Good morning everyone and welcome to Deere & Company’s Fourth Quarter Earnings Conference Call. Your lines have been placed on listen-only until the question-and-answer session of today’s conference. I would now like to turn the call over to Mr. Tony Huegel, Director of Investor Relations. Thank you, sir. You may begin.

Thank you. Also on the call today are Raj Kalathur, our Chief Financial Officer; and Susan Karlix, our Manager of Investor Communications. Today, we’ll take a closer look at Deere’s fourth quarter earnings then spend some time talking about our markets and our initial outlook for fiscal 2016. After that, we’ll respond to your questions. Please note that slides are available to complement the call this morning. They can be accessed on our website at www.johndeere.com. First, a reminder, this call is being broadcast live on the Internet and recorded for future transmission and use by Deere & Company. Any other use, recording or transmission of any portion of this copyrighted broadcast without the expressed written consent of Deere is strictly prohibited. Participants in the call, including the Q&A session, agree that their likeness and remarks in all media may be stored and used as part of the earnings call. This call includes forward-looking comments concerning the company’s plans and projections for the future that are subject to important risks 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 reports filed with the Securities and Exchange Commission. This call also may include financial measures that are not in conformance with accounting principles, generally accepted in the United States of America or GAAP. Additionally, additional information concerning these measures, including reconciliations to comparable GAAP measures is included in the release and posted on our website at www.johndeere.com/earnings under Other Financial Information. Susan?

With today’s announcement of our fourth quarter results, John Deere has completed another year of solid performance. We did so in spite of further weakness in the global agricultural sector and a slowdown in construction equipment markets. In response to this challenging environment, the company moved aggressively, restraining costs, reducing assets, and seeing further benefits of having a broad based business line up. As a result, Deere was able to deliver solid results, including our sixth best ever year in terms of net sales and income. We also maintained our strong financial condition, generated healthy levels of cash flow and returned some $3.4 billion a record amount to investors in the form of dividends and net share repurchases. All in all it was a sound year. One in which Deere further demonstrated its commitment to disciplined operations and the resilience of its business model. Now let's take a closer look at the fourth quarter in detail beginning on slide 3. Net sales and revenues were down 25% to $6.715 billion. Net income attributable to Deere & Company was $351 million. EPS was $1.08 in the quarter. On slide 4, total worldwide equipment operations net sales were down 26% to $5.9 billion. Price realization in the quarter was positive by one point. Currency translation was negative by five points. Turning to a review of our individual businesses, let's start with Agriculture & Turf on course on slide 5. Net sales were down 25% in the quarter-over-quarter comparison. Lower sales were recorded in all regions of the world, but the decrease was primarily due to lower shipment volumes of large Ag equipment in the United States and Canada. Brazil accounted for most of the lower sales outside the US and Canada. Also hurting sales was the negative impact of foreign currency exchange.…

Thanks, Susan. Thanks, everyone for participating in the call today. In closing, I'd like to summarize a few things, and also reiterate a few things that Susan mentioned about Deere's recent performance and the current Ag downturn. We have faced 2 years of lower equipment sales in 2014 and 2015. We are forecasting a third year of decline in 2016. Industry sales of large Ag equipment in North America have declined by more than 60% over this time, again its large Ag in North America industry, relative to the 2016 forecast, okay. This is 2013 to 2016 end. And in addition, all key Ag markets around the world and construction equipment markets in the Americas were down in 2015. Even with such a steep industry pullback, our businesses have remained solidly profitable, delivering respectable decremental margin of 30% in 2015. Now we also expect to be solidly profitable 2016 as well. Now we also expect to continue generating strong cash flow. Last year, Deere delivered third highest ever level of cash flow from operations and we are forecasting a very healthy level of cash flow of over $2.5 billion in 2016. Our actions and proactively controlling expenses, costs, and managing assets have enabled us to deliver substantially better results than in any of the past downturns, at the same time, I should stress that the trends that hold so much promise for John Deere's future. The ones we have told you about in the past, based on population growth, rise in living standards and increasing urbanization, they haven't gone away. They are still quite compelling in our view and have ample staying power. In fact, the demand for grain has continued to grow and the supply, demand balance is even closer now than last year. That's in spite of record production in some cases, corn as an example, recall that earlier this year, in the summer, corn prices shot up to $4.50 over worries about the weather in the US Corn Belt. All-in all then, we believe John Deere can continue to earn solid returns even in a weak farm economy, deliver financial performance, much improved over downturns in the past and longer term see substantial benefits from the world's growing need for advanced equipment and technology solutions.

Thank, Raj. Now we're ready to begin the Q & A portion of the call. The operator will instruct you on the polling procedure. In consideration of others and our hope to allow more of you to participate in the call, please limit yourself to one question. If you have additional questions, we ask that you rejoin the queue. Carlos?

Thank you, sir. [Operator Instructions] Our first question will be coming from the line of Mr. Tim Thein from Citigroup Global Markets Incorporated. Your line is now open.

Thank you. Our next question will be coming from Steve Volkmann from Jefferies. Your line is now open, sir.

Thank you. Our next question will be coming from the line of Joe O’Dea from Vertical Research Partners. Your line is now open, sir. Joe O’Dea:

Thank you. Our next question will be coming from Andy Casey from Wells Fargo Securities. Your line is now open.

Thank you. Our next question will be coming from Jamie Cook from Credit Suisse. Your line is now open.

Thank you. Our next question will be coming from the line of Nicole DeBlase from Morgan Stanley. Your line is now open.

Thank you. Our next question will be coming from the line of Ms. Ann Duignan from JPMorgan. Your line is now open.

Thank you. The next question will be coming from Ross Gilardi from Banc of America Merrill Lynch. Your line is now open.

Thank you. Our next question will be coming from the line of Mr. David Raso from Evercore ISI. Your line is now open.

We will be going and getting his line, sir. One moment please.

Sure. Our next question will be coming from Mike Shlisky from Seaport Global Securities. Your line is open, sir.

The next question will be coming from David Raso from Evercore. Your line is open, sir.

Thank you. Our next question will be coming from Eli Lustgarten from Longbow Research. Your line is now open.

Thank you. Our next question will be coming from Steven Fisher from UBS. Your line is now open.

Thank you. The next question will be coming from the line of Mr. Jerry Revich from Goldman Sachs. Your line is now open.

Thank you. The next question will be coming from Vishal Shah from Deutsche Bank. Your line is now open.

Thank you. The next question will be coming from Seth Weber from RBC Capital Markets. Your line is now open, sir.

Thank you. The last question will be coming from Mircea Dobre from Robert W. Baird & Company. Your line is now open.

Thank you. And that concludes today’s conference call. Thank you all for participating. You may now disconnect.