#1CIBC Western Institutional Conference January 2024 2024 Lincoln Nautilus Create Ford Ford Credit#2Further Information FORD FIXED INCOME INVESTOR RELATIONS: Jessica Vila-Goulding 313-248-3896 [email protected] Christopher Conti 313-418-1673 [email protected] INFORMATION ON FORD: www.shareholder.ford.com 10-K Annual Reports 10-Q Quarterly Reports 8-K Current Reports ● ● ● INFORMATION ON FORD MOTOR CREDIT COMPANY: www.fordcredit.com/investor-center 10-K Annual Reports 10-Q Quarterly Reports 8-K Current Reports ● ● Ford 2#3Corporate Ford Delivering Ford 2024 Ford Maverick Ford#4Safe Harbor Statement And Disclosures 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" in this presentation and "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. GAAP & 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 reconciled to the most comparable GAAP financial measures in the Appendix to this presentation. Additional Information Calculated results may not sum due to rounding. All variances are year-over-year unless otherwise noted. Visit ford.com for vehicle information. Ford 4#5Ford+ Investment Thesis Disruptive technology allows us to leverage foundational strengths to build new capabilities enriching customer experiences and deepening loyalty Customer experience FOUNDATIONAL STRENGTHS Leading iconic nameplates + Leading commercial vehicle portfolio Industrial prowess Drives strong margins and cash flow + ENHANCED CAPABILITIES Integrated hardware and software and services Connectivity Data analytics Enables deep customer insight || EXPANDED TAM & VALUE CREATION + Ford Blue + Ford Model e + Ford Pro Unlocks new growth opportunities Ford 5#6Ford Ford Blue Ford+ Business Model Is Designed To Deliver Focused Innovation, Profit & Growth Ford Model e Ford Ford Pro CHUN 3D PRO 9: Ford 6#7ICA'S ACING Revenue $43.8B ▲ 11% Adj. EBIT $2.2B ▲ 22% Q3 Financial Results Adj. EBIT Margin 5.0% ▲ 0.4pts Adj. FCF $1.2B ▼ $2.4B Adj. EPS $0.39 ▲ $0.09 Ford Mustang Dark Horse Track Attack Program Starting January 2024#8Ford Blue Q3 EBIT $1.7B Q3 EBIT Margin 6.7% Ford Model e Q3 EBIT $(1.3)B Q3 EBIT Margin (75.6)% Ford Pro Q3 EBIT $1.7B Q3 EBIT Margin 12.0% Ford 8#9Revenue $130.2B ▲ 14% Year-To-Date Financial Results Adj. EBIT Margin 7.2% ▲ 0.3pts Adj. EBIT $9.4B ▲ 19% Ford Adj. FCF $4.8B ▼ $1.8B Adj. EPS $1.73 ▲ $0.36 Ford New 2024 Ford Super Duty 9#10Ford Blue YTD EBIT $6.6B YTD EBIT Margin 8.8% Ford Model e YTD EBIT $(3.1)B YTD EBIT Margin (72.8)% Ford Pro YTD EBIT $5.4B EE YTD EBIT Margin 12.7% Ford 10#11Q3 Cash Flow, Cash Balance & Liquidity ($B) Adjusted Free Cash Flow Ford Credit Distributions incl. Above Cash Balance - Liquidity - Cash Net of Debt Q2 2022 $3.6 $0.6 $45.1 $28.7 $9.4 Q3 2022 $3.6 $0.5 $49.2 $32.0 $11.8 Q4 2022 $2.4 $- $48.0 $32.3 $12.3 Q1 2023 $0.7 $- $46.2 $28.7 $9.0 Q2 2023 $2.9 $- $47.3 $29.8 $10.3 Q3 2023 $1.2 $ - $50.6 $29.1 $9.3 Ford 11#12Q3 2023 Results ($B) $1.7 $(1.3) Ford Blue Ford Model e $1.7 Ford Pro B/(W) $0.3 $(0.7) $1.3 Q3 2022 $(0.0) Ford Next $0.2 $0.4 Ford Credit $(0.2) $(0.2) $2.2 Corporate Company Other Adj. EBIT $(0.4) $0.4 $(0.3) Interest On Debt $(0.0) $(0.5) Special Items $2.1 $(0.2) $1.2 Taxes / Net Non-Controlling Income / Interests (Loss) $2.0 $(0.5) Ford 12#13Q3 2023 Adjusted EBIT ($B) Q3 2022 YOY Change: Volume / Mix Net Pricing Cost Exchange Other Ford Blue Q3 2023 $ SA Total Change $ $ 1.5 0.0 0.4 (0.3) (0.1) 0.3 0.3 1.7 Ford Model e GA GA SA (0.6) Ford Pro (0.0) (0.2) (0.5) (0.0) 0.0 (0.7) $ (1.3) $ 0.4 (0.4) 1.9 (0.3) 0.0 (0.0) 1.3 Ford Next $ $ 1.7 $ (0.2) I I 0.1 I 0.1 0.2 (0.0) Ford Credit $ SA $ $ 0.6 I I Corporate Other GA (0.2) (0.2) $ 0.2 $ I Total Company (0.5) 0.1 (0.4) $ 0.4 $ (0.2) $ 1.8 (0.4) 2.1 (1.5) (0.2) 0.3 0.4 2.2 Warranty $(1.2) Material / Freight (0.6) Pension / OPEB (0.5) (0.3) 1.1 Structural Ford Commodities 13#14Ford Blue Iconic gas and hybrid passion products like F-150, Bronco and Mustang + Continued strength in product portfolio drove higher revenue + Lower volume with sunset of Fiesta and EcoSport + EBIT improvement dampened by higher warranty cost + Profitable in all regions Wholesale Units 670 Q2 '22 Memo: JV Wholesales* 111 EBIT ($B) $2.5 741 Q2 '22 Q3 '22 134 (000) 760 Q3 '22 Q4 '22 114 $1.5 $1.5 706 Q4 '22 720 Q1 '23 Q2 '23 97 $2.6 107 736 $2.3 Q3 '23 124 $1.7 اس السا Q1 '23 Q2 '23 Q3 '23 Revenue ($B) * Includes Ford and Lincoln brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates $23.8 $23.8 Q2 '22 Q3 '22 EBIT Margin (%) 10.5% Q2 '22 6.2% $26.3 Q3 '22 Q4 '22 $25.1 Q4 '22 Q1 '23 10.4% Q1 '23 $25.0 $25.6 Q2 '23 9.2% Q2 '23 Q3 '23 6.7% Q3 '23 Ford 14#15Ford Model e Designing and scaling breakthrough, connected EVs, and all of Ford's electric architecture and embedded software + Volume up 44%, driven by increased production capacity of Mustang Mach-E + Industry-wide EV price compression continues + Disciplined capital investments; focused on balancing growth and profitability + Engineering amazing and cost- effective Gen-2 products Wholesale Units 24 I Q2 '22 Q3 '22 25 EBIT ($B) (000) 30 Q4 '22 Q1 '23 ($0.5) ($0.6) ($0.6) 12 Q2 '22 Q3 '22 Q4 '22 ($0.7) Q1 '23 34 11 Q2 '23 36 I ($1.1) Q2 '23 Q3 '23 ($1.3) Q3 '23 Revenue ($B) $1.3 1 Q2 '22 $1.4 Q3 '22 EBIT Margin (%) Q2 '22 $1.6 Q4 '22 (38.6) % (43.7)% (40.4)% Q3 '22 Q4 '22 $0.7 Q1 '23 (102.1)% Q1 '23 $1.8 $1.8 Q2 '23 (58.9)% Q2 '23 Q3 '23 J (75.6)% Ford Q3 '23 15#16Ford Pro Integrated vehicle hardware, software, service, charging and financing solutions that increase commercial customer productivity + Revenue up 16%, 12% EBIT margin + Volume impacted by new product launch changeover and supply constraints + Super Duty continues to drive higher net pricing + Customer demand for key products outstripped supply Wholesale Units (000) 338 Q2 22 Memo: JV Wholesales* 17 EV Wholesales 7 EBIT ($B) 321 $0.9 Q3 '22 18 6 358 $0.4 Q4 '22 29 11 337 $1.5 Q1 '23 22 8 365 $1.4 Q2 23 24 12 $2.4 314 Q3 '23 24 9 * Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye $1.7 Q2 22 Q3 '22 Q4 '22 Q1 '23 Q2 23 Q3 '23 Revenue ($B) $12.7 Q2 '22 Q3 '22 $12.0 EBIT Margin(96) 6.9% ...... أن... تات... Q2 22 $13.9 3.4% Q4 '22 $13.2 Q3 22 Q4 '22 Q1 '23 Q2 23 10.4% 10.3% $15.6 Q1 '23 15.3% $13.8 Q2 23 Q3 '23 12.0% Q3 '23 Ford 16#17Cash Flow And Balance Sheet ($B) Company Adj. EBIT excl. Ford Credit Capital spending Depreciation and tooling amortization Net Spending Receivables Inventory Trade payables Changes in Working Capital Ford Credit distributions Interest on debt and cash taxes All Other and timing differences (a) Company Adjusted FCF Restructuring Changes in debt Funded pension contributions Shareholder distributions All Other (b) Change in Cash $ a. LA Third Quarter 2022 1.2 (1.6) 1.3 (0.3) (0.1) (1.7) 3.9 2.2 0.5 (0.3) 0.3 3.6 (0.2) 1.0 (0.1) (0.6) (0.3) 3.3 $ $ GA $ $ LA LA $ 2023 1.8 (2.2) 1.3 (0.9) (0.6) (0.8) 0.2 (1.1) (0.4) 1.8 1.2 (0.3) 0.0 (0.2) (0.6) (0.9) (0.8) LA SA LA LA Year-To-Date 2022 5.4 (4.5) 3.9 (0.6) 2.1 (1.2) (0.2) $ (0.6) (4.1) 5.9 1.1 $ 6.6 (0.0) 0.1 $ $ $ LA LA $ (0.5) (1.4) (9.3) (4.5) $ 2023 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 $0.6B gain and $7.3B loss on our Rivian investment in the third quarter and first nine months of 2022, respectively 8.3 (5.9) 3.9 (2.0) (0.8) (4.2) 1.9 (3.1) (1.7) 3.3 4.8 (0.4) (0.2) (0.4) (4.4) (2.6) (3.2) Company Cash Balance Liquidity Debt Cash Net of Debt Pension Funded Status Funded Plans Unfunded Plans Total Global Pension Total Funded Status OPEB Balance Sheet 2022 Dec 31 $ 32.3 48.0 (19.9) 12.3 4.1 (4.3) (0.2) (4.5) 2023 Sep 30 $ $ $ $ Ford 29.1 50.6 (19.8) 9.3 3.9 (4.1) (0.2) (4.4) 17#18Special Items ($B) Restructuring (by Geography) China Europe Ford Credit - Brazil Other (a) Subtotal Restructuring Pension and OPEB Gain / (Loss) Pension and OPEB remeasurement Pension settlements and curtailments Subtotal Pension and OPEB Gain / (Loss) Other Items Gain (loss) on Rivian investment AV strategy including Argo Impairment Transit Connect customs matter Russia suspension of operations / asset write-off Patent matters related to prior calendar years Other (including gains / (losses) on investments) Subtotal Other Items a. Total EBIT Special Items $ $ $ $ 2022 Third Quarter (0.0) (0.0) (0.4) (0.4) (0.0) (0.0) 0.6 (2.7) 0.0 (0.1) (2.2) (2.6) $ $ 2023 Includes restructuring charges of $0.2B in both the third quarter and the first nine months of 2022 related to North America, and $0.2B in the third quarter and $0.3B in the first nine months of 2022 related to India (0.1) (0.0) 0.0 (0.1) (0.2) (0.1) (0.2) (0.1) (0.0) (0.1) (0.5) $ $ $ Year-To-Date 2022 (0.0) (0.1) (0.2) (0.5) (0.7) (0.0) (0.0) (7.3) (2.7) (0.1) (0.1) (0.1) (10.4) (11.1) FA $ 2023 (0.9) (0.5) (0.1) (1.5) (0.4) (0.2) (0.6) (0.0) (0.4) 0.0 (0.2) (0.6) (2.6) Ford 18#19Ford Credit New 2024 Ford F-150 Raptor Available Spring 2024 FORD 20 Ford Credit#20Ford Credit - A Strategic Asset Earnings Before Taxes ($B) Distributions ($B) $2.0 $3.7 $2.9 2003 2004 2005 $2.0 2006 $1.2 $(2.6) $2.0 $3.1 $2.4 $1.7 $1.8 $1.9 $2.1 $1.9 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 $2.3 $2.6 $3.0 $2.6 2017 2018 2019 2020 Over The Last 20 Years, Ford Credit Generated $44 Billion In Earnings Before Taxes And $40 Billion In Distributions $4.7 $2.4 2021 2022 Ford 20#21Key Metrics Best-in-class finance company + EBT down, in line with expectations, reflecting lower lease residual performance, the non-recurrence of derivative market valuation gains, lower financing margin and higher credit losses + Lower financing margin due to higher borrowing costs + Credit losses remain below historical average but are normalizing + Auction values remain strong, but expect industry decline as supply of new vehicles improves Auction Values (Per Unit)* $32,515 $32,010 $25,330 Q3 Q3 Q3 Q4 2020 2021 2022 2022 $1,123 $1,077 11 U.S. 36-month off-lease auction values at Q3 2023 mix $31,150 |||| $30,150 $589 Q3 Q3 Q3 2020 2021 2022 Includes $(10)M of special items EBT ($M) $191 Distributions $575 $1,500 $500 $- $32,250 $303 Q4 Q1 2022 Q1 2023 2023 Q2 Q3 2023 $381 Q2 2023 2023 $30,250 $ $358 Q3 2023 $- U.S. Retail Loss-to-Receivables ("LTR") Ratio (%) 0.30% Q3 2020 $589 Q3 2022** 0.00% Q3 2021 $50 Vol. / Mix 10.18% 0.25% 0.35% Q3 EBT YOY ($M) $(75) $(36) Fin. Margin 0.21% Q3 Q4 Q1 Q2 Q3 2022 2022 2023 2023 2023 $(97) 0.38% 2017-2019: 0.56% $(73) $358 Ford Credit Lease Other Q3 Losses Residual 2023 21#22Q3 2023 Net Receivables Mix ($B) + Total Net Receivables increased $10.8B YOY and $0.2B sequentially + Non-Consumer Financing increased $6.1B YOY + Operating lease portfolio was 16% of Total Net Receivables H/ (L) Q3 2022 H/ (L) Q2 2023 $126.3 $20.3 $74.7 $31.3 Total $10.8 0.2 I $102.0 $20.1 $60.2 $21.7 U.S. and Canada $8.1 1.3 $19.2 $11.0 $8.0 Europe $2.7 (1.3) Operating Leases Consumer Financing Non-Consumer Financing $0.2 $5.1 $3.5 All Other $0.0 0.2 $1.6 Ford 22#23U.S. Origination Metrics And Credit Loss Drivers + Disciplined and consistent underwriting practices + Portfolio quality evidenced by FICO scores and consistent risk mix + Retail Net Charge-Offs and LTR Ratio higher sequentially, reflecting seasonality; higher YoY due to higher severity and increased repossessions 738 6% * Q3 2020 67 mo 4% Q3 2020 Retail & Lease FICO and Higher Risk Mix (%) Higher Risk Portfolio Mix (%) 751 5% 62 mo 743 5% 3% I 164 mo Excluding bankruptcies 748 9% Q3 2021 2022 4% Q3 Q3 Q4 2021 2022 2022 2023 2023 Retail Contract Terms Retail 284 Months Placement Mix (%) 751 65 mo 4% 9% 757 4% Q1 Q2 Q3 2023 8% 62 mo 62 mo 757 9% 4% 63 mo 8% Q4 Q Q3 2022 2023 2023 2023 5 1.04% Q3 2020 0.13% $39 0.30% Q3 2020 $9.8 Retail Repossessions (000) and Repossession Rate (%) Repossession Rate (%) 3 I 0.71% Q3 2021 0.11% $0 0.00% Q3 2021 $8.3 4 I 0.78% 3 $21 0.18% Q3 Q4 Q1 2022 2022 2023 60+ Day Delinquencies* 0.15% 0.17% Retail Net Charge-Offs (SM) and LTR Ratio (%) LTR Ratio (%) $9.6 4 0.76% 0.83% 0.75% $30 0.25% 0.17% $44 0.35% Q3 Q4 2022 2022 Severity (000) $10.3 $10.6 4 Q1 2023 Q2 Q3 2023 2023 0.15% 0.19% $27 0.21% 4 Q2 2023 0.89% $10.9 Ford $50 0.38% Q3 2023 $12.7 23#24U.S. Lease Metrics + Aligned with expectations, lease return rates have begun to increase from historical lows, reflecting the impact of declining auction values + Auction values decreased 5% YoY and 6% sequentially 75 12 59 27% 18% Lease Placement Volume (000) 24-Month 36-Month ■39-Month / Other Q3 2020 43 Q3 Q3 2020 2021 12 28 23% 15% 42 12 26 16% 32 7 12% 20 13 5 4 Q3 2022 2022 2023 Q4 Q1 Q3 Q3 2021 2022 Lease Share of Retail Sales (%) 37 7 16% 17 9% 19% 11% Q4 Q1 2022 2023 * Source: J.D. Power PIN ** U.S. 36-month off-lease auction values at Q3 2023 mix 44 8 27 9 Q2 2023 20% 12% 48 9 -Industry* Ford Credit Q2 2023 34 5 Q3 2023 20% 13% Q3 2023 65 63% Q3 2020 $25,330 Lease Return Volume (000) and Return Rates (%) Return Rates (%) 21 24% 9 11% 12 18% $32,515 $32,010 Q3 Q3 Q3 2020 2021 2022 16 23% Q4 Q1 Q2 Q3 Q3 Q3 2021 2022 2022 2023 2023 2023 Auction Values (Per Unit) ** $30,150 14 19% $31,150 19 29% $32,250 $30,250 Q4 Q1 Q2 Q3 2022 2023 2023 2023 Ford 24#25Worldwide Credit Loss Metrics + Worldwide credit loss metrics remain strong, reflecting low losses + Credit Loss Reserve as a % of EOP Receivables remains consistent $67 0.24% Q3 2020 $1,314 1.19% Q3 2020 $9 0.04% Q3 2021 $984 1.04% Net Charge-Offs (SM) and LTR Ratio (%) LTR Ratio % Q3 2021 1 $33 0.14% Q3 2022 $760 0.79% $41 Q3 2022 0.16% Q4 2022 Credit Loss Reserve (SM) and Reserve as a % of EOP Receivables Reserve as a % of EOP Receivables $845 0.82% $57 Q4 2022 0.23% Q1 2023 $870 0.82% $40 Q1 2023 0.15% Q2 2023 $873 0.80% Q2 2023 $68 0.25% Q3 2023 $876 0.80% Q3 2023 Ford 25#26Ford Credit Canada Origination Metrics + Disciplined and consistent underwriting practices + Portfolio quality evidenced by FICO scores and consistent risk mix + Extended-term contracts remain a significant part of FCC's business and consistent with the market Higher Risk Portfolio Mix Average Placement FICO 771 1% Q3 2020 73 mo 39% 778 Q3 2020 1% Retail ≥ 84 Months Mix Average Retail Placement Term Q3 2021 71 mo 22% Retail & Lease FICO and Higher Risk Mix (%) Q3 2021 778 1% Q3 2022 71 mo 29% 779 Retail Contract Terms Q3 2022 1% Q4 2022 71 mo 29% Q4 2022 775 1% Q1 2023 71 mo 32% Q1 2023 776 1% Q2 2023 72 mo 34% Q2 2023 776 1% Q3 2023 71 mo 32% Q3 2023 Ford 26#27Ford Credit Canada Retail Credit Loss Drivers + Delinquencies and repossessions remain low + Strong loss metrics reflect healthy consumer credit conditions Avg. Over-60-Day Delinquencies (excl. Bankruptcies) 0.14% Q3 2020 Q3 2020 0.12% Q3 2021 I 1 0.13% Q3 2022 0.12% 0.12% 0.12% Q4 Q1 Q2 2022 2023 2023 Severity (000) $15.3 Q4 Q3 Q3 2021 2022 2022 $15.0 $13.7 $13.2 $12.4 mili 0.14% $12.7 Q3 2023 $15.7 Q1 Q2 Q3 2023 2023 2023 Repo. Rate Repossessions 658 0.63% Q3 2020 $9 0.29% 311 0.32% LTR Ratio Charge-Offs Q3 2020 Q3 2021 Repossessions and Repo Rate (%) T 1 T 1 296 0.33% $6 274 0.30% Q3 Q4 Q1 Q2 2022 2022 2023 2023 Charge-Offs (SM) and LTR Ratio $3 0.12% Q3 Q3 2021 2022 277 0.31% 0.22% 247 0.28% $5 $4 $4 0.16% 0.19% 0.14% Q4 Q1 Q2 2022 2023 2023 269 0.31% (%) Q3 2023 $6 0.21% Q3 2023 Ford 27#28Funding Structure ($B) + Well capitalized with a strong balance sheet; funding diversified across platforms and markets + Further improvement of key balance sheet metrics; $27B in net liquidity + Upgraded to Investment Grade by Fitch to BBB- (stable outlook) in September + Leverage is within the target range of 9:1 to 10:1 Term Unsecured Debt Term Asset-Backed Securities Deposits / Ford Interest Advantage (FIA) Other Equity Adjustments for Cash Total Net Receivables Securitized Funding as Pct. of Total Debt Net Liquidity Financial Statement Leverage 2022 Dec. 31 $ 48.3 56.4 14.3 2.6 11.9 (11.2) $ 122.3 47.4% $ 21.1 10.0 2023 Sep. 30 $ 50.7 55.9 16.3 2.2 12.6 (11.4) $126.3 45.5% $ 27.0 9.7 Ford 28#29Public Term Funding Plan ($B) + Completed $28B of public issuance in 2023 + Liquidity and diverse funding sources provide flexibility Unsecured Securitizations* Total Incudes Rule 144A Offerings 2020 Actual $ $ 14 13 27 2021 Actual 2022 Actual $ 5 $ 9 $ 14 $ 2023 Actual 6 $ 10 16 $ 14 14 28 Ford 29#30Liquidity Sources ($B) + $27B of net liquidity, up $5.9B from year-end 2022 + Reflects strong access to public and private funding markets Liquidity Sources Cash Committed asset-backed facilities Other unsecured credit facilities Total liquidity sources Utilization of Liquidity Securitization & restricted cash Committed asset-backed facilities Other unsecured credit facilities Total utilization of liquidity Gross liquidity Other adjustments Net liquidity available for use 2022 Sep. 30 $ 7.6 34.2 2.1 $ 43.9 $ $ $ $ 2022 Dec. 31 $ $ (2.7) $ (20.0) (0.5) (23.2) $ 20.7 $ 0.3 21.0 $ 11.3 37.4 2.3 51.0 2023 Sep. 30 $ 20.7 0.4 21.1 $ (2.9) $ (26.6) (0.8) (30.3) $ $ 11.6 42.3 2.4 56.3 (2.9) (25.8) (0.7) (29.4) 26.9 0.1 27.0 Ford 30#31Cautionary 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 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 Annual Report on Form 10-K for the year ended December 31, 2022, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 31#32Canada Retail Securitization 2023 Ford Explorer WORD V08 TMI K 50 Ford Credit 30#33Canadian Retail Securitization - Overview ● ● FCCC has been securitizing its receivables in Canada since 1999 FCCC formed Ford Auto Securitization Trust ("FAST") in 2008 and Ford Auto Securitization Trust II ("FAST II") in 2022 (collectively, the "trusts"). The trusts first issued a public securitization transaction in 2009. The most recent widely distributed issuance was in October 2023 The trusts' series of notes are backed by retail conditional sale contracts and issued through various channels: ● Widely distributed private placement transactions (Canada) Rule 144A transactions (U.S.) Private placement transactions with bank-sponsored conduits and other financial institutions 33#34Transaction Credit Enhancement | | Class B notes ("AA”) Class C notes (“A”) Reserve Account Excess Spread Initial Overcollateralization % of Initial Adjusted Pool Balance 95.00% 3.00% 2.00% 0.25%* 0.00% ● Total Initial Class A Hard Credit Enhancement 5.25% * The reserve account will be funded on the closing date in an amount equal to at least 0.25% of the initial adjusted pool balance Senior / subordinate, sequential pay structure Credit enhancement largely consistent over the life of the program: Subordination of junior notes Cash reserve Excess spread (used to build target overcollateralization) Overcollateralization (OC) builds to a target amount: Target OC amount is reached before any funds are released to the residual interest Target OC is the sum of: Yield supplemental overcollateralization (YSOC) 2.0% of initial adjusted pool balance Excess of 1.5% of current pool balance over reserve account Initial Class A Hard Credit Enhancement 5.25% 5.25% 5.35% 5.25% 5.00% 5.00% 5.00% 5.00% 6.00% 5.00% 1.00% 5.25% 5.25% 5.25% 5.00% 5.00% 5.00% 6.00% 5.00% 1.00% 0.25% 0.25% 0.35% 0.25% 0.25% 0.25% 0.25% 2023-B 2023-A 2022-A 2021-A 2020-A 2019-B 2019-A 2018-B 2018-A Reserve Subordination 34#35Canada Retail Securitization - Pool Metrics 746 723 2014-R2 96 2014-R2 >60 Month Original Term 750 732 2015-R4 Weighted Average FICO® at Origination 97 2015-R4 ■New 754 740 2017-R2 96 2017-R2 756 745 2017-R5 Used 96 2017-R5 756 746 2018-A 5 95 752 755 2018-A 743 2018-B 6 94 746 2018-B 2019-A New / Used (%) 6 94 756 2019-A 744 2019-B 6 94 768 2019-B 757 2020-A 8 92 2020-A 770 764 2021-A 7 93 2021-A 775 770 2022-A 8 92 2022-A 778 771 2023-A B 8 92 2023-A 774 766 2023-B 97 2023-B 32 45 23 14.4 2014-R2 2014-R2 30 49 2015-R4 21 16.2 16.3 11.9 ill 2015-R4 2017-R2 30 60 Car Light Truck Utility ■ Other* 10 2017-R2 29 2017-R5 62 10 2017-R5 29 Commercial Use (%) 62 9 14.1 2018-A 2018-A 30 61 9 14.1 13.9 14.4 2018-B Car / Light Truck / Utility (%) 2018-B 29 64 7 2019-A 2019-A 31 63 6 2019-B 2019-B Primarily non-Ford / Lincoln vehicles which FCCC does not categorize 33 62 15.4 2020-A 2020-A 35 60 17.7 2021-A 2021-A 36 61 2022-A 19.9 2022-A 33 65 2023-A 23.0 2023-A 31 67 2023-B 25.1 2023-B 35#36Canada Retail Securitization - Pool Metrics 89.4 2014-R2 90.6 2014-R2 2015-R4 108.4 108.7 2015-R4 % Subvened-APR Receivables (%) 94.9 2017-R2 96.8 2017-R5 2017-R2 97.7 2018-A 106.9 107.5 107.7 2017-R5 98.2 98.4 2018-A 2018-B 111.4 2019-A 2018-B 97.9 97.9 98.1 Weighted Average Loan-to-Value (%) 2019-B 2019-A 109.0 108.7 2020-A 2019-B 107.2 2021-A 2020-A 97.5 97.4 2022-A 2021-A 109.9 110.8 2023-A 2022-A 112.6 2023-A 96.5 2023-B 110.1 2023-B % Original Term >72 Mos. 48.0 2.8 2014-R2 % of Contracts > 60 Month Original Term (%) 11.2 2014-R2 60.4 2015-R4 11.5 66.1 10.9 2017-R2 2015-R4 11.2 11.3 67.5 2017-R5 15.6 2017-R2 11.6 73.5 71.7 2017-R5 20.5 2018-A 27.2 2018-B 2018-A 11.4 11.4 70.9 2018-B 2019-A 68.6 11.3 25.5 25.9 26.0 25.6 28.1 2019-A 2019-B Weighted Average Payment-to-Income (%) 68.5 11.5 2019-B 2020-A 74.6 2021-A 2020-A 11.6 11.6 73.0 2021-A 2022-A 74.8 29.8 2022-A 2023-A 12.0 12.2 2023-A 70.6 31.0 2023-B 12.7 2023-B 36#37Canada Retail Securitization - Pool Performance 1.00% 0.75% 0.50% 0.25% 0.00% 1 4 7 10 13 16 Cumulative Net Losses* as a % of Initial Pool Balance 19 22 25 31 34 28 Number of Months Since Cutoff Date 37 40 43 46 49 52 55 Cumulative Net Losses are the aggregate principal balance of all receivables that the servicer determined to be uncollectible less any liquidation proceeds (primarily auction proceeds) and other recoveries. Net Losses include all external costs for repossession and disposition of the financed vehicle and for continued collection efforts after charge off. --FAST 2014-R2 --FAST 2015-R4 -e-FAST 2017-R2 --FAST 2017-R5 FAST 2018-A -FAST 2018-B FAST 2019-A FAST 2019-B FAST 2020-A FAST 2021-A FAST II 2022-A FAST II 2023-A 37#38Canada Retail Securitization - Pool Performance 1.00% 0.75% 0.50% 0.25% 0.00% 1 4 7 รายละเอ 25 28 31 34 of Months Since Cutoff Date 10 61+ Days Delinquencies* as a % of End-of-Month Pool Balance 13 16 19 22 Nu 37 40 43 46 49 52 55 -FAST 2014-R2 -FAST 2015-R4 --FAST 2017-R2 -FAST 2017-R5 FAST 2018-A -FAST 2018-B FAST 2019-A FAST 2019-B FAST 2020-A FAST 2021-A FAST II 2022-A FAST II 2023-A The period of delinquency is the number of days that more than $49.99 of a scheduled payment is past due. The dollar amounts represent the aggregate outstanding principal balances of the delinquent receivables as of the end of the month. The percentages represent the aggregate outstanding principal balances of the delinquent receivables as of the end of the month as a percentage of the End-of-Month Pool Balance. Delinquencies include receivables with bankrupt obligors and exclude receivables in repossession status or that have been charged off by the servicer. 38#39Appendix HUPER DUTY T Ford New 2024 Ford Super Duty Tremor ASO Ford Ford Credit |#40Company Key Metrics Ford Blue Ford Model e Ford Pro Ford Next Ford Credit* Corporate Other Total Company (Adjusted) Ford Blue Ford Model e Ford Pro Total Company (Adjusted) * Ford Credit EBT Q2 2022 $ 2.5 (0.5) 0.9 (0.2) 0.9 0.1 $ 3.7 Q2 2022 10.5 % (38.6) 6.9 9.3 % Q3 2022 $ 1.5 (0.6) 0.4 (0.2) 0.6 0.2 $ 1.8 Q3 2022 6.2 % (43.7) 3.4 4.6 % EBIT ($B) Q4 2022 $ 1.5 (0.6) 1.5 (0.2) 0.2 0.2 Q1 2023 $ 2.6 (0.0) 0.3 (0.1) $2.6 $ 3.4 (40.4) 10.4 (0.7) 1.4 EBIT Margin (%) Q4 2022 Q1 2023 5.8 % 5.9 % 10.4 % (102.1) 10.3 8.1 % Q2 2023 $ 2.3 $ 1.7 (1.1) (1.3) 2.4 1.7 (0.0) (0.0) 0.4 0.4 (0.2) (0.2) $ 3.8 $ 2.2 Q2 2023 9.2 % Q3 2023 (58.9) 15.3 8.4 % Q3 2023 6.7 % (75.6) 12.0 5.0 % Memo: EV Wholesales Q2 2022 $23.8 1.3 12.7 0.0 2.3 0.0 $40.2 Q2 2022 670 24 338 1,032 31 Q3 2022 $23.8 1.4 12.0 0.0 2.2 0.0 $39.4 Q3 2022 741 25 321 1,086 32 Revenue ($B) Q4 2022 $26.3 1.6 13.9 (0.0) 2.3 0.0 $ 44.0 760 30 358 1,147 Q1 2023 Wholesale Units (000) Q4 2022 Q1 2023 43 $ 25.1 0.7 13.2 0.0 2.4 0.0 $ 41.5 706 12 337 1,056 21 Q2 2023 $25.0 1.8 15.6 0.0 2.5 0.0 $ 45.0 Q2 2023 720 34 365 1,119 47 Q3 2023 $25.6 1.8 13.8 0.0 2.6 0.0 $43.8 Ford Q3 2023 736 36 314 1,086 48 40#41Company Key Metrics Ford Blue Ford Model e Ford Pro Ford Next Ford Credit* Corporate Other Total Company (Adjusted) Ford Blue Ford Model e Ford Pro Total Company (Adjusted) * Ford Credit EBT Q3 2022 $ $ 1.5 (0.6) 0.4 (0.2) 0.6 0.2 1.8 Q3 2022 6.2 % (43.7) 3.4 4.6 % Q3 2023 $ $ 1.7 (1.3) 1.7 (0.0) 0.4 (0.2) 2.2 Q3 2023 6.7 % (75.6) 12.0 5.0 % EBIT ($B) 2023 B/ (W) 2022 $ 0.3 (0.7) 1.3 0.2 (0.2) (0.4) 0.4 $ 2023 B/ (W) 2022 0.6 ppts (31.9) 8.6 2022 YTD EBIT Margin (%) 0.4 ppts $ $ 5.3 (1.5) 1.8 (0.7) 2.5 0.5 7.9 2022 YTD 7.7 % (40.7) 5.1 6.9 % 2023 YTD $ $ 6.6 (3.1) 5.4 (0.1) 1.1 (0.5) 9.4 2023 YTD 8.8 % (72.8) 12.7 7.2 % 2023 B/ (W) 2022 $ 1.4 (1.6) 3.6 0.6 (1.4) (1.1) $ 1.5 2023 B/ (W) 2022 1.0 ppts (32.1) 7.6 0.3 ppts Memo: EV Wholesales Q3 2022 $23.8 1.4 12.0 0.0 2.2 0.0 $39.4 Q3 2022 741 25 321 1,086 32 Q3 2023 $ 25.6 1.8 13.8 0.0 2.6 0.0 $43.8 Q3 2023 736 36 314 1,086 48 Revenue ($B) 2023 B/ (W) 2022 $ 1.8 0.4 1.9 (0.0) 0.4 (0.0) 4.4 (5) Wholesale Units (000) 2023 B/ (W) 2022 11 (6) (0) 2022 YTD 16 $68.5 3.7 35.0 0.1 6.7 0.0 $ 114.1 2022 YTD 2,074 67 943 3,084 85 2023 YTD $ 75.7 4.3 42.7 0.0 7.5 0.0 $ 130.2 2023 YTD 2,162 82 1,016 3,261 116 2023 B/ (W) 2022 $ 7.2 0.6 7.6 (0.1) 0.8 (0.0) $16.2 2023 B/ (W) 2022 88 16 73 177 Ford 31 41#42Company Q3 Results ($M) Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Other Adjusted EBIT Interest on Debt Special Items (excl. tax) Taxes Less: Non-Controlling Interests Net Income / (Loss) Attributable to Ford Company Adjusted Free Cash Flow ($B) Revenue ($B) Company Adjusted EBIT Margin (%) Net Income / (Loss) Margin (%) Adjusted ROIC (Trailing Four Quarters) (%) Adjusted EPS EPS (GAAP) $ A 2022 1,466 (612) 402 (244) 599 192 1,803 (321) (2,607) 195 (103) (827) 3.6 39.4 Third Quarter 4.6 % (2.1) 10.7 0.30 (0.21) LA GA LA 2023 1,718 (1,329) 1,654 (17) 358 (186) 2,198 (324) (487) (214) (26) 1,199 1.2 43.8 5.0 % 2.7 15.1 0.39 0.30 $ CA 2023 B/ (W) 2022 252 (717) 1,252 227 (241) (378) 395 (3) 2,120 (409) 77 2,026 (2.4) 4.4 0.4 ppts 4.8 4.4 0.09 0.51 LA GA SA 2022 5,298 (1,502) 1,772 (707) 2,466 524 7,851 (941) (11,092) 771 (141) (3,270) $ 6.6 114.1 6.9 % (2.9) Year-To-Date 1.37 (0.81) 2023 6,649 (3,131) 5,411 (87) 1,051 (530) 9,363 (936) (2,593) (982) (21) 4,873 4.8 130.2 7.2 % 3.7 1.73 1.21 SA 2023 B/(W) 2022 1,351 (1,629) 3,639 620 (1,415) (1,054) 1,512 5 8,499 (1,753) 120 8,143 (1.8) 16.2 0.3 ppts 6.6 0.36 2.02 Ford 42#43Company Year-To-Date 2023 Adjusted EBIT ($B) Year-To-Date 2022 $ YoY Change: Volume / Mix Net Pricing Cost Ford Blue Exchange Other $ Total Change $ Year-To-Date 2023 $ 5.3 Ford Ford Model e Pro $ (1.5) SA 2.5 0.7 (1.3) (0.6) 0.1 1.4 $ 6.6 $ $ $ (0.0) (0.4) (1.3) 0.0 0.1 (1.6) (3.1) $ 1.8 0.3 5.3 (1.6) (0.1) (0.2) 3.6 5.4 Ford Next SA SA (0.7) I 0.2 0.4 0.6 Ford Credit SA $ (0.1) $ 2.5 Corporate Total Other (1.4) (1.4) $ 1.1 SA 0.5 I I (1.5) I 0.4 (1.1) Company SA $ 2.8 5.6 (0.5) $ 7.9 GA (5.4) (0.7) (0.7) 1.5 9.4 Ford Material / Freight $(2.3) Warranty (1.7) Pension / OPEB (1.4) Structural (1.3) 1.3 Commodities 43#44Company Quarterly Results ($M) Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Other Adjusted EBIT Interest on Debt Special Items (excl. tax) Taxes Less: Non-Controlling Interests Net Income / (Loss) Attributable to Ford Company Adjusted Free Cash Flow ($B) Revenue ($B) Company Adjusted EBIT Margin (%) Net Income /(Loss) Margin (%) Adjusted ROIC (Trailing Four Quarters) (%) Adjusted EPS EPS (GAAP) $ $ $ Q1 1,328 (380) 491 (242) 928 201 2,326 (308) (5,866) 729 (9) (3,110) 6.7 % (0.6) $ 34.5 (9.0) 7.8 $ 0.38 (0.78) $ Q2 (221) 939 131 2,504 $ 1,466 (510) (612) 879 402 3,722 (312) (2,619) (153) (29) 667 3.6 40.2 9.3 % 1.7 11.6 0.68 0.16 2022 $ Q3 (244) 599 192 1,803 (321) (2,607) 195 (103) (827) 3.6 39.4 4.6 % (2.1) 10.7 0.30 (0.21) $ $ Q4 $ 1,549 (631) $ 2,564 (318) (1,080) 93 1,450 (219) 191 224 (30) 1,289 5.8 % 2.9 11.2 Full Year 0.51 0.32 $ 2.4 $ 44.0 $ 6,847 (2,133) 3,222 (926) 2,657 748 10,415 (1,259) (12,172) 864 (171) (1,981) 9.1 158.1 6.6 % (1.3) 11.2 1.88 (0.49) $ Q1 2,623 (722) 1,366 (44) 303 (147) 3,379 (308) (912) (496) (94) 1,757 0.7 $ 41.5 8.1 % 4.2 13.5 $ 0.63 0.44 SA 2023 Q2 2,308 (1,080) 2,391 (26) 390 (197) 3,786 (304) (1,194) (272) 99 1,917 2.9 45.0 8.4 % 4.3 14.2 0.72 0.47 $ $ $ Q3 1,718 (1,329) 1,654 (17) 358 (186) 2,198 (324) (487) (214) (26) 1,199 1.2 43.8 Ford 5.0 % 2.7 15.1 0.39 0.30 44#45Company Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Net income / (loss) attributable to Ford (GAAP) Income / (loss) attributable to non-controlling interests Net income / (loss) Less: (Provision for) / Benefit from income taxes Income / (loss) before income taxes Less: Special items pre-tax Income / (loss) before special items pre-tax Less: Interest on debt Adjusted EBIT (Non-GAAP) Memo: Revenue ($B) Net income / (loss) margin (GAAP) Adjusted EBIT margin (Non-GAAP) (%) SA $ Third Quarter 2022 (827) $ (103) (930) 195 (1,125) (2,607) 1,482 (321) 1,803 39.4 (2.1) % 4.6 % $ $ $ 2023 1,199 (26) 1,173 (214) 1,874 1,387 $ (487) (324) 2,198 43.8 2.7 % 5.0 % $ $ (3,270) (141) $ Year-To-Date $ 2022 (3,411) 771 (4,182) $ (11,092) 6,910 (941) 7,851 114.1 (2.9) % $ 6.9 % $ $ 2023 4,873 (21) 4,852 (982) 5,834 (2,593) 9,363 130.2 8,427 $ (936) 3.7 % $ 7.2 % $ $ (2,152) 864 Memo: FY 2022 $ (1,981) (171) (3,016) (12,172) 9,156 (1,259) 10,415 158.1 (1.3) % 6.6 % Ford 45#46Company Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF ($M) Net cash provided by / (used in) operating activities (GAAP) Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit operating cash flows Funded pension contributions Add: Restructuring (including separations)* Ford Credit tax payments / (refunds) under tax sharing agreement Other, net Items Included in Company Adjusted Free Cash Flows Company excluding Ford Credit capital spending Ford Credit distributions Settlement of derivatives Company adjusted free cash flow (Non-GAAP) Restructuring excludes cash flows reported in investing activities Q1 $ (1,084) (419) (174) (176) (20) 2022 Q2 Q3 $ 2,947 $ 3,812 (1,340) (154) (137) 20 (1,349) (1,503) 600 1,000 64 (36) $ (580) $ 3,619 (439) (130) (179) 22 (150) (1,613) 500 26 $ 3,601 Q4 $ 1,178 (3,218) (109) (343) 125 92 (2,046) (144) $ 2,441 Q1 $ 2,800 626 (125) (81) (5) (140) 2023 (72) $ 693 Q2 $ 5,035 581 (109) (118) (73) (1,760) (1,927) 92 $ 2,919 Q3 $ 4,591 1,800 (190) (297) (151) (2,191) (13) $ 1,225 Year-To-Date 2022 $ 5,675 (2,198) (458) (492) 22 (150) (4,465) 2,100 54 $ 6,640 Ford 2023 $ 12,426 3,007 (424) (496) (364) (5,878) 7 $ 4,837 46#47Company Earnings / (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 (a) Adjusted net income - diluted (Non-GAAP) Basic and Diluted Shares (M) Basic shares (average shares outstanding) Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt Diluted shares Earnings / (Loss) per share - diluted (GAAP) (b) Less: Net impact of adjustments Adjusted earnings per share - diluted (Non-GAAP) a. b. $ SA $ 2022 Third Quarter (827) (2,063) 1,236 4,021 38 4,059 (0.21) (0.51) 0.30 For 2023, includes adjustment for noncontrolling interest In the third quarter and first nine months of 2022, there were 38 million and 42 million shares, respectively, excluded from the calculation of diluted earnings / (loss) per share, due to their anti-dilutive effect $ 2023 1,199 (376) 1,575 4,004 46 4,050 0.30 (0.09) 0.39 GA ff 2022 Year-To-Date (3,270) (8,819) 5,549 4,017 42 4,059 (0.81) (2.18) 1.37 2023 4,873 (2,098) 6,971 3,999 41 4,040 1.21 (0.52) 1.73 Ford 47#48Company Effective 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 reflects the tax consequences of unrealized losses on marketable securities and favorable changes in our valuation allowances Q3 $ 1,387 (487) $ 1,874 2023 (214) 87 (301) 15.4% 16.1% Year-To-Date Full Year 2022 $ $ $ 5,834 (2,593) 8,427 (982) 408 (1,390) 16.8% 16.5 % $ (3,016) (12,172) 9,156 $ Memo: $ $ 864 2,573 (1,709) 28.6% 18.7 % Ford 48#49Company Adjusted ROIC ($B) 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) Add: Pension / OPEB service costs Net operating profit / (loss) after cash tax Less: Special items (excl. pension / OPEB) pre-tax Adj. net operating profit / (loss) after cash tax Invested Capital Equity Debt (excl. Ford Credit) Net pension and OPEB liability Invested capital (end of period) Average invested capital ROIC (a) Adjusted ROIC (Non-GAAP) (b) $ b. $ $ $ $ $ Four Quarters Ending Q3 2022 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 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 9.0 0.1 1.8 (0.6) (1.4) 4.3 (1.0) 2.7 (4.9) 7.6 42.1 20.3 4.6 66.9 71.0 3.8 % 10.7 % $ $ $ $ Four Quarters Ending Q3 2023 6.2 (0.3) (0.9) (1.1) (1.3) (1.2) (0.7) 7.5 (2.7) 10.2 44.3 19.8 4.6 68.6 67.5 11.1 % 15.1 % Ford 49#50Ford Credit EBT By Segment* ($M) Results** United States and Canada segment Europe segment All Other segment Total segments Unallocated other Earnings before taxes Provision for/(Benefit from) Taxes Net income Distributions * ** $ 257 78 21 356 2 $ $ $ 2023 $ 358 119 239 Q3 $ $ $ $ $ H/(L) 2022 (137) 4 (3) (136) (95) (231) (32) (199) (500) See Appendix for definitions Beginning in Q3 2022, there were changes in the allocation of interest and governance expenses among the operating segments. Prior periods have been adjusted retrospectively to reflect these changes $ $ $ 2023 $ 1,140 (98) $ 801 269 70 YTD 1,042 277 765 $ (1,039) 13 218 (808) (396) $ (1,204) (58) $ (1,146) $ H/(L) 2022 $ (2,100) Ford 50#51Ford Credit Financing Share And Contract Placement Volume Share of Ford Sales* United States Canada U.K. Germany China Wholesale Share United States U.K. Germany China Contract Placement Volume - New and Used (000) United States Canada U.K. Germany China * United States and Canada exclude Fleet sales, other markets include Fleet 2023 50 % 67 34 33 34 71% 100 89 72 210 32 23 14 25 2022 41 % 77 36 33 46 73 % 100 92 69 172 43 25 12 37 2023 S९ लेलै 50 % 70 34 32 38 YTD 71 % 100 88 71 607 89 69 41 73 2022 41 % 70 35 35 45 73 % 100 91 68 484 101 70 42 97 Ford 51#52Company Non-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 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, supplier- and 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. Ford 52#53Company Non-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, restructuring actions, 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. Ford 53#54Company Definitions 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. 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. Excludes transactions between Ford Blue, Ford Model e and Ford Pro segments 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 ● 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 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 ● 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 adjustments on dealer inventory Market Factors exclude the impact of unconsolidated affiliate wholesale units Earnings Before Taxes (EBT) Reflects Income before income taxes ● Ford 54#55Ford Credit Definitions And Calculations Assets (as shown on the Cumulative Maturities chart) Includes gross finance receivables less the allowance for credit losses, investment in operating leases net of accumulated depreciation, cash and cash equivalents, and marketable securities (excluding amounts related to insurance activities). Amounts shown include the impact of expected prepayments Cash (as shown in the Funding Structure and Liquidity Sources tables) Cash and cash equivalents and Marketable securities reported on Ford Credit's balance sheet, excluding amounts related to insurance activities Debt (as shown on the Cumulative Maturities chart) All wholesale securitization transactions are shown maturing in the next 12 months, even if the maturities extend beyond Q1 2023. Also, the chart reflects adjustments to debt maturities to match the asset-backed debt maturities with the underlying asset maturities Debt (as used in the Leverage calculation) Debt on Ford Credit's balance sheet. Includes debt issued in securitizations and payable only out of collections on the underlying securitized assets and related enhancements. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions Committed Asset-Backed Security ("ABS") Facilities (as shown in the Liquidity Sources table) Committed ABS facilities are subject to availability of sufficient assets, ability to obtain derivatives to manage interest rate risk, and exclude FCE Bank plc ("FCE") access to the Bank of England's Discount Window Facility Earnings Before Taxes ("EBT") Reflects Income before income taxes as reported on Ford Credit's income statement Leverage, Financial Statement Leverage (as shown in the Funding Structure table) We use leverage, or the debt-to-equity ratio, to make various business decisions, including evaluating and establishing pricing for finance receivable and operating lease financing, and assessing our capital structure. We refer to our shareholder's interest as equity ● ● . ● ● Loss-To-Receivables ("LTR") Ratio (as shown in credit loss tables) LTR ratio is calculated using net charge-offs divided by average finance receivables, excluding unearned interest supplements and the allowance for credit losses Net Charge-Offs . Net charge-off changes are primarily driven by the number of repossessions, severity per repossession, and recoveries Other adjustments (as shown in the Liquidity Sources table) Includes asset-backed capacity in excess of eligible receivables; cash related to the Ford Credit Revolving Extended Variable-utilization program ("FordREV"), which can be accessed through future sales of receivables Reserve as a % of EOP Receivables Ratio (as shown in the credit loss tables) The reserve as a % of EOP receivables ratio is calculated as the credit loss reserve amount, divided by EOP finance receivables, excluding unearned interest supplements and the allowance for credit losses Ford ● 55#56Ford Credit Definitions And Calculations Securitization & restricted cash (as shown in the Liquidity Sources table) Securitization cash is cash held for the benefit of the securitization investors (for example, a reserve fund). Restricted cash is primarily held to meet certain local government and regulatory reserve requirements and cash held under the terms of certain contractual agreements Securitizations (as shown in the Public Term Funding Plan table) Public securitization transactions, Rule 144A offerings sponsored by Ford Credit, and widely distributed offerings by Ford Credit Canada Term Asset-Backed Securities (as shown in the Funding Structure table) Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements Total Net Receivables (as shown in the Funding Structure table) Includes finance receivables (retail financing and wholesale) sold for legal purposes and net investment in operating leases included in securitization transactions that do not satisfy the requirements for accounting sale treatment. These receivables and operating leases are reported on Ford Credit's balance sheet and are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations of Ford Credit or the claims of Ford Credit's other creditors Unallocated other (as shown on the EBT By Segment chart) ● ● ● Ford ● Items excluded in assessing segment performance because they are managed at the corporate level, including market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions 56