U.S. Floorplan Risk Management

FordREV Program Overview Ford Credit has offered 11 transactions from its Ford Credit Revolving Extended Variable-Utilization, or Ford REV, securitization program that launched in May 2014 43 - Ford REV features a 5- or 7-year revolving period and subsequent soft-bullet maturity • - - Currently around $14 billion in outstanding notes Two REV transactions will be redeemed in 2019 (2014-REV1 and 2014-REV2) 2019-REV1 is the most recent issuance, with Class A notes of $1.2 billion and a 5-year tenor Ford REV notes consist of a AAA-rated senior class and two subordinated classes of notes Ford REV notes are backed by U.S. retail auto receivables originated by Ford Credit - comparable to its U.S. public retail securitization program - During the revolving period, monthly collections are deposited into an accumulation account and are available to purchase additional receivables from Ford Credit Ford REV notes may be backed by a combination of receivables and cash Pool concentration limits safeguard the quality of the collateral backing the notes The notes are expected to be redeemed in full at the end of the revolving period Step-up or make-whole amounts may otherwise be payable - Ford FORD CREDIT

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