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 15, 2012

(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 15, 2012 concerning First Quarter of fiscal 2012 financial results and supplemental financial information filed as Exhibit 99.1 to this report and incorporated by reference herein.

Item 9.01Financial 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 2012 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 15, 2012

3

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 2012 Earnings Conference Call Information (Furnished herewith)

4

EX-99.1

Exhibit 99.1

(Filed herewith)

News Release

News Media Contact:

Ken Golden

Director, Global Public Relations

Deere & Company

309-765-5678

Deere Announces Record First-Quarter Earnings of $533 Million

¾Company reports seventh consecutive quarterly earnings record.

¾Improvement broad-based with all divisions contributing.

¾Full-year profit forecast increased.

MOLINE, Illinois (February 15, 2012) — Net income attributable to Deere & Company was $532.9 million, or $1.30 per share, for the first quarter ended January 31, compared with $513.7 million, or $1.20 per share, for the same period last year.

Worldwide net sales and revenues for the first quarter increased 11 percent, to $6.767 billion, compared with $6.119 billion last year. Net sales of the equipment operations were $6.119 billion for the quarter compared with $5.514 billion a year ago.

“By completing another quarter of record performance, John Deere has started 2012 on a strong note,” said Samuel R. Allen, chairman and chief executive officer. “These results are evidence of the skillful execution of our operating and marketing plans. They also reflect an enthusiastic response by customers worldwide to our advanced lines of equipment. Maintaining such a high level of execution is especially noteworthy as we move ahead with major new-product launches and significantly expand our global market presence.” Over the last year, Allen pointed out, Deere introduced a record number of products and announced plans to build seven new factories throughout the world. The company also expanded or modernized additional locations in the U.S. and other countries.

Summary of Operations

Net sales of the worldwide equipment operations rose 11 percent for the quarter. Sales included price increases of 4 percent and an unfavorable currency-translation effect of 1

Deere Announces First-Quarter Earnings 5

percent. Equipment net sales in the United States and Canada increased 5 percent for the quarter. Outside the U.S. and Canada, net sales were up 21 percent for the quarter, including an unfavorable currency-translation effect of 2 percent.

Deere’s equipment operations reported operating profit of $698 million for the quarter, compared with $646 million last year. Results benefited from price realization and higher shipment volumes, partially offset by increased production costs related to new products and more stringent engine-emission requirements, as well as higher raw-material costs.

Trade receivables and inventories ended the quarter at $9.011 billion compared with $7.416 billion last year. Both figures are equal to 30 percent of trailing 12-month sales.

Financial services reported net income attributable to Deere & Company of $119.1 million for the quarter compared with $118.2 million last year. Results benefited from growth in the credit portfolio, revenue from wind energy credits and a lower provision for credit losses. These factors were largely offset by higher crop insurance claims and increased selling, administrative and general expenses.

Company Outlook & Summary

Company equipment sales are projected to be up about 15 percent for fiscal 2012 and for the second quarter compared with the same periods of the previous year. Included is an unfavorable currency-translation impact of about 3 percent for the year and the second quarter. For the full year, net income attributable to Deere & Company is anticipated to be approximately $3.275 billion.

According to Allen, Deere’s strong performance and positive outlook build momentum for the company’s plans to increase growth and profitability. “Our substantial investment in new products and additional capacity puts Deere on a sound footing to respond to further improvement in key markets that are in the early stages of recovery,” Allen said. “Such investment will help Deere more fully capitalize on the world’s growing need for food, shelter, and infrastructure in the years ahead. In our view, powerful trends of this nature have staying power and represent an exceptional opportunity for the company and its investors.”

* * *

Deere Announces First-Quarter Earnings 6

Equipment Division Performance

Agriculture & Turf. Sales increased 8 percent for the quarter largely due to higher shipment volumes and price realization. Operating profit was $574 million compared with $558 million for the quarter last year. The improvement was primarily due to price realization and higher shipment volumes, partially offset by increased production costs related to new products and engine-emission requirements, as well as higher raw-material costs.

Construction & Forestry. Construction and forestry sales climbed 22 percent. Operating profit for the quarter was $124 million compared with $88 million a year ago. Contributing to the increase were higher shipment volumes as well as price realization, partially offset by higher raw-material costs.

Market Conditions & Outlook

Agriculture & Turf. Worldwide sales of agriculture and turf equipment are forecast to increase by about 15 percent for full-year 2012, including an unfavorable currency-translation effect of about 3 percent. Farmers in the world’s major markets are expected to experience favorable incomes due to strong demand for agricultural commodities. In addition, John Deere’s sales are projected to benefit from advanced new products being launched throughout the world and from major expansions.

Industry farm-machinery sales in the U.S. and Canada are forecast to increase by about 10 percent in 2012. Overall conditions remain positive and demand continues to be strong, especially for high-horsepower equipment.

Full-year industry sales in the EU 27 nations of Western and Central Europe are forecast to be flat to up 5 percent as favorable conditions in the grain, livestock and dairy sectors outweigh general economic concerns. Sales in the Commonwealth of Independent States are expected to be considerably higher in 2012, while sales in Asia are forecast to increase moderately. In South America, industry sales for the year are projected to be flat to down 5 percent, versus attractive levels of 2011, due to drought conditions in Argentina and southern Brazil.

U.S. and Canada industry sales of turf and utility equipment are expected to increase slightly in 2012.

Deere Announces First-Quarter Earnings 7

Construction & Forestry. Deere’s worldwide sales of construction and forestry equipment are forecast to rise by about 18 percent for 2012. The increase reflects somewhat improved market conditions, growth in international markets, and strength in the rental, energy and material-handling sectors. In addition, Deere’s sales are expected to be supported by a range of advanced new products and by geographic expansion. After considerable growth in 2011, world forestry markets are projected to be about the same in 2012 mainly due to economic concerns in Europe.

Financial Services. Full-year 2012 net income attributable to Deere & Company for the financial services operations is expected to be approximately $460 million. The forecast decline from 2011 is primarily due to an anticipated increase in the provision for credit losses, which is expected to move toward a more normal level.

In addition, selling, administrative and general expenses in support of enterprise growth initiatives are projected to be higher for the year. Partially offsetting these items is expected growth in the credit portfolio.

John Deere Capital Corporation

The following is disclosed on behalf of the company’s financial services 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 $93.3 million for the first quarter, compared with $83.8 million last year. Results improved for the quarter primarily due to growth in the credit portfolio and a lower provision for credit losses, partially offset by higher selling, administrative and general expenses.

Net receivables and leases financed by JDCC were $22.486 billion at January 31, 2012, compared with $20.749 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

Deere Announces First-Quarter Earnings 8

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, 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 Argentina, Brazil, China, the Europeon Union, India, Russia and the U.S.), 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.

Customer and company operations and results could be affected by changes in weather patterns (including the effects of dry weather in parts of the U.S. and South America); 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.

Deere Announces First-Quarter Earnings 9

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.  Financial market conditions could also negatively impact customer access to capital for purchases of the company’s products and customer confidence and purchase decisions; borrowing and repayment practices; and the number and size of customer loan delinquencies and defaults.  The sovereign debt crisis, in Europe or elsewhere, could negatively impact currencies, global financial markets, social and political stability, funding sources and costs, asset and obligation values, customers, suppliers, 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, expenses and results include changes in and the impact of governmental trade, banking, monetary and fiscal policies, including financial regulatory reform and its effects on the consumer finance industry, derivatives, funding costs and other areas, 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, Final Tier 4 and Stage IIIb non-road diesel emission requirements), carbon and other greenhouse gas emissions, noise and the risk of climate change; changes in labor regulations; changes to accounting standards; changes in tax rates, estimates,  and regulations; compliance with U.S. and foreign laws when expanding to new markets; and actions by other regulatory bodies including changes in laws and regulations affecting the sectors in which the company operates.  Customer and company operations and results also could be affected by changes to GPS radio frequency bands or their permitted uses.

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;

Deere Announces First-Quarter Earnings 10

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 discounting; 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; security breaches and other disruptions to the company’s information technology infrastructure; changes in company declared dividends and common stock issuances and repurchases.

Company results are also affected by changes in the level and funding 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 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 11

First Quarter 2012 Press Release
(in millions of dollars)
Unaudited

	Three Months Ended January 31
	2012			2011			% Change
Net sales and revenues:
Agriculture and turf	$	4,724		$	4,371		+8
Construction and forestry	1,395			1,143			+22
Total net sales	6,119			5,514			+11
Financial services	548			507			+8
Other revenues	100			98			+2
Total net sales and revenues	$	6,767		$	6,119		+11
Operating profit *
Agriculture and turf	$	574		$	558		+3
Construction and forestry	124			88			+41
Financial services	175			172			+2
Total operating profit	873			818			+7
Other reconciling items **	(340		)	(304		)	+12
Net income attributable to Deere & Company	$	533		$	514		+4
Equipment operations outside the U.S. and Canada:
Net sales	$	2,528		$	2,093		+21
Operating profit	$	170		$	214		-21

*	Operating profit 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.

12

DEERE & COMPANY

STATEMENT OF CONSOLIDATED INCOME

For the Three Months Ended January 31, 2012 and 2011

(In millions of dollars and shares except per share amounts) Unaudited

	2012		2011
Net Sales and Revenues
Net sales	$	6,119.0	$	5,513.8
Finance and interest income	475.1		460.1
Other income	172.4		145.3
Total	6,766.5		6,119.2
Costs and Expenses
Cost of sales	4,576.0		4,094.1
Research and development expenses	312.5		268.9
Selling, administrative and general expenses	709.0		665.0
Interest expense	192.1		202.5
Other operating expenses	176.6		142.7
Total	5,966.2		5,373.2
Income of Consolidated Group before Income Taxes	800.3		746.0
Provision for income taxes	266.2		232.2
Income of Consolidated Group	534.1		513.8
Equity in income of unconsolidated affiliates	.3		.5
Net Income	534.4		514.3
Less: Net income attributable to noncontrolling interests	1.5		.6
Net Income Attributable to Deere & Company	$	532.9	$	513.7
Per Share Data
Basic	$	1.32	$	1.22
Diluted	$	1.30	$	1.20
Average Shares Outstanding
Basic	404.0		421.8
Diluted	408.4		427.5

See Condensed Notes to Interim Consolidated Financial Statements.

13

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEET

(In millions of dollars) Unaudited

	January 31		October 31		January 31
	2012		2011		2011
Assets
Cash and cash equivalents	$	3,388.3	$	3,647.2	$	3,438.0
Marketable securities	1,126.4		787.3		234.2
Receivables from unconsolidated affiliates	48.6		48.0		43.8
Trade accounts and notes receivable - net	3,333.4		3,294.5		3,237.1
Financing receivables - net	19,098.3		19,923.5		18,164.1
Financing receivables securitized - net	2,680.9		2,905.0		1,768.2
Other receivables	1,245.6		1,330.6		885.1
Equipment on operating leases - net	2,052.4		2,150.0		1,845.4
Inventories	5,677.7		4,370.6		4,178.4
Property and equipment - net	4,303.8		4,352.3		3,781.5
Investments in unconsolidated affiliates	226.0		201.7		215.3
Goodwill	964.9		999.8		997.3
Other intangible assets - net	119.4		127.4		133.1
Retirement benefits	29.1		30.4		176.9
Deferred income taxes	2,879.5		2,858.6		2,664.5
Other assets	1,402.6		1,180.5		1,132.9
Total Assets	$	48,576.9	$	48,207.4	$	42,895.8
Liabilities and Stockholders’ Equity
Short-term borrowings	$	8,506.4	$	6,852.3	$	5,693.3
Short-term securitization borrowings	2,613.8		2,777.4		1,764.8
Payables to unconsolidated affiliates	113.5		117.7		276.9
Accounts payable and accrued expenses	6,816.7		7,804.8		5,910.5
Deferred income taxes	152.8		168.3		149.8
Long-term borrowings	16,924.0		16,959.9		16,705.9
Retirement benefits and other liabilities	6,670.5		6,712.1		5,807.9
Total liabilities	41,797.7		41,392.5		36,309.1
Total Deere & Company stockholders’ equity	6,763.4		6,800.3		6,578.6
Noncontrolling interests	15.8		14.6		8.1
Total stockholders’ equity	6,779.2		6,814.9		6,586.7
Total Liabilities and Stockholders’ Equity	$	48,576.9	$	48,207.4	$	42,895.8

See Condensed Notes to Interim Consolidated Financial Statements.

14

DEERE & COMPANY

STATEMENT OF CONSOLIDATED CASH FLOWS

For the Three Months Ended January 31, 2012 and 2011

(In millions of dollars) Unaudited

	2012			2011
Cash Flows from Operating Activities
Net income	$	534.4		$	514.3
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for doubtful receivables	(.8		)	7.9
Provision for depreciation and amortization	243.3			219.0
Share-based compensation expense	19.5			15.0
Undistributed earnings of unconsolidated affiliates	.7			8.6
Credit for deferred income taxes	(28.2		)	(185.1		)
Changes in assets and liabilities:
Trade, notes and financing receivables related to sales	221.6			(110.0		)
Inventories	(1,449.1		)	(1,096.1		)
Accounts payable and accrued expenses	(854.8		)	(447.3		)
Accrued income taxes payable/receivable	160.4			130.5
Retirement benefits	101.5			94.2
Other	(175.3		)	(51.3		)
Net cash used for operating activities	(1,226.8		)	(900.3		)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	4,019.9			3,761.7
Proceeds from maturities and sales of marketable securities	8.2			9.4
Proceeds from sales of equipment on operating leases	222.3			196.5
Proceeds from sales of businesses, net of cash sold	6.9			891.6
Cost of receivables acquired (excluding receivables related to sales)	(3,485.4		)	(3,390.2		)
Purchases of marketable securities	(342.8		)	(20.7		)
Purchases of property and equipment	(269.1		)	(214.9		)
Cost of equipment on operating leases acquired	(118.3		)	(92.4		)
Acquisitions of businesses, net of cash acquired				(46.6		)
Other	(78.1		)	(111.6		)
Net cash provided by (used for) investing activities	(36.4		)	982.8
Cash Flows from Financing Activities
Increase in total short-term borrowings	481.8			19.5
Proceeds from long-term borrowings	1,410.2			328.4
Payments of long-term borrowings	(315.0		)	(453.5		)
Proceeds from issuance of common stock	18.9			88.9
Repurchases of common stock	(387.9		)	(302.2		)
Dividends paid	(167.8		)	(127.2		)
Excess tax benefits from share-based compensation	10.6			32.6
Other	(10.7		)	(11.5		)
Net cash provided by (used for) financing activities	1,040.1			(425.0		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(35.8		)	(10.1		)
Net Decrease in Cash and Cash Equivalents	(258.9		)	(352.6		)
Cash and Cash Equivalents at Beginning of Period	3,647.2			3,790.6
Cash and Cash Equivalents at End of Period	$	3,388.3		$	3,438.0

See Condensed Notes to Interim Consolidated Financial Statements.

15

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

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

	Three Months Ended January 31
	2012		2011
Dividends declared	$	.41	$	.35
Dividends paid		.41		.30

(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
	2012			2011
Net income	$	534.4		$	514.3
Other comprehensive income, net of tax:
Retirement benefits adjustment	70.4			66.2
Cumulative translation adjustment	(136.1		)	20.4
Unrealized gain (loss) on derivatives	(3.6		)	5.1
Unrealized gain (loss) on investments	3.2			(4.1		)
Comprehensive income	$	468.3		$	601.9

(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.

16

(5) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENT OF INCOME

For the Three Months Ended January 31, 2012 and 2011

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS*					FINANCIAL SERVICES
	2012			2011		2012		2011
Net Sales and Revenues
Net sales	$	6,119.0		$	5,513.8
Finance and interest income	15.7			15.5		$	511.7	$	498.0
Other income	118.5			113.8		88.6		57.1
Total	6,253.2			5,643.1		600.3		555.1
Costs and Expenses
Cost of sales	4,576.3			4,094.4
Research and development expenses	312.5			268.9
Selling, administrative and general expenses	609.9			571.3		101.5		96.5
Interest expense	49.4			51.8		154.2		163.3
Interest compensation to Financial Services	40.9			40.8
Other operating expenses	38.2			41.6		170.3		123.6
Total	5,627.2			5,068.8		426.0		383.4
Income of Consolidated Group before Income Taxes	626.0			574.3		174.3		171.7
Provision for income taxes	210.5			178.4		55.7		53.8
Income of Consolidated Group	415.5			395.9		118.6		117.9
Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates
Financial Services	119.1			118.2		.5		.3
Other	(.2		)	.2
Total	118.9			118.4		.5		.3
Net Income	534.4			514.3		119.1		118.2
Less:  Net income attributable to noncontrolling interests	1.5			.6
Net Income Attributable to Deere & Company	$	532.9		$	513.7	$	119.1	$	118.2

* 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.

17

SUPPLEMENTAL CONSOLIDATING DATA (Continued)
CONDENSED BALANCE SHEET

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS *						FINANCIAL SERVICES
	January 31		October 31		January 31		January 31		October 31		January 31
	2012		2011		2011		2012		2011		2011
Assets
Cash and cash equivalents	$	2,356.6	$	3,187.5	$	2,923.0	$	1,031.7	$	459.7	$	515.0
Marketable securities	803.8		502.6				322.6		284.7		234.2
Receivables from unconsolidated subsidiaries and affiliates	1,135.8		1,713.4		1,654.3						.2
Trade accounts and notes receivable - net	847.0		1,093.9		771.0		3,187.5		2,807.2		3,066.5
Financing receivables - net	5.2		14.0		7.6		19,093.1		19,909.5		18,156.5
Financing receivables securitized - net							2,680.9		2,905.0		1,768.2
Other receivables	890.3		965.6		793.1		382.8		370.1		112.4
Equipment on operating leases - net							2,052.4		2,150.0		1,845.4
Inventories	5,677.7		4,370.6		4,178.4
Property and equipment - net	4,239.8		4,287.5		3,714.2		64.0		64.9		67.3
Investments in unconsolidated subsidiaries and affiliates	3,580.0		3,473.9		3,314.0		8.0		8.1		7.2
Goodwill	964.9		999.8		997.3
Other intangible assets - net	115.4		123.4		129.2		4.0		4.0		4.0
Retirement benefits	28.4		29.6		176.0		27.0		28.0		30.8
Deferred income taxes	3,083.9		3,052.8		2,771.1		73.6		91.2		106.7
Other assets	513.4		468.6		422.0		889.8		712.6		711.1
Total Assets	$	24,242.2	$	24,283.2	$	21,851.2	$	29,817.4	$	29,795.0	$	26,625.5
Liabilities and Stockholders’ Equity
Short-term borrowings	$	1,454.9	$	528.5	$	426.0	$	7,051.5	$	6,323.8	$	5,267.3
Short-term securitization borrowings							2,613.8		2,777.4		1,764.8
Payables to unconsolidated subsidiaries and affiliates	113.5		117.7		276.9		1,087.2		1,665.5		1,610.6
Accounts payable and accrued expenses	6,030.0		6,869.3		5,360.5		1,516.1		1,547.8		1,171.1
Deferred income taxes	90.0		99.0		94.8		340.7		354.7		268.3
Long-term borrowings	3,133.5		3,167.1		3,314.8		13,790.5		13,792.8		13,391.1
Retirement benefits and other liabilities	6,641.1		6,686.7		5,791.5		55.6		52.6		46.4
Total liabilities	17,463.0		17,468.3		15,264.5		26,455.4		26,514.6		23,519.6
Total Deere & Company stockholders’ equity	6,763.4		6,800.3		6,578.6		3,362.0		3,280.4		3,105.9
Noncontrolling interests	15.8		14.6		8.1
Total stockholders’ equity	6,779.2		6,814.9		6,586.7		3,362.0		3,280.4		3,105.9
Total Liabilities and Stockholders’ Equity	$	24,242.2	$	24,283.2	$	21,851.2	$	29,817.4	$	29,795.0	$	26,625.5

* 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.

18

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENT OF CASH FLOWS

For the Three Months Ended January 31, 2012 and 2011

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS*						FINANCIAL SERVICES
	2012			2011			2012			2011
Cash Flows from Operating Activities
Net income	$	534.4		$	514.3		$	119.1		$	118.2
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for doubtful receivables	(2.0		)	.1			1.2			7.7
Provision for depreciation and amortization	158.9			144.4			104.9			95.2
Undistributed earnings of unconsolidated subsidiaries and affiliates	(92.8		)	(28.3		)	(.5		)	(.3		)
Provision (credit) for deferred income taxes	(32.2		)	(202.0		)	3.9			16.9
Changes in assets and liabilities:
Receivables	227.5			238.4
Inventories	(1,371.1		)	(1,045.3		)
Accounts payable and accrued expenses	(691.8		)	(347.9		)	(68.5		)	(14.4		)
Accrued income taxes payable/receivable	143.0			125.0			17.5			5.6
Retirement benefits	97.4			91.2			4.1			3.0
Other	(126.9		)	(3.4		)	(22.1		)	(35.6		)
Net cash provided by (used for) operating activities	(1,155.6		)	(513.5		)	159.6			196.3
Cash Flows from Investing Activities
Collections of receivables (excluding trade and wholesale)							4,335.1			4,029.1
Proceeds from maturities and sales of marketable securities							8.2			9.4
Proceeds from sales of equipment on operating leases							222.3			196.5
Proceeds from sales of businesses, net of cash sold	6.9			891.6
Cost of receivables acquired (excluding trade and wholesale)							(3,753.1		)	(3,612.7		)
Purchases of marketable securities	(301.5		)				(41.3		)	(20.7		)
Purchases of property and equipment	(268.5		)	(214.4		)	(.7		)	(.4		)
Cost of equipment on operating leases acquired							(223.7		)	(161.1		)
Acquisitions of businesses, net of cash acquired				(46.6		)
Increase in trade and wholesale receivables							(147.9		)	(477.5		)
Other	4.4			(45.7		)	(102.9		)	(86.6		)
Net cash provided by (used for) investing activities	(558.7		)	584.9			296.0			(124.0		)
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings	940.2			325.5			(458.4		)	(306.0		)
Change in intercompany receivables/payables	513.6			(479.5		)	(513.6		)	479.5
Proceeds from long-term borrowings							1,410.2			328.4
Payments of long-term borrowings	(4.6		)	(19.9		)	(310.4		)	(433.7		)
Proceeds from issuance of common stock	18.9			88.9
Repurchases of common stock	(387.9		)	(302.2		)
Dividends paid	(167.8		)	(127.2		)	(25.0		)	(81.0		)
Excess tax benefits from share-based compensation	10.6			32.6
Other	(4.5		)	(6.6		)	14.3			15.0
Net cash provided by (used for) financing activities	918.5			(488.4		)	117.1			2.2
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(35.1		)	(8.3		)	(.7		)	(1.8		)
Net Increase (Decrease) in Cash and Cash Equivalents	(830.9		)	(425.3		)	572.0			72.7
Cash and Cash Equivalents at Beginning of Period	3,187.5			3,348.3			459.7			442.3
Cash and Cash Equivalents at End of Period	$	2,356.6		$	2,923.0		$	1,031.7		$	515.0

* 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

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	2012								2011			2012				2011		2012				2011
Net Sales	$		6,119				$		5,514			$	4,724		$	4,371		$	1,395		$	1,143
Average Identifiable Assets
With Inventories at LIFO	$		12,630				$		10,374			$	9,660		$	7,937		$	2,970		$	2,437
With Inventories at Standard Cost	$		14,020				$		11,687			$	10,825		$	9,052		$	3,195		$	2,635
Operating Profit	$		698				$		646			$	574		$	558		$	124		$	88
Percent of Net Sales			11.4		%				11.7		%		12.2	%		12.8	%		8.9	%		7.7	%
Operating Return on Assets
With Inventories at LIFO			5.5		%				6.2		%		5.9	%		7.0	%		4.2	%		3.6	%
With Inventories at Standard Cost			5.0		%				5.5		%		5.3	%		6.2	%		3.9	%		3.3	%
SVA Cost of Assets	$		(421		)		$		(351		)	$	(325	)	$	(272	)	$	(96	)	$	(79	)
SVA	$		277				$		295			$	249		$	286		$	28		$	9
For the Three Months Ended January 31,	Financial Services
Dollars in millions		2012						2011
Net Income Attributable to Deere & Company	$	119				$		118
Average Equity	$	3,298				$		3,156
Return on Equity		3.6		%				3.7		%
Operating Profit	$	175				$		172
Average Equity	$	3,298				$		3,156
Cost of Equity	$	(118		)		$		(111		)
SVA	$	57				$		61
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 approximately 12 percent of the segment’s average identifiable operating assets during the applicable period with inventory at standard cost.  Management believes that valuing inventories at standard cost more closely approximates the current cost of inventory and the Company’s investment in the asset.  The Financial services segment is assessed an annual pretax cost of approximately 15 percent of the segment’s average equity.  The cost of assets or equity, as applicable, is deducted from the operating profit or added to the operating loss of each segment to determine the amount of SVA.

20

EX-99.3

First Quarter 2012 Earnings Conference Call 15 February 2012 21 Exhibit 99.3 (Furnished herewith)

| 1st Quarter 2012 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. 22

| 1st Quarter 2012 Earnings Conference Call 3 First Quarter Overview (in millions of dollars except per share amounts) Q1 2012 Q1 2011 Change Net Sales and Revenues $6,767 $6,119 +11% Net Sales $6,119 $5,514 +11% Net Income Attributable to Deere & Company $533 $514 +4% Diluted EPS $1.30 $1.20 +8% 23

| 1st Quarter 2012 Earnings Conference Call 4 First Quarter Overview Net Sales Equipment operations net sales: Up 11% in Q1 2012 vs. Q1 2011 Price realization: +4 points Currency translation: (1) point 24

| 1st Quarter 2012 Earnings Conference Call 5 2012 Company Outlook Second Quarter 2012 Forecast Net sales: Up ~ 15% vs. Q2 2011 Price realization: ~ +4 points Currency translation: ~ (3) points Fiscal Year 2012 Forecast Net sales: Up ~ 15% vs. FY 2011 Price realization: ~ +4 points Currency translation: ~ (3) points Previous forecast: Up ~ 15% vs. FY 2011 Price realization: ~ +4 points Currency translation: ~ +1 point Net income attributable to Deere & Company of ~ $3.275 billion Previous forecast ~ $3.2 billion Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 25

| 1st Quarter 2012 Earnings Conference Call 6 Worldwide Agriculture & Turf First Quarter Overview (in millions of dollars) Q1 2012 Q1 2011 Change Net Sales $4,724 $4,371 +8% Operating Profit* $574 $558 +3% Production Tonnage +5% Incremental Margin ~ 5% *Q1 2012 operating profit impacted by: Price realization Higher shipment volumes Increased production costs related to new products and engine-emission requirements Higher raw-material costs 26

| 1st Quarter 2012 Earnings Conference Call 7 U.S. Commodity Price Estimates Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) (dollars per bushel, except cotton, which is dollars per pound) 2010/11 Estimate 2011/12 Forecast Previous 2011/12 2012/13 Forecast Previous 2012/13 Corn $5.18 $6.00 $6.40 $5.30 $5.30 Wheat $5.70 $7.20 $7.40 $6.70 $6.60 Soybeans $11.30 $11.75 $13.00 $10.50 $11.25 Cotton $0.82 $0.88 $0.88 $0.75 $0.75 27

| 1st Quarter 2012 Earnings Conference Call 8 U.S. Farm Cash Receipts Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) (in billions of dollars) 2010 2011 Forecast Previous 2011 2012 Forecast Previous 2012 Crops $172.9 $207.6 $209.3 $200.4 $207.7 Livestock $141.4 $163.1 $163.1 $162.2 $157.2 Government Payments $12.4 $10.7 $10.7 $9.3 $9.3 Total Cash Receipts $326.7 $381.4 $383.1 $371.9 $374.2 28

(Yield in bushels per acre, except cotton, which is pounds per acre) Acres Planted (millions) Yield 2011/12 Projection 2012/13 Forecast 2011/12 Projection 2012/13 Forecast Corn 91.9 93.0 147.2 162.2 Wheat 54.4 56.0 43.7 45.2 Soybeans 75.0 75.5 41.5 44.3 Cotton 14.7 12.0 772 848 | 1st Quarter 2012 Earnings Conference Call 9 U.S. Acres Planted and Crop Yields Deere & Company Forecast as of 15 February 2012 29

| 1st Quarter 2012 Earnings Conference Call 10 Deere & Company Forecast as of 15 February 2012 Economic Update EU 27 Optimism continues in the Agricultural sector Farm business climate and mood remain at high levels Farm income expected to be above long-term average levels Grain, beef, and milk prices at attractive levels Demand for agricultural equipment strengthening Sovereign debt and fiscal issues concentrated in Southern Europe Not key agricultural markets Low levels of used equipment 30

| 1st Quarter 2012 Earnings Conference Call 11 Deere & Company Forecast as of 15 February 2012 Commonwealth of Independent States (CIS) Farm income and commodity markets expected to be stable in 2012, following a strong 2011 Third-party financing available Ongoing business optimism is leading to increased investments Especially in Russia and Kazakhstan India Farm income firm due to increased production and sustained exports Commodity prices expected to soften against 2011 but remain elevated due to strong demand Increased credit availability in the agricultural sector Impact of monsoon favorable for a good harvest Retail food market and food processing industry is growing China Healthy equipment demand continues Strong government support of agricultural mechanization Expect increased crop production in 2012 Economic Update Other Selected Markets 31

| 1st Quarter 2012 Earnings Conference Call 12 Climate Impact Brazil and Argentina Source: Planalytics December Several outbreaks of oppressive heat engulfed southern Brazil and Argentina Moderate to severe drought impacts January Hot, dry conditions dominated southern Brazil and Argentina Harvest in N. Brazil hampered by wet conditions February Improved moisture in some regions Corn and bean production cut Harvest and second crop corn planting in Mato Grasso impeded by wet weather % Normal Precipitation Middle South America December 2011 32

Agriculture & Turf Retail Sales Industry Outlook – Fiscal 2012 U.S. and Canada Ag: Up ~ 10% Previous forecast: Up 5-10% EU 27 Ag: Flat to up 5% Previous forecast: Flat CIS countries Ag: Considerably higher Previous forecast: Moderately higher after rising substantially in 2011 Asia Ag: Increase moderately Previous forecast: Up strongly again in 2012 South America Ag: Flat to down 5% Previous forecast: Flat U.S. and Canada turf and utility equipment: Up slightly No change from previous forecast Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 33

| 1st Quarter 2012 Earnings Conference Call 14 Worldwide Agriculture & Turf Deere & Company Outlook Fiscal Year 2012 Forecast Net sales: Up ~ 15% Currency translation: ~ (3) points Previous forecast: Up ~ 15% Currency translation: ~ +1 point Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 34

| 1st Quarter 2012 Earnings Conference Call 15 Worldwide Construction & Forestry First Quarter Overview (in millions of dollars) Q1 2012 Q1 2011 Change Net Sales $1,395 $1,143 +22% Operating Profit* $124 $88 +41% Production Tonnage +26% Incremental Margin ~ 14% *Q1 2012 operating profit impacted by: Higher shipment volumes Price realization Higher raw-material costs 35

U.S. Economic Indicators 2012 Forecast GDP Growth (annual percentage rate) +2.0% Housing Starts (thousands) 726 Non-Residential Spending Growth (annual percentage rate)* +1.7% Government Spending Growth (annual percentage rate)* -5.8% | 1st Quarter 2012 Earnings Conference Call 16 Worldwide Construction & Forestry Deere & Company Outlook Source: Global Insight, Calendar Year Estimates – February 2012 * Change from prior year in real dollars Fiscal Year 2012 Forecast Net sales: Up ~ 18% Currency translation: ~ (1) point Previous forecast: Up ~ 16% Currency translation: ~ +1 point Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 36

| 1st Quarter 2012 Earnings Conference Call 17 Worldwide Financial Services Credit Loss History Provision for Credit Losses / Average Owned Portfolio * Annualized provision for credit losses as of 31 January 2012 37

| 1st Quarter 2012 Earnings Conference Call 18 Worldwide Financial Services First Quarter 2012 Net income attributable to Deere & Company $119 million in Q1 2012 vs. $118 million in Q1 2011 Fiscal Year 2012 Forecast Net income attributable to Deere & Company of ~ $460 million Previous forecast: ~ $450 million Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 38

| 1st Quarter 2012 Earnings Conference Call 19 Consolidated Trade Receivables & Inventory (in millions of dollars) Q1 2012* Actual 2012** Forecast 2012** Previous Forecast A&T $1,115 $75 $125 C&F $480 $75 $175 Total, as reported $1,595 $150 $50 Total, constant exchange $1,690 $375 $75 * Change at 31 January 2012 vs. 31 January 2011 ** Change at 31 October 2012 vs. 31 October 2011 Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 39

| 1st Quarter 2012 Earnings Conference Call 20 Material Costs and Freight Equipment Operations First Quarter 2012 Up ~ $130 million vs. Q1 2011 Fiscal Year 2012 Forecast Up $400-$500 million vs. FY 2011 Agriculture & Turf $350-$400 million Construction & Forestry $50-$100 million Previous forecast: Up ~ $500 million vs. FY 2011 Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 40

| 1st Quarter 2012 Earnings Conference Call 21 Research & Development Expense Equipment Operations First Quarter 2012 Up ~ 16% vs. Q1 2011 Fiscal Year 2012 Forecast Up ~ 12% vs. FY 2011 Currency translation: ~ (2) points Previous forecast: Up ~ 10% vs. FY 2011 Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 41

| 1st Quarter 2012 Earnings Conference Call 22 Selling, Administrative & General Expense Equipment Operations First Quarter 2012 Up ~ 7% vs. Q1 2011 Growth: ~ +6 points Fiscal Year 2012 Forecast Up ~ 10% vs. FY 2011 Growth: ~ +4 points Currency translation: ~ (2) points Previous forecast: Up ~ 10% vs. FY 2011 Growth: ~ +4 points Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 42

Deere Use-of-Cash Priorities | 1st Quarter 2012 Earnings Conference Call 23 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 43

| 1st Quarter 2012 Earnings Conference Call 24 Continued Strong Operating Performance Equipment Operations Fiscal Year Cash Flows from Operations * Previous forecast: ~ $3.6 billion Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) $ Billions ~ 44

| 1st Quarter 2012 Earnings Conference Call 25 Global Expansion Major Equipment Factory Investments New Factories Major Expansions or Modernizations Indaiatuba, Brazil C&F Division Backhoe Loaders 4WD Loaders Indaiatuba, Brazil (JV) C&F Division Excavators Orenburg, Russia A&T Division Seeding Equipment Tillage Equipment Spraying Equipment Dewas, India A&T Division Tractors Harbin, China A&T Division Combine Front-End Equipment Tractors Planters Sprayers Irrigation Products Tianjin (TEDA), China C&F Division 4WD Loaders Excavators Tianjin (TEDA), China John Deere Power Systems Engines Des Moines, IA, USA A&T Division Spraying Equipment Cotton Harvesting Equipment Tillage Equipment Seeding Equipment Pune, India A&T Engines Transmissions Tractors Rosario, Argentina A&T and John Deere Power Systems Engines Tractors Combines Waterloo, IA, USA A&T Division Foundry Waterloo, IA, USA A&T Division Ag Tractors Davenport, IA, USA C&F Division Articulated Dump Trucks 4WD Loaders Motor Graders Skidders Wheeled Feller Bunchers Domodedovo, Russia A&T and C&F Division Tractors Combine Harvesters Combine Front-End Equipment Backhoes, Loaders, Graders Skidders, Log Forwarders 45

| 1st Quarter 2012 Earnings Conference Call 26 Appendix 46

| 1st Quarter 2012 Earnings Conference Call 27 Production Tonnage *Percentage change from same period in previous year, excluding purchased product Deere & Company Forecast as of 15 February 2012 (Previous Forecast revised as of 15 February 2012) Approximate % Change* Q1 2012 Actual Q1 2012 Previous Forecast (Revised) Q2 2012 Forecast FY 2012 Forecast FY 2012 Previous Forecast (Revised) Total Worldwide +8 +13 +10 +12 +7 Worldwide A&T +5 +12 +11 +12 +8 Worldwide C&F +26 +18 +6 +10 +7 U.S. and Canada +2 +1 +6 +10 +3 Outside U.S. and Canada +19 +35 +18 +15 +14 U.S. and Canada A&T -4 -3 +5 +9 +2 47

| 1st Quarter 2012 Earnings Conference Call 28 Retail Sales U.S. and Canada Ag Industry* Deere** Utility Tractors 7% less than the industry Row-Crop Tractors 2% ~ flat 4WD Tractors 29% more than the industry Combines 43% more than the industry January 2012 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 2012 2011 Row-Crop Tractors 16% 16% Combines 5% 11% 48

| 1st Quarter 2012 Earnings Conference Call 29 January 2012 Retail Sales EU 27 Deere* Tractors a low single digit Combines double digits U.S. and Canada Deere* Selected Turf & Utility Equipment ~ flat * Based on internal sales reports U.S. and Canada – Construction & Forestry Deere* First-in-the-Dirt double digits Settlements double digits 49

| 1st Quarter 2012 Earnings Conference Call 30 Income Taxes Equipment Operations First Quarter 2012 Effective tax rate: ~ 34% Fiscal Year 2012 Forecast Projected effective tax rate: 33-35% No change from previous forecast Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 50

| 1st Quarter 2012 Earnings Conference Call 31 Other Information Equipment Operations Fiscal Year 2012 Forecast Capital Expenditures: ~ $1.3 billion Previous forecast: $1.2 - $1.3 billion Depreciation and Amortization: ~ $650 million No change from previous forecast Pension/OPEB Contributions: ~ $450 million No change from previous forecast Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 51

| 1st Quarter 2012 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 20.8 $1.7 2012 YTD 4.9 $0.4 Cumulative cost of repurchases 2004-1Q2012: ~ $8.0 billion Amount remaining on May 2008 authorization of $5 billion: ~ $3.7 billion 31 January 2012 period ended shares (basic): ~ 401.8 million (diluted): ~ 406.3 million Shares repurchased 2004-1Q2012: ~ 145.4 million Average repurchase price 2004-1Q2012: $54.86 * 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 2004-1Q2012 52

| 1st Quarter 2012 Earnings Conference Call 33 Worldwide Financial Services 2012 Unsecured Term Debt Maturities* * Maturities as of 31 January 2012 $ Millions 53

| 1st Quarter 2012 Earnings Conference Call 34 Sources and Uses of Cash Fiscal 2004–2011 Equipment Operations (1) Other includes proceeds from maturities and sales of marketable securities and purchases of marketable securities and reconciliation for non-cash items including excess tax benefits from share-based compensation and the effect of exchange rates on cash and cash equivalents Source: Deere & Company SEC filings ~58% of cash from operations returned to shareholders (1) $3,188 54

U.S. Farm Prices | 1st Quarter 2012 Earnings Conference Call 35 Source: Actual Data: USDA Forecast Data: Deere & Company Forecast as of 15 February 2012 55

| 1st Quarter 2012 Earnings Conference Call 36 World Farm Fundamentals Global Stocks-To-Use Ratios Corn Wheat Soybeans Source: USDA - 9 February 2012 Cotton 56

| 1st Quarter 2012 Earnings Conference Call 37 U.S. Net Farm Cash Income (in billions of dollars) 2010 2011 Forecast Previous 2011 2012 Forecast Previous 2012 Total Cash Receipts $326.7 $381.4 $383.1 $371.9 $374.2 Other Cash Income $18.3 $19.5 $18.6 $22.0 $23.0 Gross Cash Income $345.0 $400.9 $401.7 $393.9 $397.2 Cash Expenses ($252.7) ($286.2) ($286.0) ($290.0) ($288.0) Net Cash Income $92.3 $114.7 $115.7 $103.9 $109.2 Deere & Company Forecast as of 15 February 2012 (Previous Forecast as of 23 November 2011) 57

Deere’s second quarter 2012 conference call is scheduled for 9:00 a.m. central time on Wednesday, May 16, 2012 58