Deutsche Bank

Global Automotive
Conference
Ford Motor Company | January 16, 2018
Important Notice Regarding This Presentation
• This presentation includes our preliminary view of 2017 results. Our actual results could differ
materially from the preliminary results included in this presentation. We will provide additional detail
on 2017 results in our earnings presentation on January 24, 2018. Our Annual Report on Form 10-K,
which will be filed in February, will include our audited financial results.

• This presentation also includes forward-looking statements. Forward-looking statements are based on
expectations, forecasts, and assumptions by our management and involve a number of risks,
uncertainties, and other factors that could cause actual results to differ materially from those
stated. For a discussion of these risks, uncertainties, and other factors, please see the “Cautionary Note
on Forward-Looking Statements” at the end of this presentation and “Item 1A. Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2016, as updated by subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.

2
Bob Shanks
Chief Financial Officer

3
We are focused on improving our recent performance

$31B $15B 5.9% 8+%

Cumulative cash flow Returned to shareholders Avg. Auto operating margin Ongoing automotive
since 2012 since 2012 since 2012 operating margin target

4
And working to win in a future of
Smart Vehicles in a Smart World

5
Our priorities

1. Rapidly improving our fitness to lower costs, release capital and finance growth

2. Accelerating the introduction of connected, smart vehicles and services

3. Re-allocating capital to where we can win in the future

4. Continuously innovating to create the most human-centered mobility solutions

5. Empowering our team to work together effectively to compete and win

6
In 2017 we delivered solid results, in line with guidance

$
Company Company Adjusted Adjusted Automotive Segment Automotive Segment
Revenue Pre-Tax Results* EPS* EPS Operating Margin Operating Cash Flow
(GAAP) (Non-GAAP) (Non-GAAP) (GAAP) (GAAP) (GAAP)

FY 2017 $156.8B $8.4B $1.78 $1.95 5.0% $3.9B

B / (W)
$5.0B $(1.9)B $0.02 $0.80 (1.7) ppts $(2.5)B
FY 2016

* See Appendix for detail, reconciliation to GAAP and definitions 7

We continue to reward shareholders consistent with our
distribution strategy

13¢ 15¢ 43% $3.1B $18B+

Supplemental Regular dividend Payout ratio Shareholder Shareholder
dividend for 1Q 2018 on net income* distributions distributions
planned for 2018 2012 - 2018

* Shareholder distributions divided by net income excluding pension and OPEB reimbursement gains and losses and tax-only specials 8
In 2018, we will change how we report to improve
transparency and better align with industry convention

Preliminary 2017 Results – Prior (Bils) Preliminary 2017 Results – New (Bils)

Automotive $ 7.3 Automotive $ 8.1

Financial Services 2.2 Mobility (0.3)
All Other (1.1) Ford Credit 2.3
Adjusted Pre-Tax Results $ 8.4 Corporate Other (0.5)
Company Adjusted EBIT $ 9.6
Special Items (0.3) Interest on Debt (1.2)
Taxes (0.3) Special Items (0.3)
Less: Non-Controlling Interest - Taxes (0.3)
Net Income (GAAP) $ 7.8 Less: Non-Controlling Interest -
Net Income (GAAP) $ 7.8

9
U.S. tax reform is expected to have a beneficial impact
on Ford
Tax Reform Element Preliminary Results / Expected Outcome

2018 Adjusted Effective Tax Rate ~15%

Ongoing Tax Rate (2019+) ~18% (down from ~30%)

Impact of Tax Reform On 2017 Results Not Material

Tax Credit Carryovers Retained Dollar-For-Dollar

Impact of Limits on Net Interest Expense None

10
For 2018, we expect external factors to be mixed
2017 2018 Change
Industry Volume (Mils.)
Global 94.6 ~ 97 Higher
U.S. 17.5 Low 17s Slightly Lower
Brazil 2.2 Mid 2s Higher
Europe 20.9 Low 21s Slightly Higher
China 27.8 Mid 28s Slightly Higher

Key Commodities Unfavorable

Key Currencies Unfavorable

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Our Company outlook for adjusted EPS in 2018 is lower
than 2017 due to external headwinds

Company Operating
Company Revenue Adjusted EPS* Cash Flow**
(GAAP) (Non-GAAP) (Non-GAAP)

Flat To Modestly Higher Positive But Lower

2018 FY $1.45 - $1.70
Than 2017 Than 2017

Preliminary
Available At
2017 FY $156.8B $1.78
4Q Earnings
Result

* See Appendix for detail, reconciliation to GAAP and definitions

** Excludes Ford Credit’s cash flows
12
Commodity prices and exchange rates have
significantly impacted Company results since 2015, and
will again in 2018
Adj. EBIT (Bils) Adj. EBIT Margin (Pct)
Company Adj. EBIT At 2015 Constant Commodities & Exchange Company Adj. EBIT Margin At 2015 Constant Commodities & Exchange
Company Adj. EBIT Company Adj. EBIT Margin

$11.6 7.8%
$11.3 7.5%
$10.6 6.7%

$10.6 6.9%
6.1%
$9.6

2015 2016 2017 2018 2015 2016 2017 2018

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We are improving our fitness and making strategic
choices for today, tomorrow and the long term
FAR

NEAR

NOW
NOW

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Jim Farley
President, Global Markets
Fitness
Partnerships
Portfolio Reset
Electrified Vehicles
Autonomous Vehicles
Fitness
Partnerships
Portfolio Reset
Electrified Vehicles
Autonomous Vehicles
What do we mean by fitness?

Customer centricity Step-change improvement of

financial performance

Simplicity Company EBIT

EBIT Margin
Speed & agility
Capital
Return on Invested Capital
Efficiency
Operating Cash Flow

Accountability Total Shareholder Return

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Simplicity through complexity reduction

Complexity Reduction at the vehicle level and part level drive near term improvements
including lower inventories, faster product turns and lower logistics costs

Future product programs benefit from lower required investment

Sustainability driven by the right management systems

IT incremental investment will drive more efficiency and eliminate legacy systems

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Efficiency through best-in-class approach

Product creation process re-engineered and optimized

Modular product and manufacturing architectures

Design process improvement

Reduction in marketing cost

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Fitness
Partnerships
Portfolio Reset
Electrified Vehicles
Autonomous Vehicles
Partnerships strengthen our competitive position

Markets Technologies Capabilities Mobility

Recently announced 22
Fitness
Partnerships
Portfolio Reset
Electrified Vehicles
Autonomous Vehicles
We continue to evolve, building on our strengths while
addressing market challenges

• Strategic choices
• Marketing reset and brand plan
• Cost reset
• Product – play-to-win profitably
• 100% connectivity in the U.S. by 2019;
90% globally by 2020

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Shifting product portfolio to leverage our strengths
North America 25
• Leadership in trucks, vans launches by 2019

and SUVs 35%

refresh rate by 2019
• Wider coverage for F-Series
and Ranger 7 BEVs by 2022
• Incremental SUV offerings
including Bronco
• Authentic performance and off-road offerings
• New Transit derivatives for commercial leadership
• Lincoln SUVs and electrified

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Shifting product portfolio to leverage our strengths
27 Europe
launches by 2019

35% • Rationalize car lineup

refresh rate by 2019
3 BEVs by 2022
• Small urban utilities
• Authentic off-road offerings
• More 3-row utilities
• Expanded lineup in Russia
• Continue commercial vehicle leadership
• High-revenue derivatives

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Shifting product portfolio to leverage our strengths
Asia Pacific 24
launches by 2019

29%
• Ranger growth plan in Australia, refresh rate by 2019

New Zealand and ASEAN 13 BEVs by 2022

• 50 new Ford and Lincoln models in China by
2025 including eight all-new SUVs and at least
15 electrified vehicles
• More local assembly

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Fitness
Partnerships
Portfolio Reset
Electrified Vehicles
Autonomous Vehicles
EV strategy plays to our strengths, builds on our brands,
leverages scale and innovates across the value chain

Mach I – Performance BEV

F-150 Hybrid Transit Plug-In Hybrid

Ionity
Mustang Hybrid Fast Charging
Infrastructure
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We will spend over $11 billion on electrification by 2022

Electrification Investment (Bils)

U.S.
>$11
• Positioned for EV leadership
• HEV offered on all mainstream
models
$6.7
Europe
$4.5 50% • Strong BEV portfolio
• Mild hybrids

China
Original Revised 2015 - 2022 • BEVs and hybrids from our CAF and
Investment Investment JMC JVs
2015 - 2020
• Value BEVs from our Zotye JV
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By 2022, we will have a significant BEV and electrified
lineup
• Dedicated BEV platforms
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Full Battery • Includes our trucks and vans
Electric Vehicles

• Supports our commercial and

Lincoln businesses
40
Electrified Vehicles
• Includes Zotye nameplates

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Fitness
Partnerships
Portfolio Reset
Electrified Vehicles
Autonomous Vehicles
Our approach to AVs is focused on combining scalable,
human-centered foundational technology with
innovative, robust business models
 Strong software talent
AV Software
 Strategic investments in enabling technologies (e.g., LiDAR)

Vehicle  Scale manufacturing

Platform  Proven track record of commercial vehicle leadership

 Diverse partner network to maximize revenue per mile

AV Business
 Commercial durability to maximize utilization

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We are building our AV business in multiple cities in
preparation for a 2021 production launch

Multiple Demand Sources

Robust
Partnership
Maximized
Revenue $
Platform Per Mile
+ Ride Sharing
&
Durable,
Commercial Vehicle Food & Goods Delivery

Grade Technology Utilization

Small Business Services

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Timeline – building an AV business

2018
Partnership Platform 2019 - 2020
Expand business model and
2021
•
user experience pilots with Partnership Platform
strategic partners • Diversify partner network
including small businesses
Launch Cities 1 & 2
• Establish terminal operations Launch Cities
for fleet management • Expand footprint to
additional cities
Technology Development Scale production
• Grow prototype test fleet Technology Development
deployment
• Deploy self-driving vehicles on
partner networks with
customers

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36
Questions & Answers

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Cautionary Note On Forward-Looking Statements
Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts,
and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:
• Decline in industry sales volume, particularly in the United States, Europe, or China, due to financial crisis, recession, geopolitical events, or other factors;
• Lower-than-anticipated market acceptance of Ford’s new or existing products or services, or failure to achieve expected growth;
• Market shift away from sales of larger, more profitable vehicles beyond Ford’s current planning assumption, particularly in the United States;
• Continued or increased price competition resulting from industry excess capacity, currency fluctuations, or other factors;
• Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;
• Adverse effects resulting from economic, geopolitical, protectionist trade policies, or other events;
• Work stoppages at Ford or supplier facilities or other limitations on production (whether as a result of labor disputes, natural or man-made disasters, tight credit markets or other financial distress, production constraints or difficulties, or other
factors);
• Single-source supply of components or materials;
• Labor or other constraints on Ford’s ability to maintain competitive cost structure;
• Substantial pension and other postretirement liabilities impairing liquidity or financial condition;
• Worse-than-assumed economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns);
• Restriction on use of tax attributes from tax law “ownership change;”
• The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, or increased warranty costs;
• Increased safety, emissions, fuel economy, or other regulations resulting in higher costs, cash expenditures, and/or sales restrictions;
• Unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise;
• Adverse effects on results from a decrease in or cessation or claw back of government incentives related to investments;
• Cybersecurity risks to operational systems, security systems, or infrastructure owned by Ford, Ford Credit, or a third party vendor or supplier;
• Failure of financial institutions to fulfill commitments under committed credit and liquidity facilities;
• Inability of Ford Credit to access debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts, due to credit rating downgrades, market volatility, market disruption, regulatory requirements, or other
factors;
• Higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;
• Increased competition from banks, financial institutions, or other third parties seeking to increase their share of financing Ford vehicles; and
• New or increased credit regulations, consumer or data protection regulations, or other regulations resulting in higher costs and/or additional financing restrictions.
We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and
actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future
events, or otherwise. For additional discussion, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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Appendix

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2018 Financial Reporting Change Questions
Why is Ford changing its financial reporting? Why is AV moving from Automotive to Mobility?
• Provide more transparency for our business including Mobility • AV will involve connectivity and business models more closely
• Focus more on operating results of the business aligned with our Mobility Segment than the Automotive
• Align with analyst models and reporting by other OEMs Segment
What will be included for SEC operating segment disclosures? Where will EV be reported?
• Ford will have three operating segments: Automotive, Mobility, • EV will continue to be reported within Automotive
and Ford Credit Why change reporting from PBT to EBIT ?
Why break-out Mobility? Why Now? • EBIT provides more focus on operating results and better aligns
• To provide transparency for the Mobility Segment, which was with modeling by analysts
created in 2016 and continued to develop through 2017. What is the difference between prior reporting of Financial
Although Mobility will continue to develop going forward, the Services and the new reporting for Ford Credit?
structure is sufficiently developed to report as a segment • Previously, Financial Services included Ford Credit and interest
When will Mobility show a profit? on legacy debt from prior Financial Services businesses. Going
• Initially, we expect Mobility to be loss making as we invest for forward, the interest expense on legacy debt will be combined
the future. We are in a transition period as the technology and with Automotive debt and reported as Interest on Debt
business models mature. We expect to generate attractive Where is Ford Credit revenue (interest income) and interest
returns in the future expense reported?
• Ford Credit interest income and interest expense are integral to
business operations for that segment and are included in the
Ford Credit Segment

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A1
U.S. Tax Reform Questions
2017 Impact 2018 Impact
What is expected operating tax rate for 2017? What is Ford’s expected operating tax rate for 2018?
• The operating tax rate for 2017 is about 15%, consistent with prior guidance • Expected 2018FY tax rate is about 15% with an ongoing rate of about 18%
Will Ford incur a one-time charge for deferred taxes and repatriation of Will Ford be subject to the Base Erosion Anti-Abuse Tax (“BEAT”)?
earnings? • Uncertain, but we expect we could mitigate any impact through restructuring
• No; we do not expect the impact to be material for 2017 with a modest tax Will Ford be negatively impacted by limits on deductions of net interest
charge for mandatory repatriation and modest tax benefit for setting expense?
deferred taxes to the new rate • No. Ford (with Ford Credit) has net interest income, not net interest expense
Won’t Ford have a large write-down of deferred tax assets? Will tax reform reduce Ford’s cash taxes?
• No. A substantial part of Ford’s net deferred tax assets (net of liabilities) are • Ford’s carryover tax credits provide a significant tax shield that will last many
research tax credit and foreign tax credit carryovers that are retained dollar- years at the lower 21% tax rate. Ford will not see reduced cash taxes in the
for-dollar under the new law and do not have to be written down. The near term
remainder of Ford’s U.S. deferred taxes net to a small deferred liability that Will employees be given pay increase or bonuses as a result of tax reform?
will produce a modest benefit when reset at 21%
• No. Bonuses will continue to be tied to Company performance for key metrics.
Will some of Ford’s tax credit carryovers expire unused at a 21% tax rate? Will Cash flow benefits are longer term due to the availability of carryover tax
Ford record a valuation allowance against these credits? credits
• Our analysis is still in progress but we expect to be able to use all available tax Will Ford bring a lot of cash back to the U.S.?
credits before they expire
• No significant remittance is expected; 90% of Automotive Cash is held by
Do you expect a large profit and cash impact for mandatory repatriation of consolidated entities domiciled in the U.S.
previously untaxed non-U.S. earnings?
Will tax reform impact Ford Credit distributions to Auto?
• No. We expect a modest tax liability that will be offset with tax credit
• A lower tax rate on net deferred tax liabilities for leasing will support a higher
carryovers
distribution
What are implications of lower tax rate on Ford’s dividend to shareholders?
• We target a distribution payout of 40%-50% of prior-year net income,
excluding pension and OPEB remeasurement gains / losses and tax-only
special items. The lower tax rate will have a favorable effect on net income
41
A2
Company Net Income Reconciliation To
Adjusted Pre-Tax Profit

(Bils) Memo:
FY Preliminary
2015 2016 Prelim. 2017 4Q 2017

Net income attributable to Ford (GAAP) $ 7.4 $ 4.6 $ 7.8 $ 2.6

Income / (Loss) attributable to non-controlling interests - - - -
Net income $ 7.4 $ 4.6 $ 7.8 $ 2.6
Less: Provision for income taxes (2.9) (2.2) (0.3) 0.7
Income before income taxes $ 10.3 $ 6.8 $ 8.1 $ 1.9
Less: Special items pre-tax (0.5) (3.6) (0.3) 0.2
Adjusted pre-tax profit (Non-GAAP) $ 10.8 $ 10.4 $ 8.4 $ 1.7

42
A3
Company Earnings Per Share Reconciliation To
Adjusted Earnings Per Share
Memo:
FY Preliminary
2015 2016 Prelim. 2017 4Q 2017
Diluted After-Tax Results (Bils)
Diluted after-tax results (GAAP) $ 7.4 $ 4.6 $ 7.8 $ 2.6
Less: Impact of pre-tax and tax special items (0.3) (2.5) 0.7 1.0
Adjusted net income – diluted (Non-GAAP) $ 7.7 $ 7.1 $ 7.1 $ 1.6

Basic and Diluted Shares (Bils)

Basic shares (average shares outstanding) 4.0 4.0 4.0 4.0
Net dilutive options and unvested restricted stock units - - - -
Diluted shares 4.0 4.0 4.0 4.0

Earnings per share – diluted (GAAP) $ 1.84 $ 1.15 $ 1.95 $ 0.65

Less: Net impact of adjustments (0.09) (0.61) 0.17 0.26
Adjusted earnings per share – diluted (Non-GAAP) $ 1.93 $ 1.76 $ 1.78 $ 0.39

43
A4
Company Effective Tax Rate Reconciliation To
Adjusted Effective Tax Rate
Memo:
FY Preliminary
2015 2016 Prelim. 2017 4Q 2017
Pre-Tax Results (Bils)
Income before income taxes (GAAP) $ 10.3 $ 6.8 $ 8.1 $ 1.9
Less: Impact of special items (0.5) (3.6) (0.3) 0.2
Adjusted pre-tax profit (Non-GAAP) $ 10.8 $ 10.4 $ 8.4 $ 1.7

Taxes (Bils)
Provision for income taxes (GAAP) $ (2.9) $ (2.2) $ (0.3) $ 0.7
Less: Impact of special items 0.2 1.1 1.0 0.9
Adjusted provision for income taxes (Non-GAAP) $ (3.1) $ (3.3) $ (1.3) $ (0.2)

Tax Rate (Pct)

Effective tax rate (GAAP) 28.1% 32.2% 4.2% (37.2)%
Adjusted effective tax rate (Non-GAAP) 28.6% 31.9% 15.3% 10.0%

44
A5
Company Net Income Reconciliation To
Adjusted EBIT

(Bils) Memo:
FY Preliminary
2015 2016 Prelim. 2017 4Q 2017

Net Income attributable to Ford (GAAP) $ 7.4 $ 4.6 $ 7.8 $ 2.6

Income / (Loss) attributable to non-controlling interests - - - -
Net income $ 7.4 $ 4.6 $ 7.8 $ 2.6
Less: Provision for income taxes (2.9) (2.2) (0.3) 0.7
Income before income taxes $ 10.3 $ 6.8 $ 8.1 $ 1.9
Less: Special items pre-tax (0.5) (3.6) (0.3) 0.2
Less: Interest on debt (0.8) (1.0) (1.2) (0.3)
Adjusted EBIT (Non-GAAP) $ 11.6 $ 11.3 $ 9.6 $ 2.0

45
A6
Automotive Operating Margin Reconciliation To
Company EBIT Margin
Memo:
FY Preliminary
2015 2016 Prelim. 2017 4Q 2017
EBIT (Bils)
Automotive segment $ 10.0 $ 10.1 $ 8.1 $ 1.6
All other activities 1.6 1.3 1.6 0.4
Total Company $ 11.6 $ 11.3 $ 9.6 $ 2.0

Revenue (Bils)
Automotive segment $ 140.6 $ 141.5 $ 145.7 $ 38.5
All other activities 9.0 10.3 11.1 2.8
Total Company $ 149.6 $ 151.8 $ 156.8 $ 41.3

Margins (Pct)
Automotive Operating Margin* 7.1% 7.1% 5.5% 4.3%
Company EBIT Margin 7.8% 7.5% 6.1% 4.9%

* Reflects revised reporting methodology 46

A7
Preliminary 4Q 2017 Results

$
Company Company Adjusted Adjusted Automotive Segment Automotive Segment
Revenue Pre-Tax Results* EPS* EPS Operating Margin Operating Cash Flow
(GAAP) (Non-GAAP) (Non-GAAP) (GAAP) (GAAP) (GAAP)

4Q 2017 $41.3B $1.7B $0.39 $0.65 3.7% $2.3B

B / (W)
$2.6B $(0.4)B $0.09 $0.85 (2.0) ppts $0.8B
4Q 2016

* See Appendix for detail, reconciliation to GAAP and definitions 47

A8
Non-GAAP Financial Measures That Supplement GAAP
Measures
• We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be
considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on
underlying 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.
• Company Adjusted Pre-tax Profit (Most Comparable GAAP Measure: Net income attributable to Ford) – The non-GAAP measure is useful to management and investors because it allows users to evaluate our pre-tax
results excluding pre-tax special items. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses that are not reflective of our underlying business results, (ii) significant restructuring actions
related to 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 pre-tax profit, 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.
• Adjusted Earnings Per Share (Most Comparable GAAP Measure: Earnings Per Share) – Measure of Company’s diluted net earnings per share adjusted for impact of pre-tax special items (described above), and tax special
items. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of 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.
• Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an
ongoing effective rate which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we do not provide guidance on an effective tax rate basis
because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement
gains and losses.
• Company Adjusted EBIT (Most Comparable GAAP Measure: Net income attributable to Ford) – Earnings before interest and taxes (EBIT) includes non-controlling interests and 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 that are not reflective of our underlying business results, (ii) significant restructuring actions related to 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 pre-tax profit, 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.
• Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Automotive Operating Margin) – Company Adjusted EBIT margin is Company adjusted EBIT divided by Company revenue. This non-GAAP measure is
useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting.
• Company Operating Cash Flow (Most Comparable GAAP Measure: Net cash provided by / (used in) operating activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The
measure contains elements management considers operating activities, including Automotive and Mobility capital spending and settlement of derivatives. The measure excludes cash outflows for Automotive and
Mobility funded pension contributions, separation payments, and other items that are considered operating cash outflows under U.S. GAAP. This measure is useful to management and investors because it is consistent
with management’s assessment of the Company’s operating cash flow performance.
48
A9