Presentation charts for FY/Q4 2012 Investor Conference Call

1. Investor Conference Call
FY/Q4 2012 Results
February 28, 2013 / Marijn Dekkers, CEO

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.
Page 2 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

3. 2012 Has Been a Very Successful
Year For Bayer
 Operationally, a record year driven by strong execution and currency tailwind
 All subgroups contributed to top and bottom line improvement
 5% organic sales growth to ~€40bn, driven by LifeSciences
 Special charges of €1.7bn, mainly further provisions for litigation resulted in reported
EBITDA / net income on prior-year level
 Adj. EBITDA up 9% at €8.3bn, core EPS up 11%, group targets achieved, proposed
DPS of €1.90 up 15% (payout ratio 35.5%)
 Excellent innovation pipeline progress strengthens LifeScience businesses
 Encouraging growth (+7%) in the emerging markets (37% of group sales, up by ~80
basis points)
 Q4 – strong finish to a very successful year
 Outlook 2013 projects continuing record performance in anniversary year
Page 3 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

4. 4th Quarter 2012 –
Strong Finish to a Very Successful Year
Sales EBIT EBITDA Core EPS
in € million adjusted*
% currency & portfolio adj. in € million in € million in €
9,862
9,191 1,825
1,541
0.97 1.00
735
629
Q4’11 Q4’12 Q4’11 Q4’12 Q4’11 Q3’12 Q4’11 Q4’12
+6% +17% +18% +3%
*before special items
Page 4 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

5. 4th Quarter 2012 –
All Subgroups With Higher Sales and Earnings
Sales & adjusted EBITDA ∆ in € million, sales ∆% y-o-y Fx and portfolio adjusted
∆ Sales Y-o-Y ∆ Adj. EBITDA Y-o-Y
328 162
HealthCare
+5% +14%
187 69
Pharma
+5% +9%
Consumer 141 93
Health +5% +22%
180 16
CropScience +9% +6%
165 149
MaterialScience +5%
+141%
Page 5 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

6. 4th Quarter 2012 –
Performance Driven by Emerging Markets
In € million, ∆% yoy Fx adjusted
Q4’12 Group Sales by Region Emerging Economies
+14%
Emerging +7%
USA ~1,560
Economies¹
+5% ~1,420
+9%
20%
40%
+12%
30%
Western ~520 -1%
10% Others²
Europe
+2% ~460
+1%
Group €9,862m; +5%
Emerging Latin Eastern Africa &
Asia³ America Europe Middle East
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
Page 6 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers ² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia w/o Japan, Australia, New Zealand

7. Full Year 2012 –
All Targets Achieved
Sales ∆ Fx & portf. adjusted, EBITDA before special items
2012
Outlook 2012 ∆ vs.
Comments
actual 2011
original
+~3% or  Raised to 4-5% or
Sales €37bn
€39.8bn +5%
€39-40bn in Q2
adj. slightly  Raised to a high-single-
€8.3bn +9%
EBITDA improve digit % increase in Q2
Core slightly
€5.35 +11%  Raised to ~10% in Q2
EPS improve
Page 7 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

8. 2013 – 2015:
Aspirations by
Subgroup
Page 8 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

9. HealthCare –
Building Growth Momentum, Improving Margins
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
Target Aspiration
Priority 2012
2013* 2015
mid-single-digit CAGR ~6%
 HealthCare: Accelerate sales growth €18.6bn
% to ~€19bn towards €22bn
 Pharma: Successfully commercialize new CAGR ~7%
€10.8bn mid-single-digit
products and realize emerging markets % to ~€11bn towards €13bn
(EM) opportunity
 New product sales¹ €368m ~€1bn >€2.5bn
 EM growth 7.5% high-single high-single
digit % digit %
 Consumer Health: Aspire to become #1 mid-single-digit
€7.8bn ~€9bn
OTC company % to ~€8bn
 HealthCare: Improve margins 27.2% slightly up towards 29%
 Pharma 29.6% slightly up ≥31%
 Consumer Health 23.9% at level ~25%
¹ Xarelto, Eylea, Stivarga, Radium-223-Dichloride and Riociguat; subject to regulatory approval
Page 9 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers *Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report

10. Pharma – New Products Drive Growth and
Rejuvenate Portfolio
Sales from new Pharma pipeline in € m
>2,500  Successful launch, 2012 sales above target –
important countries with outstanding uptake,
disappointing so far in Japan
Xarelto 322
Eylea 14  Encouraging early feedback on first launches
Stivarga 32
 Positive early indications on commercial launch
~1,000 in the US, approved for GIST in the US, CHMP
opinion expected 1H 2013
Radium-223- Dichloride
368  Submitted for treating bone metastases in
patients with CRPC (Dec. 2012)
86
2011 2012 2013e 2015e  Submitted for PAH and CTEPH (Feb. 2013)
Page 10 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

11. Pharma Aspiration – Targeting High-Single
Digit Emerging Market Growth
In € million, ∆% yoy Fx adjusted
2012 Pharma Sales by Region Highlights Emerging Economies
 Portfolio of established brands and
Developed Emerging innovative medicines further expanding
Markets Economies¹
+2% +7.5%  Sales CAGR of 11% in EM for the last 5
years
64% 36%
 Women’s Health business growing 8%
 PR China sales above €1bn, up 23%
Total €10,803m; +4%
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
Page 11 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada

12. Consumer Health –
Aspire to Become #1 OTC Company
Sales Consumer Care in € million; ∆% Fx & portfolio adj.
Product Highlights 2012
+6%
* €494m (+1%)
3,853
3,534
3,371
3,080 €323 (+5%)
3,020
2,634
€269 (+14%)
€250 (+8%)
€196 (+4%)
2007 2008 2009 2010 2011 2012
* Only Aspirin CC
Page 12 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

13. CropScience – Above Market Growth at
Benchmark Profitability
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
Target Aspiration
Priority 2012
2013* 2015
high-single CAGR ~6%
+12.4%
 Above-market sales growth digit % towards
to €8.4bn
towards €9bn €10bn
 Translate R&D effectively into new
€1.1bn ~€1.4bn ~€1.9bn
product sales (CP products launched since 2006)
double-digit % double-digit %
 Extend seeds footprint +14%
growth growth p.a.
slight
 Maintain industry leading profitability level 24.0% ~24%
improvement
CP: Crop Protection
Page 13 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers *Assuming Fx rate of $1.29 per €
Outlook depends on specific planning assumptions as detailed in the Annual Report

14. CropScience – Translate R&D Effectively
into New Product Sales
Sales from new Crop Protection
products launched since 2006 in € bn
~1.9 2012 Highlights
∆% y-o-y, () Fx adj.
 Xpro (+61%) - New cereal fungicide with
yield-boosting effect
~1.4  Adengo family (+85%) - Excellent weed
control in corn and cereal crops, also in
1.1 case of glyphosate resistance
+60%
 Belt (+54%) – Broad-spectrum
0.7 insecticide with fast and long-lasting
action
 Launch of Luna fungicide in the US
0.3
 First launch of new SeedGrowth family
0.02 EverGol/Emesto in Canada
2007 2009 2011 2012 2013e 2015e
Page 14 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

15. Seeds – Double-Digit Growth in All Our
Broad-Acre Crops in 2012
Sales in € million; ∆% y-o-y, () Fx & portfolio adj.
2012 Highlights
Double-digit %  High demand for InVigor in Canada;
CAGR expected launch of conventional oilseed rape
+14%
in Europe
+14%  Expansion of cotton seed business
+14%
962 driven by US and Brazil
Other
820 Soybean (+83%)  Growing rice seed business in Asia
47 Rice (+23%)
(esp. India)
40 199 Cotton (+10%)
179  About 70 new vegetable seed varieties
launched
311 Oilseeds (+33%)  Successful launch of Bayer soybean
227
seed in the US
 Build-up of global wheat seed business
299 304 Vegetables (-2%)
continued with new research
cooperations
2011 2012 2015e
Page 15 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

16. MaterialScience – Higher Asset Utilization &
Efficiency Measures Are Driving Performance
Sales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales
 Grow business (volume)
above global GDP
 Defend market leading
positions in PCS and PUR
 Sales to slightly increase  Realize 150 bp margin
to ~€12bn contribution through new
 Sales +3.0% to €11.5bn  Adj. EBITDA to further efficiency initiative
(volumes +2%)  Optimize asset structure
improve
 Adj. EBITDA +7% to  Q1‘2013 vs Q4‘2012: in Germany
€1,251m Sales to further increase  CFROI# > WACC
 CFROI# 5.6% < WACC and adj. EBITDA at same
7.1% level
2012 Target 2013 Aspiration 2015
*Assuming Fx rate of $1.29 per €
Page 16 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers #after reproduction
Outlook depends on specific planning assumptions as detailed in the Annual Report

17. Group
Outlook
Page 17 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

18. Full Year 2013 –
R&D And CapEx Budgets
R&D 2013e: ~€3.2bn (+7%) CapEx (PPE) 2013e: ~€1.9bn (+24%)
HealthCare MaterialScience HealthCare MaterialScience
~€2.1n ~€0.2bn ~€0.6bn ~€0.6bn
thereof
Pharma 7%
~€1.7bn
CropScience
28%
~€0.8bn 32%
26%
65% 14%
2%
Reconciliation 25%
~€0.1bn
Reconciliation CropScience
~€0.3bn ~€0.5bn
Page 18 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

19. Full Year 2013 Outlook Projects Further
Growth And Higher Earnings
Sales ∆ Fx and portfolio adjusted, EBITDA before special items
2012 ∆ vs. 2011 2013E
+4-5% to
Sales €39.8bn +5%
~€41bn*
mid-single-digit %
adj. EBITDA €8.3bn +9%
increase
high-single-digit %
Core EPS €5.35 +11%
increase
*Assuming Fx rate of $1.29 per €
Page 19 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers Outlook depends on specific planning assumptions as detailed in the Annual Report

20. Investor Conference Call
FY/Q4 2012 Results
February 28, 2013 / Marijn Dekkers, CEO

21. Appendix
Page 21 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

22. Q4’2012 –
Cash Flow and Net Debt Development
Cash Flow in € million, Net Debt in € billion
Q4’12 Cash Flow Net Debt Development
GCF NCF Invest- oFCF +€223m 7.0
cont. ments 6.8
755 903 743 160
∆%
y-o-y -25 -22 +2 -63
Q3´12 Q4´12
 Net debt increase of €1bn due to pension funding, partly offset
by positive cash generation
Page 22 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

23. Q4’2012 –
HealthCare
In € million, ∆% yoy, () = Fx & portf. adjusted
Q4’12 Sales Earnings
Consumer Adj. Adj.
36% Pharma
Health EBITDA* EBIT*
+7% (+5%)
+7% (+5%)
2,056 2,867
1,342 +14%
1,180
1,001 +23%
827
+9% 815
758
594 +19%
498
515 +22%
HealthCare €4,923m; +7% (+5%) 422 407 +28%
317
Price Volume Fx Portfolio
0% +5% +2% 0% Q4‘11 Q4‘12 Q4‘11 Q4‘12
*before special items
Page 23 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

24. Q4’2012 –
CropScience
In € million, ∆% yoy, () = Fx & portf. adjusted
Q4’12 Sales Earnings
Environmental Crop Protection Adj. Adj.
Science +12% (+11%) EBITDA* EBIT*
+18% (+16%) 174
1,540
142 289 +6%
273
162 +12%
145
Seeds
-10% (-11%)
CropScience €1,856m; +11% (+9%)
Price Volume Fx Portfolio
0% +9% +2% 0% Q4‘11 Q4‘12 Q4‘11 Q4‘12
*before special items
Page 24 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

25. Q4’2012 –
MaterialScience
In € million, ∆% yoy, () = Fx & portf. adjusted
Q4’12 Sales Earnings
Polycarbonates Polyurethanes Adj. Adj.
0% (-3%) +11% (+9%) EBITDA* EBIT*
1,473 255 +141%
669
CAS**
+3% (+5%) 451
106
93 +294%
IO*** 168
0% (-1%)
MaterialScience €2,761m; +6% (+5%)
Q4‘11
Price Volume Fx Portfolio
Q4‘11 Q4‘12 Q4‘12
+2% +3% +2% -1%
-48
*before special items
Page 25 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers **CAS: Coatings, Adhesives, Specialties
*** IO: Industrial Operations

26. FY’2012 –
Cash Flow and Net Debt Development
Cash Flow in € million, Net Debt in € billion
2012 Cash Flow Net Debt Development
GCF NCF Invest- oFCF 7.0 +€15m 7.0
cont. ments
4,599 4,532 1,929 2,603
∆%
y-o-y -11 -10 +19 -24
FY´11 FY´12
 Net debt constant, despite €1bn pension funding in Q4’2012
Page 26 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

27. FY’2012 –
Regional Performance
In € million, ∆% yoy Fx adjusted
2012 Group Sales by Region Emerging Economies
+5%
USA Emerging
+9% Economies¹
~5,700
+7% +12%
21%
~4,900
37%
+10%
~2,400 0%
31% ~1,800
11%
Western Europe Others²
0% +4%
Emerging Latin Eastern Africa &
Group €39,760m; +5% Asia³ America Europe Middle East
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
Page 27 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers ² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia w/o Japan, Australia, New Zealand

28. FY’2012 –
HealthCare
In € million, ∆% yoy, () = Fx & portf. adjusted
2012 Sales Earnings
Consumer Adj. Adj.
36% Pharma
Health EBITDA* EBIT*
+9% (+4%)
+8% (+4%)
7,809 10,803
5,068 +8%
4,702
3,736 +11%
3,203 +8% 3,367
2,972
2,298 +13%
2,042
1,865 +8%
HealthCare €18,612m; +8% (+4%) 1,730 1,438 +9%
1,325
Price Volume Fx Portfolio
0% +4% +4% 0% FY‘11 FY‘12 FY‘11 FY‘12
*before special items
Page 28 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

29. FY’2012 –
CropScience
In € million, ∆% yoy, () = Fx & portf. adjusted
2012 Sales Earnings
Environmental Crop Protection Adj. Adj.
Science +16% (+13%) EBITDA* EBIT*
+9% (+5%) 680
6,741
962 2,008 +21%
1,654
1,526 +31%
Seeds 1,168
+17% (+14%)
CropScience €8,383m; +16% (+12%)
Price Volume Fx Portfolio
+1% +12% +4% -1% FY‘11 FY‘12 FY‘11 FY‘12
*before special items
Page 29 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers

30. FY’2012 –
MaterialScience
In € million, ∆% yoy, () = Fx & portf. adjusted
2012 Sales Earnings
Polycarbonates Polyurethanes Adj. Adj.
-2% (-7%) +12% (+8%) EBITDA* EBIT*
5,995
2,823 1,251 +7%
1,171
CAS** 629 +7%
+3% (+4%) 1,972 589
IO*** 713
+8% (+6%)
MaterialScience €11,503m; +6% (+3%)
Price Volume Fx Portfolio
FY‘11 FY‘12 FY‘11 FY‘12
+1% +2% +4% -1%
*before special items
Page 30 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers **CAS: Coatings, Adhesives, Specialties
*** IO: Industrial Operations

31. MaterialScience –
Planning Assumptions 2013
Global Economic GDP Outlook Key Customer Industries Outlook
GDP growth % prev. year Sales by industry 2012 and expected 2013 growth
Others Automotive
5 5.1 (incl. (+2%)
Chemicals)
28% 20%
4
3
2 2.5
16%
1.7
1 Electro /
17%
0.1 0.4 Furniture 19% Electronic
(+5%)
(+5%)
Construction
(+4%)
*Assuming Fx rate of $1.29 per €
Page 31 • FY/Q4 2012 Investor Conference Call • Marijn Dekkers Outlook depends on specific planning assumptions as detailed in the Annual Report