U.S. Floorplan Risk Management

U.S. Floorplan Securitization Structure Overview % of Receivable Balance Class A Notes ("AAA") 76.0% Credit enhancement in the floorplan securitization program includes: • Subordination of junior notes Available subordinated amount • Cash reserve (0.40% of notes) • Excess spread Structure also provides for 1:1 incremental subordination to cover any ineligible receivables and receivables in excess of the specified concentration limits Concentration Limit Incremental Subordination * * (Mils) - Ineligible receivables N/A 25.0 Class B Notes ("AA") 3.5% - Dealer concentration (5% for AutoNation) 2% 0.0 Class C Notes ("Not Rated") 5.0% - Used vehicle concentration 20% 0.0 Class D Notes ("Not Rated") 3.0% - Fleet concentration 4% 0.0 Available Subordinated Amount 12.5% - Medium/Heavy truck concentration 2% 0.0 - Manufacturer concentration 10% 179.0 Reserve Account 0.35% (2% for lower rated manufacturers) Excess Spread Total Class A Total: $ 204.0 76 Ford FORD CREDIT Hard Credit Enhancement ~24.35% * As of December 31, 2018

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