deere & company august/september presentation

John DeereCommitted to Those Linked to the Land

Investor Presentation

Deere & CompanyAugust/September 2014

| Deere & Company | August/September 2014

Safe Harbor Statement & Disclosures

This presentation includes forward-looking comments subject to important risks and uncertainties. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP).

Refer to Deere’s reports filed on Forms 8-K (current), 10-Q (quarterly), and 10-K (annual) for information on factors that could cause actual results to differ materially from information in this presentation and for information reconciling financial measures to GAAP.

Guidance noted in the following slides was effective as of the company’s most recent earnings release and conference call (13 August 2014). Nothing in this presentation should be construed as reaffirming or disaffirming such guidance.

This presentation is not an offer to sell or a solicitation of offers to buy any of Deere’s securities.

2

|

Table of Contents

Slide #John Deere Strategy 4

Foundational Success Factors 9

Global Markets and Opportunities 18

John Deere Financial Services 31

John Deere Power Systems 36

Market Fundamentals 41

Appendix 47

Deere & Company | August/September 20143

John Deere Strategy

|5 Deere & Company | August/September 2014

* SVA: Shareholder Value Added

*

*


* OROA: Operating Return on Operating Assets** SVA: Shareholder Value Added*** Excludes fiscal 2009 expenses related to goodwill impairment and voluntary employee-separation, for reconciliation to GAAP see “2009 OROA* Reconciliation to GAAP” slide in Appendix.

The John Deere StrategyFoundational Success Factors

Exceptional Operating Performance - Equipment Operations− 31.8% OROA* in 2013

12%

20%

28%

2001

2002

2003

200420052006

20072008

2009

2009, adjusted***

20102011 2012

2013

-5%

0%

5%

10%

15%

20%

25%

30%

35%

% of Normal Volume

80%Low

100%Normal

120%High

12% OROA (SVA** Neutral)

6


Exceptional Operating Performance - Equipment Operations− Higher Net Cash Flow, More Consistently


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

$ M

illio

ns

Sale of Trade Receivables to Credit

Adoption of SVA* Model

Roughly $8.0 billion in Pension/OPEB contributions, 2001-2013

7


|

-1,600

-1,200

-800

-400

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

3,600

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


SVA (

$ m

illio

ns)

* SVA: Shareholder Value AddedNote: For reconciliation of SVA to GAAP, please see “SVA* Reconciliation to GAAP” slide in Appendix

Disciplined SVA* Growth - Equipment Operations− SVA Journey, 1992 - 2013

8


Adoption of SVA Model

FoundationalSuccess Factors

Building on Core Strengths That Have Guided Our Success


Asset Management Dramatic Reduction in Asset Intensity

20%

25%

30%

35%

40%

45%

50%

55%

60%

20002001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*

Prior Year

Current Year

Trade Receivables and Net Sales

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Trade Receivables Net Sales

$ M

illio

ns1998 2013

• Avoided ~ $8.5 billion in working capital in 2013 vs. 1998• Receivable level in 2013 consistent with 1998, with almost 3x the sales

Quarterly Receivables & Inventory as a % of Previous 12 Months Sales

10

*Through 3rd quarter 2014


Productivity Improvement ~ 6% CAGR over 30 Years

• Deere’s net sales and revenues per employee have increased at a CAGR of ~ 6% over last 30 years

Net Sales and Revenues per Employee

$0

$100

$200

$300

$400

$500

$600

1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

$ Th

ousa

nds

11


Investment in New Products and Technologies

R&D as Percent of Net Sales

Source: Deere & Company and competitor SEC filings

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Deere R&D $ Deere % Competitor A % Competitor B % Competitor C %

12

|

Net Sales by Product CategoryEquipment Operations - Fiscal Year 2013


Agriculture & Turf – $29.1B Construction & Forestry – $5.9B

Construction

Forestry

Commercial Worksite Products

Other

Large Ag

Small Ag

Turf

Other

13


Deere Use-of-Cash Priorities

Manage the balance sheet, including liquidity, to support a rating that provides access to low-cost and readily available short- and long-term funding mechanisms Reflects the strategic nature of our financial services operation

Committed to “A” Rating

Cash from Operations

Fund Operating and Growth Needs

Common Stock Dividend

Share Repurchase

Fund value-creating investments in our businesses

Consistently and moderately raise dividend targeting a 25%-35% payout ratio of mid-cycle earnings

Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met and repurchase is viewed as value-enhancing

14


Share RepurchaseAs Part of Publicly Announced Plans

Cumulative cost of repurchases 2004-3Q2014: ~ $12.3 billionAmount remaining on December 2013 authorization of $8 billion: ~ $7.3 billion31 July 2014 period ended basic shares: ~ 358.4 million3Q2014 average diluted shares: ~ 365.1 millionShares repurchased 2004-3Q2014: ~ 197.2 millionAverage repurchase price 2004-3Q2014: $62.54

Actual Shares

Repurchased*(in millions)

Total Amount**(in billions)

2004 5.9 $0.2

2005 27.7 $0.9

2006 34.0 $1.3

2007 25.7 $1.5

2008 21.2 $1.7

2009 0.0 $0.0

2010 5.2 $0.4

2011 20.8 $1.7

2012 20.2 $1.6

2013 18.2 $1.5

2014 YTD 18.4 $1.6

* All shares adjusted for two-for-one stock split effective 26 November 2007** Rounded totals for each period – sum may not tie to cumulative cost of repurchases 2004-3Q2014


Deere Quarterly Dividends Declared* Q1 2003 – Q3 2014

* Adjusted for 2 for 1 stock split on 26 November 2007** See slide 5 for John Deere Strategy

16

$0.11$0.14

$0.16$0.20

$0.22$0.25

$0.28$0.30

$0.35

$0.41

$0.46

$0.51

$0.60

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Dividend raised 114% since launch of the revised John Deere Strategy in 2010**


Sources and Uses of Cash Fiscal 2004–2013Equipment Operations

Source: Deere & Company SEC filings

= Source of Cash

= Use of Cash

(1) Other includes proceeds from maturities and sales of marketable securities and purchases of marketable securities and reconciliation for non-cash items including excess tax benefits from share-based compensation and the effect of exchange rates on cash and cash equivalents

$4,287

$23,994

$607

$7,685

$1,203$1,980

$4,720

$9,077

$1,200

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

$24,000

$27,000

$30,000

$33,000

BeginningCash & CashEquivalents(10/31/03)

Cash FromOperations

Divestitures,net of

Acquisitions

CapitalExpenditures

Investment inFinancialServices

Net Change inDebt and

IntercompanyBalances

Dividends ShareRepurchase,

net ofCommon

StockIssuances

Other Ending Cash &Cash

Equivalents(10/31/13)

(1)

$ M

illio

ns

$3,023~58% of cash from operations returned to shareholders

Global Markets and Opportunities


Growing Global Presence

• FY 2013 equipment net sales outside U.S. & Canada 4.5 times the level in FY 2000

20%

25%

30%

35%

40%

45%

50%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

$ M

illio

ns

Net Sales Outside U.S. and Canada

Net Sales Outside U.S. & Canada % of Total Net Sales

19


Global GrowthInvest Resources to Growing Our Core Businesses

• April 2014 – $40 million investment in Catalão, Brazil to expand sugarcane harvester and sprayer production capacity by 30%

• April 2014 – Introduced over 60 new products in South America

• February 2014 – Definitive agreement to sell irrigation operations

• October 2013 – $30 million investment in Bruchsal, Germany to expand manufacturing capacity and flexibility

• October 2013 – Agreement to sell majority interest in JD Landscapes

• September 2013 – Acquisition of Bauer Built Manufacturing to accelerate growth of planter business globally

• September 2013 – $40 million investment to create capacity to manufacture 8R tractors in Montenegro, Brazil factory

20


Net Sales by Major MarketsEquipment Operations

21

$13.8$15.1

$13.0$14.8

$17.4

$20.8$21.8

2007 2008 2009 2010 2011 2012 2013

U.S. & Canada8% CAGR

$3.9$4.6

$3.4 $3.4$4.4 $4.3 $4.4

2007 2008 2009 2010 2011 2012 2013

Western Europe2% CAGR

$1.0

$1.9

$0.7 $0.7$1.4 $1.7 $1.6

2007 2008 2009 2010 2011 2012 2013

Central Europe & CIS8% CAGR

$1.6$2.6

$1.8$2.6

$3.6 $3.6$4.3

2007 2008 2009 2010 2011 2012 2013

Central & South America18% CAGR

$0.8 $1.1 $1.2 $1.4$1.9 $2.1 $2.1

2007 2008 2009 2010 2011 2012 2013

Asia, Africa & Middle East17% CAGR

$0.4 $0.6 $0.6 $0.6 $0.8 $1.0 $0.8

2007 2008 2009 2010 2011 2012 2013

Australia & New Zealand12% CAGR

$ Billions

|

U.S. and CanadaFactory Locations


Iowa, USA• Cotton Harvesting Equipment• Planting Equipment• Spraying Equipment• Tillage Equipment• Ag Tractors• Components• Foundry• Engines• Hay & Forage Equipment• Articulated Dump Trucks• 4WD Loaders• Motor Graders• Skidders• Wheeled Feller Bunchers• Backhoes• Compact Tracked Loaders• Crawler Dozers• High-Speed Dozers• Knuckleboom Loaders• Skid Steer Loaders• Tracked Feller Bunchers• Tracked Harvesters

Illinois, USA• Combine Harvesters• Headers• Planting Equipment• Hydraulic Cylinders

North Dakota, USA• Air Seeding Equipment• Electronics• Tillage Equipment

North Carolina, USA• Commercial Mowers• Golf & Turf Mowers• Utility Vehicles• Hydraulic Excavators

Alberta, Canada• Remanufactured ComponentsBritish Columbia, Canada

• Log Loaders & Specialty Products

California, USA• Satellite Receivers

Kansas, USA• Power Transmission Equipment

Missouri, USA• Remanufactured Components

Louisiana, USA• Sugarcane Harvesting Equipment• Tractor Loaders• Scrapers• Cotton Strippers

Georgia, USA• Utility Tractors• Compact Utility Tractors

Tennessee, USA• Lawn Tractors

Wisconsin, USA• Lawn & Garden Equipment• Utility Vehicles• Golf & Turf Reel Mowers


EU 28Factory Locations

Joensuu, Finland• Wheel Forwarders• Wheel Harvesters• Forestry Attachments

Bruchsal, Germany• Tractor, Harvesting & Forestry Cabs

Mannheim, Germany• Tractors

Zweibrücken, Germany• Combines & Forage Harvesters

Arc-les-Gray, France• Forage Equipment• Balers• Ag Loaders

Saran, France• Engines

Madrid, Spain• Components

Horst, The Netherlands• Spraying Equipment

Stadtlohn, Germany• Headers

Gummersbach, Germany• Walk-Behind Mowers

23

|

BrazilFactory Locations


Catalão, Brazil• Sugarcane Harvesters• Sprayers

Montenegro, Brazil• Tractors

Horizontina, Brazil• Combine Harvesters• Planters

Indaiatuba, Brazil• Backhoe Loaders• 4WD Loaders

Indaiatuba, Brazil (JV)• Excavators

24

|

CISFactory Locations


Orenburg, Russia• Seeding Equipment• Tillage Equipment

Domodedovo, Russia• Tractors• Combine Harvesters

|

ChinaFactory Locations


Ningbo, China• Tractors (28-70 hp)• Small Combine Harvesters• Hydraulic Cylinders

Tianjin (TEDA), China• Tractors (75-135 hp)• Transmissions

Jiamusi, China• Large Combine Harvesters• Corn Pickers• Cotton Pickers

Harbin, China• Combine Harvesters• Tractors (150+ hp)• Sprayers

Tianjin (TEDA), China• 4WD Loaders• Excavators

Tianjin (TEDA), China• Engines (50-220 hp)

26

|

IndiaFactory Locations


Gummidipoondi, India (JV)• Side-Shift Backhoes

Pune, India• Engines• Transmissions• Tractors (36-75 hp)• Electronics

Sirhind, India• Combine Harvesters

Dewas, India• Tractors (36-50 hp)

27

|

Other RegionsFactory Locations


Kibbutz Beit Hashita, Israel• Cotton Picker Components

Rosario, Argentina• Engines• Tractors• Combines

Monterrey, Mexico• Rotary Cutters• Implements• Components

Ramos, Mexico• Ag Loaders• Compact Utility Tractor Loaders• Utility Tractor Cabs• Hydraulic Cylinders

Saltillo, Mexico• Ag Tractors• Transaxles

Torreon, Mexico• Axles• Engines• Electronics Tokoroa, New Zealand

• Forestry Harvester Heads

|

Worldwide Parts ServicesSupporting the Global Growth of Our Equipment Operations


Highlights:● Campinas, Brazil

Expansion of existing facility… to be completed in late 2014● Nagpur, India

Announced India Parts Distribution Center… targeted to open in late 2014 ● Johannesburg, South Africa

New, larger Regional Distribution Center opened 4Q 2012● Rosario, Argentina

New, larger Regional Distribution Center opened 4Q 2012● Stockholm, Sweden

New, larger Regional Distribution Center serving C&F and A&T opened May 2012● Bruchsal, Germany

E-PDC deconsolidation & packaging facility opened Nov 2011

Anchor Parts Distribution Centers

Regional Parts Distribution Centers or DepotsDistribution Centers under construction


John Deere FarmSightTM

30

Integrated wireless technology linking the equipment, managers, operators, dealers, and agricultural consultants to provide more productivity, efficiency and yield to a farm or business.

● Machine Optimization● Solutions that get the most out of machinery● Use of automation and machine sensors● Increased machine uptime, and higher levels of machine

productivity, including the impact machines have on crop productivity & input efficiency

● Logistics Optimization ● Coordination of field activities and resources● Enable fleet management decisions from web enabled devices● Machine-to-machine communication for in-field logistics

● Ag Decision Support ● Easy data flow between machines and trusted advisors● Platform for secure, trusted data sharing● Enable proactive management decisions through insights

John Deere Financial Services

|

John Deere Financial ServicesSupporting the Global Growth of Our Equipment Operations


• Expanding EU-28 coverage to majority of countries

Owned Operations

Bank/Finance Company Partners

Retail programs through JDF not currently offered


Portfolio Composition by Market

John Deere Financial Services$36.8 Billion Owned Portfolio at 31 October 2013

Portfolio Composition by Geography

Portfolio Composition by Product

Information above includes all Deere lending activities worldwide. John Deere Capital Corporation is the largest lending operation of Deere & Company.

Ag & Turf88%

C&F12%

U.S.74%

Canada11%

Europe6%

Latin America6%

Australia3%

33

Installment Financing

57%

Wholesale / Floorplan

23%

Leasing13%

Revolving Credit7%


John Deere Capital CorporationProfitability and Growth

34

383

291 311282

149

319364

2006 2007 2008 2009 2010 2011 2012 2013

Net Income ($ Millions)

0.22% 0.29% 0.33%

0.70%

0.48%

0.12%0.05% 0.03%

2006 2007 2008 2009 2010 2011 2012 2013

Write-offs/Average Owned Portfolio

18.6 19.0 19.1 19.321.1

23.3

26.6

30.7

2006 2007 2008 2009 2010 2011 2012 2013

Administered Portfolio Growth ($ Billions)

469


John Deere Capital Corporation Retail Notes60+ Days Past Due vs. Write-offs

Agriculture & Turf1

• Continued extremely low write-offs• Average write-offs less than 5 bps over last

10 years

Construction & Forestry• Extremely low write-offs in

2013• Steady decline in write-offs

since 2009

(1) 1983 – 1985 includes Construction; 1986 - 1994 includes Lawn & Grounds Care; beginning in 2009 includes both Ag and Turf equipment; As % of Owned Losses After Dealer Reserve Charges

Source: 1983 – 1994 internal reporting, 1995 - 2011 JDCC 10-K filings, 2012-2013 internal reporting

35

-0.05%

0.45%

0.95%

1.45%

1.95%

2.45%

2.95%

3.45%

3.95%

'83 '86 '89 '92 '95 '98 '01 '04 '07 '10 13Net Write-offs (Ag) Installments 60+DPD (Ag)

-0.05%

0.45%

0.95%

1.45%

1.95%

2.45%

2.95%

3.45%

3.95%

'95 '98 '01 '04 '07 '10 13Net Write-offs (C&F) Installments 60+DPD (C&F)

John DeerePower Systems

Engine Emissions and Technology


Interim Tier 4 (IT4): • 50% Nitrogen Oxide (NOx) reduction• 90% Particulate Matter (PM) reduction

Final Tier 4 (FT4):• 80% NOx reduction

Tier 4 Engine Implementation

Final Tier 4

0

0.10

0.20

0.30

0.40

0.50

0 2.00 4.00 6.00 8.00 10.00 12.00

Tier 1

Tier 2

Tier 3

Interim Tier 4

NOx, g/kw-hr

PM

, g

/kw

-hr

37

|

Engine EmissionsInterim Tier 4/Stage IIIB


Successful transition from Tier 3/Stage IIIA

• Integrated vehicle solution

• Meeting customer performance and reliability requirements

• Over 76 million hours in the field*

• Single fluid solution well accepted• No need for Diesel Exhaust Fluid

• Deere tractors with 9.0L engine have 1-5% better fuel economy than competitive tractors**

• * As of June 2014•** Per Nebraska Tractor Test Laboratory Results

|

Engine EmissionsFinal Tier 4/Stage IV


• Over 600,000 hours of testing*

• FT4/Stage IV technologies to deliver excellent performance and operation costs

• More applications to transition to FT4/Stage IV than IT4/Stage IIIB emission programs

• Maintain Tier 2/Stage II and Tier 3/Stage IIIA solutions for global markets

IT4/Stage IIIA creates foundation for FT4/Stage IV delivery

• * As of June 2014

|

Engine Emissions2014 Worldwide Off-Road Emissions Regulations > 75hp


Stage II/Tier 2Stage IIIA/Tier 3/TREM 3A (>50hp)

Stage IIIB/Interim Tier 4

None

• *Includes some non-EU28 countries that follow EU28 emissions regulations

U.S. and CanadaTransition to Final Tier 4• 175 - 750 hp: Jan 2014• 75 - 175 hp: Jan 2015

EU28*Transition to Stage IV• 175 – 750 hp: Jan 2014• 75 - 175 hp: Oct 2014

RussiaNo set date to transition from Stage II

ChinaAnticipated transition to Stage IIIA Oct 2015

BrazilTransition to Stage IIIA:• Construction Equipment: Jan 2015• Ag Equipment: Jan 2017

IndiaNo set date to transition from TREM 3A

Market Fundamentals


U.S. Farm Cash Receipts

Source: 1999 – 2012: USDA 11 February 20142013F – 2015F: Deere & Company Forecast as of 13 August 2014

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F

$ Bill

ions

Government Payments Total Cash Receipts

Projected total cash receipts moderate at historically high levels


U.S. Farm Balance Sheet Strong

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

30%

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,00019

7119

7219

7319

7419

7519

7619

7719

7819

7919

8019

8119

8219

8319

8419

8519

8619

8719

8819

8919

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

13F

2014

F

$ Bill

ions

Farm Debt Farm Equity Debt to Equity Ratio (%) Debt to Asset Ratio (%)

Source: 1971 – 2012: USDA 11 February 20142013F – 2014F: Deere & Company Forecast as of 13 August 2014

43


World Farm FundamentalsGlobal Stocks-to-Use Ratios

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1993 1996 1999 2002 2005 2008 2011 2014P

Source: USDA – 12 August 2014

Cotton

Wheat

Corn

Soybeans


U.S. Housing Starts

45

Source: 1961 – 2012: U.S. Census Bureau July 20142013F – 2014F: Deere & Company Forecast as of 13 August 2014

0.000

0.250

0.500

0.750

1.000

1.250

1.500

1.750

2.000

2.250

2.500

1964 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014F

Housing Starts (Millions of Units)

Multi-Family Housing Starts

Single-Family Housing Starts


U.S. Construction Spending

46

-160%-150%-140%-130%-120%-110%-100%-90%-80%-70%-60%-50%-40%-30%-20%-10%0%10%20%30%40%50%60%70%

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,2002,300

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F

% Total C

onstruction Spend

Bill

ions

, 20

05 C

hain

ed $

’s

U.S. Construction Spending (Billions, 2005 Chained $’s)

Residential Investment in StructuresNonresidential Investment in StructuresGovernment Investment in StructuresGovernment Infrastructure Investment

Source: 1996 – 2012: U.S. Bureau of Economic Analysis July 20142013F – 2014F: Deere & Company Forecast as of 13 August 2014

Appendix


2009 OROA* Reconciliation to GAAPEquipment Operations

Equipment Operations2009, as Reported

Exclude Goodwill Impairment &

Voluntary Employee-Separation

2009, as Adjusted

Net Sales 20,756 20,756 Average Identifiable Assets

With Inventories at LIFO 9,647 9,647 With Inventories at Standard Cost 10,950 10,950

Operating Profit 1,365 380 1,745 Percent of Net Sales 6.6% 8.4%

Operating Return on AssetsWith Inventories at LIFO 14.1% 18.1%With Inventories at Standard Cost 12.5% 15.9%

(millions of dollars unless stated otherwise)

48

* OROA: Operating Return on Operating Assets


SVA* Reconciliation to GAAPEquipment Operations

Equipment Operations 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002Net Sales 5,723 6,479 7,663 8,830 9,640 11,082 11,926 9,701 11,169 11,077 11,703 Average Identifiable Assets

With Inventories at LIFO 5,765 5,449 5,551 6,187 6,502 6,682 7,672 7,724 8,069 8,743 6,229 With Inventories at Standard Cost 6,846 6,442 6,494 7,131 7,488 7,703 8,711 8,739 9,039 9,678 7,147

Operating Profit 77 242 847 1,006 1,125 1,402 1,476 272 693 (46) 401 Percent of Net Sales 1.3% 3.7% 11.1% 11.4% 11.7% 12.6% 12.4% 2.8% 6.2% -0.4% 3.4%

Operating Return on AssetsWith Inventories at LIFO 1.3% 4.4% 15.3% 16.3% 17.3% 21.0% 19.3% 3.5% 8.6% -0.5% 6.4%With Inventories at Standard Cost 1.1% 3.8% 13.0% 14.1% 15.0% 18.2% 16.9% 3.1% 7.7% -0.5% 5.6%

SVA Cost of Assets (821) (773) (780) (856) (898) (924) (1,045) (1,049) (1,085) (1,162) (858) SVA (744) (531) 67 150 227 477 431 (776) (392) (1,208) (457)

Equipment Operations 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Net Sales 13,349 17,673 19,401 19,884 21,489 25,803 20,756 23,573 29,466 33,501 34,998 Average Identifiable Assets

With Inventories at LIFO 5,965 6,482 7,248 7,546 8,092 9,652 9,647 9,196 11,516 13,594 14,569 With Inventories at Standard Cost 6,925 7,477 8,312 8,634 9,205 10,812 10,950 10,494 12,875 14,965 15,924

Operating Profit 708 1,905 1,842 1,905 2,318 2,927 1,365 2,909 3,839 4,397 5,058 Percent of Net Sales 5.3% 10.8% 9.5% 9.6% 10.8% 11.3% 6.6% 12.3% 13.0% 13.1% 14.5%

Operating Return on AssetsWith Inventories at LIFO 11.9% 29.4% 25.4% 25.2% 28.6% 30.3% 14.1% 31.6% 33.3% 32.3% 34.7%With Inventories at Standard Cost 10.2% 25.5% 22.2% 22.1% 25.2% 27.1% 12.5% 27.7% 29.8% 29.4% 31.8%

SVA Cost of Assets (831) (897) (998) (1,036) (1,094) (1,284) (1,301) (1,259) (1,545) (1,795) (1,911) SVA (123) 1,008 844 869 1,224 1,643 64 1,650 2,294 2,602 3,147

(millions of dollars unless stated otherwise)

49


deere & company august/september presentation

Documents

deere use

deere rd

john deere financial

reconciliation of sva

bdeere company augustseptember

oroa sva

john deere power systems

appendix8adoption of