production schedule and specifications, and a shortage of or inability to acquire key components, such as semiconductors, or raw materials, such as lithium, cobalt, nickel, graphite, and manganese, can disrupt Ford's production of vehicles; • To facilitate access to the raw materials necessary for the production of electric vehicles, Ford has entered into, and expects to continue to enter into, multi-year commitments to raw material suppliers that subject Ford to risks associated with lower future demand for such materials as well as costs that fluctuate and are difficult to accurately forecast; Ford's long-term competitiveness depends on the successful execution of Ford+; . Ford's vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs; • . • Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, restructurings, or new business strategies; Operational systems, security systems, vehicles, and services could be affected by cyber incidents, ransomware attacks, and other disruptions and impact Ford and Ford Credit as well as their suppliers and dealers; Ford's production, as well as Ford's suppliers' production, and/or the ability to deliver products to consumers could be disrupted by labor issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors; • Ford's ability to maintain a competitive cost structure could be affected by labor or other constraints; • Ford's ability to attract and retain talented, diverse, and highly skilled employees is critical to its success and competitiveness; • Ford's new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries and its reputation may be harmed if it is unable to achieve the initiatives it has announced; • Ford's results are dependent on sales of larger, more profitable vehicles, particularly in the United States; • With a global footprint, Ford's results could be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events; Industry sales volume can be volatile and could decline if there is a financial crisis, recession, or significant geopolitical event; • Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors; • Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit's investments, including marketable securities, can have a significant effect on results; • Ford and Ford Credit's access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; • The impact of government incentives on Ford's business could be significant, and Ford's receipt of government incentives could be subject to reduction, termination, or clawback; • Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; • Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; • Pension and other postretirement liabilities could adversely affect Ford's liquidity and financial condition; • Ford and Ford Credit could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; . • Ford may need to substantially modify its product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations; Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, and data protection laws and regulations as well as consumers' heightened expectations to safeguard their personal information; and • Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations. We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K, as updated by subsequent filings with the United States Securities and Exchange Commission. SECRET 25 25#26Ford Advancing The Ford Plan: Electrification SECRET Constructing BlueOval SK Battery Park In KY: 197 Football Fields Of Concrete 1' Thick 26 26#27Advancing The Ford Plan: Iconic Nameplates Ford M 505 150,000 mach SECRET Ford Builds 150,000th Mustang Mach-E 27 22#28Advancing The Ford+ Plan: Iconic Nameplates CEXITO 3 Ford SECRET F-150 Lightning Wins Motor Trend Truck of the Year for 2023 28#29Advancing The Ford+ Plan: Iconic Nameplates Ford Ford NEXT-GENERATION RANGER Ford Jobl Silverton Assembly Plant, South Africa 15 November 2022 #BuiltFordProud Ford NEXT-GENERATION RANGER SECRET Launch Of Next-Gen Ford Ranger In South Africa 29 29#30Appendix SECRET Pelican 2023 Transit Trail Van Ford#31Key Metrics Wholesale Units (000) Market Share (%) Ford Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 North America 546 599 514 618 568 635 11.2 % 14.3 % 12.0 % 12.9% 12.8% 12.4 % South America 20 26 15 18 23 26 2.4 2.4 2.2 2.0 2.0 2.0 Europe 218 213 254 222 273 266 6.2 6.1 6.6 6.4 6.6 6.3 China 162 186 128 114 137 117 2.5 2.5 2.2 2.3 2.0 1.9 International Markets Group 66 80 80 55 59 86 103 1.8 1.7 1.2 1.2 1.4 1.8 Total Automotive 1,012 1,104 966 1,032 1,086 1,147 4.9 % 5.4 % 4.8 % 5.3 % 4.9 % 5.0 % North America South America Europe China International Markets Group Total Automotive SECRET Revenue ($B) Revenue Change (%) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 SA $ 24.0 EA $ 25.8 SA $ 22.3 $ 29.1 SA 0.6 0.8 0.6 0.7 $ 26.3 $ 31.0 0.9 (5) % 17 % (3) % 94 % 10 % 20 % 0.9 (1) (8) 33 29 41 18 6.1 5.7 6.9 5.8 6.8 6.1 7 (19) (2) 3 11 7 0.6 0.6 0.6 0.4 0.4 0.3 (41) (27) (32) (20) (27) (42) 1.9 $ 33.2 $ 35.3 $ 32.1 $ 2.4 1.7 2.0 2.8 3.3 (7) (23) (21) 47 42 SA 37.9 $ 37.2 $ 41.8 (4) % 6 % (4) % 57 % 2 12 % 18 % A2#32Key Metrics North America $ South America Europe China International Markets Group Total Automotive EBIT ($B) EBIT Change (%) Ford Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 SA 2.4 EA $ 1.8 $ 1.6 $ 3.3 $ EA 1.3 $ 3.0 (24) % 68 % (46) % N/M % (46) % 65 % 0.0 0.0 0.1 0.1 0.1 0.1 102 134 169 N/M N/M N/M (0.1) (0.2) 0.2 0.0 0.2 (0.4) 88 (139) (39) 103 N/M (136) (0.0) (0.2) (0.1) (0.1) (0.2) (0.2) 32 (130) N/M 2 N/M (36) 0.1 0.1 0.1 0.1 0.2 0.2 73 N/M (52) (70) 83 165 $ EA 2.5 $ 1.6 $ 1.9 $ EA 3.3 EA $ 1.7 $ 2.8 (8) % 30 % (44) % N/M % (31) % 70 % EBIT Margin (%) EBIT Margin Change (ppts) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 North America 10.1 % 7.1 % 7.1 % 11.3 % 5.0 % 9.7 % (2.5) ppts 2.2 ppts (5.7) ppts 10.0 ppts (5.1) ppts 2.6 ppts South America 0.3 4.5 8.7 14.8 16.9 11.8 17.4 16.7 25.4 30.7 16.6 7.3 Europe (0.9) (2.8) 3.0 0.2 3.0 (6.1) 6.9 (8.6) (1.8) 5.3 3.9 (3.3) China (6.6) (25.8) (9.4) (27.6) (44.7) (60.6) (0.9) (17.6) (7.6) (5.3) (38.1) (34.8) International Markets Group 6.6 3.9 5.5 3.1 8.2 7.3 3.0 6.3 (3.4) (5.2) 1.6 3.4 Total Automotive 7.4 % 4.7 % 5.9 % 8.8 % 4.6 % 6.7 % (0.3) ppts 0.9 ppts (4.2) ppts 9.2 ppts (2.8) ppts 2.0 ppts SECRET A3 لله#33Key Metrics Wholesale Units (000) Market Share (%) Ford Q4 2021 Q4 2022 2022 B / (W) 2021 2022 B / (W) 2021 FY 2022 FY Q4 2021 Q4 2022 2021 2022 B / (W) 2021 2021 FY 2022 FY 2022 B / (W) 2021 North America 599 635 36 2,006 2,335 328 14.3 % 12.4 % (1.9) ppts 12.0 % 12.5 % 0.5 ppts South America 26 26 1 81 83 2 2.4 2.0 (0.3) 2.6 2.1 (0.5) Europe 213 266 52 52 891 1,014 123 6.1 6.3 0.3 6.4 6.5 0.1 China 186 117 (69) 649 495 (154) 2.5 1.9 (0.5) 2.4 2.1 (0.3) International Markets Group 80 80 103 23 315 304 (11) 1.7 1.8 0.1 1.8 1.4 (0.4) Total Automotive 1,104 1,147 43 3,942 4,231 289 5.4 % 5.0 % (0.4) ppts 5.1 % 5.0 % (0.1) ppts Revenue ($B) EBIT Margin (%) Q4 2021 Q4 2022 2022 B / (W) 2021 2021 FY 2022 FY 2022 B / (W) 2021 Q4 2021 Q4 2022 2022 B / (W) 2021 2021 FY 2022 FY 2022 B / (W) 2021 North America $ 25.8 $ 31.0 $ 5.2 87.8 $ 108.7 $ 20.9 7.1 % 9.7 % 2.6 ppts 8.4 % 8.4 % ppts South America 0.8 0.9 0.1 2.4 3.1 0.7 4.5 11.8 7.3 (5.1) 13.4 18.5 Europe 5.7 6.1 0.4 24.5 25.6 1.1 (2.8) (6.1) (3.3) (0.6) 0.2 0.8 China 0.6 0.3 (0.2) 2.5 1.8 (0.8) (25.8) (60.6) (34.8) (12.8) (32.3) (19.5) International Markets Group 2.4 3.3 1.0 9.0 9.8 0.9 3.9 7.3 3.4 6.9 6.4 (0.5) Total Automotive $ 35.3 $ FA 41.8 $ 6.5 SA $ 126.2 $ 149.0 $ 22.8 4.7 % 6.7 % 2.0 ppts 5.9 % 6.5 % 0.6 ppts SECRET A4#34Q4 Results ($M) Fourth Quarter Full Year Ford 2021 2022 2022 B (W) 2021 2021 2022 2022 B (W) 2021 North America SA South America 1,822 36 3,007 1,185 7,377 9,176 1,799 110 74 (121) 413 534 Europe (159) (374) (215) (154) 47 201 China (150) (205) (55) (327) (572) (245) International Markets Group 92 243 151 622 628 6 Automotive $ 1,641 2,781 $ 1,140 7,397 $ 9,692 2,295 Mobility Ford Credit (342) (219) 123 (1,030) (926) 104 1,055 191 (864) 4,717 2,657 (2,060) Corporate Other (312) (189) 123 (1,084) (1,008) 76 Adjusted EBIT 2,042 2,564 522 10,000 10,415 415 Interest on Debt (438) (318) 120 (1,803) (1,259) Special Items (excl. tax) 9,614 (1,080) (10,694) 9,583 (12,172) Taxes 1,055 93 (962) 130 864 544 (21,755) 734 Less: Non-Controlling Interests (30) (21) (27) (171) Net Income (Loss) Attributable to Ford $ 12,282 $ 1,289 $ (10,993) $ 17,937 $ (1,981) $ (144) (19,918) Company Adjusted Free Cash Flow ($B) 2.3 2.4 0.1 4.6 9.1 4.5 Revenue ($B) Company Adjusted EBIT Margin (%) Net Income (Loss) Margin (%) Adjusted ROIC (Trailing Four Quarters) (%) Adjusted EPS EPS (GAAP) 37.7 44.0 6.3 136.3 158.1 21.7 5.4 % 5.8 % 0.4 ppts 7.3 % 6.6 % (0.7) ppts 32.6 2.9 (29.7) 13.2 (1.3) 9.8 11.2 1.4 9.8 11.2 (14.5) 1.4 EA 0.26 0.51 $ 0.25 $ 1.59 SA 1.88 0.29 3.03 0.32 (2.71) 4.45 (0.49) (4.94) SECRET 55 A5#35Quarterly Results ($M) Ford Q1 Q2 22 2021 2022 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year North America $ 2,943 $ 192 $ 2,420 $ 1,822 $ 7,377 $ 1,591 $ 3,269 $ 1,309 $ 3,007 $ South America (73) (86) 2 36 (121) 50 104 149 110 9,176 413 Europe 341 (284) (52) (159) (154) 207 10 204 (374) 47 China (15) (123) (39) (150) (327) (53) (121) (193) (205) (572) International Markets Group 201 204 125 92 622 96 60 229 243 628 Automotive $ 3,397 $ (97) $ 2,456 $ 1,641 $ 7,397 $ 1,891 $ 3,322 $ 1,698 $ 2,781 $ 9,692 Mobility (207) (210) (271) (342) (1,030) (242) (221) (244) (219) (926) Ford Credit 962 1,623 1,077 1,055 4,717 928 939 599 191 2,657 Corporate Other (240) (263) (269) (312) (1,084) (251) (318) (250) (189) (1,008) Adjusted EBIT $ 3,912 $ 1,053 EA $ 2,993 $ 2,042 $ 10,000 $ 2,326 $ 3,722 $ 1,803 $ 2,564 $ 10,415 Interest on Debt (473) Special Items (excl. tax) 503 Taxes (680) (453) 135 (182) (439) (438) (1,803) (308) (312) (321) (318) (1,259) (669) 9,614 9,583 (5,866) (2,619) (2,607) (1,080) (12,172) (63) 1,055 130 729 (153) 195 93 864 Less: Non-Controlling Interests (10) (27) (29) (103) (30) (171) Net Income (Loss) Attributable to Ford $ 3,262 $ 561 $ 1,832 $ 12,282 $ 17,937 $ (3,110) $ 667 $ (827) $ 1,289 $ (1,981) Company Adjusted Free Cash Flow ($B) $ Revenue ($B) (0.4) $ 36.2 (5.1) $ 26.8 7.8 $ 35.7 2.3 37.7 $ 4.6 136.3 $ (0.6) $ 34.5 3.6 $ 3.6 $ SA 2.4 $ 40.2 39.4 44.0 9.1 158.1 Company Adjusted EBIT Margin (%) 10.8 % 3.9 % 8.4 % 5.4 % 7.3 % 6.7 % 9.3 % 4.6 % 5.8 % 6.6 % Net Income (Loss) Margin (%) 9.0 2.1 5.1 32.6 13.2 (9.0) 1.7 (2.1) Adjusted ROIC (Trailing Four Quarters) (%) 6.6 10.3 9.7 9.8 9.8 7.8 11.6 Adjusted EPS $ 0.70 $ 0.13 SA EPS (GAAP) 0.81 0.14 $ 0.51 0.45 SA $ 0.26 $ 1.59 $ 0.38 $ 0.68 EA 3.03 4.45 (0.78) 0.16 10.7 0.30 $ (0.21) 2.9 11.2 (1.3) 11.2 SA 0.51 $ 1.88 0.32 (0.49) SECRET A6 666#36Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) SECRET Fourth Quarter Full Year 2021 2022 2021 2022 Net income/(loss) attributable to Ford (GAAP) $ Income (Loss) attributable to non-controlling interests 12,282 (9) $ 1,289 $ 17,937 $ (1,981) (30) (27) (171) Net income/(loss) $ 12,273 $ 1,259 $ 17,910 (2,152) Less: (Provision for) / Benefit from income taxes * 1,055 93 130 864 Income (Loss) before income taxes $ 11,218 $ 1,166 $ 17,780 $ (3,016) Less: Special items pre-tax 9,614 (1,080) 9,583 (12,172) Income (Loss) before special items pre-tax Less: Interest on debt 1,604 $ 2,246 8,197 $ 9,156 (438) (318) (1,803) (1,259) $ 2,042 $ 2,564 $ 10,000 $ 10,415 Adjusted EBIT (Non-GAAP) Memo: Revenue ($B) Net income/(loss) margin (GAAP) (%) Adjusted EBIT margin (%) $ 37.7 $ 44.0 136.3 $ 158.1 32.6 % 2.9 % 13.2 % (1.3) % 5.4 5.8 7.3 6.6 2021 reflects a benefit from recognizing deferred tax assets and favorable changes in our valuation allowances offset by the tax consequences of unrealized gains on marketable securities; 2022 reflects the tax consequences of unrealized losses on marketable securities and favorable changes in our valuation allowances Ford A7#37Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF (SM) Ford Net cash provided by / (used in) operating activities (GAAP) Less: Items Not Included in Company Adjusted Free Cash Flows Full Year Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2021 2022 $ 3,531 $ (1,084) $ 2,947 $ 3,812 $ 1,178 $ 15,787 $ 6,853 Ford Credit operating cash flows Funded pension contributions 998 (419) (1,340) (439) (3,218) 15,293 (5,416) (171) (174) (154) (130) (109) (773) (567) Global Redesign (including separations) * (310) (176) (137) (179) (343) (1,855) (835) Ford Credit tax payments / (refunds) under tax sharing agreement Other, net 11 22 125 15 147 (146) (20) 20 20 (150) 92 (421) (58) Add: Items Included in Company Adjusted Free Cash Flows Company excluding Ford Credit capital spending Ford Credit distributions Settlement of derivatives (1,759) 1,000 (1,349) (1,503) (1,613) (2,046) (6,183) (6,511) 1,000 600 500 7,500 2,100 (55) 64 (36) 26 (144) (255) (90) Company adjusted free cash flow (Non-GAAP) $ 2,335 (580) 3,619 $ 3,601 $ 2,441 4,590 $ 9,081 SECRET Global Redesign excludes cash flows reported in investing activities 80 A8#38Earnings/ (Loss) Per Share Reconciliation To Adjusted Earnings (Loss) Per Share Diluted After-Tax Results ($M) Diluted after-tax results (GAAP) Less: Impact of pre-tax and tax special items Adjusted net income – diluted (Non-GAAP) Ford Fourth Quarter Full Year 2021 2022 2021 2022 12,282 1,289 17,937 (1,981) 11,220 (780) 11,507 (9,599) $ 1,062 $ 2,069 $ 6,430 $ 7,618 Basic and Diluted Shares (M) Basic shares (average shares outstanding) 3,999 4,004 3,991 4,014 Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt 56 43 43 42 Diluted shares 4,055 4,047 4,034 4,056 Less: Net impact of adjustments Earnings (Loss) per share - diluted (GAAP) * Adjusted earnings per share - diluted (Non-GAAP) SA SA 3.03 0.32 EA 4.45 $ (0.49) 2.77 (0.19) 2.86 (2.37) $ 0.26 $ 0.51 $ 1.59 $ 1.88 SECRET For Full Year 2022, there were 42 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect 49 A9#39Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Pre-Tax Results ($M) Income (Loss) before income taxes (GAAP) Less: Impact of special items Adjusted earnings before taxes (Non-GAAP) Taxes ($M) (Provision for) / Benefit from income taxes (GAAP) Less: Impact of special items * Adjusted (provision for) / benefit from income taxes (Non-GAAP) Tax Rate (%) Effective tax rate (GAAP) Adjusted effective tax rate (Non-GAAP) 2022 Memo: Q4 Full Year Full Year 2021 SA $ 1,166 $ (3,016) 17,780 (1,080) (12,172) 9,583 $ 2,246 $ 9,156 $ 8,197 $ 93 S 864 EA $ 130 300 2,573 1,924 SA $ (207) $ (1,709) $ (1,794) (8.0) % 9.2 28.6 % (0.7) % 18.7 21.9 Ford SECRET 2021 reflects a benefit from recognizing deferred tax assets and favorable changes in our valuation allowances offset by the tax consequences of unrealized gains on marketable securities; 2022 reflects the tax consequences of unrealized losses on marketable securities and favorable changes in our valuation allowances A10#40Adjusted ROIC (SB) Adjusted Net Operating Profit/ (Loss) After Cash Tax Net income (loss) attributable to Ford Add: Non-controlling interest Less: Income tax Add: Cash tax Less: Interest on debt Less: Total pension / OPEB income / (cost) Four Quarters Ending Q4 2021 Four Quarters Ending Q4 2022 $ SA 17.9 $ (2.0) (0.0) (0.2) 0.1 0.9 (0.6) (0.8) (1.8) (1.3) 4.9 0.4 Add: Pension / OPEB service costs (1.1) (1.0) Net operating profit / (loss) after cash tax $ 13.0 $ (3.9) Less: Special items (excl. pension / OPEB) pre-tax 5.9 (11.7) Adj. net operating profit/(loss) after cash tax. $ 7.1 $ 7.8 Invested Capital Equity SA Debt (excl. Ford Credit) Net pension and OPEB liability Invested capital (end of period) Average invested capital ROIC (a) Adjusted ROIC (Non-GAAP) (b) $ 48.6 $ 43.2 20.4 19.9 6.4 4.7 ᎾᎯ Ꭿ $ 75.4 $ 67.8 $ 72.1 $ 70.0 18.0 % 9.8 % (5.6) % 11.2 % SECRET a. Calculated as the sum of net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters b. Calculated as the sum of adjusted net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters Ford A11#41Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. • Company Adjusted EBIT (Most Comparable GAAP Measure: Net income / (Loss) attributable to Ford) - Earnings Before Interest and Taxes (EBIT) excludes interest on debt (excl. Ford Credit Debt), taxes and pre-tax special items. This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results. Our management ordinarily excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance for adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty, including gains and losses on pension and OPEB remeasurements and on investments in equity securities. Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income / (Loss) Margin) - Company Adjusted EBIT Margin is Company Adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. Adjusted Earnings / (Loss) Per Share (Most Comparable GAAP Measure: Earnings / (Loss) Per Share) - Measure of Company's diluted net earnings/(loss) per share adjusted for impact of pre-tax special items (described above), tax special items and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of earnings from ongoing operating activities. When we provide guidance for adjusted earnings/(loss) per share, we do not provide guidance on an earnings/(loss) per share basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) - Measure of Company's tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. SECRET Ford A12#42Non-GAAP Financial Measures That Supplement GAAP Measures • Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) - Measure of Company's operating cash flow excluding Ford Credit's operating cash flows. The measure contains elements management considers operating activities, including Company excluding Ford Credit capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, global redesign (including separations), and other items that are considered operating cash flows under GAAP. This measure is useful to management and investors because it is consistent with management's assessment of the Company's operating cash flow performance. When we provide guidance for Company Adjusted FCF, we do not provide guidance for net cash provided by / (used in) operating activities because the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by / (used in) our operating activities. Adjusted ROIC - Calculated as the sum of adjusted net operating profit/ (loss) after-cash tax from the last four quarters, divided by the average invested capital over the last four quarters. This calculation provides management and investors with useful information to evaluate the Company's after-cash tax operating return on its invested capital for the period presented. Adjusted net operating profit / (loss) after-cash tax measures operating results less special items, interest on debt (excl. Ford Credit Debt), and certain pension / OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excl. Ford Credit Debt), and net pension / OPEB liability. SECRET Ford A13#43Definitions And Calculations Wholesale Units and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, and local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. ("JMC"), that are sold to dealerships or others, and from the second quarter of 2021, Ford badged vehicles produced in Taiwan by Lio Ho Group. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford badged vehicles produced and distributed by our unconsolidated affiliates, as well as JMC brand vehicles) are not included in our revenue Industry Volume and Market Share Industry volume and market share are based, in part, on estimated vehicle registrations; includes medium and heavy-duty trucks SAAR • SAAR means seasonally adjusted annual rate Company Cash SECRET . Company cash includes cash, cash equivalents, marketable securities and restricted cash (including cash held for sale); excludes Ford Credit's cash, cash equivalents, marketable securities and restricted cash Market Factors • • • Volume and Mix - primarily measures EBIT variance from changes in wholesale unit volumes (at prior-year average contribution margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the EBIT variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line Net Pricing primarily measures EBIT variance driven by changes in wholesale unit prices to dealers and marketing incentive programs such as rebate programs, low-rate financing offers, special lease offers and stock accrual adjustments on dealer inventory Market Factors exclude the impact of unconsolidated affiliate wholesale units Earnings Before Taxes (EBT) Reflects Income before income taxes Records . References to Company, Automotive segment and business unit records are since at least 2009 Ford A14