Werner Baumann, CEO of Bayer, held an investor conference call to discuss Q2 2016 results. Key highlights included sales and earnings increasing year-over-year for the group. Pharma continued its strong growth trend driven by launch products. Consumer Health increased sales while Crop Science held steady in a difficult market environment. Bayer also announced plans to acquire Monsanto in an all-cash offer and sell its Consumer Environmental Science business. For full-year 2016, Bayer raised its outlook and now expects a low-single digit increase in group sales to €46-47 billion.

1. July 27, 2016 / Werner Baumann, CEO
Q2 2016 Results
Investor Conference Call

2. Disclaimer
This presentation may contain forward-looking statements based on current
assumptions and forecasts made by Bayer 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 http://www.bayer.com.
The company assumes no liability whatsoever to update these forward-looking
statements or to conform them to future events or developments.
• Q2 2016 Investor Conference Call • Werner BaumannPage 2

3. This communication relates to a proposed offer by Bayer Aktiengesellschaft or its
subsidiaries (“Bayer”), to purchase all of the outstanding shares of common stock, par
value $0.01 per share, of Monsanto Company, a Delaware corporation (“Monsanto”).
This communication is neither an offer to purchase nor a solicitation of an offer to sell
shares of Monsanto. No tender offer for the shares of Monsanto has commenced at this
time. At the time a tender offer for the shares of Monsanto is commenced, Bayer will file
tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and
certain other offer documents) with the Securities and Exchange Commission (the
“SEC”) with respect to the tender offer. Any definitive tender offer documents will be
mailed to the stockholders of Monsanto. STOCKHOLDERS OF MONSANTO ARE
URGED TO READ THE RELEVANT TENDER OFFER MATERIALS WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE TENDER OFFER THAT STOCKHOLDERS SHOULD CONSIDER
BEFORE MAKING ANY DECISION REGARDING THE TENDER OF THEIR SHARES.
Stockholders of Monsanto will be able to obtain free copies of these documents (if and
when available) and other documents filed by Bayer with the SEC through the website
maintained by the SEC at www.sec.gov.
Additional Information
• Q2 2016 Investor Conference Call • Werner BaumannPage 3

4. Page 4
Q2 2016 – Highlights
 Group sales and earnings raised
 Pharma continued strong growth trend
 Consumer Health increased sales
 Crop Science business held steady in continuingly difficult market environment
 All-cash offer to acquire Monsanto
 Agreement to sell the Consumer business of Environmental Science
 Positive phase III data for Regorafenib in unresectable liver cancer
 Group outlook for 2016 raised
• Q2 2016 Investor Conference Call • Werner Baumann

5. Page 5
+17%
2,138
1,823
+2%
11,83312,003
+6%
3,054
2,888
+4%
2.071.99
Q2’16Q2’15 Q2’16Q2’15 Q2’16Q2’15 Q2’16Q2’15
Q2 2016 –Sales and Earnings Improved
• Q2 2016 Investor Conference Call • Werner Baumann
EBIT
in € million
EBITDA
before special items
in € million
Core EPS
cont. operations
in €
Sales
in € million
% currency & portfolio adj.
2015 figures restated

6. Q2 2016 –
Cash Flow And Net Debt Development
• Q2 2016 Investor Conference Call • Werner BaumannPage 6
+€1.5bn
March 31, 2016 June 30, 2016
16.3
Cash Flow
in € million, ∆% yoy Fx adj.
Net Debt
in € billion
17.8
*including net cash flow from discontinued operations of minus €10 million
GCF oFCF*
2,366
CapEx
589 1,393
∆
y-o-y +9% +3%
NCF*
1,982
+1% -2%
2015 figures restated

7. Q2 2016 – Continued Strong Growth Trend at
Pharma Driven by Launch Products
Page 7 • Q2 2016 Investor Conference Call • Werner Baumann
Q2‘16 sales in € million, ∆% yoy, Fx adj.
703 +30%
418 +41%
81 +27%
67 -25%
63 +45%
Sum 1,332 +29%
Launch ProductsSales
in € million; ∆% yoy, Fx & portfolio adj.
EBITDA
3,890
4,104 +8%
1,193
1,352
Q2‘15
+13%
Q2‘16Q2‘15Q2‘16
before special items, in € million; ∆% yoy
2015 figures restated

8. 240* +13%
178 +11%
110 -5%
95 +21%
Sum 623 +10%
Q2 2016 – Consumer Health with Positive
Sales Development
• Q2 2016 Investor Conference Call • Werner BaumannPage 8
*incl. Aspirin Cardio
Sales
in € million; ∆% yoy, Fx & portfolio adj.
1,590 1,553 +4%
362
328 -9%
Q2‘15 Q2‘16 Q2‘16Q2‘15
Q2‘16 sales in € million, ∆% yoy, Fx adj.
Top Products EBITDA
before special items, in € million; ∆% yoy
2015 figures restated

9. -8%
Q1'15 Q1'16
Q2 2016 – Crop Science Steady Despite
Ongoing Weak Market Environment
Page 9 • Q2 2016 Investor Conference Call • Werner Baumann
Europe 808 +1%
North America 812 -3%
Asia / Pacific 455 +8%
LatAm / Africa /
Middle East
443 0%
Environm.
Science
Seeds
Seed
Growth
Fungicides
Insecticides
Herbicides 769
155
302
840
144
308
-1%
-5%
-6%
+6%
-12%
+4%
2,518
722
663
Q2‘15 Q2‘16
787
164
360
827
163
335
2,636
0%
Sales
in € million; ∆% yoy, Fx & portfolio adj. Q2‘16 sales in € million, ∆% yoy, Fx adj.
Regions EBITDA
before special items, in € million; ∆% yoy
Q2‘16Q2‘15
2015 figures restated

10. 157 -4%
67 +45%
32 +9%
24 -6%
Sum 280 +6%
Q2 2016 – Animal Health Posting Sales Growth
• Q2 2016 Investor Conference Call • Werner BaumannPage 10
Sales
in € million; ∆% yoy, Fx & portfolio adj.
428 426 +4%
Q2‘15 Q2‘16
120
100 -17%
Q2‘16 sales in € million, ∆% yoy, Fx adj.
Top Products EBITDA
before special items, in € million; ∆% yoy
Q2‘16Q2‘15

11. FY 2016 Group Outlook Raised
Page 11
,
Sales Group €46.1bn Low-single-digit % increase to €46-47bn
Life Sciences €34.1bn Mid-single-digit % increase to ~€35bn
Adj.
EBITDA
Group €10.3bn High-single-digit % increase
Life Sciences €8.6bn Mid- to high-single-digit % increase
Core EPS €6.82 Mid- to high-single-digit % increase
• Q2 2016 Investor Conference Call • Werner Baumann Assuming end Q2 2016 Fx rates (USD 1.11)
Outlook depends on specific planning assumptions as detailed in the Annual Report
Sales ∆ % yoy Fx and portfolio adj., EBITDA before special items
Continuing operations
2015 2016
update July
2015 figures restated

12. Pharma
High-single-digit % increase to > €16bn
Launch products toward €5.5bn
Low-teens % increase
Margin improvement
Consumer
Health
Low- to mid-single-digit % increase to
about €6bn
At prior-year level
Crop Science At prior-year level (about €10bn) Low-single-digit % decline
Animal Health Low- to mid-single-digit % increase Low- to mid-single-digit % increase
Life Sciences
Mid-single-digit % increase to about
€35bn
Mid- to high-single-digit % increase
FY 2016 – Guidance by Segment
Page 12
*Assuming end Q2 2016 Fx rates (USD 1.11)
Sales ∆ Fx & portf. adjusted, EBITDA before special items, continuing operations
Outlook depends on specific planning assumptions outlined in the Annual Report
•
Sales * Adj. EBITDA *
• Q2 2016 Investor Conference Call • Werner Baumann

13. July 27, 2016 / Werner Baumann, CEO
Q2 2016 Results
Investor Conference Call