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Third Quarter 2008 Earnings Conference Call
              13 August 2008
Safe Harbor Statement & Disclosures


       The earnings call and accompanying material include forward-looking comments and
       information concerning the company’s projections, plans and objectives for the future,
       including estimates and assumptions with respect to economic, political,
       technological, weather, market acceptance and other factors that impact our
       businesses and customers. They also may include financial measures that are not in
       conformance with GAAP (accounting principles generally accepted in the United
       States of America). Words such as “forecast,” “projection,” “outlook,” “prospects,”
       “expected,” “estimated,” “will,” “plan,” “anticipate,” “intend,” “believe,” or other similar
       words or phrases often identify forward-looking statements. Actual results may differ
       materially from those projected in these forward-looking statements based on a
       number of factors and uncertainties. Additional information concerning factors that
       could cause actual results to differ materially is contained in the company’s most
       recent Form 8-K and periodic report filed with the Securities and Exchange
       Commission, and is incorporated by reference herein. Investors should refer to and
       consider the incorporated information on risks and uncertainties in addition to the
       information presented here. Investors should consider non-GAAP financial measures
       in addition to, and not as a substitute for, financial measures prepared in accordance
       with GAAP. The company, except as required by law, undertakes no obligation to
       update or revise its forward-looking statements whether as a result of new
       developments or otherwise. The call and accompanying materials are not an offer to
       sell or a solicitation of offers to buy any of the company’s securities.


                                          2
13 August 2008
2008 Global Growth Commitments


   Third Quarter:
      $35 million investment in East Moline, Illinois facility
        – ~ 30% combine capacity increase in 2009
       John Deere Water Technologies (JDWT) precision irrigation acquisitions
        – T-Systems International, Inc. headquartered in U.S.
        – Plastro Irrigation Systems, Ltd. headquartered in Israel
              JDWT now #3 globally in agricultural irrigation

   Second Quarter:
      $90 million investment in Waterloo, Iowa facility
        – ~ 25% large-tractor capacity increase in 2010
       $80 million investment in Kaluga, Russia operations center
       Construction equipment joint venture in China




                                       3
13 August 2008
Third Quarter Overview



                                        Q3 2008 Q3 2007 Change
   (in millions of dollars except
   per share amounts)

   Net Sales and
                                        $7,739   $6,634   +17%
   Revenues

   Net Sales                            $7,070   $5,985   +18%

   Net Income                            $575     $537    +7%

   Diluted EPS                           $1.32   $1.18    +12%

                                    4
13 August 2008
Third Quarter Overview
   Net Sales


       Equipment operations net sales: up ~ 18% in
       Q3 2008 vs. Q3 2007
        – Currency translation: ~ 5 points
        – Price realization:    ~ 2 points
        – Acquisitions:         ~ 2 points




                             5
13 August 2008
Production Tonnage*


                                                            Q3 2008                               FY 2008
                                             Q3 2008                        Q4 2008    FY 2008
                                                            Previous                              Previous
                                              Actual                        Forecast   Forecast
                 % Change                                   Forecast                              Forecast
                                                +13            +14             +18       +17        +17
      Total Worldwide
                                                +28                                      +29        +28
      Worldwide AG
                                                 (14)                                     (3)        (6)
      Worldwide C&CE
                                                 (15)                                     (7)        (4)
      Worldwide C&F
                                                 +4                                      +13        +12
      Total U.S. and Canada
                                                +34                                      +27        +26
      Outside U.S. and Canada
                                                +19            +21             +31
      U.S. and Canada AG
*Percentage change from same period in previous year, excluding purchased product.


Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                                      6
  13 August 2008
2008 Company Outlook


         Fourth Quarter 2008 Forecast
          – Net sales up ~ 29% vs. Q4 2007
                • Currency translation: ~ 3 points
          – Net income of ~ $425 million

         Fiscal Year 2008 Forecast
          – Net sales up ~ 21% from FY 2007
                •   Currency translation:    ~ 5 points
                •   Price realization:       ~ 2 points
                •   Acquisitions:           ~ 2 points
                •   Previous net sales forecast up ~ 20%


Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                            7
 13 August 2008
Worldwide Agricultural Equipment
   Third Quarter Overview


                                    Q3 2008   Q3 2007   Change
   (in millions of dollars)

   Net Sales          $4,544                   $3,355    +35%
   Operating Profit*    $634                    $431     +47%
   Production Tonnage                                    +28%
   *Operating profit impacted by:
        –   Higher shipment volumes
        –   Improved price realization
        –   Higher raw material costs
        –   Higher SA&G
       Incremental margin: ~ 17%

                                     8
13 August 2008
U.S. Crop Yields


                                                          2008/09
                               2006/07          2007/08   Forecast
     (bushels per acre)

                                 149.1           151.1     150.0
     Corn
                                   38.7           40.5      43.0
     Wheat
                                   42.7           41.2      41.7
     Soybeans




Deere & Company Forecast as of 13 August 2008
                                          9
 13 August 2008
0.00
                                                                                                                                          2.00
                                                                                                                                                 4.00
                                                                                                                                                                6.00
                                                                                                                                                                           8.00
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                                                                                                                                                                                          12.00
                                                                                                                                                                                                  14.00
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13 August 2008
                                                                                                                     l-0
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                                                                                                                                                                                                                  U.S. Farm Prices




                                                                                                                 Ap 5




                                                                 Source: Actual data from Wall Street Journal
                                                                                                                     r- 0
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                                                                                                                     l-0




10
                                                                                                                 Oc 5




                 Deere & Company Forecast as of 13 August 2008
                                                                                                                     t-0
                                                                                                                 Ja 5
                                                                                                                    n-0
                                                                                                                                                        Wheat

                                                                                                                 Ap 6
                                                                                                                     r- 0

                                                                                                                                   Corn
                                                                                                                  Ju 6
                                                                                                                     l-0
                                                                                                                 Oc 6
                                                                                                                                                                       Soybeans




                                                                                                                     t-0
                                                                                                                 Ja 6
                                                                                                                    n-0
                                                                                                                 Ap 7
                                                                                                                     r- 0
                                                                                                                  Ju 7
                                                                                                                     l-0
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                                                                                                                    n-0
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                                                                                                                     r- 0
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                                                                                                                     l
                                                                                                                Oc -08
                                                                                                                   t-0
                                                                                                                Ja 8F
                                                                                                                  n- 0
                                                                                                                Ap 9F
                                                                                                                   r-0
                                                                                                                Ju 9F
                                                                                                                   l-0
                                                                                                                Oc 9 F
                                                                                                                   t-0
                                                                                                                       9F
U.S. Commodity Price Estimates



                                        2007/08        Previous      2008/09          Previous
                           2006/07      Estimate       2007/08       Forecast         2008/09
        Corn
                            $3.04          $4.45          $4.35         $5.50           $5.00
        (per bushel)

        Wheat
                            $4.26          $6.92          $7.70         $7.74           $5.80
        (per bushel)

        Soybeans            $6.43        $10.60         $10.25         $13.50          $10.00
        (per bushel)

        Cotton
                            $0.47          $0.58          $0.55         $0.65           $0.60
        (per pound)




Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)

                                         11
 13 August 2008
U.S. Farm Cash Receipts


                                           2007     2008    Previous  2009    Previous
                                2006      Estimate Forecast  2008    Forecast  2009
     (in billions of dollars)


     Crops                      120.0      144.9        195.8       179.4        206.0       182.9

     Livestock                  119.3      138.7        137.5       136.9        138.4       135.7

     Government
                                 15.8        12.1         13.3        13.3            10.3    10.3
     Payments
     Total Cash
                                255.1      295.7        346.6       329.6        354.7       328.9
     Receipts
Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          12
 13 August 2008
Agricultural Equipment Retail Sales
     Industry Outlook


         U.S. and Canada: Up 20% - 25%
          – Previous forecast up ~ 20%


         South America: Up ~ 40%
          – Previous forecast up ~ 30%




Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          13
 13 August 2008
Farm Net Income
     Brazil and Argentina
                                          Brazil                            Argentina
                                                    2008                                 2008
                                  2006    2007     Forecast       2006         2007     Forecast
  (in billions of U.S. dollars)

  Soybeans                        (2.0)    3.8        9.9          3.3          3.0       2.5
  Cotton                          (0.2)    0.4        0.5
  Sugar Cane                      3.3      2.4        0.5
  Corn                            (1.1)    2.5        4.9          0.2          0.8       1.1
  Rice                            (0.5)    (0.1)      1.1
  Wheat                                                            0.7          0.8       0.7
  Sunflower                                                        0.7          0.5       0.8
                  Current         (0.5)    9.0       16.9          4.9          5.1       5.1
                Previous                             13.9                                 5.5

Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                            14
13 August 2008
European (EU-27) Agricultural Update


         2008 overall positive outlook
          – EU suspended set-aside regulation
          – High crop prices create hedging opportunities
          – Rising input costs encourage equipment and
            technology solutions

         Medium-term prospects
          –   Improvements for pork sector
          –   Income up in new member states
          –   Higher degree of specialization
          –   Slight shift to crops from livestock farming


Deere & Company Forecast as of 13 August 2008
                                         15
 13 August 2008
Agricultural Equipment Retail Sales
     Industry Outlook


         Western Europe
          – Up ~ 5%
                • Previous forecast up 3%-5%


         Central Europe and the Commonwealth of Independent
         States countries, including Russia
          – Demand growing rapidly


          Australia
          – Recovering from drought


Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          16
 13 August 2008
Worldwide Agricultural Equipment
     Deere & Company Outlook


         Fiscal Year 2008 Forecast
          – Net sales projected to be up ~ 38%
                • Currency translation ~ 8 points
                • Previous net sales forecast up ~ 35%
                     – Currency translation ~ 7 points




Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          17
 13 August 2008
Worldwide Commercial & Consumer Equipment
   Third Quarter Overview


                                  Q3 2008       Q3 2007   Change
   (in millions of dollars)

   Net Sales                        $1,332       $1,346     (1)%
   Operating Profit*                      $91     $127     (28)%
   Production Tonnage                                      (14)%

   *Operating profit impacted by:
         –   Higher SA&G
         –   Higher raw material costs
         –   Lower sales volumes
         –   Improved price realization

                                  18
13 August 2008
Worldwide Commercial & Consumer Equipment
     Deere & Company Outlook



         Fiscal Year 2008 Forecast
          – Net sales projected to be up ~ 4%
                • U.S. factors
                     – Housing slowdown
                     – Weakening economy
                • New products
                     – Across many product areas
                • LESCO ~ 6 points
                • No change from previous forecast



Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          19
 13 August 2008
Worldwide Construction & Forestry
   Third Quarter Overview


                                Q3 2008 Q3 2007   Change
   (in millions of dollars)

   Net Sales          $1,194             $1,284     (7)%
   Operating Profit*     $93              $150     (38)%
   Production Tonnage                              (15)%

   *Operating Profit impacted by:
         – Lower shipment volumes
         – Higher raw material costs




                                20
13 August 2008
Worldwide Construction & Forestry
     Deere & Company Outlook


         Fiscal Year 2008 Forecast
          – Net sales projected to be down ~ 5%
                • U.S. economic factors
                     – Housing starts at 0.9 million
                     – Non-residential spending up ~ 6.7%
                     – GDP growth of ~ 1.6%
                • Deere benefitting from
                     – Higher sales outside the U.S. and Canada
                     – New products
                     – Producing closer to retail demand
                • Previous net sales forecast down ~ 3%

Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          21
 13 August 2008
Credit
   Credit Loss History

       Low losses driven by strong obligor cash flows and strong used equipment market

                   Provision for Credit Losses / Average Owned Portfolio

           2.00%

           1.50%

           1.00%

           0.50%

           0.00%




                                                                                                                                                  2008 *
                    1990
                           1991
                                  1992
                                         1993
                                                1994
                                                       1995
                                                              1996
                                                                     1997
                                                                            1998
                                                                                   1999
                                                                                          2000
                                                                                                 2001
                                                                                                        2002
                                                                                                               2003
                                                                                                                      2004
                                                                                                                             2005
                                                                                                                                    2006
                                                                                                                                           2007
           * Year-to-date July 2008 annualized



                                                        22
13 August 2008
Credit


         Third Quarter 2008
          – Net income of ~ $80 million
                •   Higher SA&G
                •   Increase in leverage
                •   Increase in the provision for credit losses
                •   Lower income from receivable sales
                •   Growth in credit portfolio
                •   Higher commissions from crop insurance
         Fiscal Year 2008 Forecast
          – Net income of ~ $335 million
                • Previous forecast ~ $350 million

Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          23
 13 August 2008
Consolidated Trade Receivables & Inventory
   Change at 31 July: 2008 vs. 2007


                                      Q3 2008 Actual
      (in millions of dollars)

      AG                                  1,199
      C&CE                                   25
      C&F                                     5
      Total, as reported                  1,229
      Total, constant exchange              881


                                 24
13 August 2008
Receivables & Inventory to
                                 Previous 12 Months Sales




                          20%
                                25%
                                      30%
                                            35%
                                                  40%
                                                        45%
                                                                50%
                                                                         55%
                                                                               60%




13 August 2008
                 '00 Q3
                     Q4
                 '01 Q1
                     Q2
                     Q3
                     Q4
                 '02 Q1
                     Q2
                     Q3
                     Q4
                 '03 Q1




25
                     Q2
                     Q3
                     Q4
                 '04 Q1
                     Q2
                     Q3
                     Q4
                 '05 Q1
                     Q2
                     Q3
                     Q4
                 '06 Q1
                     Q2
                     Q3
                     Q4
                                                                                     Continued strong asset management in 2008




                 '07 Q1
                     Q2
                     Q3
                     Q4
                                                          Prior Year




                 '08 Q1
                                                          Current Year




                     Q2
                     Q3
                                                                                                                                 Consolidated Trade Receivables & Inventory
Consolidated Trade Receivables & Inventory
     Forecasted change at 31 October: 2008 vs. 2007


                                                          2008                  2008 Prior
                                                         Forecast                Forecast
     (in millions of dollars)

     AG                                                       875                     575
     C&CE                                                       25                    Flat
     C&F                                                        25                    Flat
     Total, as reported                                       925                     575
     Total, constant exchange                                 763                     425

Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          26
 13 August 2008
July Retail Sales
   U.S. and Canada

                                      Industry*                       Deere**
                                                                          ↓
 Utility Tractors                       ↓ 7%
                                                          a single digit, more than industry

                                                                          ↑
 Row-Crop Tractors                      ↑ 38%
                                                          double digits, more than industry

                                                                          ↑
 4 WD Tractors                          ↑ 49%
                                                          double digits, more than industry

                                                                          ↑
 Combines                               ↑ 31%
                                                           double digits, less than industry
  * As reported by the Association of Equipment Manufacturers
  ** As reported to the Association of Equipment Manufacturers

                                         27
13 August 2008
Deere Dealer Inventories
    U.S. and Canada


               (at 31 July – in units as a % of trailing 12 months retail sales)


                                                            2008            2007

               Row-Crop Tractors                            14%              19%

               Combines                                     15%              16%


As reported to the Association of Equipment Manufacturers

                                           28
 13 August 2008
July 2008 Retail Sales
    Western Europe



                                                    Deere & Company
                                                             ↑
              Tractors                                 a single digit
                                                              ↑
              Combines                                  triple digits




Based on EU Government Reporting of Registrations

                                         29
13 August 2008
July 2008 Retail Sales
   U.S. and Canada

                                                 Deere & Company
                                                         ↓
   Commercial & Consumer Equipment
                                                   a single digit


   Construction & Forestry
                                                        ↓
                             First-in-the-Dirt
                                                   double digits
                                                        ↓
                                Settlements
                                                   double digits

                         30
13 August 2008
Material Costs and Freight
     Equipment Operations


         Third Quarter 2008
          – Up ~ $140 million vs. Q3 2007

         Fiscal Year 2008
          – Up $425 - $475 million vs. FY2007
          – By division
                • Agricultural Equipment:          ~ $325
                • Commercial & Consumer Equipment: ~ $ 50
                • Construction & Forestry:         ~ $ 75
          – Previous forecast up $400 - $500 million

Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          31
 13 August 2008
Research & Development Expense
     Equipment Operations


         Third Quarter 2008
          – Up ~ 17% vs. Q3 2007

         Fiscal Year 2008 Forecast
          – Up ~ 16% vs. FY2007
                • Currency translation ~ 3 points
          – Previous forecast ~ 13%
                • Currency translation ~ 3 points




Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          32
 13 August 2008
Selling, Administrative & General Expense
     Equipment Operations


         Third Quarter 2008
          – Up ~ 16% vs. Q3 2007
                • Includes ~ 7 points related to global growth initiatives
                  and currency translation

         Fiscal Year 2008
          – Up ~ 16% vs. FY 2007
                • Includes ~ 10 points related to global growth initiatives
                  (including LESCO) and currency translation
          – Previous forecast ~ 15%

Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          33
 13 August 2008
Tax Rate
     Equipment Operations


         Third Quarter 2008
          – Effective tax rate of ~ 36%

         Fiscal Year 2008 Forecast
          – Assumes tax rate of ~ 36%
          – Previous forecast ~ 35%




Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          34
 13 August 2008
Board Actions:
   Share Repurchases and Dividends


                       28 May 2008 new repurchase authorization:                                             $5 billion
                       Dividend increase payable 1 August 2008:                                                +12%

                                                                                     Annualized Dividend Rate Approved
                                        Share Repurchases                                       (Per Share)

                                                                      $1.20                             155%
                   $1,500

                                                                      $1.00

                                                                      $0.80
      $ Millions




                   $1,000

                                                                      $0.60

                                                                      $0.40
                    $500

                                                                      $0.20
                                No repurchases

                                                                      $0.00
                      $0
                                                                                     ...
                                                                               Q2           Q1 Q2 Q2 Q1 Q1 Q4 Q3
                            2000 2001 2002 2003 2004 2005 2006 2007
                                                                              1998         2004 2004 2005 2006 2007 2007 2008




                                                            35
13 August 2008
Share Repurchase as Part of Publicly
    Announced Plans
         Cumulative cost of repurchases since 2004:            $5.3 billion
         Balance remaining on 40-million share authorization: 18.5 million
         2008 period ending shares:                           427.0 million

                     Shares              Total $                         Shares           Total $
                  Repurchased*           Amount                       Repurchased*        Amount
     FY2008                                                Actual
                     (in millions)       (in billions)                    (in millions)   (in billions)

        Q1               5.8                $0.5            2004                5.9          $0.2
        Q2               6.1                $0.5            2005               27.7          $0.9
        Q3               4.5                $0.3            2006               34.0          $1.3
        Q4                                                  2007               25.7          $1.5
       Total            16.4                $1.3            Total              93.3          $3.9
* All shares adjusted for two-for-one stock split effective 26 November 2007



                                             36
13 August 2008
Other Information
     Fiscal Year 2008 Forecast


         Equipment Operations
          – Capital Expenditures
                • ~ $775 million
                     – Previous forecast ~ $800 million
          – Depreciation and Amortization
                • ~ $475 million
          – Pension/OPEB Contributions
                • ~ $425 million

         Financial Services
          – Capital Expenditures – Wind
                • ~ $275 million
                     – Previous forecast ~ $375 million


Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008)
                                          37
 13 August 2008
Appendix



                  38
13 August 2008
Additional Supplemental Information
   Stock Split – Fiscal Year 2007


   As reported and as adjusted to reflect stock split:
   (shares in millions)
                                    Diluted                     Diluted
                              Earnings Per Share       Average Shares Outstanding
                                          Proforma                     Proforma
                          As Reported    Stock Split   As Reported    Stock Split
         Q1                  $1.04           $0.52        229.8          459.7
         Q2                  $2.72           $1.36        229.3          458.6
         Q3                  $2.37           $1.18        226.8          453.6
         Q4                  $1.88           $0.94        224.1          448.1
       2007                  $8.01           $4.00        227.5          455.0



                                        39
13 August 2008
Deere’s fourth quarter 2008 conference
call is scheduled for 9:00 a.m. central time
 on Wednesday, November 26, 2008

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John DeereConference Call Information Slides 2008 3rd

  • 1. Third Quarter 2008 Earnings Conference Call 13 August 2008
  • 2. Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the company’s projections, plans and objectives for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance and other factors that impact our businesses and customers. They also may include financial measures that are not in conformance with GAAP (accounting principles generally accepted in the United States of America). Words such as “forecast,” “projection,” “outlook,” “prospects,” “expected,” “estimated,” “will,” “plan,” “anticipate,” “intend,” “believe,” or other similar words or phrases often identify forward-looking statements. Actual results may differ materially from those projected in these forward-looking statements based on a number of factors and uncertainties. Additional information concerning factors that could cause actual results to differ materially is contained in the company’s most recent Form 8-K and periodic report filed with the Securities and Exchange Commission, and is incorporated by reference herein. Investors should refer to and consider the incorporated information on risks and uncertainties in addition to the information presented here. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. The company, except as required by law, undertakes no obligation to update or revise its forward-looking statements whether as a result of new developments or otherwise. The call and accompanying materials are not an offer to sell or a solicitation of offers to buy any of the company’s securities. 2 13 August 2008
  • 3. 2008 Global Growth Commitments Third Quarter: $35 million investment in East Moline, Illinois facility – ~ 30% combine capacity increase in 2009 John Deere Water Technologies (JDWT) precision irrigation acquisitions – T-Systems International, Inc. headquartered in U.S. – Plastro Irrigation Systems, Ltd. headquartered in Israel JDWT now #3 globally in agricultural irrigation Second Quarter: $90 million investment in Waterloo, Iowa facility – ~ 25% large-tractor capacity increase in 2010 $80 million investment in Kaluga, Russia operations center Construction equipment joint venture in China 3 13 August 2008
  • 4. Third Quarter Overview Q3 2008 Q3 2007 Change (in millions of dollars except per share amounts) Net Sales and $7,739 $6,634 +17% Revenues Net Sales $7,070 $5,985 +18% Net Income $575 $537 +7% Diluted EPS $1.32 $1.18 +12% 4 13 August 2008
  • 5. Third Quarter Overview Net Sales Equipment operations net sales: up ~ 18% in Q3 2008 vs. Q3 2007 – Currency translation: ~ 5 points – Price realization: ~ 2 points – Acquisitions: ~ 2 points 5 13 August 2008
  • 6. Production Tonnage* Q3 2008 FY 2008 Q3 2008 Q4 2008 FY 2008 Previous Previous Actual Forecast Forecast % Change Forecast Forecast +13 +14 +18 +17 +17 Total Worldwide +28 +29 +28 Worldwide AG (14) (3) (6) Worldwide C&CE (15) (7) (4) Worldwide C&F +4 +13 +12 Total U.S. and Canada +34 +27 +26 Outside U.S. and Canada +19 +21 +31 U.S. and Canada AG *Percentage change from same period in previous year, excluding purchased product. Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 6 13 August 2008
  • 7. 2008 Company Outlook Fourth Quarter 2008 Forecast – Net sales up ~ 29% vs. Q4 2007 • Currency translation: ~ 3 points – Net income of ~ $425 million Fiscal Year 2008 Forecast – Net sales up ~ 21% from FY 2007 • Currency translation: ~ 5 points • Price realization: ~ 2 points • Acquisitions: ~ 2 points • Previous net sales forecast up ~ 20% Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 7 13 August 2008
  • 8. Worldwide Agricultural Equipment Third Quarter Overview Q3 2008 Q3 2007 Change (in millions of dollars) Net Sales $4,544 $3,355 +35% Operating Profit* $634 $431 +47% Production Tonnage +28% *Operating profit impacted by: – Higher shipment volumes – Improved price realization – Higher raw material costs – Higher SA&G Incremental margin: ~ 17% 8 13 August 2008
  • 9. U.S. Crop Yields 2008/09 2006/07 2007/08 Forecast (bushels per acre) 149.1 151.1 150.0 Corn 38.7 40.5 43.0 Wheat 42.7 41.2 41.7 Soybeans Deere & Company Forecast as of 13 August 2008 9 13 August 2008
  • 10. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Ja n-0 Ap 2 r- 0 Ju 2 13 August 2008 l-0 Oc 2 t-0 Ja 2 n-0 Ap 3 r- 0 Ju 3 l-0 Oc 3 t-0 Ja 3 n-0 Ap 4 r- 0 Ju 4 l-0 Oc 4 t-0 Ja 4 n-0 U.S. Farm Prices Ap 5 Source: Actual data from Wall Street Journal r- 0 Ju 5 l-0 10 Oc 5 Deere & Company Forecast as of 13 August 2008 t-0 Ja 5 n-0 Wheat Ap 6 r- 0 Corn Ju 6 l-0 Oc 6 Soybeans t-0 Ja 6 n-0 Ap 7 r- 0 Ju 7 l-0 Oc 7 t-0 Ja 7 n-0 Ap 8 r- 0 Ju 8 l Oc -08 t-0 Ja 8F n- 0 Ap 9F r-0 Ju 9F l-0 Oc 9 F t-0 9F
  • 11. U.S. Commodity Price Estimates 2007/08 Previous 2008/09 Previous 2006/07 Estimate 2007/08 Forecast 2008/09 Corn $3.04 $4.45 $4.35 $5.50 $5.00 (per bushel) Wheat $4.26 $6.92 $7.70 $7.74 $5.80 (per bushel) Soybeans $6.43 $10.60 $10.25 $13.50 $10.00 (per bushel) Cotton $0.47 $0.58 $0.55 $0.65 $0.60 (per pound) Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 11 13 August 2008
  • 12. U.S. Farm Cash Receipts 2007 2008 Previous 2009 Previous 2006 Estimate Forecast 2008 Forecast 2009 (in billions of dollars) Crops 120.0 144.9 195.8 179.4 206.0 182.9 Livestock 119.3 138.7 137.5 136.9 138.4 135.7 Government 15.8 12.1 13.3 13.3 10.3 10.3 Payments Total Cash 255.1 295.7 346.6 329.6 354.7 328.9 Receipts Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 12 13 August 2008
  • 13. Agricultural Equipment Retail Sales Industry Outlook U.S. and Canada: Up 20% - 25% – Previous forecast up ~ 20% South America: Up ~ 40% – Previous forecast up ~ 30% Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 13 13 August 2008
  • 14. Farm Net Income Brazil and Argentina Brazil Argentina 2008 2008 2006 2007 Forecast 2006 2007 Forecast (in billions of U.S. dollars) Soybeans (2.0) 3.8 9.9 3.3 3.0 2.5 Cotton (0.2) 0.4 0.5 Sugar Cane 3.3 2.4 0.5 Corn (1.1) 2.5 4.9 0.2 0.8 1.1 Rice (0.5) (0.1) 1.1 Wheat 0.7 0.8 0.7 Sunflower 0.7 0.5 0.8 Current (0.5) 9.0 16.9 4.9 5.1 5.1 Previous 13.9 5.5 Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 14 13 August 2008
  • 15. European (EU-27) Agricultural Update 2008 overall positive outlook – EU suspended set-aside regulation – High crop prices create hedging opportunities – Rising input costs encourage equipment and technology solutions Medium-term prospects – Improvements for pork sector – Income up in new member states – Higher degree of specialization – Slight shift to crops from livestock farming Deere & Company Forecast as of 13 August 2008 15 13 August 2008
  • 16. Agricultural Equipment Retail Sales Industry Outlook Western Europe – Up ~ 5% • Previous forecast up 3%-5% Central Europe and the Commonwealth of Independent States countries, including Russia – Demand growing rapidly Australia – Recovering from drought Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 16 13 August 2008
  • 17. Worldwide Agricultural Equipment Deere & Company Outlook Fiscal Year 2008 Forecast – Net sales projected to be up ~ 38% • Currency translation ~ 8 points • Previous net sales forecast up ~ 35% – Currency translation ~ 7 points Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 17 13 August 2008
  • 18. Worldwide Commercial & Consumer Equipment Third Quarter Overview Q3 2008 Q3 2007 Change (in millions of dollars) Net Sales $1,332 $1,346 (1)% Operating Profit* $91 $127 (28)% Production Tonnage (14)% *Operating profit impacted by: – Higher SA&G – Higher raw material costs – Lower sales volumes – Improved price realization 18 13 August 2008
  • 19. Worldwide Commercial & Consumer Equipment Deere & Company Outlook Fiscal Year 2008 Forecast – Net sales projected to be up ~ 4% • U.S. factors – Housing slowdown – Weakening economy • New products – Across many product areas • LESCO ~ 6 points • No change from previous forecast Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 19 13 August 2008
  • 20. Worldwide Construction & Forestry Third Quarter Overview Q3 2008 Q3 2007 Change (in millions of dollars) Net Sales $1,194 $1,284 (7)% Operating Profit* $93 $150 (38)% Production Tonnage (15)% *Operating Profit impacted by: – Lower shipment volumes – Higher raw material costs 20 13 August 2008
  • 21. Worldwide Construction & Forestry Deere & Company Outlook Fiscal Year 2008 Forecast – Net sales projected to be down ~ 5% • U.S. economic factors – Housing starts at 0.9 million – Non-residential spending up ~ 6.7% – GDP growth of ~ 1.6% • Deere benefitting from – Higher sales outside the U.S. and Canada – New products – Producing closer to retail demand • Previous net sales forecast down ~ 3% Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 21 13 August 2008
  • 22. Credit Credit Loss History Low losses driven by strong obligor cash flows and strong used equipment market Provision for Credit Losses / Average Owned Portfolio 2.00% 1.50% 1.00% 0.50% 0.00% 2008 * 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 * Year-to-date July 2008 annualized 22 13 August 2008
  • 23. Credit Third Quarter 2008 – Net income of ~ $80 million • Higher SA&G • Increase in leverage • Increase in the provision for credit losses • Lower income from receivable sales • Growth in credit portfolio • Higher commissions from crop insurance Fiscal Year 2008 Forecast – Net income of ~ $335 million • Previous forecast ~ $350 million Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 23 13 August 2008
  • 24. Consolidated Trade Receivables & Inventory Change at 31 July: 2008 vs. 2007 Q3 2008 Actual (in millions of dollars) AG 1,199 C&CE 25 C&F 5 Total, as reported 1,229 Total, constant exchange 881 24 13 August 2008
  • 25. Receivables & Inventory to Previous 12 Months Sales 20% 25% 30% 35% 40% 45% 50% 55% 60% 13 August 2008 '00 Q3 Q4 '01 Q1 Q2 Q3 Q4 '02 Q1 Q2 Q3 Q4 '03 Q1 25 Q2 Q3 Q4 '04 Q1 Q2 Q3 Q4 '05 Q1 Q2 Q3 Q4 '06 Q1 Q2 Q3 Q4 Continued strong asset management in 2008 '07 Q1 Q2 Q3 Q4 Prior Year '08 Q1 Current Year Q2 Q3 Consolidated Trade Receivables & Inventory
  • 26. Consolidated Trade Receivables & Inventory Forecasted change at 31 October: 2008 vs. 2007 2008 2008 Prior Forecast Forecast (in millions of dollars) AG 875 575 C&CE 25 Flat C&F 25 Flat Total, as reported 925 575 Total, constant exchange 763 425 Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 26 13 August 2008
  • 27. July Retail Sales U.S. and Canada Industry* Deere** ↓ Utility Tractors ↓ 7% a single digit, more than industry ↑ Row-Crop Tractors ↑ 38% double digits, more than industry ↑ 4 WD Tractors ↑ 49% double digits, more than industry ↑ Combines ↑ 31% double digits, less than industry * As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers 27 13 August 2008
  • 28. Deere Dealer Inventories U.S. and Canada (at 31 July – in units as a % of trailing 12 months retail sales) 2008 2007 Row-Crop Tractors 14% 19% Combines 15% 16% As reported to the Association of Equipment Manufacturers 28 13 August 2008
  • 29. July 2008 Retail Sales Western Europe Deere & Company ↑ Tractors a single digit ↑ Combines triple digits Based on EU Government Reporting of Registrations 29 13 August 2008
  • 30. July 2008 Retail Sales U.S. and Canada Deere & Company ↓ Commercial & Consumer Equipment a single digit Construction & Forestry ↓ First-in-the-Dirt double digits ↓ Settlements double digits 30 13 August 2008
  • 31. Material Costs and Freight Equipment Operations Third Quarter 2008 – Up ~ $140 million vs. Q3 2007 Fiscal Year 2008 – Up $425 - $475 million vs. FY2007 – By division • Agricultural Equipment: ~ $325 • Commercial & Consumer Equipment: ~ $ 50 • Construction & Forestry: ~ $ 75 – Previous forecast up $400 - $500 million Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 31 13 August 2008
  • 32. Research & Development Expense Equipment Operations Third Quarter 2008 – Up ~ 17% vs. Q3 2007 Fiscal Year 2008 Forecast – Up ~ 16% vs. FY2007 • Currency translation ~ 3 points – Previous forecast ~ 13% • Currency translation ~ 3 points Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 32 13 August 2008
  • 33. Selling, Administrative & General Expense Equipment Operations Third Quarter 2008 – Up ~ 16% vs. Q3 2007 • Includes ~ 7 points related to global growth initiatives and currency translation Fiscal Year 2008 – Up ~ 16% vs. FY 2007 • Includes ~ 10 points related to global growth initiatives (including LESCO) and currency translation – Previous forecast ~ 15% Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 33 13 August 2008
  • 34. Tax Rate Equipment Operations Third Quarter 2008 – Effective tax rate of ~ 36% Fiscal Year 2008 Forecast – Assumes tax rate of ~ 36% – Previous forecast ~ 35% Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 34 13 August 2008
  • 35. Board Actions: Share Repurchases and Dividends 28 May 2008 new repurchase authorization: $5 billion Dividend increase payable 1 August 2008: +12% Annualized Dividend Rate Approved Share Repurchases (Per Share) $1.20 155% $1,500 $1.00 $0.80 $ Millions $1,000 $0.60 $0.40 $500 $0.20 No repurchases $0.00 $0 ... Q2 Q1 Q2 Q2 Q1 Q1 Q4 Q3 2000 2001 2002 2003 2004 2005 2006 2007 1998 2004 2004 2005 2006 2007 2007 2008 35 13 August 2008
  • 36. Share Repurchase as Part of Publicly Announced Plans Cumulative cost of repurchases since 2004: $5.3 billion Balance remaining on 40-million share authorization: 18.5 million 2008 period ending shares: 427.0 million Shares Total $ Shares Total $ Repurchased* Amount Repurchased* Amount FY2008 Actual (in millions) (in billions) (in millions) (in billions) Q1 5.8 $0.5 2004 5.9 $0.2 Q2 6.1 $0.5 2005 27.7 $0.9 Q3 4.5 $0.3 2006 34.0 $1.3 Q4 2007 25.7 $1.5 Total 16.4 $1.3 Total 93.3 $3.9 * All shares adjusted for two-for-one stock split effective 26 November 2007 36 13 August 2008
  • 37. Other Information Fiscal Year 2008 Forecast Equipment Operations – Capital Expenditures • ~ $775 million – Previous forecast ~ $800 million – Depreciation and Amortization • ~ $475 million – Pension/OPEB Contributions • ~ $425 million Financial Services – Capital Expenditures – Wind • ~ $275 million – Previous forecast ~ $375 million Deere & Company Forecast as of 13 August 2008 (Previous Forecast as of 14 May 2008) 37 13 August 2008
  • 38. Appendix 38 13 August 2008
  • 39. Additional Supplemental Information Stock Split – Fiscal Year 2007 As reported and as adjusted to reflect stock split: (shares in millions) Diluted Diluted Earnings Per Share Average Shares Outstanding Proforma Proforma As Reported Stock Split As Reported Stock Split Q1 $1.04 $0.52 229.8 459.7 Q2 $2.72 $1.36 229.3 458.6 Q3 $2.37 $1.18 226.8 453.6 Q4 $1.88 $0.94 224.1 448.1 2007 $8.01 $4.00 227.5 455.0 39 13 August 2008
  • 40. Deere’s fourth quarter 2008 conference call is scheduled for 9:00 a.m. central time on Wednesday, November 26, 2008