Investor presentation-oct15-with-bookmarks

John DeereCommitted to ThoseLinked to the Land

Investor Presentation

Deere & CompanyOctober 2015

| Deere & Company | October 2015

Safe Harbor Statement & Disclosures

This presentation includes forward-looking comments subject to important risksand uncertainties. It may also contain financial measures that are not inconformance with accounting principles generally accepted in the United Statesof America (GAAP).

Refer to Deere’s reports filed on Forms 8-K (current), 10-Q (quarterly), and10-K (annual) for information on factors that could cause actual results to differmaterially from information in this presentation and for information reconcilingfinancial measures to GAAP. Past performance may not be representative offuture results.

Guidance noted in the following slides was effective as of the company’s mostrecent earnings release and conference call (21 August 2015). Nothing in thispresentation should be construed as reaffirming or disaffirming such guidance.

This presentation is not an offer to sell or a solicitation of offers to buy any ofDeere’s securities.

2

|

Table of Contents

SlideJohn Deere Strategy 4

Use-of-Cash 14

Global Markets 19

John Deere Financial Services 30

John Deere Power Systems 35

Market Fundamentals 39

Appendix 46

Deere & Company | October 20153

John DeereStrategy

|5 Deere & Company | October 2015

* SVA: Shareholder Value Added

*

*

The John Deere Strategy

|

The John Deere StrategyAdapting to Win

Developing global talent

Integrated solutions

Industry leading innovation

Distinctive quality

Markets worth winning



* OROA: Operating Return on Operating Assets** SVA: Shareholder Value Added*** Excludes fiscal 2009 expenses related to goodwill impairment and voluntary employee-separation. For reconciliations to GAAP see “2009 OROA*Reconciliation to GAAP” and “SVA* Reconciliation to GAAP” slides in Appendix.

The John Deere StrategyFoundational Success Factors

Exceptional Operating Performance - Equipment Operations27.7% OROA* in 2014

12%

20%

28%

2001

2002

2003

200420052006

20072008

2009

2009, adjusted***

20102011 2012

2013

2014

-5%

0%

5%

10%

15%

20%

25%

30%

35%

% of Normal Volume

80%Low

100%Normal

120%High

12% OROA (SVA** Neutral)

7


Exceptional Operating Performance - Equipment OperationsHigher Net Cash Flow, More Consistently


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$M

illio

ns

Sale of Trade Receivables toJohn Deere Financial

Adoption of SVA* Model

Over $8 billion in Pension/OPEB contributions, 2001-2014

8


|

-1,600

-1,200

-800

-400

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

3,600

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


SVA

($m

illio

ns)

* SVA: Shareholder Value AddedNote: For reconciliation of SVA to GAAP, please see “SVA* Reconciliation to GAAP” slide in Appendix

Disciplined SVA* Growth - Equipment OperationsSVA Journey, 1993 - 2014

9


Adoption of SVA Model


Asset ManagementDramatic Reduction in Asset Intensity

20%

25%

30%

35%

40%

45%

50%

55%

60%

2001 2003 2005 2007 2009 2011 2013 2015*

Prior Year

Current Year

Trade Receivables and Net Sales

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Trade Receivables Net Sales

$M

illio

ns1998 2014

• Avoided ~ $8.8 billion in working capital in 2014 vs. 1998• Receivable level in 2014 consistent with 1998, with almost 3x the sales

Quarterly Receivables & Inventory as a % of Previous 12 Months Sales

10

*Through 3rd quarter 2015


Productivity Improvement~ 6% CAGR over 30 Years

• Deere’s net sales and revenues per employee have increased at a CAGRof ~ 6% over last 30 years

Net Sales and Revenues per Employee

$0

$100

$200

$300

$400

$500

$600

$700

1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

$Th

ousa

nds

11


Investment in New Products and Technologies

R&D as Percent of Net Sales

Source: Deere & Company and competitor SEC filings

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Deere R&D $ Deere % Competitor A % Competitor B %

12

|

Net Sales by Product CategoryEquipment Operations - Fiscal Year 2014


Agriculture & Turf – $26.4B Construction & Forestry – $6.6B

Construction

Forestry

CommercialWorksiteProducts

Other

Large Ag

Small Ag

Turf

Other

13

Use-of-Cash


Deere Use-of-Cash Priorities

Manage the balance sheet, including liquidity, to support a ratingthat provides access to low-cost and readily available short- andlong-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 cashto shareholders, once above requirements are met andrepurchase is viewed as value-enhancing

15


Deere Quarterly Dividends Declared*Q1 2003 – Q4 2015

* Adjusted for 2 for 1 stock split on 26 November 2007** See slide 5 for John Deere Strategy

16

$0.11$0.14

$0.16$0.20

$0.22$0.25

$0.28 $0.30

$0.35

$0.41

$0.46

$0.51

$0.60

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Dividend raised 114%since launch of therevised John DeereStrategy in 2010**


Share RepurchaseAs Part of Publicly Announced Plans

Cumulative cost of repurchases 2004-3Q2015: ~ $15.3 billionAmount remaining on December 2013 authorization of $8 billion: ~ $4.4 billion31 July 2015 period ended basic shares: ~ 328.2 million3Q2015 average diluted shares: ~ 334.1 millionShares repurchased 2004-3Q2015: ~ 230.8 millionAverage repurchase price 2004-3Q2015: $66.15

ActualShares

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 20.4 $1.8

* 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 2004-3Q2015


Sources and Uses of Cash Fiscal 2004–2014Equipment Operations

Source: Deere & Company SEC filings

= Source of Cash

= Use of Cash

(1) Other includes proceeds from maturities and sales of marketable securities and purchases of marketable securities and reconciliation for non-cashitems including excess tax benefits from share-based compensation and the effect of exchange rates on cash and cash equivalents

$4,287

$28,527

$953

$8,731

$1,269

$3,172

$5,506

$11,659

$861

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

$24,000

$27,000

$30,000

$33,000

BeginningCash & CashEquivalents(10/31/03)

Cash FromOperations

Divestitures,net of

Acquisitions

CapitalExpenditures

Investment inFinancialServices

Net Change inDebt and

IntercompanyBalances

Dividends ShareRepurchase,

net ofCommon

StockIssuances

Other Ending Cash &Cash

Equivalents(10/31/14)

(1)

$M

illio

ns

~60% of cash from operationsreturned to shareholders $2,569

Global Markets


Net Sales by Major MarketsEquipment Operations

20

$13.8$15.1

$13.0$14.8

$17.4

$20.8$21.8

$20.2

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

U.S. & Canada6% CAGR

$3.9$4.6

$3.4 $3.4$4.4 $4.3 $4.4 $4.4

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Western Europe2% CAGR

$1.0

$1.9

$0.7 $0.7$1.4 $1.7 $1.6 $1.4

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Central Europe & CIS5% CAGR

$1.6$2.6

$1.8$2.6

$3.6 $3.6$4.3 $4.1

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Latin America14% CAGR

$0.8 $1.1 $1.2 $1.4$1.9 $2.1 $2.1 $2.0

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Asia, Africa & Middle East14% CAGR

$0.4 $0.6 $0.6 $0.6 $0.8 $1.0 $0.8 $0.8

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Asia Pacific, Australia & NewZealand

10% CAGR

$ Billions

|

U.S. and CanadaFactory Locations


Iowa, USA• Cotton Harvesting Equipment• Planting Equipment• Spraying Equipment• Tillage Equipment• Ag Tractors• Components• Foundry• Engines• Hay & Forage Equipment• Articulated Dump Trucks• 4WD Loaders• Motor Graders• Skidders• Wheeled Feller Bunchers• Backhoes• Compact Tracked Loaders• Crawler Dozers• High-Speed Dozers• Knuckleboom Loaders• Skid Steer Loaders• Tracked Feller Bunchers• Tracked Harvesters

Illinois, USA• Combine Harvesters• Headers• Planting Equipment• Hydraulic Cylinders

North Dakota, USA• Air Seeding Equipment• Electronics• Tillage Equipment

North Carolina, USA• Commercial Mowers• Golf & Turf Mowers• Utility Vehicles• Hydraulic Excavators

Alberta, Canada• Remanufactured ComponentsBritish Columbia, Canada

• Log Loaders & Specialty Products

California, USA• Satellite Receivers

Kansas, USA• Power Transmission Equipment

Missouri, USA• Remanufactured Components

Louisiana, USA• Sugarcane Harvesting Equipment• Tractor Loaders• Scrapers• Cotton Strippers

Georgia, USA• Utility Tractors• Compact Utility Tractors

Tennessee, USA• Lawn Tractors

Wisconsin, USA• Lawn & Garden Equipment• Utility Vehicles• Golf & Turf Reel Mowers


EU 28Factory Locations

Joensuu, Finland• Wheel Forwarders• Wheel Harvesters• Forestry Attachments

Bruchsal, Germany• Tractor, Harvesting & Forestry Cabs

Mannheim, Germany• Tractors

Zweibrücken, Germany• Combines & Forage Harvesters

Arc-les-Gray, France• Balers• Ag Loaders

Saran, France• Engines

Madrid, Spain• Components

Horst, The Netherlands• Spraying Equipment

Stadtlohn, Germany• Headers

Gummersbach, Germany• Walk-Behind Mowers

22

|

BrazilFactory Locations


Catalão, Brazil• Sugarcane Harvesters• Sprayers

Montenegro, Brazil• Tractors

Horizontina, Brazil• Combine Harvesters• Planters

Indaiatuba, Brazil• Backhoe Loaders• 4WD Loaders

Indaiatuba, Brazil (JV)• Excavators

23

|

CISFactory Locations


Orenburg, Russia• Seeding Equipment• Tillage Equipment

Domodedovo, Russia• Tractors• Combine Harvesters• Motor Graders

|

ChinaFactory Locations


Ningbo, China• Tractors (28-70 hp)

Tianjin (TEDA), China• Tractors (75-135 hp)

Jiamusi, China• Large Combine Harvesters• Corn Pickers• Cotton Pickers

Harbin, China• Combine Harvesters• Tractors (150+ hp)• Sprayers

Tianjin (TEDA), China• 4WD Loaders• Excavators

Tianjin (TEDA), China• Engines (50-220 hp)

25

|

IndiaFactory Locations


Gummidipoondi, India (JV)• Side-Shift Backhoes

Pune, India• Engines• Transmissions• Tractors (36-75 hp)• Electronics

Sirhind, India• Combine Harvesters

Dewas, India• Tractors (36-50 hp)

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|

Other RegionsFactory Locations


Kibbutz Beit Hashita, Israel• Cotton Picker Components

Rosario, Argentina• Engines• Tractors• Combines

Monterrey, Mexico• Rotary Cutters• Implements• Components

Ramos, Mexico• Ag Loaders• Compact Utility Tractor Loaders• Utility Tractor Cabs• Hydraulic Cylinders

Saltillo, Mexico• Ag Tractors• Transaxles

Torreon, Mexico• Axles• Engines• Electronics Tokoroa, New Zealand

• Forestry Harvester Heads

|

Worldwide Parts ServicesSupporting the Global Growth of Our Equipment Operations


Highlights:Campinas, Brazil

Expansion of existing facility… operational March 2015Nagpur, India

India Parts Distribution Center opened Nov 2014Johannesburg, South Africa

New, larger Regional Distribution Center opened 4Q 2012Rosario, Argentina

New, larger Regional Distribution Center opened 4Q 2012Stockholm, Sweden

New, larger Regional Distribution Center serving C&F and A&T opened May 2012Bruchsal, Germany

E-PDC deconsolidation & packaging facility opened Nov 2011

Anchor Parts Distribution Centers

Regional Parts Distribution Centersor DepotsDistribution Centers underconstruction

|

John Deere Precision Ag

Machine OptimizationEnsure that machines function as expectedMaximize machine performanceIncrease operator consistency

Job OptimizationAchieve quality outcomes for each jobCoordinate machines to execute jobs moreeffectively and efficientlyMonitor job progress and adjust operationalplans

Agronomic Decision SupportProvide a single, secure place to visualize,analyze and collaborate with trusted advisorsusing an open data management platformAutomate the collection and transfer of datafrom the machine to the platformMake decisions and take action with greaterease and confidence

CROP PRODUCTIONSYSTEM


John DeereFinancial Services

|

John Deere Financial ServicesSupporting the Global Growth of Our Equipment Operations


Owned Operations

Bank/Finance Company Partners

Retail programs through JDF not currently offered


Portfolio Composition byMarket

John Deere Financial Services$40.0 Billion Owned Portfolio at 31 October 2014

Portfolio Composition byGeography

Portfolio Composition byProduct

Information above includes all Deere lending activities worldwide. John Deere Capital Corporation is the largest lending operation of Deere & Company.

Ag & Turf87%

C&F13%

U.S.73%

Canada11%

Europe6%

Latin America7%

Australia3%

32

InstallmentFinancing

57%

Wholesale /Floorplan

22%

Leasing14%

RevolvingCredit7%


John Deere Capital CorporationProfitability and Growth

33

383

544

291 311282

149

319364

2006 2007 2008 2009 2010 2011 2012 2013 2014

Net Income ($ Millions)

0.22% 0.29% 0.33%

0.70%

0.48%

0.12%0.05% 0.03% 0.09%

2006 2007 2008 2009 2010 2011 2012 2013 2014

Write-offs/Average Owned Portfolio

18.6 19.0 19.1 19.321.1

23.3

26.6

30.733.1

2006 2007 2008 2009 2010 2011 2012 2013 2014

Administered Portfolio Growth ($ Billions)

469


John Deere Capital Corporation Retail Notes60+ Days Past Due vs. Write-offs

Agriculture & Turf1

• Continued extremely low write-offs• Average write-offs less than 5 bps over last

10 years

Construction & Forestry• Extremely low write-offs in

2014

(1) 1983 – 1985 includes Construction; 1986 - 1994 includes Lawn & Grounds Care; beginning in 2009 includes both Ag and Turf equipment; As %of Owned Losses After Dealer Reserve Charges

Source: 1983 – 1994 internal reporting, 1995 - 2011 JDCC 10-K filings, 2012-2014 internal reporting

34

-0.05%

0.45%

0.95%

1.45%

1.95%

2.45%

2.95%

3.45%

3.95%

'83 '86 '89 '92 '95 '98 '01 '04 '07 '10 13Net Write-offs (Ag) Installments 60+DPD (Ag)

-0.05%

0.45%

0.95%

1.45%

1.95%

2.45%

2.95%

3.45%

3.95%

'95 '98 '01 '04 '07 '10 13Net Write-offs (C&F) Installments 60+DPD (C&F)

John DeerePower Systems


Interim Tier 4 (IT4):• 50% Nitrogen Oxide (NOx) reduction• 90% Particulate Matter (PM) reduction

Final Tier 4 (FT4):• 80% NOx reduction

Tier 4 Engine Implementation

Final Tier 4

0

0.10

0.20

0.30

0.40

0.50

0 2.00 4.00 6.00 8.00 10.00 12.00

Tier 1

Tier2

Tier 3

InterimTier 4

NOx, g/kw-hr

PM

,g/

kw-h

r

36

|

Engine EmissionsFinal Tier 4 (FT4)/Stage IV


• Over 12.5 million hours in the field*

• FT4/Stage IV technologies deliver excellentperformance and low operating costs

• More applications transitioning to FT4/StageIV than IT4/Stage IIIB emission programs

• Maintain earlier tier solutions for globalmarkets

Interim Tier 4 (IT4)/Stage IIIA created foundation for FT4/Stage IVdelivery

• * As of October 2015

|

Engine Emissions2015 Worldwide Off-Road Emissions Regulations > 75hp


Stage II/Tier 2Stage IIIA/Tier 3/TREM 3A (> 50hp)

Stage IV/Final Tier 4 (> 75-750hp)

• *Includes some non-EU28 countries that follow EU28 emissions regulations

U.S. and CanadaFinal Tier 4

EU28*Stage IV

RussiaTransition to Stage IIIB:

Ag tractors - 2017

ChinaStage IIIA

BrazilStage IIIA:• Construction equipment - January 2015• Ag equipment - January 2017

IndiaTREM 3A

Market Fundamentals


U.S. Farm Cash Receipts

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F2015F2016F

$Bill

ions

Crops Livestock Government Payments

Source: 1999 – 2013: USDA 10 February 20152014F – 2016F: Deere & Company Forecast as of 21 August 2015

40


U.S. Farm Balance Sheet Strong

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

30%

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,50019

7219

7319

7419

7519

7619

7719

7819

7919

8019

8119

8219

8319

8419

8519

8619

8719

8819

8919

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

1320

14F

2015

F

$Bill

ions

Farm Debt Farm Equity Debt to Equity Ratio (%) Debt to Asset Ratio (%)

Source: 1972 – 2013: USDA 10 February 20152014F – 2015F: Deere & Company Forecast as of 21 August 2015

41


World Farm FundamentalsGlobal Stocks-to-Use Ratios

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

1994 1997 2000 2003 2006 2009 2012 2015P

Source: USDA – 9 October 2015

Cotton

Wheat

Corn

Soybeans


World Farm FundamentalsGlobal Corn Supply and Demand

Source: USDA – 9 October 2015

43

0

200

400

600

800

1,000

91/9

2

92/9

3

93/9

4

94/9

5

95/9

6

96/9

7

97/9

8

98/9

9

99/0

0

00/0

1

01/0

2

02/0

3

03/0

4

04/0

5

05/0

6

06/0

7

07/0

8

08/0

9

09/1

0

10/1

1

11/1

2

12/1

3

13/1

4

14/1

5

15/1

6

Mill

ion

Met

ric

Tons

Production Total Consumption


U.S. Housing Starts

44

Source: 1962 – 2014: U.S. Census Bureau July 20152015F: Deere & Company Forecast as of 21 August 2015

0.000

0.250

0.500

0.750

1.000

1.250

1.500

1.750

2.000

2.250

2.500

1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015F

Housing Starts (Millions of Units)

Multi-Family Housing Starts

Single-Family Housing Starts


U.S. Construction Spending

45

-160%-150%-140%-130%-120%-110%-100%-90%-80%-70%-60%-50%-40%-30%-20%-10%0%10%20%30%40%50%60%70%

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,2002,300

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F

%TotalC

onstructionSpend

Bill

ions

,200

9Cha

ined

$’s

U.S. Construction Spending (Billions, 2009 Chained $’s)

Residential Investment in StructuresNonresidential Investment in StructuresGovernment Investment in StructuresGovernment Infrastructure Investment

Source: 1997 – 2014: U.S. Bureau of Economic Analysis July 20152015F: Deere & Company Forecast as of 21 August 2015

Appendix


2009 OROA* Reconciliation to GAAPEquipment Operations

Equipment Operations2009, asReported

Exclude GoodwillImpairment &

Voluntary Employee-Separation

2009, asAdjusted

Net Sales 20,756 20,756Average Identifiable Assets

With Inventories at LIFO 9,647 9,647With Inventories at Standard Cost 10,950 10,950

Operating Profit 1,365 380 1,745Percent of Net Sales 6.6% 8.4%

Operating Return on AssetsWith Inventories at LIFO 14.1% 18.1%With Inventories at Standard Cost 12.5% 15.9%

(millions of dollars unless stated otherwise)

47

* OROA: Operating Return on Operating Assets


SVA* Reconciliation to GAAPEquipment Operations

Equipment Operations 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Net Sales 6,479 7,663 8,830 9,640 11,082 11,926 9,701 11,169 11,077 11,703 13,349Average Identifiable Assets

With Inventories at LIFO 5,449 5,551 6,187 6,502 6,682 7,672 7,724 8,069 8,743 6,229 5,965With Inventories at Standard Cost 6,442 6,494 7,131 7,488 7,703 8,711 8,739 9,039 9,678 7,147 6,925

Operating Profit 242 847 1,006 1,125 1,402 1,476 272 693 (46) 401 708Percent of Net Sales 3.7% 11.1% 11.4% 11.7% 12.6% 12.4% 2.8% 6.2% -0.4% 3.4% 5.3%

Operating Return on AssetsWith Inventories at LIFO 4.4% 15.3% 16.3% 17.3% 21.0% 19.3% 3.5% 8.6% -0.5% 6.4% 11.9%With Inventories at Standard Cost 3.8% 13.0% 14.1% 15.0% 18.2% 16.9% 3.1% 7.7% -0.5% 5.6% 10.2%

SVA Cost of Assets (773) (780) (856) (898) (924) (1,045) (1,049) (1,085) (1,162) (858) (831)SVA (531) 67 150 227 477 431 (776) (392) (1,208) (457) (123)

Equipment Operations 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Net Sales 17,673 19,401 19,884 21,489 25,803 20,756 23,573 29,466 33,501 34,998 32,961Average Identifiable Assets

With Inventories at LIFO 6,482 7,248 7,546 8,092 9,652 9,647 9,196 11,516 13,594 14,569 14,113With Inventories at Standard Cost 7,477 8,312 8,634 9,205 10,812 10,950 10,494 12,875 14,965 15,924 15,493

Operating Profit 1,905 1,842 1,905 2,318 2,927 1,365 2,909 3,839 4,397 5,058 4,297Percent of Net Sales 10.8% 9.5% 9.6% 10.8% 11.3% 6.6% 12.3% 13.0% 13.1% 14.5% 13.0%

Operating Return on AssetsWith Inventories at LIFO 29.4% 25.4% 25.2% 28.6% 30.3% 14.1% 31.6% 33.3% 32.3% 34.7% 30.4%With Inventories at Standard Cost 25.5% 22.2% 22.1% 25.2% 27.1% 12.5% 27.7% 29.8% 29.4% 31.8% 27.7%

SVA Cost of Assets (897) (998) (1,036) (1,094) (1,284) (1,301) (1,259) (1,545) (1,795) (1,911) (1,860)SVA 1,008 844 869 1,224 1,643 64 1,650 2,294 2,602 3,147 2,437

(millions of dollars unless stated otherwise)

48


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