Ford Investor Conference

Transaction 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

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