Presentation for Bayer's Q1 2016 Investor Conference Call on April 26, 2016

1. April 26, 2016 / Marijn Dekkers, CEO
Q1 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.
• Q1 2016 Investor Conference Call • Marijn DekkersPage 2

3. Page 3
Q1 2016 – Highlights
 Off to a successful start in 2016
 Pharmaceuticals with significant sales growth
 Earnings growth in all business segments
 New approvals for Kovaltry and Xofigo
 Patent term for rivaroxaban extended in US
 Stake in Covestro reduced from 69% to about 64%
 Outlook for 2016 confirmed
• Q1 2015 Investor Conference Call • Marijn Dekkers

4. Page 4
+20%
2,335
1,944
+3%
11,94111,879
+16%
3,404
2,941
+14%
2.37
2.08
Q1’16Q1’15 Q1’16Q1’15 Q1’16Q1’15 Q1’16Q1’15
Q1 2016 – Off to a Successful Start in 2016
• Q1 2016 Investor Conference Call • Marijn Dekkers
EBIT
in € million
EBITDA
before special items
in € million
Core EPS
cont. operations
in €
Sales
in € million
% currency & portfolio adj.
2015 figures restated

5. Q1 2016 –
Cash Flow And Net Debt Development
• Q1 2016 Investor Conference Call • Marijn DekkersPage 5
-€1.1bn
21.3
Dec. 31, 2015 March 31, 2016
17.4
Cash Flow
in € million, ∆% yoy Fx adj.
Net Debt
in € billion
16.3
*including net cash flow from discontinued operations of €819 million
GCF oFCF*
2,576
CapEx
363 959
∆
y-o-y +28% +580
NCF*
1,322
+83% +5%
2015 figures restated

6. Q1 2016 – Launch Products Continued to
Drive Performance at Pharma
Page 6 • Q1 2016 Investor Conference Call • Marijn Dekkers
Q1‘16 sales, ∆% yoy, Fx adj.
€617m +31%
€372m +49%
€67m -5%
€75m +37%
€56m +48%
Sum €1,187m +35%
Launch ProductsSales
in € million; ∆% yoy, Fx & portfolio adj.
EBITDA
3,562
3,889 +12% 1,085
1,261
Q1‘15
+16%
Q1‘16Q1‘15Q1‘16
before special items, in € million; ∆% yoy
2015 figures restated

7. €253m* +4%
€187m -7%
€92m +10%
€64m +21%
Sum €596m +3%
Q1 2016 - Consumer Health with Positive
Development
• Q1 2016 Investor Conference Call • Marijn DekkersPage 7
*incl. Aspirin Cardio
Sales
in € million; ∆% yoy, Fx & portfolio adj.
1,556 1,520 +2%
369
383 +4%
Q1‘15 Q1‘16 Q1‘16Q1‘15
Q1‘16 sales, ∆% yoy, Fx adj.
Key Products EBITDA
before special items, in € million; ∆% yoy
2015 figures restated

8. +6%
Q1'15 Q1'16
Q1 2016 - Crop Science Steady in Weak
Environment
Page 8 • Q1 2016 Investor Conference Call • Marijn Dekkers
Europe €1,348m +1%
North America €952m +4%
Asia / Pacific €342m -3%
LatAm / Africa /
Middle East
€381m +1%
Environm.
Science
Seeds
Seed
Growth
Fungicides
Insecticides
Herbicides 845
204
284
827
226
637
+3%
+12%
+5%
+3%
-12%
-4%
3,023
1,040
1,106
Q1‘15 Q1‘16
906
203
335
830
221
597
3,092 +1%
Sales
in € million; ∆% yoy, Fx & portfolio adj. ∆% yoy, Fx adj.
Regions EBITDA
before special items, in € million; ∆% yoy
Q1‘16Q1‘15

9. €148m +3%
€54m +91%
€32m +7%
€28m -3%
Sum €262m +14%
Q1 2016 - Animal Health with Significant
Sales and Earnings Growth
• Q1 2016 Investor Conference Call • Marijn DekkersPage 9
Sales
in € million; ∆% yoy, Fx & portfolio adj.
386
408 +9%
Q1‘15 Q1‘16
102
122 +20%
Q1‘16 sales, ∆% yoy, Fx adj.
Key Products EBITDA
before special items, in € million; ∆% yoy
Q1‘16Q1‘15

10. FY 2016 Guidance Confirmed
Page 10
Outlook depends on specific planning assumptions as detailed in the Annual Report
• Q1 2016 Investor Conference Call • Marijn Dekkers
Assuming end Q1 2016 Fx rates (USD 1.14)
Life Sciences Group
Sales
Mid-single-digit %
increase
~€35bn
Low-single-digit %
increase
>€47bn
Adj. EBITDA
Mid-single-digit %
increase
Mid-single-digit %
increase
Core EPS
(cont. operations)
Mid-single-digit %
increase
Sales ∆ yoy Fx and portfolio adj., EBITDA before special items

11. April 26, 2016 / Marijn Dekkers, CEO
Q1 2016 Results
Investor Conference Call