Global Code of Conduct

COMPLIANCE with Lawsand RegulationsAGCO must comply with the laws of each country in which we dobusiness. It is the responsibility of each employee to be familiar with thelaws and regulations that relate to their business responsibilities and tocomply with them.AGCO’s Chief Ethics and Compliance Officer or Regional Ethics andCompliance Officers are always available for consultation on the laws thatrelate to our businesses around the world. However, it is the responsibility ofeach employee to ensure compliance with applicable laws.COMPLIANCEIf an employee has any question whether a transaction or courseof conduct complies with applicable statutes or regulations, it is theresponsibility of that employee to obtain advice from AGCO’s Chief Ethicsand Compliance Officer or Regional Ethics and Compliance Officers and actin accordance with that advice. It is the responsibility of each member ofmanagement to ensure that employees are aware of their responsibilities inthis regard.Set forth below are several areas of regulated business activity thatrequire particular attention.Insider TradingIt is against the law for employees of AGCO or its subsidiaries to tradein AGCO’s securities while in possession of material non-public informationregarding AGCO. It is the policy of AGCO that each employee fully complieswith prohibitions against trading while in possession of material non-publicinformation. It also is AGCO’s policy that employees should not trade in thesecurities of vendors or customers of AGCO on the basis of any materialnon-public information that an employee obtains in his or her capacity as anemployee.Certain employees are subject to a more detailed insider trading policy.If in doubt, employees should contact AGCO’s Chief Ethics and ComplianceOfficer prior to trading.PAGE> 32