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 20, 2015

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

The following consists of Deere & Company’s press release dated February 20, 2015 concerning First Quarter of Fiscal 2015 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 7.01           Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished herewith)

The attached schedules of Other Financial Information (Exhibit 99.2) and First Quarter 2015 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/ Todd E. Davies
		Todd E. Davies
		Secretary
Dated:  February 20, 2015

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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 2015 Earnings Conference Call Information (Furnished herewith)

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EX-99.1

Exhibit 99.1 (Filed herewith)

NEWS RELEASE

Contact:

Ken Golden

Director, Global Public Relations

309-765-5678

Deere Announces First-Quarter Earnings of $387 Million

·Weaker conditions in global farm economy contribute to lower results.

·Construction and forestry and financial services operations have higher profits.

·Further progress shown managing costs and assets.

MOLINE, Illinois (February 20, 2015) — Net income attributable to Deere & Company was $386.8 million, or $1.12 per share, for the first quarter ended January 31, compared with $681.1 million, or $1.81 per share, for the same period last year.

Worldwide net sales and revenues for the first quarter decreased 17 percent, to $6.383 billion, compared with $7.654 billion last year. Net sales of the equipment operations were $5.605 billion for the quarter compared with $6.949 billion a year ago.

“Deere’s first-quarter performance reflected sluggish conditions in the global farm sector, which reduced demand for agricultural machinery, particularly larger models, and led to lower sales and income,” said Samuel R. Allen, chairman and chief executive officer. “At the same time, our construction and forestry and financial services divisions had higher profits, showing the benefit of a well-rounded business lineup. Deere’s results also demonstrated the progress we’ve made creating a more flexible, responsive cost structure.”

Summary of Operations

Net sales of the worldwide equipment operations declined 19 percent for the quarter. Sales included price realization of 1 percent and an unfavorable currency-translation effect of 2 percent. Equipment net sales in the United States and Canada decreased 14 percent. Outside the U.S. and Canada, net sales were down 28 percent, with an unfavorable currency-translation effect of 5 percent.

Deere’s equipment operations reported operating profit of $414 million for the quarter, compared with $891 million last year. The decline for the quarter was due primarily to lower shipment volumes and the impact of a less favorable product mix, partially offset by lower selling, administrative and general expenses and price realization. Net income of

Deere Announces First-Quarter Earnings 5

the company’s equipment operations was $241 million for the quarter, compared with $543 million in 2014.

Financial services reported net income attributable to Deere & Company of $156.8 million for the quarter compared with $142.2 million last year. The improvement was primarily due to growth in the credit portfolio and higher insurance margins, partially offset by less favorable financing spreads. Last year’s results also benefited from a more favorable effective tax rate.

Company Outlook & Summary

Company equipment sales are projected to decrease about 17 percent for fiscal 2015 and be down about 19 percent for the second quarter compared with year-ago periods. Included in the forecast is a negative currency-translation effect of about 3 percent for the full year and 4 percent for the second quarter. For fiscal 2015, net income attributable to Deere & Company is anticipated to be about $1.8 billion.

“Even with a continued pullback in the agricultural sector, John Deere expects to remain solidly profitable in 2015,” Allen said. “Our forecast reflects a level of results much better than we’ve experienced in previous downturns. This illustrates our success establishing a wider range of revenue sources and a more durable business model.”

Longer term, the company’s future continues to hold great promise for customers and investors, Allen said. “Global population growth and rising living standards are powerful trends largely unaffected by periodic swings in the farm economy. At the same time, Deere’s plans for reaching out to new markets and customer groups are making progress. For these reasons, we remain confident about the company’s ability to deliver solid returns throughout the business cycle and to benefit from the world’s need for productive equipment in the future.”

Equipment Division Performance

Agriculture & Turf. Sales decreased 27 percent for the quarter due largely to lower shipment volumes, the previously announced sales of John Deere Landscapes and John Deere Water, and the unfavorable effects of currency translation. These factors were partially offset by price realization.

Operating profit was $268 million compared with $797 million for the quarter last year. Lower results were driven primarily by reduced shipment volumes and a less favorable sales mix, partially offset by lower selling, administrative and general expenses and price realization.

Deere Announces First-Quarter Earnings 6

Construction & Forestry. Construction and forestry sales increased 13 percent for the quarter mainly as a result of higher shipment volumes.

Operating profit was $146 million for the quarter compared with $94 million in 2014. The improvement was due to higher shipment volumes, partially offset by higher sales-incentive costs and the unfavorable effects of foreign-currency exchange.

Market Conditions & Outlook

Agriculture & Turf. Deere’s worldwide sales of agriculture and turf equipment are forecast to decrease by about 23 percent for fiscal-year 2015, including a negative currency-translation effect of about 4 percent.

Lower commodity prices and falling farm incomes are putting pressure on demand for agricultural machinery, especially for larger models. Conditions are more positive in the U.S. livestock sector, supporting the sale of smaller sizes of equipment. Based on these factors, industry sales for agricultural equipment in the U.S. and Canada are forecast to be down 25 to 30 percent for 2015.

Full-year 2015 industry sales in the EU28 are forecast to be down about 10 percent, with the decline attributable to lower crop prices and farm incomes as well as pressure on the dairy sector. In South America, industry sales of tractors and combines are projected to be down 10 to 15 percent mainly as a result of economic uncertainty in Brazil. Industry sales in the Commonwealth of Independent States are expected to be down significantly due to economic pressures and tight credit conditions in the region. Asian sales are projected to be down slightly, with most of the decline occurring in China and India.

Industry sales of turf and utility equipment in the U.S. and Canada are expected to be flat to up 5 percent for 2015, benefiting from general economic growth.

Construction & Forestry. Deere’s worldwide sales of construction and forestry equipment are forecast to increase by about 5 percent for 2015. The gain reflects economic growth and higher housing starts in the U.S. offset in part by weakening conditions in the energy sector and energy-producing regions. Global forestry sales are expected to hold steady with the attractive levels of 2014, as gains in the U.S. and Europe are offset by declines elsewhere.

Financial Services. Fiscal-year 2015 net income attributable to Deere & Company for the financial services operations is expected to be approximately $630 million. The outlook reflects the expected impact of the previously announced agreement to sell the crop insurance operations and growth in the average credit portfolio. These factors are projected

Deere Announces First-Quarter Earnings 7

to be partially offset by lower financing spreads, an expected increase in the provision for credit losses from the low level in 2014 and a less favorable tax rate.

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 $133.6 million for the first quarter, compared with $136.5 million last year. Lower results for the quarter were primarily due to a less favorable effective tax rate and lower financing spreads, partially offset by growth in the credit portfolio.

Net receivables and leases financed by JDCC were $31.508 billion and $30.019 billion at January 31, 2015 and 2014, respectively.

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 demand for agricultural products, world grain stocks, weather conditions (including its effects on timely planting and harvesting), soil conditions (including low subsoil moisture), harvest yields, prices for commodities and livestock, crop and livestock production expenses, availability of transport for crops, the growth and sustainability 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 European Union, India, Russia and the U.S.), international reaction to such programs, changes in and effects of crop insurance programs, global trade agreements, animal diseases and their effects on poultry, beef and pork consumption and prices, crop

Deere Announces First-Quarter Earnings 8

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 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.

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 and industries in which the company operates, especially material changes in economic activity in these markets and industries; 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.  Government spending and taxing could adversely affect the economy, employment, consumer and corporate spending, and company results.

Customer and company operations and results could be affected by changes in weather patterns (including the effects of drought and drier than normal conditions in certain markets); 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 response thereto; natural disasters; 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.  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.  A  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

Deere Announces First-Quarter Earnings 9

changes in the equity, bond and other financial 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, policies, tariffs and sanctions in particular jurisdictions or for the benefit of certain industries or sectors (including protectionist, economic, punitive and expropriation 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, carbon and other greenhouse gas emissions, noise and the effects of climate change; changes in labor regulations; changes to accounting standards; changes in tax rates, estimates, and regulations and company actions related thereto; compliance with U.S. and foreign laws when expanding to new markets and otherwise; and actions by other regulatory bodies including changes in laws and regulations affecting the sectors in which the company operates.  Trade, financial and other sanctions imposed by the U.S., the European Union, Russia and other countries could negatively impact company assets, operations, sales, forecasts and results.  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 or the loss of liquidity by suppliers; the failure of suppliers to comply with laws, regulations and company policy pertaining to employment, human rights, health, safety, the environment and other ethical business practices; events that damage the company’s reputation or brand; significant investigations, claims, lawsuits or other legal proceedings; 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; gaps or limitations in rural broadband coverage, capacity and speed needed to support technology solutions; oil and energy prices, supplies and volatility; the availability and cost of freight; actions of

Deere Announces First-Quarter Earnings 10

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 and contracts; 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; and 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, the level of interest and discount rates, and compensation, retirement and mortality 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 in order to meet future cash flow requirements, to fund operations and costs associated with engaging in diversified funding activities, and to fund purchases of the company’s products.  If general economic conditions deteriorate or capital markets become volatile, 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 2015 Press Release
(in millions of dollars)
Unaudited

	Three Months Ended January 31
	2015		2014		% Change
Net sales and revenues:
Agriculture and turf	$	4,081	$	5,596	-27
Construction and forestry	1,524		1,353		+13
Total net sales	5,605		6,949		-19
Financial services	648		587		+10
Other revenues	130		118		+10
Total net sales and revenues	$	6,383	$	7,654	-17
Operating profit: *
Agriculture and turf	$	268	$	797	-66
Construction and forestry	146		94		+55
Financial services	233		182		+28
Total operating profit	647		1,073		-40
Reconciling items **	(89)		(112)		-21
Income taxes	(171)		(280)		-39
Net income attributable to Deere & Company	$	387	$	681	-43

*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.

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

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DEERE & COMPANY STATEMENT OF CONSOLIDATED INCOME For the Three Months Ended January 31, 2015 and 2014 (In millions of dollars and shares except per share amounts) Unaudited
	2015		2014
Net Sales and Revenues
Net sales	$	5,605.1	$	6,948.5
Finance and interest income	593.6		531.5
Other income	184.4		174.0
Total	6,383.1		7,654.0
Costs and Expenses
Cost of sales	4,420.6		5,195.5
Research and development expenses	333.2		323.7
Selling, administrative and general expenses	659.0		765.9
Interest expense	180.1		171.7
Other operating expenses	222.6		232.3
Total	5,815.5		6,689.1
Income of Consolidated Group before Income Taxes	567.6		964.9
Provision for income taxes	170.5		280.5
Income of Consolidated Group	397.1		684.4
Equity in loss of unconsolidated affiliates	(10.2)		(3.1)
Net Income	386.9		681.3
Less: Net income attributable to noncontrolling interests	.1		.2
Net Income Attributable to Deere & Company	$	386.8	$	681.1
Per Share Data
Basic	$	1.13	$	1.83
Diluted	$	1.12	$	1.81
Average Shares Outstanding
Basic	343.1		371.9
Diluted	345.7		375.4
See Condensed Notes to Interim Consolidated Financial Statements.

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DEERE & COMPANY CONDENSED CONSOLIDATED BALANCE SHEET (In millions of dollars) Unaudited
	January 31		October 31		January 31
	2015		2014		2014
Assets
Cash and cash equivalents	$	3,974.8	$	3,787.0	$	3,188.6
Marketable securities	493.8		1,215.1		1,438.4
Receivables from unconsolidated affiliates	27.4		30.2		35.2
Trade accounts and notes receivable - net	3,334.6		3,277.6		3,716.8
Financing receivables - net	25,805.9		27,422.2		25,242.3
Financing receivables securitized - net	3,893.3		4,602.3		3,490.9
Other receivables	921.1		1,500.3		1,157.6
Equipment on operating leases - net	3,834.6		4,015.5		3,026.0
Inventories	4,527.1		4,209.7		5,554.6
Property and equipment - net	5,347.5		5,577.8		5,351.0
Investments in unconsolidated affiliates	301.6		303.2		297.5
Goodwill	741.3		791.2		834.6
Other intangible assets - net	62.3		68.8		74.6
Retirement benefits	283.5		262.0		583.5
Deferred income taxes	2,584.1		2,776.6		2,323.4
Other assets	1,772.3		1,496.9		1,344.2
Assets held for sale	384.9
Total Assets	$	58,290.1	$	61,336.4	$	57,659.2
Liabilities and Stockholders’ Equity
Short-term borrowings	$	8,622.7	$	8,019.2	$	8,657.3
Short-term securitization borrowings	3,887.9		4,558.5		3,490.8
Payables to unconsolidated affiliates	119.2		101.0		89.1
Accounts payable and accrued expenses	6,421.9		8,554.1		7,330.0
Deferred income taxes	146.7		160.9		154.8
Long-term borrowings	24,106.7		24,380.7		22,265.2
Retirement benefits and other liabilities	6,469.4		6,496.5		5,414.2
Liabilities held for sale	266.8
Total liabilities	50,041.3		52,270.9		47,401.4
Total Deere & Company stockholders’ equity	8,246.0		9,062.6		10,255.7
Noncontrolling interests	2.8		2.9		2.1
Total stockholders’ equity	8,248.8		9,065.5		10,257.8
Total Liabilities and Stockholders’ Equity	$	58,290.1	$	61,336.4	$	57,659.2
See Condensed Notes to Interim Consolidated Financial Statements.

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DEERE & COMPANY
STATEMENT OF CONSOLIDATED CASH FLOWS
For the Three Months Ended January 31, 2015 and 2014
(In millions of dollars) Unaudited

	2015			2014
Cash Flows from Operating Activities
Net income	$	386.9		$	681.3
Adjustments to reconcile net income to net cash used for operating activities:
Provision for credit losses	1.0			2.4
Provision for depreciation and amortization	342.9			343.1
Impairment charges				26.3
Share-based compensation expense	18.1			23.2
Undistributed earnings of unconsolidated affiliates	10.1			3.0
Provision (credit) for deferred income taxes	176.1			(8.6		)
Changes in assets and liabilities:
Trade, notes and financing receivables related to sales	349.1			126.7
Insurance receivables	256.5			101.9
Inventories	(603.9		)	(836.8		)
Accounts payable and accrued expenses	(1,442.5		)	(1,387.1		)
Accrued income taxes payable/receivable	(185.5		)	137.5
Retirement benefits	84.4			53.4
Other	96.7			(12.5		)
Net cash used for operating activities	(510.1		)	(746.2		)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	4,694.6			4,660.7
Proceeds from maturities and sales of marketable securities	673.4			403.6
Proceeds from sales of equipment on operating leases	242.1			276.4
Proceeds from sales of businesses, net of cash sold				303.7
Cost of receivables acquired (excluding receivables related to sales)	(3,674.8		)	(4,190.1		)
Purchases of marketable securities	(19.3		)	(222.4		)
Purchases of property and equipment	(184.0		)	(250.7		)
Cost of equipment on operating leases acquired	(299.7		)	(251.6		)
Other	(47.2		)	(56.3		)
Net cash provided by investing activities	1,385.1			673.3
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings	209.8			(736.7		)
Proceeds from long-term borrowings	1,227.8			2,241.1
Payments of long-term borrowings	(1,234.3		)	(1,100.0		)
Proceeds from issuance of common stock	44.7			54.3
Repurchases of common stock	(604.7		)	(477.3		)
Dividends paid	(209.9		)	(192.5		)
Excess tax benefits from share-based compensation	6.3			14.6
Other	(22.2		)	(13.0		)
Net cash used for financing activities	(582.5		)	(209.5		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(104.7		)	(33.0		)
Net Increase (Decrease) in Cash and Cash Equivalents	187.8			(315.4		)
Cash and Cash Equivalents at Beginning of Period	3,787.0			3,504.0
Cash and Cash Equivalents at End of Period	$	3,974.8		$	3,188.6

See Condensed Notes to Interim Consolidated Financial Statements.

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Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1)In December 2014, the Company entered into an agreement to sell all the stock of its wholly-owned subsidiaries, John Deere Insurance Company and John Deere Risk Protection, Inc. (collectively the Crop Insurance operations) to Farmers Mutual Hail Insurance Company of Iowa.  The Company is projecting to close the sale by April 2015 and does not anticipate a significant pretax or after-tax gain resulting from the sale.  These operations are reflected as assets and liabilities held for sale and are included in the Company’s financial services segment.  The sale is a result of the Company’s intention to invest its resources in growing its core businesses.

The carrying amounts of the major classes of assets and liabilities of the Crop Insurance operations that were classified as held for sale on the consolidated balance sheet in millions of dollars follow:

	January 31, 2015
Cash and cash equivalents	$	13
Marketable securities	79
Other receivables	265
Other intangible assets - net	4
Deferred income taxes	4
Other assets	20
Total assets	$	385
Account payable and accrued expenses, and Liabilities held for sale	$	267

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

	Three Months Ended January 31
	2015		2014
Dividends declared	$	.60	$	.51
Dividends paid	.60		.51

(3)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.

(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, 2015 and 2014

(In millions of dollars) Unaudited	EQUIPMENT OPERATIONS*						FINANCIAL SERVICES
	2015			2014			2015		2014
Net Sales and Revenues
Net sales	$	5,605.1		$	6,948.5
Finance and interest income	20.5			17.2			$	633.0	$	569.2
Other income	160.0			150.5			64.9		64.4
Total	5,785.6			7,116.2			697.9		633.6
Costs and Expenses
Cost of sales	4,421.1			5,195.9
Research and development expenses	333.2			323.7
Selling, administrative and general expenses	540.2			643.2			121.2		126.0
Interest expense	71.0			75.3			122.9		107.8
Interest compensation to Financial Services	46.0			42.3
Other operating expenses	39.1			52.5			221.2		218.3
Total	5,450.6			6,332.9			465.3		452.1
Income of Consolidated Group before Income Taxes	335.0			783.3			232.6		181.5
Provision for income taxes	94.3			240.3			76.2		40.1
Income of Consolidated Group	240.7			543.0			156.4		141.4
Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates
Financial Services	156.8			142.2			.4		.8
Other	(10.6		)	(3.9		)
Total	146.2			138.3			.4		.8
Net Income	386.9			681.3			156.8		142.2
Less:  Net income attributable to noncontrolling interests	.1			.2
Net Income Attributable to Deere & Company	$	386.8		$	681.1		$	156.8	$	142.2
*  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 2015	October 31 2014		January 31 2014			January 31 2015	October 31 2014		January 31 2014
Assets
Cash and cash equivalents	$	2,844.4	$	2,569.2	$	2,659.7	$	1,130.4	$	1,217.8	$	529.0
Marketable securities		100.0		700.4		1,008.3		393.8		514.7		430.2
Receivables from unconsolidated subsidiaries and affiliates		2,592.9		3,663.9		3,334.4
Trade accounts and notes receivable - net		547.5		706.0		848.3		3,847.2		3,554.4		3,827.9
Financing receivables - net		8.7		18.5		9.1		25,797.2		27,403.7		25,233.2
Financing receivables securitized - net								3,893.3		4,602.3		3,490.9
Other receivables		863.9		848.0		842.0		82.6		659.0		342.3
Equipment on operating leases - net								3,834.6		4,015.5		3,026.0
Inventories		4,527.1		4,209.7		5,554.6
Property and equipment - net		5,293.4		5,522.5		5,294.0		54.1		55.3		57.0
Investments in unconsolidated subsidiaries and affiliates		4,997.0		5,106.5		4,764.4		10.2		10.9		10.9
Goodwill		741.3		791.2		834.6
Other intangible assets - net		62.3		64.8		70.6				4.0		4.0
Retirement benefits		283.8		263.5		548.3		30.9		32.9		36.8
Deferred income taxes		2,923.2		2,981.9		2,563.3		68.7		64.9		65.8
Other assets		926.8		850.6		702.4		847.7		648.2		644.1
Assets held for sale								384.9
Total Assets	$	26,712.3	$	28,296.7	$	29,034.0	$	40,375.6	$	42,783.6	$	37,698.1
Liabilities and Stockholders’ Equity
Short-term borrowings	$	1,079.2	$	434.1	$	1,759.6	$	7,543.5	$	7,585.1	$	6,897.7
Short-term securitization borrowings								3,887.9		4,558.5		3,490.8
Payables to unconsolidated subsidiaries and affiliates		119.2		101.0		89.1		2,565.6		3,633.7		3,299.2
Accounts payable and accrued expenses		6,146.2		7,518.4		6,678.6		1,363.2		2,027.0		1,640.0
Deferred income taxes		79.7		87.1		81.3		474.9		344.1		379.2
Long-term borrowings		4,622.0		4,642.5		4,828.2		19,484.7		19,738.2		17,437.0
Retirement benefits and other liabilities		6,417.2		6,448.1		5,339.4		83.4		82.8		76.4
Liabilities held for sale								266.8
Total liabilities		18,463.5		19,231.2		18,776.2		35,670.0		37,969.4		33,220.3
Total Deere & Company stockholders’ equity		8,246.0		9,062.6		10,255.7		4,705.6		4,814.2		4,477.8
Noncontrolling interests		2.8		2.9		2.1
Total stockholders’ equity		8,248.8		9,065.5		10,257.8		4,705.6		4,814.2		4,477.8
Total Liabilities and Stockholders’ Equity	$	26,712.3	$	28,296.7	$	29,034.0	$	40,375.6	$	42,783.6	$	37,698.1
* 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.

18

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENT OF CASH FLOWS For the Three Months Ended January 31, 2015 and 2014 (In millions of dollars) Unaudited	EQUIPMENT OPERATIONS*						FINANCIAL SERVICES
	2015			2014			2015			2014
Cash Flows from Operating Activities
Net income	$	386.9		$	681.3		$	156.8		$	142.2
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses	(.4		)	.1			1.4			2.4
Provision for depreciation and amortization	209.8			229.7			161.2			136.3
Impairment charges				26.3
Undistributed earnings of unconsolidated subsidiaries and affiliates	5.3			(138.4		)	(.4		)	(.8		)
Provision (credit) for deferred income taxes	55.8			(3.8		)	120.3			(4.7		)
Changes in assets and liabilities:
Trade receivables	109.2			167.0
Insurance receivables							256.5			101.9
Inventories	(508.1		)	(721.1		)
Accounts payable and accrued expenses	(1,082.2		)	(1,169.7		)	(282.9		)	(117.0		)
Accrued income taxes payable/receivable	(182.7		)	124.5			(2.8		)	13.0
Retirement benefits	80.8			49.7			3.6			3.7
Other	108.5			36.8			11.8			(9.2		)
Net cash provided by (used for) operating activities	(817.1		)	(717.6		)	425.5			267.8
Cash Flows from Investing Activities
Collections of receivables (excluding trade and wholesale)							5,038.2			5,008.5
Proceeds from maturities and sales of marketable securities	600.0			400.0			73.4			3.6
Proceeds from sales of equipment on operating leases							242.1			276.4
Proceeds from sales of businesses, net of cash sold				303.7
Cost of receivables acquired (excluding trade and wholesale)							(3,936.7		)	(4,529.1		)
Purchases of marketable securities				(203.7		)	(19.3		)	(18.7		)
Purchases of property and equipment	(183.6		)	(250.5		)	(.4		)	(.2		)
Cost of equipment on operating leases acquired							(429.2		)	(407.9		)
Decrease (increase) in trade and wholesale receivables							80.9			(149.0		)
Other	(23.1		)	(44.3		)	(31.8		)	(48.4		)
Net cash provided by investing activities	393.3			205.2			1,017.2			135.2
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings	707.2			703.1			(497.4		)	(1,439.8		)
Change in intercompany receivables/payables	873.6			79.2			(873.6		)	(79.2		)
Proceeds from long-term borrowings	1.5			6.0			1,226.3			2,235.1
Payments of long-term borrowings	(16.2		)	(15.9		)	(1,218.1		)	(1,084.1		)
Proceeds from issuance of common stock	44.7			54.3
Repurchases of common stock	(604.7		)	(477.3		)
Dividends paid	(209.9		)	(192.5		)	(151.6		)
Excess tax benefits from share-based compensation	6.3			14.6
Other	(16.6		)	(6.0		)	2.1			29.5
Net cash provided by (used for) financing activities	785.9			165.5			(1,512.3		)	(338.5		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(86.9		)	(16.7		)	(17.8		)	(16.3		)
Net Increase (Decrease) in Cash and Cash Equivalents	275.2			(363.6		)	(87.4		)	48.2
Cash and Cash Equivalents at Beginning of Period	2,569.2			3,023.3			1,217.8			480.8
Cash and Cash Equivalents at End of Period	$	2,844.4		$	2,659.7		$	1,130.4		$	529.0
* 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

Deere & Company	Exhibit 99.2
Other Financial Information	(Furnished herewith)

For the Three Months Ended January 31,	Equipment Operations									Agriculture and Turf						Construction and Forestry
Dollars in millions	2015				2014					2015			2014			2015			2014
Net Sales	$	5,605			$		6,949			$	4,081		$	5,596		$	1,524		$	1,353
Average Identifiable Assets
With Inventories at LIFO	$	12,823			$		14,351			$	9,425		$	10,994		$	3,398		$	3,357
With Inventories at Standard Cost	$	14,185			$		15,735			$	10,556		$	12,143		$	3,629		$	3,592
Operating Profit	$	414			$		891			$	268		$	797		$	146		$	94
Percent of Net Sales		7.4	%				12.8		%		6.6	%		14.2	%		9.6	%		6.9	%
Operating Return on Assets
With Inventories at LIFO		3.2	%				6.2		%		2.8	%		7.2	%		4.3	%		2.8	%
With Inventories at Standard Cost		2.9	%				5.7		%		2.5	%		6.6	%		4.0	%		2.6	%
SVA Cost of Assets	$	(426	)		$		(472		)	$	(317	)	$	(364	)	$	(109	)	$	(108	)
SVA	$	(12	)		$		419			$	(49	)	$	433		$	37		$	(14	)
For the Three Months Ended January 31,	Financial Services
Dollars in millions	2015			2014
Net Income Attributable to Deere & Company	$	157		$		142
Average Equity	$	4,765		$		4,398
Return on Equity		3.3	%			3.2		%
Operating Profit	$	233		$		182
Average Equity	$	4,765		$		4,398
Cost of Equity	$	(175	)	$		(132		)
SVA	$	58		$		50
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 2015 Earnings Conference Call 20 February 2015 Exhibit 99.3 (Furnished herewith) 21

| 1st Quarter 2015 Earnings Conference Call 2 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the company’s plans and projections 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 2015 Earnings Conference Call 3 First Quarter Overview (in millions of dollars except per share amounts) Q1 2015 Q1 2014 Change Net Sales and Revenues $6,383 $7,654 -17% Net Sales $5,605 $6,949 -19% Net Income Attributable to Deere & Company $387 $681 -43% Diluted EPS $1.12 $1.81 -38% 23

| 1st Quarter 2015 Earnings Conference Call 4 First Quarter Overview Net Sales Equipment operations net sales: Down 19% in Q1 2015 vs. Q1 2014 Price realization: +1 point JD Landscapes and JD Water: (2) points Currency translation: (2) points 24

| 1st Quarter 2015 Earnings Conference Call 5 Worldwide Agriculture & Turf First Quarter Overview *Q1 2015 operating profit impacted by: (in millions of dollars) Q1 2015 Q1 2014 Change Net Sales $4,081 $5,596 -27% Operating Profit* $268 $797 -66% Favorable Unfavorable Selling, Administrative, and General Expenses Shipment Volumes Price Realization Less Favorable Sales Mix 25

| 1st Quarter 2015 Earnings Conference Call U.S. Farm Cash Receipts Source: 1999 – 2012: USDA 10 February 2015 2013E – 2015F: Deere & Company Forecast as of 20 February 2015 6 26

| 1st Quarter 2015 Earnings Conference Call 7 World Farm Fundamentals Global Stocks-to-Use Ratios Source: USDA – 10 February 2015 Cotton Wheat Corn Soybeans 27

| 1st Quarter 2015 Earnings Conference Call 8 Deere & Company Forecast as of 20 February 2015 Economic Update EU 28 – Fiscal 2015 Economic growth continues at slow rate Crop prices have weakened but are stabilizing at levels close to the long-term average Livestock margins lower but at sound levels Beef prices have stabilized Feed costs have eased Downward pressure on dairy margins 28

| 1st Quarter 2015 Earnings Conference Call 9 Deere & Company Forecast as of 20 February 2015 Economic Update Other Selected Markets – Fiscal 2015 Commonwealth of Independent States (CIS) Strong headwinds persist Increasing economic pressure and tightening credit conditions Geopolitical uncertainty impacting Western manufacturers China Economic growth slower than expected Lower commodity prices impacting agricultural economy, somewhat mitigated by domestic supports Ongoing subsidies are supportive of agricultural equipment India Growth forecast expected to improve as positive sentiment continues with new government Monsoon below normal resulting in lower overall agricultural output 29

| 1st Quarter 2015 Earnings Conference Call 10 Crop Value of Agricultural Production Brazil Source: IHS Global Insight, February 2015 Crop Value of Agricultural Production Expected to decrease ~ 12% in 2015 over prior season 2014 Mix by Crop 30

Eligible Finance Rates for Ag Equipment Brazil | 1st Quarter 2015 Earnings Conference Call 11 Farmers with Annual Revenues <R$90M Farmers with Annual Revenues >R$90M Source: ABIMAQ (Brazilian Association of Machinery and Equipment) and BNDES PSI-FINAME was the key credit line for machinery acquisition from 2011 – 2014; Moderfrota is the most attractive credit line through June 2015 2011 2012 2013 2014 2015 31

| 1st Quarter 2015 Earnings Conference Call 12 Agriculture & Turf Retail Sales Industry Outlook – Fiscal 2015 Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 2015 Forecast Previous Forecast U.S. and Canada Ag Down 25-30% No change EU 28 Ag Down ~ 10% No change South America Ag (Tractors and Combines) Down 10-15% Down ~ 10% CIS Countries Ag Down significantly Further deterioration Asia Ag Down slightly No change U.S. and Canada Turf and Utility Equipment Flat to up 5% No change 32

| 1st Quarter 2015 Earnings Conference Call 13 Worldwide Agriculture & Turf Deere & Company Outlook Fiscal Year 2015 Forecast Net sales: Down ~ 23% Currency translation: ~ (4) points Previous forecast: Down ~ 20% Currency translation ~ (2) points Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 33

| 1st Quarter 2015 Earnings Conference Call 14 Worldwide Construction & Forestry First Quarter Overview (in millions of dollars) Q1 2015 Q1 2014 Change Net Sales $1,524 $1,353 +13% Operating Profit* $146 $94 +55% Incremental Margin ~ 30% *Q1 2015 operating profit impacted by: Favorable Unfavorable Shipment Volumes Sales-Incentive Costs Foreign-Currency Exchange 34

U.S. Economic Indicators 2015 Forecast Previous Forecast GDP Growth (annual percentage rate)* +3.1% +2.7% Housing Starts (thousands) 1,163 1,190 Total Construction Investment (annual percentage rate)* +4.1% +6.3% Government Spending Growth (annual percentage rate)* +2.4% +3.3% | 1st Quarter 2015 Earnings Conference Call 15 Worldwide Construction & Forestry Deere & Company Outlook Source: Global Insight, Calendar Year Estimates – January 2015 * Change from prior year in real dollars Fiscal Year 2015 Forecast Net sales: Up ~ 5% Currency translation: ~ (2) points Previous forecast: Up ~ 5% Currency translation: ~ (1) point Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 35

| 1st Quarter 2015 Earnings Conference Call 16 Worldwide Financial Services Credit Loss History Provision for Credit Losses / Average Owned Portfolio 0.02% 15 Year Average * Annualized provision for credit losses as of 31 January 2015 36

| 1st Quarter 2015 Earnings Conference Call 17 Worldwide Financial Services First Quarter 2015 Net income attributable to Deere & Company $157 million in Q1 2015 vs. $142 million in Q1 2014 Fiscal Year 2015 Forecast Net income attributable to Deere & Company of ~ $630 million Previous forecast: ~ $610 million Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 37

| 1st Quarter 2015 Earnings Conference Call 18 Consolidated Trade Receivables & Inventory (in millions of dollars) Q1 2015* Actual 2015** Forecast 2015** Previous Forecast A&T  $1,423 $525 $375 C&F  $23  $625  $775 Total, as reported $1,400  $100  $400 Total, constant exchange $950  $325  $375*** * Change at 31 January 2015 vs. 31 January 2014 ** Forecasted change at 31 October 2015 vs. 31 October 2014 *** 26 November 2014 guidance for consolidated trade receivables and inventory at constant exchange was up $175 million. Previous 2015 forecast information for the same item is revised here for comparison purposes. Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 38

| 1st Quarter 2015 Earnings Conference Call 19 Cost of Sales as a Percent of Net Sales Equipment Operations Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) First Quarter 2015 ~ 79% Fiscal Year 2015 Forecast ~ 78% No change from previous forecast 39

| 1st Quarter 2015 Earnings Conference Call 20 Research & Development Expense Equipment Operations First Quarter 2015 Up ~ 3% vs. Q1 2014 Currency translation: ~ (2) points Fiscal Year 2015 Forecast Down ~ 1% vs. FY 2014 Currency translation: ~ (2) points Previous forecast: ~ Flat vs. FY 2014 Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 40

| 1st Quarter 2015 Earnings Conference Call 21 Selling, Administrative & General Expense Equipment Operations Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) First Quarter 2015 Down ~ 16% vs. Q1 2014 JD Landscapes and JD Water: ~ (8) points Currency translation: ~ (2) points Fiscal Year 2015 Forecast Down ~ 9% vs. FY 2014 JD Landscapes and JD Water: ~ (2) points Currency translation: ~ (3) points Previous forecast: Down ~ 5% vs. FY 2014 JD Landscapes and JD Water: ~ (2) points 41

| 1st Quarter 2015 Earnings Conference Call 22 Pension and OPEB Expense First Quarter 2015 Up ~ $20 million vs. Q1 2014 Fiscal Year 2015 Forecast Up ~ $80 million vs. FY 2014 Previous forecast: Up ~ $85 million vs. FY 2014 Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 42

| 1st Quarter 2015 Earnings Conference Call 23 Income Taxes Equipment Operations First Quarter 2015 Effective tax rate: ~ 28% Rest of Year 2015 Forecast Effective tax rate: 34-36% Deere & Company Forecast as of 20 February 2015 43

| 1st Quarter 2015 Earnings Conference Call 24 Strong Operating Performance Equipment Operations Fiscal Year Cash Flows from Operations * Previous forecast ~ $2.9 billion Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) $ Billions 44

| 1st Quarter 2015 Earnings Conference Call 25 2015 Company Outlook Second Quarter 2015 Forecast Net sales: Down ~ 19% vs. Q2 2014 Price realization: ~ +2 points Currency translation ~ (4) points Deere & Company Forecast as of 20 February 2015 45

| 1st Quarter 2015 Earnings Conference Call 26 2015 Company Outlook Fiscal Year 2015 Forecast Net sales: Down ~ 17% vs. FY 2014 Price realization: ~ +2 points Currency translation: ~ (3) points Previous forecast: Down ~ 15% vs. FY 2014 Price realization: ~ +2 points Currency translation ~ (2) points Net income attributable to Deere & Company of ~ $1.8 billion Previous forecast ~ $1.9 billion Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 46

27 | 1st Quarter 2015 Earnings Conference Call Fiscal Year 2015 Outlook Forecast projects much better performance than prior Ag downturns Responding aggressively to control costs and assets and align production levels with reduced order volumes Should enable us to respond quickly when markets recover Power of the Portfolio Broad-based business lineup with Construction & Forestry and John Deere Financial Source: Association of Equipment Manufacturers February 2015; Deere & Company Forecast as of 20 February 2015 1990-1992 1998-1999 2013-2015F United States & Canada Large Ag* Industry Decline ~ 24% ~ 35% ~ 50% Deere Net Sales Decline ~ 16% ~ 19% ~ 22% Net Income Decline Attributable to Deere & Company ~ 91% ~ 77% ~ 49% * Tractors > 220 horsepower and combines 47

| 1st Quarter 2015 Earnings Conference Call 28 Appendix 48

| 1st Quarter 2015 Earnings Conference Call 29 49 THE JOHN DEERE STRATEGY OUR PURPOSE: Committed to those linked to the land

Deere Use-of-Cash Priorities | 1st Quarter 2015 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 50

| 1st Quarter 2015 Earnings Conference Call 31 Sources and Uses of Cash Fiscal 2004–2014 Equipment Operations Source: Deere & Company SEC filings = Source of Cash = Use of Cash ~60% of cash from operations returned to shareholders 51 (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 exchange rates on cash and cash equivalents

| 1st Quarter 2015 Earnings Conference Call Deere Quarterly Dividends Declared* Q1 2003 – Q1 2015 32 Dividend raised 114% since launch of the revised John Deere Strategy in 2010** * Adjusted for 2 for 1 stock split on 26 November 2007 ** See revised John Deere Strategy in Appendix 52

| 1st Quarter 2015 Earnings Conference Call 33 Share Repurchase As Part of Publicly Announced Plans Cumulative cost of repurchases 2004-1Q2015: ~ $14.0 billion Amount remaining on December 2013 authorization of $8 billion: ~ $5.6 billion 31 January 2015 period ended basic shares: ~ 339.5 million 1Q2015 average diluted shares: ~ 345.7 million Shares repurchased 2004-1Q2015: ~ 217.3 million Average repurchase price 2004-1Q2015: $64.59 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 20.2 $1.6 2013 18.2 $1.5 2014 31.5 $2.7 2015 YTD 6.9 $0.6 * 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 2004-1Q2015 53

| 1st Quarter 2015 Earnings Conference Call 34 Other Information Equipment Operations Fiscal Year 2015 Forecast Capital Expenditures: ~ $850 million Previous forecast: ~ $875 million Depreciation and Amortization: ~ $800 million Previous forecast: ~ $850 million Pension/OPEB Contributions: ~ $100 million No change from previous forecast Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) 54

| 1st Quarter 2015 Earnings Conference Call 35 U.S. Farm Commodity Prices Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) (dollars per bushel, except cotton, which is dollars per pound) 2013/14 Estimate Previous 2013/14 2014/15 Projection Previous 2014/15 Corn $4.46 $4.45 $3.85 $3.45 Wheat $6.90 $6.90 $6.10 $5.85 Soybeans $13.00 $13.00 $9.85 $9.25 Cotton $.78 $.78 $.62 $.65 55

U.S. Farm Commodity Prices | 1st Quarter 2015 Earnings Conference Call 36 Source: USDA 56

| 1st Quarter 2015 Earnings Conference Call 37 U.S. Acres Planted Deere & Company Forecast as of 20 February 2015 Acres Planted (millions) 2014/15 Projection 2015/16 Projection Corn 90.6 88.6 Wheat 56.8 55.9 Soybeans 83.7 86.1 Cotton 11.0 10.0 57

| 1st Quarter 2015 Earnings Conference Call 38 U.S. Farm Cash Receipts Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) (in billions of dollars) 2013 Estimate 2014 Forecast Previous 2014 2015 Forecast Previous 2015 Crops $218.5 $198.2 $193.8 $182.8 $184.4 Livestock $182.8 $209.2 $209.4 $199.0 $197.1 Government Payments $11.0 $10.7 $9.3 $12.4 $10.0 Total Cash Receipts $412.3 $418.1 $412.5 $394.2 $391.5 58

| 1st Quarter 2015 Earnings Conference Call 39 U.S. Net Farm Cash Income Deere & Company Forecast as of 20 February 2015 (Previous Forecast as of 26 November 2014) (in billions of dollars) 2013 Estimate 2014 Forecast Previous 2014 2015 Forecast 2015 Forecast Total Cash Receipts $412.3 $418.1 $412.5 $394.2 $391.5 Other Farm-Related Income $31.5 $27.3 $31.8 $25.3 $29.0 Gross Cash Income $443.8 $445.4 $444.3 $419.5 $420.5 Cash Expenses ($312.7) ($330.3) ($326.0) ($320.0) ($319.0) Net Cash Income $131.1 $115.1 $118.3 $99.5 $101.5 59

| 1st Quarter 2015 Earnings Conference Call 40 Retail Sales U.S. and Canada Ag Industry* Deere** Utility Tractors  8% in line with the industry Row-Crop Tractors 5% less than the industry 4WD Tractors 65% slightly more than the industry Combines 53% more than the industry January 2015 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 2015 2014 Row-Crop Tractors 24% 19% Combines 10% 10% 60

| 1st Quarter 2015 Earnings Conference Call 41 January 2015 Retail Sales EU 28 Deere* Tractors  single digit Combines flat 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 61

Deere’s second quarter 2015 conference call is scheduled for 9:00 a.m. central time on Friday, May 22, 2015 62