Bayer reported strong financial results for Q2 2015, with continued organic growth and significantly improved earnings across its business segments. The company is transforming into a pure life sciences company, with the flotation of its MaterialScience business and disposal of its Diabetic Care business on track. Bayer confirmed its full-year 2015 guidance for operating performance of continuing operations, expecting low-single-digit sales growth, high-teens percentage increases in EBITDA and core EPS.

1. Investor Conference Call
Q2 2015 Results
July 29, 2015 / Marijn Dekkers, CEO
• Q2 2015 Investor Conference Call • Marijn DekkersPage 1

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.
• Q2 2015 Investor Conference Call • Marijn DekkersPage 2

3. Page 3
Q2 2015 –
Continued Operational and Strategic Progress
 Further organic growth and significantly improved earnings
 Portfolio transformation into a pure Life Science company underway
 Preparations for the flotation of MaterialScience fully on track
 Agreement on the disposal of Diabetic Care business signed
 Innovation pipeline continued to progress
 Full-year 2015 Group Guidance for operating performance of continuing
operations confirmed
• Q2 2015 Investor Conference Call • Marijn Dekkers

4. Page 4
EBIT
in € million
+28%
1,833
1,435
Sales
in € million
% currency & portfolio adj.
+4%
12,090
10,228
EBITDA
before special items
in € million
+33%
2,899
2,176
Core EPS
in €
+34%
1.98
1.48
Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14
Q2 2015 –
Bayer Significantly Improves Earnings
• Q2 2015 Investor Conference Call • Marijn Dekkers

5. Q2 2015 –
Cash Flow And Net Debt Development
Page 5
-€0.2bn
21.1
GCF oFCF
2,173
CapEx
600 1,350
∆
y-o-y +31% +29%
NCF
1,950
+24% -14%
March 31, 2015 June 30, 2015
21.3
• Q2 2015 Investor Conference Call • Marijn Dekkers
Cash Flow
in € million, ∆% yoy Fx adj.
Net Debt
in € billion

6. Q2 2015 – HealthCare:
All Businesses Contributed To Strong Performance
Page 6
Pharma
+18% (+11%)
Consumer
Health
46% (+4%)
36%
HealthCare €5,908m; +28% (+8%)
3,4922,416
Price
2%
Volume
+7%
Fx
+8%
Portfolio
+12%
927 1077
387 598
+16%
+55%
1,314
1,675 +28%
284 +53%
952
1,213 +27%
668
433
EBITDA EBIT
780 +17%
• Q2 2015 Investor Conference Call • Marijn Dekkers
Sales
in € million, ∆% yoy, () = Fx & portf. adj.
Earnings
before special items, in € million, ∆% yoy
Q2‘14 Q2‘15 Q2‘14 Q2‘15

7. Q2 2015 – Pharma:
Launch Products Drive Growth
Page 7
+11%
Launch products
Xarelto +43%
Eylea +49%
Stivarga +33%
Xofigo +31%
Adempas 
Established products
Kogenate +14%
Mirena +11%
Betaferon -9%
Yaz family -10%
Nexavar +7%
Sales
in € million
∆% Fx & portfolio adj.
Q2‘14 Q2‘15
2,960
3,492
1,051
• Q2 2015 Investor Conference Call • Marijn Dekkers

8. Q2 2015 – HealthCare:
All Businesses Contributed To Strong Performance
Page 8
Pharma
+18% (+11%)
Consumer
Health
46% (+4%)
36%
HealthCare €5,908m; +28% (+8%)
3,4922,416
Price
2%
Volume
+7%
Fx
+8%
Portfolio
+12%
927 1077
387 598
+16%
+55%
1,314
1,675 +28%
284 +53%
952
1,213 +27%
668
433
EBITDA EBIT
780 +17%
• Q2 2015 Investor Conference Call • Marijn Dekkers
Sales
in € million, ∆% yoy, () = Fx & portf. adj.
Earnings
before special items, in € million, ∆% yoy
Q2‘14 Q2‘15 Q2‘14 Q2‘15

9. Q2 2015 – CropScience:
Steady in Weaker Market Environment
Page 9
Crop Protection
+6% (-3%)
Environmental Science
+27% (+7%)
Seeds
+27% (+11%)
CropScience €2,723m; +10% (-1%)
Price
+0%
Volume
-1%
Fx
+10%
Portfolio
+1%
2,137
Q2‘14 Q2‘15 Q2‘14 Q2‘15
615
733 +19%
470
599 +27%
251
335
• Q2 2015 Investor Conference Call • Marijn Dekkers
Sales
in € million, ∆% yoy, () = Fx & portf. adj.
EBITDA EBIT
Earnings
before special items, in € million, ∆% yoy

10. +168%
Q2 2015 – MaterialScience:
Earnings greatly improved
Page 10
**CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
CAS**
+16% (+6%)
MaterialScience €3,185m; +11% (0%)
Price
-6%
Volume
+7%
Fx
+11%
Portfolio
0%
1,638
828
IO***
2% (-3%)
270
506 +87%
126
337
561
158
• Q2 2015 Investor Conference Call • Marijn Dekkers
Polyurethanes
+7% (-3%)
Polycarbonates
+19% (+5%)
Sales
in € million, ∆% yoy, () = Fx & portf. adj.
EBITDA EBIT
Earnings
before special items, in € million, ∆% yoy
Q2‘14 Q2‘15 Q2‘14 Q2‘15

11. Q2 2015 – Group Guidance For Operating
Performance Of Continuing Operations Confirmed
Page 11
2014
restated
2015
Original guidance
2015
Update July
Fx effect
Sales €41.3bn
Low-single-digit %
increase
~ €46bn
Low-single-digit %
increase
~ €47bn
~ +7%
EBITDA
before special
items
€8.7bn
Low-to-mid-teens %
increase
High-teens %
increase
~ +5%
core EPS €5.89
Low-teens %
increase
High-teens %
increase
~ +5%
∆% Fx and portfolio adjusted
Assuming end Q2’15 Fx rates
Outlook depends on specific planning assumptions as detailed in the Annual Report• Q2 2015 Investor Conference Call • Marijn Dekkers

12. Investor Conference Call
Q2 2015 Results
July 29, 2015 / Marijn Dekkers, CEO
• Q2 2015 Investor Conference Call • Marijn DekkersPage 12