8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report:  February 16, 2011

(Date of earliest event reported)

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

DELAWARE	1-4121	36-2382580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices and zip code)

(309) 765-8000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Items 2.02

and 8.01Results of Operations and Financial Condition and Other Events.

The following consists of Deere & Company’s press release dated February 16, 2011 concerning First Quarter of fiscal 2011 financial results and supplemental financial information filed as Exhibit 99.1 to this report and incorporated by reference herein.

Item 9.01           Financial Statements and Exhibits.

(d)     Exhibits

(99.1)     Press release and supplemental financial information (Filed herewith)

Items 2.02

and 7.01Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished herewith)

The attached schedules of Other Financial Information (Exhibit 99.2) and First Quarter 2011 Earnings Conference Call Information (Exhibit 99.3) are furnished under Form 8-K Items 2.02 and 7.01. The information is not filed for purposes of the Securities Exchange Act of 1934 and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent Deere & Company specifically incorporates the information by reference.

2

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DEERE & COMPANY
	By:	/s/ Gregory R. Noe
		Gregory R. Noe
		Secretary
Dated:  February 16, 2011

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Exhibit Index

Number and Description of Exhibit

(99.1)	Press Release and Supplemental Financial Information (Filed herewith)
(99.2)	Other Financial Information (Furnished herewith)
(99.3)	First Quarter 2011 Earnings Conference Call Information (Furnished herewith)

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EX-99.1

Exhibit 99.1 (Filed herewith)

For immediate release

News Media Contact:

Ken Golden

Director, Global Public Reputation Strategy

Deere & Company

309-765-5678

Deere Reports Record First-Quarter Earnings of $514 million

§Income more than doubles on 27% increase in net sales and revenues.

§Results aided by strong demand for farm machinery and improved conditions in construction and forestry markets.

§Profit forecast for year increased to about $2.5 billion.

MOLINE, Illinois (February 16, 2011) — Net income attributable to Deere & Company was $513.7 million, or $1.20 per share, for the first quarter ended January 31, compared with $243.2 million, or $0.57 per share, for the same period last year.

Worldwide net sales and revenues for the first quarter increased 27 percent, to $6.119 billion, compared with $4.835 billion last year. Net sales of the equipment operations were $5.514 billion for the quarter compared with $4.237 billion a year ago.

“John Deere’s first-quarter results reflect improving demand for our innovative lines of equipment coupled with the skillful execution of our business plans,” said Samuel R. Allen, chairman and chief executive officer. “Our actions are helping attract customers through advanced new products and technologies.” Sales of large farm machinery, particularly in the United States and Canada, are continuing to make a major impact, while construction equipment shipments are experiencing some degree of recovery, Allen noted. “Our record first-quarter performance is especially

Deere Announces First-Quarter Earnings 5

gratifying in light of market conditions that remain below normal levels in certain key sectors.”

Summary of Operations

Net sales of the worldwide equipment operations rose 30 percent for the quarter. Sales included price increases of 2 percent. Equipment net sales in the United States and Canada increased 35 percent for the quarter. Outside the U.S. and Canada, net sales were up 22 percent for the quarter, with an unfavorable currency-translation effect of 1 percent.

Deere’s equipment operations reported operating profit of $646 million for the quarter, compared with $315 million last year. Benefiting the quarter were higher shipment and production volumes as well as improved price realization, partially offset by increases in raw material costs and higher incentive-compensation expenses.

Financial services reported net income attributable to Deere & Company of $118.2 million for the quarter compared with $85.1 million last year. Results increased for the quarter primarily due to portfolio growth and a lower provision for credit losses.

Company Outlook & Summary

Company equipment sales now are projected to be up 18 to 20 percent for fiscal 2011 and up about 25 percent for the second quarter compared with the same periods of the previous year. Included is a favorable currency-translation impact of about 2 percent for the year and the quarter. Net income attributable to Deere & Company is anticipated to be approximately $2.5 billion for the full year.

With Deere’s strong first-quarter performance and positive outlook for 2011, the company remains well-positioned to capitalize on positive global economic trends while providing significant value to investors, Allen said. “Our balanced approach to cash flow management means we will continue

Deere Announces First-Quarter Earnings 6

setting the stage for future sales and earnings gains through the aggressive funding of organic growth while also remaining focused on returning cash directly to shareholders,” noted Allen. “We’re confident this approach will produce solid value for our customers, investors and other constituents over the long term.”

* * *

Equipment Division Performance

Agriculture & Turf. Sales increased 21 percent for the quarter largely due to higher shipment volumes and improved price realization. Operating profit was $558 million compared with $352 million for the quarter last year. The improvement was primarily due to higher shipment and production volumes as well as improved price realization, partially offset by increased raw-material costs and higher incentive-compensation expenses.

Construction & Forestry. Construction and forestry sales climbed 81 percent, resulting in operating profit of $88 million. Last year the division had an operating loss of $37 million for the quarter. Contributing to the increase were significantly higher shipment and production volumes as well as improved price realization, partially offset by increased raw-material costs and higher incentive-compensation expenses.

Market Conditions & Outlook

Agriculture & Turf. Worldwide sales of agriculture and turf equipment are forecast to increase by about 16 percent for full-year 2011, benefiting from favorable global farm conditions. Farmers in many of the company’s markets are experiencing solid levels of income due to strong global demand for agricultural commodities, low grain stocks in relation to use, and rising prices for crops such as corn, wheat, soybeans, sugar and

Deere Announces First-Quarter Earnings 7

cotton. Farm commodity prices have escalated sharply since the beginning of the year, lending further support to the outlook.

After staging a healthy advance in 2010, industry farm-machinery sales in the U.S. and Canada are forecast to be up about 5 percent for 2011. Overall conditions remain positive and demand for high-horsepower equipment continues to be strong. However, production limits and transitional issues associated with the broad launch of Interim Tier 4 emissions-compliant equipment are expected to have a moderating effect on near-term sales potential.

Industry sales in the EU 27 nations of Western and Central Europe are forecast to increase by about 10 percent, while sales in the Commonwealth of Independent States are expected to see moderate gains in relation to the prior year’s depressed level. Farm conditions are strengthening in the European and CIS markets. Industry sales in Asia also are forecast to grow moderately after last year’s robust improvement.

In South America, industry sales for the year are projected to be comparable with the strong levels of 2010. Deere’s own sales in the region are expected to benefit from a broader lineup of recently introduced products.

Industry sales of turf and utility equipment in the U.S. and Canada are expected to be flat after experiencing modest recovery in 2010.

Construction & Forestry. Deere’s worldwide sales of construction and forestry equipment are forecast to rise by about 35 percent for 2011. The increase reflects market conditions that are somewhat improved in relation to the prior year’s low level.  In addition, construction equipment sales to independent rental companies are expected to see further growth. World forestry markets are expected to experience further improvement for the year as a result of strong wood and pulp prices.

Deere Announces First-Quarter Earnings 8

Financial Services. Full-year 2011 net income attributable to Deere & Company for the financial services operations is forecast to be approximately $400 million, reflecting continued growth in the portfolio.

John Deere Capital Corporation

The following is disclosed on behalf of the company’s credit subsidiary, John Deere Capital Corporation (JDCC), in connection with the disclosure requirements applicable to its periodic issuance of debt securities in the public market.

Net income attributable to John Deere Capital Corporation was $83.8 million for the first quarter, compared with $63.9 million last year. Results were better for the quarter primarily due to growth in the portfolio and a lower provision for credit losses.

Net receivables and leases financed by JDCC were $20.749 billion at January 31, 2011, compared with $18.510 billion last year.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:  Statements under “Company Outlook & Summary,” “Market Conditions & Outlook,” and other forward-looking statements herein that relate to future events, expectations, trends and operating periods involve certain factors that are subject to change, and important risks and uncertainties that could cause actual results to differ materially.  Some of these risks and uncertainties could affect particular lines of business, while others could affect all of the company’s businesses.

The company’s agricultural equipment business is subject to a number of uncertainties including the many interrelated factors that affect farmers’ confidence.  These factors include worldwide economic conditions, demand for agricultural products, world grain stocks, weather conditions (including its effects on timely planting and harvesting), soil conditions, harvest yields,

Deere Announces First-Quarter Earnings 9

prices for commodities and livestock, crop and livestock production expenses, availability of transport for crops, the growth of non-food uses for some crops (including ethanol and biodiesel production), real estate values, available acreage for farming, the land ownership policies of various governments, changes in government farm programs and policies (including those in the U.S., Russia, and Brazil), international reaction to such programs, global trade agreements, animal diseases and their effects on poultry, beef and pork consumption and prices, crop pests and diseases, and the level of farm product exports (including concerns about genetically modified organisms).

Factors affecting the outlook for the company’s turf and utility equipment include general economic conditions, consumer confidence, weather conditions, customer profitability, consumer borrowing patterns, consumer purchasing preferences, housing starts, infrastructure investment, spending by municipalities and golf courses, and consumable input costs.

General economic conditions, consumer spending patterns, real estate and housing prices, the number of housing starts and interest rates are especially important to sales of the company’s construction and forestry equipment.  The levels of public and non-residential construction also impact the results of the company’s construction and forestry segment.  Prices for pulp, paper, lumber and structural panels are important to sales of forestry equipment.

All of the company’s businesses and its reported results are affected by general economic conditions in the global markets in which the company operates, especially material changes in economic activity in these markets; customer confidence in general economic conditions; foreign currency exchange rates and their volatility, especially fluctuations in the value of the U.S. dollar; interest rates; and inflation and deflation rates.  General economic conditions can affect demand for the company’s equipment as well.  The current economic conditions and outlook in certain sectors have dampened demand for certain equipment.

Customer and company operations and results could be affected by

Deere Announces First-Quarter Earnings 10

changes in weather patterns; the political and social stability of the global markets in which the company operates; the effects of, or response to, terrorism and security threats; wars and other conflicts and the threat thereof; and the spread of major epidemics.

Significant changes in market liquidity conditions and any failure to comply with financial covenants in credit agreements could impact access to funding and funding costs, which could reduce the company’s earnings and cash flows.  Market conditions could also negatively impact customer access to capital for purchases of the company’s products; borrowing and repayment practices; and the number and size of customer loan delinquencies and defaults.  A sovereign debt crisis, in Europe or elsewhere, could negatively impact currencies, global financial markets, social and political stability, funding sources and costs, customers, and company operations and results.  State debt crises also could negatively impact customers, suppliers, demand for equipment, and company operations and results.  The company’s investment management activities could be impaired by changes in the equity and bond markets, which would negatively affect earnings.

Additional factors that could materially affect the company’s operations, access to capital and results include changes in and the impact of governmental trade, banking, monetary and fiscal policies, including financial regulatory reform, and governmental programs in particular jurisdictions or for the benefit of certain industries or sectors (including protectionist policies and trade and licensing restrictions that could disrupt international commerce); actions by the U.S. Federal Reserve Board and other central banks; actions by the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission and other financial regulators; actions by environmental, health and safety regulatory agencies, including those related to engine emissions (in particular Interim Tier 4 and Final Tier 4 emission requirements), noise and the risk of climat e change; changes in labor regulations; changes to accounting standards; changes in tax rates and regulations; and actions by other regulatory bodies including changes in laws

Deere Announces First-Quarter Earnings 11

and regulations affecting the sectors in which the company operates.

Other factors that could materially affect results include production, design and technological innovations and difficulties, including capacity and supply constraints and prices; the availability and prices of strategically sourced materials, components and whole goods; delays or disruptions in the company’s supply chain due to weather, natural disasters or financial hardship or the loss of liquidity by suppliers; start-up of new plants and new products; the success of new product initiatives and customer acceptance of new products; changes in customer product preferences and sales mix whether as a result of changes in equipment design to meet government regulations or for other reasons; oil and energy prices and supplies; the availability and cost of freight; actions of competitors in the various industries in which the company competes, particularly price disc ounting; dealer practices especially as to levels of new and used field inventories; labor relations; acquisitions and divestitures of businesses, the integration of new businesses; the implementation of organizational changes; difficulties related to the conversion and implementation of enterprise resource planning systems that disrupt business, negatively impact supply or distribution relationships or create higher than expected costs; changes in company declared dividends and common stock issuances and repurchases.

Company results are also affected by changes in the level of employee retirement benefits, changes in market values of investment assets and the level of interest rates, which impact retirement benefit costs, and significant changes in health care costs including those which may result from governmental action.

The liquidity and ongoing profitability of John Deere Capital Corporation and other credit subsidiaries depend largely on timely access to capital to meet future cash flow requirements and fund operations and the costs associated with engaging in diversified funding activities and to fund purchases of the company’s products.  If market uncertainty increases and general economic conditions worsen, funding could be unavailable or insufficient.  Additionally, customer confidence levels may result in declines

Deere Announces First-Quarter Earnings 12

in credit applications and increases in delinquencies and default rates, which could materially impact write-offs and provisions for credit losses.

The company’s outlook is based upon assumptions relating to the factors described above, which are sometimes based upon estimates and data prepared by government agencies.  Such estimates and data are often revised.  The company, except as required by law, undertakes no obligation to update or revise its outlook, whether as a result of new developments or otherwise.  Further information concerning the company and its businesses, including factors that potentially could materially affect the company’s financial results, is included in the company’s other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. Risk Factors of the company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q).

Deere Announces First-Quarter Earnings 13

First Quarter 2011 Press Release
(in millions of dollars)
Unaudited

	Three Months Ended January 31
					%
	2011		2010		Change
Net sales and revenues:
Agriculture and turf	$	4,371	$	3,607	+21
Construction and forestry	1,143		630		+81
Total net sales	5,514		4,237		+30
Financial services *	507		506
Other revenues	98		92		+7
Total net sales and revenues	$	6,119	$	4,835	+27
Operating profit (loss) **
Agriculture and turf	$	558	$	352	+59
Construction and forestry	88		(37)
Financial services *	172		101		+70
Total operating profit	818		416		+97
Other reconciling items ***	(304)		(173)		+76
Net income attributable to Deere & Company	$	514	$	243	+112
Equipment operations outside the U.S. and Canada:
Net sales	$	2,093	$	1,711	+22
Operating profit	$	214	$	118	+81

*At the beginning of the first quarter of 2011, the Company combined the reporting of the credit segment and the “Other” segment into the financial services segment. The “Other” segment consisted of an insurance business related to extended warranty policies that did not meet the materiality threshold of reporting. The revenues and operating profit for previous periods were revised as shown above or as follows:

	Second Quarter	Third Quarter	Years
	2010	2010	2010	2009
Financial Services
Revenues	499	528	2,073	2,029
Operating profit	110	148	499	242

**Operating profit (loss) is income from continuing operations before corporate expenses, certain external interest expense, certain foreign exchange gains and losses and income taxes.  Operating profit of the financial services segment includes the effect of interest expense and foreign exchange gains or losses.

***Other reconciling items are primarily corporate expenses, certain external interest expense, certain foreign exchange gains and losses, income taxes and net income attributable to noncontrolling interests.

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DEERE & COMPANY
STATEMENT OF CONSOLIDATED INCOME
For the Three Months Ended January 31, 2011 and 2010
(In millions of dollars and shares except per share amounts) Unaudited

	2011		2010
Net Sales and Revenues
Net sales	$	5,513.8	$	4,237.3
Finance and interest income	460.1		467.2
Other income	145.3		130.3
Total	6,119.2		4,834.8
Costs and Expenses
Cost of sales	4,094.1		3,205.5
Research and development expenses	268.9		235.7
Selling, administrative and general expenses	665.0		642.1
Interest expense	202.5		218.5
Other operating expenses	142.7		168.7
Total	5,373.2		4,470.5
Income of Consolidated Group before Income Taxes	746.0		364.3
Provision for income taxes	232.2		109.9
Income of Consolidated Group	513.8		254.4
Equity in income (loss) of unconsolidated affiliates	.5		(8.8		)
Net Income	514.3		245.6
Less: Net income attributable to noncontrolling interests	.6		2.4
Net Income Attributable to Deere & Company	$	513.7	$	243.2
Per Share Data
Basic	$	1.22	$	.57
Diluted	$	1.20	$	.57
Average Shares Outstanding
Basic	421.8		423.6
Diluted	427.5		427.5

See Condensed Notes to Interim Financial Statements.

15

DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions of dollars) Unaudited

	January 31		October 31		January 31
	2011		2010		2010
Assets
Cash and cash equivalents	$	3,438.0	$	3,790.6	$	5,043.3
Marketable securities	234.2		227.9		206.4
Receivables from unconsolidated affiliates	43.8		38.8		38.4
Trade accounts and notes receivable - net	3,237.1		3,464.2		3,120.5
Financing receivables - net	18,164.1		17,682.2		14,686.7
Restricted financing receivables - net	1,768.2		2,238.3		2,603.9
Other receivables	885.1		925.6		774.5
Equipment on operating leases - net	1,845.4		1,936.2		1,613.1
Inventories	4,178.4		3,063.0		2,752.5
Property and equipment - net	3,781.5		3,790.7		4,424.8
Investments in unconsolidated affiliates	215.3		244.5		220.4
Goodwill	997.3		998.6		1,010.1
Other intangible assets - net	133.1		117.0		130.6
Retirement benefits	176.9		146.7		124.0
Deferred income taxes	2,664.5		2,477.1		2,750.2
Other assets	1,132.9		1,194.0		1,281.3
Assets held for sale			931.4
Total Assets	$	42,895.8	$	43,266.8	$	40,780.7
Liabilities and Stockholders’ Equity
Short-term borrowings	$	7,458.1	$	7,534.5	$	7,679.4
Payables to unconsolidated affiliates	276.9		203.5		77.4
Accounts payable and accrued expenses	5,910.5		6,481.7		4,777.3
Deferred income taxes	149.8		144.3		155.4
Long-term borrowings	16,705.9		16,814.5		17,090.6
Retirement benefits and other liabilities	5,807.9		5,784.9		6,014.6
Total liabilities	36,309.1		36,963.4		35,794.7
Total Deere & Company stockholders’ equity	6,578.6		6,290.3		4,979.6
Noncontrolling interests	8.1		13.1		6.4
Total stockholders’ equity	6,586.7		6,303.4		4,986.0
Total Liabilities and Stockholders’ Equity	$	42,895.8	$	43,266.8	$	40,780.7

See Condensed Notes to Interim Financial Statements.

16

DEERE & COMPANY
STATEMENT OF CONSOLIDATED CASH FLOWS
For the Three Months Ended January 31, 2011 and 2010
(In millions of dollars) Unaudited

	2011		2010
Cash Flows from Operating Activities
Net income	$	514.3	$	245.6
Adjustments to reconcile net income to net cash used for operating activities:
Provision for doubtful receivables	7.9		25.9
Provision for depreciation and amortization	219.0		241.4
Share-based compensation expense	15.0		40.1
Undistributed earnings of unconsolidated affiliates	8.6		8.7
Provision (credit) for deferred income taxes	(185.1)		39.3
Changes in assets and liabilities:
Trade, notes and financing receivables related to sales	(110.0)		(205.6)
Inventories	(1,096.1)		(348.2)
Accounts payable and accrued expenses	(447.3)		(416.9)
Accrued income taxes payable/receivable	130.5		4.8
Retirement benefits	94.2		(48.7)
Other	(51.3)		95.3
Net cash used for operating activities	(900.3)		(318.3)
Cash Flows from Investing Activities
Collections of receivables	3,761.7		3,211.8
Proceeds from maturities and sales of marketable securities	9.4		3.5
Proceeds from sales of equipment on operating leases	196.5		158.9
Proceeds from sales of businesses, net of cash sold	891.6		5.7
Cost of receivables acquired	(3,390.2)		(2,697.7)
Purchases of marketable securities	(20.7)		(18.5)
Purchases of property and equipment	(214.9)		(162.7)
Cost of equipment on operating leases acquired	(92.4)		(54.5)
Acquisitions of businesses, net of cash acquired	(46.6)		(18.7)
Other	(111.6)		(55.3)
Net cash provided by investing activities	982.8		372.5
Cash Flows from Financing Activities
Increase in short-term borrowings	19.5		571.6
Proceeds from long-term borrowings	328.4		335.1
Payments of long-term borrowings	(453.5)		(461.6)
Proceeds from issuance of common stock	88.9		24.5
Repurchases of common stock	(302.2)		(3.8)
Dividends paid	(127.2)		(118.5)
Excess tax benefits from share-based compensation	32.6		6.8
Other	(11.5)		(8.3)
Net cash provided by (used for) financing activities	(425.0)		345.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(10.1)		(8.4)
Net Increase (Decrease) in Cash and Cash Equivalents	(352.6)		391.6
Cash and Cash Equivalents at Beginning of Period	3,790.6		4,651.7
Cash and Cash Equivalents at End of Period	$	3,438.0	$	5,043.3

See Condensed Notes to Interim Financial Statements.

17

Condensed Notes to Interim Financial Statements (Unaudited)

(1)Dividends declared and paid on a per share basis were as follows:

		Three Months Ended January 31
		2011		2010
Dividends declared	$	.35	$	.28
Dividends paid		.30		.28

(2)The calculation of basic net income per share is based on the average number of shares outstanding.  The calculation of diluted net income per share recognizes any dilutive effect of share-based compensation.

(3)Comprehensive income, which includes all changes in the total stockholders’ equity during the period except transactions with stockholders, was as follows in millions of dollars:

		Three Months Ended January 31
		2011			2010
Net income	$	514.3		$	245.6
Other comprehensive income, net of tax:
Retirement benefits adjustment		66.2			71.8
Cumulative translation adjustment		20.4			(109.9	)
Unrealized gain on derivatives		5.1			6.3
Unrealized gain (loss) on investments		(4.1	)		.3
Comprehensive income	$	601.9		$	214.1

(4)The consolidated financial statements represent the consolidation of all Deere & Company’s subsidiaries.  In the supplemental consolidating data in Note 5 to the financial statements, “Equipment Operations” include the Company’s agriculture and turf operations and construction and forestry operations, with “Financial Services” reflected on the equity basis.

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(5) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENT OF INCOME

For the Three Months Ended January 31, 2011 and 2010

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS*					FINANCIAL SERVICES
	2011		2010			2011		2010
Net Sales and Revenues
Net sales	$	5,513.8	$	4,237.3
Finance and interest income	15.5		25.7			$	498.0	$	486.4
Other income	113.8		90.2			57.1		73.0
Total	5,643.1		4,353.2			555.1		559.4
Costs and Expenses
Cost of sales	4,094.4		3,205.9
Research and development expenses	268.9		235.7
Selling, administrative and general expenses	571.3		528.0			96.5		116.7
Interest expense	51.8		43.3			163.3		184.9
Interest compensation to Financial Services	40.8		42.6
Other operating expenses	41.6		34.2			123.6		157.0
Total	5,068.8		4,089.7			383.4		458.6
Income of Consolidated Group before Income Taxes	574.3		263.5			171.7		100.8
Provision for income taxes	178.4		93.9			53.8		16.0
Income of Consolidated Group	395.9		169.6			117.9		84.8
Equity in Income (Loss) Unconsolidated Subsidiaries and Affiliates
Financial Services	118.2		85.1			.3		.3
Other	.2		(9.1		)
Total	118.4		76.0			.3		.3
Net Income	514.3		245.6			118.2		85.1
Less:  Net income attributable to noncontrolling interests	.6		2.4
Net Income Attributable to Deere & Company	$	513.7	$	243.2		$	118.2	$	85.1

*   Deere & Company with Financial Services on the equity basis.

The supplemental consolidating data is presented for informational purposes.  Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.

19

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEET

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS *						FINANCIAL SERVICES
	January 31 2011		October 31 2010		January 31 2010		January 31 2011		October 31 2010		January 31 2010
Assets
Cash and cash equivalents	$	2,923.0	$	3,348.3	$	3,397.2	$	515.0	$	442.3	$	1,646.1
Marketable securities							234.2		227.9		206.4
Receivables from unconsolidated subsidiaries and affiliates	1,654.3		1,712.6		280.0		.2		1.6
Trade accounts and notes receivable - net	771.0		999.8		677.7		3,066.5		2,979.7		2,971.3
Financing receivables - net	7.6		9.4		3.7		18,156.5		17,672.8		14,683.0
Restricted financing receivables - net							1,768.2		2,238.3		2,603.9
Other receivables	793.1		889.5		625.8		112.4		49.4		137.5
Equipment on operating leases - net							1,845.4		1,936.2		1,613.1
Inventories	4,178.4		3,063.0		2,752.5
Property and equipment - net	3,714.2		3,722.4		3,357.7		67.3		68.3		1,067.1
Investments in unconsolidated subsidiaries and affiliates	3,314.0		3,420.2		3,165.7		7.2		7.0		6.3
Goodwill	997.3		998.6		1,010.1
Other intangible assets - net	129.2		113.0		130.6		4.0		4.0
Retirement benefits	176.0		145.8		123.0		30.8		31.4		9.0
Deferred income taxes	2,771.1		2,737.1		2,900.7		106.7		103.2		91.8
Other assets	422.0		381.2		350.8		711.1		812.9		931.2
Assets held for sale									931.4
Total Assets	$	21,851.2	$	21,540.9	$	18,775.5	$	26,625.5	$	27,506.4	$	25,966.7
Liabilities and Stockholders’ Equity
Short-term borrowings	$	426.0	$	85.0	$	442.9	$	7,032.1	$	7,449.5	$	7,236.5
Payables to unconsolidated subsidiaries and affiliates	276.9		205.2		77.4		1,610.6		1,673.7		241.6
Accounts payable and accrued expenses	5,360.5		5,757.1		4,151.9		1,171.1		1,253.3		1,143.4
Deferred income taxes	94.8		92.0		85.8		268.3		415.5		312.0
Long-term borrowings	3,314.8		3,328.6		3,049.6		13,391.1		13,485.9		14,041.0
Retirement benefits and other liabilities	5,791.5		5,771.6		5,983.8		46.4		43.8		38.7
Total liabilities	15,264.5		15,239.5		13,791.4		23,519.6		24,321.7		23,013.2
Total Deere & Company stockholders’ equity	6,578.6		6,290.3		4,979.6		3,105.9		3,182.7		2,951.6
Noncontrolling interests	8.1		11.1		4.5				2.0		1.9
Total stockholders’ equity	6,586.7		6,301.4		4,984.1		3,105.9		3,184.7		2,953.5
Total Liabilities and Stockholders’ Equity	$	21,851.2	$	21,540.9	$	18,775.5	$	26,625.5	$	27,506.4	$	25,966.7

* Deere & Company with Financial Services on the equity basis.

The supplemental consolidating data is presented for informational purposes.  Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.

20

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENT OF CASH FLOWS

For the Three Months Ended January 31, 2011 and 2010

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS*						FINANCIAL SERVICES
	2011			2010			2011			2010
Cash Flows from Operating Activities
Net income	$	514.3		$	245.6		$	118.2		$	85.1
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Provision (credit) for doubtful receivables	.1			(2.6		)	7.7			28.5
Provision for depreciation and amortization	144.4			150.3			95.2			108.0
Undistributed earnings of unconsolidated subsidiaries and affiliates	(28.3		)	(6.1		)	(.3		)	(.3		)
Provision (credit) for deferred income taxes	(202.0		)	24.3			16.9			15.0
Changes in assets and liabilities:
Receivables	238.4			71.7						(6.9		)
Inventories	(1,045.3		)	(303.6		)
Accounts payable and accrued expenses	(347.9		)	(329.6		)	(14.4		)	(62.6		)
Accrued income taxes payable/receivable	125.0			36.4			5.6			(31.6		)
Retirement benefits	91.2			(52.3		)	3.0			3.7
Other	(3.4		)	31.9			(35.6		)	102.6
Net cash provided by (used for) operating activities	(513.5		)	(134.0		)	196.3			241.5
Cash Flows from Investing Activities
Collections of receivables							10,476.8			7,634.8
Proceeds from maturities and sales of marketable securities							9.4			3.5
Proceeds from sales of equipment on operating leases							196.5			158.9
Proceeds from sales of businesses, net of cash sold	891.6			5.7
Cost of receivables acquired							(10,537.9		)	(7,426.1		)
Purchases of marketable securities							(20.7		)	(18.5		)
Purchases of property and equipment	(214.4		)	(149.3		)	(.4		)	(13.4		)
Cost of equipment on operating leases acquired							(161.1		)	(114.8		)
Acquisitions of businesses, net of cash acquired	(46.6		)	(18.7		)
Other	(45.7		)	(20.6		)	(86.6		)	(24.7		)
Net cash provided by (used for) investing activities	584.9			(182.9		)	(124.0		)	199.7
Cash Flows from Financing Activities
Increase (decrease) in short-term borrowings	325.5			(51.7		)	(306.0		)	623.3
Change in intercompany receivables/payables	(479.5		)	188.6			479.5			(188.6		)
Proceeds from long-term borrowings				.1			328.4			335.0
Payments of long-term borrowings	(19.9		)	(5.4		)	(433.7		)	(456.3		)
Proceeds from issuance of common stock	88.9			24.5
Repurchases of common stock	(302.2		)	(3.8		)
Dividends paid	(127.2		)	(118.5		)	(81.0		)	(70.0		)
Excess tax benefits from share-based compensation	32.6			6.8
Other	(6.6		)	(5.1		)	15.0			(3.1		)
Net cash provided by (used for) financing activities	(488.4		)	35.5			2.2			240.3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(8.3		)	(11.2		)	(1.8		)	2.7
Net Increase (Decrease) in Cash and Cash Equivalents	(425.3		)	(292.6		)	72.7			684.2
Cash and Cash Equivalents at Beginning of Period	3,348.3			3,689.8			442.3			961.9
Cash and Cash Equivalents at End of Period	$	2,923.0		$	3,397.2		$	515.0		$	1,646.1

* Deere & Company with Financial Services on the equity basis.

The supplemental consolidating data is presented for informational purposes.  Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.

21

EX-99.2

Exhibit 99.2

(Furnished herewith)

Deere & Company

Other Financial Information

For the Three Months Ended January 31,	Equipment Operations									Agriculture and Turf						Construction and Forestry
Dollars in millions	2011						2010			2011				2010		2011				2010
Net Sales	$	5,514			$		4,237			$	4,371		$	3,607		$	1,143		$	630
Average Identifiable Assets
With Inventories at LIFO	$	10,374			$		8,738			$	7,937		$	6,630		$	2,437		$	2,108
With Inventories at Standard Cost	$	11,687			$		10,067			$	9,052		$	7,764		$	2,635		$	2,303
Operating Profit (Loss)	$	646			$		315			$	558		$	352		$	88		$	(37	)
Percent of Net Sales		11.7	%				7.4		%		12.8	%		9.8	%		7.7	%		-5.9	%
Operating Return on Assets
With Inventories at LIFO		6.2	%				3.6		%		7.0	%		5.3	%		3.6	%		-1.8	%
With Inventories at Standard Cost		5.5	%				3.1		%		6.2	%		4.5	%		3.3	%		-1.6	%
SVA Cost of Assets	$	(351	)		$		(302		)	$	(272	)	$	(233	)	$	(79	)	$	(69	)
SVA	$	295			$		13			$	286		$	119		$	9		$	(106	)
For the Three Months Ended January 31,	Financial Services
Dollars in millions		2011				2010
Net Income Attributable to Deere & Company	$	118		$		85
Average Equity	$	3,156		$		2,972
Return on Equity		3.7	%			2.9		%
Operating Profit	$	172		$		101
Change in Allowance for Doubtful Receivables				$		(17		)
SVA Income	$	172		$		84
Average Equity	$	3,156		$		2,972
Average Allowance for Doubtful Receivables				$		234
SVA Average Equity	$	3,156		$		3,206
Cost of Equity	$	(111	)	$		(90		)
SVA	$	61		$		(6		)
The Company evaluates its business results on the basis of accounting principles generally accepted in the United States.  In addition, it uses a metric referred to as Shareholder Value Added (SVA), which management believes is an appropriate measure for the performance of its businesses.  SVA is, in effect, the pretax profit left over after subtracting the cost of enterprise capital.  The Company is aiming for a sustained creation of SVA and is using this metric for various performance goals.  Certain compensation is also determined on the basis of performance using this measure.  For purposes of determining SVA, each of the equipment segments is assessed a pretax cost of assets, which on an annual basis is 12 percent of the segment’s average identifiable operating assets during the applicable period with inventory at standard cost.  Management b elieves that valuing inventories at standard cost more closely approximates the current cost of inventory and the Company’s investment in the asset.  Financial Services is assessed an annual pretax cost of average equity of 15 percent.  In 2010, the average equity excluded the effect of the allowance for doubtful receivables.  In 2011, the change in allowance for doubtful receivables is no longer an adjustment.  The cost of assets or equity, as applicable, is deducted from the operating profit or added to the operating loss of the equipment segments or financial services to determine the amount of SVA.  For this purpose, the operating profit of financial services is net income before income taxes in 2011 and net income before income taxes and changes to the allowance for doubtful receivables in 2010.

22

EX-99.3

First Quarter 2011 Earnings Conference Call 16 February 2011 Exhibit 99.3 (Furnished herewith) 23

| 1st Quarter 2011 Earnings Conference Call 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 accounting principles generally accepted in the United States of America (GAAP). 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 U.S. 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. 24

| 1st Quarter 2011 Earnings Conference Call 3 First Quarter Overview (in millions of dollars except per share amounts) Q1 2011 Q1 2010 Change Net Sales and Revenues $6,119 $4,835 +27% Net Sales $5,514 $4,237 +30% Net Income Attributable to Deere & Company $514 $243 +112% Diluted EPS $1.20 $0.57 +111% 25

| 1st Quarter 2011 Earnings Conference Call 4 First Quarter Overview Net Sales Equipment operations net sales: Up 30% in Q1 2011 vs. Q1 2010 Currency translation: Flat Price realization: +2 points 26

| 1st Quarter 2011 Earnings Conference Call 5 Production Tonnage* Approximate % Change Q1 2011 Actual Q1 2011 Previous Forecast Q2 2011 Forecast FY 2011 Forecast FY 2011 Previous Forecast Total Worldwide +41 +39 +26 +16 +8 Worldwide A&T +34 +33 +23 +14 +5 Worldwide C&F +97 +89 +52 +29 +23 U.S. and Canada +48 +42 +21 +14 +4 Outside U.S. and Canada +29 +34 +34 +21 +14 U.S. and Canada A&T +39 +34 +15 +10 Flat *Percentage change from same period in previous year, excluding purchased product Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 27

| 1st Quarter 2011 Earnings Conference Call 6 2011 Company Outlook Second Quarter 2011 Forecast Net sales up ~ 25% vs. Q2 2010 Currency translation: ~ +2 points Fiscal Year 2011 Forecast Net sales up 18-20% vs. FY 2010 Currency translation: ~ +2 points Price realization: ~ +2 points Previous forecast up 10-12% vs. FY 2010 Currency translation: ~ (1) point Price realization: ~ +2 points Net income attributable to Deere & Company of ~ $2.5 billion Previous forecast ~ $2.1 billion Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 28

| 1st Quarter 2011 Earnings Conference Call 7 Worldwide Agriculture & Turf First Quarter Overview (in millions of dollars) Q1 2011 Q1 2010 Change Net Sales $4,371 $3,607 +21% Operating Profit* $558 $352 +59% Production Tonnage +34% Incremental Margin ~ 27% *Q1 2011 operating profit impacted by: Higher shipment and production volumes Improved price realization Increased raw-material costs Higher incentive-compensation expenses 29

| 1st Quarter 2011 Earnings Conference Call 8 U.S. Commodity Price Estimates (dollars per bushel, except cotton, which is dollars per pound) 2009/10 2010/11 Forecast Previous 2010/11 2011/12 Forecast Previous 2011/12 Corn $3.55 $5.20 $5.00 $4.90 $4.35 Wheat $4.87 $5.75 $5.55 $6.35 $5.50 Soybeans $9.59 $11.80 $10.60 $12.35 $10.50 Cotton $0.63 $0.80 $0.80 $0.70 $0.68 Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 30

| 1st Quarter 2011 Earnings Conference Call 9 U.S. Farm Cash Receipts (in billions of dollars) 2009 2010 Forecast Previous 2010 2011 Forecast Previous 2011 Crops $163.7 $171.2 $173.7 $205.1 $198.1 Livestock $119.8 $137.5 $135.9 $142.2 $136.9 Government Payments $12.3 $12.4 $12.4 $11.9 $11.9 Total Cash Receipts $295.8 $321.1 $322.0 $359.2 $346.9 Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 31

(Yield in bushels per acre, except cotton, which is pounds per acre) Acres Planted (millions) Yield 2010/11 2011/12 2010/11 2011/12 Corn 88.2 92.0 152.8 163.4 Wheat 53.6 55.5 46.4 44.8 Soybeans 77.4 79.0 43.5 43.8 Cotton 11.0 13.0 821 830 | 1st Quarter 2011 Earnings Conference Call 10 U.S. Crop Yields and Acres Planted Deere & Company Forecast as of 16 February 2011 32

| 1st Quarter 2011 Earnings Conference Call 11 EU 27 Economic Update Farm Economy Customer sentiment continues to improve Fundamentals support continued recovery Livestock, milk and grain prices continue to rise Agricultural production expected to increase Input costs expected to moderate Expecting increased investment in ag machinery Used equipment levels returning to normal, supporting new sales Aftermarket business provides profitability to dealers Discussions continue towards 2013 Common Ag Policy reform Deere & Company Forecast as of 16 February 2011 33

| 1st Quarter 2011 Earnings Conference Call 12 Farm Net Income (Loss) Brazil and Argentina Brazil (in billions of U.S. dollars) 2009 2010 Forecast Previous 2010 2011 Forecast Previous 2011 Soybeans 2.7 4.4 3.0 8.8 7.3 Sugarcane 2.3 10.3 8.1 13.4 16.8 Other* (2.6) (1.5) (2.0) 1.5 1.4 Total 2.4 13.2 9.1 23.7 25.5 Argentina (in billions of U.S. dollars) 2009 2010 Forecast Previous 2010 2011 Forecast Previous 2011 Total (2.5) 6.1 6.2 7.6 7.8 * Includes corn, paddy rice, and cotton Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 34

| 1st Quarter 2011 Earnings Conference Call 13 Agriculture & Turf Retail Sales Industry Outlook – Fiscal 2011 U.S. and Canada Ag: Up ~ 5% Previous forecast: ~ Flat EU 27 Ag: Up ~ 10% Previous forecast for Western Europe Ag: Up 5-10% CIS* countries Ag: Moderate gains in relation to the prior year’s depressed level Previous forecast for Central Europe and CIS countries Ag: Moderate gains from last year’s depressed levels Asia Ag: Sales expected to grow moderately No change from previous forecast South America Ag: ~ Flat No change from previous forecast U.S. and Canada turf and utility equipment: ~ Flat No change from previous forecast *Commonwealth of Independent States Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 35

| 1st Quarter 2011 Earnings Conference Call 14 Worldwide Agriculture & Turf Deere & Company Outlook Fiscal Year 2011 Forecast Net sales projected to be up ~ 16% Previous forecast up 7-9% Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 36

| 1st Quarter 2011 Earnings Conference Call 15 Worldwide Construction & Forestry First Quarter Overview (in millions of dollars) Q1 2011 Q1 2010 Change Net Sales $1,143 $630 +81% Operating Profit (Loss)* $88 ($37) Production Tonnage +97% Incremental Margin ~ 24% *Q1 2011 operating profit impacted by: Significantly higher shipment and production volumes Improved price realization Increased raw-material costs Higher incentive-compensation expenses 37

U.S. Economic Indicators 2011 Forecast 2012 Forecast GDP Growth (annual percentage rate) +3.2% +2.9% Housing Starts (thousands) 685 1,092 Non-Residential Spending Growth (annual percentage rate) -7.6% +1.7% Government Spending Growth (annual percentage rate) +3.4% -2.2% | 1st Quarter 2011 Earnings Conference Call 16 Worldwide Construction & Forestry Deere & Company Outlook Source: Global Insight, Calendar Year Estimates – January 2011 Fiscal Year 2011 Forecast Net sales projected to be up ~ 35% Previous forecast up 25-30% Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 38

“We’ve given a lot of thought about IT4 emissions regulations so you don’t have to” 2011 Interim Tier-4 8R/8RT Row-Crop Tractors | 1st Quarter 2011 Earnings Conference Call 17 A simple, fluid-efficient solution Field-proven & integrated design Fully supported by a world class dealer organization Operator Comments “We didn’t feel a bit of difference between this tractor and the older version it replaced” “I could tell no difference – power, performance, this tractor is going to perform, and perform when I want it to” “Simple, no extra fluid to manage, and performance I can count on” 39

New and Expanded Operations – India / China | 1st Quarter 2011 Earnings Conference Call 18 India Construction of new factory and expansion of existing facility Announced January 2011 ~ $100 million investment Increases capacity to build agricultural tractors in India for domestic and export markets Site selection underway Production to begin late 2012 China Construction of new factory Announced December 2010 ~ $50 million investment Manufacture four-wheel-drive loaders and excavators for domestic and export markets Located in Tianjin Economic Development Area (TEDA) Production to begin late 2012 Deere & Company Forecast as of 16 February 2011 40

| 1st Quarter 2011 Earnings Conference Call 19 Worldwide Financial Services Credit Loss History 0.13% Provision for Credit Losses / Average Owned Portfolio * Annualized provision for credit losses as of 31 January 2011 41 0.00% 0.50% 1.00% 1.50% 2.00% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*

| 1st Quarter 2011 Earnings Conference Call 20 Worldwide Financial Services First Quarter 2011 Net income attributable to Deere & Company $118 million in Q1 2011 vs. $85 million in Q1 2010 Fiscal Year 2011 Forecast Net income attributable to Deere & Company of ~ $400 million Deere & Company Forecast as of 16 February 2011 42

| 1st Quarter 2011 Earnings Conference Call 21 Consolidated Trade Receivables & Inventory (in millions of dollars) Q1 2011* Actual 2011** Forecast 2011** Previous Forecast A&T 1,028 350 750 C&F 515 100 75 Total, as reported 1,543 250 675 Total, constant exchange 1,414 225 550 * Change at 31 January 2011 vs. 31 January 2010 ** Change at 31 October 2011 vs. 31 October 2010 Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 43

| 1st Quarter 2011 Earnings Conference Call 22 Retail Sales U.S. and Canada Ag Industry* Deere** Utility Tractors 10% more than industry Row-Crop Tractors 12% in line with industry 4WD Tractors 55% more than industry Combines 48% more than industry January 2011 Retail Sales and Dealer Inventories * As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers *** At 31 January – in units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers Deere Dealer Inventories*** U.S. and Canada Ag 2011 2010 Row-Crop Tractors 16% 21% Combines 11% 6% 44

| 1st Quarter 2011 Earnings Conference Call 23 January 2011 Retail Sales EU 27 Deere* Tractors double digits Combines a single digit U.S. and Canada Deere Selected Turf & Utility Equipment double digits *Based on internal sales reports U.S. and Canada – Construction & Forestry Deere First-in-the-Dirt double digits Settlements double digits 45

| 1st Quarter 2011 Earnings Conference Call 24 Material Costs and Freight Equipment Operations First Quarter 2011 Up ~ $115 million vs. Q1 2010 Fiscal Year 2011 Forecast Margin impact: (1–2) points Previous forecast up ~ $250 million vs. FY 2010 Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 46

| 1st Quarter 2011 Earnings Conference Call 25 Research & Development Expense Equipment Operations First Quarter 2011 Up ~ 14% vs. Q1 2010 Currency translation: ~ (1) point Fiscal Year 2011 Forecast Up ~ 15% vs. FY 2010 No change from previous forecast Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 47

| 1st Quarter 2011 Earnings Conference Call 26 Selling, Administrative & General Expense Equipment Operations First Quarter 2011 Up ~ 8% vs. Q1 2010 Incentive compensation: ~ +3 points Fiscal Year 2011 Forecast Up ~ 12% vs. FY 2010 Incentive compensation: ~ +3 points Growth: ~ +2 points Currency translation: ~ +1 point Previous forecast up ~ 6% vs. FY 2010 Growth: ~ +2 points Incentive compensation: ~ +1 point Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 48

| 1st Quarter 2011 Earnings Conference Call 27 Income Taxes Equipment Operations First Quarter 2011 Effective tax rate of ~ 31% Fiscal Year 2011 Forecast Projected effective tax rate of 33-35% Previous forecast 35-37% Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 49

| 1st Quarter 2011 Earnings Conference Call 28 Continued Strong Operating Performance Equipment Operations Cash Flows from Operations Fiscal Year 2008: $2.4 billion Fiscal Year 2009: $1.4 billion Fiscal Year 2010: $2.5 billion Fiscal Year 2011 Forecast: ~ $3.3 billion Previous forecast ~ $3.0 billion Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 50

| 1st Quarter 2011 Earnings Conference Call 29 Other Information Fiscal Year 2011 Forecast Equipment Operations Capital Expenditures ~ $1.1 billion Previous forecast ~ $1.0 billion Depreciation and Amortization ~ $600 million Previous forecast ~ $550 million Pension/OPEB Contributions ~ $100 million Previous forecast ~ $300 million Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 51

Deere Use-of-Cash Priorities | 1st Quarter 2011 Earnings Conference Call 30 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 52

| 1st Quarter 2011 Earnings Conference Call 31 Worldwide Financial Services Unsecured Term Debt Maturities* * Maturities as of 31 January 2011 53

| 1st Quarter 2011 Earnings Conference Call 32 Share Repurchase As Part of Publicly Announced Plans 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 YTD 3.6 $0.3 Cumulative cost of repurchases 2004-1Q2011: ~ $6.2 billion Shares remaining on May 2007 40-million authorization: 4.9 million May 2008 share authorization: $5.0 billion 31 January 2011 period ended shares: 421.0 million Shares repurchased 2004-1Q2011: ~ 123.3 million Average repurchase price 2004-1Q2011: $50.50 * 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 2004-1Q2011 54

| 1st Quarter 2011 Earnings Conference Call 33 Appendix 55

| 1st Quarter 2011 Earnings Conference Call 34 Sources and Uses of Cash Fiscal 2004–2010 Equipment Operations ~55% of cash from operations returned to shareholders (1) Other includes excess tax benefits from share-based compensation, effect of exchange rates on cash and cash equivalents, proceeds from maturities and sales of marketable securities and purchases of marketable securities Source: Deere & Company SEC filings (1) $4,160 $3,348 56

| 1st Quarter 2011 Earnings Conference Call 35 Source: Actual Data: USDA Forecast Data: Deere & Company Forecast as of 16 February 2011 F F F F F F F U.S. Farm Prices 57 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 Cotton - Dollars per Pound Dollars per Bushel Wheat Corn Soybeans Cotton

| 1st Quarter 2011 Earnings Conference Call 36 World Farm Fundamentals Global Stocks-To-Use Ratios Corn Wheat Soybeans Source: USDA - 9 February 2011 Cotton 58

| 1st Quarter 2011 Earnings Conference Call 37 U.S. Net Farm Cash Income (in billions of dollars) 2009 2010 Forecast Previous 2010 2011 Forecast Previous 2011 Total Cash Receipts $295.8 $321.1 $322.0 $359.2 $346.9 Other Cash Income $22.0 $22.8 $22.8 $23.3 $23.3 Gross Cash Income $317.8 $343.9 $344.8 $382.5 $370.2 Cash Expenses ($248.5) ($253.9) ($253.0) ($272.0) ($265.0) Net Cash Income $69.3 $90.0 $91.8 $110.5 $105.2 Deere & Company Forecast as of 16 February 2011 (Previous Forecast as of 24 November 2010) 59

Deere’s second quarter 2011 conference call is scheduled for 9:00 a.m. central time on Wednesday, May 18, 2011 60