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| 2007 News Releases and Information |
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DEERE RAISES DIVIDEND 14%, PROPOSES STOCK SPLIT
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MOLINE, Illinois (August 29, 2007) — The Deere & Company Board of Directors today increased the quarterly dividend rate by 14 percent and proposed a 2-for-1 split of the company's common stock. The split, which would take the form of a stock dividend of one additional share for each share outstanding, requires shareholder approval at a special meeting set for November 14, 2007, at the company's Moline, Illinois, headquarters. The increase in the quarterly dividend rate, from 44 cents to 50 cents per pre-split share, is payable November 1, 2007, to shareholders of record on September 28.
"Today's actions reflect Deere's financial strength and our belief that the company's future prospects remain quite promising," said Robert W. Lane, chairman and chief executive officer. "Our focus on economic profit as a central theme in managing the company has triggered a substantial increase in cash flow, helping fund attractive growth investments, dividend increases and share buybacks. These actions support our goals of delivering superior value for our investors over many years."
Since early 2004, Deere has increased the dividend rate on five occasions, by a total of 127 percent, and repurchased more than $3.5 billion of the company's stock.
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