Investor Conference CallQ2 2015 Results

July 29, 2015 / Marijn Dekkers, CEO

• Q2 2015 Investor Conference Call • Marijn Dekkers Page 1

DisclaimerThis presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer Group or subgroup management.

Various known and unknown risks, uncertainties and other factors could lead tomaterial differences between the actual future results, financial situation,development or performance of the company and the estimates given here.These factors include those discussed in Bayer’s public reports which areavailable on the Bayer website at www.bayer.com.

The company assumes no liability whatsoever to update these forward-lookingstatements or to conform them to future events or developments.

• Q2 2015 Investor Conference Call • Marijn Dekkers Page 2

Page 3

Q2 2015 –Continued Operational and Strategic Progress

Further organic growth and significantly improved earnings

Portfolio transformation into a pure Life Science company underway

Preparations for the flotation of MaterialScience fully on track

Agreement on the disposal of Diabetic Care business signed

Innovation pipeline continued to progress

Full-year 2015 Group Guidance for operating performance of continuing operations confirmed

• Q2 2015 Investor Conference Call • Marijn Dekkers

Page 4

EBITin € million

+28%

1,833

1,435

Salesin € million% currency & portfolio adj.

+4%

12,090

10,228

EBITDAbefore special itemsin € million

+33%

2,899

2,176

Core EPSin €

+34%

1.98

1.48

Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14

Q2 2015 –Bayer Significantly Improves Earnings

• Q2 2015 Investor Conference Call • Marijn Dekkers

Q2 2015 –Cash Flow And Net Debt Development

Page 5

-€0.2bn 21.1GCF oFCF

2,173

CapEx

600 1,350

∆y-o-y +31% +29%

NCF

1,950

+24% -14%March 31, 2015 June 30, 2015

21.3

• Q2 2015 Investor Conference Call • Marijn Dekkers

Cash Flow in € million, ∆% yoy Fx adj.

Net Debtin € billion

Q2 2015 – HealthCare: All Businesses Contributed To Strong Performance

Page 6

Pharma+18% (+11%)

ConsumerHealth46% (+4%)

36%

HealthCare €5,908m; +28% (+8%)

3,4922,416

Price2%

Volume+7%

Fx+8%

Portfolio+12%

927 1077

387 598

+16%

+55%

1,314

1,675 +28%

284 +53%

952

1,213 +27%

668

433

EBITDA EBIT

780 +17%

• Q2 2015 Investor Conference Call • Marijn Dekkers

Salesin € million, ∆% yoy, () = Fx & portf. adj.

Earningsbefore special items, in € million, ∆% yoy

Q2‘14 Q2‘15 Q2‘14 Q2‘15

Q2 2015 – Pharma:Launch Products Drive Growth

Page 7

+11%Launch productsXarelto +43%Eylea +49%Stivarga +33%Xofigo +31%Adempas

Established productsKogenate +14%Mirena +11%Betaferon -9%Yaz family -10%Nexavar +7%

Salesin € million∆% Fx & portfolio adj.

Q2‘14 Q2‘15

2,960

3,492

1,051

• Q2 2015 Investor Conference Call • Marijn Dekkers

Q2 2015 – HealthCare: All Businesses Contributed To Strong Performance

Page 8

Pharma+18% (+11%)

ConsumerHealth46% (+4%)

36%

HealthCare €5,908m; +28% (+8%)

3,4922,416

Price2%

Volume+7%

Fx+8%

Portfolio+12%

927 1077

387 598

+16%

+55%

1,314

1,675 +28%

284 +53%

952

1,213 +27%

668

433

EBITDA EBIT

780 +17%

• Q2 2015 Investor Conference Call • Marijn Dekkers

Salesin € million, ∆% yoy, () = Fx & portf. adj.

Earningsbefore special items, in € million, ∆% yoy

Q2‘14 Q2‘15 Q2‘14 Q2‘15

Q2 2015 – CropScience: Steady in Weaker Market Environment

Page 9

Crop Protection+6% (-3%)

Environmental Science+27% (+7%)

Seeds+27% (+11%)

CropScience €2,723m; +10% (-1%)

Price+0%

Volume-1%

Fx+10%

Portfolio+1%

2,137

Q2‘14 Q2‘15 Q2‘14 Q2‘15

615

733 +19%

470

599 +27%

251

335

• Q2 2015 Investor Conference Call • Marijn Dekkers

Salesin € million, ∆% yoy, () = Fx & portf. adj.

EBITDA EBIT

Earningsbefore special items, in € million, ∆% yoy

+168%

Q2 2015 – MaterialScience: Earnings greatly improved

Page 10**CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations

CAS**+16% (+6%)

MaterialScience €3,185m; +11% (0%)

Price-6%

Volume+7%

Fx+11%

Portfolio0%

1,638828

IO***2% (-3%)

270

506 +87%

126

337561

158

• Q2 2015 Investor Conference Call • Marijn Dekkers

Polyurethanes+7% (-3%)

Polycarbonates+19% (+5%)

Salesin € million, ∆% yoy, () = Fx & portf. adj.

EBITDA EBIT

Earningsbefore special items, in € million, ∆% yoy

Q2‘14 Q2‘15 Q2‘14 Q2‘15

Q2 2015 – Group Guidance For Operating Performance Of Continuing Operations Confirmed

Page 11

2014restated

2015Original guidance

2015Update July

Fx effect

Sales €41.3bnLow-single-digit %

increase~ €46bn

Low-single-digit % increase~ €47bn

~ +7%

EBITDAbefore special items

€8.7bn Low-to-mid-teens % increase

High-teens % increase ~ +5%

core EPS €5.89 Low-teens % increase

High-teens % increase ~ +5%

∆% Fx and portfolio adjusted

Assuming end Q2’15 Fx ratesOutlook depends on specific planning assumptions as detailed in the Annual Report• Q2 2015 Investor Conference Call • Marijn Dekkers

Investor Conference CallQ2 2015 Results

July 29, 2015 / Marijn Dekkers, CEO

• Q2 2015 Investor Conference Call • Marijn Dekkers Page 12