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“Small Changes Can Make Big Differences. Technology Helps Us Manage Our Costs and Get Better Yields Per Acre.”

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“Small Changes Can Make Big Differences. Technology Helps Us Manage Our Costs and Get Better Yields Per Acre.” MY 2018 ANNUAL REPORT Chahairmi an’n ssL Lettteer andannd 20018 Higghliightg s Noticece of Annnuanu lMl Meeetee ingng ProPr xyy Statementntt fofor thee AGCO Annual Meetiingg of Stoockholders INNOVATING THE Annual Reporp tot onFn Form 100-KK CUSTOMER EXPERIENCE “Small changes can make big differences. Technology helps us manage our costs and get better yields per acre.” 3 “The 20|20 monitor and Precision Planting technology on our White Planter are easy to use. They help us plant the right amount of seed, at the right spacing and best depth for even, consistent emergence. We’re excited VQUGGVJGDGPGƓVUQHRNCPVKPIYKVJ5OCTV(KTOGTUYJGP soil moisture, soil temperature, organic matter and %'%XCT[CETQUUCƓGNFŭ — Karen & Dale Dircksen, Double D Grain Farms LLC, Union City, Ohio, U.S. Read more about the Dircksens and how they rely on our machinery and smart-farming technology. Their story and additional customer experiences can be found at: AR2018.AGCOCORP.COM CHAIRMAN’S MESSAGE DEAR FELLOW SHAREHOLDERS, CUSTOMERS, DEALERS AND EMPLOYEES: #U+TGƔGEVQPQWTRTQITGUUQXGTVJGRCUV[GCT+ƓTUVYCPVVQ UC[VJCPM[QWHQT[QWTEQPVKPWGFEQOOKVOGPVVQCPFKPXGUVOGPV KP#)%1+CORTQWFQHYJCVYGCEEQORNKUJGFVQIGVJGTFWTKPI CUYGKPPQXCVGCPFJGNRHCTOGTUKORTQXGVJGKTGHƓEKGPE[ CPFRTQFWEVKXKV[CPF+COCNUQXGT[QRVKOKUVKECDQWVVJG QRRQTVWPKVKGUCJGCF+VũUGZEKVKPICPFITCVKH[KPIVQUGGHCTOGTU CETQUUVJGYQTNFVCMKPIQWTUNQICP;QWT#ITKEWNVWTG%QORCP[ VQJGCTVCPF+ETGFKVQWTRGQRNGHQTOCMKPIVJCVJCRRGP The value of our brands, our products, our distribution and our customer service was evident as we delivered substantially improved results despite a challenging global agricultural market. As our industry continues to evolve as farmers increasingly adopt smart-farming capabilities, our manufacturing, distribution, sales and product development teams executed exceptionally well to meet evolving customer needs. We are transforming our processes and customer interactions around an increasingly digital model. We are changing not only what we deliver to dealers and farmers, but also how we deliver it. Watch the Chairman’s video at AR2018.AGCOCORP.COM 2018 PERFORMANCE MARTIN RICHENHAGEN Chairman, President %+'3ŭWVIWYPXWMQTVSZIHWMKRMƤGERXP]JVSQERH-EQTPIEWIHXSWE] ERH'LMIJ)\IGYXMZI3JƤGIV that we expect our results to be better again in 2019. AGCO produced solid ƤRERGMEPVIWYPXW[LMPIQEOMRKMQTSVXERXMRZIWXQIRXWXSTSWMXMSRYWJSVJYXYVI success. AGCO reported 2018 net sales of approximately $9.4 billion, an MRGVIEWISJETTVS\MQEXIP] GSQTEVIHXS6ITSVXIHRIXMRGSQI[EW $3.58 per share. Adjusted net income* was $3.89 per share, which increased by approximately 29% from the previous year. We generated approximately $393 QMPPMSRMRJVIIGEWLƥS[*EJXIVJYRHMRKWMKRMƤGERXMRZIWXQIRXWMRRI[TVSHYGXW ERHSXLIVPSRKXIVQTVSƤXEFMPMX]MQTVSZIQIRXMRMXMEXMZIW3YVJVIIGEWLƥS[[EW largely used to support share repurchases of approximately $184 million in 2018. 1 FINANCIAL OUR FOCUS HIGHLIGHTS (In millions, except per share amounts) We put customers at the center of what we do—how we innovate, how we move our business forward and how we help our customers feed a growing world. Each of our leading brands makes customer service a priority, providing professional advice, responsive maintenance and active aftersales support. AGCO will Net Sales continue to invest in new products, new technology, improved distribution and enhanced digital capabilities over the next few years with a goal to expand our margins and produce higher returns on our invested capital. Our strategy will focus primarily on organic growth through new product development aimed EXQEOMRKJEVQIVWQSVITVSƤXEFPIYXMPM^MRKWQEVXJEVQMRKGETEFPITVSHYGXW where it makes commercial and operational sense to do so. We also intend to FISTTSVXYRMWXMG[MXLFSPXSREGUYMWMXMSRWXSƤPPER]TVSHYGXRMGLIWSVI\TERH geographic reach. Our focus on customer service will never waver. $7,411 $8,307 $9,352 2016 2017 2018 We are growing our business by delivering the broadest product offering in the industry. We provide full-line smart-farming solutions throughout the agricultural production cycle, starting with soil preparation and cutting-edge smart planting, continuing through spraying and harvesting, and ending with grain storage and Adjusted Operating Income* protein production equipment. Smart farming is capturing data, wirelessly and remotely, from our equipment. Fuse® Smart Farming solutions add value to this data for the farmer by providing a picture of what is happening on the farm and help farmers reduce input costs and make changes that increase productivity. 3YV-()%0GSQFMRI[LMGL[MPPFIGSQQIVGMEPP]EZEMPEFPIJSVXLIƤVWXXMQIMR MWEKVIEXI\EQTPISJSYVJSGYWSRWQEVXJEVQMRKWSPYXMSRWJSVXLIFIRIƤXSJSYV GYWXSQIVW-XYXMPM^IWGSQTYXIVWERHWIRWSVWXLEXXSKIXLIVQIEWYVIGVST ƥS[KSMRKXLVSYKLXLIGSQFMRI-XGETXYVIWHEXETVSZMHIWZMWYEPM^EXMSRERH[MPP $299 $420 $501 be the only combine in the world where the farmer can watch what is happening 2016 2017 2018 XSXLIGVSTEWMXKSIWXLVSYKLXLIQEGLMRI%W-QIRXMSRIHHMKMXEPM^EXMSRMW changing the way farmers are managing their operations, and it is changing what they expect from their farm equipment. Our response has been to bring our employees, customers, distributors and key industry players together to develop Adjusted Earnings Per Share* ERHHIPMZIVQIGLERM^EXMSRERHEKVSRSQMGEPWSPYXMSRWXEMPSVIHXSMRHMZMHYEPJEVQIV needs, powered by data shared in a secure, trusted environment. We expect SYVHMKMXEPM^EXMSRJSGYWXSMQTVSZISYVGYWXSQIVI\TIVMIRGIWIVZMGIPIZIPWERH IJƤGMIRG]MRXLIGSQMRK]IEVW Our focus on margin expansion encompasses growing the top line as well as taking costs out of the business. AGCO’s global platform and module strategy $2.47 $3.02 $3.89 is intended to leverage common product architectures and integrated solutions across AGCO’s different sites and brands. We have connected our global 2016 2017 2018 research and development centers, targeting a reduced number of parts with a higher degree of differentiation through more consistent brand strategies and accelerated innovation. Again, with our margin focus, we expect to lower direct material costs as a result of bundled volumes with full transparency on global Free Cash Flow* cost structures. We are addressing all of our tractor ranges through distinct platform initiatives. Our small tractor platform, and the premium-high-horsepower *IRHXERH'LEPPIRKIVQSHIPWLEZIFIIRMRXLIQEVOIXWMRGI-RXLI next few years, we will begin selling new products from the premium-high- horsepower, combine harvester and mid-range tractor platforms. We also have a RYQFIVSJSXLIVGSWXVIHYGXMSRTVSKVEQWEMQIHEXMQTVSZMRKSYVPEFSVIJƤGMIRG] and lowering our material costs. $169 $374 $393 2016 2017 2018 2 OUR PEOPLE AGCO continues to invest in obtaining and retaining the best people to bring our customers the best products and service in the business. Two of our most important people-centered programs are AGCO Academy and AGCO University. AGCO Academy continues to provide information, coursework and training to “AGCO will continue keep our dealers current and constantly connected to their retail customers. AGCO University develops our employees for both their future and AGCO’s to invest in new products, JYXYVI%+'3ŭWGSVIZEPYIWSJ8IEQ7TMVMX6IWTIGX%GGSYRXEFMPMX]-RXIKVMX] new technology, and Transparency foster inclusion and form the foundation of our diversity ERHMRGPYWMSRMRMXMEXMZI[IGEPP86%-886%-8IQFVEGIWXLITS[IVSJYRMUYI improved distribution perspectives and thoughts while creating a culture that drives business success and enhanced digital ERHMRHMZMHYEPJYPƤPPQIRX8LMWMWKSSHJSVSYVTISTPIERHKSSHJSVSYVFYWMRIWW capabilities…. And our 8LI%+'3%KVMGYPXYVI*SYRHEXMSRETVMZEXITLMPERXLVSTMGSVKERM^EXMSRPEYRGLIH focus on customer IEVP]MR[MPPWYTTSVXRSRTVSƤXMRMXMEXMZIWXLEXGSRXVMFYXIXSKPSFEPJSSH security, support sustainable agriculture development and have a positive service will never waver.” economic and social impact on communities around the globe, particularly in developing countries. OUR LEADERSHIP (YVMRK)VMG,ERWSXME[EWETTSMRXIH'LMIJ3TIVEXMRK3JƤGIV)VMGLEW FIIRERMQTSVXERXTEVXSJSYVWIRMSVPIEHIVWLMTXIEQJSVXLITEWXƤZI]IEVW )VMGŭWPIEHIVWLMTERHFVSEHMRHYWXV]ORS[PIHKIQEOILMQYRMUYIP]UYEPMƤIHJSV XLMWMQTSVXERXRI[TSWMXMSR,ILEWQEHIWMKRMƤGERXGSRXVMFYXMSRWXS%+'3ŭW WYGGIWWTEVXMGYPEVP]MRXLIEVIEWSJSYVTVIGMWMSREKVMGYPXYVIERHLEVZIWXMRKť TVSHYGXSJJIVMRKW,MWWXVSRKWXVEXIKMGZMI[SRXLIJYXYVIXVIRHWMRKPSFEP agriculture along with his operational experience will ensure AGCO continues XSFIWYGGIWWJYPMRQIIXMRKXLIGLERKMRKRIIHWSJSYVVIXEMPGYWXSQIVW-PSSO forward to working closely with Eric on our initiatives to achieve sales growth and improved returns. ;IEVISTXMQMWXMGEFSYXXLISTTSVXYRMXMIWMRERHFI]SRH%+'3ƤRMWLIH 2018 in a much stronger position than we started, with our businesses delivering SRSYVWXVEXIKMGTVMSVMXMIWERHKIRIVEXMRKTSWMXMZIQSQIRXYQEGVSWWXLIFSEVH-R GPSWMRK-VIMXIVEXIQ]KVEXMXYHIJSVXLIGSQQMXQIRXERHGSRXVMFYXMSRWJVSQEPPSJ our over 20,000 talented employees across the world and to AGCO’s shareholders and customers for their ongoing support. Sincerely, MARTIN RICHENHAGEN 'LEMVQER4VIWMHIRXERH'LMIJ)\IGYXMZI3JƤGIV * See reconciliations of non-GAAP measures on page 4. 3 RECONCILIATION OF NON-GAAP MEASURES -RQMPPMSRWI\GITXTIVWLEVIEQSYRXW =IEVW)RHIH(IGIQFIV 2018 2017 2016 -RGSQI Net -RGSQI Net -RGSQI Net from Net -RGSQITIV from Net -RGSQITIV from Net -RGSQITIV Operations -RGSQI(1),(2) Share(1) Operations -RGSQI(1) Share(1),(2) Operations -RGSQI(1) Share(1) %WVITSVXIH 6IWXVYGXYVMRKI\TIRWIW Non-cash expense related to waived stock compensation — — — 4.8 4.8 0.06 — — — Extinguishment of debt — 24.4 0.31 — — — — — — (IJIVVIHMRGSQIXE\EHNYWXQIRX
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