Pulitzer Prize-Winning New York Times Reporter Charlie LeDuff Explores the Unique Subcultures that Exist ONLY IN AMERICA

MOLINE, Ill.296 billion and
$8.
In addition, drought conditions have had a negative impact on Brazilian
soybean production.7 million for
the year to date , compared with net income of $67. Last year's results benefited from gains on retail notes sold
during the quarter and six months, while results for first-quarter and first
six months of 2005 benefited from growth in the portfolio and a lower
provision for credit losses, partially offset by lower financing spreads. The levels of public and non-residential construction also impact
the results of the Company 's construction and forestry segment.

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From fight clubs to battlefield reenactments, with stops along the way
that include a gay rodeo in Oklahoma City, arena football in Amarillo and male
fashion modeling in New York City, LeDuff uses his unique reportorial skills
(and no small measure of charisma ) to get inside these often closed or
secretive societies. I hope by the end of this
series we can answer a few of those questions.

* ONLY IN AMERICA: Gay Rodeo -- World Premiere: Friday , September 9 at 10
PM (ET/PT)
LeDuff immerses himself in the Oklahoma City Gay Rodeo community, where
gays and lesbians demonstrate the arts of calf roping and bull riding
while challenging stereotypes about what it means to be gay in America., and then travels to Oklahoma City, where he'll put his
new skills to the test.

The Discovery Times Channel (http://www.com/cgi-bin/prnh/20030326/JOHNDEERELOGO )
Worldwide net sales and revenues grew 13 percent to $6.
Trade receivables and inventories at the end of the quarter were $7. The planned lower production rates are expected to bring
down year-end trade receivable and inventory levels as company factories
prepare for the introduction of new products in 2006. The increases were mainly due to
higher shipments, reflecting continued strong retail demand, as well as
improved price realization and the impact of currency translation. Company results are also affected by changes in market values of
investment assets and the level of interest rates, which impact postretirement
benefit costs, and significant changes in health care costs. The Company,
however, undertakes no obligation to update or revise its outlook, whether as
a result of new developments or otherwise .93 +27 $3.56 +29

* Includes equipment operations outside the U.

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By participating as well as observing, LeDuff gains
unique insight into some of the passionate pursuits in which Americans engage. and Canada rose 13 percent for the
quarter and 15 percent for the six months. Production levels are expected to be down 7 to 9
percent in the second half of the year with most of the reduction occurring in
the fourth quarter. Division sales rose 28 percent for the quarter
and 30 percent for six months reflecting strong activity at the retail
level. and Canada to be up 5 to 10 percent
for fiscal 2005 in comparison with last year. Markets for construction equipment are
experiencing further growth as a result of generally positive U.S.

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"
LeDuff joined The New York Times in 1995 and has distinguished himself as
a reporter who follows stories that others ignore. The increases were primarily due to growth in the credit
portfolio, reflecting strong demand for John Deere products, as well as a
lower provision for credit losses, partially offset by lower financing
spreads. Improved price realization offset the
increase in raw material costs for the quarter and largely offset the
increase experienced year to date. Given these conditions , Deere expects
industry retail sales in the U.

-- Financial Services. and Canada ".

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While many
arena football leaguers dream of making it to the NFL, others are
simply attracted to the brute violence at the heart of the game., the leading global real-world media and entertainment
company. - Quarterly net income hits record $604 million; sales and revenues up
13 percent. The improvements were primarily due to improved price
realization, increased shipments, efficiencies related to stronger production
volumes and lower postretirement benefit costs .

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He is also the author
of Work and Other Sins, a collection of his best writings about New York
City's life and characters. In addition, the network has
had films premiere at various film festivals , including the Sundance Film
Festival, Tribeca Film Festival, San Francisco International Film Festival ,
SilverDocs Film Festival and the Tokyo Video Festival.com, Boston. Outside the U. "We are also providing value to investors in the form of
higher dividends and stock repurchases.

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, where he meets up with the East Bay
Rats, a motorcycle club that plays host to a gritty neighborhood fight
club. LeDuff learns the ropes from characters involved in every aspect
of the fight club culture, from David "Tank" Abbot, a no-holds-barred
fighter, to the residents of the California streets where this pastime
thrives.

The New York Times Company (NYSE: NYT), a leading media company with 2004
revenues of $3.43 per share, for the
second quarter ended April 30, compared with $477.newscom. Net sales of the equipment operations were $6.208 billion for the corresponding periods last year. Also included in financial
services results were improved health-care underwriting margins for both
periods.
"Our efforts to build, and grow, a great business are moving ahead as
planned and are driving our financial and operating performance to new
levels," Lane said. The
operating-profit improvements were primarily driven by higher worldwide
sales, efficiencies related to stronger production volumes, and lower
postretirement benefit costs. Operating profit was $135
million for the quarter and $133 million for six months, compared with
$152 million and $171 million last year.

Based on these factors and market conditions , worldwide sales of John
Deere agricultural equipment are forecast to be up 9 to 11 percent for
the year excluding the impact of exchange rates. Increased shipments of commercial products are expected to offset
weakness in consumer riding lawn equipment, where sales have gotten off
to a slow start due to cold, wet weather.
JDCC's net income was $61. Some of these risks and uncertainties could affect
particular lines of business, while others could affect all of the Company's
businesses.
However, operating profit of the credit segment includes the effect of
interest expense and foreign exchange gains or losses.

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, Offering a fresh perspective
on America, Pulitzer Prize-winning reporter Charlie LeDuff of The New York
Times takes viewers on an eye-opening journey across the country to report on
the nation's varied subcultures in the original Discovery Times Channel series
ONLY IN AMERICA. Practicing what he calls
"hanging-out journalism," LeDuff has written about a wide range of
personalities, from an Upper West Side doorman to a down-on-his-luck East
Harlem pimp.

* ONLY IN AMERICA: Arena Football -- World Premiere: Friday, September 16
at 10 PM (ET/PT)
LeDuff drives to Amarillo, Texas, home of the Amarillo Dusters. 1 in the publishing
industry in Fortune's 2005 list of America's Most Admired Companies.
Financial services operations reported net income of $74. Cash receipts are forecast to be near last
year's record total, while farm debt levels remain steady and land
values continue to move up.

-- Construction + Forestry.339 billion one year ago.
The Company's outlook is based upon assumptions relating to the factors
described above, which are sometimes based upon estimates and data prepared by
government agencies.

** Operating profit is income before external interest expense, certain
foreign exchange gains or losses , income taxes and corporate expenses.

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"We're going across America at a time when many in this country are
grappling with who we are as a people," said LeDuff.
For one of his stories, about life in a North Carolina slaughterhouse,
LeDuff spent a month working on the line for part of "How Race Is Lived in
America," a Times series that earned the 2001 Pulitzer Prize for National
Reporting . Available to more than
36 million subscribers in the United States, the Discovery Times Channel is a
joint venture between The New York Times Company (NYSE: NYT) and Discovery
Communications , Inc. "We're
continuing to add new customers worldwide who appreciate the quality and value
of our advanced products and services," said Robert W."

Summary of Operations
Company equipment sales in the U.

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8 million, or $3.1 million, or
$2.019 billion for the
quarter and $9 .113
billion, or 40 percent of sales, a year ago.6 billion
for 2005 and in a range of $450 million to $475 million for the third quarter. However, demand in
other parts of the world has continued to grow. Full-year net income is expected to be about $315
million, reflecting strong performance in the company's credit
operations and an improvement in health-care results.

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Statements under "Company Outlook," "Market Conditions and Outlook,"
and other statements herein that relate to future operating periods are
subject to important risks and uncertainties that could cause actual results
to differ materially. Prices for
pulp, lumber and structural panels are important to sales of forestry
equipment.

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The 10-part series premieres Friday, September 2 at 10 PM
(ET/PT). Along with interviewing the subjects, LeDuff himself gets a
taste of the ring with the help of Tank, who shows him the ropes and
prepares him for the program climax when LeDuff fights one of the
toughest Rats.discovery.

- Business-improvement efforts driving healthy operating leverage.0 million, or $2. As a result of these steps, we're
confident the company is in a good position to continue delivering exceptional
financial results and solid investor returns over the long term."


Equipment Division Performance

-- Agricultural Equipment.

-- Commercial + Consumer Equipment. dollar, lower commodity prices, and increased input costs.5 million for the quarter and $129.260 billion at April
30, 2005, compared with $12.

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The series is a continuation of his mission to give a voice
to people who are rarely covered by the mainstream media.

S.
Operating profit was $488 million for the quarter and $651 million for
six months, compared with $430 million and $516 million last year. Farmers in the region
are expected to see good levels of income this year; however equipment
sales in Spain and Portugal are being hurt by dry weather. Securities and Exchange Commission; actions by
environmental regulatory agencies, including those related to engine emissions
and the risk of global warming; actions by other regulatory bodies; actions by
rating agencies; capital market disruptions; investor sentiment; inflation and
deflation rates, interest rate levels and currency exchange rates; customer
borrowing and repayment practices, and the number of customer loan
delinquencies and defaults; actions of competitors in the various industries
in which the Company competes, particularly price discounting; dealer
practices especially as to levels of new and used field inventories; labor
relations; changes to accounting standards; the effects of terrorism and the
response thereto; and legislation affecting the sectors in which the Company
operates. and Canada as follows:
Net sales $1,800 $1,550 +16 $2,924 $2,465 +19
Operating profit $253 $227 +11 $364 $335 +9

The company views its operations as consisting of two geographic areas,
the "U.

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and Canada, sales
increased by 11 percent and 13 percent for the respective periods excluding
currency translation and by 16 percent and 19 percent on a reported basis.0
million last year. In South
America, industry sales are now forecast to be down about 40 percent,
primarily due to conditions in Brazil, where negative factors include a
weaker U. Deere's commercial equipment
sales are benefiting from the extensive product introductions of recent
years. and Canada have moderated in recent months.
Forward-looking statements involve certain factors that are subject to
change, including for the Company's agricultural equipment segment the many
interrelated factors that affect farmers' confidence , including worldwide
demand for agricultural products, world grain stocks, the growth of non-food
uses for some crops, prices realized for commodities and livestock, crop
production expenses (most notably fuel and fertilizer costs), weather and soil
conditions, real estate values, available acreage for farming, the land
ownership policies of various governments, changes in government farm
programs, international reaction to such programs, animal diseases (including
bovine spongiform encephalopathy, commonly known as "mad cow" disease), crop
pests and diseases (including Asian rust and aphids), harvest yields,
availability of transport for crops and the level of farm product exports
(including concerns about genetically modified organisms).

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com.

Deere Delivers 27% Increase in Second -Quarter Earnings

- Company increases earnings projection for full year. For the first six months, net income was
a record $826.31 per share, compared with $648. Lane, chairman and
chief executive officer.S.
Excluding the impact of currency translation, company equipment sales are
expected to increase by 9 to 11 percent for the year and by 13 to 15 percent
for the third quarter. Currency is forecast to add about two percentage points
to sales for both periods.

-- Commercial + Consumer Equipment.7 million
last year.
The number of housing starts, interest rates and consumer spending
patterns are especially important to sales of the Company's construction
equipment .

Second Quarter 2005 Press Release
(millions of dollars and shares except per share amounts)

Three Months Ended Six Months Ended
April 30 April 30
% %
2005 2004 Change 2005 2004 Change
Net sales and revenues:
Agricultural
equipment
net sales $3,292 $2,816 +17 $5,302 $4,412 +20
Commercial and
consumer equipment
net sales 1,235 1,318 -6 1,758 1,888 -7
Construction and
forestry net
sales 1,492 1,162 +28 2,486 1,908 +30
Total net
sales* 6,019 5,296 +14 9,546 8,208 +16
Credit revenues 343 324 +6 673 639 +5
Other revenues 259 257 +1 529 514 +3
Total net sales
and revenues* $6,621 $5,877 +13 $10,748 $9 ,361 +15

Operating profit
(loss): **
Agricultural
equipment $488 $430 +13 $651 $516 +26
Commercial and
consumer equipment 135 152 -11 133 171 -22
Construction and
forestry 233 144 +62 334 237 +41
Credit 109 110 -1 235 227 +4
Other 6 (17) 15 (12)
Total operating
profit* 971 819 +19 1,368 1,139 +20
Interest, corporate
expenses and income
taxes (367) (342) +7 (541) (491) +10
Net income $604 $477 +27 $827 $648 +28

Per Share:
Net income - basic $2.36 $2.31 $2.

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Deere's equipment divisions reported operating profit of $856 million for
the quarter and $1.

In other parts of the world, industry retail sales in Western Europe
are forecast to be down 5 percent for the year.
All of the Company's businesses and its reported results are affected by
general economic conditions in and the political stability of global markets
in which the Company operates; production and technological difficulties,
including capacity and supply constraints and prices, including for supply
commodities such as steel and rubber; oil and energy prices and supplies; the
availability and cost of freight; trade, monetary and fiscal policies of
various countries; wars and other international conflicts and the threat
thereof; actions by the U.63 +28
Net income - diluted $2.S.

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com/times) combines the
journalistic authority of The New York Times with the programming excellence
of Discovery Communications to bring viewers provocative, engaging and
relevant documentary series and specials about the events and ideas shaping
our times. For
the fifth consecutive year, the Company was ranked No. The
Company's core purpose is to enhance society by creating, collecting and
distributing high-quality news, information and entertainment .
(Logo: http://www.621 billion for the
second quarter and increased 15 percent to $10.
Strong customer response to John Deere products and a continuing focus on
operating efficiency are contributing to the company's performance. Improved price realization offset higher raw material costs in
both periods.

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In
this episode, LeDuff suits up to practice with the team members as they
prepare for an upcoming game.56 per share, last year.280
billion , or 38 percent of previous 12-month sales, compared with $6. Production in the second
half of last year was unusually high as a result of strong retail demand
related in part to expiring tax incentives .S.
economic conditions and an increased level of spending on construction
projects .43 $1.88 +29 $3.

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Market Conditions + Outlook

-- Agricultural Equipment.400 billion at April 30, 2005, compared with $15.S.

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"

The first three episodes of ONLY IN AMERICA are as follows:

* ONLY IN AMERICA: Fight Club -- World Premiere: Friday , September 2 at
10 PM (ET/PT)
LeDuff travels to Oakland, Calif.com and About., Deere + Company (NYSE: DE) today
announced worldwide net income of $604. "At the same time, our efforts to hold the line on
operating costs and asset levels are helping us deliver record financial
results .5 million and $142. These factors are expected to continue driving fleet
replenishment by contractors and rental companies.S.
Factors affecting the outlook for the Company's commercial and consumer
equipment segment include weather, general economic conditions in these
markets, consumer confidence, consumer borrowing patterns, consumer purchasing
preferences, housing starts , and spending by municipalities and golf courses.

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"There are questions
about race, immigration, sexuality, image, beauty.748 billion for the first six
months.546 billion for six months, compared with $5. Partially offsetting these
factors for both periods were higher raw material costs.

Company Outlook
Deere's net income is now projected to be $1.55 billion to $1. In this environment,
Deere sales of construction and forestry equipment are forecast to rise
by 18 to 20 percent for fiscal 2005. Such estimates and data are often revised.46 $1.

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Silver Spring, Md. His stories about New York City in the aftermath of September 11
appeared regularly in "A Nation Challenged," a special section in The Times
that won the Pulitzer Prize for Public Service in 2002.
Now, LeDuff brings this journalistic talent to his role as reporter in
ONLY IN AMERICA . "I put myself out there so the guy on the couch watching
might understand the guy he won't talk to. This
minor league football club is filled with dedicated athletes so
passionate about the game that they've left behind families to play for
the Dusters, earning just $200 a game ($250 if they win).5 million for six months versus $62. The operating profit increases were mainly a result
of higher sales and efficiencies related to stronger production
volumes . Six-month operating profit last year included a $30
million pretax gain for the sale of an equipment rental company. Currency is expected
to add about three percentage points to the company's farm-machinery
sales for the year.
Net receivables and leases financed by JDCC were $15.448 billion one year ago.S.

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ONLY IN AMERICA is produced for the Discovery Times Channel by Gabriel
Films North. For Discovery Times
Channel, Bill Smee is executive producer , and Vivian Schiller is the executive
in charge of production. The network has won multiple industry honors for its breakthrough
programming -- including an Emmy, an Overseas Press Club Award, three National
Headliner Awards, a BANFF Rockie Award, an International Documentary
Association honor and two AWRT Gracie Awards. Division sales increased 17 percent for the
quarter and 20 percent for six months.

-- Construction + Forestry. Operating profit improved to $233 million for the quarter and
$334 million for the year to date compared with $144 million and $237
million last year.S.S.S. and Canada", and "outside the U.

Dealers of farm and ranch equipment.

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LeDuff's compelling profiles use evocative, real-world language
to capture the detail of everyday lives.
"I hope that through this show -- with all its outrageousness and poignant
moments and tears and laughs -- we're able to say what's on our minds,"
continued LeDuff. farm sector is expected to remain in
solid condition for the remainder of 2005 as a result of a high level
of cash receipts, including increased government payments, and strong
farmer balance sheets. Sales of John Deere commercial and
consumer equipment are now forecast to be flat to up 3 percent for the
year.


John Deere Capital Corporation
The following is disclosed on behalf of the company's credit subsidiary,
John Deere Capital Corporation (JDCC) , in connection with the disclosure
requirements applicable to its periodic issuance of debt securities in the
public market.

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LeDuff first gets some much-needed instruction at gay rodeo school in
Gettysburg, Pa.3 billion, includes The New York Times, the International
Herald Tribune , The Boston Globe, 16 other newspapers, eight
network-affiliated television stations, two New York City radio stations and
more than 40 Web sites, including NYTimes.3 million, or $1.88 per
share , for the same period last year.118 billion for six months, compared with $726 million and
$924 million last year.
Deere's asset-management efforts are continuing to yield positive results. Forestry markets in
the U.4 million and $136. Net receivables and
leases administered, which include receivables previously sold, totaled
$17. Federal Reserve Board and other central banks;
actions by the U. Further information concerning the
Company and its businesses, including factors that potentially could
materially affect the Company's financial results, is included in other
filings with the Securities and Exchange Commission.

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David McIlvride and Jonathan Stack are executive producers and
directors and Alex Cooke is producer and director.5 million for the
quarter and $162. Last year, Deere's credit operations benefited from gains on retail
notes sold during the quarter and first six months. Sales declined 6 percent for the
quarter and 7 percent for six months, reflecting the impact of
unseasonably cold, wet weather on the sale of consumer riding lawn
equipment during an important selling period. Having a positive impact for
the quarter and six months was improved price realization, which offset
an increase in raw material costs . The U.S.

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---

- - kjjkjk

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