#1one 1Q 2022 Earnings Call 18 February 2022 JOHN DEERE 8R 800 JOHN DEERE#2Safe Harbor Statement and 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. 2 John Deere | 1Q 2022 Earnings Call | February 18, 2022#31Q 2022 Results ($ millions except where noted) Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) $9,112 $9,569 $8,531 $1,224 $3.87 $8,051 $903 $2.92 1Q 2021 1Q 2022 1Q 2021 1Q 2022 1Q 2021 1Q 2022 1Q 2021 1Q 2022 5% 6% 3 John Deere | 1Q 2022 Earnings Call | February 18, 2022 26% 25%#4Production and Precision Ag 1Q 2022 Results $ in millions Net Sales 9% $3,356 $3,069 1Q 2021 1Q 2022 ($105) $643 Operating Profit Comparison $39 ($407) $55 $244 ($49) ($101) ($23) $296 7 1Q 2021 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 1Q 2022 4 John Deere | 1Q 2022 Earnings Call | February 18, 2022#5Small Ag and Turf 1Q 2022 Results $ in millions Net Sales 15% $2,631 $2,515 1Q 2021 1Q 2022 5 ($14) $469 Operating Profit Comparison $29 ($239) $16 $161 ($18) ($6) ($27) $371 1Q 2021 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 1Q 2022 John Deere | 1Q 2022 Earnings Call | February 18, 2022#6Ag and Turf Industry Outlook - FY 2022 U.S. and CANADA LARGE AG ↑ -20% U.S. and CANADA SMALL AG and TURF EUROPE AG Flat SOUTH AMERICA AG (tractors and combines) ASIA AG ↑ 5-10% Source: Deere & Company forecast as of 18 February 2022 6 John Deere | 1Q 2022 Earnings Call | February 18, 2022 Flat ↑ ~5%#7Production and Precision Ag Business Segment Outlook $16,509 Net Sales 25-30% Operating Margin 21-22% 20.2% FY 2021 FY 2022 Fcst FY 2021 FY 2022 Fcst Source: Deere & Company forecast as of 18 February 2022 7 John Deere | 1Q 2022 Earnings Call | February 18, 2022#8Small Ag and Turf Business Segment Outlook Net Sales -15% Operating Margin $11,860 17.2% 15.5-16.5% FY 2021 FY 2022 Fcst FY 2021 FY 2022 Fcst Source: Deere & Company forecast as of 18 February 2022 8 John Deere | 1Q 2022 Earnings Call | February 18, 2022#9Construction and Forestry 1Q 2022 Results $ in millions Net Sales 13% $2,544 $2,467 1Q 2021 1Q 2022 ($62) $268 Operating Profit Comparison $12 $177 ($4) ($132) $9 ($22) $26 $272 1Q 2021 Volume/ Mix Price Currency Warranty Production SA&G/ Costs R&D Special Other Items 1Q 2022 9 John Deere | 1Q 2022 Earnings Call | February 18, 2022#10Construction and Forestry Industry Outlook - FY 2022 | NORTH AMERICA CONSTRUCTION EQUIPMENT 5-10% NORTH AMERICA COMPACT CONSTRUCTION EQUIPMENT ↑ Flat to up 5% GLOBAL ROADBUILDING 5-10% Source: Deere & Company forecast as of 18 February 2022 10 John Deere | 1Q 2022 Earnings Call | February 18, 2022 GLOBAL FORESTRY ↑ 10-15%#11Construction and Forestry Business Segment Outlook $11,368 Net Sales 10-15% Operating Margin 13.5-14.5% 13.1% FY 2021 FY 2022 Fcst FY 2021 FY 2022 Fcst Source: Deere & Company forecast as of 18 February 2022 11 John Deere | 1Q 2022 Earnings Call | February 18, 2022#12Financial Services Net Income - Results and Outlook Quarter Results Fiscal Year Outlook $231 $204 $881 $870 1Q 2021 1Q 2022 FY 2021 FY 2022 Fcst Source: Deere & Company forecast as of 18 February 2022 12 John Deere | 1Q 2022 Earnings Call | February 18, 2022#13Deere & Company Outlook FY 2022 FORECAST Net Income (attributable to Deere & Co.) Effective Tax Rate* $6.7-7.1B 25-27% Net Operating Cash Flow* $6.2-6.6B *Equipment Operations Source: Deere & Company forecast as of 18 February 2022 13 John Deere | 1Q 2022 Earnings Call | February 18, 2022#14Leap Ambitions 14 John Deere | 1Q 2022 Earnings Call | February 18, 2022#15$ JOHN DEERE is uniquely positioned to deliver both ECONOMIC and SUSTAINABLE VALUE for our customers through ADVANCED TECHNOLOGY and SOLUTIONS. 15 John Deere | 1Q 2022 Earnings Call | February 18, 2022#16INCREMENTAL ADDRESSABLE MARKET OPPORTUNITIES > $150 B PRODUCTION & PRECISION AG Grow engaged, highly engaged and sustainability engaged acres EXECUTING OUR STRATEGY DELIVER ONGOING VALUE TO CUSTOMERS IN ALL THREE BUSINESS SEGMENTS SMALL AG & TURF Accelerate tech stack integration by focusing on connectivity, electrification and autonomy Connect 1.5 million machines CONSTRUCTION & FORESTRY Deliver electric/hybrid options and increase precision tech adoption Demonstrate viable low/no carbon alternative power solutions Grow enterprise recurring revenue to 10% FINANCIAL & SUSTAINABLE OUTCOMES Equipment Operations OROS at 20% Ag Customer Outcomes Safety Product Circularity Environmental Footprint 16 Additional details included in the Appendix#1717 John Deere | 1Q 2022 Earnings Call | February 18, 2022 8R 410 JOHN DEERE Appendix#18INCREMENTAL ADDRESSABLE MARKET OPPORTUNITY >$150 BILLION ㅎㅎ SMALL AG & TURF ㅎㅎ PRODUCTION & PRECISION AG CONSTRUCTION & FORESTRY By 2026 Reach 500 million engaged acres with 50% highly engaged By 2030 - Ensure 75% of engaged acres are sustainably engaged acres EXECUTING OUR STRATEGY By 2026 DELIVER ONGOING VALUE TO CUSTOMERS IN ALL THREE BUSINESS SEGMENTS Ensure 100% of new Small Ag equipment is connectivity enabled Offer an electric option in each Turf and Compact Utility Tractor product family Deliver a fully autonomous, battery-powered electric ag tractor By 2026 - Deliver 20+ electric and hybrid-electric product models Increase precision tech adoption • • Smart GradeTM grade control to 50% Intelligent Boom Control to 100% Precision Roadbuilding Solutions to 85% Connect 1.5 million machines by 2026 Demonstrate viable low/no carbon alternative power solutions by 2026 Grow enterprise recurring revenue to 10% by 2030 Enhance Ag Customer Outcomes by 2030 Improve nitrogen use efficiency 20% Increase crop protection efficiency 20% Reduce 15% of customer CO2e emissions Safety by 2026 FINANCIAL & SUSTAINABLE OUTCOMES Equipment Operations OROS at 20% by 2030 Improve Total Recordable Incident Rate 20% Product Circularity by 2030 Achieve 95% recyclable product content Ensure 65% of product content is sustainable material Grow 50% in remanufacturing revenue - - Reduce Environmental Footprint by 2030 50% of operational CO₂e emissions (Scope 1 & 2) 30% of upstream and downstream CO2e emissions (Scope 3)* 15% of waste intensity 10% freshwater consumption intensity at water- stressed manufacturing locations *Includes Deere's material categories - Category 1 and Category 11#19Leap Ambitions Glossary Leap Ambitions The performance and sustainability measures of the John Deere Smart Industrial strategy. Incremental Addressable Market Opportunity The new opportunity for all stakeholders across the applicable acres and job sites that John Deere solutions operate in beyond the value creation already unlocked with solutions in the market today. Engaged Acre The number of unique acres with at least one operation pass documented in the John Deere Operations Center in the past 12 months. Highly Engaged Acre The number of unique acres with documentation of multiple production steps and the use of digital tools to complete multiple value creating activities over a 12 month period. Sustainably Engaged Acre The number of unique acres farmed with two or more sustainable John Deere technology solutions or sustainable practices over a 12 month period. Low/No Carbon Alternative Power Solutions Innovative emissions-reducing solutions that may include methane, electrification, hydrogen and alternative fuels. Nitrogen Use Efficiency The maximization of crop output from applied nitrogen, measured as the amount of nitrogen applied per unit of output (i.e. per bushel). Crop Protection Tools, products, and best agronomic practices used to protect crops from the negative impact of weeds, pests, and disease. Sustainable Material Material that contains recycled content, renewable material, or is low carbon. 19 John Deere | 1Q 2022 Earnings Call | February 18, 2022#20Other Financial Information Equipment Operations ($ millions) Cost of Sales (percent of Net Sales) Selling, Administrative and General Expenses Research and Development Expenses Capital Expenditures Pension/OPEB Expenses Pension/OPEB Contributions Source: Deere & Company forecast as of 18 February 2022 20 John Deere | 1Q 2022 Earnings Call | February 18, 2022 1Q 2022 78% FY 2022 Forecast ~73% 1% ~9% 10% ~17% ~ $1,175 - $20 - $1,225#21January 2022 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere ** 2WD Tractors (< 40 PTO hp) 2% More than the industry 2WD Tractors (40 < 100 PTO hp) 1% More than the industry 2WD Tractors (100+ PTO hp) 26% More than the industry 4WD Tractors Combines 1% Double digits 3% More than the industry Deere Dealer Inventories*** U.S. and Canada Ag 2WD Tractors (100+ PTO hp) Combines 2022 2021 15% 28% 7% 12% * 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 21 John Deere | 1Q 2022 Earnings Call | February 18, 2022#22January 2022 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Tractors Combines Retail Sales Deere* Low double digits Single digit U.S. and Canada Deere* Selected Turf and Utility Equipment Single digit Construction and Forestry First-in-the-Dirt Single digit Settlements *Based on internal sales reports 22 John Deere | 1Q 2022 Earnings Call | February 18, 2022 Single digit#23Deere Use-of-Cash Priorities CASH FROM OPERATIONS COMMITTED TO "A" RATING 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 OPERATING & GROWTH NEEDS Fund value-creating investments in our businesses COMMON STOCK DIVIDEND Consistently and moderately raise dividend targeting a 25-35% payout ratio of mid-cycle earnings SHARE REPURCHASE Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met 23 John Deere | 1Q 2022 Earnings Call | February 18, 2022#24Deere & Company's 2Q 2022 earnings call is scheduled for 9:00 a.m. central time on Friday, 20 May 2022. 24 John Deere | 1Q 2022 Earnings Call | February 18, 2022#25JOHN DEERE