ABS Investor Presentation · 2020. 11. 30. · ABS Investor Presentation December 2020 2019 (01-14- 20) Version 1.0 6:00pm. All-Electric Mustang Mach-E. All-New Mach-E

ABS Investor Presentation

December 2020

2019 (01-14-20) Version 10 600pm

All-Electric Mustang Mach-E All-New Mach-E

CONTACT INFORMATION

Ryan HershbergerGlobal Funding(313) 248-1144

rhershbefordcom

Kelly DaltonFloorplan ABS(313) 206-8416

kdalton9fordcom

Brian MerxRetail ABS

(313) 390-7710 bmerxfordcom

Alex BissonLease ABS

(313) 390-6004abisson4fordcom

Karen RocoffInvestor Relations

(313) 621-0965krocofffordcom

wwwshareholderfordcomhttpswwwfordcomfinanceinvestor-center

Agenda

Corporate Overview 3

Ford Credit 14

US RetailLease Origination and Servicing Strategy 23

US Retail Securitization 27

US FordREV Securitization 36

US Lease Securitization 48

US Floorplan Securitization 61

US Floorplan Risk Management 70

Appendix 76

Corporate Overview

bull Moving with urgency to turn around our automotive operations ndash to improve quality reduce costs and accelerate the restructuring of underperforming businesses

bull Transformation and growth plan predicated on delivering a company adjusted EBIT margin of 8 percent or better and the consistent generation of adjusted Free Cash Flow to invest in accretive high-return products and services

bull Q4 launches are on track including an all-new F-150 Mustang Mach-E and Bronco Sport

bull Increased transparency including purposeful measurable key performance indicators so that you can track our performance and hold us accountable

bull Committed to building a vibrant and growing Ford Motor Company creating value for all stakeholders

Company HighlightsCompany

bull Quarterly adjusted EBIT margin of 97 and $63B adjusted Free Cash Flowbull Higher-than-expected vehicle demand positive net pricing and favorable mixbull Ford Credit $11B in EBT ndash strongest performance in 15 yearsbull Strong performance from North America continued progress in European

restructuringbull Repaid remaining tranche of $15B of corporate revolver on September 24

ended Q3 with nearly $30B of cash and over $45B of liquiditybull Focused on the underperforming parts of the business and fortification of the

balance sheet

Financial HighlightsCompany

ADJ FCF ADJ EBIT MARGINADJ EBITREVENUE

$065ADJ EPS

$63B 97$36B$38BUP $61B UP $05B UP $19B UP 49 ppts UP $031

Year To Date$007

DOWN $099

$(12)B $91B $11B 12DOWN $35B DOWN 39 pptsDOWN $48BDOWN $25B

All-New Ford F-150

Third Quarter Financial ResultsCompany

AvailableQ4 2020

Design Engineering Supplier Manufacturing MSD

F-150bull Best-in-class max available towing and available payloadbull Over-the-air (OTA) update capability bull Available 35L PowerBoostTM full hybrid V6 engine is targeting an

EPA-estimated range of approximately 700 miles

Mustang Mach-E

bull Dynamic performance with advanced technologies including Intelligent Range Remote Vehicle Set Up amp Active Drive Assist

bull OTA update capability amp targeted EPA-estimated range of 300 miles

BroncoSport

bull Standard 4x4 available unsurpassed ground clearancebull Bronco Sport with available 20L is targeting best-in-class

horsepower and torquebull 100+ aftermarket accessories available

Broncobull Rugged SUV with classic two-door styling amp first-ever four-doorbull OTA update capability and available class-exclusive 7-speed

manual transmissionbull Available 35rdquo tires and 200+ aftermarket accessories

Production Start

Oct 12

Production Start Oct 26

Note See slide 93 for related notes

LaunchCheckpoints

AvailableSpring 2021

Exciting Product Portfolio ndash Upcoming LaunchesCompany

Cash Flow Cash Balance amp Liquidity ($B)

bull Q3 Adjusted FCF of $63B up $61B driven by rebuilding the payables depleted in 1H COVID-related production shutdown and higher EBIT

bull $15B of corporate revolvers fully repaid

bull Ended Q3 with a cash balance of nearly $30B liquidity of over $45B

YoY 111 80 (67) N M N M N M

Cash Balance And LiquidityLiquidity

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Note Q1 and Q2 2020 Adjusted FCF adversely impacted by COVID-related suspended production

Revenue amp EBIT Metrics

bull Q3 revenue of $38B up 1 driven by favorable mix higher net pricing offset partially by lower volume

bull Wholesale units of 1178K down 5 driven by lower industry volume

bull Adjusted EBIT of $36B up $19B

bull Adjusted EBIT margin of 97 up 49 ppts

Adjusted EBIT ($B) amp EBIT Margin ()Wholesale Units Adj EBIT Margin

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

Revenue ($B) amp Wholesale Units (000)

Revenue (0) (2) (5) (15) (50) 1 Adj EBIT (2) 8 (67) (126) N M 103Wholesales (9) (8) (8) (21) (53) (5) Adj Margin 00 ppts 04 ppts( 23) ppts (79) ppts (143) ppts 49 ppts

43 4812

(18)(100)

Automotive Net Income (GAAP)

Ford CreditMobility Corporate Other

Company Adj EBIT

Interest On Debt

SpecialItems

Taxes Non-Controlling

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

bull Company Adjusted EBIT of $36B up $19B driven by improvement in Automotive and Credit

bull Special Items of $(04)B reflect primarily global redesign actions in Europe

Note Q1 and Q2 2020 results adversely impacted by COVID-related suspended production

Q3 2020 Results ($B)Company

YoY ChangeIndustry $(10)Share Mix Other 08

JVs $ 01Other 01

Material Freight $(05)Warranty (01)Commodities 01Structural 02Pension OPEB 01

North America

South America Europe China IMG Total

AutoTotal

Company

Q3 2020 Adjusted EBIT ($B)Automotive

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Total Automotive 12$ 01$ (03)$ 02$ 02$ 13$ 13$

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Company Adj EBIT excl Ford Credit 11$ 25$ 35$ (06)$ Capital Spending (18)$ (12)$ (53)$ (42)$ Depreciation and Tooling Amortization 14 13 41 40

Net Spending (04)$ 01$ (12)$ (02)$ Receivables (02)$ (02)$ (02)$ 03$ Inventory (06) (01) (18) (00) Trade Payables (06) 43 10 16

Changes in Working Capital (14)$ 39$ (10)$ 19$ Ford Credit Distributions 11 06 24 11All Other and Timing Differences (01) (08) (14) (34)

Company Adjusted FCF 02$ 63$ 23$ (12)$

Global Redesign (incl Separations) (03) (01) (07) (04) Changes in Debt 04 (158) 07 88 Funded Pension Contributions (02) (01) (06) (04) Shareholder Distributions (08) (00) (20) (06) All Other (incl Acquisitions amp Divestitures) (01) 00 (04) 10

Change in Cash (09)$ (97)$ (08)$ 72$

THIRD QUARTER YEAR TO DATE

20202019 20202019

$ 63 $ (12)

Company Excl Ford Credit

Company Cash Balance 223$ 295$ Liquidity 354 455Debt (153) (242)Cash Net of Debt 70 53

Pension Funded StatusFunded Plans (04)$ 08$ Unfunded Plans (64) (66)

Total Global Pension (68)$ (58)$

Total Funded Status OPEB (61)$ (60)$

Includes timing differences between accrual-based EBIT and associated cash flows (eg marketing incentive and warranty payments to dealers) interest payments on Automotive and Other debt and cash taxes

Cash Flow And Balance Sheet ($B)Company

Q3 Adj FCF Of $63B Driven By Rebuilding Of Payables Depleted In 1H COVID Shutdown And EBIT Changes In Debt Of $(158)B Reflect Primarily The Full Repayment Of The Corporate Revolvers

20202019

YEAR TO DATETHIRD QUARTER

20202019

Global RedesignEurope excl Russia (02)$ (02)$ (10)$ (04)$ India (08) (00) (08) (00) South America (00) (01) (05) (01) Russia 00 00 (04) 00 China (00) (00) (00) (00) Separations and Other (Not Included Above) (00) (00) (01) (00)

Subtotal Global Redesign (10)$ (03)$ (28)$ (05)$

Other ItemsGain on Transaction with Argo AI and VW -$ -$ -$ 35$ Other incl Focus Cancellation Transit Connect Customs Ruling NA Hourly Buyouts and Chariot (02) (00) (03) (02)

Subtotal Other Items (02)$ (00)$ (03)$ 32$

Pension and OPEB Gain (Loss)Pension and OPEB Remeasurement (03)$ (01)$ (03)$ 01$ Pension Settlements and Curtailments - (00) - (00) Subtotal Pension and OPEB Gain (Loss) (03)$ (01)$ (03)$ 01$

Total EBIT Special Items (15)$ (04)$ (33)$ 28$

Cash Effects of Global Redesign (Incl Separations) (03)$ (01)$ (07)$ (04)$

EBIT Charges Cash Effects

Potential Future ActionsRecorded since Q1 2018

Global Redesign ($B)

Transit Connect $(02)B impact accrued in Q3 2019 paid in 2H 2020

Special Items ($B)Company

All-Electric Mustang Mach-E

Ford Credit

Over The Last 20 Years Ford Credit Generated $44 Billion In Earnings Before Taxes And $29 Billion In Distributions

Ford Credit -- A Strategic Asset

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Earnings Before TaxesDistributions

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

US Retail LTR Ratios ()

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Auction Values (Per Unit)

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

bull Q3 EBT of $1123M is up $387M reflecting strong auction performance

bull Portfolio performing well ndash loss-to-receivables (LTR) remains low and below year-ago levels auction values improved significantly

bull Balance sheet and liquidity remain strong

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

Q3 2020Q3 2019 Exchange Other

US 36-month off-lease auction values at Q3 2020 mix

Key MetricsFord Credit

60+ Day Delinquencies 011 014 014 016 015 013

Severity (000) $104 $103 $114 $114 $109 $98 Excluding bankruptcies

bull Disciplined and consistent underwriting practices

bull Portfolio quality evidenced by FICO scores and consistent risk mix

bull Repossessions charge-offs and LTR remained low and significantly below year-ago levels

bull Longer-term contract mix returned to normal levels

bull Extensions have returned to pre-pandemic levels 99 of COVID-related extensions have made at least one payment

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Retail amp Lease FICO andHigher Risk Mix ()

Retail Contract Terms

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Retail Charge-Offs ($M) and LTR Ratio ()

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Retail Repossessions (000) andRepossession Rate ()

Higher Risk Portfolio Mix () Repossession Rate ()

Retail gt 84 months Placement Mix () LTR Ratio ()

US Origination Metrics and Credit Loss DriversFord Credit

Source JD Power PIN

bull Auction values rebounded strongly in the third quarter up 7 from second quarter and 5 YoY

bull Lease placement volume and share down YoY

bull Lower lease return volume and return rate reflect auction values

bull FY auction values now forecast to be up about 2

Lease Placement Volume (000)

Lease Share of Retail Sales ()Off-Lease Auction Values

(36-month at Q3 2020 Mix)

Lease Return Volume (000) and Return Rates ()

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

24-Month36-Month39-Month Other

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

US Lease MetricsFord Credit

bull Receivables declined $9B YoY primarily reflecting lower wholesale receivables

bull Operating lease portfolio was 20 of total net receivables

$286 $210$65

Total All OtherUnited Statesand Canada

Net Investment in Operating LeasesConsumer FinancingNon-Consumer Financing

Europe

Q3 2020 H (L) 2019SUV CUV 58 1 pptsTruck 32 2Car 10 (3)

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

Q3 2020 Net Receivables Mix ($B)Ford Credit

bull Well capitalized with a strong balance sheet $31B in net liquidity

bull Funding is diversified across platforms and markets

bull Expect ABS mix to increase modestly going forward

See Appendix for definitions and reconciliation to GAAP

2019 2020Dec 31 Sep 30

Term Debt (incl Bank Borrowings) 73$ 73$ Term Asset-Backed Securities 57 53 Commercial Paper 4 1 Ford Interest Advantage Deposits 7 6 Other 9 9 Equity 14 14 Adjustments for Cash (12) (15)

Total Managed Receivables 152$ 141$

Securitized Funding as Pct of Managed Receivables 38 38

Net Liquidity 33$ 31$

Funding Structure ndash Managed Receivables ($B)

Numbers may not sum due to rounding see Appendix for definitions As of November 20 2020

Includes Rule 144A offerings

bull Completed $24B of termissuance year-to-date

bull Strong balance sheet and substantial liquidity provide funding flexibility

2018 2019 2020 ThroughActual Actual Forecast 20-Nov

Unsecured 13$ 17$ $ 8 - 11 11$ Securitizations 14 14 12 - 13 13$

Total 27$ 31$ $ 21 - 24 24$

Public Term Funding Plan ($B)

Statements included or incorporated by reference herein may constitute ldquoforward-looking statementsrdquo 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 limitationbull Ford and Ford Creditrsquos 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-19bull Fordrsquos long-term competitiveness depends on the successful execution of global redesign and fitness actionsbull Fordrsquos vehicles could be affected by defects that result in delays in new model launches recall campaigns or increased warranty costsbull Ford may not realize the anticipated benefits of existing or pending strategic alliances joint ventures acquisitions divestitures or new business strategiesbull Operational systems security systems and vehicles could be affected by cyber incidentsbull Fordrsquos production as well as Fordrsquos suppliersrsquo production could be disrupted by labor issues natural or man-made disasters financial distress production difficulties or other factorsbull Fordrsquos ability to maintain a competitive cost structure could be affected by labor or other constraintsbull Fordrsquos ability to attract and retain talented diverse and highly skilled employees is critical to its success and competitivenessbull Fordrsquos new and existing products and mobility services are subject to market acceptancebull Fordrsquos results are dependent on sales of larger more profitable vehicles particularly in the United Statesbull With a global footprint Fordrsquos results could be adversely affected by economic geopolitical protectionist trade policies or other events including tariffs and Brexitbull Industry sales volume in any of our key markets can be volatile and could decline if there is a financial crisis recession or significant geopolitical eventbull 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 factorsbull Fluctuations in commodity prices foreign currency exchange rates interest rates and market value of our investments can have a significant effect on resultsbull Ford and Ford Creditrsquos 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 factorsbull Fordrsquos receipt of government incentives could be subject to reduction termination or clawbackbull Ford Credit could experience higher-than-expected credit losses lower-than-anticipated residual values or higher-than-expected return volumes for leased vehiclesbull Economic and demographic experience for pension and other postretirement benefit plans (eg discount rates or investment returns) could be worse than Ford has assumedbull Pension and other postretirement liabilities could adversely affect Fordrsquos liquidity and financial conditionbull Ford could experience unusual or significant litigation governmental investigations or adverse publicity arising out of alleged defects in products perceived environmental impacts or otherwisebull Ford may need to substantially modify its product plans to comply with safety emissions fuel economy autonomous vehicle and other regulations that may change in the futurebull 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 consumer expectations for the safeguarding of personal

information andbull Ford Credit could be subject to new or increased credit regulations consumer protection regulations or other regulationsWe 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 ldquoItem 1A Risk Factorsrdquo in our Annual Report on Form 10-K for the year ended December 31 2019 as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K

Cautionary Note On Forward-Looking Statements

US RetailLease Origination and Servicing Strategy

bull Dealers submit credit applications and proposed financing terms electronically to Ford Credit

bull Ford Credit obtains a credit report for the applicant(s) and uses its proprietary origination system to complete compliance and other checks including fraud alerts and ID variations

bull Credit decisions are made electronically or by an analyst and returned electronically to dealers

bull The origination process is not governed by strict limits and is judgment-based using well-established purchasing standards and procedures to support consistent credit decisions

bull Purchase quality guidelines set portfolio targets for lower and marginal quality contracts

bull Risk factor guidelines are applicable to specific application attributes including affordability measures such as PTI and DTI ratios LTV FICO score and term

- For less creditworthy applicants or if there is a discrepancy in the information provided by the applicant the credit analyst may verify the identity employment income residency and other applicant information using Ford Creditrsquos procedures before making a decision

bull Credit analystsrsquo decisions are reviewed regularly to ensure they are consistent with origination standards and credit approval authority

bull Risk management portfolio performance is analyzed quarterly

Origination ProcessUS RetailLease Origination and Servicing Strategy

SECRET25

bull Ford Credits origination scoring models were developed internally based on Ford Creditrsquos portfolio databases of millions of contracts originated over several decades The model development process identifies key variables used to assign the applicant a proprietary risk score based on the probability of the applicant paying the amounts due under their contract

bull Since October 2018 Ford Credit has gradually expanded the use of new advanced statistical tools in the consumer model redevelopment process These tools enable improved data interactions creation of more predictive variables and place relatively less emphasis on variables such as an applicants FICOreg score which in turn enhance the modelrsquos ability to assessrisk and more accurately assign a proprietary risk score

bull Ford Credit regularly reviews its models to confirm the business significance and statistical predictability of the variables- Origination scoring model performance review- Scorecard Cycle Plan Committee review

bull New origination scoring models are developed on a regular cycle plan

bull Adjustments may be made to improve the performance of the origination scoring models between development cycles to react quickly to portfolio performance shifts and macroeconomic conditions Adjustments may include- Uniformly changing the overall credit risk scores- Modifying the weight of selected variables

bull Completed launch dates for the most recently redeveloped origination scoring models are as follows

Confidential

Origination Scoring ModelsUS RetailLease Origination and Servicing Strategy

US Scoring Models Redeveloped DateConsumer January 2018

Commercial January 2019Commercial Line of Credit May 2017

Behavioral Scoring ModelsUS RetailLease Origination and Servicing Strategy

US Scoring Models Redeveloped DateConsumer February 2018

Commercial January 2019

bull Ford Credit uses proprietary behavioral scoring models to assess the probability of payment default for each receivable on its payment due date

bull These models assess the risk of a customer defaulting using a number of variables including origination characteristics customer account history payment patterns expected loss or severity and periodically updated credit bureau information

bull Output of the behavioral scoring models is a proprietary score (probability of default) that determines- How soon an obligor will be contacted after a payment becomes delinquent- How often the obligor will be contacted during the delinquency - How long the account will remain in early stage collections before it is transferred to late stage

bull New behavioral scoring models are developed on a regular cycle planbull Ford Credit regularly reviews the behavioral scoring models to confirm the continued statistical predictability

of the variables Adjustments may be made to improve the performance of the behavioral scoring models between development cycles

bull Completed launch dates of the most recently redeveloped behavioral scoring models are as follows

US Retail SecuritizationSeptember 2019December 2020

SECRET28

Registration Statement No 333-225949

Ford Credit Auto Receivables Two LLC (the ldquodepositorrdquo)

Ford Credit Auto Owner Trusts (the ldquoissuerrdquo)

This document constitutes a free writing prospectus for purposes of the Securities Act of 1933 The depositor has filed a registration statement (including a prospectus) with the SEC for any offering to which this communication relates Before you invest you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor the issuer and such offering You may get these documents for free by visiting EDGAR on the SEC website at wwwsecgov Alternatively you may request that a copy of the prospectus be sent to you by calling toll-free 1-800-831-9146

US Retail Securitization

Free Writing Prospectus

SECRET29

bull Ford Credit has been originating retail installment sales contracts since 1959 and securitizing its retail contracts since 1988

bull Ford Credit has had an active publicly-registered securitization program for retail contracts since 1989 and has issued asset-backed securities in more than 80 transactions under this program

bull Ford Credit offers retail asset-backed securities through various channels- Publicly-registered transactions- Rule 144A transactions- Other private transactions

bull Collateral composition has trended in line with the industry and Ford Creditrsquos strategy ndash we securitize what we originate

- Receivables with original terms up to 84 months were included in the most recent retail transactions

bull Structural elements have remained consistent ndash minimal adjustments over the past 15 years

OverviewUS Retail Securitization

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Number of Retail Receivables Originated (000)

Financing Share Retail Installment and Lease

Retail Installment and lease share of FordLincoln retail sales (excludes fleet sales)

Avg of Contracts Outstanding (000) 2005 2106 2145 2195 2141 2147 2130

Business UpdateUS Retail Securitization

bull Ford Credit provides support for Ford and Lincoln dealers and customers through all business cycles

bull Ford-sponsored retail marketing programs launched in response to COVID-19 generated strong customer response and led to increased contract volume and financing share

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Weighted Average FICO at Origination

Based on year of origination

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Repossessions as a of the Average Number of Contracts Outstanding

Average Net Loss on Charged-Off Contracts Net Losses as a of the Average Portfolio Outstanding

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

Portfolio Credit MetricsUS Retail Securitization

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

Car Light Truck Utility Other

New Used () Car Light Truck Utility ()

Weighted Average Payment-to-Income ()

Primarily non-Ford Lincoln and Mercury vehicles which Ford Credit does not categorize

Securitization Pool MetricsUS Retail Securitization

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

Subvened-APR Receivables () of Contracts gt 60 Month Original Term ()

Weighted Average Loan-to-Value () Wtd Average FICO for Contracts gt 60 Month Original Term

Securitization Pool Metrics (Contrsquod)US Retail Securitization

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Class A notes (ldquoAAArdquo) 9500

Class B notes (ldquoAArdquo) 300

Class C notes (ldquoArdquo) 200

Reserve Account 075 Excess Spread

Structure OverviewUS Retail Securitization

Initial Overcollateralization

of Initial Adjusted Pool

Balance

bull Seniorsubordinate sequential pay structurebull Credit enhancement in the retail securitization program includes

- Subordination of junior notes- Cash reserve - Excess spread (used to build target overcollateralization)

bull Overcollateralization (OC) builds to a target amount - Available funds pay the Class A1 notes in full (ldquoturbordquo) and target

OC amount is reached before any funds are released to the residual interest

bull Target OC is the sum of- Yield supplemental overcollateralization (YSOC)- 20 of initial adjusted pool balance - Excess of 15 of current pool balance over reserve account

Total Initial Class A Hard Credit

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

Reserve Subordination Initial OvercollateralizationInitial Class A Hard Credit Enhancement

SECRET35

Long History Of Consistent Performance Through Multiple Cycles

Retail Pool Performance Cumulative Net LossesUS Retail Securitization

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

Months Since Settlement

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

US Revolving Extended Variable-Utilization Securitization (FordREV)

OverviewFordREV

bull Since May 2014 Ford Credit has offered 13 Revolving Extended Variable Utilization (FordREV) transactions

- Presently about $129B in outstanding notes- Features a 5-year revolving period (2018-REV1 has a 7-year tenor) and subsequent soft-bullet maturity- 2020-REV2 is the most recent issuance with Class A notes of $14B - Four FordREV transactions have already been redeemed each at its the expected final payment date

bull FordREV notes consist of a AAA-rated senior tranche and two subordinated classes of notes

bull FordREV notes are backed by US retail auto receivables originated by Ford Credit ndash comparable to the receivables in its US publicly-registered retail securitization program

- During the revolving period monthly collections are deposited in an accumulation account and are available to purchase additional receivables

- FordREV notes may be backed by a combination of receivables and cash- Pool concentration limits safeguard the quality of the collateral backing the notes

bull The notes are expected to redeemed in full at the end of the revolving period

- Step-up or make-whole amounts may otherwise be payable

Pool ComparisonFordREV

Weighted averages are weighted by the principal balance of each receivable on the cutoff date Summary characteristics of the receivables in the initial pool

2020-REV2 2020-REV1 2019-REV1 2018-REV2 2018-REV1 2017-REV2 2017-REV1Aggregate Principal Balance $170355585805 $1837350385 $1483752776 $1343549401 $2449902152 $1500999388 $1520999019

Number of Receivables 54553 66019 51344 50063 90622 60184 58484

Average Principal Balance $31228 $27831 $28898 $26837 $27034 $24940 $26007

WA APR 216 300 338 363 320 284 266

WA Original Term (mos) 67 66 65 65 66 65 65

WA Remaining Term (mos) 59 56 58 56 58 55 56

WA Seasoning (mos) 8 10 8 9 8 10 9

Original Term gt 60 mos 6956 5916 5731 5686 6027 5614 5437

Original Term gt 72 mos 796 (356 84 mos) 000 000 000 000 000 000

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

State Concentration (top 3)

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

Key Collateral AttributesFordREV

bull Trends in Ford Creditrsquos originations and amortization of sold receivables gradually affect the key collateral attributes of FordREV transactions

Entire pool as of the cutoff date for the collection period including ineligible receivables if any data reflected through the October 2020 collection period

50556065707580859095

0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60Months Since Settlement

2014-REV1 2014-REV2 2015-REV1 2015-REV2 2016-REV1 2016-REV2 2017-REV12017-REV2 2018-REV1 2018-REV2 2019-REV1 2020-REV1 2020-REV2

Weighted Average FICO at Origination New Vehicle Concentration

Original Term gt 60 Months Light Truck amp Utility Vehicles

75777981838587899193

01020304050607080

Structure OverviewFordREV

150OvercollateralizationReserve Account 100

Excess Spread

Balance

Decreases to 050 during the amortization period

Enhancement1000

bull Credit enhancement largely consistent over the life of the program- 2020-REV2 included 50 bps increase to the reserve account

(25 bps increase during the amortization period)- Starting with 2018-REV2 150 of the 200 reserve account

replaced with overcollateralization for structural efficiency- 2018-REV1 (7-year) included slightly higher Class B

subordinationbull Servicer has the ability to substitute collateral with cash

- Adjusted pool balance may not be less than 50 of the principal amount of the notes without triggering an amortization event

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2 2020-REV1 2019-REV1 2018-REV2 2018-REV1 2017-REV2 2017-REV1

Reserve Overcollateralization Subordination

Class A Hard Credit Enhancement

Pool Composition TestsFordREV

bull Pool composition tests are applied to the entire pool when the trust purchases or sells receivables and mitigate the risk of adverse changes in the receivables composition over time

bull Two levels of pool composition tests impact the amount of credit enhancement

- Failure of any more stringent ldquofloor credit enhancement composition testrdquo results in increased credit enhancement - Failure of any ldquopool composition testrdquo requires the Servicer to identify ineligible receivables so that the remaining

receivables satisfy the tests ndash providing dollar-for-dollar credit enhancement for ineligible receivables

bull Ford Credit aims to securitize its portfolio of receivables consistently across its FordREV and US publicly-registered retail transactions Pool composition tests are subject to occasional modification in the context of new transactions

2020-REV2

Floor Credit Enhancement Composition Tests Pool Composition Tests

Weighted Average FICO score at origination ge 715 ge 700Receivables with original term gt60 mos le 75 le 80Receivables with original term gt72 mos le 10 le 12Receivables for used vehicles le 15 le 20Receivables for used vehicles with original term gt60 mos le 10 le 11Receivables for new vehicles with original term gt60 mos and with no FICO score le 6 le 7Receivables with consumer obligors with no FICO score Not applicable le 2Receivables with commercial obligors with no FICO score Not applicable le 215Receivables for used vehicle with obligors with FICO score lt625 le 25 le 4

Net Losses To Receivables amp Delinquency RatiosFordREV

bull Prior REV transactions have demonstrated consistent loss and delinquency performance

bull Yield Supplemental Discount Rate increases if net losses test is exceeded

bull Amortization triggers based on both net losses and delinquencies

FordREV pool loss threshold 3-month rolling average annualized net losses of the pool as a percentage of pool balance at the end of each month 3-month rolling average aggregate principal balance of receivables that are 61 days or more delinquent of the pool as a percentage of pool balance at the end of each month

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59Months Since Settlement

Amortization Trigger (15)

Delinquency Ratio

Net Losses Test (25)

Net Loss Ratio

Credit Enhancement LevelsFordREV

1000 1000 1000

Excess Spread

Initial Hard CreditEnhancement

Enhancement Scenario 1 2 3Floor CE Composition Tests Met Failed NAPool Composition Tests Met Met NANet Losses Test Met Met FailedYield Supplement Discount Rate Initial Initial + 70 bps Initial + 370 bps

Annual excess spread including yield supplement Initial hard credit enhancement (overcollateralization + subordination + reserve) as a of Adjusted Pool Balance

bull Upon each monthly receivables purchase one of three levels of credit enhancement is established based upon the entire poolrsquos composition and compliance with a ldquonet losses testrdquo

- Achieved by varying the discount rate for yield supplement overcollateralization- Total hard credit enhancement reflective of most recent 5-year REV transaction

Break-Even Analysis Assumptions(1) Loss timing curve of 30 40 20 10 per year(2) 130 ABS(3) 3-month recovery amp charge off delay and 50 loss severity

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

FordREV Initial Pool Historical Losses

Enhancement Scenario 3

Approximate 2020-REV2 Break-Even Losses Compared With Historical Pool Losses

Amortization EventsFordREV

bull During the amortization no amounts are paid to the residual interest

- Available funds are used to pay trust expenses interest principal until paid in full and any make-whole or step-up amounts due

- The trust will not purchase additional receivables

bull Amortization period will begin if any of the following events occur

- On any payment date during the revolving period (a) the trust fails to pay interest due on the notes within five days of the payment date (b) the required amount is not in the reserve account (c) the required amount is not in the negative carry account or (d) the required amount is not in the accumulation account

- Notes are not paid in full on the expected final payment date- Three-month rolling average annualized net losses as a percentage of aggregate principal balance of

receivables exceeds 350- Three-month rolling average percentage of aggregate principal balance of receivables that are 61 days

or more delinquent exceeds 150- Adjusted pool balance is less than 50 of the principal amount of the notes- A servicer termination event occurs and is continuing- An event of default occurs and is continuing in which case notes will be accelerated

bull Note Redemption- Note redemption period begins six months prior to the expected final payment date- Note redemption achieved through sale of trust assets to the depositor another Ford Credit special purpose

entity or a third party if sale proceeds are sufficient to fully repay the notes

bull Step-up Amounts- If notes are not paid in full by the expected final payment date step-up amounts will be payable- Step-up amounts will accrue on each class of notes at a rate equal to the interest rate for the class less 001

bull Make-whole Payments- Make-whole payments will be payable on each principal payment made prior to the note redemption period

due toraquo An amortization event resulting from the failure to fund the negative carry account to the required amount

or the adjusted pool balance declining to less than 50 of note balance orraquo The trustrsquos exercise of its option to redeem the notes after the first anniversary but prior to the note

redemption period - Make-whole payments will be equal to the excess of (a) the present value of (i) the amount of all future

interest payments that would otherwise accrue on the principal payment until the sixth payment date prior to the expected final payment date and (ii) the principal payment discounted from the sixth payment date prior to the expected final payment date to the payment date monthly on a 30360 basis at 025 plus the higher of (1) zero and (2) the current maturity matched US Treasury rate over (b) the principal payment

Note Redemption Step-Up And Make-WholeFordREV

bull Reporting available at httpwwwfordcomfinanceinvestor-centerasset-backed-securitizationbull Monthly Investor Reports

- Summary pool stratifications on the entire pool after giving effect to purchases or sales- Receivables purchasesale date and balance- Collateral composition test results and amortization event compliance- Updated yield supplement overcollateralization schedule- Beginning in 2020 Q4 all monthly reporting includes detail of receivables having received a payment

extension during the collection periodbull Quarterly Supplements

- Summary stratifications for each quarterly vintage of additional receivables sold to the trust- Static pool performance consistent with US publicly-registered retail securitization program (ie

prepayments delinquencies cumulative net losses) for the initial pool and separately for each quarterly vintage of additional receivables sold to the trust

bull Quarterly Statistical Information on the managed portfolio

Collateral Performance ReportingFordREV

US Lease SecuritizationDecember 2020

SECRET49

Ford Credit Auto Lease Two LLC (the ldquodepositorrdquo)

Ford Credit Auto Lease Trusts (the ldquoissuerrdquo)

Free Writing ProspectusUS Lease Securitization

SECRET50

bull Ford Credit has been in the business of leasing vehicles since 1975 and securitizing its lease contracts since 1995

bull Ford Creditrsquos current lease securitization platform was established in 2006 and more than 35 lease securitization transactions have been completed

bull Ford Credit offers lease asset-backed securities through various channels- Publicly-registered transactions- Rule 144A transactions- Other private transactions

bull Structural elements such as priority of payments have remained consistent over time

OverviewUS Lease Securitization

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Number of Leases Originated (000)

Manheim Used Vehicle Value Index

Avg of Leases Outstanding (000) 841 975 1006 1018 1002 1009 949

Business UpdateUS Lease Securitization

Source Manheim Consulting September 2020 (June 1999 = 1126)

bull Ford Credit leasing as a share of retail sales remains below the industry

bull Ford Credit works with Ford and Lincoln to set guidelines around leasing share term model mix and other factors to support brand value and sales

bull Auction values are up 2 YOY we now expect full year 2020 auction values to remain 2 above prior year

Sep-98 Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-16 Sep-18 Sep-20

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Weighted Average FICOreg at OriginationRepossessions as a of the Average

Number of Leases Outstanding

Net Losses as a of the Average Portfolio OutstandingAverage Net Loss(Gain) on Charged-Off Leases

Ford Credit Portfolio Credit MetricsUS Lease Securitization

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

Original Term as of Securitization Value Vehicle Type as of Securitization Value

Maximum 3-Month Residual Concentration

Securitization Pool MetricsUS Lease Securitization

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

For transactions prior to 2017-B reflects classification of 2011 and newer model year Explorers and 2013 and newer model year Escapes as CUVs rather than SUVs

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

Model ConcentrationsTop 1 20Top 3 52Top 5 67

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

Pool Metrics ndash Model DiversificationUS Lease Securitization

SECRET55

Cumulative Return Rate

0102030405060708090

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33Months Since Settlement

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Cumulative Residual Loss(Gain)

61+ Day DelinquenciesCumulative Net Credit Losses

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

As a percentage of initial base residual value includes losses(gains) on retained and returned vehicles

Total credit loss as a percent of initial total securitization value

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31Months Since Settlement

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

61+ day delinquencies as a percent of securitization value

Securitization Pool PerformanceUS Lease Securitization

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Structure OverviewUS Lease Securitization

bull Seniorsubordinate sequential pay structurebull Credit enhancement in the lease securitization program includes

minus Subordination of junior notesminus Overcollateralization minus Cash reserveminus Excess spread (used to build target overcollateralization)

bull Target OC is 1525 of Initial Total Securitization ValueClass A notes (ldquoAAArdquo) 7780

Overcollateralization 1275

Reserve Account 100

Excess Spread

of Initial Total Securitization

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

Reserve Initial Overcollateralization SubordinationInitial Class A Hard Credit Enhancement

SECRET57

Residual Maturity Vs Enhancement BuildUS Lease Securitization

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48Hard AAA CE Car CUV SUV Truck

Class A-2Paid Down

Class A-1Paid Down

Hard C

redit Enhancement as a

Securitization Value

Class A-4Paid Down

Class A-3Paid Down

Residual Maturity by Vehicle Type Vs Hard Credit Enhancement for Class A Notes

Hard credit enhancement consists of overcollateralization subordination and the reserve account assumes zero loss zero prepays FCALT 2020-B is shown here

Sample CalculationLease

BalanceSecuritization

Payments Remaining 24 24Base Monthly Payment 200$ 200$Residual Value 16000$ 13000$Discount Rate 2 5

Present Value 20049$ 16275$

$20049

$16275

Lease Balance Securitization Value

Difference of $3774

Significance Of Securitization ValueUS Lease Securitization

bull For securitization transactions securitization value is calculated for the underlying lease assets

bull Securitization value is calculated using the lower of the contract residual value and the residual value set by Automotive Lease Guide (ALG)

bull Securitization value cash flows are discounted using the higher of the contract lease factor and a minimum discount rate designed to create excess spread

SECRET59

Break-Even for FCALT 2020-B Compared to Historical Pool Performance

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Assumes cumulative net credit losses stress of 5 break-evens are specific to FCALT 2020-B

A-2 Break-Even = 8973

Memo Worst 12-Month Portfolio Experience Since Inception of Lease ABS program = 183

(CY 2008)

Memo Worst Recent 12-Month Portfolio Experience = 82(CY 2008)

Break-Even = 100 Return Rate Assumed

Months Since Settlement Months Since Settlement

Break-Even AnalysisUS Lease Securitization

B Break-Even = 3267C Break-Even = 2663

SECRET60

bull Residual values for new originations are set quarterly for each vehicle line at various lease terms and mileage allowances

bull Ford Credit uses proprietary models and leverages its relationship with Ford to establish residual values based on a number of predictive factors including MSRP wholesale price planned production volume incentives rental and fleet sales consumer acceptance life cycle recentseasonal auction trends and economic factors

bull Ford Credit works with Fordrsquos Vehicle Remarketing Department to efficiently dispose of vehicles returned to dealers at lease end to maximize the net sale proceeds and minimize remarketing expenses (eg auction reconditioning and transportation costs)

bull Vehicles returned at lease end are sold through Accelerate an online upstream remarketing application and Ford-sponsored physical auctions

bull Prior to transporting a vehicle to physical auction vehicles are offered for sale to participating dealerships through Accelerate- Ford Credit employs proprietary models to establish a market price for vehicles based on recent auction

experience and adjusts for miles condition any excess wear and use and option packages- Ford incentivizes US Lincoln dealers to purchase returned lease vehicles through Accelerate certify

those vehicles and sell them to customers under a certified pre-owned programbull The percentage of eligible vehicles purchased through Accelerate September YTD 2020 is 31

Residual Value Models and Vehicle RemarketingUS Lease Securitization

US Floorplan SecuritizationDecember 2020

SECRET62

Registration Statement Nos 333-227766 333-227766-01 and 333-227766-02

Ford Credit Floorplan Corporation and Ford Credit Floorplan LLC (the depositors)

Ford Credit Floorplan Master Owner Trust A (the issuer)

This document constitutes a free writing prospectus for purposes of the Securities Act of 1933 The depositors have filed a registration statement (including a prospectus) with the SEC for any offering to which this communication relates Before you invest you should read the prospectus in that registration statement and other documents the depositors have filed with the SEC for more complete information about the depositors the issuer and such offering You may get these documents for free by visiting EDGAR on the SEC Website at wwwsecgov Alternatively you may request that a copy of the prospectus be sent to you by calling toll-free 1-800-831-9146

Free Writing ProspectusUS Floorplan Securitization

SECRET63

bull Ford Credit has been financing dealer vehicle inventory since 1959 and securitizing floorplan receivables since 1991

bull Fordrsquos goal is to maintain a profitable network of Ford and Lincoln dealerships that deliver an innovative and engaging sales and service experience for customers Year-to-date November 2020 Ford and Lincoln had approximately 3170 dealers

bull Over the past five years Ford Credit financed 74 to 76 of US Ford and Lincoln dealer new vehicle inventory

bull Floorplan receivables are secured primarily by the financed vehicles and payment is required when the vehicle is sold

bull Ford Creditrsquos floorplan portfolio has historically experienced very low losses primarily driven by strong risk management practices and servicing

- Continuous dealer monitoring of financial health payment performance vehicle collateral status and risk-based on-site inventory audits

- Use of proprietary risk rating assessment and behavioral scoring models

- Intensifying risk management actions as dealer risk increases

- Leveraging access to dealer information through Ford relationship

Portfolio OverviewUS Floorplan Securitization

Confidential

SECRET64

bull Ford Creditrsquos current floorplan securitization trust was established in 2001 as a master trust (similar to a revolving credit card securitization trust) and has issued more than 55 series

bull Ford Credit offers floorplan asset-backed securities through various channels

- Publicly-registered transactions

- Rule 144A transactions

- Other private transactions

Trust OverviewUS Floorplan Securitization

SECRET65

0102030405060708090

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 3Q20 YTD

Group IV(Poor)Group III

Group II

Group I(Strong)

Floorplan Portfolio Net Losses(Recoveries) as a Percent of Average Principal Balance

Trust Pool Net Losses(Recoveries) as a Percent of Average Principal Balance

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

No Trust losses realized since inception because depositors elected to accept reassignment of receivables from ldquostatusrdquo accounts

Trust Pool 3-Month Average MonthlyPrincipal Payment Rate Trust Pool Dealer Risk Ratings

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Highest Net Loss Percentage on Floorplan Portfolio sinceJanuary 2004 was 0353 in 2009

Performance OverviewUS Floorplan Securitization

Confidential

The three-month average monthly principal payment rate for a month equals the average of the monthly payment rate for that month and the prior two months

Estimated daysrsquo supply derived from payment rate

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Payment rate triggers

120143

Memo Days SupplyLowest 3-Month Average Payment Rate

was 299 in February 2005

SECRET66

Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20

Trust Balance (excluding EFA)

Required Pool Balance

Cash funding required as a result of low Trust balance

Excess funding account (EFA) has been funded periodically when the Trust balance declines below the required pool balance (for example as a result of plant shutdowns or manufacturer vehicle marketing incentive programs) The most recent funding of the EFA occurred in November 2020 (not shown)

Historical Trust Balance vs Required Pool Balance ($B)US Floorplan Securitization

Class B Notes (AA)Class C Notes (ldquoNot Rated)

Class D Notes (ldquoNot Rated)

Available Subordinated Amount

Credit enhancement in the floorplan securitization program includes

bull Subordination of junior notesbull Available subordinated amountbull Cash reserve (050 of notes)bull Excess spread

Structure also provides for 11 incremental subordination to cover any ineligible receivables and receivables in excess of the specified concentration limits

As of September 30 2020

Concentration Limit

- Ineligible receivables NA 248$ - Dealer concentration (5 for AutoNation) 2 00- Used vehicle concentration 20 00- Fleet concentration 4 00- MediumHeavy truck concentration 2 00- Manufacturer concentration 10 00

(2 for lower-rated manufacturers)Total 248$

Incremental Subordination

Structure OverviewUS Floorplan Securitization

Total Class A Hard Credit

Enhancement2444

of Pool Balance

Allocated to Series

Class D notes (ldquoBBBrdquo) 300

Available Subordinated Amount 1250

Reserve Account 044

Excess Spread

SECRET68

bull Enhancement Step-Up Trigger

- If average monthly principal payment rate for the three preceding collection periods is less than 25 subordination or reserve fund increases by four percentage points

bull Amortization Triggers

- Average monthly principal payment rate for the three preceding collection periods is less than 21

- Cash balance in the excess funding account exceeds 30 of the adjusted invested amount of all series for three consecutive months

- Available subordinated amount is less than the required subordinated amount

- Bankruptcy insolvency or similar events relating to the depositor the issuer Ford Credit or Ford Motor Company

Key Series Triggers US Floorplan Securitization

SECRET69

Total Funding$111

Existing Subordination

Unfunded Assets

Trust Balance ($B)bull Private Variable Funding Notes (VFN) are used to manage

seasonal fluctuations of Trust balance and provide an additional source of liquidity

bull Total VFN capacity of $34 billion

bull Total Trust balance of $149 billion

Private Variable Funding Notes 144A Term Series Public Term Series

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

Amount Outstanding ($B) $00 $11 $100

Senior Hard Enhancement (AAA Notes) 2575 2427 2435 - 2535

Maturity Ranges November 2020 - May 2022 June 2022 - March 2023 May 2021 - November 2028

Outstanding SeriesUS Floorplan Securitization

US Floorplan Risk Management

SECRET71

bull A dealership seeking to finance its vehicle inventory with Ford Credit must submit a request for financing along with its financial and other information

bull Ford Credit performs a thorough review of the dealer or dealer group including- Business legal and operations structure including number of manufacturer franchises- Credit information- Financial statements or tax returns- Types of vehicles in the dealerrsquos inventory and specialty services provided by the dealer for certain

vehicles or customers such as fleetbull Ford Credit evaluates the dealerrsquos financial resources and the amount and types of financing requestedbull The financing extended to a dealer is tailored to suit the business and operational needs of the dealer and

depends on the financial strength and nature of the dealerrsquos businessbull The financed vehicles are the primary collateral for dealer floorplan loans however for many dealers Ford

Credit also obtains personal guarantees and secondary collateral in the form of additional dealer assets including dealer-adjusted net worth and real estate equity

bull Due to the ongoing nature of floorplan financing arrangements Ford Credit periodically performs a credit review of each dealer at least annually following the similar process utilized to evaluate new dealer account originations

Underwriting and Credit Review ProcessUS Floorplan Risk Management

Confidential

SECRET72

bull Ford Credit evaluates new dealer account originations (using a proprietary scoring model) performs ongoing credit reviews of dealers and assigns risk ratings

bull For purposes of securitization-related disclosure dealer risk ratings are categorized into groupsGroup Description

I Strong to superior financial metricsII Fair to favorable financial metrics

III Marginal to weak financial metricsIV Poor financial metrics may be uncollectible

Other Includes dealers that have no dealer risk rating because Ford Credit only provides in-transit financing or because Ford Credit is in the process of terminating the financing for such dealer

bull Large sample size and significant historical experience have been analyzed to identify key indicators that predict a dealerrsquos ability to meet financial obligations including capitalization and leverage liquidity and cash flow profitability credit history and payment performance

bull Ford Credit updated its dealer risk rating model in August 2019 the model is validated regularly to ensure the integrity and performance and is updated if necessary

Dealer Risk Rating AssessmentUS Floorplan Risk Management

Confidential

Monitor

Dealers

Watch Report

MAR Directed Action Plans

No Further Action

Monthly Accounts Rating (MAR)

ICUStatus

Liquidation

Dealer Monitoring StrategyUS Floorplan Risk Management

Monitorbull Payoffsbull Aged Inventorybull Over-line Reportbull Financial Statementsbull Double Flooring

Monthly Accounts Ratingbull Assess dealer risk and determine

action plans

Watch Report ndash Medium to High Riskbull Formal review of action plans and

results presented to senior management (plans may include more frequent physical audits)

Intensive Care Unit (ICU) ndash High Riskbull More experienced risk teambull Increased intensity surrounding

action plans and timelines

Statusbull On-site controlbull Focus on asset protection

Liquidationbull Focus on loss mitigation

Confidential

SECRET74

Inventory Auditsbull A dealerrsquos risk rating determines the frequency of on-site vehicle inventory auditsbull Ford Credit engages a vendor to perform on-site vehicle inventory audits and dealers generally do not

receive advance notice of an auditbull Audits are generally reconciled same day and immediate payment is required for any sold vehicle

Dealer Monitoring

bull Ford Credit has business center employees dedicated to dealer monitoring including dealer fraud utilizing a robust suite of monitoring tools and models If issues are discovered Ford Credit may- Increase audit frequency or schedule an immediate on-site audit- Require curtailments or monthly principal payments on aged inventory- Suspend credit lines- Verify cash balancesperform an in-depth validation of the accuracy and completeness of the

dealership financial statements- Meet with the ownersguarantors- Increase the dealerrsquos risk rating to trigger more extensive monitoring

Dealer Status Procedures

bull A status is declared when a dealer does not satisfy a sold-out-of-trust condition discovered during an audit fails to pay principal or interest payments files bankruptcy or other circumstances arise that warrant immediate action

bull Once a status is declared Ford Credit may suspend credit lines maintain personnel on site collect titles and keys secure dealer inventory issue payment demand letters obtain liens on property of guarantors increase the dealerrsquos floorplan interest rate and initiate legal action

bull If a status situation can not be resolved Ford Credit will liquidate vehicles and secondary collateral to obtain the greatest value and continue collection efforts against personalcorporate guarantors

US Floorplan Audits Monitoring amp Status ProcessesUS Floorplan Risk Management

Confidential

Captive Finance Company BenefitsUS Floorplan Risk Management

bull Integrated systems enable real time controls

bull Captive finance company benefits include- Access to monthly dealer

financial statements that allow monitoring of dealer financial strength

- Dealer monitoring by both Ford and Ford Credit

- Joint Ford and Ford Credit discussions with dealers on various aspects of the business

- Comparative dealership benchmarking between dealerships of like size or in similar markets

Dealer Floorplan Receivables

System

North American Vehicle Information

System

Ford CreditFord

Dealer

Information on sold vehicles reported to Ford Credit and matched to floorplan receivables

Dealer pays off floorplan receivables

Dealer reports vehicle sale to obtain- Warranty registration- Manufacturer incentives

Confidential

Appendix

77Severity (000) $92 $106 $108 $104 $107 Excluding bankruptcies

US Origination Metrics and Credit Loss Drivers

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

60+ Day Delinquencies 014 017 017 013 013

Retail = 84 months Placement Mix () LTR Ratio ()

bull Delinquencies and repossessions remained low

bull Extended-term contracts relatively small part of our business

bull Strong loss metrics reflect healthy consumer credit conditions

Appendix ndash US Retail

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

(36-month at 2019 Mix)

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

bull Lease share below industry reflecting Ford sales mix

Appendix ndash US Lease

SECRET79

Ford CreditPortfolio

US Floorplan Portfolio PerformanceAppendix ndash Floorplan

Average principal balance is the average of the principal balances of the receivables at the beginning of each month in the period indicated Net losses in any period are gross losses including actual losses and estimated losses less any recoveries including actual recoveries and reductions in the amount of

estimated losses in each case for the period This loss experience takes into account financial assistance provided by Ford to dealers in limited instances If Ford does not this assistance in the future the loss experience of Ford Creditrsquos dealer floorplan portfolio may be adversely affected This loss experience also reflects recoveries from dealer assets other than the financed vehicles However because the interest of the trust in any other dealer assets will be subordinated to Ford Creditrsquos interest in those assets the net losses experienced by the trust may be higher

For non-annual periods the percentages are annualized Liquidations represent payments and net losses that reduce the principal balance of the receivables for the period indicated

Nine Months EndedYear ended December 31

September 30

2020 2019 2019 2018 2017 2016 2015

Average principal balance $20090 $24479 $24400 $23250 $22519 $22312 $19261

Net losses (recoveries) ($13) $84 $97 $469 ($09) $09 ($07)

Net losses (recoveries)average principal balance (0008) 0046 0040 0202 (0004) 0004 (0004)

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Net losses (recoveries)liquidations (0002) 0010 0008 0040 (0001) 0001 (0001)

Confidential

SECRET80

Advance Ratesbull New vehicles ndash 100 of invoice amount including taxes destination charges and dealer holdbackbull Auction vehicles ndash auction price plus auction fee transportation and taxesbull Used vehicles ndash up to 100 of wholesale value (as determined by selected trade publications)

Payment Terms bull Principal due generally upon sale of related vehiclebull Interest and other administrative charges are billed and payable monthly in arrears

Curtailment Terms

bull Ford Credit may require higher risk dealers to make monthly principal payments or ldquocurtailmentsrdquo on aged floorplan collateral

bull The amount of monthly curtailment payments is generally 10 of the amount financed on a vehicle starting after a specified period of time after the vehicle is financed over a year for new and demonstrator vehicles and less than a year for program and used vehicles

bull Application of the curtailment policy to a particular dealer may be modified or waived by the appropriate approval authority

Insurance

bull Comprehensive insurance coverage for the financed vehicles is mandatory and generally is included with the financing

bull Over half of the dealers purchase collision coverage through Ford Credit from The American Road Insurance Company and the remainder purchase it from other insurance companies

bull In-transit vehicles are covered by comprehensive insurance arranged by Ford

US Floorplan Product FeaturesAppendix ndash Floorplan

Confidential

SECRET81

Floorplan Interest Rate

bull Current spreads generally range from 1 to 2 for both new and used vehiclesbull In June 2020 Ford Credit instituted a prime floor rate of 400bull Floorplan rates are not risk based

In-transit Vehicle Adjustment Fee

bull Prime rate plus a spread (which may be negative) agreed upon by Ford and Ford Creditbull The spread has ranged from approximately -070 to 260 per annum over the past five years

New Vehicle Lines

bull Based on a 60-day vehicle supplybull Not a strict credit limit and Ford Credit typically permits dealers to exceed their new vehicle

credit lines for business reasons including seasonal variations in sales patternsbull Ford Credit generally sets vehicle credit lines below anticipated peak inventory levels

Used Vehicle Lines

bull Based on a 30- to 45-day vehicle supply depending on dealer risk ratingbull Strict credit limit Ford Credit generally does not allow dealers to exceed their used vehicle credit

lines without specific approval In-transit floorplan receivable is created at vehicle shipment to dealer

New floorplan receivable is created on the date the vehicle is delivered to the dealer

US Floorplan Product Features (Cont)Appendix ndash Floorplan

Confidential

Ford Motor Company

The servicer may terminate the back-up servicer without being required to appoint a successor back-up servicer if the long-term debt ratings of Ford Credit are at least BBB- from Standard amp Poorrsquos and Baa3 from Moodys

Ford Credit Floorplan Corp(Depositor)

Ford Credit Floorplan LLC(Depositor)

Ford Credit Floorplan Master Owner Trust A

(Issuer)

Clayton Fixed Income Services LLC

(Asset Representations Reviewer)

Ford Motor Credit Company LLC

(Sponsor Servicer and Administrator)

OutstandingSeries

US Bank(Owner Trustee)

The Bank of New York Mellon

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

US Floorplan Trust Legal StructureAppendix ndash Floorplan

83Note Q1 and Q2 2020 results adversely impacted by COVID-related suspended production

Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3

North America 2205$ 1696$ 2012$ 700$ 6612$ 346$ (974)$ 3178$ South America (158) (205) (165) (176) (704) (113) (165) (108) Europe (excl Russia) 85 110 (144) 72 123 (143) (664) (440) China (128) (155) (281) (207) (771) (241) (136) (58) International Markets Group 5 (72) (93) (174) (334) (26) (150) 72

Automotive 2009$ 1373$ 1329$ 215$ 4926$ (177)$ (2089)$ 2644$ Mobility (288) (264) (290) (344) (1186) (334) (332) (281) Ford Credit 801 831 736 630 2998 30 543 1123 Corporate Other (75) (286) 18 (16) (359) (151) (68) 158

Adjusted EBIT 2447$ 1654$ 1793$ 485$ 6379$ (632)$ (1946)$ 3644$ Interest on Debt (245) (244) (276) (255) (1020) (227) (450) (498) Special Items (excl tax) (592) (1205) (1536) (2666) (5999) (287) 3480 (390) Taxes (427) (55) 442 764 724 (847) 34 (366) Less Non-Controlling Interests 37 2 (2) - 37 - 1 5

Net Income Attributable to Ford 1146$ 148$ 425$ (1672)$ 47$ (1993)$ 1117$ 2385$

Company Adjusted Free Cash Flow ($B) 19$ 02$ 02$ 05$ 28$ (22)$ (53)$ 63$ Revenue ($B) 403 389 370 397 1559 343 194 375

Company Adjusted EBIT Margin () 61 43 48 12 41 (18) (100) 97 Net Income Margin () 28 04 11 (42) 00 (58) 58 64 Adjusted ROIC (Trailing Four Quarters) 80 85 90 78 78 25 (31) (04)

Adjusted EPS 044$ 028$ 034$ 012$ 119$ (023)$ (035)$ 065$ EPS (GAAP) 029 004 011 (042) 001 (050) 028 060

Contains Asia Pacific Ops Middle East amp Africa and Russia

Results ($M)Appendix ndash Company

Memo2019 2020 2019 2020 FY 2019

Net income (Loss) attributable to Ford (GAAP) 425$ 2385$ 1719$ 1509$ 47$ Income (Loss) attributable to non-controlling interests (2) 5 37 6 37

Net income (Loss) 423$ 2390$ 1756$ 1515$ 84$ Less (Provision for) Benefit from income taxes 442 (366) (40) (1179) 724

Income (Loss) before income taxes (19)$ 2756$ 1796$ 2694$ (640)$ Less Special items pre-tax (1536) (390) (3333) 2803 (5999)

Income (Loss) before special items pre-tax 1517$ 3146$ 5129$ (109)$ 5359$ Less Interest on debt (276) (498) (765) (1175) (1020)

Adjusted EBIT (Non-GAAP) 1793$ 3644$ 5894$ 1066$ 6379$

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Net income margin (GAAP) () 11 64 15 17 00

Adjusted EBIT margin () 48 97 51 12 41

Q3 Year To Date

Net Income Reconciliation To Adjusted EBIT ($M)Appendix ndash Company

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Net cash provided by (Used in) operating activities (GAAP) 3544$ 6463$ 4732$ 2900$ (473)$ 9115$ 11088$ 14739$ 19730$

Less Items Not Included in Company Adjusted Free Cash Flows

Ford Credit operating cash flows 1118 5267 4523 623 133 13413 4161 10908 17707

Funded pension contributions (294) (106) (211) (119) (175) (107) (147) (611) (429)

Global Redesign (including separations) (136) (222) (334) (219) (172) (99) (105) (692) (376)

Ford Credit tax payments (refunds) under tax sharing agreement 98 - - 293 475 569 300 98 1344

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Add Items Included in Company Adjusted Free Cash Flows

Automotive and Mobility capital spending (1620) (1911) (1787) (2262) (1770) (1165) (1247) (5318) (4182)

Ford Credit distributions 675 650 1100 475 275 275 575 2425 1125

Settlement of derivatives (26) 86 16 31 (28) 64 (336) 76 (300)

Company adjusted free cash flow (Non-GAAP) 1907$ 174$ 207$ 498$ (2242)$ (5309)$ 6302$ 2288$ (1249)$

Year To Date

Net Cash Provided By (Used In) Operating Activities Reconciliation To Company Adjusted FCF ($M)

Appendix ndash Company

2019 2020 2019 2020Diluted After-Tax Results ($M)Diluted after-tax results (GAAP) 425$ 2385$ 1719$ 1509$ Less Impact of pre-tax and tax special items (931) (231) (2505) 1220 Less Non-controlling interests impact of Russia restructuring - - (35) -

Adjusted net income ndash diluted (Non-GAAP) 1356$ 2616$ 4259$ 289$

Basic and Diluted Shares (M)Basic shares (average shares outstanding) 3970 3976 3976 3971 Net dilutive options unvested restricted stock units and restricted stock 37 29 30 26

Diluted shares 4007 4005 4006 3997

Earnings per share ndash diluted (GAAP) 011$ 060$ 043$ 038$ Less Net impact of adjustments (023) (005) (063) 031

Adjusted earnings per share ndash diluted (Non-GAAP) 034$ 065$ 106$ 007$

Q3 Year To Date

Earnings Per Share Reconciliation To Adjusted Earnings Per ShareAppendix ndash Company

MemoQ3 Year To Date FY 2019

Pre-Tax Results ($M)Income (Loss) before income taxes (GAAP) 2756$ 2694$ (640)$ Less Impact of special items (390) 2803 (5999)

Adjusted earnings before taxes (Non-GAAP) 3146$ (109)$ 5359$

Taxes ($M)(Provision for) Benefit from income taxes (GAAP) (366)$ (1179)$ 724$ Less Impact of special items 159 (1583) 1323

Adjusted (provision for) benefit from income taxes (Non-GAAP) (525)$ 404$ (599)$

Tax Rate ()Effective tax rate (GAAP) 133 438 1131 Adjusted effective tax rate (Non-GAAP) 167 3706 112

Includes $(1028)M year to date for the establishment of a valuation allowance on US tax credits

Effective Tax Rate Reconciliation To Adjusted Effective Tax RateAppendix ndash Company

2019 2019 2020Sep 30 Dec 31 Sep 30

Finance receivables net (GAAP) 1128$ 1143$ 1049$ Net investment in operating leases (GAAP) 275 277 266

Total net receivables 1403$ 1420$ 1315$

Held-for-sale receivables (GAAP) -$ 15$ 00$ Unearned interest supplements and residual support 68 67 67 Allowance for credit losses 05 05 13 Other primarily accumulated supplemental depreciation 11 10 11

Total managed receivables (Non-GAAP) 1487$ 1517$ 1406$

See Appendix for definitions numbers may not sum due to rounding

Total Net Receivables Reconciliation To Managed Receivables ($B)Appendix ndash Ford Credit

Includes finance receivables (retail 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 Credits 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 Credits other creditorsPrimarily includes Automotive segment receivables purchased by Ford Credit which are classified to Trade and other receivables on our consolidated Balance Sheet Also includes eliminations of intersegment transactions

Non-GAAP Financial Measures That Supplement GAAP MeasuresAppendix ndash Company

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 business results and trends and a means to assess 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

bull Company Adjusted EBIT (Most Comparable GAAP Measure Net income attributable to Ford) ndash 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 allows users to evaluate our operating results aligned with industry reporting Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses (ii) 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 (iii) 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 prior to year-end including pension and OPEB remeasurement gains and losses

bull Company Adjusted EBIT Margin (Most Comparable GAAP Measure Company Net Income Margin) ndash 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

bull Adjusted Earnings Per Share (Most Comparable GAAP Measure Earnings Per Share) ndash Measure of Companyrsquos diluted net earnings 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 the underlying run rate of our business When we provide guidance for adjusted earnings per share we do not provide guidance on an earnings 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

bull Adjusted Effective Tax Rate (Most Comparable GAAP Measure Effective Tax Rate) ndash Measure of Companyrsquos 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

bull Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure Net Cash Provided By (Used In) Operating Activities) ndash Measure of Companyrsquos operating cash flow excluding Ford Creditrsquos operating cash flows The measure contains elements management considers operating activities including Automotive and Mobility 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 managementrsquos assessment of the Companyrsquos 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 Companys exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges) Ford Credits 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

bull Adjusted ROIC ndash Calculated as the sum of adjusted net operating profit 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 Companyrsquos after-cash tax operating return on its invested capital for the period presented Adjusted net operating profit 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

bull Ford Credit Managed Receivables ndash (Most Comparable GAAP Measure Net Finance Receivables plus Net Investment in Operating Leases) ndash Measure of Ford Creditrsquos total net receivables and held-for-sale receivables excluding unearned interest supplements and residual support allowance for credit losses and other (primarily accumulated supplemental depreciation) The measure is useful to management and investors as it closely approximates the customerrsquos outstanding balance on the receivables which is the basis for earning revenue

bull Ford Credit Managed Leverage (Most Comparable GAAP Measure Financial Statement Leverage) ndash Ford Creditrsquos debt-to-equity ratio adjusted (i) to exclude cash cash equivalents and marketable securities (other than amounts related to insurance activities) and (ii) for derivative accounting The measure is useful to investors because it reflects the way Ford Credit manages its business Cash cash equivalents and marketable securities are deducted because they generally correspond to excess debt beyond the amount required to support operations and on-balance sheet securitization transactions Derivative accounting adjustments are made to asset debt and equity positions to reflect the impact of interest rate instruments used with Ford Creditrsquos term-debt issuances and securitization transactions Ford Credit generally repays its debt obligations as they mature so the interim effects of changes in market interest rates are excluded in the calculation of managed leverage

Definitions And CalculationsAppendix ndash Company

Automotive Recordsbull References to Automotive records for EBIT margin and business units are since at least 2009Wholesale Units and Revenuebull Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships 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 (ldquoJMCrdquo) that are sold to dealerships Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (ie rental repurchase) as well as other sales of finished vehicles for which the recognition of revenue is deferred (eg 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 Sharebull Industry volume and market share are based in part on estimated vehicle registrations includes medium and heavy duty trucks SAARbull SAAR means seasonally adjusted annual rateCompany Cashbull Company cash includes cash cash equivalents marketable securities and restricted cash excludes Ford Creditrsquos cash cash equivalents marketable securities and

restricted cashMarket Factorsbull Volume and Mix ndash 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

bull Net Pricing ndash 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

bull Market Factors exclude the impact of unconsolidated affiliate wholesale unitsEarnings Before Taxes (EBT)bull Reflects Income before income taxesPension Funded Statusbull Current period balances reflect net underfunded status at December 31 2019 updated for service and interest cost expected return on assets curtailment and settlement

gains and associated interim remeasurement (where applicable) separation expense actual benefit payments and cash contributions For plans without interim remeasurement the discount rate and rate of expected return assumptions are unchanged from year-end 2019

Ford Credit Definitions And Calculations

Appendix ndash Ford Credit

Adjustments (as shown on the Liquidity Sources chart)

bull Includes asset-backed capacity in excess of eligible receivables cash related to the Ford Credit Revolving Extended Variable-utilization program (ldquoFordREVrdquo) which can be accessed through future sales of receivables

Assets (as shown on the Cumulative Maturities chart)

bull 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 on the Funding Structure Liquidity Sources and Leverage charts)

bull Cash and cash equivalents and Marketable securities reported on Ford Creditrsquos balance sheet excluding amounts related to insurance activities

Debt (as shown on the Cumulative Maturities chart)

bull All wholesale securitization transactions are shown maturing in the next 12 months even if the maturities extend beyond third quarter 2021 Also the chart reflects adjustments to debt maturities to match the asset-backed debt maturities with the underlying asset maturities

Debt (as shown on the Leverage chart)

bull Debt on Ford Creditrsquos 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 (ldquoABSrdquo) Facilities (as shown on the Liquidity Sources chart)

bull Committed ABS facilities are subject to availability of sufficient assets ability to obtain derivatives to manage interest rate risk and exclude FCE Bank plc (ldquoFCErdquo) access to the Bank of Englandrsquos Discount Window Facility

Earnings Before Taxes (EBT)

bull Reflects Income before income taxes as reported on Ford Creditrsquos income statement

Securitization cash (as shown on the Liquidity Sources chart)

bull Securitization cash is cash held for the benefit of the securitization investors (for example a reserve fund)

Securitizations (as shown on the Public Term Funding Plan chart)

bull Public securitization transactions Rule 144A offerings sponsored by Ford Credit and widely distributed offerings by Ford Credit Canada

Term Asset-Backed Securities (as shown on the Funding Structure chart)

bull 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 on the Total Net Receivables Reconciliation To Managed Receivables chart)

bull 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 Creditrsquos 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 Creditrsquos other creditors

Unallocated other (as shown on the EBT By Segment chart)

bull 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

Product Notes

F-150 XLT (shown on Slide 6)

Max towing on F-150 SuperCab 8rsquo box and SuperCrew 4x2 with available 35L EcoBoost Max Trailer Tow Pkg Max towing varies based on cargo vehicle configuration accessories and number of passengers Towing and payload are independent attributes and may not be achieved simultaneously

Max payload on F-150 Regular Cab 8 box 4x2 with available 50L V8 engine and Max Trailer Tow and Heavy-Duty Payload Pkgs Max payload varies and is based on accessories and vehicle configuration See label on door jamb for carrying capacity of a specific vehicle Class is Full-Size Pickups under 8500 lbs GVWR

Over-the-Air-Updates require FordPass Connect the Ford Pass App complimentary Connected Service and a Wi-Fi- connection See FordPass Terms for details httpsownerfordcomfordpassfordpass-terms-and-conditionshtml At purchase the FordPass ConnectTM modem is connected and sending vehicle data (eg diagnostics) to Ford To disable or for more information see in-vehicle connectivity settings Learn more at httpswwwfordconnectedcom FordPass App compatible with select smartphone platforms is available via a download Message and data rates may apply

Targeted EPA-estimated range applies to an available trim Actual range will vary Final EPA-estimated ratings available later in the 2020 calendar year

Mustang Mach-E Premium (pre-production computer-generated image shown on Slide 7)

Targeted EPA-estimated range applies to an available trim Actual range varies with conditions such external elements driving behaviors vehicle maintenance lithium-ion battery age and sate of health Final EPA-estimated ratings available later in the 2020 calendar year

Driver-assist features are supplemental and do not replace the driverrsquos attention judgment and need to control the vehicle Active Drive Assist is a hands-free highway driving feature Only remove hands from the steering wheel when in a Hands-Free Zone Always watch the road and be prepared to resume control of the vehicle It does not replace safe driving See Owners Manual for detail and limitations The Active Drive Assist Prep Kit contains the hardware required for this feature Software for the feature will be available for purchase at a later date Active Drive Assist functionality expected Q3 2021 Separate payment for feature software required to activate full functionality at that time

Targeted EPA-estimated range of 300 miles with an extended range battery and RWD Mustang Mach-E Premium with standard range battery and RWD shown with targeted EPA-estimated range of 230 mile on full charge Actual range varies with conditions such as external elements driving behaviors vehicle maintenance lithium-ion battery age and state of health

Bronco Sport Badlands (pre-production computer-generated image shown on Slide 7)

Horsepower and torque are independent attributes and may not be achieved simultaneously Class is Non-Premium Subcompact Utility Horsepower and torque ratings based on premium fuel per SAE J1349reg standard Your results may vary

With available 23565R17 tires Class is Non-Premium Subcompact Utility

Bronco Badlands (pre-production computer-generated image shown on Slide 7)

Class is Medium Traditional Utility

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Third Quarter Financial Results

Slide Number 7

Q3 2020 Results ($B)

Q3 2020 Adjusted EBIT ($B)

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Q3 2020 Net Receivables Mix ($B)

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Non-GAAP Financial Measures That Supplement GAAP Measures

Definitions And Calculations

Product Notes

CONTACT INFORMATION

Ryan HershbergerGlobal Funding(313) 248-1144

rhershbefordcom

Kelly DaltonFloorplan ABS(313) 206-8416

kdalton9fordcom

Brian MerxRetail ABS

(313) 390-7710 bmerxfordcom

Alex BissonLease ABS

(313) 390-6004abisson4fordcom

Karen RocoffInvestor Relations

(313) 621-0965krocofffordcom

wwwshareholderfordcomhttpswwwfordcomfinanceinvestor-center

Agenda

Corporate Overview 3

Ford Credit 14

US RetailLease Origination and Servicing Strategy 23

US Retail Securitization 27

US FordREV Securitization 36

US Lease Securitization 48

US Floorplan Securitization 61

US Floorplan Risk Management 70

Appendix 76

Corporate Overview

balance sheet

$065ADJ EPS

Year To Date$007

DOWN $099

All-New Ford F-150

AvailableQ4 2020

Mustang Mach-E

BroncoSport

Production Start

Oct 12

LaunchCheckpoints

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

Corporate Overview

balance sheet

$065ADJ EPS

Year To Date$007

DOWN $099

All-New Ford F-150

AvailableQ4 2020

Mustang Mach-E

BroncoSport

Production Start

Oct 12

LaunchCheckpoints

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

balance sheet

$065ADJ EPS

Year To Date$007

DOWN $099

All-New Ford F-150

AvailableQ4 2020

Mustang Mach-E

BroncoSport

Production Start

Oct 12

LaunchCheckpoints

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

balance sheet

$065ADJ EPS

Year To Date$007

DOWN $099

All-New Ford F-150

AvailableQ4 2020

Mustang Mach-E

BroncoSport

Production Start

Oct 12

LaunchCheckpoints

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

$065ADJ EPS

Year To Date$007

DOWN $099

All-New Ford F-150

AvailableQ4 2020

Mustang Mach-E

BroncoSport

Production Start

Oct 12

LaunchCheckpoints

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

AvailableQ4 2020

Mustang Mach-E

BroncoSport

Production Start

Oct 12

LaunchCheckpoints

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

YoY 111 80 (67) N M N M N M

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$232 $223 $223

$373 $354 $354 $351

$02 $02 $05

Adjusted FCF

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

Q2 Q3 Q4 Q1 Q2 Q32019 2020

Company

$389 $370

13641244

$17 $18

43 4812

(18)(100)

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

Company Adj EBIT

Interest On Debt

SpecialItems

Interests

B (W) Q3 2019 $13 $00 $04 $01 $19 $(02) $11 $(08) $20Q2 2020 47 01 06 02 56 (00) (39) (04) 13

$(05) $(04) $(04)

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

JVs $ 01Other 01

North America

AutoTotal

Company

Q3 2019 20$ (02)$ (01)$ (03)$ (01)$ 13$ 18$

Volume Mix 04$ (00)$ (05)$ 00$ (00)$ (02)$ (02)$

Net Pricing 09 02 03 (00) 00 15 15

Cost (01) 00 (02) 01 02 (01) (01)

Exchange (00) (01) 01 (00) 00 (00) (00)

Other JVs (00) 00 (00) 02 (00) 02 02

Mobility 00

Ford Credit 04

Corporate Other 01

Total Company 19$

Q3 2020 32$ (01)$ (04)$ (01)$ 01$ 26$ 36$

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

BALANCE SHEET

2020Sep 30

2019Dec 31

Change in Cash (09)$ (97)$ (08)$ 72$

20202019 20202019

$ 63 $ (12)

20202019

Ford Credit

$25 $25

$37 $29

$24 $17 $18 $19 $21 $19

$23 $26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Distributions ($M) $650 $1100 $475 $275 $275 $575

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$19960 $20130

$18675 $18995 $19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT YoY Bridge ($M)

$831 $736 $630

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

EBT ($M)

Volume Mix

FinancingMargin

LeaseResidual

Credit Loss

65 mo 66 mo 65 mo 66 mo

3 3 37

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

747 750 753739 743 738

6 6 6 6 6 6

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$76 $73

039051

063 062

015030

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

67 7 7

113132 127 124

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Source JD Power PIN

Return Rate ()

30 29 30 31

20 19 1922

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

16 4 621 7 4

56 68 64 3836

9 11 1211

81 83 8270

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

IndustryFord Credit

$19960 $20130

$18675 $18995$19585

$21045

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

75 70 71 6758 65

78 76 77 76 7663

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

$286 $210$65

Europe

H(L) Q2 2020 $12 $25 $(17) $04 H(L) Q3 2019 (88) (45) (36) (07)

2019 2020Dec 31 Sep 30

Total 27$ 31$ $ 21 - 24 24$

SECRET25

Confidential

SECRET28

SECRET29

6556 55 58

52 5263

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

719 705 729588

428545

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

054061

054 053 049

012016

021025

020 022

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$6245 $6640 $6100 $6131 $5802 $5702

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

736 734 741 741 742 740 731

752 762 761 754 752 752 738

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

112 121 129 128 124 123

093074

026042

053 060 054 054

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

$16818 $14310 $12260 $13665 $13464 $12696 $1284284 mo

84 months 84 months

84 months

SECRET32

85 85 86 86 87 87 86 87 86 86 8587 87 88 87

25 25 25 25 24 23 23 22 20 16 15 13 13 13 11 10 8

44 44 43 44 44 42 44 44 47 50 47 49 50 49 50 52 51

30 30 31 30 31 34 34 34 34 34 38 38 37 38 39 38 40

89 89 89 90 89 90 91 90 90 88 87 88 89 89 88 88 92

11 11 11 11 11 10 9 10 10 12 13 12 11 11 12 12 8

New Used

731 731 731 734 732 736 736 734 739 737 739 738 736 740 743 744 736

SECRET33

514 504 531585 598

667 663 655599

548622

683 693 726 710 701760

447 464525

571 542 545 551 570 582 576 580 564 573612

577 576 592

945 946 959 969 977 983 982 986 973 968 977 988 990 989 984 9811018

701 702

710713 714 714

720 718 719716 715

720723 724 723

SECRET34

Balance

Enhancement575

000075 100 100

025 025 025 025

500 500 500

500 500 500 500

2020-C 2020-B 2020-A 2019-C 2019-B 2019-A 2018-B

SECRET35

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

06-A 06-B

06-C 07-A

07-B 08-A

08-B 08-C

09-A 09-B

09-C 09-D

09-E 10-A

10-B 11-A

11-B 12-A

12-B 12-C

12-D 13-A

13-B 13-C

13-D 14-A

14-B 14-C

15-A 15-B

15-C 16-A

16-B 16-C

17-A 17-B

17-C 18-A

18-B 19-A

19-B 19-C

20-A 20-B

OverviewFordREV

WA APR 216 300 338 363 320 284 266

WA FICOreg Score 740 743 739 737 740 736 736

Car 910 1152 1369 1614 1827 2199 2202

Light Truck 5165 5046 4779 4947 4822 4476 4444

Utility 3925 3802 3853 3439 3351 3325 3354

New 9175 8919 8790 8798 9044 8938 9096

Used 825 1081 1210 1202 956 1062 904

1643 - TX 1795 - TX 1763 - TX 1697 - TX 1591 - TX 1153 - TX 1457 - TX

903 - CA 998 - CA 805 - CA 1021 - CA 1039 - CA 1135 - CA 993 - CA

775 - FL 749 - FL 783 - FL 779 - FL 806 - FL 831 - FL 742 - FL

50556065707580859095

75777981838587899193

01020304050607080

Excess Spread

Balance

Enhancement1000

100 050 050 050200 200 200

150150 150 150

750750 750 750

850750 750

2020-REV2

Delinquency Ratio

Net Loss Ratio

1000 1000 1000

Excess Spread

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

SECRET49

SECRET50

414 401 377 394337

254202

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET52

$4308 $5081

$5701 $4769 $4932 $4807

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

741 747 753 751 756 755 756

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

063 072 079 069 062 061 050

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

023 033 038 031 029 029017

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

SECRET53

16 13 15 17 16 22 23 28 25 233 3 3 2 3

4 57 5 11

51 53 55 56 5756 55 52 57 55

30 31 27 24 24 18 17 13 13 12

Truck SUV CUV Car

1916 17 17 17

16 12 9 7 7 6 8 7 5 5

70 71 78 80 80 76 78 73 78 74

14 18 14 13 14 19 14 20 17 21

24 36 39 48

741 742

751754

751754 754 754 755

SECRET54

F-150 199

Explorer 195

Escape 127Edge 87

Fusion 63

Expedition 48

Navigator 40

Nautilus 40

MKC 34

EcoSport 30

Other 139

FCALT 2020-B

F-150 226

Explorer 175

Escape 151

Edge 94

Fusion 66

MKC 45

Nautilus 35

MKZ 33

EcoSport 32

Expedition 27

Other 116

FCALT 2020-A

SECRET55

0102030405060708090

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

Reserve Account 100

Excess Spread

Enhancement2320 100 025 025 025 025 050

12751120 1120 1120 1120 1120

870 870 870 870 870

2020-B 2020-A 2019-B 2019-A 2018-B 2018-A

SECRET57

Class A-2Paid Down

Class A-1Paid Down

Hard C

Class A-4Paid Down

Class A-3Paid Down

$20049

$16275

Difference of $3774

SECRET59

Return Rate

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

2015-B 2016-A 2017-A 2017-B 2018-A2018-B 2019-A 2019-B 2020-A 2020-B

(CY 2008)

SECRET60

SECRET62

SECRET63

Confidential

SECRET64

SECRET65

0102030405060708090

Group II

Group I(Strong)

0000 0000 0000 0000 0000 0000 0000

2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

(0004)

0040 0046

(0008)2015 2016 2017 2018 2019 3Q19 YTD 3Q20 YTD

Confidential

120143

SECRET66

Concentration Limit

Enhancement2444

of Pool Balance

Allocated to Series

Reserve Account 044

Excess Spread

SECRET68

SECRET69

Total Funding$111

Unfunded Assets

Series 2006-1 2014-5 2015-3 2016-2

2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4

2020-1 2020-2

SECRET71

Confidential

SECRET72

Confidential

Monitor

Dealers

Watch Report

No Further Action

ICUStatus

Liquidation

action plans

Confidential

SECRET74

Dealer Monitoring

Confidential

System

Ford CreditFord

Dealer

Confidential

Appendix

64 mo65 mo 65 mo 65 mo 65 mo

0 1 24 3

2015 2016 2017 2018 2019

740 739 746 746 748

6 6 6 6 6

2015 2016 2017 2018 2019

$235$276 $258 $247

038 054 062 055 052

2015 2016 2017 2018 2019

23 25 27 28 27

112 121 129 128 124

2015 2016 2017 2018 2019

39 39 40 54 52

276 298 290 288 236

92 56 38 4341

407 393 368 385329

2015 2016 2017 2018 2019

Source JD Power PIN

US Lease Metrics

Return Rate ()

28 30 29 30 30

22 22 20 22 20

2015 2016 2017 2018 2019

IndustryFord Credit

$19180

$18335$17815

$18540$18150

2015 2016 2017 2018 2019

246290 281 290

7478 80 78 78

2015 2016 2017 2018 2019

SECRET79

September 30

2020 2019 2019 2018 2017 2016 2015

Liquidations $80819 $88598 $118525 $116325 $114264 $109982 $108187

Confidential

SECRET80

Curtailment Terms

Insurance

Confidential

SECRET81

New Vehicle Lines

Used Vehicle Lines

Confidential

Ford Motor Company

(Issuer)

OutstandingSeries

(Indenture Trustee)

Wells FargoBank NA

(Back-up Servicer)

Memo2019 2020 2019 2020 FY 2019

MemoRevenue ($B) 370$ 375$ 1162$ 912$ 1559$

Q3 Year To Date

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2019 2020

Other net (120) 175 (124) 68 (15) (178) (431) (69) (624)

Year To Date

Diluted shares 4007 4005 4006 3997

Q3 Year To Date

2019 2019 2020Sep 30 Dec 31 Sep 30

Product Notes

Slide Number 1

Agenda

Corporate Overview

Slide Number 4

Slide Number 5

Slide Number 7

Slide Number 12

Special Items ($B)

Slide Number 14

Key Metrics

US Lease Metrics

Slide Number 23

Slide Number 24

Slide Number 25

Slide Number 26

Slide Number 27

Slide Number 28

Slide Number 29

Slide Number 30

Slide Number 31

Slide Number 32

Slide Number 33

Slide Number 34

Slide Number 35

Slide Number 36

Slide Number 37

Slide Number 38

Slide Number 39

Slide Number 40

Slide Number 41

Slide Number 42

Slide Number 43

Slide Number 44

Slide Number 45

Slide Number 46

Slide Number 47

Slide Number 48

Slide Number 49

Slide Number 50

Slide Number 51

Slide Number 52

Slide Number 53

Slide Number 54

Slide Number 55

Slide Number 56

Slide Number 57

Slide Number 58

Slide Number 59

Slide Number 60

Slide Number 61

Slide Number 62

Slide Number 63

Slide Number 64

Slide Number 65

Slide Number 66

Slide Number 67

Slide Number 68

Slide Number 69

Slide Number 70

Slide Number 71

Slide Number 72

Slide Number 73

Slide Number 74

Slide Number 75

Slide Number 76

US Lease Metrics

Slide Number 79

Slide Number 80

Slide Number 81

Slide Number 82

Slide Number 83

Slide Number 84

Slide Number 85

Slide Number 86

Slide Number 87

Slide Number 88

Product Notes

																	Year To Date					YTD (TBD Mths)

			Q1 2019		Q2 2019		Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			2019			2020			2019		2020

Net cash provided by (Used in) operating activities (GAAP)				$ 3544		$ 6463		$ 4732			$ 2900			$ (473)			$ 9115			$ 11088					$ 14739			$ 19730			NA				$ (4017)			$ 2652		$ (5494)


Less		Items Not Included in Company Adjusted Free Cash Flows

	Ford Credit operating cash flows			1118		5267		4523			623			133			13413			4161					10908			17707						$ (985)		$ (606)		$ 8146

	Funded pension contributions			(294)		(106)		(211)			(119)			(175)			(107)			(147)					(611)			(429)						$ 119			$ (1)		$ (1)

	Global Redesign (including separations)			(136)		(222)		(334)			(219)			(172)			(99)			(105)					(692)			(376)						$ (36)			$ 123		$ 123

	Ford Credit tax payments (refunds) under tax sharing agreement			98		-		-			293			475			569			300					98			1344								$ 569		$ 569

	Other net			(120)		175		(124)			68			(15)			(178)			(431)					(69)			(624)						$ 105			$ (353)		$ (353)


Add		Items Included in Company Adjusted Free Cash Flows

	Automotive and Mobility capital spending			(1620)		(1911)		(1787)			(2262)			(1770)			(1165)			(1247)					(5318)			(4182)						$ (150)			$ 746		$ 746

	Ford Credit distributions			675		650		1100			475			275			275			575					2425			1125						$ (400)			$ (375)		$ (375)

	Settlement of derivatives			(26)		86		16			31			(28)			64			(336)					76			(300)						$ (2)			$ (22)		$ (22)

	Company adjusted free cash flow (Non-GAAP)			$ 1907		$ 174		$ 207			$ 498			$ (2242)			$ (5309)			$ 6302					$ 2288			$ (1249)			$1274		$2288			($4149)			$ (5483)		(5483)


	Provided by Accounting

	Provided by Corporate Finance

	Provided by both Accounting amp Corp Finance --gt Consensus




OTHER NET DETAIL ($Mils)

									2020 YTD			2020 YTD			2020 YTD			2020 YTD			2020			2020			2020			2019

	Items not included in Company Free Cash Flow			Comments							3 Mths			6 Mths			9 Mths			12 Mths			Q1			Q2			Q3			Q4


	Tax refunds and tax payments from affiliates (Ford Credit)			This part of tax planning can be large +(-) $B							- 0			- 0							- 0			- 0			- 0			- 0

	Focus Active Cancellation Supplier Payments			One-time event							- 0			- 0							- 0			- 0			- 0			- 0

	Debt Changes (primarily Argentina Consorcio)			Aligned with accounting as of 2019							- 0			- 0							- 0			- 0			- 0			- 0

	UAW Buyout											(18500)

	37B01TAX									(447)			(3003)


	Items included in Company Free Cash Flow


	In-transit securities			Part of Company Cash (03X02SEC + 18PSEC)							(1297)			437							(1297)			1734			(437)			- 0

	Net realized and unrealized gains(losses) on marketable securities			Part of Corporate Other EBIT							(4328)			(819)							(4328)			3509			819			- 0

	Asset Sales			Embedded within BU balance sheet results							830			830							830			- 0			(830)			- 0

	Payments on intangibles (eg Naming rights)			Embedded within BU balance sheet results							(100)			(100)							(100)			- 0			100			- 0

	Net loans to suppliers			Embedded within BU balance sheet results							1200			(1610)							1200			(2810)			1610			- 0			$(618)M new loans and $(40)M El-Jazeera Vehicles SET Enterprise $(214)M Collections of $21

	Remeasurement on certain cash balances (FAS 58)			Part of BU EBIT							2974			325							2974			(2649)			(325)			- 0

	Remeasurement on certain cash balances (FAS 8)			Part of BU EBIT							(242)			(662)							(242)			(420)			662			- 0

	Other Unexplained									2048			(2104)							2048			(4153)			2104 tc=ADC9B87D-1DAC-4510-82C0-11BA8B5CA04A [Threaded comment]Your version of Excel allows you to read this threaded comment however any edits to it will get removed if the file is opened in a newer version of Excel Learn more httpsgomicrosoftcomfwlinklinkid=870924Comment $(19)M of this is related to the NFL naming rights deal which we treated differently (erroneously)			- 0


	Other net									(1532)			(17800)			- 0			- 0			(1085)			4788			(3703)			- 0




	27H08A									(345)			(174)							(345)			171			174			- 0

	27H08B									(3931)			(2394)							(3931)			1537			2394			- 0

	27H09A									(052)			1748							(052)			1801			(1748)			- 0

	Total									(4328)			(819)			- 0			- 0			(4328)			3509			819			- 0

																	Year To Date					YTD (TBD Mths)

			Q1 2019		Q2 2019		Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			2019			2020			2019		2020

Net cash provided by (Used in) operating activities (GAAP)				$ 3544		$ 6463		$ 4732			$ 2900			$ (473)			$ 9115			$ 11088					$ 14739			$ 19730			NA				$ (4017)			$ 2652		$ (5494)


Less		Items Not Included in Company Adjusted Free Cash Flows

	Ford Credit operating cash flows			1118		5267		4523			623			133			13413			4161					10908			17707						$ (985)		$ (606)		$ 8146

	Funded pension contributions			(294)		(106)		(211)			(119)			(175)			(107)			(147)					(611)			(429)						$ 119			$ (1)		$ (1)

	Global Redesign (including separations)			(136)		(222)		(334)			(219)			(172)			(99)			(105)					(692)			(376)						$ (36)			$ 123		$ 123

	Ford Credit tax payments (refunds) under tax sharing agreement			98		-		-			293			475			569			300					98			1344								$ 569		$ 569

	Other net			(120)		175		(124)			68			(15)			(178)			(431)					(69)			(624)						$ 105			$ (353)		$ (353)


Add		Items Included in Company Adjusted Free Cash Flows

	Automotive and Mobility capital spending			(1620)		(1911)		(1787)			(2262)			(1770)			(1165)			(1247)					(5318)			(4182)						$ (150)			$ 746		$ 746

	Ford Credit distributions			675		650		1100			475			275			275			575					2425			1125						$ (400)			$ (375)		$ (375)

	Settlement of derivatives			(26)		86		16			31			(28)			64			(336)					76			(300)						$ (2)			$ (22)		$ (22)

	Company adjusted free cash flow (Non-GAAP)			$ 1907		$ 174		$ 207			$ 498			$ (2242)			$ (5309)			$ 6302					$ 2288			$ (1249)			$1274		$2288			($4149)			$ (5483)		(5483)


	Provided by Accounting

	Provided by Corporate Finance

	Provided by both Accounting amp Corp Finance --gt Consensus




OTHER NET DETAIL ($Mils)

									2020 YTD			2020 YTD			2020 YTD			2020 YTD			2020			2020			2020			2019

	Items not included in Company Free Cash Flow			Comments							3 Mths			6 Mths			9 Mths			12 Mths			Q1			Q2			Q3			Q4


	Tax refunds and tax payments from affiliates (Ford Credit)			This part of tax planning can be large +(-) $B							- 0			- 0							- 0			- 0			- 0			- 0

	Focus Active Cancellation Supplier Payments			One-time event							- 0			- 0							- 0			- 0			- 0			- 0

	Debt Changes (primarily Argentina Consorcio)			Aligned with accounting as of 2019							- 0			- 0							- 0			- 0			- 0			- 0

	UAW Buyout											(18500)

	37B01TAX									(447)			(3003)


	Items included in Company Free Cash Flow


	In-transit securities			Part of Company Cash (03X02SEC + 18PSEC)							(1297)			437							(1297)			1734			(437)			- 0

	Net realized and unrealized gains(losses) on marketable securities			Part of Corporate Other EBIT							(4328)			(819)							(4328)			3509			819			- 0

	Asset Sales			Embedded within BU balance sheet results							830			830							830			- 0			(830)			- 0

	Payments on intangibles (eg Naming rights)			Embedded within BU balance sheet results							(100)			(100)							(100)			- 0			100			- 0

	Net loans to suppliers			Embedded within BU balance sheet results							1200			(1610)							1200			(2810)			1610			- 0			$(618)M new loans and $(40)M El-Jazeera Vehicles SET Enterprise $(214)M Collections of $21

	Remeasurement on certain cash balances (FAS 58)			Part of BU EBIT							2974			325							2974			(2649)			(325)			- 0

	Remeasurement on certain cash balances (FAS 8)			Part of BU EBIT							(242)			(662)							(242)			(420)			662			- 0

	Other Unexplained									2048			(2104)							2048			(4153)			2104 tc=ADC9B87D-1DAC-4510-82C0-11BA8B5CA04A [Threaded comment]Your version of Excel allows you to read this threaded comment however any edits to it will get removed if the file is opened in a newer version of Excel Learn more httpsgomicrosoftcomfwlinklinkid=870924Comment $(19)M of this is related to the NFL naming rights deal which we treated differently (erroneously)			- 0


	Other net									(1532)			(17800)			- 0			- 0			(1085)			4788			(3703)			- 0




	27H08A									(345)			(174)							(345)			171			174			- 0

	27H08B									(3931)			(2394)							(3931)			1537			2394			- 0

	27H09A									(052)			1748							(052)			1801			(1748)			- 0

	Total									(4328)			(819)			- 0			- 0			(4328)			3509			819			- 0

																	Year To Date					YTD (TBD Mths)

			Q1 2019		Q2 2019		Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			2019			2020			2019		2020

Net cash provided by (Used in) operating activities (GAAP)				$ 3544		$ 6463		$ 4732			$ 2900			$ (473)			$ 9115			$ 11088					$ 14739			$ 19730			NA				$ (4017)			$ 2652		$ (5494)


Less		Items Not Included in Company Adjusted Free Cash Flows

	Ford Credit operating cash flows			1118		5267		4523			623			133			13413			4161					10908			17707						$ (985)		$ (606)		$ 8146

	Funded pension contributions			(294)		(106)		(211)			(119)			(175)			(107)			(147)					(611)			(429)						$ 119			$ (1)		$ (1)

	Global Redesign (including separations)			(136)		(222)		(334)			(219)			(172)			(99)			(105)					(692)			(376)						$ (36)			$ 123		$ 123

	Ford Credit tax payments (refunds) under tax sharing agreement			98		-		-			293			475			569			300					98			1344								$ 569		$ 569

	Other net			(120)		175		(124)			68			(15)			(178)			(431)					(69)			(624)						$ 105			$ (353)		$ (353)


Add		Items Included in Company Adjusted Free Cash Flows

	Automotive and Mobility capital spending			(1620)		(1911)		(1787)			(2262)			(1770)			(1165)			(1247)					(5318)			(4182)						$ (150)			$ 746		$ 746

	Ford Credit distributions			675		650		1100			475			275			275			575					2425			1125						$ (400)			$ (375)		$ (375)

	Settlement of derivatives			(26)		86		16			31			(28)			64			(336)					76			(300)						$ (2)			$ (22)		$ (22)

	Company adjusted free cash flow (Non-GAAP)			$ 1907		$ 174		$ 207			$ 498			$ (2242)			$ (5309)			$ 6302					$ 2288			$ (1249)			$1274		$2288			($4149)			$ (5483)		(5483)


	Provided by Accounting

	Provided by Corporate Finance

	Provided by both Accounting amp Corp Finance --gt Consensus




OTHER NET DETAIL ($Mils)

									2020 YTD			2020 YTD			2020 YTD			2020 YTD			2020			2020			2020			2019

	Items not included in Company Free Cash Flow			Comments							3 Mths			6 Mths			9 Mths			12 Mths			Q1			Q2			Q3			Q4


	Tax refunds and tax payments from affiliates (Ford Credit)			This part of tax planning can be large +(-) $B							- 0			- 0							- 0			- 0			- 0			- 0

	Focus Active Cancellation Supplier Payments			One-time event							- 0			- 0							- 0			- 0			- 0			- 0

	Debt Changes (primarily Argentina Consorcio)			Aligned with accounting as of 2019							- 0			- 0							- 0			- 0			- 0			- 0

	UAW Buyout											(18500)

	37B01TAX									(447)			(3003)


	Items included in Company Free Cash Flow


	In-transit securities			Part of Company Cash (03X02SEC + 18PSEC)							(1297)			437							(1297)			1734			(437)			- 0

	Net realized and unrealized gains(losses) on marketable securities			Part of Corporate Other EBIT							(4328)			(819)							(4328)			3509			819			- 0

	Asset Sales			Embedded within BU balance sheet results							830			830							830			- 0			(830)			- 0

	Payments on intangibles (eg Naming rights)			Embedded within BU balance sheet results							(100)			(100)							(100)			- 0			100			- 0

	Net loans to suppliers			Embedded within BU balance sheet results							1200			(1610)							1200			(2810)			1610			- 0			$(618)M new loans and $(40)M El-Jazeera Vehicles SET Enterprise $(214)M Collections of $21

	Remeasurement on certain cash balances (FAS 58)			Part of BU EBIT							2974			325							2974			(2649)			(325)			- 0

	Remeasurement on certain cash balances (FAS 8)			Part of BU EBIT							(242)			(662)							(242)			(420)			662			- 0

	Other Unexplained									2048			(2104)							2048			(4153)			2104 tc=ADC9B87D-1DAC-4510-82C0-11BA8B5CA04A [Threaded comment]Your version of Excel allows you to read this threaded comment however any edits to it will get removed if the file is opened in a newer version of Excel Learn more httpsgomicrosoftcomfwlinklinkid=870924Comment $(19)M of this is related to the NFL naming rights deal which we treated differently (erroneously)			- 0


	Other net									(1532)			(17800)			- 0			- 0			(1085)			4788			(3703)			- 0




	27H08A									(345)			(174)							(345)			171			174			- 0

	27H08B									(3931)			(2394)							(3931)			1537			2394			- 0

	27H09A									(052)			1748							(052)			1801			(1748)			- 0

	Total									(4328)			(819)			- 0			- 0			(4328)			3509			819			- 0

	2020				Memo

	Q3		Year To Date			FY 2019

Pre-Tax Results ($M)

Income (Loss) before income taxes (GAAP)		$ 2756		$ 2694			$ (640)

Less Impact of special items		(390)		2803			(5999)

Adjusted earnings before taxes (Non-GAAP)		$ 3146		$ (109)			$ 5359



Taxes ($M)

(Provision for) Benefit from income taxes (GAAP)		$ (366)		$ (1179)			$ 724

Less Impact of special items		159		(1583)			1323

Adjusted (provision for) benefit from income taxes (Non-GAAP)		$ (525)		$ 404			$ (599)



Tax Rate ()

Effective tax rate (GAAP)		133			438			1131

Adjusted effective tax rate (Non-GAAP)		167			3706			112

	Present Quarter							Year-To-Date

	2019		2020			H(L)				2019			2020			H(L)

Market Share ()		62			59				(03)		ppts			61				59	(02)	ppts

Wholesale Units (000)		1364		645			(53)					2790			1771			(37)




Cash Flows From Op Activities ($B)		$ 65		$ 91			$ 27				$ 147			$ 197			$ 50

Revenue ($B)		389		194			(50)					792			537			(32)

Net Income ($B)		01		12			$ 10				13			(08)			$ (21)

Net Income Margin ()		04			59				56		ppts			16				(16)	(32)	ppts

EPS (Diluted)		$ 004		$ 029			$ 025				$ 070			ERRORDIV0			ERRORDIV0




Company Adj Free Cash Flow ($B)		$ 02		$ (53)			$ (55)				$ 21			$ (76)			$ (96)

Company Adj EBIT ($B)		17		(19)			(36)				41			(26)			(67)

Company Adj EBIT Margin ()		43			(100)				(143)		ppts			52				(48)	(100)	ppts

Adjusted Cash Conversion		26			51				25		ppts

Adjusted EPS (Diluted)		$ 028		$ (035)			$ (064)				$ 070			ERRORDIV0			ERRORDIV0

Adjusted Debt to EBITDA		32		36			(04)

Adjusted ROIC (Trailing Four Qtrs)		82			(32)				(114)		ppts			na				na	na	ppts

	2019									2020


	Q1		Q2			Q3		Q4			Full Year		Q1			Q2		Q3


North America		$ 2205		$ 1696			$ 2012		$ 700			$ 6612		$ 346			$ (974)		$ 3178

South America		(158)		(205)			(165)		(176)			(704)		(113)			(165)		(108)

Europe (excl Russia)		85		110			(144)		72			123		(143)			(664)		(440)

China		(128)		(155)			(281)		(207)			(771)		(241)			(136)		(58)

International Markets Group		5		(72)			(93)		(174)			(334)		(26)			(150)		72

Automotive		$ 2009		$ 1373			$ 1329		$ 215			$ 4926		$ (177)			$ (2089)		$ 2644

Mobility		(288)		(264)			(290)		(344)			(1186)		(334)			(332)		(281)

Ford Credit		801		831			736		630			2998		30			543		1123

Corporate Other		(75)		(286)			18		(16)			(359)		(151)			(68)		158

Adjusted EBIT		$ 2447		$ 1654			$ 1793		$ 485			$ 6379		$ (632)			$ (1946)		$ 3644

Interest on Debt		(245)		(244)			(276)		(255)			(1020)		(227)			(450)		(498)

Special Items (excl tax)		(592)		(1205)			(1536)		(2666)			(5999)		(287)			3480		(390)

Taxes		(427)		(55)			442		764			724		(847)			34		(366)

Less Non-Controlling Interests		37		2			(2)		-			37		-			1		5

Net Income Attributable to Ford		$ 1146		$ 148			$ 425		$ (1672)			$ 47		$ (1993)			$ 1117		$ 2385



Company Adjusted Free Cash Flow ($B)		$ 19		$ 02			$ 02		$ 05			$ 28		$ (22)			$ (53)		$ 63

Revenue ($B)		403		389			370		397			1559		343			194		375


Company Adjusted EBIT Margin ()		61			43			48				12			41			(18)		(100)	97

Net Income Margin ()		28		04			11		(42)			00		(58)			58		64

Adjusted ROIC (Trailing Four Quarters)		80		85			90		78			78		25			(31)		(04)


Adjusted EPS		$ 044		$ 028			$ 034		$ 012			$ 119		$ (023)			$ (035)		$ 065

EPS (GAAP)		029		004			011		(042)			001		(050)			028		060

	Trust Balance


	(Bils)


-	Total Funding	$ 136

-	Total Assets	211

-	Unfunded Assets	75

	Private Variable Funding Notes		144A Term Series		Public Term Series


Series		2006-1 2014-5		2015-3 2016-2		2017-3 2018-1 2018-2 2018-3 2018-4 2019-1 2019-2 2019-3 2019-4 2020-1 2020-2


Amount Outstanding ($B)		$00		$11		$100


Senior Hard Enhancement (AAA Notes)		2575		2427		2435 - 2535


Maturity Ranges		November 2020 - May 2022		June 2022 - March 2023		May 2021 - November 2028




		Concentration Limit		Incremental Subordination

			($M)

-		Ineligible receivables	NA			$ 248

-		Dealer concentration (5 for AutoNation)	2			00

-		Used vehicle concentration	20			00

-		Fleet concentration	4			00

-		MediumHeavy truck concentration	2			00

-		Manufacturer concentration	10			00

	(2 for lower-rated manufacturers)


			Total		$ 248


	2015		2017		2018		2019		2020		Through

	Actual		Actual		Actual		Actual		Forecast		20-Nov

Public Issuances



Unsecured		ERRORREF		$ 16		$ 13		$ 17		$ 8 - 11		$ 11


Securitizations		$ 13		15		14		14		12 - 13		$ 13


Total		ERRORREF		$ 32		$ 27		$ 31		$ 21 - 24		$ 24

	2019 Dec 31		2020 June 30

Company Excl Ford Credit


Company Cash Balance		$ 223		$ 295

Liquidity		354		455

Debt		(153)		(242)

Cash Net of Debt		70		53


Pension Funded Status

Funded Plans		$ (04)		$ 08

Unfunded Plans		(64)		(66)

Total Global Pension		$ (68)		$ (58)


Total Funded Status OPEB		$ (61)		$ (60)

	Billions

	Q2 2019		Q2 2020		YTD 2019		YTD 2020



Company Adj EBIT excl Ford Credit		$ 11		$ 25		$ 35		$ (06)

Excluding Ford Credit EBT		(07)		00		(07)		(08)

Subtotal		$ 10		$ (12)		$ 10		$ 08


Capital Spending		$ (18)		$ (12)		$ (53)		$ (42)

Depreciation and Tooling Amortization		14		13		41		40

Net Spending		$ (04)		$ 01		$ (12)		$ (02)


Receivables		$ (02)		$ (02)		$ (02)		$ 03

Inventory		(06)		(01)		(18)		(00)

Trade Payables		(06)		43		10		16

Changes in Working Capital		$ (14)		$ 39		$ (10)		$ 19


Ford Credit Distributions		11		06		24		11

All Other and Timing Differences		(01)		(08)		(14)		(34)

Company Adjusted FCF		$ 02		$ 63		$ 23		$ (12)


Global Redesign (incl Separations)		(03)		(01)		(07)		(04)

Changes in Debt		04		(158)		07		88

Funded Pension Contributions		(02)		(01)		(06)		(04)

Shareholder Distributions		(08)		(00)		(20)		(06)

All Other (incl Acquisitions amp Divestitures)		(01)		00		(04)		10

Change in Cash		$ (09)		$ (97)		$ (08)		$ 72


	NA		SA		EU		China		IMG			Total Auto		Total Company


Q3 2019		$ 20		$ (02)		$ (01)		$ (03)		$ (01)			$ 13		$ 18


Volume Mix		$ 04		$ (00)		$ (05)		$ 00		$ (00)			$ (02)		$ (02)


Net Pricing		09		02		03		(00)		00			15		15


Cost		(01)		00		(02)		01		02			(01)		(01)


Exchange		(00)		(01)		01		(00)		00			(00)		(00)


Other JVs		(00)		00		(00)		02		(00)			02		02


Total Automotive		$ 12		$ 01		$ (03)		$ 02		$ 02			$ 13		$ 13


Mobility											00


Ford Credit											04


Corporate Other											01


Total Company											$ 19


Q3 2020		$ 32		$ (01)		$ (04)		$ (01)		$ 01			$ 26		$ 36

Documents

ABS Investor Presentation · 2020. 11. 30. · ABS Investor Presentation December 2020 2019 (01-14- 20) Version 1.0 6:00pm. All-Electric Mustang Mach-E. All-New Mach-E

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