Ford updates special items in 2021 results; updates include US$8.2B gain in Rivian equity investment in Q4, following Rivian’s IPO on Nov. 10

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DEARBORN, Michigan , January 20, 2022 (press release) –

Ford today outlined several large special items that it intends to report in early February as part of the company’s fourth-quarter and full-year 2021 financial results. Special items are included in Ford’s reported GAAP net income and earnings
per share, but are excluded from its non-GAAP adjusted earnings before interest and taxes and adjusted EPS.

On a preliminary basis, the special items are expected to include:
1) A fourth-quarter gain of $8.2 billion on Ford’s equity investment in Rivian, following
Rivian’s Nov. 10 initial public offering of common stock and a mark-to-market revaluation
of the holdings.

Additionally, Ford will reclassify its ~$900 million first-quarter 2021 non-cash gain on the

Rivian investment as a special item – a step Ford said in October it would take after
Rivian’s IPO.

The reclassification means the gain from first-quarter 2021 will not be included in Ford’s
full-year adjusted EBIT or adjusted EPS. When Ford last provided full-year adjusted
EBIT guidance with its third-quarter results on Oct. 27, the ~$900 million gain was
included in the forecast range of $10.5 billion to $11.5 billion.

Going forward, mark-to-market revaluations to account for changes in Rivian’s stock
price could result in related gains or losses each quarter reported as special items.

2) An annual revaluation of Ford’s global pension and other post-retirement employee
benefits – resulting in a non-cash, pre-tax accounting re-measurement gain of about
$3.5 billion in the fourth quarter and about $3.9 billion for the full year. Overall, the
remeasurement gain is mostly attributable to higher discount rates and asset returns.

3) Recording about $1.7 billion in costs associated with Ford repurchasing and redeeming
more than $7.6 billion in high-cost debt in the fourth quarter. The repurchases and
redemptions were made to further strengthen the company’s balance sheet and reduce
ongoing interest expenses.

4) Reporting a $3.6 billion tax special item – a non-cash benefit – primarily resulting from
changes in Ford’s global tax structure and its effect on deferred tax assets.

Additional details on Ford’s fourth-quarter and full-year 2021 special items will be available in a
Form 8-K furnished today to the U.S. Securities and Exchange Commission. Ford plans to
issue its fourth-quarter and full-year 2021 earnings release on Thursday, Feb. 3.

About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to
helping build a better world, where every person is free to move and pursue their dreams. The
company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and
always-on relationships with customers to enrich experiences for and deepen the loyalty of those
customers. Ford designs, manufactures, markets and services a full line of connected, increasingly
electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln
luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle
services and mobility solutions, including self-driving technology, and provides financial services through
Ford Motor Credit Company. Ford employs about 184,000 people worldwide. More information about the
company, its products and Ford Motor Credit Company is available at
Contacts: Fixed Income

T.R. Reid

Equity Investment
Lynn Antipas Tyson

Karen Rocoff

1.800.555.5259 or
1.313.319.6683 1.914.485.1150 1.313.621.0965 1.313.845.8540

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