John Deere

Committed to Those
Linked to the Land

Strategy Overview

Deere & Company

November 2013
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 (20 November 2013). 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 | Deere & Company | November 2013

Table of Contents

Slide #
John Deere Strategy 4
Macroeconomic Tailwinds 18
Appendix 25

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John Deere
Strategy
 *

* SVA: Shareholder Value Added

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The John Deere Strategy
Our Purpose: Committed to those linked to the land

Global macro-trends present significant opportunities

for John Deere
– Global population and income growth
– Global infrastructure needs

New customer segments 8360R Tractor

Technology advances

744K Wheel Loader S690 Combine

460E Articulated Dump Truck 843K Wheeled Feller Buncher X728 Riding Mower

6 | Deere & Company | November 2013

 The John Deere Strategy
Realizing Sustainable Growth Through Global Expansion

Sustainable SVA* growth is delivered by distinctively serving

our customers, employees, and investors

Extend and enhance our financial and operating achievements of

recent years

Our challenge: to capture anticipated tailwinds by attracting

more customers to the John Deere Experience across our six key
geographies (US/Canada, EU 28, Brazil, CIS/Russia, China,
India) in a manner that meets local needs while leveraging our
global scale

* SVA: Shareholder Value Added

7 | Deere & Company | November 2013

The John Deere Strategy
Agricultural and Construction Equipment Aspirations

Agricultural Equipment Solutions

Strategy
– Defend and grow market share in
developed markets
– Grow market share in developing
markets 9530T Tractor - USA 6488 Combine - China

Construction Equipment Solutions

Strategy
– Continue to grow strong #2
position in North America
– Globalize the business
755K Crawler Loader - USA 435 Backhoe Loader - India

8 | Deere & Company | November 2013

The John Deere Strategy
Performance Target Aspirations

Sales
U.S. & Canada
– Enterprise net sales of $50 billion Outside U.S. & Canada
at mid-cycle by 2018
2010 Normal Volume 2018 Normal Volume
$25 billion $50 billion

Profitability 13.0% 13.1% 14.5%

12.3%

Operations
Equipment
6.6%
– Operating margins of no less than
12% at mid-cycle by 2014
2009 2010 2011 2012 2013

Asset Efficiency Operations

Equipment

1.9 2.2 2.3 2.2 2.2

– Asset turns of 2.5 times at mid-
cycle by 2018
2009 2010 2011 2012 2013

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 The John Deere Strategy
Integrated Enterprise

Integrated portfolio of businesses, each with a vital and specific role

Global Growth Businesses

Agricultural and Construction Equipment Solutions
– Invest in global expansion for profitable growth by
capitalizing on macro-trends
S660i Combine 310SJ Backhoe Loader
Complementary Businesses
Turf and Forestry Equipment Solutions
– Defend and grow share, enhance SVA*, strengthen the
channel of the Global Growth Businesses

Supporting Businesses XUV 550 Gator 1170E Wheeled Harvester

Financial Services, Power Systems, Worldwide

Parts, and Intelligent Solutions Group
– Strengthen and further differentiate our Global
Growth and Complementary Businesses Financial Power Worldwide Intelligent
Services Systems Parts Solutions

* SVA: Shareholder Value Added

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The John Deere Strategy
Critical Success Factors

Developing the capabilities essential to reaching our goals

Deep Customer Understanding (DCU) - Understanding our customers’ most important
local needs, and translating these into winning products and services better than
any competitor

Deliver Customer Value (DCV) - Profitably translating our

customers’ needs into products and services at prices our
customers are willing to pay

World-Class Distribution System - Enabling our customers

around the world to participate in the unique John Deere
Experience by developing world-class channels of dealers
that are professional, profitable and sustainable
businesses, oriented to the customer, aligned with John
Deere and achieving market preeminence

Grow Extraordinary Global Talent - Enabling pre-eminent

customer value and business results through
extraordinary leaders and engaged employees delivering
aligned high-performance teamwork globally

11 | Deere & Company | November 2013

 The John Deere Strategy
Foundational Success Factors

Exceptional Operating Performance - Equipment Operations

31.8% OROA* in 2013
35%
2013

30% 2011 2012

2010 2008
2007 28%
25% 2004
2006 2005
20%
2009, adjusted*** 20%
15%
2009
12% OROA (SVA** Neutral)
10% 12% 2003

2002
5%

0%
2001

-5%
80% 100% 120%
Low Normal High
% of Normal Volume
* 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.

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 The John Deere Strategy
Foundational Success Factors

Exceptional Operating Performance - Equipment Operations

Higher Net Cash Flow, More Consistently
5,000
Adoption of SVA* Model
4,500

Sale of Trade Receivables to

4,000
Credit
3,500

3,000
$ Millions

2,500

2,000

1,500

1,000

500

0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

* SVA: Shareholder Value Added

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 The John Deere Strategy
Foundational Success Factors

Disciplined SVA* Growth - Equipment Operations

SVA Journey, 1992 - 2013
3,600
Adoption of SVA Model
3,200
2,800
2,400
2,000
SVA ($ millions)

1,600
1,200
800
400
0
-400
-800
-1,200
-1,600
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

* SVA: Shareholder Value Added

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

14 | Deere & Company | November 2013

 The John Deere Strategy
Foundational Success Factors

Aligned High-Performance Teamwork

Integral part of business strategy, reinforced with compensation
Global Performance Management reinforces alignment
Base pay changes linked to achieving goals

STI: Short-Term Incentive – Bonus focuses on OROA*/ROE**

Covers most worldwide salaried employees
Applies one enterprise-wide bonus metric
MTI: Mid-Term Incentive – Bonus driven by sustained SVA*** creation
About 10,400 management employees eligible
LTI: Long-Term Incentive – Primarily stock options
Top 1,000 employees eligible
Minimum stock holding requirements for senior management (~ top 125)

•* OROA: Operating Return on Operating Assets

•** ROE: Return on Equity
•*** SVA: Shareholder Value Added

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 The John Deere Strategy
Measures
Commitment to execute and monitor all initiatives critical to our success
Performance measures
– Traditional financial measures based on what we are delivering today to our stakeholders
Metric Target
Sales Net Sales Growth Target $50B* (2018, at mid-cycle)
Profitability Return on Sales (Operating Margin) 12% (2014, at mid-cycle)
Asset Efficiency Asset Turns 2.5x (2018, at mid-cycle)

Health measures
– The qualities, attributes and actions being introduced to ensure the sustainability of our
performance over time

Metric Target
Exceptional Operating
Quality % JDQPS** certification
Performance
Sales/SVA Mix
Disciplined SVA*** Growth % Non-U.S. & Canada
by Geography
Aligned High-Performance Employee Survey’s
Employee Engagement
Teamwork Engagement Index

* Implies a CAGR of ~ 9% (2010 – 2018) vs. historical CAGR of 7-8%

** JDQPS: John Deere Quality and Production System
*** SVA: Shareholder Value Added

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 The John Deere Strategy
In Summary
Accelerated emphasis on global growth
– $50 billion mid-cycle sales by 2018
– Approximately 50% outside of U.S. & Canada
– Capitalize on increased global demand for food, shelter and infrastructure

Focus on improved profitability

– 12% mid-cycle margin by 2014

Continued adherence to OROA*/SVA** model

– 30% OROA at mid-cycle sales with improved asset turns

Focus on two growth platforms

– Global pre-eminence in agricultural-equipment solutions
– Global construction-equipment operations
– Complementary/supporting businesses to help drive performance of global growth platforms

Revised metrics reflect strategic direction

– “Performance” metrics align compensation to strategy
– “Health” metrics introduced to monitor underlying factors (e.g., market share, quality) to
ensure performance is sustainable
* OROA: Operating Return on Operating Assets
•

** SVA: Shareholder Value Added

•

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Macroeconomic Tailwinds

Support John Deere’s

Global Growth Businesses
Long-Term Macroeconomic Tailwinds
Support Global Growth Opportunities

Population growing in size and affluence

• By 2050, world population will exceed 9 billion, up from ~7 billion today,
with most growth in Asia and Africa
• Large middle class emerging in Latin America, China, India, and other
developing economies

Opportunity #1: Feeding the world

• Agricultural output must double by 2050
• To achieve this, the rate of productivity growth must accelerate over recent
trend rates
• Natural resources under strain, especially water and land

Opportunity #2: Massive urbanization

• Migration from rural areas creates need for infrastructure development
• More than 50% of the global population today lives in urban areas, will
surpass 70% by 2050

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Strong Global Tailwinds in Ag & Construction
Significant Growth from Developing Economies
While several sectors are expected to grow in the G-20 countries . . Agriculture and Construction will derive significant
from 2012-2020 . . . growth from the BRIIC countries

Absolute increase CAGR Share of growth

in real value added 2012-20 from BRIIC1
Sector 2012-20, $ Billions Percent Sector Percent

Real Estate & Dwellings 1,042 2.7 Agriculture, Hunting, Forestry, Fishing 79.5
Wholesale Trade 985 4.0 Processed Food 67.3
Other Business Activities 915 3.2 Radio, TV, and Communications Equipment 60.8
Public Admin, Sanitary & Personal Srvs 796 1.9 Transportation & Storage 60.2
Construction 789 3.9 Energy Mining and Quarrying 59.4
Transportation & Storage 698 4.1 Electricity, Gas, and Water 56.8
Financial Institutions 636 3.7 Construction 52.1
Medical, Dental, Veterinary, Other Health 610 2.6 Public Admin, Sanitary & Personal Srvs 46.9
Communications 524 4.4 Wholesale Trade 44.9
Educational Services 465 2.8 Communications 43.3
Retail Trade except Motor Vehicle, and Motorcycle 416 2.5 Restaurants and Hotels 41.8
Radio, TV, and Communications Equipment 346 6.4 Financial Institutions 41.4
Agriculture, Hunting, Forestry, Fishing 308 2.8 Educational Services 38.8
Processed Food 305 3.7 Motor Vehicle and Motorcycle Sales, Repair, Maint. 36.3
Energy Mining and Quarrying 303 3.0 Retail Trade except Motor Vehicle, and Motorcycle 33.7
Restaurants and Hotels 276 2.8 Real Estate & Dwellings 29.7
Electricity, Gas, and Water 266 3.2 Insurance 26.9
Computer and Related Activities 238 3.5 Other Business Activities 22.1
Motor Vehicle and Motorcycle Sales, Repair, Maint. 204 2.9 Medical, Dental, Veterinary, Other Health 20.5
Insurance 203 3.0 Computer and Related Activities 12.9

1Brazil, Russia, India, Indonesia, China

Note: G20 countries account for 77% and 89% of agriculture and construction segments respectively. Real value-added 2005 USD
Total global growth for agriculture is $405B and construction is $890B Source: Global Insight World Industry Service

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 Developing Economies Growing Faster

While developed economies have their growth will slow

...
always accounted for a larger significantly, relative to that
share of GDP . . . of developing economies

Real GDP1 CAGR, CAGR,

Real GDP1
$ Trillions 1970-2008 2008-2043
$ Trillions
51.0 Percent 138.4 Percent
2.9
4.0 14.0 6.5
68.9 4.7
29.5 1.8x 70.3
5.6
51.0 25.6 2.6x
37.0 3.5 14.0
11.3 69.5
1.3 23.9 1.8
37.0 44.7
10.0

1970 1990 2008 2008 2020 2043

Developing Developed
1 Real GDP (expenditure method) base year 2005
Developed countries include OECD. Developing countries include all developing markets (Regions as defined by Global Insight)

Source: Global Insight World Market Monitor

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 Dynamics of Food Demand
Per Capita
Income

Services >$10.00
per day

Processed $2.50-$10.00
Products per day

25% of world’s population

Livestock $1.25-$2.50
Products (Most hunger problems solved at
$2.50 threshold) per day

18% of world’s population

<$1.25
Commodities (2/3rds experience hunger &
per day
malnutrition)

Source: World Development Indicators 2010, The World Bank, April 2013

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 Global Construction and Infrastructure Needs

Infrastructure is expected to be the fastest growing segment of construction

Residential
Non-residential
Infrastructure CAGR CAGR CAGR
2008- 2012- 2008-
WW Construction spending 2012 2022 2022
Gross output, $ 2005 Billions Percent Percent Percent

3.2%
0.6% 4.2% 3.2%
9,277

3,407
5,981 6,134 -1.8 4.1 2.4

2,441 2,271
2,774
1,874
-0.1 4.0 2.8
1,880
3,096
1,661 1,989
4.6 4.5 4.6
2008 2012 2022

Source: IHS Global Insight, May 2013

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 Global Construction Spending in 2022
Concentrated in a Small Number of Markets
Construction spending 2022 absolute, Construction spending 2012-2022 change,
Top 10 (Billions of 2005 $s) Top 10 (Billions of 2005 $s)

China 2,374 China 1,232

U.S. 1,014 U.S. 286

Japan 702 Japan 122

India 676 India 377

Infrastructure Infrastructure

UK Non-residential UK 122 Non-residential

444
Residential Residential
Germany 322 Germany 32

France 315 France 41

Australia 211 Australia 65

Italy 209 Italy 30

Canada 199 Canada 19

China + U.S. & Canada 39% of 2022 absolute, compared to 33% today
China + U.S. & Canada + Brazil, Russia, India 50% of 2022 absolute, compared to 42% today

Source: IHS Global Insight, Deere Analysis, March 2013

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Appendix
 2009 OROA* Reconciliation to GAAP
Equipment Operations

(millions of dollars unless stated otherwise)

Exclude Goodwill
Impairment &
2009, as Voluntary Employee- 2009, as
Equipment Operations Reported Separation 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 Assets
With Inventories at LIFO 14.1% 18.1%
With Inventories at Standard Cost 12.5% 15.9%

* OROA: Operating Return on Operating Assets

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 SVA* Reconciliation to GAAP
Equipment Operations
(millions of dollars unless stated otherwise)

Equipment Operations 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Net 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 Assets
With 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 2013
Net 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 Assets
With 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

* SVA: Shareholder Value Added

27 | Deere & Company | November 2013

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