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ANTHONY LOEHNIS JOINS AGCO BOARD OF DIRECTORS

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Atlanta, July 23 - AGCO Corporation, a leading global supplier of agricultural equipment, today announced that Anthony David Loehnis has been elected to its Board of Directors.

Mr. Loehnis is an expert on international banking and finance. He was elected to AGCO's Board on July 22, 1997.

"The addition of Anthony Loehnis to AGCO's Board of Directors underscores AGCO's commitment to continued worldwide growth and astute financial management," according to Robert J. Ratliff, Chairman of the Board of AGCO. "AGCO is a global leader in distribution of agricultural equipment, with significant market presence in the Americas and across Europe, the Middle East, Africa and the Pacific Rim."

Mr. Loehnis is a Director of St. James' Place Capital PLC and Chairman of its J. Rothschild International Marketing Limited subsidiary. Mr. Loehnis also serves as Non-Executive Director of Bank of Tokyo-Mitsubishi (UK) Limited, Tokyo-Mitsubishi International PLC and Alpha Bank London Limited. He serves as Chairman of Henderson Japanese Smaller Companies Trust PLC and the Knox D'Arcy Trust PLC.

From 1989 until 1992, Mr. Loehnis was a member of the Board of S.G. Warburg Group PLC, holding company of the Warburg Group, and Vice-Chairman of its investment banking subsidiary S.G. Warburg and Co. Ltd. There, he was responsible for business in East Asia, Finland, Norway, Italy, Eastern Europe and the Soviet Union. He served as Chairman of its 1992 Committee, which monitored all European legislation relating to the creation of the Internal Market.

From 1980 until 1989 Mr. Loehnis was with the Bank of England. He joined in 1980 as Associate Director in charge of the International Division, and was promoted to Executive Director in 1981 at which time he became a full member of the Court. His responsibilities included advising the Governors on global matters including the international monetary system, exchange rate policy, policy and issues relating to international financial institutions, the European Community, international debt policy, macro-prudential issues, the financial and economic conditions in individual countries, and bilateral relations with other central banks. He represented the Bank on these matters before various government, business and global economic institutions. Mr. Loehnis was also responsible for the operations of the Bank's three international divisions and the Financial Statistics Division. He was a member of the Deputy Governor's Committee, the executive and policy making committee of the Bank.

Mr. Loehnis was with J. Henry Schroder Wagg and Co. Limited from 1967 until 1980. There, he served as a member of the Foreign Exchange Division, Personal Assistant to the Chairman, Assistant Director and, later, Director in the International Division. He also served as Deputy Head of the Corporate Finance Division. In that capacity he participated in corporate finance work including new issues, mergers and acquisitions and consulting domestically and in the Far East.

Mr. Loehnis was previously with HM Diplomatic Service from 1960 until 1966. There he served as 3rd Secretary in the British Embassy-Moscow and 2nd Secretary in the Foreign and Commonwealth Office working on Soviet and East European affairs.

Mr. Loehnis also served as Chairman of the Baring Securities Emerging Markets Index Tracker Fund from 1993 until 1997.

From 1986-1984, he was a member of the Group of Thirty, a non-official international body of bankers, industrialists, economists and senior central banking and Ministry of Finance officials.

Since 1989 Mr. Loehnis has served as Chairman of the Centre for Economic Policy Research, an independent global economic think tank. He is a member and Director of the UK/Japan 2000 Group, which was established in 1984 under the auspices of Mrs. Margaret Thatcher and Japanese Prime Minister Nakasone.

Mr. Loehnis is Chairman of the Finance and General Purposes Committee and member of the Council of the Ditchley Foundation, a Member of the Council of the Baring Foundation, a grant-giving charity, a Member of the Council of Management of the British Association for Central and Eastern Europe, and Chairman of the Public Works Loan Board, an unpaid and independent U.K. statutory body which considers loan applications from local authorities and other prescribed public sector bodies.

Mr. Loehnis attended Eton College from 1948-1954. He served as Second Lieutenant of the 11th Hussars in Malaysia and Singapore during National Military Service from 1954-1956. He attended New College, Oxford from 1956-1959, Open Scholarship in History, with First Class Honours in Politics, Philosophy and Economics. He attended the Harvard School of Public Administration from 1959-1960 as a Frank Knox Fellow.

Mr. Loehnis was born in 1936 and resides in England.

AGCO Corporation, headquartered in Duluth, Georgia, is a global manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in 140 countries. AGCO offers a full product line including tractors, combines, hay tools, forage equipment and implements through more than 7,000 independent dealers and distributors around the world. AGCO's products are distributed under the brand names AGCO®Allis, Massey Ferguson®, Hesston®, White, GLEANER®, White-New®Idea, AGCOSTAR®, SAME, Black Machine, Landini, Tye®, Farmhand®, Glencoe®, Deutz (South America), IDEAL, Western Combine, PMI and Fendt. AGCO provides retail financing worldwide through its Agricredit joint venture in North America and through its Massey Ferguson Finance joint ventures in the U.K., France and Germany. In 1996 AGCO had sales of US dollars 2.3 billion.

Advisory to editors:

The above press release, and the accuracy thereof, is wholly the responsibility of the originating company. Under no circumstances shall UNS be liable for any loss resulting from the use of information contained herein. All facts should be independently checked.

SOURCE AGCO



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