Balanced geographic footprint Improved profitability at the higher end of industry average High (albeit reduced) dependence on large trucks for profitability Exposure to intensely competitive global auto market Highly cyclical demand for passenger vehicles Consistent operating cash flow Improved financial flexibility Minimal debt leverage Post retirement liabilities are better funded and de-risked The stable outlook on Ford Motor Co. reflects our expectation that the company will maintain EBIT margins of 8%-10% in North America in 2016 and 2017, post a sustainable profit in Europe in 2016 (with positive cash flow in that region by 2017), and maintain steady profits in China, albeit amidst a somewhat slower economic global recovery relative to our prior expectations. We could lower our ratings on
