Deere mpany : Earnings Call Presentation

1Q 2021 Earnings Call

19 February 2021

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, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, 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,

including those related to the effects of the COVID-19 pandemic. 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. 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.

1Q 2021 Results

($ millions except where noted)

New Segment Reporting

BUSINESS

UNITS

PRODUCTION AND PRECISION AG

SMALL AG AND TURF

PRODUCTION

SYSTEMS

Corn and Soy Small GrainsSugar Cane Cotton

Dairy and LivestockHigh-value Crops Turf and Compact Utility

PRODUCT LINES

Large Tractors Sprayers	Small Tractors	Commercial Mowing
Combines Seeding	Hay and Forage	Utility Vehicles
Cotton Pickers Tillage	Loaders	Golf
Sugar Cane Harvesters & Loaders	Riding Lawn Equipment
Mid Tractors

Production and Precision Ag

Small Ag and Turf

Ag & Turf

Industry Outlook - FY 2021

Source: Deere & Company forecast as of 19 February 2021

Production and Precision Ag

FY 2021 FORECAST

Net Sales

Operating Margin

$15.5-16.5B

19.5-20.5%

Source: Deere & Company forecast as of 19 February 2021

Small Ag and Turf

FY 2021 FORECAST

Net Sales

Operating Margin

$10.5-11.5B

14.5-15.5%

Source: Deere & Company forecast as of 19 February 2021

Construction and Forestry

Construction and Forestry

Industry Outlook - FY 2021

Source: Deere & Company forecast as of 19 February 2021

Construction and Forestry

FY 2021 FORECAST

Net Sales

Operating Margin

$10.5-11.0B

10.5-11.5%

Source: Deere & Company forecast as of 19 February 2021

Financial Services

Net Income - Results and Outlook

Source: Deere & Company forecast as of 19 February 2021

Deere & Company Outlook

FY 2021 FORECAST

Net Income

(attributable to Deere & Co.)

Effective Tax Rate*Net Operating Cash Flow*

$4.6-5.0B

24-26%

$4.6-5.0B

*Equipment Operations

Source: Deere & Company forecast as of 19 February 2021

A Model for Sustainability

IMPROVED OUTCOMES DRIVEN BY EXISTING TECHNOLOGIES

FUEL SAVED

FERTILIZER REDUCEDHERBICIDES

REDUCEDSEED CORN

SAVED

One farm can achieve lower GHG emissions equivalent to nearly

1,000,000

passenger vehicle miles per production cycle*

*Based on a 6,500 acre model farm

SOYBEANS

SAVEDEMISSIONS AVOIDED

$40/acre

ECONOMIC VALUE TO OUR CUSTOMERS

Building Better Infrastructure

EARTHMOVING - GRADE CONTROL

IMPROVED OUTCOMES DRIVEN BY EXISTING TECHNOLOGIES

ROADBUILDING - COLD-IN-PLACE RECYCLING

LESS	EMISSIONS
REDUCED
MATERIALS	AVOIDED
FUEL
USED
USAGE

1,900 TONS LESS ASPHALT used on an annual basis per machine

ROADWAY	LESS	EMISSIONS
LIFE	MATERIALS	AVOIDED
USED

One Cold Recycler reduces GHG emissions by the equivalent of

12M PASSENGER VEHICLE MILES/JOB

Operating our Business in a Sustainable and Socially Responsible Manner

Appendix

Other Financial Information

Equipment Operations

($ millions)

COS (percent of Net Sales)*

SA&G*

Research and Development*

Capital Expenditures

Pension/OPEB Expense

Pension/OPEB Contributions

*As reported (including Employee Separation Expense) Source: Deere & Company forecast as of 19 February 2021

1Q 2021

72%

3%

14%

FY 2021 Forecast

~73%

~4%

~2%

• ~ $900

• ~ $140

• ~ $950

January 2021 Retail Sales (Rolling 3 Months) and Dealer Inventories

Retail Sales U.S. and Canada Ag Industry*	Deere**
2WD Tractors (< 40 PTO hp) 37%	Less than the industry
2WD Tractors (40 < 100 PTO hp) 26%	Less than the industry
2WD Tractors (100+ PTO hp) 8%	Less than the industry
4WD Tractors 24%	More than the industry
Combines 6%	More than the industry

Deere Dealer Inventories*** U.S. and Canada Ag 2021	2020
2WD Tractors (100+ PTO hp) 28%	32%
Combines 12%	15%

* As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers *** In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers

January 2021 Retail Sales (Rolling 3 Months)

Retail Sales Europe Ag

Deere*

Tractors

Double digits

Combines

Double digits

Retail Sales U.S. and Canada

Deere*

Selected Turf & Utility Equipment

Double digits

Construction & Forestry

First-in-the-Dirt Settlements

Single digit High single digit

* Based on internal sales reports

Deere Use-of-Cash Priorities

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)Fund value-creating investments in our businessesConsistently 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

CASH FROM OPERATIONSCOMMITTED TO "A" RATINGFUND OPERATING & GROWTH NEEDS

COMMON STOCK

DIVIDENDSHARE REPURCHASE

Segment Reporting Q&A

Why is Deere changing segment reporting?

The updated segment reporting aligns with the new operating model. While Production & Precision Ag and Small Ag & Turf will continue to collaborate to leverage efficiencies, the business segments will be managed separately to accommodate the specific needs of each customer base.

Why are Mid Tractors included in both Production & Precision Ag and Small Ag & Turf?

Mid Tractors are used in operations across both business segments. Therefore, the product line is split based on end use of equipment by production system.

Will Deere disaggregate Production & Precision Ag and Small Ag & Turf by geography?

Splits will be provided in revenue recognition disclosures in subsequent quarterly filings.

Will Deere split Construction and Forestry into further segments?

There are no plans to further segment Construction and Forestry.

Sustainability

We run so life can leap forward.

For additional information please view the

2020 Sustainability Report at:

https://www.deere.com/en/our-company/sustainability/

Deere & Company's 2Q 2021 earnings call is scheduled for 9:00 a.m. central time on Friday, 21 May 2021.