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Meet Management 2013
Leverkusen, June 2013 I New York
Investor Handout
• Bayer Investor Presentation • Meet Management • March 2013Page 2
Disclaimer
This presentation may contain forward-looking statements based on current
assumptions and forecasts made by Bayer Group or subgroup management.
Various known and unknown risks, uncertainties and other factors could lead to
material 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 are
available on the Bayer website at www.bayer.com. The company assumes no
liability whatsoever to update these forward-looking statements or to conform
them to future events or developments.
• Bayer Investor Presentation • Meet Management • June 2013Page 1
Our Mission –
Innovation and Customer Value
 Bayer is an innovation company
 With a strong “innovation portfolio”
 Addressing new growth areas
 Capable of identifying and using
breakthrough innovations
 Bayer is innovative in many ways:
Products, technologies, processes,
business models, strategies
 Bayer products improve
the quality of people’s lives
 Bayer has an excellent understanding
of human, animal and plant health,
as well as of high-quality materials
 Respect for people and nature
is an essential part of our values
Science / Innovation Better Life
Science For A Better Life
• Bayer Investor Presentation • Meet Management • June 2013Page 2
Our Business Portfolio –
Leading in Its Markets
Break-down excluding reconciliation
Sales 2012: €39.7bn
CropScience
Chemical crop protection & biologicals,
global #2, seeds & traits
€8.4bn
MaterialScience
Polyurethanes and polycarbonates,
global #1/2
€11.5bn
HealthCare
Pharmaceuticals €10.8bn,
leading positions in core indications
Consumer Health €7.8bn,
OTC pharmaceuticals, blood glucose
meters, contrast media and veterinary
medicines, global #2-5
€18.6bn
22%
30%
48%
• Bayer Investor Presentation • Meet Management • June 2013Page 3
We are Generating the Vast Majority of our
Business in the Life-Sciences
22%
30%
45%
85% 15%
Sales 2012 Adj. EBITDA 2012*
Human
Health
3%
Breakdown excluding Reconciliation
Material
Science
Animal
Health
Life-
Sciences
Material
Science
*EBITDA before special items
Plant Health
• Bayer Investor Presentation • Meet Management • June 2013Page 4
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
2012 Group Sales Highlights Emerging Economies
In € million, ∆% yoy Fx adjusted
BRIC
 +13% with HealthCare +23%
and CropScience +20%
 +16% driven by CropScience,
but also MaterialScience strong
 +19% with both Consumer Health
and MaterialScience +25%
 +7% driven by CropScience
and MaterialScience
 +12% driven mainly by our Life-
Science businesses
Emerging
Economies¹
+7%
Developed
Economies
+3%
Group €39,741m; +5%
63%
Strong Presence in the Emerging Markets
37%
• Bayer Investor Presentation • Meet Management • June 2013Page 5
Our Track Record –
Delivered Growth and Performance
* 2007 - 2008 from continuing operations
2007 2008 2009 2010 2011 2012
Sales (€ billion)
3.80
4.17
3.64
4.19
3
4
5
6
2007 2008 2009 2010 2011 2012
4.83
5.30
EBITDA before special items* (€ billion) Core earnings per share* (€)
20.9
21.1
20.8
20.2
20
21
22
2007 2008 2009 2010 2011 2012
20.820.8
2007 2008 2009 2010 2011 2012
EBITDA before special items margin* (%)
32.4 32.9
31.2
35.1
36.5
39.7
6.8 6.9
6.5
7.1
7.6
8.3
• Bayer Investor Presentation • Meet Management • June 2013Page 6
Life-Science Businesses Off To
A Good Start
Q1 2013 – Total Group:
Life-Sciences Commence Positively
• Bayer Investor Presentation • Meet Management • June 2013Page 7
EBIT
in € million
+9%
1,771
1,631
Sales
in € million
% currency & portfolio adj.
+4%
10,266
10,054
EBITDA
adjusted*
in € million
0%
2,4532,443
Core EPS
in €
+2%
1.701.67
*before special items
Q1’13Q1’12 Q1’13Q1’12 Q1’13Q1’12 Q1’13Q1’12
Full Year 2013 Outlook Projects Further
Growth And Higher Earnings
• Bayer Investor Presentation • Meet Management • June 2013Page 8
2012 ∆ vs. 2011 2013e
Sales €39.7bn +5%
+4-5% to
~€41bn*
adj. EBITDA €8.3bn +9%
mid-single-digit %
increase
Core EPS €5.30 +10%
high-single-digit %
increase
Sales ∆ Fx and portfolio adjusted, EBITDA before special items
*Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report
• Bayer Investor Presentation • Meet Management • June 2013Page 9
Pharma: Sales Growth
Acceleration Driven by New
Products & Emerging Markets
2012 CAGR 2015e
Pharma – New Products Drive Growth and
Rejuvenate Portfolio
• Bayer Investor Presentation • Meet Management • June 2013Page 10
86
368
~1,000
>2,500
2011 2012 2013e 2015e
Sales from new Pharma pipeline in €m
Q1: 244
Xarelto: 155
Eylea: 49
Stivarga: 40
CTEPH: chronic thromboembolic pulmonary hypertension; CRVO: central retinal
vein occlusion; PAH: pulmonary arterial hypertension;
wAMD: wet age-related macular degeneration
 Strong launch execution, targeting ~€600m
sales in 2013
 Roll-out in wAMD underway, approval in
CRVO 2H 2013e
 Launched in US and Japan, CHMP opinion
1H 2013e
 Approved in the US, filed in EU (Dec. 2012)
 Submitted for PAH and CTEPH (Feb. 2013),
priority review in the US
Xarelto –
Development in Selected Markets
• Bayer Investor Presentation • Meet Management • June 2013Page 11
Status as of mid May 2013
Germany: most successful launch ever in the cardiovascular market;
market share
1
at ~33% (dabigatran ~11%, apixaban ~1%)
Japan: 2-week prescription limitation lifted end of April 2013;
market share
2
at ~16% (market share as of 1
st
of April: 9%)
France: Xarelto maintained leadership over dabigatran;
market share1 increased to ~17% (dabigatran ~16%)
Brazil: successful launch; market share3 ~37% (dabigatran ~17%);
Xarelto with 45% new patients and 55% switchers
Switzerland: excellent launch performance, making Xarelto the No. 1 in the
retail market for anticoagulants; market share at ~34%
US4: steady uptake; surpassing warfarin in NBRx share in the cardiology AC
market: Xarelto at ~38% (warfarin ~36%, dabigatran ~12%, apixaban ~ 14%)
Source: IMS; 1 sales market share anticoagulants (AC) ex manufacturer prices, retail; 2
anticoagulants retail and hospitals, 3 sales market share AC , retail; 4:marketed by J&J;
• Bayer Investor Presentation • Meet Management • June 2013Page 12
Xofigo – A New Treatment for CRPC
Patients with Bone Metastases
Bone marrow
Osteoclast
α-particle
radiation
Global peak sales potential ≥ €1bn
 ~900,000 men diagnosed worldwide, up to
90% develop bone metastases1
 First in class alpha-pharmaceutical delivering
high energy, short ranging alpha-particles
 44% improvement in overall survival in phase
III trial
 Demonstrated delay in time to first
skeletal-related event
 Approved in the US for CRPC with
symptomatic bone metastases and no known
visceral metastatic disease
 Submitted for CRPC in Europe (Dec 2012)
CRPC: castration-resistant prostate cancer;
1: GLOBOCAN 2008,World Health Organization
• Bayer Investor Presentation • Meet Management • June 2013Page 13
Strengthening Women‘s Health Business –
Acquisition of Conceptus, Inc.
 Bayer successfully completed the public tender offer to acquire all shares in
Conceptus for $31/share (>90% tendered, transaction value of ~$1.1bn)
 US-based company developing the Essure® procedure, the leading non-
surgical permanent birth control method proven by >700,000 procedures
 Significant synergies expected from leveraging existing business power
Essure ®
Permanent
Long-
term
Short-
term
No children Active family planning Family planning finalized
IUD (Mirena)
IUD (Skyla)
Oral contraceptives (e.g. YAZ)
• Bayer Investor Presentation • Meet Management • June 2013Page 14
Aspire to Become the Leading
OTC Company
Consumer Care – Aspire to Become the
World-Leading OTC Company
• Bayer Investor Presentation • Meet Management • June 2013Page 15
2003 2011 2012
+6%  Built global #2 position through
combination of organic growth and
targeted acquisitions
 Track record of performance –
continued to gain share in 2012
 Product portfolio of some of the
world‘s most recognized brands
 Further growth opportunities in
selected emerging markets
Sales Development*
1.4
3.5
3.9
* Sales Consumer Care segment
Global #6 Global #2
In € billion, ∆% yoy Fx adjusted
Brands Years Old 2012 Sales €m 3-Year CAGR
113 970* 7%
81 197# 12%
78 101 1%
69 196 5%
68 269 12%
40 250 9%
19 323 12%
Strong Consumer Brands Build Equity for
Decades
• Bayer Investor Presentation • Meet Management • June 2013Page 16
*Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx)
#Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus.
Innovation at OTC – New Product
Development with Aspirin
• Bayer Investor Presentation • Meet Management • June 2013Page 17
• Bayer Investor Presentation • Meet Management • June 2013Page 18
Strengthening Our OTC Business –
Bayer to Acquire Steigerwald GmbH
 Bayer launched an offer to acquire Steigerwald Arzneimittelwerk GmbH, with
closing expected at the beginning of July 2013*
 Steigerwald generated net sales of €61.3m in 2012 (~90% in Germany)
 Steigerwald produces herbal drugs, its 2 core brands make ~90% of sales
 Significant sales synergies expected due to our complementary CC business
Iberogast®
 Treatment of functional
dyspepsia & irritable
bowel syndrome
Laif®
 St John’s wort based
medicine for treat-
ment of depression
* subject to regulatory approval
• Bayer Investor Presentation • Meet Management • June 2013Page 19
CropScience: Targeting Above
Market Growth at Benchmark
Profitability
2012 CAGR 2015e
• Bayer Investor Presentation • Meet Management • June 2013Page 20
Leading the Way in Integrated
Crop Solutions
Integrated Crop Solutions
Chemical
Crop
Protection
Biological
Crop
Protection
Seeds
 Herbicides
 Fungicides
 Insecticides
 SeedGrowth
 Microorganisms
 Microbial
extracts
 Canola, cotton,
rice, soy, wheat,
vegetables
 Conventional
seeds
 GMO seeds
 Traits
Better harvest
with improved:
 Yield
 Quality
 Processability
 Sustainability
GMO: Genetically modified organism
 Weed, pest &
disease control
 Stress
tolerance
CropScience – Translate R&D Effectively
into New Product Sales
• Bayer Investor Presentation • Meet Management • June 2013Page 21
 Xpro (+61%) - New cereal fungicide with
yield-boosting effect
 Adengo herbicide family (+85%) -
Excellent weed control in corn and cereals,
also in case of glyphosate resistance
 Belt (+54%) - Broad-spectrum insecticide
with fast and long-lasting action
 Launch of Luna fungicide in the US
 First launch of new SeedGrowth family
EverGol/Emesto in Canada
0.02
0.3
0.7
1.1
~1.4
~1.9
2007 2009 2011 2012 2013e 2015e
+60%
2012 Highlights
Sales from new Crop Protection
products launched since 2006 in €bn
∆% y-o-y, () Fx adj.
• Bayer Investor Presentation • Meet Management • June 2013Page 22
Bolt-on Acquisitions to Strengthen
CropScience Portfolio
Region Technology Product / Portf.
Biologics
 Hornbeck (04/11)
€30m
US Seeds, Breeding
Germplasm
Soybean
Seeds
 AgraQuest (07/12)
~€375m
> 30 countries Biologics Fungicides
Insecticides
 Raps GbR (10/11)
€26m
 Wehrtec,
Wehrmann (03/13)
€37m + milestones
Seeds
Germplasm
Soybean
 Abbott & Cobb (07/12)
~€43m
US Seeds Watermelon
Melon
 Prophyta (01/13)
€25m (provisional)
Germany Biologics Fungicides
Nematicides
Europe Seeds, Breeding Oilseed rape
Brazil
• Bayer Investor Presentation • Meet Management • June 2013Page 23
MaterialScience: Aspire to Earn
a Premium Over Cost of Capital
• Bayer Investor Presentation • Meet Management • June 2013Page 24
Selling Price Increases & Savings Not
Sufficient to Protect Earnings
 Market growth trends intact, key
products with mid-single digit volume
growth
 High raw material prices and
significant capacity additions led to
global overcapacities and margin
pressure
 Going forward demand & supply
balance expected to improve
 Anticipated margin improvement
supported by fresh savings from new
efficiency initiative
2010 2011 2012
Sales Adj. EBITDARaw Mat. & Energy Costs CFROI
In € bn
10.2
10.8
11.5
5.4
6.2
6.6
1.4 1.2 1.3
6% 6%
8%
Profitability Improvement Through New
Efficiency Initiative Until 2015
• Bayer Investor Presentation • Meet Management • June 2013Page 25
Examples
Business Units  Consolidation of system houses
 Pricing excellence programs
Organization  Optimization of regional structures (e.g. Canada & US)
Production  Further initiatives to improve asset productivity (e.g. maintenance
schedules, engineering setup)
Supply Chain  Optimization of logistics services
Selling &
Administration
 Further reduce costs by leveraging established global ERP
platform and standardized processes
ERP: enterprise resource planning
 New efficiency initiative improves cost structure and increases adjusted EBITDA
margin by 150bp
 Initiative comprises more than 100 measures across the entire value chain
• Bayer Investor Presentation • Meet Management • June 2013Page 26
… and Optimistic for Future
Developments
years
• Bayer Investor Presentation • Meet Management • June 2013Page 27
Solid Start to 2013 – Track Record of
Performance Expected to Continue
 Business performance predominantly driven by HealthCare and CropScience
contributing 70% of sales and 85% of earnings
 Significant new product opportunities at our Life-Science businesses
 Continued strong emerging markets business momentum
 Full-year 2013 group outlook projects higher sales and earnings
 Aspire to grow HealthCare and CropScience by 6% CAGR until 2015
• Bayer Investor Presentation • Meet Management • June 2013Page 28
Appendix
• Bayer Investor Presentation • Meet Management • June 2013Page 29
Priority 2012
Target
2013*
Aspiration
2015
 HealthCare: Accelerate sales growth €18.6bn
 Pharma: Successfully commercialize new
products and realize emerging markets
(EM) opportunity
 New product sales¹
 EM growth
 Consumer Health: Aspire to become #1
OTC company
€7.8bn ~€9bn
 HealthCare: Improve margins
 Pharma
 Consumer Health
27.5%
29.9%
24.2%
slightly up
slightly up
at level
towards 29%
≥31%
~25%
HealthCare –
Building Growth Momentum, Improving Margins
¹ Xarelto, Eylea, Stivarga, Radium-223 dichloride and Riociguat; subject to regulatory approval
*Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report
€10.8bn
€368m
7.3%
mid-single-digit
% to ~€11bn
~€1bn
high-single
digit %
CAGR ~7%
towards €13bn
>€2.5bn
high-single
digit %
CAGR ~6%
towards €22bn
mid-single-digit
% to ~€8bn
mid-single-digit
% to ~€19bn
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
Q1 2013 – HealthCare: New Products and
Consumer Care Drive Growth
• Bayer Investor Presentation • Meet Management • June 2013Page 30
*before special items
Q1 2013 Sales Earnings
Pharma
+2% (+5%)
Consumer
Health
+3% (+5%)
36%
HealthCare €4,443m; +2% (+5%)
2,5641,879
Price
+1%
Volume
+4%
Fx
-3%
Portfolio
0%
In € million, ∆% yoy, () = Fx & portf. adjusted
Q1‘12 Q1‘13 Q1‘12 Q1‘13
740
832
441 445
+12%
+1%
1,181
1,277 +8%
341 +1%
861
953 +11%
520
343
Adj.
EBITDA*
Adj.
EBIT*
610 +17%
Full Year 2012 –
HealthCare
• Bayer Investor Presentation • Meet Management • June 2013Page 31
*before special items
2012 Sales Earnings
Pharma
+9% (+4%)
Consumer
Health
+8% (+4%)
36%
HealthCare €18,604m; +8% (+4%)
10,7987,806
Price
0%
Volume
+4%
Fx
+4%
Portfolio
0%
In € million, ∆% yoy, () = Fx & portf. adjusted
FY‘11 FY‘12 FY‘11 FY‘12
2,972
3,233
1,730
1,886
+9%
+9%
4,702
5,119 +9%
1,325
+10%
3,367
3,788 +13%
2,042
1,460
Adj.
EBITDA*
Adj.
EBIT*
2,328 +14%
• Bayer Investor Presentation • Meet Management • June 2013Page 32
CropScience – Above Market Growth at
Benchmark Profitability
Priority 2012
Target
2013*
Aspiration
2015
 Above-market sales growth
+12.4%
to €8.4bn
high-single
digit %
towards €9bn
CAGR ~6%
towards
€10bn
 Translate R&D effectively into new
product sales (CP products launched since 2006)
€1.1bn ~€1.4bn ~€1.9bn
 Extend seeds footprint +14%
 Maintain industry leading profitability level 24.2%
slight
improvement
~24%
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
double-digit %
growth p.a.
CP: Crop Protection
*Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report
double-digit %
growth
Q1 2013 – CropScience: ContinuouslyStrong
In Favorable Market Environment
• Bayer Investor Presentation • Meet Management • June 2013Page 33
Crop Protection
+9% (+11%)
Environmental
Science
-12% (-10%)
Seeds
+1% (0%)
Q1 2013 Sales Earnings
In € million, ∆% yoy, () = Fx & portf. adjusted
CropScience €2,764m; +6% (+7%)
Price
+3%
Volume
+4%
Fx
-2%
Portfolio
0%
2,111
Q1‘12 Q1‘13 Q1‘12 Q1‘13
984
1,081 +10%
864
969 +12%
Adj.
EBITDA*
Adj.
EBIT*
164
489
*before special items
Full Year 2012 –
CropScience
• Bayer Investor Presentation • Meet Management • June 2013Page 34
Crop Protection
+16% (+13%)
Environmental
Science
+9% (+5%)
*before special items
Seeds
+17% (+14%)
2012 Sales Earnings
In € million, ∆% yoy, () = Fx & portf. adjusted
CropScience €8,383m; +16% (+12%)
Price
+1%
Volume
+12%
Fx
+4%
Portfolio
-1%
6,741
FY‘11 FY‘12 FY‘11 FY‘12
1,654
2,026 +22%
1,168
1,543 +32%
Adj.
EBITDA*
Adj.
EBIT*
680
962
• Bayer Investor Presentation • Meet Management • June 2013Page 35
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
*Assuming Fx rate of $1.29 per €
#after reproduction
Outlook depends on specific planning assumptions as detailed in the Annual Report
MaterialScience – Higher Asset Utilization &
Efficiency Measures Are Driving Performance
2012 Target 2013 Aspiration 2015
 Sales +2.9% to €11.5bn
(volumes +2%)
 Adj. EBITDA +8% to
€1,262m
 CFROI# 5.7% < WACC
7.1%
 Sales to slightly increase
to ~€12bn
 Adj. EBITDA to match
2012 figure
 Q2‘2013 vs Q1‘2013:
Sales to increase and adj.
EBITDA to significantly
increase
 Grow business (volume)
above global GDP
 Defend market leading
positions in PCS and PUR
 Realize 150 bp margin
contribution through new
efficiency initiative
 Optimize asset structure
in Germany
 CFROI# > WACC
• Bayer Investor Presentation • Meet Management • June 2013Page 36
Q1 2013 – MaterialScience: Cost Pressure
Prevented A Better Performance
**CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
Polyurethanes
+3% (+4%)
Polycarbonates
-6% (-6%)
CAS**
-3% (-3%)
Q1 2013 Sales Earnings
In € million, ∆% yoy, () = Fx & portf. adjusted
*before special items
MaterialScience €2,775m; +0% (+0%)
Price
+4%
Volume
-4%
Fx
-1%
Portfolio
0%
1,469
663
IO***
+0% (+1%)
Q1‘12 Q1‘13 Q1‘12 Q1‘13
Adj.
EBITDA*
Adj.
EBIT*
279
204 -27%
121
43 -65%
467
176
Full Year 2012 –
MaterialScience
• Bayer Investor Presentation • Meet Management • June 2013Page 37 **CAS: Coatings, Adhesives, Specialties
*** IO: Industrial Operations
2012 Sales Earnings
In € million, ∆% yoy, () = Fx & portf. adjusted
*before special items
MaterialScience €11,491m; +6% (+3%)
Price
+1%
Volume
+2%
Fx
+4%
Portfolio
-1%
5,987
FY‘11 FY‘12 FY‘11 FY‘12
Adj.
EBITDA*
Adj.
EBIT*
1,171
1,262 +8%
589
613 +4%
Polycarbonates
-3% (-7%)
CAS**
+3% (+4%)
2,819
IO***
+8% (+6%)
1,972
714
Polyurethanes
+12% (+8%)
• Bayer Investor Presentation • Meet Management • June 2013Page 38
Q1 2013 – Regional Performance: Growth
Led by USA and Emerging Economies
Africa &
Middle East
Eastern
Europe
Emerging Economies
Emerging
Economies¹
+7%
Others²
+8%
USA
+8%
Western Europe
-3%
Q1 2013 Group Sales by Region
Group €10,266m; +4%
~1,000
+8%
~1,400
+8%
~400
-7%~700
+13%
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia w/o Japan, Australia, New Zealand
In € million, ∆% yoy Fx adjusted
34%
12%32%
22%
Latin
America
Emerging
Asia³
Full Year 2012 –
Regional Performance
• Bayer Investor Presentation • Meet Management • June 2013Page 39
Africa &
Middle East
Eastern
Europe
Emerging Economies
Emerging
Economies¹
+7%
Others²
+4%
USA
+9%
Western Europe
0%
2012 Group Sales by Region
Group €39,741m; +5%
~4,900
+12%~5,700
+5%
~1,800
0%~2,400
+10%
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia w/o Japan, Australia, New Zealand
In € million, ∆% yoy Fx adjusted
37%
11%
31%
21%
Latin
America
Emerging
Asia³
• Bayer Investor Presentation • Meet Management • June 2013Page 40
Q1 2013 –
Cash Flow And Net Debt Development
+€491m 7.5
GCF oFCF
1,807
Invest-
ments
365 (38)
∆
y-o-y +13% -100%
NCF
327
+38% +43%
Dec 31, 2012 Mar 31, 2013
7.0
Q1 2013 Cash Flow Net Debt Development
Cash Flow in € million, Net Debt in € billion
Full Year 2012 –
Cash Flow and Net Debt Development
• Bayer Investor Presentation • Meet Management • June 2013Page 41
+€9m 7.0GCF oFCF
4,556
Invest-
ments
1,930 2,601
∆
y-o-y -12% -24%
NCF
4,531
-10% +20%
Dec 31, 2011 Dec 31, 2012
7.0
2012 Cash Flow Net Debt Development
Cash Flow in € million, Net Debt in € billion
Investor Handout – Meet Management
Bayer HealthCare
June 2013 – New York
Leading Positions in Key Healthcare
Markets
• Bayer Investor Presentation • Meet Management • June 2013Page 43
Pharma
€10,798m
 Leading positions in key therapeutic categories
Consumer Care
€3,853m
 Global #2 in OTC-pharmaceuticals,
~€0.3bn dermatology business
Medical Care
€2,650m
 #1 in fluid injection systems, #1 in contrast media,
#4 in blood glucose meters
Animal Health
€1,303m
 Global #5, #2 in parasiticides
Sales Split by Segment 2012
25%
58%
7%
21%
14%
HealthCare €18,604m
Full Year 2012 –
Growth in All Segments
• Bayer Investor Presentation • Meet Management • June 2013Page 44
*before special items
2012 Sales Earnings
Pharma
+9% (+4%)
Consumer
Health
+8% (+4%)
36%
HealthCare €18,604m; +8% (+4%)
10,7987,806
Price
0%
Volume
+4%
Fx
+4%
Portfolio
0%
In € million, ∆% yoy, () = Fx & portf. adjusted
2011 2012 2011 2012
2,972
3,233
1,730
1,886
+9%
+9%
4,702
5,119 +9%
1,325
+10%
3,367
3,788 +13%
2,042
1,460
Adj.
EBITDA*
Adj.
EBIT*
2,328 +14%
Full Year 2012 – Strong Business
Momentum in Emerging Markets
• Bayer Investor Presentation • Meet Management • June 2013Page 45
Emerging Economies
25%
2012 Sales
Latin
America
Eastern
Europe
Africa &
Middle East
~2,100
+12%
~2,100
+8%
~1,100
+9%
~900
+1%
24%
USA
+6%
29%
33%
14%
Sales in € million; ∆% y-o-y Fx adjusted
Emerging
Economies¹
+8%
Emerging
Asia³
Western
Europe -1%
Others²
+1%
HealthCare €18,604m
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia without Japan, Australia, New Zealand
• Bayer Investor Presentation • Meet Management • June 2013Page 46
New Products Drive Pharma
Growth and Rejuvenate Portfolio
Peak Sales Potential*
* from 5 new products
New Product Pipeline
• Bayer Investor Presentation • Meet Management • June 2013Page 47
*Combined peak sales potential for Xarelto, Stivarga, Eylea, Radium-223 dichloride
and Riociguat assuming approvals and launches planned
Combined* Peak Sales Potential >€5.5bn
First launches in first / main indication*
Rivaroxaban AfliberceptRegorafenib
Radium-223
dichloride
Riociguat
2011 2012 2012 2013 2013e
• Bayer Investor Presentation • Meet Management • June 2013Page 48
New Products Drive Growth and Rejuvenate
Portfolio
86
368
~1,000
>2,500
2011 2012 2013e 2015e
Sales from new Pharma pipeline in €m
Q1: 244
Xarelto: 155
Eylea: 49
Stivarga: 40
CTEPH: chronic thromboembolic pulmonary hypertension; CRVO: central retinal
vein occlusion; PAH: pulmonary arterial hypertension;
wAMD: wet age-related macular degeneration
 Strong launch execution, targeting ~€600m
sales in 2013
 Roll-out in wAMD underway, approval in
CRVO 2H 2013e
 Launched in US and Japan, CHMP opinion
1H 2013e
 Launched in the US, filed in EU (Dec. 2012)
 Submitted for PAH and CTEPH (Feb. 2013),
priority review in the US
Xarelto –
Effective Anticoagulation For More Patients
• Bayer Investor Presentation • Meet Management • June 2013Page 49
Peak sales potential > €2bn
SPAF: prevention of stroke and systemic embolism in patients with non-
valvular atrial fibrillation; DVT: deep vein thrombosis; VTE: venous
thromboembolism; ACS: acute coronary syndrome
Peak sales potential > €2bn
 Breadth of indications: met or exceeded primary
efficacy endpoint in 11/11 phase III studies
 Further phase III trials initiated, for example in the prevention of major
adverse cardiac events in patients with coronary or peripheral artery
disease
1) Clinical
2) Regulatory
 VTE prevention following total knee/hip replacement surgery
 Stroke prevention in patients with atrial fibrillation (SPAF)
 Treatment of DVT, PE and to reduce the risk of recurrent DVT and
PE
 Approved for secondary prevention after ACS in Europe
 Filed for sec. prevention of ACS in the US (Complete Response Letter March 2013)
3) Marketing
Xarelto –
Strong Launch Execution
• Bayer Investor Presentation • Meet Management • June 2013Page 50
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13
272
23
US* Ex-US
31
Sales in € million; ∆% Fx adj.
8
34
42
8
57
68
11
67
81
14
109
131
22
*Bayer reporting, not reflecting in-market sales
 Sales 2012: €322m, exceeded
target
 Sales advanced strongly in all
regions following further product
launches and indication
expansions
 Most successful launch ever in the
German cardiovascular market
 Sales target 2013: ~€600m
22
133
155
Xarelto –
Development in Selected Markets
• Bayer Investor Presentation • Meet Management • June 2013Page 51
Status as of mid May 2013
Germany: most successful launch ever in the cardiovascular market;
market share
1
at ~33% (dabigatran ~11%, apixaban ~1%)
Japan: 2-week prescription limitation lifted end of April 2013;
market share
2
at ~16% (market share as of 1
st
of April: 9%)
France: Xarelto maintained leadership over dabigatran;
market share1 increased to ~17% (dabigatran ~16%)
Brazil: successful launch; market share3 ~37% (dabigatran ~17%);
Xarelto with 45% new patients and 55% switchers
Switzerland: excellent launch performance, making Xarelto the No. 1 in the
retail market for anticoagulants; market share at ~34%
US4: steady uptake; surpassing warfarin in NBRx share in the cardiology AC
market: Xarelto at ~38% (warfarin ~36%, dabigatran ~12%, apixaban ~ 14%)
Source: IMS; 1 sales market share anticoagulants (AC) ex manufacturer prices, retail; 2
anticoagulants retail and hospitals, 3 sales market share AC , retail; 4:marketed by J&J;
Xarelto Uptake
• Bayer Investor Presentation • Meet Management • June 2013Page 52
Source: IMS
1: Ex-Mnf Sales Market Share (incl. PI) in all dosage strengths and pack sizes,
2: Sales Market Share (Ret+Hosp) in %,
3: Retail Sales Market Share, marketed by J&J
Germany1 Japan2 United States3
Xarelto Pradaxa Eliquis
Jan
2012
34%
16%
<1%
June
2012
May
2013
May
2013
0%
10%
20%
30%
40%
50%
Jan
2012
33%
11%
1%
May
2013
20%
22%
1.5%
Eylea –
Targeting Different Eye Diseases
• Bayer Investor Presentation • Meet Management • June 2013Page 53
1: as measured on the Early Treatment Diabetic Retinopathy Scale; 2: Regeneron
has US marketing rights; AMD: age-related macular degeneration; CRVO: central
retinal vein occlusion; mCNV: myopic choroidal neovascularization
 Bayer has marketing rights ex-US2, launched in first markets in wet
AMD end 2012
 First launches in CRVO planned for 2H 2013
1) Clinical
2) Regulatory
3) Marketing
 Positive phase III data in wet AMD and CRVO reported
 Positive phase III in mCNV (mean improvement of 12 letters in best-corrected visual
acuity1 from baseline at week 24 vs. a loss of 2 letters in sham control (p<0.0001))
 Data from phase III studies in DME 2H 2013e
 Filed for CRVO in EU (Dec 2012) and Japan (Jan 2013)
 Filing in mCNV 2H 2013e
Peak sales potential ≥ €1bn
Eylea – Developed for the Treatment of
Various Back of the Eye Diseases
• Bayer Investor Presentation • Meet Management • June 2013Page 54
Eylea has been in-licensed from Regeneron; Bayer has exclusive marketing rights ex-US
patient numbers are Bayer estimates
Wet age-related macular degeneration (wet AMD)
 One of the leading cause of severe vision loss
 Globally an estimated 12 million patients in the 50+ age group
Diabetic macular edema (DME)
 The most frequent cause of blindness in young and mid-aged adults
 Globally the treatable patient population for DME is estimated ~6.2 million
Central retinal vein occlusion (CRVO)
 90% occur in patients aged ~50, it can affect all ages
 A common retinal vascular disorder affecting ~2.5 million people globally
Myopic choroidal neovascularization (myopic CNV)
 High prevalence in Asian population
 In Japan and China treatable population of mCNV is approx. 2 million, with
approx. 0.2 million new cases/year
Stivarga –
Major Progress in Our Oncology Portfolio
• Bayer Investor Presentation • Meet Management • June 2013Page 55
mCRC: metastatic colorectal cancer; mGIST: metastatic gastrointestinal
stromal tumors; HCC: hepatocellular carcinoma
1) Clinical
 Positive phase III data in mCRC and mGIST
 Phase III in 2nd line HCC initiated (RESORCE) (May 2013)
 Phase III in colorectal cancer (adjuvant therapy) expected to start 2H 2013
2) Regulatory
3) Marketing
 Launched in mCRC (Sep 2012) / mGIST (Feb 2013) in the US
 Launched in mCRC in Japan (May 2013)
Peak sales potential ≥ €1bn
 Filed for mCRC in EU - CHMP opinion expected 1H 2013
 Filing for mGIST in Europe planned after expected approval in mCRC
 Filed for mGIST in Japan (priority review) (Feb 2013)
Stivarga –
Three Dimensional Mode of Action
• Bayer Investor Presentation • Meet Management • June 2013Page 56
 Regorafenib is an oral tumor deactivation agent that potently blocks multiple protein
kinases, including kinases involved in:
 Tumor angiogenesis (VEGFR1, -2, -3, TIE2)
 Oncogenesis (KIT, RET, RAF-1, BRAF, BRAFV600E)
 Tumor microenvironment (PDGFR, FGFR)
Inhibition of
neoangiogenesis
Inhibition of tumor
microenvironment signals
Inhibition of proliferation
of certain tumor cells
VEGFR: vascular endothelial growth factor receptor; TIE2: tyrosine kinase with
immunoglobulin-like and EGF-like domains ; PDGFR: platelet derived growth factor
receptor; FGFR: fibroblast growth factor receptor;
Xofigo – A New Treatment for Prostate
Cancer Patients with Bone Metastases
• Bayer Investor Presentation • Meet Management • June 2013Page 57
1) Clinical
 Phase III study in CRPC patients with bone metastases stopped early on
success
 Studies in earlier settings of prostate cancer, including combination
studies and studies in other tumors (such as breast cancer and
osteosarcoma) planned
2) Regulatory
3) Marketing
 Launched in the US
Peak sales potential ≥ €1bn
 Approved in the US for patients with CRPC and symptomatic bone
metastases
 Submitted for treating bone metastases in patients with CRPC in Europe
CRPC: castration-resistant prostate cancer
Xofigo –
Unique Mode of Action
• Bayer Investor Presentation • Meet Management • June 2013Page 58
 First in class alpha-pharmaceutical
delivering high energy, short ranging
alpha-particles
 ~900,000 men diagnosed worldwide, up
to 90% have radiological evidence of
bone metastases1
 Demonstrated 44% improvement in
overall survival in phase III trial
 Demonstrated delay in time to first
skeletal-related event
CRPC: castration-resistant prostate cancer
1: GLOBOCAN, World Health Organization
Bone marrowTumor cells
Osteoclast
Osteoblast
α-particle
radiation
Targets new bone,
e.g. bone metastases
Irradiates adjacent tumour cells leading
to highly localized tumor cell killing
Radium-223
deposition
Newly
formed bone
Riociguat – Addressing Unmet Medical
Need in Pulmonary Hypertension
• Bayer Investor Presentation • Meet Management • June 2013Page 59
6MWDT: 6 Minutes walking distance test , CTEPH: chronic thromboembolic pulmonary hypertension,
PAH: pulmonary arterial hypertension, sGC soluble guanylate cyclase
Peak sales potential > €500m
1) Clinical
 Phase III in PAH (PATENT-1) successfully completed
 Phase III in CTEPH (CTEPH) successfully completed showing Riociguat
to be the first ever drug demonstrating clinical efficacy in a placebo-
controlled trial
2) Regulatory
 Submitted for PAH and CTEPH in the US - priority review granted (April
2013)
 Submitted for PAH and CTEPH in Europe (Feb 2013)
• Bayer Investor Presentation • Meet Management • June 2013Page 60
Riociguat – Demonstrated Efficacy in PAH
and CTEPH
Sec. endpoints for 1) and 2): Pulmonary vascular resistance; N-terminal pro brain natriuretic peptide; World health organization functional class;
for 1) additionally: Time to clinical worsening; Borg dyspnea score
CHEST-1 enrolled patients with CTEPH either inoperable or with persistent or recurrent pulmonary hypertension after surgery
Phase III in PAH (PATENT-1)
● Primary efficacy endpoint met – 6MWD
improved by 36m from baseline after 12
weeks compared with placebo (p<0.0001)
● Statistical significant effect demonstrated
across sec. endpoints1 in both treatment-
naïve and pre-treated patients
● Riociguat was generally well tolerated
with a good safety profile
● A first analysis of the long-term extension
study (PATENT-2) showed that efficacy
benefits were improved and sustained
and that Riociguat was well tolerated with
a good long-term safety profile
Phase III in CTEPH (CHEST-1)
● Primary efficacy endpoint met – 6MWD
improved by 46m from baseline after 16
weeks compared with placebo (p<0.0001)
● Significant improvement observed in
relevant sec. endpoints2
● Riociguat was generally well tolerated
with a good safety profile
● First interim analysis of the long-term
extension study (CHEST-2) showed
further increase in 6MWD in former
Riociguat patients and in former placebo
patients compared to CHEST-1 baseline
CTEPH: chronic thromboembolic pulmonary hypertension,
PAH: pulmonary arterial hypertension,
6MWD: Six minute walking distance
Forms and Epidemiology of Pulmonary
Hypertension
• Bayer Investor Presentation • Meet Management • June 2013Page 61
CTEPH~20,000
PH owing to lung disease~410,0002
~30,000
PH-LVD~240,000
 Pulmonary hypertension (PH) encompasses multiple disease subtypes but approved
treatments are only indicated for pulmonary arterial hypertension (PAH)
 ~700,000 patients diagnosed1 with diseases related to / including PH. Thereof ~300,000
patients potentially eligible for PH treatment
1Diagnoses estimated in 2009 in US, EU5, J;
2Thereof ~ <20% could be treated for PH
CTEPH: Chronic thromboembolic pulmonary hypertension
LVD: left ventricular disease
PAH
• Bayer Investor Presentation • Meet Management • June 2013Page 62
Pharma Product Portfolio
Top 10 Pharma Product Performance
in 2012
• Bayer Investor Presentation • Meet Management • June 2013Page 63
FY 2012 sales in € million (∆% yoy Fx-adj.)
YAZ-family
Betaseron
Kogenate
Adalat
Glucobay
Avelox
Nexavar
Mirena
Xarelto
Aspirin C.
+4%
+5%
-5%
+4%
+9%
-2%
-5%
+12%
+4%
+266%
1,216
1,182
1,045
677
322
486
792
670
476
408
Multiple Sclerosis
Hemophilia A
Contraception
Cancer
Contraception
Hypertension
Antiinfective
MI prevention
Diabetes
Anticoagulation
MI: Myocardial infarction
Leader in Women’s HealthCare
• Bayer Investor Presentation • Meet Management • June 2013Page 64
Yaz family
Sales ∆% y-o-y, () Fx adj.
Women’s Healthcare 2012
€3,154m
+5% (+2%)
+17 (+9)Mirena
+7 (+5)Diane
-2 (-5)
+37 (+35)Qlaira
Other products +13 (+10)
0 (-1)Microgynon
-31 (-31)Valette
-8 (-8)Meliane
+6 (+4)Angeliq
• Bayer Investor Presentation • Meet Management • June 2013Page 65
YAZ / Yasmin Product Family – A Changing
Competitive Environment
 YAZ / Yasmin fully genericised in the
US
 Ongoing genericization in Europe
expected to impact sales going
forward
 Growth in Asia and Latin America only
partly compensating for the decline
 Life-cycle management opportunities
with limited commercial potential
 2013 sales target: mid-to-high single-
digit % decline
Sales in € million; ∆% Fx adj.
2010 2011 2012
265
846
179
891
190
855
US Rest of the world
1,111
1,070 1,045-5%
Mirena – The Leading Hormonal Long-
Acting Contraceptive
• Bayer Investor Presentation • Meet Management • June 2013Page 66
 Intrauterine device, containing
levonorgestrel, for reversible long-term
contraception
 Life-cycle opportunities:
 Small low-dose long-acting (up to 3
years) device:
 Jaydess: successful conclusion
of EU registration
 Skyla: US-launch in Feb. 2013
 Phase III underway for LCS 16 - a
long-acting (up to 5 years), low-dose,
small contraception device
 2013 sales target: high-single to low-
double-digit % increase
Sales in € million; ∆% Fx adj.
2010 2011 2012
285
254
313
268
385
292
US Rest of the world
539
581
677+9%
2010 2011 2012
Hemophilia Franchise –
Stable Growth
• Bayer Investor Presentation • Meet Management • June 2013Page 67
 Global # 2 in hemophilia A treatment
 Competitive development program in
hemophilia underway:
 Phase III with long-acting Factor
VIII (BAY 94-9027)
 Phase III with product from
plasma-free process (BAY 81-
8973)
 2013 sales target: low-single-digit %
increase
Sales in € million; ∆% Fx adj.
299
705
290
785
332
850
US Rest of the world
1,004
1,075
1,182+5%
Betaseron – Long-term Experience in
Multiple Sclerosis Treatment
• Bayer Investor Presentation • Meet Management • June 2013Page 68
 First interferon launched in multiple
sclerosis, introduced in 1993
 Demonstrating excellent efficacy and
tolerability
 21-year long-term follow-up study
demonstrated significant survival
advantage with Betaseron treatment
 2013 sales target: high-single-digit %
decline
 Franchise expected to erode further
due to increasing competition,
including new oral MS treatments
Sales in € million; ∆% Fx adj.
2010 2011 2012
473
733
447
670
578
638
US Rest of the world
1,206
1,117
1,216+4%
Nexavar –
Our Cornerstone in Oncology
• Bayer Investor Presentation • Meet Management • June 2013Page 69
 Approved for kidney cancer (RCC)
and for liver cancer (HCC)
 Only approved drug with overall
survival benefit in HCC
 Positive phase III data in radioactive
iodine refractory differentiated thyroid
cancer (DECISION-trial)
 Phase III trials in:
 Breast cancer
 RCC (adjuvant)
 HCC (adjuvant)
 2013 sales target: mid-single-digit %
increase
Sales in € million; ∆% Fx adj.
2010 2011 2012
174
531
174
551
204
588
US Rest of the world
705 725
792+4%
Nexavar –
Positive Phase III Results in Thyroid Cancer
• Bayer Investor Presentation • Meet Management • June 2013Page 70
RAI: radioactive iodine; DTC: differentiated thyroid cancer
HR: hazard ratio, CI: confidence interval; PR: partial response
Filing for RAI-refractory differentiated thyroid cancer planned for mid 2013
 High unmet medical need in patients
with locally advanced, metastatic
RAI-refractory DTC
 Met primary endpoint of improving
PFS vs. placebo
 Response rate (all PR) in the
sorafenib vs. placebo arms was
12.2% and 0.5% (p<0.0001)
 Safety and tolerability generally
consistent with known profile of
Nexavar
Placebo Sorafenib
5.8 months
Primary endpoint met
10.8 months
Medianprogression-freesurvival
HR: 0.587
CI 0.454-
0.758
p<0.0001
Aspirin –
More Than A Century of Growth
• Bayer Investor Presentation • Meet Management • June 2013Page 71
 One of the world’s most recognized
brands
 Available as OTC and Rx Aspirin
 Bayer’s #1 product in Emerging
Markets
 Aspirin grew 17% in 2012 in the
Emerging Markets
 Aspirin grew 39% in 2012 in
China
Sales in € million; ∆% Fx adj.
2010 2011 2012
358
418
404
471
476
494
Rx-Aspirin OTC-Aspirin
776
875
970+6%
• Bayer Investor Presentation • Meet Management • June 2013Page 72
Global Leader in Consumer
Health
Consumer Care –
Best-Selling Products in 2012
• Bayer Investor Presentation • Meet Management • June 2013Page 73
FY 2012 sales in € million (∆% yoy Fx-adj.)
OTC portfolio includes 10 brand families with sales >€100m
323
269
250
196
146
130
122
101
+6%
+5%
+14%
+8%
+4%
+3%
+8%
+5%
+8%
+17%197#
*Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx)
#Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus.
970*
= Rx Sales
Consumer Care –
Gained Share in 2012
• Bayer Investor Presentation • Meet Management • June 2013Page 74
 Global #2 with a portfolio of some of the
world’s most recognized brands
 Track record of performance
 Continued market share gains
Highlights
Sales in € million; ∆% Fx & portfolio adj.
3,020 3,080
3,371
3,534
3,853
2008 2009 2010 2011 2012
+6%
Animal Health –
A Top Player in an Attractive Market
• Bayer Investor Presentation • Meet Management • June 2013Page 75
Sales in € million; ∆% Fx & portfolio adj.
 Global #5 in a growing market
 #3 in companion animal products (CAP)
 #6 in food animal products (FAP)
 Leading parasiticide-portfolio
 Broadened portfolio and marketing reach
by acquisition of Bomac and TEVA Animal
Health
Highlights
963 977
1,120
1,186
1,303
2008 2009 2010 2011 2012
+4%
Radiology & Interventional – Combining
Medrad and Diagnostic Imaging
• Bayer Investor Presentation • Meet Management • June 2013Page 76
Medrad:
 Clear #1
 Active in fluid injection systems for
contrast media and endovascular devices
 Business strengthened around strategic
core through adjacent acquisitions of
Possis (thrombectomy) and Pathway
(mechanical atherectomy)
Diagnostic Imaging:
 Market leader in contrast media
 Synergy creation – similar
centers/physicians
Highlights
1,323 1,363
1,474 1,498
1,606
2008 2009 2010 2011 2012
Sales in € million; ∆% Fx & portfolio adj.
* pro forma sales
+1%
Diabetes Care –
Global Player in Blood Glucose Meters
• Bayer Investor Presentation • Meet Management • June 2013Page 77
 Global #4 in blood glucose meters
 Latest innovation products include
CONTOUR™ USB meter with
 Plug & play technology for instant access to
patterns and trends
 Patients can share data with their healthcare
professional
Highlights
Sales in € million; ∆% Fx & portfolio adj.
956
1,000 993 1,002
1,047
2008 2009 2010 2011 2012
+4%
• Bayer Investor Presentation • Meet Management • June 2013Page 78
HealthCare: Building Growth
Momentum – Improving Margins
2012 CAGR 2015e
HealthCare –
Building Growth Momentum, Improving Margins
• Bayer Investor Presentation • Meet Management • June 2013Page 79
Priority 2012
Target
2013*
Aspiration
2015
 HealthCare: Accelerate sales growth €18.6bn
 Pharma: Successfully commercialize new
products and realize emerging markets
(EM) opportunity
 New product sales¹
 EM growth
 Consumer Health: Aspire to become #1
OTC company
€7.8bn ~€9bn
 HealthCare: Improve margins*
 Pharma
 Consumer Health
27.5%
29.9%
24.2%
slightly up
slightly up
at level
towards 29%
≥31%
~25%
€10.8bn
€368m
7.3%
mid-single-digit
% to ~€11bn
~€1bn
high-single
digit %
CAGR ~7%
towards €13bn
>€2.5bn
high-single
digit %
CAGR ~6%
towards €22bn
mid-single-digit
% to ~€8bn
mid-single-digit
% to ~€19bn
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
¹ Xarelto, Eylea, Stivarga, Xofigo and Riociguat; subject to regulatory approval
*Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report
• Bayer Investor Presentation • Meet Management • June 2013Page 80
Life-Cycle and Pipeline Opportunities
Require Additional R&D Investments
 Target range for Pharma R&D to sales ratio
of 15-17%
 Newly launched products will increase
maintenance costs (e.g. medical, regulatory,
safety) included in R&D
 New Pharma products with significant life-
cycle opportunities e.g.:
 Xarelto – Prevention of major adverse
cardiac events (COMPASS)
 Stivarga – Adjuvant mCRC; 2nd line HCC
 Xofigo – Earlier settings of prostate
cancer; other cancers
Sales and R&D in € billion
2011 2012
Sales R&D expenses
2.0
9.9
10.8
1.6 1.6
R&D to sales ratio
16%
14%
mCRC: metastatic colorectal cancer; HCC: hepatocellular carcinoma
Expected Major Pipeline Newsflow 2013
• Bayer Investor Presentation • Meet Management • June 2013Page 81
Pipeline
Project
Newsflow Timeframe
Eylea Phase III study in mCNV (MYRROR) Data expected 1H 2013
Phase III study in DME (VIVID-DME) Data expected 2H 2013
Xofigo Initiation of additional clinical studies 2013e
Regulatory decision mCRPC EU End 2013e / early 2014e
Riociguat Update on potential next steps in the development program 1H 2013e
Regulatory decision US 2H 2013e (PDUFA date in October)
Nexavar Phase III breast cancer (RESILIENCE) Data expected Q1 2014
Filing in thyroid cancer 2013e
Stivarga CHMP opinion mCRC EU 1H 2013e
Filing mGIST EU Planned after approval in mCRC in EU
BAY 94-9027 Phase III study in hemophilia A Data expected early 2014

Investor Handout – Meet Management
Bayer’s OTC Business
June 2013 – New York
Bayer’s Consumer Care Business
 #2 player in large and growing global OTC market
 2012 revenue: €3.9bn, thereof OTC €3.5bn
 Strong portfolio of well-known consumer brands
− 10 brands with > €100m in revenue each
 Proven track record of outperforming OTC market
− 5-year CAGR of ~6% versus market CAGR of 3-4%
 Well-defined strategies to achieve #1 position in global OTC market
− Maximize brand potential via geographic expansion
− Focus on new product innovation
− Expand footprint in emerging markets
− Seek strategic acquisitions and alliances
• Bayer Investor Presentation • Meet Management • June 2013Page 83
Leading Positions in Key OTC
Categories
• Bayer Investor Presentation • Meet Management • June 2013
Cardio #1
Vitamins, Minerals #2
& Supplements
Analgesics #2
Dermatologicals #2
Gastrointestinals #6
Cold, Allergy, Sinus & Flu >#10
4%
30%
24%
22%
12%
8%
*Source: IMS; Rankings based on branded players
Bayer OTC Sales by Category 2012 Position by Category 2012*
€3.5bn
Page 84
Bayer is #2 Player in a Highly Fragmented
OTC Market
• Bayer Investor Presentation • Meet Management • June 2013
Source: IMS
3.7%
OTC Market 2012 by Player
J & J Bayer Novartis Cons Sanofi Cons Pfizer GSK
Boehringer I. Reckitt Ben. Taisho Takeda Others
 OTC market is very fragmented and
grew ~4% versus 2011
 Top 10 players have ~27% share of
the OTC market
 Bayer is ranked #2 with 3.7% share
of the OTC market behind J&J with
4.0% share
€99.5bn
Page 85
Why are OTCs an Attractive
Business?
• Bayer Investor Presentation • Meet Management • June 2013Page 86
• Bayer Investor Presentation • Meet Management • June 2013
Large and Growing OTC Market
OTC Market Growth Development
2008 2009 2010 2011 2012 2022e
In € bn
86 89 92 96 100
>150
+3% +4% +4% +4%
Source: Bayer Internal estimates
*Source: IMS OTC Global Analysis
~4%
CAGR
Page 87
 OTC market characterized by
steady, predictable growth – even
during economic downturns
 OTC share of healthcare
spending increased from 10.6%
in 2007 to 11.3% in 2012*
Favorable Trends Drive Continued OTC
Market Growth
• Bayer Investor Presentation • Meet Management • June 2013
Aging & more
educated
population
Increasing
global
self-care
trends
Government
desire to
lower
healthcare
costs
Rx to OTC
Switches
Expanding
OTC access
via new
geographies,
channels
Traditional OTC Market Future OTC Market
 Acute treatment
 Symptomatic treatment
 Chronic treatment
 Preventive treatment
 Asymptomatic with self-
testing / pre-diagnosis
 Wellness
+
Page 88
• Bayer Investor Presentation • Meet Management • June 2013
Good Growth Across All OTC
Categories
Global OTC Market 2012
36%
42%
4%
20%
32%
43%
5%
13%
14%
10%
20%
13%
29%*
€99.5bn
OTC Growth 2012
+5%
+4%
+2%
+4%
+6%
Gastroin-
testinals
Analgesics#
Dermatology
Cold, Allergy,
Sinus & Flu
Vitamins, Min-
erals, Supple-
ments
*Other
#Analgesics includes Cardio
Source: IMSPage 89
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
OTC Model Based on Brand Building versus
Upfront Development Costs
• Bayer Investor Presentation • Meet Management • June 2013
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Discovery &
Development
Realization Increased
pricing
pressure
More me-too
products
OTC model based on brand asset building
 Short investment cycle & long (but relatively smaller) revenue cycle
Usually profitable
within 1-2 years
Ongoing investments in
brand and innovation provides
attractive, long-term returns
Years1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Rx model reliant on blockbuster success
 Long investment cycle & short (but attractive) revenue cycle
Years1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Page 90
Brands Years Old 2012 Sales €m 3-Year CAGR
113 970* 7%
81 197# 12%
78 101 1%
69 196 5%
68 269 12%
40 250 9%
19 323 12%
Strong Consumer Brands Build Equity for
Decades
• Bayer Investor Presentation • Meet Management • June 2013
*Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx)
#Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer PlusPage 91
Increasing Transaction Multiples of OTC
Businesses
Year Seller Buyer
Sales
Multiple
2005 Roche OTC Bayer 2.4 x
2006 Pfizer (Zantac US OTC Rights) Boehringer Ingelheim 4.7 x
2006 Pfizer Consumer Healthcare Johnson & Johnson 4.3 x
2009 Chattem Sanofi-Aventis 4.9 x
2010 Paras Pharmaceuticals Reckitt Benckiser 8.2 x
2012 Schiff Reckitt Benckiser 5.4 x
• Bayer Investor Presentation • Meet Management • June 2013
Source: Press Releases, Company Filings
Page 92
• Bayer Investor Presentation • Meet Management • June 2013
Aspire to Become the #1 –
Path to OTC Leadership
Page 93
Evolution of Bayer Consumer Care’s OTC
Business
• Bayer Investor Presentation • Meet Management • June 2013
2008
Acquisition of OTC brand
portfolio from
Sagmel (CEE) and
Topsun (China)
1996
Sale of suncare, cosmetics
and sweetener businesses
to Sara Lee
1999
Aspirin trademark
centenary-worldwide
sales > €500m
1978
Bayer purchases
Miles Laboratories
1899
ASPIRIN introduced
as an over-the-counter
(OTC) medicine
1984
Self-Medication and
Consumer Products
created as independent
business group
1994
Consumer Care business
group created by the
acquisition of North American
OTC business of Sterling.
Acquisition of the
“Bayer Cross” Trademark
in USA
2005
Acquisition of Roche
Consumer Health
2011
New Bayer Advanced
Aspirin for faster pain
relief launched in US
2013
Expect Aspirin to hit
€1bn sales
Acquisition of
Steigerwald
Page 94
Strategy for Growth
• Bayer Investor Presentation • Meet Management • June 2013
2012 2015e
OTC Sales Target 2015*
€3.5bn
>€4.0bn
*assuming €/$ of 1.29
Organic growth
>4% CAGR
Growth Strategy
 Maximize brand potential
 Global expansion of key brands
 Exploit our innovation pipeline
 Double proportion of new products‘ sales
until 2015
 Grow in emerging markets
 Increase commercial power
 Bolt-on acquisitions to strengthen
portfolio & regional set-up
Page 95
Cold, Allergy, Sinus, Flu Gastrointestinals Cardio Prevention
Vitamins, Minerals,
Supplements
Analgesics Dermatologicals
Dynamic Portfolio of Well-Known Brands
• Bayer Investor Presentation • Meet Management • June 2013Page 96
Strength of OTC Brands to Drive Organic
Growth
FY 2012 sales in € million (∆% yoy Fx-adj.)
OTC portfolio includes 10 brand families with sales >€100m
323
269
250
196
146
130
122
101
+6%
+5%
+14%
+8%
+4%
+3%
+8%
+5%
+8%
+17%197#
• Bayer Investor Presentation • Meet Management • June 2013
*Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx)
#Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus
970*
= Rx Sales
Page 97
Maximizing Brand Potential
Through Global Expansion
Brand Sales by Major Region 2012 Expansion Plans
Analgesic
~80% in North America
Wound-healing
~75% in Europe
Anti-fungal
~75% in Europe & LatAm
Vitamins & minerals
~50% in Europe
Pregnancy Supplement
• Bayer Investor Presentation • Meet Management • June 2013Page 98
~55% in Asia Pacific
Consumer Insights Drive Brand Innovation
and Growth
• Bayer Investor Presentation • Meet Management • June 2013
Sales in € million
2002 2004 2006 2008 2010 2012
One-A-Day Innovation History
58
112 109
142
167
176 Bayer Innovation includes:
 New claims
 Indications
 Delivery forms
 Line extensions
 New packaging
 New DTC campaigns
 Rx-to-OTC Switch
DTC: Direct-to-consumer
Page 99
• Bayer Investor Presentation • Meet Management • June 2013Page 100
 One A Day Vita Craves
Complete adult multivitamin in
great tasting gummy format
2010 2011 2012 2015e
Robust Innovation Pipeline
*sales of new products launched during a 4-year window
Share of Sales from New Products*
 Redoxitos
Recommended children’s vitamin C
daily dose for strengthening immunity
 Canesten Nail Set
Complete 6-7 week fungal nail
infection treatment
 Bepanthen Anti-Stretch Mark
Moisturizing lotion keeping pregnant
women’s skin soft and elastic
~16%
4%
5%
8%
New Product Examples
We Need to be Where the Market is
Growing
• Bayer Investor Presentation • Meet Management • June 2013
* Source: IMS
11%
78%
44%
6%
45%
16%
Bayer OTC sales
2012 by region
OTC Mkt 2012
growth share by region*
 China, Russia and Brazil
accounted for only 11% of Bayer
2012 OTC sales
 78% of total OTC market growth in
2012 driven by China, Russia and
Brazil
 Huge opportunity for Bayer OTC to
develop more in growth markets
China, Russia & Brazil US, Germany, France & Italy Rest of the world
Bayer OTC sales and market growth indexed
Page 101
Emerging Market Growth Strategies
(2013 – 2015)
• Bayer Investor Presentation • Meet Management • June 2013
Country Market Characteristics Plans
China
Brazil
Russia
 #2 global OTC market
 €30bn in size by 2015e
 Expand sales force from 30 cities to >130
cities, covering 75% of OTC market
 Extend geographic footprint by launching
global brands in China
 #6 global OTC market
 Fastest growing market
in LATAM
 ~50% of LATAM market
 Expand sales force from 7,000 to 12,000
retail outlets, covering 73% of OTC market
 Accelerate innovation through consumer
insights and portfolio extension
 #5 global OTC market
 Retail OTC is the largest
healthcare segment
 Extend portfolio into attractive categories
 Leverage leadership position in pharmacy
chains to drive growth at point of sales
Page 102
• Bayer Investor Presentation • Meet Management • June 2013
Strategic Acquisitions –
Steigerwald
 Excellent strategic bolt-on entry into fast growing
herbals market, further strengthens Bayer’s
gastrointestinal position (currently #6 globally)
 Excellent expansion potential into emerging markets like
Russia and other Eastern European markets
 Steigerwald generated net sales of €61.3m in 2012
(~90% in Germany)
Iberogast®
 For the treatment of
functional dyspepsia &
irritable bowel syndrome
Laif®
 St John’s wort-based
medicine for treatment
of depression
 #8 OTC product in Germany
 ~69% of 2012 sales
 Strong position in its indication
 ~20% of 2012 sales
Page 103
• Bayer Investor Presentation • Meet Management • June 2013
Bayer is Well-Positioned for Growth –
Aspire to #1 Global Leadership
OTC Market
Attractive
Bayer Has
Strong #2
Position
Plans for
Continued
Future Growth
 Trends favor continued growth
 OTC market model based on long-term brand building
 OTC businesses becoming more valuable over time
 Leader in key categories
 Multiple strong brands
 Track record of outperforming market growth
 Globalize established brands
 Launch strong innovation pipeline
 Focus on emerging markets where most of growth will come
 Strategic acquisitions and alliances
Page 104
Investor Handout – Meet Management
Bayer CropScience
June 2013 – New York
Sales 2012: €8,383m
Insecticides€1,514m
Market position:
Fungicides€1,974m
3Market position:
SeedGrowth€897m
1Market position:
Herbicides €2,356m
4Market position:
Env. Science €680m
1Market position:
Seeds €962m
7Market position:
Page 106
CropScience –
A Leader in Chemical Crop Protection
• Bayer Investor Presentation • Meet Management • June 2013
1
Market positions based on company reportings and Cropnosis estimates
18%
24%
11%
11%
8%
28%
26%
22%
13%
9%
9%
7%
6%
5% Fruits & Vegetables
CerealsOilseeds
Soy
Corn
Cotton
Rice
Sugar Crops
* by major crop groups excluding industrial business and non-agricultural solutions
CropScience Sales 2012*
Other
Fruits, Vegetables and Cereals –
A Major Part of Our Portfolio
• Bayer Investor Presentation • Meet Management • June 2013Page 107
Leading the Way in Integrated Crop
Solutions
Integrated Crop Solutions
Chemical
Crop
Protection
Biological
Crop
Protection
Seeds
 Herbicides
 Fungicides
 Insecticides
 SeedGrowth
 Microorganisms
 Microbial
extracts
 Canola, cotton,
rice, vegetables,
soy, wheat
 Conventional
seeds
 GMO seeds
 Traits
 Weed, pest &
disease control
 Stress
tolerance
Better harvest
with improved:
 Yield
 Quality
 Processability
 Sustainability
GMO: Genetically modified organism
• Bayer Investor Presentation • Meet Management • June 2013Page 108
• Bayer Investor Presentation • Meet Management • June 2013Page 109
Excellent Performance in
Positive Environment
Full Year 2012 –
CropScience
• Bayer Investor Presentation • Meet Management • June 2013Page 110
Crop Protection
+16% (+13%)
Environmental
Science
+9% (+5%)
*before special items
Seeds
+17% (+14%)
2012 Sales Earnings
In € million, ∆% yoy, () = Fx & portf. adjusted
CropScience €8,383m; +16% (+12%)
Price
+1%
Volume
+12%
Fx
+4%
Portfolio
-1%
6,741
FY‘11 FY‘12 FY‘11 FY‘12
1,654
2,026 +22%
1,168
1,543 +32%
Adj.
EBITDA*
Adj.
EBIT*
680
962
Herbicides
Fungicides
Seeds
Growth in all regions, especially in the
US (new corn herbicides) and Brazil
Double-digit growth in several key
markets (e.g with Fox in Brazil)
Growth in all regions; phase-out of WHO
Class I products completed
Strong business expansion; high
demand for innovative Poncho/Votivo
Double-digit growth in all broad-acre
crops; slight decline in vegetable seeds
Products both for professional users
and consumers posting gains
2,356
+10%
1,974
+13%
1,514
+15%
897
+17%
680
+5%
962
+14%
Insecticides
Sales in € million; ∆% y-o-y Fx & portfolio adj.
FY 2011 Nominal growth FY 2012
Page 111 • Bayer Investor Presentation • Meet Management • June 2013
SeedGrowth
Env.Science
Full Year 2012 –
All Segments Contributing to Growth
 High demand for InVigor in Canada;
launch of conventional oilseed rape
in Europe
 Expansion of cotton seed business
driven by US and Brazil
 Growing rice seed business in Asia
(esp. India)
 Difficult market environment for
vegetable seeds
 Successful launch of Bayer soybean
seed in the US
 Build-up of global wheat seed business
continued with new research
cooperations
• Bayer Investor Presentation • Meet Management • June 2013Page 112
299 304
227
311
179
19940
47
2011 2012
820
962
Sales in € million; ∆% y-o-y, () Fx & portfolio adj.
2012 Highlights
Vegetables (-2%)
Rice (+23%)
Oilseeds (+33%)
Soybean (+83%)
Cotton (+10%)
Other
+14%
Seeds – Double-Digit Growth in All Our
Broad Acre Crops in 2012
Emerging Economies
25%
CropScience Sales in FY 2012
CropScience €8,383m; +16% (+12%)
Latin
America
Eastern
Europe
Africa &
Middle East
Emerging
Asia³
~900
+7%
~1,800
+15%
~600
+16%
~300
+7%
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia without Japan, Australia, New Zealand
18%
USA
+19%
25%
43%
14%
Emerging
Economies¹
+12%
Western
Europe +5%
Others²
+13%
Full Year 2012 –
Growth in All Regions
Sales in € million, ∆% yoy Fx adjusted
• Bayer Investor Presentation • Meet Management • June 2013Page 113
• Bayer Investor Presentation • Meet Management • June 2013Page 114
Translating R&D Effectively
into Sales
From to
€
Executing Our Strategic Roadmap
Strengthen
Customer Centricity
Lead the Way
in Innovation
Enhance
Crop Protection
 Striving for first- and
best-in-class
solutions
 Exploiting expertise
in seeds, breeding,
and chemical and
biological crop
protection
 Driving commercial
excellence in
marketing and sales
 Connecting partners
in the value chain
through integrated
Go-to-Market
practices
 Improving portfolio
through focused
and integrated
crop solutions
 Increasing
flexibility and
efficiency
Expand
Seeds Business
 Further strengthening
position in
vegetables, rice,
oilseed rape
and cotton
 Extending portfolio
by building up
business in soybean
and wheat
• Bayer Investor Presentation • Meet Management • June 2013Page 115
Translate R&D Effectively into
New Product Sales
• Bayer Investor Presentation • Meet Management • June 2013Page 116
 Xpro (+61%) - New cereal fungicide with
yield-boosting effect
 Adengo herbicide family (+85%) -
Excellent weed control in corn and
cereals, also in case of glyphosate
resistance
 Belt (+54%) - Broad-spectrum
insecticide with fast and long-lasting
action
 Launch of Luna fungicide in the US
 First launch of new SeedGrowth family
EverGol/Emesto in Canada
0.02
0.3
0.7
1.1
~1.4
~1.9
2007 2009 2011 2012 2013e 2015e
+60%
2012 Highlights
Sales from new Crop Protection
products launched since 2006 in € bn
∆% y-o-y, () Fx adj.
Xpro – New Cereal Fungicide
with Yield-Boosting Effect
 Pyrazole fungicide from a new generation of SDHI* for foliar use in cereals
 Combined formulation of Bixafen and Prothioconazole leading to superior
"all-in-one" cereal fungicide
 Excellent control of key cereal diseases including strobilurin-resistant Septoria
 Boosting yield through long-lasting disease control and positive impact on
plant physiology
 Global peak sales potential of more than €300m
* SDHI: Succinate dehydrogenase inhibitor
Page 117 • Bayer Investor Presentation • Meet Management • June 2013
Luna – Outstanding Fungicide for Managing
Problematic Crop Diseases
 New SDHI* fungicide for use in foliar application and seed treatment on more
than 70 horticultural and industrial crops
 Control for a broad range of problematic diseases including Alternaria blight,
scab, powdery mildew and white mold
 Benefits for the food chain through better storability and longer shelf-life of
harvested produce
 Available since 2012 planting season in several key markets
 Global peak sales potential of more than €250m
* SDHI: Succinate dehydrogenase inhibitor
• Bayer Investor Presentation • Meet Management • June 2013Page 118
LibertyLink – A Sustainable Alternative to
Glyphosate to Fight Weed Resistance
• Bayer Investor Presentation • Meet Management • June 2013Page 119
Bayer CropScience
sustains the "Respect
the Rotation" initiative
to overcome weed
management challenges
HPPD: Hydroxyphenyl-pyruvate dioxygenase
MGI: Mesotrione, Glufosinate-ammonium and Isoxaflutole
 Weed resistance to glyphosate increasingly impacting crop production
 Our LibertyLink is currently the only non-selective herbicide solution to glyphosate
resistant weeds
 Construction of a new world-scale glufosinate-ammonium plant in the US planned to
contribute to more than doubling global production capacity
 We are committed to develop new and more sustainable weed management solutions
 Innovation with new mode of action, HPPD herbicide tolerance, in soy and cotton
 MGI triple stack herbicide-tolerance soybean trait submitted for approval
 Highly effective pre-emergent and selective herbicide portfolio launched
Realising Further Growth Opportunities
in Biologics
 Biologics are bio-based products, either consisting of naturally-occurring living
organisms or containing materials derived from plants, bacteria, fungi, yeasts or viruses
 The market potential for Biologics is expected to triple from $1.2bn in 2010 to around
$4bn in 2020
 AgraQuest acquired in Q3 2012 for €375m including milestone payments.
Leading global provider of innovative biological pest management solutions based
on natural microorganisms
 German company Prophyta acquired in Q1 2013, provides customers well-established
products primarily based on biological control agents, e.g. nematicide BioAct.
 Acquisitions strengthen strategically important fruit and vegetables business
 We aim to become the world leader in integrated crop solutions
• Bayer Investor Presentation • Meet Management • June 2013Page 120
Customer Centricity Along the Entire
Value Chain
• Bayer Investor Presentation • Meet Management • June 2013Page 121
Bayer CropScience
Our offers Growers
Distributors/
seedcompanies
Retailers
Advisors
Providing Seed-to-Shelf Solutions
Traders
Foodprocessors
Foodretailers
Consumers
 240 food chain partnerships covering most of the main fruit & vegetable crops
 Premium seeds and effective crop protection products to maximize yield
 Consistent and high harvest quality for efficient food processing
 Meeting highest food safety standards
 Better product quality for the consumer
Best-Practice Examples of our New
Go-To-Market Approach
• Bayer Investor Presentation • Meet Management • June 2013Page 122
Approach Achievement
Food chain partnerships in grapes in Brazil,
Chile, Italy and India
 Market share in grapes in Brazil +5%
 ~ 60% market share in table grapes in
Chile (largest exporter worldwide)
"On demand" seed treatment system with a
global network of 10 SeedGrowth Centers
 2012 SeedGrowth sales* +17%
 Further roll-out of SeedGrowth franchise
in Asia Pacific (sales in China* +30%)
Combine innovative technology of Movento
insecticide with additional service offerings
 2012 Movento sales* +49%
BayDir service in Germany offers tailored
and immediate information for farmers
through Internet and mobile phone apps
 Further strengthened our position in the
German market
* Sales ∆% y-o-y Fx adj.
Pipeline Peak Sales Potential  €4bn
from Products Launched 2011 - 2016*
• Bayer Investor Presentation • Meet Management • June 2013Page 123
Crop Protection (excl. Biologics)
Cotton
Canola
Wheat
Biologics
Seeds & Vegetables
Soybean
Rice
2011
Fungicide
Herbicide
SeedGrowth**
GlyTol
Cotton
Seed Varieties
~80 launches in
vegetables & broad
acre crops
2012
~ 100 launches in
vegetables & broad
acre crops
Bayer
Oilseed
Rape Seed
Fungicide
Bayer
Soybean
Seed
SeedGrowth**
Seed Varieties
2013
~110 launches in
vegetables & broad
acre crops
Roundup
Ready
Hybrid
Canola
SeedGrowth** / Fung.
B. Subtilis
Fungicide
Serenade Optimum
Bayer
Oilseed
Mustard
Hybrids
Seed Varieties
2014
Canola
Yield
Increase
Numerous launches in
vegetables & broad
acre crops
Sivanto
Insecticide
Verango / Velum
Insecticide
Insect
Resistant
Hybrid Rice
TwinLink +
GlyTol
Cotton
Seed Varieties
2016
Disease Res.
+ Salinity Tol.
Hybrid Rice
Insect +
Disease Res.
Hybrid Rice
Improved
Canola Oil
Profile
Dual Herb.
Tol. + Novel
Ins. Res.
Cotton
Fungi- / Bactericide
Serenade AEW
Seed Varieties
Numerous launches in
vegetables & broad
acre crops
2015
LibertyLink
+ R. Ready
Hybrid
Canola
Biologics
Fungicide
Biologics
Fungi- / Bactericide
Triafamone
Herbicide
GlyTol +
HPPD
Tolerant
Soybeans
Bayer
Wheat
Seed
Biologics
Insecticide
Disease Res.
+ Submerge.
Tol. Hybrid
Rice
Seed Varieties
Numerous launches in
vegetables & broad
acre crops
Biologics
Insecticide
*Estimated and subject to regulatory approval
**Formerly called Seed Treatment
Sivanto – Innovative and User-friendly
Insecticide against sucking pests
 Active ingredient: flupyradifurone (novel insecticide class butenolides)
 Control of sucking pests such as aphids, hoppers and whiteflies
 Intended for use in fruits, vegetables, and broad acre crops
 Favorable safety profile
 Launch planned 2014 / 2015 *
• Bayer Investor Presentation • Meet Management • June 2013Page 124
* first registrations for foliar application; SeedGrowth use
planned to follow subsequently
Restriction of Neonicotinoids Use in the EU -
Implications
 The European Commission has adopted a proposal to restrict the use of certain
neonicotinoids (including clothianidin and imidacloprid) in summer cereals and bee-
attractive crops, including corn, oilseed rape and sunflower
 Neonicotinoid-based products are safe for bees, when used according to label
instructions; registered in > 100 countries world-wide in a broad range of crops
 Affected business of clothianidin and imidacloprid ~1% of total CropScience sales, gross
 Net sales impact significantly less, as alternative products partly compensate
 Restrictions will apply from Sept 30 (use of treated seeds until Dec 1, 2013) the latest
 Restrictions expected to result in crop yield losses and loss of competitiveness for
European agriculture
 U.S., Canadian and Brazilian regulatory agencies recognize that there are numerous
factors affecting honey bee health
 Bee health more complex: diseases, parasitic mites, habitat loss, nutritional deficiencies
and hive management practices
• Bayer Investor Presentation • Meet Management • June 2013Page 125
2010 2011 2012 2016e
Crop Protection/Environmental Science
Seeds
Increasing the R&D Share for Seeds
• Bayer Investor Presentation • Meet Management • June 2013Page 126
In € million
Seeds Fungicides Biologics
Insecticides SeedGrowth Herbicides
~1,200
~800~600
~500
~500
~400
Pipeline Peak Sales Potential  €4bn
from Products Launched 2011 – 2016*
.
* Estimated and subject to regulatory approval
63%
37%35%
65%
70%
30%
722 723 782
Pipeline Value by SegmentR&D Split
Extending the Seeds Footprint
• Bayer Investor Presentation • Meet Management • June 2013Page 127
Build up a proprietary soybean
seed business
Build up a global wheat seed business
 LibertyLink herbicide tolerance technology
broadly outlicensed
 Acquisition of Hornbeck Seed Company in
the US
 Bayer soybean seed launched in 2012
 Presence in soybean market in Brazil
stepped up with bolt-on acquisitions
 Broad germplasm pool and promising trait
pipeline
 Next-generation trait technology licensed
from Monsanto
 Significant investment into R&D of new
wheat varieties and traits
 Focus on productivity, stress tolerance,
nutrient uptake
 First new varieties expected by 2015
in Europe
 Several agreements closed with wheat
players to establish a broad germplasm pool
 Wheat breeding stations set-up in Europe,
US, Australia
Access to Next-Generation and Enabling
Trait Technologies for Soybeans
 Cross-licensing agreement with Monsanto entered in April 2013
 Monsanto will provide Bayer with royalty-bearing licenses to specified trait technologies
in soybeans, with stacking-rights under certain conditions
 Licensed traits fit nicely with our own technology such as LibertyLink
 Ability to offer additional pest control options and an all-inclusive weed resistance
package in soybeans
 Bayer will grant Monsanto licenses to evaluate certain enabling technologies
• Bayer Investor Presentation • Meet Management • June 2013Page 128
Weed
control
Pest
control
 Genuity® Roundup Ready 2 Yield®: glyphosate tolerance
 Genuity® Roundup Ready 2 Xtend™: glyphosate & dicamba tolerance
 Regions: United States and Canada
 Intacta RR2 PRO™: first‐ever insect-protected trait in soybeans,
providing control of lepidopteran pests
 Regions: Brazil, with an option to a royalty-bearing license in other
Latin-American countries in the future
Genuity® Roundup Ready 2 Yield®, Genuity® Roundup Ready 2 Xtend™
and Intacta RR2 PRO™ are trademarks of Monsanto
Strategic Progress Achieved
Enhance
Crop Protection
Strengthen
Customer
Centricity
Lead the Way
in Innovation
Expand Seeds
Business
● €1.1bn sales in 2012 with products launched since 2006
● All WHO class I insecticides removed from our portfolio
● Expansion of Biologics
● Increased grower orientation
● Improved channel management practices
● Broadened food chain partnership business model
● Pipeline Peak Sales Potential*  €4bn
● Increased investment in Seeds R&D
● Innovating at the interface between chemistry and biology
● Strengthened positions in cotton, canola and rice
● Increased investments in soybean, wheat and vegetables
● Development of innovative traits
• Bayer Investor Presentation • Meet Management • June 2013Page 129
* from products launched between 2011-2016
• Bayer Investor Presentation • Meet Management • June 2013Page 130
Targeting Above Market Growth
at Benchmark Profitability
2012 CAGR 2015e
Seed and Crop Protection Market Expected
to Grow  5% in 2013
• Bayer Investor Presentation • Meet Management • June 2013Page 131
 Persistently high prices for agricultural commodities
 Slightly weaker but nonetheless positive market development overall
 Growth coming mainly from North and Latin American followed by
Eastern European markets
 Asia / Pacific: cereals, rice and specialty crops fueling market growth
• Bayer Investor Presentation • Meet Management • June 2013Page 132
CropScience – Above Market Growth at
Benchmark Profitability
Priority 2012
Target
2013*
Aspiration
2015
 Above-market sales growth
+12.4%
to €8.4bn
high-single
digit %
towards €9bn
CAGR ~6%
towards
€10bn
 Translate R&D effectively into new
product sales (CP products launched since 2006)
€1.1bn ~€1.4bn ~€1.9bn
 Extend seeds footprint +14%
 Maintain industry leading profitability level 24.0%
slight
improvement
~24%
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
double-digit %
growth p.a.
CP: Crop Protection
*Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report
double-digit %
growth
303
~500 ~500 ~500
2012 2013e 2014e 2015e
 Building up capacity for top Crop
Protection brands including herbicide
Liberty/Basta and fungicide product
families Nativo and Prosaro
 €380m investment in construction of a
new glufosinate-ammonium production
plant in the US until end of 2015
 Expanding our Seeds infrastructure
(breeding stations, greenhouses and
seed processing facilities)
 Expanding and modernizing R&D
facilities (RTP/USA, Davis/USA,
Monheim/Germany)
We are Ensuring a World-Class Product
Supply by Further Investing
• Bayer Investor Presentation • Meet Management • June 2013Page 133
Capital Expenditures (PPE only, in €m)
Investor Handout – Meet Management
Bayer MaterialScience
June 2013 – New York
MaterialScience –
Leading Positions in All Segments
• Bayer Investor Presentation • Meet Management • June 2013
* aliph. isocyanates
MaterialScience €11,491m
Polyurethanes
€5,987m
 #1-2; approx. 20-24% market share
52%
6%
25%
17%
Sales in € million
Polycarbonates
€2,819m
 #1; approx. 27% market share
Coatings, Adhesives, Specialties
€1,972m
 #1; >40% market share*
Industrial Operations
€714m
Sales Split by Segment 2012
Page 135
MaterialScience –
Global Production Network
• Bayer Investor Presentation • Meet Management • June 2013Page 136
Headquarter
Major Production Sites
Downstream Businesses
Position*
Americas
# 1 # 2 # 1
PUR PCS CAS
Position*
EMEA#
*Market share based on estimated sales following self-assessment
# Europe, Middle East & Africa
# 1 # 1 # 1
PUR PCS CAS
Position*
Asia/Pacific
# 2-3 # 1-2 # 1
PUR PCS CAS
MaterialScience –
Sales By Key Customer Industries
• Bayer Investor Presentation • Meet Management • June 2013
Others
(sports, leisure, footwear
packaging, medical, etc.)
Furniture/ Wood
AutomotiveChemicals
Electro/
Electronics
Construction
17%
28%
19%
20%
8%
20%
16%
Bayer MaterialScience sales by industry in 2012
Page 137
MaterialScience as an Integrated Solution
Provider
• Bayer Investor Presentation • Meet Management • June 2013Page 138
Megatrends offer business opportunities worldwide, with the emerging
economies at the forefront
Ongoing
urbanization
New and
improved
transportation
systems
Need for
better
energy
efficiency
Higher
living
standards
Proportion of city
dwellers expected to
increase from 50%
in 2010 to 70% in
2050*
Lightweight cars
New energy vehicle
development
High-speed rail trans-
portation networks
EcoConstruction with
high thermal insulation
standards
Cold-chain efficiency
Over 40m people
enter the middle class
every year
Improved housing
standards
Source: Steria, The Future Report 2012
• Bayer Investor Presentation • Meet Management • June 2013Page 139
Mixed Performance
• Bayer Investor Presentation • Meet Management • June 2013
Full Year 2012 –
Operating Performance
25%
5,987
2,819
Polycarbonates
-3% (-7%)
Polyurethanes
+12% (+8%)
2011 2012
Adjusted
EBITDA*
1,171
1,262
* before special items
2011 2012
Adjusted
EBIT*
589 613
+8%
+4%
2012 Sales Earnings
1,972
714
In € million; ∆% y-o-y, () Fx & portfolio adj.
Coatings,
Adhesives,
Specialties +3% (+4%)
Industrial
Operations
+8% (+6%)
Price
1%
Volume
+2%
Fx
+4%
Portfolio
-1%
MaterialScience €11,491m; +6% (+3%)
Page 140
Full Year 2012 –
Regional Sales Development
• Bayer Investor Presentation • Meet Management • June 2013
Emerging Economies2012 MaterialScience Sales
MaterialScience €11,491m; +2%
Latin
America
Eastern
Europe
Africa &
Middle East
Emerging
Asia³
~2,760
+1%
~920
+15%
~680
+7%
~575
-5%
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia without Japan, Australia, New Zealand
USA
+7%
36%
42%
Emerging
Economies¹
+3%
4%
Others²
+2%
Sales in € million; ∆% y-o-y Fx adjusted
20%
32%
43%
5%
Page 141
Western
Europe -2%
• Bayer Investor Presentation • Meet Management • June 2013Page 142
Selling Price Increases & Savings Not
Sufficient to Protect Earnings
 Market growth trends intact, key
products with mid-single digit volume
growth
 High raw material prices and
significant capacity additions led to
global overcapacities and margin
pressure
 Going forward demand & supply
balance expected to improve
 Anticipated margin improvement
supported by fresh savings from new
efficiency initiative
2010 2011 2012
Sales Adj. EBITDARaw Mat. & Energy Costs CFROI
In € bn
10.2
10.8
11.5
5.4
6.2
6.6
1.4 1.2 1.3
6% 6%
8%
600
800
1000
1200
1400
1600
• Bayer Investor Presentation • Meet Management • June 2013Page 143
Price For Key Input Benzene Recently
Increasing Again
in $/t
Benzene vs Oil Price Development
 Benzene and benzene derivatives
accounted for ~35% of raw material
exposure in 2012
 Benzene price level near record
highs
 Benzene price driven by lower
demand of main refinery products
Q4‘11 Q1‘12 Q2‘12 Q3‘12 Q4‘12 Q1‘13
Benzene Brent Crude Oil
• Bayer Investor Presentation • Meet Management • June 2013Page 144
Aspire to Earn a Premium Over
Cost of Capital
Cash Generation in Excess of Own
Investment Need
• Bayer Investor Presentation • Meet Management • June 2013
2002 and 2003 as reported in 2004 excluding acquisitions or divestments
In € million
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
902
1,108
464
1,113
332
498
715
1,388
690
1,281
870
672
1,147
782
504 498
565
775763
849
Page 145
621
735
CapEx (cash-relevant)
Net Cash Flow
~€3.6bn Free Operating Cash Flow in 11 years
Free Operating Cash Flow
206 649
166
673
592
277
110
345
265 210
114
• Bayer Investor Presentation • Meet Management • June 2013Page 146
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
Higher Asset Utilization & Efficiency
Measures Are Driving Performance
2012 Target 2013 Aspiration 2015
*Assuming Fx rate of $1.29 per €
#after reproduction
Outlook depends on specific planning assumptions as detailed in the Annual Report
 Sales +2.9% to €11.5bn
(volumes +2%)
 Adj. EBITDA +8% to
€1,262m
 CFROI# 5.7% < WACC
7.1%
 Sales to slightly increase
to ~€12bn
 Adj. EBITDA to match
2012 figure
 Q2‘2013 vs Q1‘2013:
Sales to increase and adj.
EBITDA to significantly
increase
 Grow business (volume)
above global GDP
 Defend market leading
positions in PCS and PUR
 Realize 150 bp margin
contribution through new
efficiency initiative
 Optimize asset structure
in Germany
 CFROI# > WACC
• Bayer Investor Presentation • Meet Management • June 2013Page 147
Outlook 2013 –
Economy and Key Customer Industries
20%
17%
28%
19%
Automotive
(+2%)
Electro /
Electronic
(+5%)
Construction
(+4%)
Furniture
(+5%)
Others
(incl.
Chemicals)
2.6
0.0 0.4
1.8
5.3
4
3
2
1
5
GDP growth % prev. year
16%
*Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the
Annual /Quarterly Report
Sales by industry 2012 and expected 2013 growth
Global Economic GDP Outlook Key Customer Industries Outlook
• Bayer Investor Presentation • Meet Management • June 2013Page 148
Profitability Improvement Through New
Efficiency Initiative Until 2015
 New efficiency initiative improves cost structure and increases adjusted EBITDA
margin by 150bp
 Initiative comprises more than 100 measures across the entire value chain
Examples
Business Units  Consolidation of system houses
 Pricing excellence programs
Organization  Optimization of regional structures (e.g. Canada & US)
Production  Further initiatives to improve asset productivity (e.g. maintenance
schedules, engineering setup)
Supply Chain  Optimization of logistics services
Selling &
Administration
 Further reduce costs by leveraging established global ERP
platform and standardized processes
ERP: enterprise resource planning
Process Technology Advances Lower Cost &
Save Energy
• Bayer Investor Presentation • Meet Management • June 2013
ProcessBenefits*Status
TDI Gas Phase
Phosgenation
Adiabatic Aniline
Production
ODC Technology for
Chlorine Production
*Compared with conventional technology
ODC: Oxygen depolarized cathode
 Uses up to 60% less
energy
 Requires 80% less solvent
 CapEx reduced by 20%
 Uses 25% less energy
 20% less CO2 emissions
 CapEx reduced by 30%
 Uses 30% less energy
 Reduces indirect CO2
emissions
 World-scale facility
since 2011 in Shanghai,
China
 Technology to be used in
new TDI plant in Dormagen
 Pilot plant in Antwerp,
Belgium
 Plant in Shanghai since
2010
 Demo facility in Krefeld-
Uerdingen
 External marketing
planned from 2013
Page 149
• Bayer Investor Presentation • Meet Management • June 2013Page 150
Focus on Capital Discipline
DepreciationCapEx (PPE only)
813
462
600
460
527
599
2008 2010 2012 2013e
In € million
CapEx vs Depreciation CapEx Strategy
● Investment focus on utilization
improvement
● Investment in efficiency is the basis
for future profitable growth
● CapEx on depreciation level for 2013
and the foreseeable future
• Bayer Investor Presentation • Meet Management • June 2013Page 151
Capitalizing on Global
Megatrends
1990 2000 2020e 2050e
5.3
6.1
7.7
9.2 billion people
• Bayer Investor Presentation • Meet Management • June 2013Page 152
Our High-tech Materials Meet Key Customer
Industry Needs
Poly-
carbonates
Poly-
urethanes
& CAS
 Low weight for better energy efficiency in transportation
 High mechanical strength enables product durability
 Transparency for optical applications and architectural glazing
 High heat resistance and reliable electrical insulation properties
 Excellent design flexibility that goes beyond that of glass
 Outstanding thermal insulation properties
 Versatility allowing full spectrum of flexible to rigid foam applications
 Excellent abrasion resistance and rebound resilience
 Durability for reliable protective coatings
AutomotiveConstruction Electro / Electronics
CAS: Coatings, Adhesives, Specialties
Polyurethane-based Insulation
for Residential & Commercial Buildings
• Bayer Investor Presentation • Meet Management • June 2013
PUR Isoboards for Thermal Insulation
Growth drivers
 EU: From 2020 on, new
buildings have to be
constructed as “nearly zero-
energy buildings”
 US: New standard requires
30% less energy use for
renovated homes and
commercial buildings
 1 kg polyurethane saves 360 to
755 kg CO2 emissions*
 PUR in construction industry in
2012: approx. €5.7bn,
estimated average growth rate
of ~8% p.a.
*Additional insulation, savings over entire product life-cycle of 50 years, including
production and end-of-life stages; PUR: polyurethane
 External Thermal Insulation Composite
Systems (ETICS) save >25% energy
compared with other insulation materials
 Joint solution development with key industry
players to fulfill high industry requirements
PUR Metal Sandwich Panels
 Prefabricated and mainly applied for industrial
and commercial buildings as well as cold
storage
 Easy handling and fast site assembly
Page 153
• Bayer Investor Presentation • Meet Management • June 2013Page 154
Polyurethane-based Insulation
in Cold Chain
Growth drivers
 Globally more stringent energy
saving regulations
 Increasing demand for trans-
porting temperature sensitive
goods
 Increasing standard of living in
emerging markets triggers
continuously growing demand for
appliances
 PUR in refrigerator industry
2012: approx. €2.6bn, estimated
average growth rate of ~6% p.a.
Refrigerators
 Refrigeration accounts on average for 20% of
a household’s electricity consumption
 Replacing all old refrigerators with A++
appliances could cut annual CO2 emissions in
the EU by 22 million metric tons
 PUR insulation increased energy efficiency of
refrigerators by 65% from 1950-2005
 BMS’s innovative Baytherm®
Microcell foam:
 Reduces pore size of foam up to 40%
 Reduces thermal conductivity up to 10%
PUR: polyurethane
Increased Energy Efficiency in Cars Through
Polycarbonates
• Bayer Investor Presentation • Meet Management • June 2013
Growth drivers
Polycarbonates
 Heat stability and optical quality enable new
LED-based lighting systems
 Flame-retardant polycarbonate blends protect
batteries used in future cars with hybrid
engines
 Car body parts made from polycarbonate
blends reduce weight
 Automotive glazing out of polycarbonate
combines high weight saving potential with
outstanding thermal insulation
 Broad global political initiatives
promoting e-mobility
 Increasing use of electrical
devices requires flame
retardancy of plastics
 Polycarbonate glazing offers a
weight advantage of 30-50%
compared to real glass
 81m light vehicles* produced
globally in 2012, estimated
average growth rate of 5-6%
p.a.
*includes cars and light commercial vehicles up to a weight of 6t
Page 155

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Investor Handout Meet Management 2013 New York June 2013

  • 1. Meet Management 2013 Leverkusen, June 2013 I New York Investor Handout
  • 2. • Bayer Investor Presentation • Meet Management • March 2013Page 2 Disclaimer This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material 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 are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
  • 3. • Bayer Investor Presentation • Meet Management • June 2013Page 1 Our Mission – Innovation and Customer Value  Bayer is an innovation company  With a strong “innovation portfolio”  Addressing new growth areas  Capable of identifying and using breakthrough innovations  Bayer is innovative in many ways: Products, technologies, processes, business models, strategies  Bayer products improve the quality of people’s lives  Bayer has an excellent understanding of human, animal and plant health, as well as of high-quality materials  Respect for people and nature is an essential part of our values Science / Innovation Better Life Science For A Better Life
  • 4. • Bayer Investor Presentation • Meet Management • June 2013Page 2 Our Business Portfolio – Leading in Its Markets Break-down excluding reconciliation Sales 2012: €39.7bn CropScience Chemical crop protection & biologicals, global #2, seeds & traits €8.4bn MaterialScience Polyurethanes and polycarbonates, global #1/2 €11.5bn HealthCare Pharmaceuticals €10.8bn, leading positions in core indications Consumer Health €7.8bn, OTC pharmaceuticals, blood glucose meters, contrast media and veterinary medicines, global #2-5 €18.6bn 22% 30% 48%
  • 5. • Bayer Investor Presentation • Meet Management • June 2013Page 3 We are Generating the Vast Majority of our Business in the Life-Sciences 22% 30% 45% 85% 15% Sales 2012 Adj. EBITDA 2012* Human Health 3% Breakdown excluding Reconciliation Material Science Animal Health Life- Sciences Material Science *EBITDA before special items Plant Health
  • 6. • Bayer Investor Presentation • Meet Management • June 2013Page 4 ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe 2012 Group Sales Highlights Emerging Economies In € million, ∆% yoy Fx adjusted BRIC  +13% with HealthCare +23% and CropScience +20%  +16% driven by CropScience, but also MaterialScience strong  +19% with both Consumer Health and MaterialScience +25%  +7% driven by CropScience and MaterialScience  +12% driven mainly by our Life- Science businesses Emerging Economies¹ +7% Developed Economies +3% Group €39,741m; +5% 63% Strong Presence in the Emerging Markets 37%
  • 7. • Bayer Investor Presentation • Meet Management • June 2013Page 5 Our Track Record – Delivered Growth and Performance * 2007 - 2008 from continuing operations 2007 2008 2009 2010 2011 2012 Sales (€ billion) 3.80 4.17 3.64 4.19 3 4 5 6 2007 2008 2009 2010 2011 2012 4.83 5.30 EBITDA before special items* (€ billion) Core earnings per share* (€) 20.9 21.1 20.8 20.2 20 21 22 2007 2008 2009 2010 2011 2012 20.820.8 2007 2008 2009 2010 2011 2012 EBITDA before special items margin* (%) 32.4 32.9 31.2 35.1 36.5 39.7 6.8 6.9 6.5 7.1 7.6 8.3
  • 8. • Bayer Investor Presentation • Meet Management • June 2013Page 6 Life-Science Businesses Off To A Good Start
  • 9. Q1 2013 – Total Group: Life-Sciences Commence Positively • Bayer Investor Presentation • Meet Management • June 2013Page 7 EBIT in € million +9% 1,771 1,631 Sales in € million % currency & portfolio adj. +4% 10,266 10,054 EBITDA adjusted* in € million 0% 2,4532,443 Core EPS in € +2% 1.701.67 *before special items Q1’13Q1’12 Q1’13Q1’12 Q1’13Q1’12 Q1’13Q1’12
  • 10. Full Year 2013 Outlook Projects Further Growth And Higher Earnings • Bayer Investor Presentation • Meet Management • June 2013Page 8 2012 ∆ vs. 2011 2013e Sales €39.7bn +5% +4-5% to ~€41bn* adj. EBITDA €8.3bn +9% mid-single-digit % increase Core EPS €5.30 +10% high-single-digit % increase Sales ∆ Fx and portfolio adjusted, EBITDA before special items *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report
  • 11. • Bayer Investor Presentation • Meet Management • June 2013Page 9 Pharma: Sales Growth Acceleration Driven by New Products & Emerging Markets 2012 CAGR 2015e
  • 12. Pharma – New Products Drive Growth and Rejuvenate Portfolio • Bayer Investor Presentation • Meet Management • June 2013Page 10 86 368 ~1,000 >2,500 2011 2012 2013e 2015e Sales from new Pharma pipeline in €m Q1: 244 Xarelto: 155 Eylea: 49 Stivarga: 40 CTEPH: chronic thromboembolic pulmonary hypertension; CRVO: central retinal vein occlusion; PAH: pulmonary arterial hypertension; wAMD: wet age-related macular degeneration  Strong launch execution, targeting ~€600m sales in 2013  Roll-out in wAMD underway, approval in CRVO 2H 2013e  Launched in US and Japan, CHMP opinion 1H 2013e  Approved in the US, filed in EU (Dec. 2012)  Submitted for PAH and CTEPH (Feb. 2013), priority review in the US
  • 13. Xarelto – Development in Selected Markets • Bayer Investor Presentation • Meet Management • June 2013Page 11 Status as of mid May 2013 Germany: most successful launch ever in the cardiovascular market; market share 1 at ~33% (dabigatran ~11%, apixaban ~1%) Japan: 2-week prescription limitation lifted end of April 2013; market share 2 at ~16% (market share as of 1 st of April: 9%) France: Xarelto maintained leadership over dabigatran; market share1 increased to ~17% (dabigatran ~16%) Brazil: successful launch; market share3 ~37% (dabigatran ~17%); Xarelto with 45% new patients and 55% switchers Switzerland: excellent launch performance, making Xarelto the No. 1 in the retail market for anticoagulants; market share at ~34% US4: steady uptake; surpassing warfarin in NBRx share in the cardiology AC market: Xarelto at ~38% (warfarin ~36%, dabigatran ~12%, apixaban ~ 14%) Source: IMS; 1 sales market share anticoagulants (AC) ex manufacturer prices, retail; 2 anticoagulants retail and hospitals, 3 sales market share AC , retail; 4:marketed by J&J;
  • 14. • Bayer Investor Presentation • Meet Management • June 2013Page 12 Xofigo – A New Treatment for CRPC Patients with Bone Metastases Bone marrow Osteoclast α-particle radiation Global peak sales potential ≥ €1bn  ~900,000 men diagnosed worldwide, up to 90% develop bone metastases1  First in class alpha-pharmaceutical delivering high energy, short ranging alpha-particles  44% improvement in overall survival in phase III trial  Demonstrated delay in time to first skeletal-related event  Approved in the US for CRPC with symptomatic bone metastases and no known visceral metastatic disease  Submitted for CRPC in Europe (Dec 2012) CRPC: castration-resistant prostate cancer; 1: GLOBOCAN 2008,World Health Organization
  • 15. • Bayer Investor Presentation • Meet Management • June 2013Page 13 Strengthening Women‘s Health Business – Acquisition of Conceptus, Inc.  Bayer successfully completed the public tender offer to acquire all shares in Conceptus for $31/share (>90% tendered, transaction value of ~$1.1bn)  US-based company developing the Essure® procedure, the leading non- surgical permanent birth control method proven by >700,000 procedures  Significant synergies expected from leveraging existing business power Essure ® Permanent Long- term Short- term No children Active family planning Family planning finalized IUD (Mirena) IUD (Skyla) Oral contraceptives (e.g. YAZ)
  • 16. • Bayer Investor Presentation • Meet Management • June 2013Page 14 Aspire to Become the Leading OTC Company
  • 17. Consumer Care – Aspire to Become the World-Leading OTC Company • Bayer Investor Presentation • Meet Management • June 2013Page 15 2003 2011 2012 +6%  Built global #2 position through combination of organic growth and targeted acquisitions  Track record of performance – continued to gain share in 2012  Product portfolio of some of the world‘s most recognized brands  Further growth opportunities in selected emerging markets Sales Development* 1.4 3.5 3.9 * Sales Consumer Care segment Global #6 Global #2 In € billion, ∆% yoy Fx adjusted
  • 18. Brands Years Old 2012 Sales €m 3-Year CAGR 113 970* 7% 81 197# 12% 78 101 1% 69 196 5% 68 269 12% 40 250 9% 19 323 12% Strong Consumer Brands Build Equity for Decades • Bayer Investor Presentation • Meet Management • June 2013Page 16 *Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx) #Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus.
  • 19. Innovation at OTC – New Product Development with Aspirin • Bayer Investor Presentation • Meet Management • June 2013Page 17
  • 20. • Bayer Investor Presentation • Meet Management • June 2013Page 18 Strengthening Our OTC Business – Bayer to Acquire Steigerwald GmbH  Bayer launched an offer to acquire Steigerwald Arzneimittelwerk GmbH, with closing expected at the beginning of July 2013*  Steigerwald generated net sales of €61.3m in 2012 (~90% in Germany)  Steigerwald produces herbal drugs, its 2 core brands make ~90% of sales  Significant sales synergies expected due to our complementary CC business Iberogast®  Treatment of functional dyspepsia & irritable bowel syndrome Laif®  St John’s wort based medicine for treat- ment of depression * subject to regulatory approval
  • 21. • Bayer Investor Presentation • Meet Management • June 2013Page 19 CropScience: Targeting Above Market Growth at Benchmark Profitability 2012 CAGR 2015e
  • 22. • Bayer Investor Presentation • Meet Management • June 2013Page 20 Leading the Way in Integrated Crop Solutions Integrated Crop Solutions Chemical Crop Protection Biological Crop Protection Seeds  Herbicides  Fungicides  Insecticides  SeedGrowth  Microorganisms  Microbial extracts  Canola, cotton, rice, soy, wheat, vegetables  Conventional seeds  GMO seeds  Traits Better harvest with improved:  Yield  Quality  Processability  Sustainability GMO: Genetically modified organism  Weed, pest & disease control  Stress tolerance
  • 23. CropScience – Translate R&D Effectively into New Product Sales • Bayer Investor Presentation • Meet Management • June 2013Page 21  Xpro (+61%) - New cereal fungicide with yield-boosting effect  Adengo herbicide family (+85%) - Excellent weed control in corn and cereals, also in case of glyphosate resistance  Belt (+54%) - Broad-spectrum insecticide with fast and long-lasting action  Launch of Luna fungicide in the US  First launch of new SeedGrowth family EverGol/Emesto in Canada 0.02 0.3 0.7 1.1 ~1.4 ~1.9 2007 2009 2011 2012 2013e 2015e +60% 2012 Highlights Sales from new Crop Protection products launched since 2006 in €bn ∆% y-o-y, () Fx adj.
  • 24. • Bayer Investor Presentation • Meet Management • June 2013Page 22 Bolt-on Acquisitions to Strengthen CropScience Portfolio Region Technology Product / Portf. Biologics  Hornbeck (04/11) €30m US Seeds, Breeding Germplasm Soybean Seeds  AgraQuest (07/12) ~€375m > 30 countries Biologics Fungicides Insecticides  Raps GbR (10/11) €26m  Wehrtec, Wehrmann (03/13) €37m + milestones Seeds Germplasm Soybean  Abbott & Cobb (07/12) ~€43m US Seeds Watermelon Melon  Prophyta (01/13) €25m (provisional) Germany Biologics Fungicides Nematicides Europe Seeds, Breeding Oilseed rape Brazil
  • 25. • Bayer Investor Presentation • Meet Management • June 2013Page 23 MaterialScience: Aspire to Earn a Premium Over Cost of Capital
  • 26. • Bayer Investor Presentation • Meet Management • June 2013Page 24 Selling Price Increases & Savings Not Sufficient to Protect Earnings  Market growth trends intact, key products with mid-single digit volume growth  High raw material prices and significant capacity additions led to global overcapacities and margin pressure  Going forward demand & supply balance expected to improve  Anticipated margin improvement supported by fresh savings from new efficiency initiative 2010 2011 2012 Sales Adj. EBITDARaw Mat. & Energy Costs CFROI In € bn 10.2 10.8 11.5 5.4 6.2 6.6 1.4 1.2 1.3 6% 6% 8%
  • 27. Profitability Improvement Through New Efficiency Initiative Until 2015 • Bayer Investor Presentation • Meet Management • June 2013Page 25 Examples Business Units  Consolidation of system houses  Pricing excellence programs Organization  Optimization of regional structures (e.g. Canada & US) Production  Further initiatives to improve asset productivity (e.g. maintenance schedules, engineering setup) Supply Chain  Optimization of logistics services Selling & Administration  Further reduce costs by leveraging established global ERP platform and standardized processes ERP: enterprise resource planning  New efficiency initiative improves cost structure and increases adjusted EBITDA margin by 150bp  Initiative comprises more than 100 measures across the entire value chain
  • 28. • Bayer Investor Presentation • Meet Management • June 2013Page 26 … and Optimistic for Future Developments years
  • 29. • Bayer Investor Presentation • Meet Management • June 2013Page 27 Solid Start to 2013 – Track Record of Performance Expected to Continue  Business performance predominantly driven by HealthCare and CropScience contributing 70% of sales and 85% of earnings  Significant new product opportunities at our Life-Science businesses  Continued strong emerging markets business momentum  Full-year 2013 group outlook projects higher sales and earnings  Aspire to grow HealthCare and CropScience by 6% CAGR until 2015
  • 30. • Bayer Investor Presentation • Meet Management • June 2013Page 28 Appendix
  • 31. • Bayer Investor Presentation • Meet Management • June 2013Page 29 Priority 2012 Target 2013* Aspiration 2015  HealthCare: Accelerate sales growth €18.6bn  Pharma: Successfully commercialize new products and realize emerging markets (EM) opportunity  New product sales¹  EM growth  Consumer Health: Aspire to become #1 OTC company €7.8bn ~€9bn  HealthCare: Improve margins  Pharma  Consumer Health 27.5% 29.9% 24.2% slightly up slightly up at level towards 29% ≥31% ~25% HealthCare – Building Growth Momentum, Improving Margins ¹ Xarelto, Eylea, Stivarga, Radium-223 dichloride and Riociguat; subject to regulatory approval *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report €10.8bn €368m 7.3% mid-single-digit % to ~€11bn ~€1bn high-single digit % CAGR ~7% towards €13bn >€2.5bn high-single digit % CAGR ~6% towards €22bn mid-single-digit % to ~€8bn mid-single-digit % to ~€19bn Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
  • 32. Q1 2013 – HealthCare: New Products and Consumer Care Drive Growth • Bayer Investor Presentation • Meet Management • June 2013Page 30 *before special items Q1 2013 Sales Earnings Pharma +2% (+5%) Consumer Health +3% (+5%) 36% HealthCare €4,443m; +2% (+5%) 2,5641,879 Price +1% Volume +4% Fx -3% Portfolio 0% In € million, ∆% yoy, () = Fx & portf. adjusted Q1‘12 Q1‘13 Q1‘12 Q1‘13 740 832 441 445 +12% +1% 1,181 1,277 +8% 341 +1% 861 953 +11% 520 343 Adj. EBITDA* Adj. EBIT* 610 +17%
  • 33. Full Year 2012 – HealthCare • Bayer Investor Presentation • Meet Management • June 2013Page 31 *before special items 2012 Sales Earnings Pharma +9% (+4%) Consumer Health +8% (+4%) 36% HealthCare €18,604m; +8% (+4%) 10,7987,806 Price 0% Volume +4% Fx +4% Portfolio 0% In € million, ∆% yoy, () = Fx & portf. adjusted FY‘11 FY‘12 FY‘11 FY‘12 2,972 3,233 1,730 1,886 +9% +9% 4,702 5,119 +9% 1,325 +10% 3,367 3,788 +13% 2,042 1,460 Adj. EBITDA* Adj. EBIT* 2,328 +14%
  • 34. • Bayer Investor Presentation • Meet Management • June 2013Page 32 CropScience – Above Market Growth at Benchmark Profitability Priority 2012 Target 2013* Aspiration 2015  Above-market sales growth +12.4% to €8.4bn high-single digit % towards €9bn CAGR ~6% towards €10bn  Translate R&D effectively into new product sales (CP products launched since 2006) €1.1bn ~€1.4bn ~€1.9bn  Extend seeds footprint +14%  Maintain industry leading profitability level 24.2% slight improvement ~24% Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales double-digit % growth p.a. CP: Crop Protection *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report double-digit % growth
  • 35. Q1 2013 – CropScience: ContinuouslyStrong In Favorable Market Environment • Bayer Investor Presentation • Meet Management • June 2013Page 33 Crop Protection +9% (+11%) Environmental Science -12% (-10%) Seeds +1% (0%) Q1 2013 Sales Earnings In € million, ∆% yoy, () = Fx & portf. adjusted CropScience €2,764m; +6% (+7%) Price +3% Volume +4% Fx -2% Portfolio 0% 2,111 Q1‘12 Q1‘13 Q1‘12 Q1‘13 984 1,081 +10% 864 969 +12% Adj. EBITDA* Adj. EBIT* 164 489 *before special items
  • 36. Full Year 2012 – CropScience • Bayer Investor Presentation • Meet Management • June 2013Page 34 Crop Protection +16% (+13%) Environmental Science +9% (+5%) *before special items Seeds +17% (+14%) 2012 Sales Earnings In € million, ∆% yoy, () = Fx & portf. adjusted CropScience €8,383m; +16% (+12%) Price +1% Volume +12% Fx +4% Portfolio -1% 6,741 FY‘11 FY‘12 FY‘11 FY‘12 1,654 2,026 +22% 1,168 1,543 +32% Adj. EBITDA* Adj. EBIT* 680 962
  • 37. • Bayer Investor Presentation • Meet Management • June 2013Page 35 Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales *Assuming Fx rate of $1.29 per € #after reproduction Outlook depends on specific planning assumptions as detailed in the Annual Report MaterialScience – Higher Asset Utilization & Efficiency Measures Are Driving Performance 2012 Target 2013 Aspiration 2015  Sales +2.9% to €11.5bn (volumes +2%)  Adj. EBITDA +8% to €1,262m  CFROI# 5.7% < WACC 7.1%  Sales to slightly increase to ~€12bn  Adj. EBITDA to match 2012 figure  Q2‘2013 vs Q1‘2013: Sales to increase and adj. EBITDA to significantly increase  Grow business (volume) above global GDP  Defend market leading positions in PCS and PUR  Realize 150 bp margin contribution through new efficiency initiative  Optimize asset structure in Germany  CFROI# > WACC
  • 38. • Bayer Investor Presentation • Meet Management • June 2013Page 36 Q1 2013 – MaterialScience: Cost Pressure Prevented A Better Performance **CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations Polyurethanes +3% (+4%) Polycarbonates -6% (-6%) CAS** -3% (-3%) Q1 2013 Sales Earnings In € million, ∆% yoy, () = Fx & portf. adjusted *before special items MaterialScience €2,775m; +0% (+0%) Price +4% Volume -4% Fx -1% Portfolio 0% 1,469 663 IO*** +0% (+1%) Q1‘12 Q1‘13 Q1‘12 Q1‘13 Adj. EBITDA* Adj. EBIT* 279 204 -27% 121 43 -65% 467 176
  • 39. Full Year 2012 – MaterialScience • Bayer Investor Presentation • Meet Management • June 2013Page 37 **CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations 2012 Sales Earnings In € million, ∆% yoy, () = Fx & portf. adjusted *before special items MaterialScience €11,491m; +6% (+3%) Price +1% Volume +2% Fx +4% Portfolio -1% 5,987 FY‘11 FY‘12 FY‘11 FY‘12 Adj. EBITDA* Adj. EBIT* 1,171 1,262 +8% 589 613 +4% Polycarbonates -3% (-7%) CAS** +3% (+4%) 2,819 IO*** +8% (+6%) 1,972 714 Polyurethanes +12% (+8%)
  • 40. • Bayer Investor Presentation • Meet Management • June 2013Page 38 Q1 2013 – Regional Performance: Growth Led by USA and Emerging Economies Africa & Middle East Eastern Europe Emerging Economies Emerging Economies¹ +7% Others² +8% USA +8% Western Europe -3% Q1 2013 Group Sales by Region Group €10,266m; +4% ~1,000 +8% ~1,400 +8% ~400 -7%~700 +13% ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia w/o Japan, Australia, New Zealand In € million, ∆% yoy Fx adjusted 34% 12%32% 22% Latin America Emerging Asia³
  • 41. Full Year 2012 – Regional Performance • Bayer Investor Presentation • Meet Management • June 2013Page 39 Africa & Middle East Eastern Europe Emerging Economies Emerging Economies¹ +7% Others² +4% USA +9% Western Europe 0% 2012 Group Sales by Region Group €39,741m; +5% ~4,900 +12%~5,700 +5% ~1,800 0%~2,400 +10% ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia w/o Japan, Australia, New Zealand In € million, ∆% yoy Fx adjusted 37% 11% 31% 21% Latin America Emerging Asia³
  • 42. • Bayer Investor Presentation • Meet Management • June 2013Page 40 Q1 2013 – Cash Flow And Net Debt Development +€491m 7.5 GCF oFCF 1,807 Invest- ments 365 (38) ∆ y-o-y +13% -100% NCF 327 +38% +43% Dec 31, 2012 Mar 31, 2013 7.0 Q1 2013 Cash Flow Net Debt Development Cash Flow in € million, Net Debt in € billion
  • 43. Full Year 2012 – Cash Flow and Net Debt Development • Bayer Investor Presentation • Meet Management • June 2013Page 41 +€9m 7.0GCF oFCF 4,556 Invest- ments 1,930 2,601 ∆ y-o-y -12% -24% NCF 4,531 -10% +20% Dec 31, 2011 Dec 31, 2012 7.0 2012 Cash Flow Net Debt Development Cash Flow in € million, Net Debt in € billion
  • 44. Investor Handout – Meet Management Bayer HealthCare June 2013 – New York
  • 45. Leading Positions in Key Healthcare Markets • Bayer Investor Presentation • Meet Management • June 2013Page 43 Pharma €10,798m  Leading positions in key therapeutic categories Consumer Care €3,853m  Global #2 in OTC-pharmaceuticals, ~€0.3bn dermatology business Medical Care €2,650m  #1 in fluid injection systems, #1 in contrast media, #4 in blood glucose meters Animal Health €1,303m  Global #5, #2 in parasiticides Sales Split by Segment 2012 25% 58% 7% 21% 14% HealthCare €18,604m
  • 46. Full Year 2012 – Growth in All Segments • Bayer Investor Presentation • Meet Management • June 2013Page 44 *before special items 2012 Sales Earnings Pharma +9% (+4%) Consumer Health +8% (+4%) 36% HealthCare €18,604m; +8% (+4%) 10,7987,806 Price 0% Volume +4% Fx +4% Portfolio 0% In € million, ∆% yoy, () = Fx & portf. adjusted 2011 2012 2011 2012 2,972 3,233 1,730 1,886 +9% +9% 4,702 5,119 +9% 1,325 +10% 3,367 3,788 +13% 2,042 1,460 Adj. EBITDA* Adj. EBIT* 2,328 +14%
  • 47. Full Year 2012 – Strong Business Momentum in Emerging Markets • Bayer Investor Presentation • Meet Management • June 2013Page 45 Emerging Economies 25% 2012 Sales Latin America Eastern Europe Africa & Middle East ~2,100 +12% ~2,100 +8% ~1,100 +9% ~900 +1% 24% USA +6% 29% 33% 14% Sales in € million; ∆% y-o-y Fx adjusted Emerging Economies¹ +8% Emerging Asia³ Western Europe -1% Others² +1% HealthCare €18,604m ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia without Japan, Australia, New Zealand
  • 48. • Bayer Investor Presentation • Meet Management • June 2013Page 46 New Products Drive Pharma Growth and Rejuvenate Portfolio Peak Sales Potential* * from 5 new products
  • 49. New Product Pipeline • Bayer Investor Presentation • Meet Management • June 2013Page 47 *Combined peak sales potential for Xarelto, Stivarga, Eylea, Radium-223 dichloride and Riociguat assuming approvals and launches planned Combined* Peak Sales Potential >€5.5bn First launches in first / main indication* Rivaroxaban AfliberceptRegorafenib Radium-223 dichloride Riociguat 2011 2012 2012 2013 2013e
  • 50. • Bayer Investor Presentation • Meet Management • June 2013Page 48 New Products Drive Growth and Rejuvenate Portfolio 86 368 ~1,000 >2,500 2011 2012 2013e 2015e Sales from new Pharma pipeline in €m Q1: 244 Xarelto: 155 Eylea: 49 Stivarga: 40 CTEPH: chronic thromboembolic pulmonary hypertension; CRVO: central retinal vein occlusion; PAH: pulmonary arterial hypertension; wAMD: wet age-related macular degeneration  Strong launch execution, targeting ~€600m sales in 2013  Roll-out in wAMD underway, approval in CRVO 2H 2013e  Launched in US and Japan, CHMP opinion 1H 2013e  Launched in the US, filed in EU (Dec. 2012)  Submitted for PAH and CTEPH (Feb. 2013), priority review in the US
  • 51. Xarelto – Effective Anticoagulation For More Patients • Bayer Investor Presentation • Meet Management • June 2013Page 49 Peak sales potential > €2bn SPAF: prevention of stroke and systemic embolism in patients with non- valvular atrial fibrillation; DVT: deep vein thrombosis; VTE: venous thromboembolism; ACS: acute coronary syndrome Peak sales potential > €2bn  Breadth of indications: met or exceeded primary efficacy endpoint in 11/11 phase III studies  Further phase III trials initiated, for example in the prevention of major adverse cardiac events in patients with coronary or peripheral artery disease 1) Clinical 2) Regulatory  VTE prevention following total knee/hip replacement surgery  Stroke prevention in patients with atrial fibrillation (SPAF)  Treatment of DVT, PE and to reduce the risk of recurrent DVT and PE  Approved for secondary prevention after ACS in Europe  Filed for sec. prevention of ACS in the US (Complete Response Letter March 2013) 3) Marketing
  • 52. Xarelto – Strong Launch Execution • Bayer Investor Presentation • Meet Management • June 2013Page 50 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 272 23 US* Ex-US 31 Sales in € million; ∆% Fx adj. 8 34 42 8 57 68 11 67 81 14 109 131 22 *Bayer reporting, not reflecting in-market sales  Sales 2012: €322m, exceeded target  Sales advanced strongly in all regions following further product launches and indication expansions  Most successful launch ever in the German cardiovascular market  Sales target 2013: ~€600m 22 133 155
  • 53. Xarelto – Development in Selected Markets • Bayer Investor Presentation • Meet Management • June 2013Page 51 Status as of mid May 2013 Germany: most successful launch ever in the cardiovascular market; market share 1 at ~33% (dabigatran ~11%, apixaban ~1%) Japan: 2-week prescription limitation lifted end of April 2013; market share 2 at ~16% (market share as of 1 st of April: 9%) France: Xarelto maintained leadership over dabigatran; market share1 increased to ~17% (dabigatran ~16%) Brazil: successful launch; market share3 ~37% (dabigatran ~17%); Xarelto with 45% new patients and 55% switchers Switzerland: excellent launch performance, making Xarelto the No. 1 in the retail market for anticoagulants; market share at ~34% US4: steady uptake; surpassing warfarin in NBRx share in the cardiology AC market: Xarelto at ~38% (warfarin ~36%, dabigatran ~12%, apixaban ~ 14%) Source: IMS; 1 sales market share anticoagulants (AC) ex manufacturer prices, retail; 2 anticoagulants retail and hospitals, 3 sales market share AC , retail; 4:marketed by J&J;
  • 54. Xarelto Uptake • Bayer Investor Presentation • Meet Management • June 2013Page 52 Source: IMS 1: Ex-Mnf Sales Market Share (incl. PI) in all dosage strengths and pack sizes, 2: Sales Market Share (Ret+Hosp) in %, 3: Retail Sales Market Share, marketed by J&J Germany1 Japan2 United States3 Xarelto Pradaxa Eliquis Jan 2012 34% 16% <1% June 2012 May 2013 May 2013 0% 10% 20% 30% 40% 50% Jan 2012 33% 11% 1% May 2013 20% 22% 1.5%
  • 55. Eylea – Targeting Different Eye Diseases • Bayer Investor Presentation • Meet Management • June 2013Page 53 1: as measured on the Early Treatment Diabetic Retinopathy Scale; 2: Regeneron has US marketing rights; AMD: age-related macular degeneration; CRVO: central retinal vein occlusion; mCNV: myopic choroidal neovascularization  Bayer has marketing rights ex-US2, launched in first markets in wet AMD end 2012  First launches in CRVO planned for 2H 2013 1) Clinical 2) Regulatory 3) Marketing  Positive phase III data in wet AMD and CRVO reported  Positive phase III in mCNV (mean improvement of 12 letters in best-corrected visual acuity1 from baseline at week 24 vs. a loss of 2 letters in sham control (p<0.0001))  Data from phase III studies in DME 2H 2013e  Filed for CRVO in EU (Dec 2012) and Japan (Jan 2013)  Filing in mCNV 2H 2013e Peak sales potential ≥ €1bn
  • 56. Eylea – Developed for the Treatment of Various Back of the Eye Diseases • Bayer Investor Presentation • Meet Management • June 2013Page 54 Eylea has been in-licensed from Regeneron; Bayer has exclusive marketing rights ex-US patient numbers are Bayer estimates Wet age-related macular degeneration (wet AMD)  One of the leading cause of severe vision loss  Globally an estimated 12 million patients in the 50+ age group Diabetic macular edema (DME)  The most frequent cause of blindness in young and mid-aged adults  Globally the treatable patient population for DME is estimated ~6.2 million Central retinal vein occlusion (CRVO)  90% occur in patients aged ~50, it can affect all ages  A common retinal vascular disorder affecting ~2.5 million people globally Myopic choroidal neovascularization (myopic CNV)  High prevalence in Asian population  In Japan and China treatable population of mCNV is approx. 2 million, with approx. 0.2 million new cases/year
  • 57. Stivarga – Major Progress in Our Oncology Portfolio • Bayer Investor Presentation • Meet Management • June 2013Page 55 mCRC: metastatic colorectal cancer; mGIST: metastatic gastrointestinal stromal tumors; HCC: hepatocellular carcinoma 1) Clinical  Positive phase III data in mCRC and mGIST  Phase III in 2nd line HCC initiated (RESORCE) (May 2013)  Phase III in colorectal cancer (adjuvant therapy) expected to start 2H 2013 2) Regulatory 3) Marketing  Launched in mCRC (Sep 2012) / mGIST (Feb 2013) in the US  Launched in mCRC in Japan (May 2013) Peak sales potential ≥ €1bn  Filed for mCRC in EU - CHMP opinion expected 1H 2013  Filing for mGIST in Europe planned after expected approval in mCRC  Filed for mGIST in Japan (priority review) (Feb 2013)
  • 58. Stivarga – Three Dimensional Mode of Action • Bayer Investor Presentation • Meet Management • June 2013Page 56  Regorafenib is an oral tumor deactivation agent that potently blocks multiple protein kinases, including kinases involved in:  Tumor angiogenesis (VEGFR1, -2, -3, TIE2)  Oncogenesis (KIT, RET, RAF-1, BRAF, BRAFV600E)  Tumor microenvironment (PDGFR, FGFR) Inhibition of neoangiogenesis Inhibition of tumor microenvironment signals Inhibition of proliferation of certain tumor cells VEGFR: vascular endothelial growth factor receptor; TIE2: tyrosine kinase with immunoglobulin-like and EGF-like domains ; PDGFR: platelet derived growth factor receptor; FGFR: fibroblast growth factor receptor;
  • 59. Xofigo – A New Treatment for Prostate Cancer Patients with Bone Metastases • Bayer Investor Presentation • Meet Management • June 2013Page 57 1) Clinical  Phase III study in CRPC patients with bone metastases stopped early on success  Studies in earlier settings of prostate cancer, including combination studies and studies in other tumors (such as breast cancer and osteosarcoma) planned 2) Regulatory 3) Marketing  Launched in the US Peak sales potential ≥ €1bn  Approved in the US for patients with CRPC and symptomatic bone metastases  Submitted for treating bone metastases in patients with CRPC in Europe CRPC: castration-resistant prostate cancer
  • 60. Xofigo – Unique Mode of Action • Bayer Investor Presentation • Meet Management • June 2013Page 58  First in class alpha-pharmaceutical delivering high energy, short ranging alpha-particles  ~900,000 men diagnosed worldwide, up to 90% have radiological evidence of bone metastases1  Demonstrated 44% improvement in overall survival in phase III trial  Demonstrated delay in time to first skeletal-related event CRPC: castration-resistant prostate cancer 1: GLOBOCAN, World Health Organization Bone marrowTumor cells Osteoclast Osteoblast α-particle radiation Targets new bone, e.g. bone metastases Irradiates adjacent tumour cells leading to highly localized tumor cell killing Radium-223 deposition Newly formed bone
  • 61. Riociguat – Addressing Unmet Medical Need in Pulmonary Hypertension • Bayer Investor Presentation • Meet Management • June 2013Page 59 6MWDT: 6 Minutes walking distance test , CTEPH: chronic thromboembolic pulmonary hypertension, PAH: pulmonary arterial hypertension, sGC soluble guanylate cyclase Peak sales potential > €500m 1) Clinical  Phase III in PAH (PATENT-1) successfully completed  Phase III in CTEPH (CTEPH) successfully completed showing Riociguat to be the first ever drug demonstrating clinical efficacy in a placebo- controlled trial 2) Regulatory  Submitted for PAH and CTEPH in the US - priority review granted (April 2013)  Submitted for PAH and CTEPH in Europe (Feb 2013)
  • 62. • Bayer Investor Presentation • Meet Management • June 2013Page 60 Riociguat – Demonstrated Efficacy in PAH and CTEPH Sec. endpoints for 1) and 2): Pulmonary vascular resistance; N-terminal pro brain natriuretic peptide; World health organization functional class; for 1) additionally: Time to clinical worsening; Borg dyspnea score CHEST-1 enrolled patients with CTEPH either inoperable or with persistent or recurrent pulmonary hypertension after surgery Phase III in PAH (PATENT-1) ● Primary efficacy endpoint met – 6MWD improved by 36m from baseline after 12 weeks compared with placebo (p<0.0001) ● Statistical significant effect demonstrated across sec. endpoints1 in both treatment- naïve and pre-treated patients ● Riociguat was generally well tolerated with a good safety profile ● A first analysis of the long-term extension study (PATENT-2) showed that efficacy benefits were improved and sustained and that Riociguat was well tolerated with a good long-term safety profile Phase III in CTEPH (CHEST-1) ● Primary efficacy endpoint met – 6MWD improved by 46m from baseline after 16 weeks compared with placebo (p<0.0001) ● Significant improvement observed in relevant sec. endpoints2 ● Riociguat was generally well tolerated with a good safety profile ● First interim analysis of the long-term extension study (CHEST-2) showed further increase in 6MWD in former Riociguat patients and in former placebo patients compared to CHEST-1 baseline CTEPH: chronic thromboembolic pulmonary hypertension, PAH: pulmonary arterial hypertension, 6MWD: Six minute walking distance
  • 63. Forms and Epidemiology of Pulmonary Hypertension • Bayer Investor Presentation • Meet Management • June 2013Page 61 CTEPH~20,000 PH owing to lung disease~410,0002 ~30,000 PH-LVD~240,000  Pulmonary hypertension (PH) encompasses multiple disease subtypes but approved treatments are only indicated for pulmonary arterial hypertension (PAH)  ~700,000 patients diagnosed1 with diseases related to / including PH. Thereof ~300,000 patients potentially eligible for PH treatment 1Diagnoses estimated in 2009 in US, EU5, J; 2Thereof ~ <20% could be treated for PH CTEPH: Chronic thromboembolic pulmonary hypertension LVD: left ventricular disease PAH
  • 64. • Bayer Investor Presentation • Meet Management • June 2013Page 62 Pharma Product Portfolio
  • 65. Top 10 Pharma Product Performance in 2012 • Bayer Investor Presentation • Meet Management • June 2013Page 63 FY 2012 sales in € million (∆% yoy Fx-adj.) YAZ-family Betaseron Kogenate Adalat Glucobay Avelox Nexavar Mirena Xarelto Aspirin C. +4% +5% -5% +4% +9% -2% -5% +12% +4% +266% 1,216 1,182 1,045 677 322 486 792 670 476 408 Multiple Sclerosis Hemophilia A Contraception Cancer Contraception Hypertension Antiinfective MI prevention Diabetes Anticoagulation MI: Myocardial infarction
  • 66. Leader in Women’s HealthCare • Bayer Investor Presentation • Meet Management • June 2013Page 64 Yaz family Sales ∆% y-o-y, () Fx adj. Women’s Healthcare 2012 €3,154m +5% (+2%) +17 (+9)Mirena +7 (+5)Diane -2 (-5) +37 (+35)Qlaira Other products +13 (+10) 0 (-1)Microgynon -31 (-31)Valette -8 (-8)Meliane +6 (+4)Angeliq
  • 67. • Bayer Investor Presentation • Meet Management • June 2013Page 65 YAZ / Yasmin Product Family – A Changing Competitive Environment  YAZ / Yasmin fully genericised in the US  Ongoing genericization in Europe expected to impact sales going forward  Growth in Asia and Latin America only partly compensating for the decline  Life-cycle management opportunities with limited commercial potential  2013 sales target: mid-to-high single- digit % decline Sales in € million; ∆% Fx adj. 2010 2011 2012 265 846 179 891 190 855 US Rest of the world 1,111 1,070 1,045-5%
  • 68. Mirena – The Leading Hormonal Long- Acting Contraceptive • Bayer Investor Presentation • Meet Management • June 2013Page 66  Intrauterine device, containing levonorgestrel, for reversible long-term contraception  Life-cycle opportunities:  Small low-dose long-acting (up to 3 years) device:  Jaydess: successful conclusion of EU registration  Skyla: US-launch in Feb. 2013  Phase III underway for LCS 16 - a long-acting (up to 5 years), low-dose, small contraception device  2013 sales target: high-single to low- double-digit % increase Sales in € million; ∆% Fx adj. 2010 2011 2012 285 254 313 268 385 292 US Rest of the world 539 581 677+9%
  • 69. 2010 2011 2012 Hemophilia Franchise – Stable Growth • Bayer Investor Presentation • Meet Management • June 2013Page 67  Global # 2 in hemophilia A treatment  Competitive development program in hemophilia underway:  Phase III with long-acting Factor VIII (BAY 94-9027)  Phase III with product from plasma-free process (BAY 81- 8973)  2013 sales target: low-single-digit % increase Sales in € million; ∆% Fx adj. 299 705 290 785 332 850 US Rest of the world 1,004 1,075 1,182+5%
  • 70. Betaseron – Long-term Experience in Multiple Sclerosis Treatment • Bayer Investor Presentation • Meet Management • June 2013Page 68  First interferon launched in multiple sclerosis, introduced in 1993  Demonstrating excellent efficacy and tolerability  21-year long-term follow-up study demonstrated significant survival advantage with Betaseron treatment  2013 sales target: high-single-digit % decline  Franchise expected to erode further due to increasing competition, including new oral MS treatments Sales in € million; ∆% Fx adj. 2010 2011 2012 473 733 447 670 578 638 US Rest of the world 1,206 1,117 1,216+4%
  • 71. Nexavar – Our Cornerstone in Oncology • Bayer Investor Presentation • Meet Management • June 2013Page 69  Approved for kidney cancer (RCC) and for liver cancer (HCC)  Only approved drug with overall survival benefit in HCC  Positive phase III data in radioactive iodine refractory differentiated thyroid cancer (DECISION-trial)  Phase III trials in:  Breast cancer  RCC (adjuvant)  HCC (adjuvant)  2013 sales target: mid-single-digit % increase Sales in € million; ∆% Fx adj. 2010 2011 2012 174 531 174 551 204 588 US Rest of the world 705 725 792+4%
  • 72. Nexavar – Positive Phase III Results in Thyroid Cancer • Bayer Investor Presentation • Meet Management • June 2013Page 70 RAI: radioactive iodine; DTC: differentiated thyroid cancer HR: hazard ratio, CI: confidence interval; PR: partial response Filing for RAI-refractory differentiated thyroid cancer planned for mid 2013  High unmet medical need in patients with locally advanced, metastatic RAI-refractory DTC  Met primary endpoint of improving PFS vs. placebo  Response rate (all PR) in the sorafenib vs. placebo arms was 12.2% and 0.5% (p<0.0001)  Safety and tolerability generally consistent with known profile of Nexavar Placebo Sorafenib 5.8 months Primary endpoint met 10.8 months Medianprogression-freesurvival HR: 0.587 CI 0.454- 0.758 p<0.0001
  • 73. Aspirin – More Than A Century of Growth • Bayer Investor Presentation • Meet Management • June 2013Page 71  One of the world’s most recognized brands  Available as OTC and Rx Aspirin  Bayer’s #1 product in Emerging Markets  Aspirin grew 17% in 2012 in the Emerging Markets  Aspirin grew 39% in 2012 in China Sales in € million; ∆% Fx adj. 2010 2011 2012 358 418 404 471 476 494 Rx-Aspirin OTC-Aspirin 776 875 970+6%
  • 74. • Bayer Investor Presentation • Meet Management • June 2013Page 72 Global Leader in Consumer Health
  • 75. Consumer Care – Best-Selling Products in 2012 • Bayer Investor Presentation • Meet Management • June 2013Page 73 FY 2012 sales in € million (∆% yoy Fx-adj.) OTC portfolio includes 10 brand families with sales >€100m 323 269 250 196 146 130 122 101 +6% +5% +14% +8% +4% +3% +8% +5% +8% +17%197# *Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx) #Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus. 970* = Rx Sales
  • 76. Consumer Care – Gained Share in 2012 • Bayer Investor Presentation • Meet Management • June 2013Page 74  Global #2 with a portfolio of some of the world’s most recognized brands  Track record of performance  Continued market share gains Highlights Sales in € million; ∆% Fx & portfolio adj. 3,020 3,080 3,371 3,534 3,853 2008 2009 2010 2011 2012 +6%
  • 77. Animal Health – A Top Player in an Attractive Market • Bayer Investor Presentation • Meet Management • June 2013Page 75 Sales in € million; ∆% Fx & portfolio adj.  Global #5 in a growing market  #3 in companion animal products (CAP)  #6 in food animal products (FAP)  Leading parasiticide-portfolio  Broadened portfolio and marketing reach by acquisition of Bomac and TEVA Animal Health Highlights 963 977 1,120 1,186 1,303 2008 2009 2010 2011 2012 +4%
  • 78. Radiology & Interventional – Combining Medrad and Diagnostic Imaging • Bayer Investor Presentation • Meet Management • June 2013Page 76 Medrad:  Clear #1  Active in fluid injection systems for contrast media and endovascular devices  Business strengthened around strategic core through adjacent acquisitions of Possis (thrombectomy) and Pathway (mechanical atherectomy) Diagnostic Imaging:  Market leader in contrast media  Synergy creation – similar centers/physicians Highlights 1,323 1,363 1,474 1,498 1,606 2008 2009 2010 2011 2012 Sales in € million; ∆% Fx & portfolio adj. * pro forma sales +1%
  • 79. Diabetes Care – Global Player in Blood Glucose Meters • Bayer Investor Presentation • Meet Management • June 2013Page 77  Global #4 in blood glucose meters  Latest innovation products include CONTOUR™ USB meter with  Plug & play technology for instant access to patterns and trends  Patients can share data with their healthcare professional Highlights Sales in € million; ∆% Fx & portfolio adj. 956 1,000 993 1,002 1,047 2008 2009 2010 2011 2012 +4%
  • 80. • Bayer Investor Presentation • Meet Management • June 2013Page 78 HealthCare: Building Growth Momentum – Improving Margins 2012 CAGR 2015e
  • 81. HealthCare – Building Growth Momentum, Improving Margins • Bayer Investor Presentation • Meet Management • June 2013Page 79 Priority 2012 Target 2013* Aspiration 2015  HealthCare: Accelerate sales growth €18.6bn  Pharma: Successfully commercialize new products and realize emerging markets (EM) opportunity  New product sales¹  EM growth  Consumer Health: Aspire to become #1 OTC company €7.8bn ~€9bn  HealthCare: Improve margins*  Pharma  Consumer Health 27.5% 29.9% 24.2% slightly up slightly up at level towards 29% ≥31% ~25% €10.8bn €368m 7.3% mid-single-digit % to ~€11bn ~€1bn high-single digit % CAGR ~7% towards €13bn >€2.5bn high-single digit % CAGR ~6% towards €22bn mid-single-digit % to ~€8bn mid-single-digit % to ~€19bn Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales ¹ Xarelto, Eylea, Stivarga, Xofigo and Riociguat; subject to regulatory approval *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report
  • 82. • Bayer Investor Presentation • Meet Management • June 2013Page 80 Life-Cycle and Pipeline Opportunities Require Additional R&D Investments  Target range for Pharma R&D to sales ratio of 15-17%  Newly launched products will increase maintenance costs (e.g. medical, regulatory, safety) included in R&D  New Pharma products with significant life- cycle opportunities e.g.:  Xarelto – Prevention of major adverse cardiac events (COMPASS)  Stivarga – Adjuvant mCRC; 2nd line HCC  Xofigo – Earlier settings of prostate cancer; other cancers Sales and R&D in € billion 2011 2012 Sales R&D expenses 2.0 9.9 10.8 1.6 1.6 R&D to sales ratio 16% 14% mCRC: metastatic colorectal cancer; HCC: hepatocellular carcinoma
  • 83. Expected Major Pipeline Newsflow 2013 • Bayer Investor Presentation • Meet Management • June 2013Page 81 Pipeline Project Newsflow Timeframe Eylea Phase III study in mCNV (MYRROR) Data expected 1H 2013 Phase III study in DME (VIVID-DME) Data expected 2H 2013 Xofigo Initiation of additional clinical studies 2013e Regulatory decision mCRPC EU End 2013e / early 2014e Riociguat Update on potential next steps in the development program 1H 2013e Regulatory decision US 2H 2013e (PDUFA date in October) Nexavar Phase III breast cancer (RESILIENCE) Data expected Q1 2014 Filing in thyroid cancer 2013e Stivarga CHMP opinion mCRC EU 1H 2013e Filing mGIST EU Planned after approval in mCRC in EU BAY 94-9027 Phase III study in hemophilia A Data expected early 2014 
  • 84. Investor Handout – Meet Management Bayer’s OTC Business June 2013 – New York
  • 85. Bayer’s Consumer Care Business  #2 player in large and growing global OTC market  2012 revenue: €3.9bn, thereof OTC €3.5bn  Strong portfolio of well-known consumer brands − 10 brands with > €100m in revenue each  Proven track record of outperforming OTC market − 5-year CAGR of ~6% versus market CAGR of 3-4%  Well-defined strategies to achieve #1 position in global OTC market − Maximize brand potential via geographic expansion − Focus on new product innovation − Expand footprint in emerging markets − Seek strategic acquisitions and alliances • Bayer Investor Presentation • Meet Management • June 2013Page 83
  • 86. Leading Positions in Key OTC Categories • Bayer Investor Presentation • Meet Management • June 2013 Cardio #1 Vitamins, Minerals #2 & Supplements Analgesics #2 Dermatologicals #2 Gastrointestinals #6 Cold, Allergy, Sinus & Flu >#10 4% 30% 24% 22% 12% 8% *Source: IMS; Rankings based on branded players Bayer OTC Sales by Category 2012 Position by Category 2012* €3.5bn Page 84
  • 87. Bayer is #2 Player in a Highly Fragmented OTC Market • Bayer Investor Presentation • Meet Management • June 2013 Source: IMS 3.7% OTC Market 2012 by Player J & J Bayer Novartis Cons Sanofi Cons Pfizer GSK Boehringer I. Reckitt Ben. Taisho Takeda Others  OTC market is very fragmented and grew ~4% versus 2011  Top 10 players have ~27% share of the OTC market  Bayer is ranked #2 with 3.7% share of the OTC market behind J&J with 4.0% share €99.5bn Page 85
  • 88. Why are OTCs an Attractive Business? • Bayer Investor Presentation • Meet Management • June 2013Page 86
  • 89. • Bayer Investor Presentation • Meet Management • June 2013 Large and Growing OTC Market OTC Market Growth Development 2008 2009 2010 2011 2012 2022e In € bn 86 89 92 96 100 >150 +3% +4% +4% +4% Source: Bayer Internal estimates *Source: IMS OTC Global Analysis ~4% CAGR Page 87  OTC market characterized by steady, predictable growth – even during economic downturns  OTC share of healthcare spending increased from 10.6% in 2007 to 11.3% in 2012*
  • 90. Favorable Trends Drive Continued OTC Market Growth • Bayer Investor Presentation • Meet Management • June 2013 Aging & more educated population Increasing global self-care trends Government desire to lower healthcare costs Rx to OTC Switches Expanding OTC access via new geographies, channels Traditional OTC Market Future OTC Market  Acute treatment  Symptomatic treatment  Chronic treatment  Preventive treatment  Asymptomatic with self- testing / pre-diagnosis  Wellness + Page 88
  • 91. • Bayer Investor Presentation • Meet Management • June 2013 Good Growth Across All OTC Categories Global OTC Market 2012 36% 42% 4% 20% 32% 43% 5% 13% 14% 10% 20% 13% 29%* €99.5bn OTC Growth 2012 +5% +4% +2% +4% +6% Gastroin- testinals Analgesics# Dermatology Cold, Allergy, Sinus & Flu Vitamins, Min- erals, Supple- ments *Other #Analgesics includes Cardio Source: IMSPage 89
  • 92. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 OTC Model Based on Brand Building versus Upfront Development Costs • Bayer Investor Presentation • Meet Management • June 2013 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Discovery & Development Realization Increased pricing pressure More me-too products OTC model based on brand asset building  Short investment cycle & long (but relatively smaller) revenue cycle Usually profitable within 1-2 years Ongoing investments in brand and innovation provides attractive, long-term returns Years1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Rx model reliant on blockbuster success  Long investment cycle & short (but attractive) revenue cycle Years1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Page 90
  • 93. Brands Years Old 2012 Sales €m 3-Year CAGR 113 970* 7% 81 197# 12% 78 101 1% 69 196 5% 68 269 12% 40 250 9% 19 323 12% Strong Consumer Brands Build Equity for Decades • Bayer Investor Presentation • Meet Management • June 2013 *Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx) #Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer PlusPage 91
  • 94. Increasing Transaction Multiples of OTC Businesses Year Seller Buyer Sales Multiple 2005 Roche OTC Bayer 2.4 x 2006 Pfizer (Zantac US OTC Rights) Boehringer Ingelheim 4.7 x 2006 Pfizer Consumer Healthcare Johnson & Johnson 4.3 x 2009 Chattem Sanofi-Aventis 4.9 x 2010 Paras Pharmaceuticals Reckitt Benckiser 8.2 x 2012 Schiff Reckitt Benckiser 5.4 x • Bayer Investor Presentation • Meet Management • June 2013 Source: Press Releases, Company Filings Page 92
  • 95. • Bayer Investor Presentation • Meet Management • June 2013 Aspire to Become the #1 – Path to OTC Leadership Page 93
  • 96. Evolution of Bayer Consumer Care’s OTC Business • Bayer Investor Presentation • Meet Management • June 2013 2008 Acquisition of OTC brand portfolio from Sagmel (CEE) and Topsun (China) 1996 Sale of suncare, cosmetics and sweetener businesses to Sara Lee 1999 Aspirin trademark centenary-worldwide sales > €500m 1978 Bayer purchases Miles Laboratories 1899 ASPIRIN introduced as an over-the-counter (OTC) medicine 1984 Self-Medication and Consumer Products created as independent business group 1994 Consumer Care business group created by the acquisition of North American OTC business of Sterling. Acquisition of the “Bayer Cross” Trademark in USA 2005 Acquisition of Roche Consumer Health 2011 New Bayer Advanced Aspirin for faster pain relief launched in US 2013 Expect Aspirin to hit €1bn sales Acquisition of Steigerwald Page 94
  • 97. Strategy for Growth • Bayer Investor Presentation • Meet Management • June 2013 2012 2015e OTC Sales Target 2015* €3.5bn >€4.0bn *assuming €/$ of 1.29 Organic growth >4% CAGR Growth Strategy  Maximize brand potential  Global expansion of key brands  Exploit our innovation pipeline  Double proportion of new products‘ sales until 2015  Grow in emerging markets  Increase commercial power  Bolt-on acquisitions to strengthen portfolio & regional set-up Page 95
  • 98. Cold, Allergy, Sinus, Flu Gastrointestinals Cardio Prevention Vitamins, Minerals, Supplements Analgesics Dermatologicals Dynamic Portfolio of Well-Known Brands • Bayer Investor Presentation • Meet Management • June 2013Page 96
  • 99. Strength of OTC Brands to Drive Organic Growth FY 2012 sales in € million (∆% yoy Fx-adj.) OTC portfolio includes 10 brand families with sales >€100m 323 269 250 196 146 130 122 101 +6% +5% +14% +8% +4% +3% +8% +5% +8% +17%197# • Bayer Investor Presentation • Meet Management • June 2013 *Total Aspirin includes Aspirin Complex and Aspirin Cardio (Rx) #Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus 970* = Rx Sales Page 97
  • 100. Maximizing Brand Potential Through Global Expansion Brand Sales by Major Region 2012 Expansion Plans Analgesic ~80% in North America Wound-healing ~75% in Europe Anti-fungal ~75% in Europe & LatAm Vitamins & minerals ~50% in Europe Pregnancy Supplement • Bayer Investor Presentation • Meet Management • June 2013Page 98 ~55% in Asia Pacific
  • 101. Consumer Insights Drive Brand Innovation and Growth • Bayer Investor Presentation • Meet Management • June 2013 Sales in € million 2002 2004 2006 2008 2010 2012 One-A-Day Innovation History 58 112 109 142 167 176 Bayer Innovation includes:  New claims  Indications  Delivery forms  Line extensions  New packaging  New DTC campaigns  Rx-to-OTC Switch DTC: Direct-to-consumer Page 99
  • 102. • Bayer Investor Presentation • Meet Management • June 2013Page 100  One A Day Vita Craves Complete adult multivitamin in great tasting gummy format 2010 2011 2012 2015e Robust Innovation Pipeline *sales of new products launched during a 4-year window Share of Sales from New Products*  Redoxitos Recommended children’s vitamin C daily dose for strengthening immunity  Canesten Nail Set Complete 6-7 week fungal nail infection treatment  Bepanthen Anti-Stretch Mark Moisturizing lotion keeping pregnant women’s skin soft and elastic ~16% 4% 5% 8% New Product Examples
  • 103. We Need to be Where the Market is Growing • Bayer Investor Presentation • Meet Management • June 2013 * Source: IMS 11% 78% 44% 6% 45% 16% Bayer OTC sales 2012 by region OTC Mkt 2012 growth share by region*  China, Russia and Brazil accounted for only 11% of Bayer 2012 OTC sales  78% of total OTC market growth in 2012 driven by China, Russia and Brazil  Huge opportunity for Bayer OTC to develop more in growth markets China, Russia & Brazil US, Germany, France & Italy Rest of the world Bayer OTC sales and market growth indexed Page 101
  • 104. Emerging Market Growth Strategies (2013 – 2015) • Bayer Investor Presentation • Meet Management • June 2013 Country Market Characteristics Plans China Brazil Russia  #2 global OTC market  €30bn in size by 2015e  Expand sales force from 30 cities to >130 cities, covering 75% of OTC market  Extend geographic footprint by launching global brands in China  #6 global OTC market  Fastest growing market in LATAM  ~50% of LATAM market  Expand sales force from 7,000 to 12,000 retail outlets, covering 73% of OTC market  Accelerate innovation through consumer insights and portfolio extension  #5 global OTC market  Retail OTC is the largest healthcare segment  Extend portfolio into attractive categories  Leverage leadership position in pharmacy chains to drive growth at point of sales Page 102
  • 105. • Bayer Investor Presentation • Meet Management • June 2013 Strategic Acquisitions – Steigerwald  Excellent strategic bolt-on entry into fast growing herbals market, further strengthens Bayer’s gastrointestinal position (currently #6 globally)  Excellent expansion potential into emerging markets like Russia and other Eastern European markets  Steigerwald generated net sales of €61.3m in 2012 (~90% in Germany) Iberogast®  For the treatment of functional dyspepsia & irritable bowel syndrome Laif®  St John’s wort-based medicine for treatment of depression  #8 OTC product in Germany  ~69% of 2012 sales  Strong position in its indication  ~20% of 2012 sales Page 103
  • 106. • Bayer Investor Presentation • Meet Management • June 2013 Bayer is Well-Positioned for Growth – Aspire to #1 Global Leadership OTC Market Attractive Bayer Has Strong #2 Position Plans for Continued Future Growth  Trends favor continued growth  OTC market model based on long-term brand building  OTC businesses becoming more valuable over time  Leader in key categories  Multiple strong brands  Track record of outperforming market growth  Globalize established brands  Launch strong innovation pipeline  Focus on emerging markets where most of growth will come  Strategic acquisitions and alliances Page 104
  • 107. Investor Handout – Meet Management Bayer CropScience June 2013 – New York
  • 108. Sales 2012: €8,383m Insecticides€1,514m Market position: Fungicides€1,974m 3Market position: SeedGrowth€897m 1Market position: Herbicides €2,356m 4Market position: Env. Science €680m 1Market position: Seeds €962m 7Market position: Page 106 CropScience – A Leader in Chemical Crop Protection • Bayer Investor Presentation • Meet Management • June 2013 1 Market positions based on company reportings and Cropnosis estimates 18% 24% 11% 11% 8% 28%
  • 109. 26% 22% 13% 9% 9% 7% 6% 5% Fruits & Vegetables CerealsOilseeds Soy Corn Cotton Rice Sugar Crops * by major crop groups excluding industrial business and non-agricultural solutions CropScience Sales 2012* Other Fruits, Vegetables and Cereals – A Major Part of Our Portfolio • Bayer Investor Presentation • Meet Management • June 2013Page 107
  • 110. Leading the Way in Integrated Crop Solutions Integrated Crop Solutions Chemical Crop Protection Biological Crop Protection Seeds  Herbicides  Fungicides  Insecticides  SeedGrowth  Microorganisms  Microbial extracts  Canola, cotton, rice, vegetables, soy, wheat  Conventional seeds  GMO seeds  Traits  Weed, pest & disease control  Stress tolerance Better harvest with improved:  Yield  Quality  Processability  Sustainability GMO: Genetically modified organism • Bayer Investor Presentation • Meet Management • June 2013Page 108
  • 111. • Bayer Investor Presentation • Meet Management • June 2013Page 109 Excellent Performance in Positive Environment
  • 112. Full Year 2012 – CropScience • Bayer Investor Presentation • Meet Management • June 2013Page 110 Crop Protection +16% (+13%) Environmental Science +9% (+5%) *before special items Seeds +17% (+14%) 2012 Sales Earnings In € million, ∆% yoy, () = Fx & portf. adjusted CropScience €8,383m; +16% (+12%) Price +1% Volume +12% Fx +4% Portfolio -1% 6,741 FY‘11 FY‘12 FY‘11 FY‘12 1,654 2,026 +22% 1,168 1,543 +32% Adj. EBITDA* Adj. EBIT* 680 962
  • 113. Herbicides Fungicides Seeds Growth in all regions, especially in the US (new corn herbicides) and Brazil Double-digit growth in several key markets (e.g with Fox in Brazil) Growth in all regions; phase-out of WHO Class I products completed Strong business expansion; high demand for innovative Poncho/Votivo Double-digit growth in all broad-acre crops; slight decline in vegetable seeds Products both for professional users and consumers posting gains 2,356 +10% 1,974 +13% 1,514 +15% 897 +17% 680 +5% 962 +14% Insecticides Sales in € million; ∆% y-o-y Fx & portfolio adj. FY 2011 Nominal growth FY 2012 Page 111 • Bayer Investor Presentation • Meet Management • June 2013 SeedGrowth Env.Science Full Year 2012 – All Segments Contributing to Growth
  • 114.  High demand for InVigor in Canada; launch of conventional oilseed rape in Europe  Expansion of cotton seed business driven by US and Brazil  Growing rice seed business in Asia (esp. India)  Difficult market environment for vegetable seeds  Successful launch of Bayer soybean seed in the US  Build-up of global wheat seed business continued with new research cooperations • Bayer Investor Presentation • Meet Management • June 2013Page 112 299 304 227 311 179 19940 47 2011 2012 820 962 Sales in € million; ∆% y-o-y, () Fx & portfolio adj. 2012 Highlights Vegetables (-2%) Rice (+23%) Oilseeds (+33%) Soybean (+83%) Cotton (+10%) Other +14% Seeds – Double-Digit Growth in All Our Broad Acre Crops in 2012
  • 115. Emerging Economies 25% CropScience Sales in FY 2012 CropScience €8,383m; +16% (+12%) Latin America Eastern Europe Africa & Middle East Emerging Asia³ ~900 +7% ~1,800 +15% ~600 +16% ~300 +7% ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia without Japan, Australia, New Zealand 18% USA +19% 25% 43% 14% Emerging Economies¹ +12% Western Europe +5% Others² +13% Full Year 2012 – Growth in All Regions Sales in € million, ∆% yoy Fx adjusted • Bayer Investor Presentation • Meet Management • June 2013Page 113
  • 116. • Bayer Investor Presentation • Meet Management • June 2013Page 114 Translating R&D Effectively into Sales From to €
  • 117. Executing Our Strategic Roadmap Strengthen Customer Centricity Lead the Way in Innovation Enhance Crop Protection  Striving for first- and best-in-class solutions  Exploiting expertise in seeds, breeding, and chemical and biological crop protection  Driving commercial excellence in marketing and sales  Connecting partners in the value chain through integrated Go-to-Market practices  Improving portfolio through focused and integrated crop solutions  Increasing flexibility and efficiency Expand Seeds Business  Further strengthening position in vegetables, rice, oilseed rape and cotton  Extending portfolio by building up business in soybean and wheat • Bayer Investor Presentation • Meet Management • June 2013Page 115
  • 118. Translate R&D Effectively into New Product Sales • Bayer Investor Presentation • Meet Management • June 2013Page 116  Xpro (+61%) - New cereal fungicide with yield-boosting effect  Adengo herbicide family (+85%) - Excellent weed control in corn and cereals, also in case of glyphosate resistance  Belt (+54%) - Broad-spectrum insecticide with fast and long-lasting action  Launch of Luna fungicide in the US  First launch of new SeedGrowth family EverGol/Emesto in Canada 0.02 0.3 0.7 1.1 ~1.4 ~1.9 2007 2009 2011 2012 2013e 2015e +60% 2012 Highlights Sales from new Crop Protection products launched since 2006 in € bn ∆% y-o-y, () Fx adj.
  • 119. Xpro – New Cereal Fungicide with Yield-Boosting Effect  Pyrazole fungicide from a new generation of SDHI* for foliar use in cereals  Combined formulation of Bixafen and Prothioconazole leading to superior "all-in-one" cereal fungicide  Excellent control of key cereal diseases including strobilurin-resistant Septoria  Boosting yield through long-lasting disease control and positive impact on plant physiology  Global peak sales potential of more than €300m * SDHI: Succinate dehydrogenase inhibitor Page 117 • Bayer Investor Presentation • Meet Management • June 2013
  • 120. Luna – Outstanding Fungicide for Managing Problematic Crop Diseases  New SDHI* fungicide for use in foliar application and seed treatment on more than 70 horticultural and industrial crops  Control for a broad range of problematic diseases including Alternaria blight, scab, powdery mildew and white mold  Benefits for the food chain through better storability and longer shelf-life of harvested produce  Available since 2012 planting season in several key markets  Global peak sales potential of more than €250m * SDHI: Succinate dehydrogenase inhibitor • Bayer Investor Presentation • Meet Management • June 2013Page 118
  • 121. LibertyLink – A Sustainable Alternative to Glyphosate to Fight Weed Resistance • Bayer Investor Presentation • Meet Management • June 2013Page 119 Bayer CropScience sustains the "Respect the Rotation" initiative to overcome weed management challenges HPPD: Hydroxyphenyl-pyruvate dioxygenase MGI: Mesotrione, Glufosinate-ammonium and Isoxaflutole  Weed resistance to glyphosate increasingly impacting crop production  Our LibertyLink is currently the only non-selective herbicide solution to glyphosate resistant weeds  Construction of a new world-scale glufosinate-ammonium plant in the US planned to contribute to more than doubling global production capacity  We are committed to develop new and more sustainable weed management solutions  Innovation with new mode of action, HPPD herbicide tolerance, in soy and cotton  MGI triple stack herbicide-tolerance soybean trait submitted for approval  Highly effective pre-emergent and selective herbicide portfolio launched
  • 122. Realising Further Growth Opportunities in Biologics  Biologics are bio-based products, either consisting of naturally-occurring living organisms or containing materials derived from plants, bacteria, fungi, yeasts or viruses  The market potential for Biologics is expected to triple from $1.2bn in 2010 to around $4bn in 2020  AgraQuest acquired in Q3 2012 for €375m including milestone payments. Leading global provider of innovative biological pest management solutions based on natural microorganisms  German company Prophyta acquired in Q1 2013, provides customers well-established products primarily based on biological control agents, e.g. nematicide BioAct.  Acquisitions strengthen strategically important fruit and vegetables business  We aim to become the world leader in integrated crop solutions • Bayer Investor Presentation • Meet Management • June 2013Page 120
  • 123. Customer Centricity Along the Entire Value Chain • Bayer Investor Presentation • Meet Management • June 2013Page 121 Bayer CropScience Our offers Growers Distributors/ seedcompanies Retailers Advisors Providing Seed-to-Shelf Solutions Traders Foodprocessors Foodretailers Consumers  240 food chain partnerships covering most of the main fruit & vegetable crops  Premium seeds and effective crop protection products to maximize yield  Consistent and high harvest quality for efficient food processing  Meeting highest food safety standards  Better product quality for the consumer
  • 124. Best-Practice Examples of our New Go-To-Market Approach • Bayer Investor Presentation • Meet Management • June 2013Page 122 Approach Achievement Food chain partnerships in grapes in Brazil, Chile, Italy and India  Market share in grapes in Brazil +5%  ~ 60% market share in table grapes in Chile (largest exporter worldwide) "On demand" seed treatment system with a global network of 10 SeedGrowth Centers  2012 SeedGrowth sales* +17%  Further roll-out of SeedGrowth franchise in Asia Pacific (sales in China* +30%) Combine innovative technology of Movento insecticide with additional service offerings  2012 Movento sales* +49% BayDir service in Germany offers tailored and immediate information for farmers through Internet and mobile phone apps  Further strengthened our position in the German market * Sales ∆% y-o-y Fx adj.
  • 125. Pipeline Peak Sales Potential  €4bn from Products Launched 2011 - 2016* • Bayer Investor Presentation • Meet Management • June 2013Page 123 Crop Protection (excl. Biologics) Cotton Canola Wheat Biologics Seeds & Vegetables Soybean Rice 2011 Fungicide Herbicide SeedGrowth** GlyTol Cotton Seed Varieties ~80 launches in vegetables & broad acre crops 2012 ~ 100 launches in vegetables & broad acre crops Bayer Oilseed Rape Seed Fungicide Bayer Soybean Seed SeedGrowth** Seed Varieties 2013 ~110 launches in vegetables & broad acre crops Roundup Ready Hybrid Canola SeedGrowth** / Fung. B. Subtilis Fungicide Serenade Optimum Bayer Oilseed Mustard Hybrids Seed Varieties 2014 Canola Yield Increase Numerous launches in vegetables & broad acre crops Sivanto Insecticide Verango / Velum Insecticide Insect Resistant Hybrid Rice TwinLink + GlyTol Cotton Seed Varieties 2016 Disease Res. + Salinity Tol. Hybrid Rice Insect + Disease Res. Hybrid Rice Improved Canola Oil Profile Dual Herb. Tol. + Novel Ins. Res. Cotton Fungi- / Bactericide Serenade AEW Seed Varieties Numerous launches in vegetables & broad acre crops 2015 LibertyLink + R. Ready Hybrid Canola Biologics Fungicide Biologics Fungi- / Bactericide Triafamone Herbicide GlyTol + HPPD Tolerant Soybeans Bayer Wheat Seed Biologics Insecticide Disease Res. + Submerge. Tol. Hybrid Rice Seed Varieties Numerous launches in vegetables & broad acre crops Biologics Insecticide *Estimated and subject to regulatory approval **Formerly called Seed Treatment
  • 126. Sivanto – Innovative and User-friendly Insecticide against sucking pests  Active ingredient: flupyradifurone (novel insecticide class butenolides)  Control of sucking pests such as aphids, hoppers and whiteflies  Intended for use in fruits, vegetables, and broad acre crops  Favorable safety profile  Launch planned 2014 / 2015 * • Bayer Investor Presentation • Meet Management • June 2013Page 124 * first registrations for foliar application; SeedGrowth use planned to follow subsequently
  • 127. Restriction of Neonicotinoids Use in the EU - Implications  The European Commission has adopted a proposal to restrict the use of certain neonicotinoids (including clothianidin and imidacloprid) in summer cereals and bee- attractive crops, including corn, oilseed rape and sunflower  Neonicotinoid-based products are safe for bees, when used according to label instructions; registered in > 100 countries world-wide in a broad range of crops  Affected business of clothianidin and imidacloprid ~1% of total CropScience sales, gross  Net sales impact significantly less, as alternative products partly compensate  Restrictions will apply from Sept 30 (use of treated seeds until Dec 1, 2013) the latest  Restrictions expected to result in crop yield losses and loss of competitiveness for European agriculture  U.S., Canadian and Brazilian regulatory agencies recognize that there are numerous factors affecting honey bee health  Bee health more complex: diseases, parasitic mites, habitat loss, nutritional deficiencies and hive management practices • Bayer Investor Presentation • Meet Management • June 2013Page 125
  • 128. 2010 2011 2012 2016e Crop Protection/Environmental Science Seeds Increasing the R&D Share for Seeds • Bayer Investor Presentation • Meet Management • June 2013Page 126 In € million Seeds Fungicides Biologics Insecticides SeedGrowth Herbicides ~1,200 ~800~600 ~500 ~500 ~400 Pipeline Peak Sales Potential  €4bn from Products Launched 2011 – 2016* . * Estimated and subject to regulatory approval 63% 37%35% 65% 70% 30% 722 723 782 Pipeline Value by SegmentR&D Split
  • 129. Extending the Seeds Footprint • Bayer Investor Presentation • Meet Management • June 2013Page 127 Build up a proprietary soybean seed business Build up a global wheat seed business  LibertyLink herbicide tolerance technology broadly outlicensed  Acquisition of Hornbeck Seed Company in the US  Bayer soybean seed launched in 2012  Presence in soybean market in Brazil stepped up with bolt-on acquisitions  Broad germplasm pool and promising trait pipeline  Next-generation trait technology licensed from Monsanto  Significant investment into R&D of new wheat varieties and traits  Focus on productivity, stress tolerance, nutrient uptake  First new varieties expected by 2015 in Europe  Several agreements closed with wheat players to establish a broad germplasm pool  Wheat breeding stations set-up in Europe, US, Australia
  • 130. Access to Next-Generation and Enabling Trait Technologies for Soybeans  Cross-licensing agreement with Monsanto entered in April 2013  Monsanto will provide Bayer with royalty-bearing licenses to specified trait technologies in soybeans, with stacking-rights under certain conditions  Licensed traits fit nicely with our own technology such as LibertyLink  Ability to offer additional pest control options and an all-inclusive weed resistance package in soybeans  Bayer will grant Monsanto licenses to evaluate certain enabling technologies • Bayer Investor Presentation • Meet Management • June 2013Page 128 Weed control Pest control  Genuity® Roundup Ready 2 Yield®: glyphosate tolerance  Genuity® Roundup Ready 2 Xtend™: glyphosate & dicamba tolerance  Regions: United States and Canada  Intacta RR2 PRO™: first‐ever insect-protected trait in soybeans, providing control of lepidopteran pests  Regions: Brazil, with an option to a royalty-bearing license in other Latin-American countries in the future Genuity® Roundup Ready 2 Yield®, Genuity® Roundup Ready 2 Xtend™ and Intacta RR2 PRO™ are trademarks of Monsanto
  • 131. Strategic Progress Achieved Enhance Crop Protection Strengthen Customer Centricity Lead the Way in Innovation Expand Seeds Business ● €1.1bn sales in 2012 with products launched since 2006 ● All WHO class I insecticides removed from our portfolio ● Expansion of Biologics ● Increased grower orientation ● Improved channel management practices ● Broadened food chain partnership business model ● Pipeline Peak Sales Potential*  €4bn ● Increased investment in Seeds R&D ● Innovating at the interface between chemistry and biology ● Strengthened positions in cotton, canola and rice ● Increased investments in soybean, wheat and vegetables ● Development of innovative traits • Bayer Investor Presentation • Meet Management • June 2013Page 129 * from products launched between 2011-2016
  • 132. • Bayer Investor Presentation • Meet Management • June 2013Page 130 Targeting Above Market Growth at Benchmark Profitability 2012 CAGR 2015e
  • 133. Seed and Crop Protection Market Expected to Grow  5% in 2013 • Bayer Investor Presentation • Meet Management • June 2013Page 131  Persistently high prices for agricultural commodities  Slightly weaker but nonetheless positive market development overall  Growth coming mainly from North and Latin American followed by Eastern European markets  Asia / Pacific: cereals, rice and specialty crops fueling market growth
  • 134. • Bayer Investor Presentation • Meet Management • June 2013Page 132 CropScience – Above Market Growth at Benchmark Profitability Priority 2012 Target 2013* Aspiration 2015  Above-market sales growth +12.4% to €8.4bn high-single digit % towards €9bn CAGR ~6% towards €10bn  Translate R&D effectively into new product sales (CP products launched since 2006) €1.1bn ~€1.4bn ~€1.9bn  Extend seeds footprint +14%  Maintain industry leading profitability level 24.0% slight improvement ~24% Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales double-digit % growth p.a. CP: Crop Protection *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report double-digit % growth
  • 135. 303 ~500 ~500 ~500 2012 2013e 2014e 2015e  Building up capacity for top Crop Protection brands including herbicide Liberty/Basta and fungicide product families Nativo and Prosaro  €380m investment in construction of a new glufosinate-ammonium production plant in the US until end of 2015  Expanding our Seeds infrastructure (breeding stations, greenhouses and seed processing facilities)  Expanding and modernizing R&D facilities (RTP/USA, Davis/USA, Monheim/Germany) We are Ensuring a World-Class Product Supply by Further Investing • Bayer Investor Presentation • Meet Management • June 2013Page 133 Capital Expenditures (PPE only, in €m)
  • 136. Investor Handout – Meet Management Bayer MaterialScience June 2013 – New York
  • 137. MaterialScience – Leading Positions in All Segments • Bayer Investor Presentation • Meet Management • June 2013 * aliph. isocyanates MaterialScience €11,491m Polyurethanes €5,987m  #1-2; approx. 20-24% market share 52% 6% 25% 17% Sales in € million Polycarbonates €2,819m  #1; approx. 27% market share Coatings, Adhesives, Specialties €1,972m  #1; >40% market share* Industrial Operations €714m Sales Split by Segment 2012 Page 135
  • 138. MaterialScience – Global Production Network • Bayer Investor Presentation • Meet Management • June 2013Page 136 Headquarter Major Production Sites Downstream Businesses Position* Americas # 1 # 2 # 1 PUR PCS CAS Position* EMEA# *Market share based on estimated sales following self-assessment # Europe, Middle East & Africa # 1 # 1 # 1 PUR PCS CAS Position* Asia/Pacific # 2-3 # 1-2 # 1 PUR PCS CAS
  • 139. MaterialScience – Sales By Key Customer Industries • Bayer Investor Presentation • Meet Management • June 2013 Others (sports, leisure, footwear packaging, medical, etc.) Furniture/ Wood AutomotiveChemicals Electro/ Electronics Construction 17% 28% 19% 20% 8% 20% 16% Bayer MaterialScience sales by industry in 2012 Page 137
  • 140. MaterialScience as an Integrated Solution Provider • Bayer Investor Presentation • Meet Management • June 2013Page 138 Megatrends offer business opportunities worldwide, with the emerging economies at the forefront Ongoing urbanization New and improved transportation systems Need for better energy efficiency Higher living standards Proportion of city dwellers expected to increase from 50% in 2010 to 70% in 2050* Lightweight cars New energy vehicle development High-speed rail trans- portation networks EcoConstruction with high thermal insulation standards Cold-chain efficiency Over 40m people enter the middle class every year Improved housing standards Source: Steria, The Future Report 2012
  • 141. • Bayer Investor Presentation • Meet Management • June 2013Page 139 Mixed Performance
  • 142. • Bayer Investor Presentation • Meet Management • June 2013 Full Year 2012 – Operating Performance 25% 5,987 2,819 Polycarbonates -3% (-7%) Polyurethanes +12% (+8%) 2011 2012 Adjusted EBITDA* 1,171 1,262 * before special items 2011 2012 Adjusted EBIT* 589 613 +8% +4% 2012 Sales Earnings 1,972 714 In € million; ∆% y-o-y, () Fx & portfolio adj. Coatings, Adhesives, Specialties +3% (+4%) Industrial Operations +8% (+6%) Price 1% Volume +2% Fx +4% Portfolio -1% MaterialScience €11,491m; +6% (+3%) Page 140
  • 143. Full Year 2012 – Regional Sales Development • Bayer Investor Presentation • Meet Management • June 2013 Emerging Economies2012 MaterialScience Sales MaterialScience €11,491m; +2% Latin America Eastern Europe Africa & Middle East Emerging Asia³ ~2,760 +1% ~920 +15% ~680 +7% ~575 -5% ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia without Japan, Australia, New Zealand USA +7% 36% 42% Emerging Economies¹ +3% 4% Others² +2% Sales in € million; ∆% y-o-y Fx adjusted 20% 32% 43% 5% Page 141 Western Europe -2%
  • 144. • Bayer Investor Presentation • Meet Management • June 2013Page 142 Selling Price Increases & Savings Not Sufficient to Protect Earnings  Market growth trends intact, key products with mid-single digit volume growth  High raw material prices and significant capacity additions led to global overcapacities and margin pressure  Going forward demand & supply balance expected to improve  Anticipated margin improvement supported by fresh savings from new efficiency initiative 2010 2011 2012 Sales Adj. EBITDARaw Mat. & Energy Costs CFROI In € bn 10.2 10.8 11.5 5.4 6.2 6.6 1.4 1.2 1.3 6% 6% 8%
  • 145. 600 800 1000 1200 1400 1600 • Bayer Investor Presentation • Meet Management • June 2013Page 143 Price For Key Input Benzene Recently Increasing Again in $/t Benzene vs Oil Price Development  Benzene and benzene derivatives accounted for ~35% of raw material exposure in 2012  Benzene price level near record highs  Benzene price driven by lower demand of main refinery products Q4‘11 Q1‘12 Q2‘12 Q3‘12 Q4‘12 Q1‘13 Benzene Brent Crude Oil
  • 146. • Bayer Investor Presentation • Meet Management • June 2013Page 144 Aspire to Earn a Premium Over Cost of Capital
  • 147. Cash Generation in Excess of Own Investment Need • Bayer Investor Presentation • Meet Management • June 2013 2002 and 2003 as reported in 2004 excluding acquisitions or divestments In € million 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 902 1,108 464 1,113 332 498 715 1,388 690 1,281 870 672 1,147 782 504 498 565 775763 849 Page 145 621 735 CapEx (cash-relevant) Net Cash Flow ~€3.6bn Free Operating Cash Flow in 11 years Free Operating Cash Flow 206 649 166 673 592 277 110 345 265 210 114
  • 148. • Bayer Investor Presentation • Meet Management • June 2013Page 146 Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales Higher Asset Utilization & Efficiency Measures Are Driving Performance 2012 Target 2013 Aspiration 2015 *Assuming Fx rate of $1.29 per € #after reproduction Outlook depends on specific planning assumptions as detailed in the Annual Report  Sales +2.9% to €11.5bn (volumes +2%)  Adj. EBITDA +8% to €1,262m  CFROI# 5.7% < WACC 7.1%  Sales to slightly increase to ~€12bn  Adj. EBITDA to match 2012 figure  Q2‘2013 vs Q1‘2013: Sales to increase and adj. EBITDA to significantly increase  Grow business (volume) above global GDP  Defend market leading positions in PCS and PUR  Realize 150 bp margin contribution through new efficiency initiative  Optimize asset structure in Germany  CFROI# > WACC
  • 149. • Bayer Investor Presentation • Meet Management • June 2013Page 147 Outlook 2013 – Economy and Key Customer Industries 20% 17% 28% 19% Automotive (+2%) Electro / Electronic (+5%) Construction (+4%) Furniture (+5%) Others (incl. Chemicals) 2.6 0.0 0.4 1.8 5.3 4 3 2 1 5 GDP growth % prev. year 16% *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual /Quarterly Report Sales by industry 2012 and expected 2013 growth Global Economic GDP Outlook Key Customer Industries Outlook
  • 150. • Bayer Investor Presentation • Meet Management • June 2013Page 148 Profitability Improvement Through New Efficiency Initiative Until 2015  New efficiency initiative improves cost structure and increases adjusted EBITDA margin by 150bp  Initiative comprises more than 100 measures across the entire value chain Examples Business Units  Consolidation of system houses  Pricing excellence programs Organization  Optimization of regional structures (e.g. Canada & US) Production  Further initiatives to improve asset productivity (e.g. maintenance schedules, engineering setup) Supply Chain  Optimization of logistics services Selling & Administration  Further reduce costs by leveraging established global ERP platform and standardized processes ERP: enterprise resource planning
  • 151. Process Technology Advances Lower Cost & Save Energy • Bayer Investor Presentation • Meet Management • June 2013 ProcessBenefits*Status TDI Gas Phase Phosgenation Adiabatic Aniline Production ODC Technology for Chlorine Production *Compared with conventional technology ODC: Oxygen depolarized cathode  Uses up to 60% less energy  Requires 80% less solvent  CapEx reduced by 20%  Uses 25% less energy  20% less CO2 emissions  CapEx reduced by 30%  Uses 30% less energy  Reduces indirect CO2 emissions  World-scale facility since 2011 in Shanghai, China  Technology to be used in new TDI plant in Dormagen  Pilot plant in Antwerp, Belgium  Plant in Shanghai since 2010  Demo facility in Krefeld- Uerdingen  External marketing planned from 2013 Page 149
  • 152. • Bayer Investor Presentation • Meet Management • June 2013Page 150 Focus on Capital Discipline DepreciationCapEx (PPE only) 813 462 600 460 527 599 2008 2010 2012 2013e In € million CapEx vs Depreciation CapEx Strategy ● Investment focus on utilization improvement ● Investment in efficiency is the basis for future profitable growth ● CapEx on depreciation level for 2013 and the foreseeable future
  • 153. • Bayer Investor Presentation • Meet Management • June 2013Page 151 Capitalizing on Global Megatrends 1990 2000 2020e 2050e 5.3 6.1 7.7 9.2 billion people
  • 154. • Bayer Investor Presentation • Meet Management • June 2013Page 152 Our High-tech Materials Meet Key Customer Industry Needs Poly- carbonates Poly- urethanes & CAS  Low weight for better energy efficiency in transportation  High mechanical strength enables product durability  Transparency for optical applications and architectural glazing  High heat resistance and reliable electrical insulation properties  Excellent design flexibility that goes beyond that of glass  Outstanding thermal insulation properties  Versatility allowing full spectrum of flexible to rigid foam applications  Excellent abrasion resistance and rebound resilience  Durability for reliable protective coatings AutomotiveConstruction Electro / Electronics CAS: Coatings, Adhesives, Specialties
  • 155. Polyurethane-based Insulation for Residential & Commercial Buildings • Bayer Investor Presentation • Meet Management • June 2013 PUR Isoboards for Thermal Insulation Growth drivers  EU: From 2020 on, new buildings have to be constructed as “nearly zero- energy buildings”  US: New standard requires 30% less energy use for renovated homes and commercial buildings  1 kg polyurethane saves 360 to 755 kg CO2 emissions*  PUR in construction industry in 2012: approx. €5.7bn, estimated average growth rate of ~8% p.a. *Additional insulation, savings over entire product life-cycle of 50 years, including production and end-of-life stages; PUR: polyurethane  External Thermal Insulation Composite Systems (ETICS) save >25% energy compared with other insulation materials  Joint solution development with key industry players to fulfill high industry requirements PUR Metal Sandwich Panels  Prefabricated and mainly applied for industrial and commercial buildings as well as cold storage  Easy handling and fast site assembly Page 153
  • 156. • Bayer Investor Presentation • Meet Management • June 2013Page 154 Polyurethane-based Insulation in Cold Chain Growth drivers  Globally more stringent energy saving regulations  Increasing demand for trans- porting temperature sensitive goods  Increasing standard of living in emerging markets triggers continuously growing demand for appliances  PUR in refrigerator industry 2012: approx. €2.6bn, estimated average growth rate of ~6% p.a. Refrigerators  Refrigeration accounts on average for 20% of a household’s electricity consumption  Replacing all old refrigerators with A++ appliances could cut annual CO2 emissions in the EU by 22 million metric tons  PUR insulation increased energy efficiency of refrigerators by 65% from 1950-2005  BMS’s innovative Baytherm® Microcell foam:  Reduces pore size of foam up to 40%  Reduces thermal conductivity up to 10% PUR: polyurethane
  • 157. Increased Energy Efficiency in Cars Through Polycarbonates • Bayer Investor Presentation • Meet Management • June 2013 Growth drivers Polycarbonates  Heat stability and optical quality enable new LED-based lighting systems  Flame-retardant polycarbonate blends protect batteries used in future cars with hybrid engines  Car body parts made from polycarbonate blends reduce weight  Automotive glazing out of polycarbonate combines high weight saving potential with outstanding thermal insulation  Broad global political initiatives promoting e-mobility  Increasing use of electrical devices requires flame retardancy of plastics  Polycarbonate glazing offers a weight advantage of 30-50% compared to real glass  81m light vehicles* produced globally in 2012, estimated average growth rate of 5-6% p.a. *includes cars and light commercial vehicles up to a weight of 6t Page 155