<SEC-DOCUMENT>0001214659-24-005826.txt : 20240402
<SEC-HEADER>0001214659-24-005826.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240402122504
ACCESSION NUMBER:		0001214659-24-005826
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240402
DATE AS OF CHANGE:		20240402
EFFECTIVENESS DATE:		20240402

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORD MOTOR CO
		CENTRAL INDEX KEY:			0000037996
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				380549190
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03950
		FILM NUMBER:		24812945

	BUSINESS ADDRESS:	
		STREET 1:		ONE AMERICAN ROAD
		CITY:			DEARBORN
		STATE:			MI
		ZIP:			48126
		BUSINESS PHONE:		3133223000

	MAIL ADDRESS:	
		STREET 1:		ONE AMERICAN RD
		CITY:			DEARBORN
		STATE:			MI
		ZIP:			48126

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Green Century Capital Management, Inc.
		CENTRAL INDEX KEY:			0001491252
		ORGANIZATION NAME:           	
		IRS NUMBER:				043126146
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Ford Motor Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Capital Management, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Written materials are submitted pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms
of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal No. 7 on Ford Motor Company's
2024 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Supply Chain Traceability and Transparency Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ford Motor Company Symbol: F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Capital Management, Inc.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Green Century Capital Management, Inc. seeks your support for the proposal
filed at Ford Motor Company (hereby referred to as &#8220;Ford&#8221; or the &#8220;Company&#8221;) on behalf of Ford stockholder, Mr.
Zane Behnke (collectively, the &#8220;Proponent&#8221;), in the 2024 proxy statement. The proposal asks the Company to: a) report on elements
of Company&#8217;s supply chain associated with heavy emissions and/or environmental degradation, b) provide enhanced disclosure on deforestation
risk associated with the leather, rubber, and minerals it sources, and c) join initiatives aimed at increasing the supply of primary (i.e.
without recycled content) low-carbon steel and aluminum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proponent believes providing additional information will enhance
investor understanding of where greenhouse gas (GHG) emissions reside in Ford&#8217;s supply chain, illuminate how purchasing forest-linked
commodities may contribute to the Company&#8217;s deforestation risk and what the Company is doing to mitigate those risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By actively participating in initiatives focused on expanding availability
of low-carbon primary metals, i.e. steel and aluminum, Ford would demonstrate to investors that it takes seriously its responsibility
to meet its existing targets and accelerate development of low-carbon steel and aluminum production and availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESOLVED</B>: Proponents request that Ford issue a report on its
aluminum, steel, mineral, rubber, and leather supply chains, disclosing how it can enhance supply chain traceability and transparency
regarding deforestation risk and GHG emissions and increase procurement targets for sustainable materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPORTING STATEMENT: </B>Shareholders recommend that the report
be prepared at reasonable cost and omitting proprietary information, and, at board and management discretion, consider:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Disaggregating sourcing information for Ford&#8217;s full supply chains,
e.g., mines, processors, smelters, refineries, manufacturers, farms, and tanneries.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Enhancing disclosure on mineral/ore, rubber, and leather suppliers, deforestation
risk associated with these materials, and risk mitigation measures.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Addressing the pros and cons of rejoining GPSNR and participating in global
value chain emissions reduction initiatives such as ResponsibleSteel, SteelZero, and the Aluminum Stewardship Initiative.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATIONALE FOR A &#8220;YES&#8221; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Supply Chain Risk &#8211; </B>Auto manufacturers are highly sensitive to supply chain disruptions as evidenced by recent microchip
shortages that stalled manufacturing.<SUP>1,2,3</SUP> Ford has a target to purchase low-carbon primary steel and aluminum for 10% of its total primary steel and aluminum purchase by
2030. However, low-carbon (also known low-emissions or net-zero emissions) steel and aluminum are extremely limited. Therefore, the proposal
urges Ford to join organizations that are actively working to develop low-carbon steel and aluminum production, such as ResponsibleSteel,
SteelZero, the RMI Sustainable Steel Buyers Platform, and the Aluminum Stewardship Initiative, to help ensure future supply.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Deforestation Risk</B> &#8211; Deforestation has been associated with cattle raising,<SUP>4,5</SUP>
rubber farms,<SUP>6</SUP> and surface mining of minerals<SUP>7,8,9</SUP>
and is one of the main drivers of climate change and biodiversity loss. The Accountability Framework initiative, a collective effort of
organizations dedicated to protecting forests, calls for companies to eliminate deforestation and ecosystem conversion from their supply
chains by 2025.<SUP>10</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Reputational Risk</B> - Ford could unfavorably compare to other auto manufacturers who are progressing more quickly to address
deforestation linked materials used in their vehicles. This may invite negative media attention and publicity from NGO campaigns seeking
protections of forests and biodiversity more broadly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Capital Management, Inc. is not able to vote your
proxies, nor does this communication contemplate such an event. Green Century Capital Management, Inc. urges shareholders to vote for
Shareholder Proposal No. 7 following the instruction provided on the management&#8217;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>EXECUTIVE SUMMARY</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Road to Better is Ford&#8217;s slogan describing its commitment
to building a more sustainable, inclusive and equitable transportation future.<SUP>11</SUP>
In many respects, Ford is already traveling down this road. The Company has established a target to achieve carbon neutrality by 2050
target, achieved zero waste going to landfills at 74% of its manufacturing plants, and started mass production of its clean and efficient
electric vehicles (EVs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite taking meaningful sustainability-focused action, Ford is not
addressing key material risks arising from potential supply chain constraints and degradation of natural resources within its supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.jabil.com/blog/automotive-supply-chain.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.ihcus.com/navigating-the-roadblocks-supply-chain-challenges-in-the-automotive-industry/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.bloomberg.com/news/articles/2023-09-08/us-automobile-industry-faces-high-sourcing-risk-fed-study-finds?sref=Brs3FVmA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.nytimes.com/2021/11/17/climate/leather-seats-cars-rainforest.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.wri.org/insights/just-7-commodities-replaced-area-forest-twice-size-germany-between-2001-and-2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.sciencedirect.com/science/article/pii/S096098222031006X</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://en.tempo.co/read/1827220/nickel-downstream-leads-to-uncontrollable-deforestation-in-north-maluku-environmental-groups-report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.wsj.com/articles/electric-vehicles-batteries-nickel-pickle-indonesia-9152b1f</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.ft.com/content/cd1fd7f3-b3ea-4603-8024-db75ec6e1843</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://accountability-framework.org/news-events/news/the-afi-recommends-a-target-date-of-2025-or-sooner-to-eliminate-deforestation-and-conversion-in-supply-chains/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://corporate.ford.com/social-impact/sustainability.html</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has a target to procure 10% of its primary steel and aluminum
purchases as low-carbon by 2030. However, supply of low-carbon primary steel and aluminum is very limited, and rapid, near-term action
is needed spur investment in and construction of steel and aluminum plants that are modern, efficient, and powered by clean energy. Although
Ford has entered into Memoranda of Understanding (MOUs) with three primary steel suppliers, none is based in North America.<SUP>12</SUP>
To build out the domestic steel and aluminum markets, Ford could join initiatives like ResponsibleSteel, SteelZero, the RMI Sustainable
Steel Buyers Platform, and the Aluminum Stewardship Initiative, that are working to facilitate the steel and aluminum industries&#8217;
transition to low-carbon energy sources and manufacturing processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ford purchases leather, rubber, and minerals for its car seats, tires,
and auto parts which may contribute to deforestation and land clearing in ecologically sensitive regions. Deforestation is now one of
the leading drivers of both climate change and biodiversity loss and accounts for roughly 12% of global anthropogenic emissions according
to the Intergovernmental Panel on Climate Change (IPCC).<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yet Ford does not currently disclose where its forest-linked raw materials
are sourced from or whether it has made efforts to mitigate existing or potential deforestation risk. As a result, the Company exposes
itself to reputational risk. In the past, protesters have targeted banks and food companies because of their association with deforestation
linked to cattle raising in Brazil.<SUP>14,15</SUP>
Further, NGOs have published reports indicating that automakers, including Ford, are at significant risk of contributing to illegal deforestation
in the Amazon and linking vehicle tires to deforestation due to the growth of rubber plantations in Southeast Asia.<SUP>16,17,18,19</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proponents believe Ford has the responsibility to its investors
and stakeholders to develop, disclose, and implement plans to limit negative impacts of the materials it sources and increase its access
to low-carbon inputs such as steel and aluminum. Adoption of the measures outlined in the proposal will help assure investors that Ford
has a comprehensive plan to address these risks and protect long-term shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B>SUPPLY CHAIN RISK </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Through the First Movers Coalition, Ford made a commitment to purchase
10% of its primary steel and aluminum orders low-carbon by 2030. However, if Ford is to continue sourcing low-carbon primary metals beyond
its 2030 target, or if it expands its targets, it will likely face constrained supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Primary aluminum production in the United States is virtually non-existent,
and by extension, so is low-carbon primary aluminum. EV design incorporates more aluminum than the standard internal combustion engine
equivalent in order to make the vehicles lighter and more efficient. Due to its light weight and thermal properties, aluminum is used
for battery enclosures and is incorporated in the bodies of EVs.<SUP>20</SUP>
North American aluminum consumption by automakers is expected to grow by 24% by 2030 over 2020 levels for light-duty vehicles.<SUP>21</SUP>
Thus, supply needs to ratchet up. Steel supply is similarly constrained and not a single ton of primary low emissions steel is currently
produced in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://media.ford.com/content/fordmedia/feu/gb/en/news/2022/10/25/ford-takes-next-steps-towards-carbon-neutrality-in-europe-by-203.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.tsijournals.com/abstract/deforestation-causing-global-warming-and-climate-change-11492.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://apnews.com/article/climate-politics-brazil-paris-business-48aa9d7e9b72aca03d48fda493f3c1a6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://forestsandfinance.org/news/bank-of-montreals-links-to-massive-illegal-amazon-deforestation-condemned-by-indigenous-leaders-during-biodiversity-summit-2/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://us.eia.org/wp-content/uploads/2022/12/EIA_US_Brazil_Leather_report_1022_US_Format_FINAL_EDITS_09-02-23.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://dv719tqmsuwvb.cloudfront.net/documents/Annet/Leather_Benchmark_Report_Updated_12Dec22.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://ign.ku.dk/english/news/archive/2019/your-car-tires-are-clearing-the-rainforest-in-cambodia/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.independent.co.uk/climate-change/opinion/cars-tyres-orangutans-extinction-b1806366.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://evreporter.com/the-role-of-aluminium-in-the-ev-industry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.statista.com/statistics/496185/pounds-of-aluminum-per-car-in-north-america/</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Ford has entered into MOUs with three European primary steel
suppliers, the Company could benefit by joining initiatives like ResponsibleSteel, SteelZero, the RMI Sustainable Steel Buyers Platform,
and the Aluminum Stewardship Initiative that are working to help the steel and aluminum industries transition to low-carbon energy sources
and manufacturing processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In March 2024, the U.S. Department of Energy (DOE) announced up to
$500M in funding to U.S.-based Century Aluminum to build a smelter that would avoid an estimated 75% of emissions in producing primary
aluminum compared to traditional smelters. Similarly, the DOE awarded U.S. steel manufacturer, Cleveland-Cliffs, up to $500M to build
a hydrogen-ready flexible fuel Direct Reduction Iron plant, which could eliminate thousands of tons of GHG emissions when fully operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With this development, it would be strategic for Ford to consider MOUs
with each of these domestic manufacturers - not only to support expansion of low-carbon production, but to secure primary metals sources
to meet its targets and any supplies needed beyond 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, multistakeholder initiatives are still important, and Ford
competitors are actively participating in them. ResponsibleSteel has spearheaded development of a global multistakeholder sustainability
and certification standard that allows steel plants to be certified as low emissions. Its members include Ford competitors Mercedes-Benz
and Volvo. Members of SteelZero, including Volvo, commit to procuring or specifying 100% net-zero steel by 2050, or earlier. RMI&#8217;s
Sustainable Steel Buyer&#8217;s Platform aggregates demand for low-carbon steel which helps producers secure orders that are big enough
to contemplate equipment and infrastructure investments that will reduce manufacturing emissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similar to ResponsibleSteel, the Aluminum Stewardship Initiative (ASI)
is a global standard setting and certification organization that works with aluminum producers and users to promote responsible production
and environmental stewardship. The ASI standard requires that entities create plans to ensure a GHG emissions reduction pathway consistent
with a 1.5&deg;C warming scenario. Both BMW and Mercedes-Benz are members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By helping to revitalize US primary aluminum and steel production,
Ford could not only cut supply chain emissions associated with those materials, it could also secure additional domestic supply and contribute
to deployment of the wind, green hydrogen, and other renewable fuels needed to green those industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>DEFORESTATION RISK </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B050">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deforestation is one of the leading drivers of both climate change
and biodiversity loss, and according to the IPCC, accounts for roughly 12% of the world&#8217;s anthropogenic emissions.<SUP>22</SUP>
The leather, rubber, and minerals that Ford sources for its car seats, tires, and auto parts may be associated with deforestation and
land clearing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.tsijournals.com/abstract/deforestation-causing-global-warming-and-climate-change-11492.html</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Leather</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clearing forests for cattle raising is a leading cause of deforestation
in Brazil, a country considered a major source of leather for U.S. auto manufacturers.<SUP>23</SUP>
In 2022, two NGOs assessed the ambitions of 15 car seat and car manufacturers (including Ford) for a deforestation-free leather supply
chain.<SUP>24</SUP> They concluded in their report that
even foundational elements, such as holistic disclosure practices, were poor for every company.<SUP>25</SUP>
Additionally, no company (including Ford) published information on whether they had blocked suppliers or the percentage of leather suppliers
or procurement that was deforestation-free.<SUP>26</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2022, Ford has not improved its disclosure practices, including
what percent of its leather supply chain it can trace back to cattle birth farms. Ford has also failed to provide data on its deforestation
risk exposure in Brazil and other high-risk regions. Additionally, the Company has not committed to purchasing deforestation-free leather
products or transitioning to non-leather materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Rubber</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The automotive and tire industry is the biggest consumer of natural
rubber, and rubber tree cultivation is a leading driver of deforestation in Southeast Asia and West Africa.<SUP>27</SUP>
Ford had been a founding member of the Global Platform for Sustainable Natural Rubber (GPSNR), an industry backed initiative organized
to improve the traceability of latex and rubber products back to farmers with the goal of supporting sustainable cultivation and socio-economic
welfare. However, Ford quit the organization and has not since disclosed efforts to fully trace its rubber supply chain, disclose latex-related
deforestation risk, or press for deforestation-free rubber.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Minerals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deforestation that results from surface mining, a process by which
forests, vegetation, and topsoil are scraped away leaving bare soil, is an emerging concern. The technique is used to access subsurface
mineral deposits, such as bauxite (the precursor to aluminum), nickel and cobalt. These minerals feature heavily in the manufacturing
of EVs. For example, nickel and cobalt are critical components needed to achieve high-performing EV batteries, and aluminum is incorporated
into the casings for EV batteries and into EV frames in order to reduce total vehicle weight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Global demand for nickel and cobalt is expected to grow by 44%<SUP>28</SUP>
and 94%<SUP>29</SUP> by 2030 over 2022 levels, and appropriately,
Ford has taken measures to secure the processing capacity it needs in order to support manufacturing EV batteries. In 2023, the Company
invested $4.5 billion in an Indonesian nickel processing facility with one of the world&#8217;s largest mining companies as well as a
Chinese refiner of nickel and cobalt.<SUP>30</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.nytimes.com/2021/11/17/climate/leather-seats-cars-rainforest.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://dv719tqmsuwvb.cloudfront.net/documents/Annet/Leather_Benchmark_Report_Updated_12Dec22.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.mightyearth.org/rubber/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.reuters.com/markets/commodities/vale-sees-44-increase-global-nickel-demand-by-2030-2022-09-07/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.statista.com/statistics/1425427/global-cobalt-demand-forecast-by-end-use/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.wsj.com/articles/ford-invests-in-4-5-billion-indonesia-facility-to-secure-nickel-for-ev-batteries-aab373a3?mod=article_inline</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indonesia
is particularly vulnerable to deforestation linked to nickel and cobalt mining. The country is home to unique flora and fauna, and its
nickel reserves sit underneath rainforests that are situated close to pristine waters and species-rich corals<SUP>31, 32</SUP> <I>Bloomberg </I>reports that in the
last two decades, more than 50% of the tropical deforestation caused by industrial mining has taken place in Indonesia. <SUP>33,34,35</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The pace and scale of environmental damage resulting from nickel mining
is heightening investor concern. In March 2024, VBDO, Legal &amp; General Investment Management, and 29 additional investment firms controlling
$2.7 trillion in combined assets under management convened the Investor Initiative on Responsible Nickel Supply Chains and are calling
on companies to commit to deforestation-free nickel supply chains.<SUP>36</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Growing demand for aluminum creates additional deforestation risk.
Aluminum use in light-duty vehicles in North America is expected to grow by 24% by 2030 over 2020 levels.<SUP>37</SUP>
Human Rights Watch reported in 2021 that bauxite mining has been associated with resettlement of homes or villages, threats to communities&#8217;
access to housing and food, biodiversity loss, and water pollution.<SUP>38</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proponents applaud Ford&#8217;s decision requiring its suppliers
to secure important raw materials from processors that are certified through a third party such as the Responsible Minerals Initiative&#8217;s
Responsible Minerals Assurance Process. Similarly, the Company has just joined the Initiative for Responsible Mining Assurance to enhance
the environmental and social performance of mines in its supply chain. This shareholder proposal merely seeks enhanced disclosure to better
understand Ford&#8217;s deforestation risk from mineral sourcing and any mitigation measures that it or its suppliers are taking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its Supplier Code of Conduct, Ford writes that its suppliers are
required to &#8220;Disclose sub-tier and raw material supply chain actors and locations that provide material used in products to Ford,
such as conflict minerals, cobalt, mica, lithium, nickel, graphite, copper, aluminum, steel, rare earth elements, rubber, leather or any
other materials that Ford requests.&#8221;<SUP>39</SUP>
However, Ford has neither disclosed these supply chain actors or the locations from which it sources leather, rubber, or minerals, nor
has it set a goal of zero-forestation - legal or illegal - for any of the commodities it purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B>REPUTATIONAL RISK </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ford has set low-carbon steel and aluminum procurement targets and
acknowledged deforestation risk within its supply chain, but it has made minimal progress reducing supply chain emissions from steel and
aluminum production or on tracing, disclosing, and eliminating deforestation risk associated with its leather, rubber, and mineral supply
chains. As a result, Ford may unfavorably compare with companies who are progressing more quickly, damage its brand, and invite negative
publicity by NGO campaigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.iucn.nl/en/blog/nickel-mining-in-indonesia-economic-prosperity-and-ecological-disaster/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.ran.org/indonesia_s_rainforests_biodiversity_and_endangered_species</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.bloomberg.com/news/articles/2022-09-12/indonesia-s-lost-more-tropical-forest-to-mining-than-anywhere?sref=Brs3FVmA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.pnas.org/doi/10.1073/pnas.2118273119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.pnas.org/doi/10.1073/pnas.2118273119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.vbdo.nl/en/2024/03/more-investors-join-as-investor-initiative-on-responsible-nickel-supply-chains-has-kicked-off/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.statista.com/statistics/496185/pounds-of-aluminum-per-car-in-north-america/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.hrw.org/report/2021/07/22/aluminum-car-industrys-blind-spot/why-car-companies-should-address-human-rights#_ftn21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://corporate.ford.com/content/dam/corporate/us/en-us/documents/operations/governance-and-policies/Ford_SupplierCodeOfConduct_2023_FINAL_v3.pdf</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other automakers, such as Volvo and Mercedes-Benz, have taken steps
to improve the sustainability of their steel supply chains by participating in the steel plant certification standard, ResponsibleSteel.
Volvo has joined the SteelZero initiative and committed to buying 100% net-zero steel by 2050. Although Ford is working with several steel
manufacturers to obtain low-carbon primary steel, it does not participate in broader efforts such as RMI&#8217;s Sustainable Steel Buyer&#8217;s
Platform which aggregates demand for low-carbon steel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Failure to act swiftly to eliminate deforestation, for example within
its leather supply chain, exposes Ford to reputational risk. Tropical forest watchdog Rainforest Foundation Norway (RFN) recently assessed
the automotive industry&#8217;s policies, disclosure, and implementation efforts to prevent deforestation linked to cattle-raising in
Brazil. A key takeaway of the report is that &#8220;The automotive industry does not do enough to mitigate its deforestation risks. While
some companies have recently adopted zero-deforestation measures, all fall short of best practices.&#8221; Ford has no zero-deforestation
policy and only garners 20 of a possible 100 points on RFN&#8217;s benchmark for mitigating deforestation risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers may choose to buy vehicles from brands that represent leading
sustainability practices, and companies failing to adopt supply chain best practices may alienate customers. As the EV market develops,
customers may consider many brands for their purchases. Ford&#8217;s ability to market its overall sustainability, inclusive of the sustainability
of its supply chains, may attract customers for whom environmental stewardship is a factor in their purchasing decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 10pt"><B>IV.</B></TD><TD><B>CONCLUSION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, Ford addresses <I>some </I>of the risks associated with
the products it purchases. However, the Company is not thoroughly addressing risk arising from its supply chain, which is demonstrated
by its lack of disclosure about its primary steel and aluminum supplies, its deforestation exposure tied to the leather, rubber, and mineral
products it uses, and the lack of fulsome reporting on measures it&#8217;s taking, if any, to conserve and restore forest and natural
habitats. .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting in favor of the proposal will provide important input to the
board and management that Ford must accelerate its disclosure as well as implement measures to lessen its supply chain risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking Ford to develop
a feasible plan to establish procurement targets for sustainable materials within its supply chain and include annual disclosure of progress
toward attainment of such targets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Capital Management, Inc. is not able to vote your
proxies, nor does this communication contemplate such an event. Green Century Capital Management, Inc. urges shareholders to vote for
Shareholder Proposal No. 7 following the instruction provided on the management&#8217;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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