John Deere. Committed to Those Linked to the Land. Strategy Overview. Deere & Company November 2013

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1 John Deere Committed to Those Linked to the Land Strategy Overview Deere & Company November 2013

2 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

3 Table of Contents Slide # John Deere Strategy 4 Macroeconomic Tailwinds 18 Appendix 25 3 Deere & Company November 2013

4 John Deere Strategy

5 * * * SVA: Shareholder Value Added 5 Deere & Company November 2013

6 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

7 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

8 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

9 The John Deere Strategy Performance Target Aspirations Sales Enterprise net sales of $50 billion at mid-cycle by 2018 Profitability Operating margins of no less than 12% at mid-cycle by 2014 Asset Efficiency Asset turns of 2.5 times at midcycle by 2018 Equipment Operations Equipment Operations 2010 Normal Volume $25 billion 6.6% 2018 Normal Volume $50 billion U.S. & Canada 12.3% 13.0% 13.1% 14.5% Outside U.S. & Canada 9 Deere & Company November 2013

10 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 Complementary Businesses Turf and Forestry Equipment Solutions Defend and grow share, enhance SVA*, strengthen the channel of the Global Growth Businesses Supporting Businesses S660i Combine XUV 550 Gator 310SJ Backhoe Loader 1170E Wheeled Harvester Financial Services, Power Systems, Worldwide Parts, and Intelligent Solutions Group Strengthen and further differentiate our Global Growth and Complementary Businesses Financial Services Power Systems Worldwide Parts Intelligent Solutions * SVA: Shareholder Value Added 10 Deere & Company November 2013

11 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

12 The John Deere Strategy Foundational Success Factors Exceptional Operating Performance - Equipment Operations 31.8% OROA* in % 30% % % 2009, adjusted*** 20% 15% % 12% % 12% OROA (SVA** Neutral) 5% % % 80% Low 100% Normal % 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. 120% High 12 Deere & Company November 2013

13 The John Deere Strategy Foundational Success Factors Exceptional Operating Performance - Equipment Operations Higher Net Cash Flow, More Consistently 5,000 4,500 Adoption of SVA* Model 4,000 Sale of Trade Receivables to Credit 3,500 $ Millions 3,000 2,500 2,000 1,500 1, Roughly $8.0 billion in Pension/OPEB contributions, * SVA: Shareholder Value Added 13 Deere & Company November 2013

14 The John Deere Strategy Foundational Success Factors Disciplined SVA* Growth - Equipment Operations SVA Journey, SVA ($ millions) 3,600 3,200 2,800 2,400 2,000 1,600 1, ,200-1,600 Adoption of SVA Model * 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

15 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 15 Deere & Company November 2013

16 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 Health measures 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) The qualities, attributes and actions being introduced to ensure the sustainability of our performance over time Exceptional Operating Performance Disciplined SVA*** Growth Aligned High-Performance Teamwork Quality Sales/SVA Mix by Geography Metric Employee Engagement Target % JDQPS** certification % Non-U.S. & Canada Employee Survey s Engagement Index * Implies a CAGR of ~ 9% ( ) vs. historical CAGR of 7-8% ** JDQPS: John Deere Quality and Production System *** SVA: Shareholder Value Added 16 Deere & Company November 2013

17 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 17 Deere & Company November 2013

18 Macroeconomic Tailwinds Support John Deere s Global Growth Businesses

19 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 Deere & Company November 2013

20 Strong Global Tailwinds in Ag & Construction Significant Growth from Developing Economies While several sectors are expected to grow in the G-20 countries from Agriculture and Construction will derive significant growth from the BRIIC countries Sector Absolute increase in real value added , $ Billions CAGR Percent Sector Share of growth from BRIIC 1 Percent Real Estate & Dwellings Wholesale Trade Other Business Activities Public Admin, Sanitary & Personal Srvs Construction Transportation & Storage Financial Institutions Medical, Dental, Veterinary, Other Health Communications Educational Services Retail Trade except Motor Vehicle, and Motorcycle Radio, TV, and Communications Equipment Agriculture, Hunting, Forestry, Fishing Processed Food Energy Mining and Quarrying Restaurants and Hotels Electricity, Gas, and Water Computer and Related Activities Motor Vehicle and Motorcycle Sales, Repair, Maint. Insurance 1, Agriculture, Hunting, Forestry, Fishing 79.5 Processed Food 67.3 Radio, TV, and Communications Equipment 60.8 Transportation & Storage 60.2 Energy Mining and Quarrying 59.4 Electricity, Gas, and Water 56.8 Construction 52.1 Public Admin, Sanitary & Personal Srvs 46.9 Wholesale Trade 44.9 Communications Restaurants and Hotels Financial Institutions 41.4 Educational Services 38.8 Motor Vehicle and Motorcycle Sales, Repair, Maint Retail Trade except Motor Vehicle, and Motorcycle 33.7 Real Estate & Dwellings 29.7 Insurance 26.9 Other Business Activities 22.1 Medical, Dental, Veterinary, Other Health 20.5 Computer and Related Activities 12.9 Note: G20 countries account for 77% and 89% of agriculture and construction segments respectively. Total global growth for agriculture is $405B and construction is $890B 1 Brazil, Russia, India, Indonesia, China Source: Global Insight World Industry Service Real value-added 2005 USD 20 Deere & Company November 2013

21 Developing Economies Growing Faster While developed economies have always accounted for a larger share of GDP their growth will slow significantly, relative to that of developing economies Real GDP 1 $ Trillions CAGR, Percent x 3.5 Real GDP 1 $ Trillions CAGR, Percent x 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 21 Deere & Company November 2013

22 Dynamics of Food Demand Per Capita Income Services >$10.00 per day Processed Products $2.50-$10.00 per day Livestock Products 25% of world s population (Most hunger problems solved at $2.50 threshold) $1.25-$2.50 per day Commodities 18% of world s population (2/3rds experience hunger & malnutrition) <$1.25 per day Source: World Development Indicators 2010, The World Bank, April Deere & Company November 2013

23 Global Construction and Infrastructure Needs Infrastructure is expected to be the fastest growing segment of construction Residential Non-residential Infrastructure WW Construction spending Gross output, $ 2005 Billions CAGR Percent CAGR Percent CAGR Percent 3.2% 9, % 4.2% 3.2% 5,981 6,134 3, ,441 2,271 2,774 1,880 1,874 1,661 1,989 3, Source: IHS Global Insight, May Deere & Company November 2013

24 Global Construction Spending in 2022 Concentrated in a Small Number of Markets Construction spending 2022 absolute, Top 10 (Billions of 2005 $s) Construction spending change, 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 Infrastructure India 377 Infrastructure UK Germany Non-residential Residential UK Germany Non-residential Residential 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 Deere & Company November 2013

25 Appendix

26 2009 OROA* Reconciliation to GAAP Equipment Operations (millions of dollars unless stated otherwise) Equipment Operations 2009, 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, ,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 26 Deere & Company November 2013

27 SVA* Reconciliation to GAAP Equipment Operations (millions of dollars unless stated otherwise) Equipment Operations 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 ,006 1,125 1,402 1, (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) (776) (392) (1,208) (457) Equipment Operations 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, ,224 1, ,650 2,294 2,602 3,147 * SVA: Shareholder Value Added 27 Deere & Company November 2013

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