Ford Motor Company – Quality of Earnings Growth Analysis

Earnings improvement over past 3 quarters have come from accounting adjustments Nov 11, 2003 ? ? Common stock price: $13. 14 52-week range: $6 to $13 (Still some 60% below its beginning 1999 price level) ? ? ? ? ? ? Incorporated in Delaware Incorporate in 1919 Acquired: Ford Motor Company, Michigan Company incorporated in 1903 Acquired to produce and sell automobiles designed and engineered by Henry Ford d In 2003: Worlds 2nd largest producer of cars and trucks combined f Along with its subsidiaries engaged in other business as well..

, ? ? Financing Renting vehicles and equipment 2 Ford Motor Company ? Two principal business sectors include.. , ? ? Automobile – design develop manufacture sold and serviced design, develop, manufacture, cars and trucks Financial services.. , – – Companies include include.. , ? Ford Motor Credit Company ? The Hertz Corporation – rented out cars, light trucks, industrial and construction equipment Engaged in.. , ? Vehicle related financing ? Leasing ? Insurance 3 Revitalization Plan ? In 2003: two years into revitalization plan aimed at.. , ? ?

Reversing a declining market share Turning losses into profits High-incentive spending – – ? Plan included.. , ? 2002: $3,000 2001: $1,200 ? ? ? ? ? ? ? ? Reduction R d ti workforce kf Introduction of new cars production 2004 (500 Sedan) Aggressive cost cutting – End of 2003: $1. 3 billion Improved product quality Reduction of plant capacity Divestutures Discontinuance o flow margin models – Ford Escort Redesign of the F-Series pickup ? Low interest rates and high profitability achieved g y 4 Revitalization Plan ? Continuing problems.. , ? ?

Persistent losses incurred by the company’s European operations – lost $1,2 billion over the first nine months of 2003 In 2003: takes charge of $600 million for restructuring its European operations ? ? $56 million of which was recognized in 3rd quarter 2003 income statement Company expected the restructuring to contribute $450 million to 2004 operating earnings and about $550 million per year 5 Financial Results by Major Business Automotive sector A t ti t Financial Services sector Income/(loss) before cumulative effect of change in accounting principle Cumulative effect of change in accounting principle Total company net income/(loss)

First Nine Months Net Income/(Loss) 2002 -805 805 957 152 -1002 -850 6 Unusual It U l Items Included in Ford’s I l d d i F d’ Nine Months Results (in Millions) First Nine Months Benefit/ (Charge) B fit/ (Ch ) 142 -525 -141 141 -46 -570 570 -457 -113 Interest Income on U. S. federal tax refund Loss on sale of Kwik-Fit and other businesses SFAS No. 133 non cash charge No non-cash Non-cash accrual for European end-of-life vehicles directive Total unusual items Memo: Automotive sector Financial Services sector 7 Accounting Related Observations? ? ?

Underlying profitability did not appear to be improving i i Had made a no. of accounting adjustments that contributed roughly $2 billi of earnings t ib t d hl billion f i improvement over first nine months of 2003 Doubt – company distorted results? 8 Discussion Question Do you agree with the conclusion that ‘a meaningful amount of Ford’s F d’ earnings i i improvement over th t three quarters h come f t has from accounting adjustments, as a opposed to real improvements in the company’s underlying profitability?

9 Discussion Question

What a adjustment, if any, would you make to the 2003 first nine month first-nine-month earnings to determine if 2003 ninenine month earnings did or did not represents a ‘real’ improvement? 10 Discussion Question Do you agree with Ford’s measurement and assessment of the value to investors of 1) its automotive segment’s total operating-related cash-flows, cash flows 2) Ford Credit’s managed debt to equity ratio and 3) Credit s debt-to-equity ratio, Total company fixed-charge ratios? Why? 11 Discussion Question Do you agree or disagree with Standard & Poor’s 2003 downgrades of Ford’s Long Term credit rating? Why? Ford s Long-Term 12

Ford Motor Company and Subsidiaries, Sector Statement of Income for the Periods Ended Sept 30, 2003 and 2002 (in Millions Except Per Share Amounts) Third Quarter Nine Months Third Quarter Nine Months 2003 2002 2003 2002 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) AUTOMOTIVE Sales Costs and expenses Cost of sales Selling, administrative and other expenses Total costs and expenses Operating income / (loss) Interest income Interest expense I t t Net interest income/ (expense) Equity in net income / (loss) of affiliated companies Income/ (loss) before income taxes Automotive

FINANCIAL SERVICES Revenues Costs and expenses Interest expense Depreciation Operating and other expenses Provision for credit and insurance losses Total costs and expenses Income / (Loss) before income taxes- Financial Services 30,337 28,437 2,536 30,973 (636) 445 373 72 (45) (609) 32,396 30,568 2,467 33,035 (639) 378 340 38 (17) (618) 98,719 91,205 7,321 98,526 193 727 915 (188) 48 53 99,764 92,736 7,140 99,876 (112) 661 1,037 1 037 (376) (97) (585) 100 94 8 102 -2 1 1 0 0 -2 100 94 8 102 -2 1 1 0 0 -2 100 92 7 100 0 1 1 0 0 0 100 93 7 100 0 1 1 0 0 -1 6,551 1,552 2,095 1,342 1 342 530 5,519 1,032 6,942 1,868 2,530 1,180 1 180 792 6,370 572 19,727 4,794 6,939 3,767 3 767 1,802 17,302 2,425 21,242 5,741 7,631 3,832 3 832 2,523 19,727 1,515 100 24 32 20 8 84 16 100 27 36 17 11 92 8 100 24 35 19 9 88 12 100 27 36 18 12 93 7 13

Ford Motor Company and Subsidiaries, Sector Statement of Income for the Periods Ended Sept 30, 2003 and 2002 (in Millions Except Per Share Amounts) Third Quarter Nine Months 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) TOTAL COMPANY Income / (loss) before income taxes Provision for/ (benefit from) income taxes income / (loss) before minority interests Minority interests in ne income / (loss) of subsidiaries Income / (loss) from continuing operations income/ (loss) from discontinued/ held-for-sale operations Loss on disposal of discontinued/held-for-sale operations

Cumulative effect of change in accounting C l ti ff t f h i ti principle Net income/ (loss) Income/ (loss) attributable to Common and Class B Stock after Preferred Stock dividends Average number of shares of Common and g Class B Stock outstanding 423 141 282 45 237 2 (46) 81 (127) 117 (244) (27) (55) (264) $ (25) $ (25) 1,831 2,478 672 1,806 245 1,561 (4) (5) (264) 1,288 1,288 1,832 930 350 580 285 295 48 95 1,002 $ (850) $ (861) 1,814 $ (326) $ (330) 1,822 14

Ford Motor Company and Subsidiaries, Sector Statement of Income for the Periods Ended Sept 30, 2003 and 2002 (in Millions Except Per Share Amounts) Third Quarter Nine Months 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income / (loss) Income/ (loss) from continuing operations Income / (loss) from discontinued / held- for sale operations Loss on disposal of discontinued/held-for-sale operations Cumulative effect of change in accounting principle Net income/ (loss) Basic income / (loss) Income/ (loss) from continuing operations Income/ (loss) from discontinued/ held-forI / (l )f di ti d/ h ld f sale operations Loss on disposal of discontinued/held-forsale operations Cumulative effect of change in accounting principle Net income / (loss) Cash dividends 0. 13 (0. 14) (0. 01) (0. 03) 0. 85 0. 16 (0. 03) (0. 05) (0. 14) $ (0. 01) $ 0. 13 $ (0. 18) (0. 14) (0. 01) (0. 03) (0. 13) 0. 70 0. 81 (0. 55) $ (0. 47) 0. 16 (0. 03) (0. 05) (0. 14) (0. 01) (0 01) 0. 10 (0. 18) (0 18) 0. 10 (0. 13) 0. 68 0 68 0. 30 (0. 55) (0. 47) (0 47) 0. 30 15

Ford Motor Company and Subsidiaries, C Consolidated lid d Statement of Income for the Periods Ended Sept 30, 2003 and 2002 (in Millions, Except Per Share Amounts) Third Quarter Nine Months Third Quarter Nine Months 2003 2002 2003 2002 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) AUTOMOTIVE Sales and revenues Automotive sales Financial Services revenue Total Sales and revenues Automotive interest income Costs and expenses Cost of sales Selling, administrative and other expenses Interest expense provision for credit and insurance losses Total costs and expenses Automotive equity in net income / (loss) of subsidiaries Income / (loss) before income taxes

Provision for/ (benefit from) income taxes Income/ (loss) before minority interests Minority interests in net income/ (loss) of subsidiaries Income / (loss) from continuing operations income / (loss) from discontinued/held-for-sale operations Loss on disposal of discontinued/ held-for-sale operations Cumulative effect of change in accounting principle i i l Net income /(loss) Income / (loss) attributable to Common and Class B Stock after Preferred Stock dividends Average number of shares of Common and Class B Stock outstanding

$30,337 6,551 36,888 , 445 28437 5973 1925 530 36865 -45 423 141 282 45 237 2 $32,396 6,942 39,338 , 378 30568 6177 2208 792 39745 -17 -46 81 -127 117 -244 -27 -55 $98,719 19,727 118,446 , 727 91205 18027 5709 1802 116743 48 2478 672 1806 245 1,561 -4 -5 -264 264 $1,288 $1,288 1832 $99,764 21,242 121,006 , 661 92736 18,603 6778 2523 120640 -97 930 350 580 285 295 -48 -95 -1,002 1 002 ($850) ($861) 1814 82 18 100 1 77 16 5 1 100 0 1 0 1 0 1 0 0 -1 1 0 0 5 82 18 100 1 78 16 6 2 101 0 0 0 0 0 -1 0 0 0 -1 -1 5 83 17 100 1 77 15 5 2 99 0 2 1 2 0 1 0 0 0 1 1 2 82 18 100 1 77 15 6 2 100 0 1 0 0 0 0 0 0 -1 1 -1 -1 1 -264 264 ($25) ($25) 1831 ($326) ($330) 1822 16

Ford Motor Company and Subsidiaries, C Consolidated lid d Statement of Income for the Periods Ended Sept 30, 2003 and 2002 (in Millions, Except Per Share Amounts) Third Quarter Nine Months 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income / (loss) income / (loss) from continuing opeations Income / (loss) from discontinued / held- for sale operations Loss on disposal of discontinued/held-for-sale operations

Cumulative effect of change in accounting principle Net income/ (loss) Diluted income / (loss) Income /(loss) from continuing operations Income/ (loss) from discontinued/held-forI / (l )f di ti d/h ld f sale operations Loss on disposal of discontinued/held-forsale operations Cumulative effect of change in accounting principle Net income/ (loss) Cash dividends $0. 13 ($0. 14) -0. 01 -0. 03 $0. 85 $0. 16 -0. 03 -0. 05 -0. 14 -$0. 01 $0. 13 -$0. 18 ($0. 14) -0. 01 -0. 03 -0. 15 $0. 70 $0. 81 -0. 55 -$0. 47 $0. 16 -0. 03 -0. 05 ($0. 14) -$0 01 $0. 01 $0. 10 -$0 18 $0. 18 $0. 10 ($0. 13) $0. 68 $0 68 $0. 30 ($0. 55) -$0 47 $0. 47 $0. 30 17

Ford Motor Company and Subsidiaries, Sector Balance Sheet (in Millions) September 30, 2003 (unaudited) ASSETS Automotive Cash and Cash equivalents Marketable securities Loaned securities L d iti Total cash, marketable and loaned securities Receivables, net Inventories Deferred income taxes Other current assets Current receivable from Financial Services Total current assets Equity in net assets of affiliated companies

Net property Deferred income taxes Goodwill Other intangible assets Assets of discontinued/held-for-sale operations Other assets Total automotive assets Financial Services Cash and Cash equivalents Investments in securities Finance receivable, net Net investment in operating leases Retained interest in sold receivables Goodwill Other intangible assets Assets of discontinued/held-for-sale operations Other assets Receivable from

Automotive Total financial Services assets Total assets December 31, 2002 September 30, December 31, 2003 (unaudited) 2002 $6,817 12,226 6,942 6 942 25,985 2,755 10,085 3,358 5,514 637 48,334 48 334 1,858 40,471 11,039 5,212 837 11,408 11 408 119,159 21,070 1,323 109,173 33,761 10,203 , 763 241 15,272 3,947 195,753 $314,912 $5,180 17,464 22,644 2,065 6,980 3,462 4,551 1,062 40,764 40 764 2,470 36,364 11,694 4,805 812 98 10,783 10 783 107,790 7,070 807 97,030 40,055 17,618 , 752 248 2,406 16,643 4,803 187,432 $295,222 2 4 2 8 1 3 1 2 0 15 1 13 4 2 0 0 4 38 7 0 35 11 3 0 0 0 5 1 62 100 2 6 8 1 2 1 2 0 14 1 12 4 2 0 0 4 37 2 0 33 14 6 0 0 1 6 2 63 100 18

Ford Motor Company and Subsidiaries, Sector Balance Sheet (in Millions) September 30, 2003 (unaudited) LIABILITIES AND STOCKHOLDERS EQUITY Automotive Trade payables Other payables Accrued liabilities Debt payable within one year Total current liabilities Senior debt Subordinated debt Total long-term debt Other liabilities Deferred income taxes Liabilities of discontinued/held-for-sale operations Payable t Fi P bl to Financial S i i l Services Total Automotive liabilities Financial Services Payables Debt Deferred income taxes

Other liabilities and deferred income Liabilities of discontinued / held-for-sale operations Payable to Automotive Total Financial Services liabilities December 31, 2002 September 30, December 31, 2003 (unaudited) 2002 $15,797 2,710 31,348 976 50,831 14,149 5,843 19,992 48,849 338 24 3,947 3 947 123,981 2,235 159,268 , 11,521 8,491 637 182,152 $14,606 2,485 27,644 557 45,292 13,607 13,607 46,886 303 138 4,803 4 803 111,029 1,890 148,058 11,644 , 9,448 831 1,062 172,933 5 1 10 0 16 4 2 6 16 0 0 1 5 1 9 0 15 5 5 16 0 0 2 19 1 51 4 3 0 0 58 1 50 4 3 0 0 59

Ford Motor Company and Subsidiaries, Sector Balance Sheet (in Millions) September 30, December 31, September 30, December 31, 2003 ( (unaudited) di d) 2002 2003 ( (unaudited) di d) 2002 Company-obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of the Company Minority interests Stockholders equity Capital stock Common Stock, par value $ 0. 01 per share (1,837 million shares issued) Class B Stock, par value $ 0. 01 per share ( 71 million shares issued) Capital in excess of par value of stock Accumulated other comprehensive income/ (loss) Treasury stock Earnings rreatained for use in business

Total stockholders equity Total liabilities and stockholders equity 5,670 589 0 2 18 1 5,432 -4 756 4,756 -1,903 9,398 8,190 $314,912 18 1 5,420 -6 531 6,531 -1,977 8,659 5,590 $295,222 0 0 2 -2 2 -1 3 3 100 0 0 2 -2 2 -1 3 2 100 20

Ford Motor Company and Subsidiaries, Consolidated Balance Sheet (in Million) September 30, December 31, September 30, December 31, 2003 (unaudited) 2002 2003 (unaudited) 2002 ASSETS Cash and Cash equivalents Marketable securities Loaned securities Receivables, net Finance receivable, net Fi i bl t Net investment in operating leases Retained interest in sold receivables Inventories

Equity in net assets of affiliated companies Net property Deferred income taxes Goodwill Other intangible assets Assets of discontinued/held-for-sale operations Other assets Total automotive assets $27,887 13,549 6,942 2,755 109,173 109 173 33,761 10,203 10,085 2,877 42,077 14,397 5,975 1,078 29,569 $310,328 $ $12,250 18,271 2,065 97,030 97 030 40,055 17,618 6,980 3,569 37,935 15,213 5,557 1,060 2,504 29,250 $289,357 $ 9 4 2 1 35 11 3 3 1 14 5 2 0 0 10 100 4 6 1 34 14 6 2 1 13 5 2 0 1 10 100 21

Ford Motor Company and Subsidiaries, Consolidated Balance Sheet (in Million) September 30, December 31, September 30, December 31, 2003 (unaudited) 2002 2003 (unaudited) 2002 LIABILITIES AND STOCKHOLDERS EQUITY Payables Accrued liabilities Debt Other liabilities and deferred income Deferred income taxes Liabilities of discontinued/held-for-sale operations Total liabilities Minority interests Company-obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of the Company Stockholders equity Capital stock Common Stock, par value $ 0. 01 per share ( 1,837 million shares issued) Class B Stock, par value $ 0.

01 per share (71 million shares issued) Capital in excess of par value of stock Accumulated other comprehensive income / (loss) Treasury stock Earnings retained for use in business Total stockholders equity Total liabilities and stockholders equity $20,742 29,113 180,236 56,922 14,512 24 301,549 589 $18,981 25,088 162,222 56,276 14,561 969 278,097 7 9 58 18 5 0 97 0 7 9 56 19 5 0 96 5,670 0 2 18 1 5,432 -4,756 -1,903 9,398 8,190 $310,328 18 1 5,420 -6,531 -1,977 8,659 5,590 $289,357 0 0 2 -2 -1 3 3 100 0 0 2 -2 -1 3 2 100 22

Ford Motor Company and Subsidiaries Condensed Subsidiaries, Sector Statement of Cash Flows for the Periods Ended Sept. 30, 2003 and 2002 (in Millions) Nine Months 2003 Nine Months 2002 (unaudited) (unaudited) Financial Financial Automotive Services Automotive Services $5,180 $7,070 $4,064 $3,133 4,875 1,516 6,391 13,318 -166 13,152 10,877 -4,698 6,179 11,457 -53 11,404

Cash and cash equivalents at january 1 Cash Flows from operating activities before securities trading Net sales/ (purchases) of trading securities Net cash flows from operating activities Cash flows from investing activities Capital expenditures Acquisitions of receivables and lease investments Collections of receivables and lease investments Net acquisitions of daily rental vehicles Purchases of securities Sales and maturities of securities Proceeds from salesof receivables and lease investments

Proceeds from sales of businesses Repayment of debt from discontinued operations Net investing activity with Financial Services Cash paid for acquisitions Cash recognized on consolidation of joint ventures Other Net cash (used in) /provided by investing activities -5,568 -7,356 4,136 77 2,975 256 696 -4,784 -4 784 -271 -42,305 33,921 -1,487 -490 589 15,781 15 781 204 1,421 -4,632 -1,460 1,232 -452 -60,461 38,204 -1,658 -423 390 28,237 28 237 409 -22 20 7,383 7 383 -72 -4,545 -4 545 690 4,527 4 527 23 Ford Motor Company and Subsidiaries Condensed Subsidiaries, Sector Statement of Cash Flows for the Periods Ended Sept.

30, 2003 and 2002 (in Millions) Nine Months 2003 Nine Months 2002 Financial Financial Automotive Services Automotive Services Cash flows f C h fl from fi financing activities i ti iti Cash dividends Net sales/ (purchases) of Common Stock Proceeds from mandaorily redeemable convertible preferred securities Changes in short-term debt g Proceeds from issuance of other debt Principal payments on other debt Net financing activity with Automotive Other Net cash (used in)/ provided by financing activities

Effect of exchange rate changes on cash Net transactions with Automotive/Financial Services Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at September 30 -549 -43 -555 196 -179 883 -689 -6 -583 188 425 1,637 $6,817 3,405 , 16,338 -23,173 -2,975 9 -6,396 286 -425 14,000 $21,070 -123 281 -736 -20 3,943 -14 -966 4,597 $8,661 -13,332 , 13,991 -13,193 -409 60 -12,883 207 966 4,221 $7,354 24 Ford Motor Company and Subsidiaries, Condensed Subsidiaries Consolidated Statement of Cash Flows for the Periods Ended Sept 30, 2003 and 2002 (in Millions) Nine Months 2003 2002 (unaudited) (unaudited) $12,250 $12 250 $7,197 $7 197 18,193 1,350 19,543 22,334 -4,751 17,583

Cash and cash equivalents at January 1 Cash flows from operating activities before securities trading Net sales/ (purchases) of trading securities Net cash flows from operating activities Cash flows from investing activities Capital expenditures Acquisitions of receivables and lease investments Collections of receivables and lease investments Net acquisitions of daily rental vehicles Purchases of securities Sales and maturities of securities

Proceeds from sales of receivables and lease investments Proceeds from sale of businesses Repayment of debt from discontinued operations Cash paid for acquisitions Cash recognized on consolidation of joint ventures Other Net cash (used in)/provided by investing activities -5,839 -42,305 33,921 -1,487 -7,846 4,725 4 725 15,781 281 1,421 256 716 -376 -5,084 -60,461 38,204 -1,658 -1,883 1,622 1 622 28,237 -22 618 -427 25

Ford Motor Company and Subsidiaries, Condensed Subsidiaries Consolidated Statement of Cash Flows for the Periods Ended Sept 30, 2003 and 2002 (in Millions) Nine Months 2003 2002 (unaudited) (unaudited) Cash flows from financing activities Cash dividends Net sales/(purchases) of Common Stock Proceeds from mandatorily redeemable convertible preferred securities Changes in short-term debt Proceeds from issuance of other debt y Principal payments on other debt Other Net cash (used in)/ provided by financing activities

Effect of exchange rate changes on cash Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at September 30 -549 -43 -555 196 4,900 -13,455 14,272 -13,929 40 -8,531 193 8,818 $16,015 3,226 17,221 -23,862 3 -4,004 474 15,637 $27,887 26

Results by Business Sector for the First Nine Months of 2003 and 2002 (in Millions) First Nine Months Net Income/(Loss) 2003 Over/(Under) a 2003 2002 2002 Income/ (loss) before income taxes Automotive sector Financial Services sector Total company Provision for/(benefit from) income taxes Minority interests in net income / (loss) of subsidiaries Income/ (loss) from continuing operations Income / (loss) from discontinued/held-for-sale operation Loss on disposal of discontinued/held-for-sale operations discontinued/held for sale

Cumulative effect of change in accounting principle Net income /(loss) a $53 2,425 2,478 672 245 1,561 -4 -5 5 -264 $1,288 ($585) 1,515 930 350 285 295 -48 -95 95 -1,002 ($850) $638 910 1,548 322 -40 1,266 44 90 738 $2,138 Certain amounts were reclassified to conform to current period presentation consistent with the presentation in our 10-K Report. Reclassifications include profits and losses related to discontinued and held-for-sale operations. 27

First Nine Months Automotive Sector Results Before Income Taxes (in Millions) First Nine Months Net Income/(Loss) Before Income Taxes 2003 Over/(Under) a 2003 2002 2002 $1,565 $1,977 ($412) -1,226 -126 -53 56 91 -1,258 -254 $ $53 -532 -526 -141 -352 -3 -1,554 -1,008 ($ ($585) ) -694 400 88 408 94 296 754 $ $638 North America Automotive segment International Automotive segment Ford Europe Ford South America Ford Asia Pacific Premier Automotive Group Other International Total International Automotive segment Other Automotive Total Automotive sector 28 First Nine Months Financial Services Sector Income / (Loss) Before Income Taxes for 2003 and 2002 (in Millions) Ford Credit Hertiz a Other Financial Services Total Financial Services sector

First Nine Months Income/(Loss) Before Income Before Income Taxes 2003 Over/(Under) 2003 2002 2002 $2,197 $1,375 $822 184 173 11 44 -33 77 $2,425 $1,515 $910 a Includes amortization expense related to intangibles recognized upon consolidation of Hertz 29 Credit Losses and Loss to Receivables ratios for the Loss-to-Receivables First Nine Months of 2003 and 2002 (in Millions Except for Ratios) 2003 Credit losses On-balance sheet g Managed Loss-to-receivables ratio On-balance sheet (including credit losses associated with reacquired receivables)a a First Nine Months 2003 Over/(Under) 2002 2002 $1,723 2,025 1. 65% $313 19 0. 17ppts $2,425 2,006 1. 48% 1. 54% 1. 65% 0. 11 ppts

We believe that the use of the on-balance sheet loss-to-receivables ratio that includes the credit losses on reacquired receivables is useful to our investors because it provides a more complete presentation ofour on-balance sheet credit loss performance 30 Pre-Tax Impact of Sales Receivables Through Off-Balance Sheet Securitization First Nine Months 2003 Net gain on sales of receivables Servicing fees Interest income from retained securities Excess spread and other Total revenue related to receivables sales Reduction in financing margins from current-period seuritizations a Reduction in financing margin from prior-period securtiztiona Pre-tax Pre ta impact of recei ables sales receivables $329 528 545 737 2,139 2 139 -457 1,988 ($306) 2002 $289 514 449 500 1,752 1 752 -547 1,568 ($363)

Calculated on a basis using a borrowing cost equal to the actual financing rate paid to securitization investors, which was significantly lower than Ford Credit’s average borrowing cost for unsecurred debt for the periods presented. If calculated on a ba a 31 Liquidity and Capital Resources 2003 September 30 January

1 Cash and Cash equivalents Marketable securities Loaned securities a Total cash, Marketable securities and loaned securities VEBA assets Gross cash $6. 8 12. 2 7. 00 26 0. 9 $26. 9 $5. 2 17. 4 22. 6 2. 7 $25. 3 2002 September 30 $8. 7 16. 1 24. 8 0. 9 $25. 7 January 1 $4. 1 10. 9 15 2. 7 $17. 7 a As part of our investment strategy, we engage in securities lending to improve the income received from our cash portfolios. See Note 4 of the Notes to Financial Statements for additional discussion on securities lending. (Not reproduced) 32 Operating Cash Flows

Gross cash at end of period Gross cash at beginning of period Total change in gross cash Operating-ralated cash flows Automotive income/ (loss) before income taxes Capital expenditures Depreciation and special tools amortization Changes in receivables, inventory and trade payables Pension plan contributions Capital transactions with Financial Services sectora Other Total operating-related cash flows before tax refunds Tax refunds Total operating-related cash flows Divestitures and asset sales Acquisitions and capital contributions A i ii d i l ib i Total acquisitions and divestitures Financing-related cash flows Dividends paid to shareholders Convertible preferred securities Changes in total Automotive sector debt Other Total fi T t l financing-ralated cash fl i l t d h flows Cash from FIN 46 consolidations b Total change in gross cash Third Quarter 2003 2002 $26. 90 $25. 70 28. 7 24. 9 ($1. 8) $ $0. 8 $ ($0. 6) -2. 2 1. 3 -0. 9 -0. 2 1. 2 -1. 0 -2. 4 0. 6 -1. 8 0. 1 0. 1 -0. 2 -0. 1 -0. 1 -0. 4 04 0. 3 ($1. 8) ($0. 6) -1. 7 1. 2 -0. 6 -0. 1 0. 4 0. 5 -0. 9 1. 8 0. 9 0. 1 0. 1 -0. 2 -0. 1 0. 1 -0. 2 02 $0. 8 First Nine Months 2003 2002 $26. 90 $25. 70 25. 3 17.

7 $1. 6 $ $8. 0 $ ($0. 1) -5. 6 4 -1. 4 -1. 7 2. 8 1. 7 -0. 1 1. 4 1. 3 0. 5 0. 5 -0. 5 0. 1 -0. 1 -0. 5 05 0. 3 $1. 6 ($0. 6) -4. 6 3. 7 -0. 4 -0. 4 -0. 3 3. 2 0. 6 2. 6 3. 2 0. 5 -0. 1 01 0. 4 -0. 6 4. 9 -0. 1 0. 2 4. 4 44 $8. 0 33 a b Reflects operating-related cash flows (I. e. dividends, capital contributions, loans, and loan repayments). See “Adoption of New Accounting Standard” below. Reconciliation Between Financial Statement Cash Flows from Operating Activities before Securities Trading and Operating-Related Cash Flows Third Quarterrst Nin 2003 2002 2003 Cash flows from operating activities before securities tradinga ($0. 9) $2. 8 $4.

9 Item included in operating-related cash flow Capital transactions with Financial Services sector 1. 2 0. 4 2. 8 Capital expenditures -2. 2 -1. 7 -5. 6 Net transactions between Automotive and Financial 0. 7 0. 4 Services sectors b Other, Other primarily exclusion of cash in flows from VEBA in-flows draw-down -0. 6 -0. 6 -1. 2 Total reconciling items -0. 9 -1. 9 -3. 6 Operating-related cash flows ($1. 8) $0. 9 $1. 3 34 Calculation of Ford Credit’s Financial Statement Leverage (in Billions Except for Ratios) September 30, September 30, 2003 2002 Total debt Total stockholders equity Debt-to-equity ratio (to 1) $149. 60 12. 5 12 $140. 30 13. 7 10.

3 December 31 2002 $140. 30 13. 6 10. 3 35 Calculation of Ford Credit’s Managed Leverage (in Billions Except for Ratios) September 30, September 30, 2003 2002 Total debt Securitized off-balance sheet receivables outstanding Retained interest i securitized off-balance sheet receivables R t i di t t in iti d ff b l h t i bl Adjustments for cash and cash equivalents Adjustments for SFAS No. 133 Adjusted debt Total stockholders equity (including minority interest) Adjustment f SFAS No. 133 Adj t t for N Adjusted equity Managed debt-to-equity ratio (to 1) $149. 6 48. 8 -10. 2 10 2 -20. 3 -5. 4 $162. 5 $12. 50 0. 3 03 $12. 8 12. 7 $140. 3 65. 8 -9.

7 97 -7. 1 -6. 0 $183. 3 $13. 70 0. 5 05 $14. 2 12. 9 December 31 2002 $140. 3 71. 4 -17. 6 17 6 -6. 8 -6. 2 $181. 1 $13. 60 0. 5 05 $14. 1 12. 8 36 Vehicle U it P d ti i F V hi l Unit Production in Fourth th Quarter of 2003 Unit P d ti U it Production Fourth Quarter 2003 Project Fourth Over/ (Under) Quarter 2003 Fourth Quarter 2002 920,000 -31,000 430,000 430 000 -20 000 20,000 195,000 25,000 Business Unit Ford North America Ford Europe PAG 37 Ford Motors Company and Subsidiaries Calculation Subsidiaries, of Ratios of Earnings to Combined Fixed Charges Dividends (in Millions) Nine Months 2003 For the Years Ended December 31 2001 2000 1999 1998 2002

Earnings Income before income taxes and cumulative effect of changes in accounting principles a $2,478 $2 478 $953 ($7,422) $8,299 ($7 422) $8 299 $9,857 $9 857 $24,257 $24 257 Equity in net (income)/loss of affiliates included in income before taxes -126 137 550 50 3 29 Adjusted fixed charges b 6,272 9,642 11,218 11,264 9,328 9,130 Earnings $8,624 $10,732 $4,346 $19,613 $19,188 $33,416 Combined Fixed Charges and Preferred Stock Dividends Interest expensec $5,757 $8,871 $10,862 $10,892 $9,017 $8,834 Interest portion on rental expensed 288 371 322 297 251 218 Preferred stock divident requirements of majority owned subsidiaries and trusts 190 353 55 55 55 55 Fixed h Fi d charges 6,235 6 235 9,595 9 595 11,239 11 239 11,244 11 244 9,323 9 323 9,107 9 107

Ford Preferred Stock dividend requirements e 22 22 22 22 121 Total combined fixed charges and preferred stock dividends $6,235 $9,617 $11,261 $11,266 $9,345 $9,228 Ratios Ratio of earnings to fixed charges 1. 4 1. 1 f 1. 7 2. 1 3. 79 Ratio of earnings to combined fixed charges and preferred stock dividends 1. 4 1. 1 f 1. 7 2. 1 3. 69 Discontinued operations are excluded from all amounts a Income before taxes includes equity income from uncosolidated subsidiaries.

b Fixed charges, as shown above, adjusted to exclude the amount of interest capitalized during the period and preferred stock dividend requirements of majority owned subsidiaries and trusts and dividends from unconsolidated subsidiaries. c Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness. d One-third of all rental expense is deemed to be interest. e Preferred stock dividend requirements of Ford Motor Company were increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford Motor Company’s effective income tax rates. f

Earnings for the year ended December 31, 2001 were inadequate to cover fixed charges. The coverage deficiency was $6. 7 billion for ratio of earnings to fixed charges and $6 8 billion for ratio of earnings to combined fixed charges and preferred stock div $6. 8 g Earnings used in calculation of this ratio include the $15,955 million gain on the spin-off of The Associates Excluding this gai