CONSOLIDATED STATEMENT OF CASH FLOWS Ford Motor Company and Subsidiaries  For the Years Ended December 31, 2004, 2003 and 2002  (in millions) We have revised the presentation of our 2003 and 2002 Consolidated Statement of Cash Flows to conform to our 2004  presentation. (See Note 1 of the Notes to the Financial Statements) The accompanying notes are part of the financial statements. 2004 2003 2002 Cash and cash equivalents at January 1 $ 23,208 $  13,314 $  8,437 Cash flows from operating activities before securities trading 18,822 15,126 18,128 Net sales/(purchases) of trading securities 5,692 2,154 (6,389) Net cash flows from operating activities 24,514 17,280 11,739 Cash flows from investing activities Capital expenditures (6,745) (7,736) (7,263) Acquisitions of retail and other finance receivables and operating leases (62,852) (59,503) (71,050) Collections of retail and other finance receivables and  operating leases 50,670 44,476 47,260 Net acquisitions of daily rental vehicles (2,492) (1,505) (1,846) Purchases of securities (8,470) (10,074) (4,055) Sales and maturities of securities 8,414 9,382 3,924 Proceeds from sales of retail and other finance receivables and operating leases 6,481 18,401 35,321 Proceeds from sale of businesses 537 1,702 257 Cash paid for acquisitions (30) - (289) Cash recognized on initial consolidation of joint ventures - 256 - Other (364) 1,599 893 Net cash (used in)/provided by investing activities (14,851) (3,002) 3,152 Cash flows from financing activities Cash dividends (733) (733) (743) Net sales/(purchases) of Common Stock (151) 9 287 Proceeds from mandatorily redeemable  convertible preferred securities - - 4,900 Preferred Stock – Series B redemption (177) Changes in short-term debt 4,937 1,305 5,706 Proceeds from issuance of other debt 22,223 23,086 15,842 Principal payments on other debt (36,021) (28,780) (16,619) Other (120) (82) (19,583) Net cash (used in)/provided by financing activities (9,865) (5,195) (10,387) Effect of exchange rate changes on cash 505 811 373 Net increase/(decrease) in cash and cash equivalents 303 9,894 4,877 Cash and cash equivalents at December 31 $ 23,511 $  23,208 $  13,314 5 9