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Investor Conference Call
FY/Q4 2011 Results


February 28, 2012 / Marijn Dekkers, CEO
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 2011 Investor Conference Call • Marijn Dekkers
Full Year 2011 –
Record Sales And EBIT

 Very good year overall, Group targets – that were raised after Q1 –
     achieved, proposed DPS of €1.65

 Mixed business performance in Q4 – HealthCare and CropScience in line,
     MaterialScience below expectations

 Excellent innovation pipeline progress: 4 potential blockbuster products
     currently launching or expected to be launched near-term at pharma, crop
     protection pipeline with €2bn combined peak-sales potential (2011-2015)

 Continued Emerging Markets growth: 9% organic business expansion

 Productivity largely improved: measures with annualized savings of €543
     million implemented

 Confident for 2012: Expect higher sales and earnings

Page 3 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
4th Quarter 2011 –
Mixed Business Performance
                                             Q4‘10         Q4‘11         ∆%           Highlights of Financial Results
                                             € million      € million
                                                                                      Top-line driven by ConsumerHealth and
 Sales                                        9,012         9,191       +2 (+2)
                                                                                       CropScience
 EBITDA
                                                                                      Emerging Markets sales up 5%
 - reported                                   1,510         1,415         -6
 - adjusted                                   1,689         1,541         -9          Improvement of reported EBIT due to
 EBIT                                                                                  lower special charges
 - reported                                     51              629        •
                                                                                      Adj. EBITDA declined due to a sharp
 - adjusted                                   1,005             844      -16           drop at MaterialScience
 Net income                                   -145              397        •
 NCF                                          1,941         1,152        -41          Net cash flow impacted by payments in
                                                                                       connection with LL Rice (€484m)
 oFCF                                         1,417             427      -70
 EPS
 - reported                                   -0.18             0.48       •
 - core                                       0.95              0.97      +2
  ( ) = Fx & portfolio adjusted

Page 4 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
4th Quarter 2011 – HealthCare and CropScience
In Line, MaterialScience Below Expectations

                                                                Sales                     adj. EBITDA
                                                                          ∆%
                                                  Q4‘10         Q4‘11             Q4’10     Q4‘11       ∆%
                                                                         (adj.)

HealthCare                                        4,468         4,595   +3 (+2)   1,138     1,180       +4

Pharma                                            2,648         2,680   +1 (+1)    771       758        -2
Consumer Health                                   1,820         1,915   +5 (+5)    367       422        +15

CropScience                                       1,653         1,676   +1 (+3)   270        273        +1

MaterialScience                                   2,584         2,596    0 (0)    297        106        -64
In € million, ( ) = Fx & portfolio adjusted




Page 5 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Full Year 2011

              Targets Achieved

Page 6 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Full Year 2011 –
All Group Targets Achieved
   Sales ∆ Fx and portfolio adjusted, EBITDA pre-special items


                             2011 Outlook                        2011      2011
                                                                                            Comments
                               original                         actual      ∆

                                  4-6% to                                            Raised to 5-7% or €36-37bn
   Sales                                                        €36.5bn    +6%
                                 €35-36bn                                             in Q1

                                   increase
   adj.
                                   towards                      €7.6bn     +7%       Raised to >€7.5bn in Q1
   EBITDA
                                    €7.5bn

                               Increase by
   Core EPS                                                      €4.83    +15%       Raised to ~15% in Q1
                                  ~10%


   Net Debt                         reduce                      €7.0bn    -€0.9bn    Record GCF




Page 7 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Full Year 2011 –
Subgroup Performance vs. Targets
                                        2011 Outlook             2011
in € million                                                             adj. ∆                Comments
                                          original              actual
HealthCare
                                                                                   Targets achieved or exceeded
Sales                                low/mid single-digit       17,169   +2%
                                                                                   Top-line driven by Consumer
                                         increase
                                                                                    Health
Adj. EBITDA*                         small improvement          4,702    +7%       Pharma margin up 140 bpts.

CropScience
                                       ≥ mid-single digit
Sales                                                           7,255    +9%
                                           increase                                Achieved or exceeded all targets
                                     grow at higher rate
Adj. EBITDA*                                                    1,654    +28%
                                         than sales
MaterialScience                                                                    Sales growth above, bottom-line
                                        mid single-digit                            clearly below expectations
Sales                                                           10,832   +8%
                                           increase                                Pressure from higher raw
                                     grow at higher rate                            material prices and deteriorating
Adj. EBITDA*                                                    1,171    -14%       business environment
                                         than sales


Page 8 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers                        *Adj. EBITDA = pre-exceptional items
Full Year 2011

              Significant Progress

Page 9 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Pharma Pipeline –
2011 – Significant Progress Achieved
  Project                 Indication                             Peak sales Status & Targets
                                                                 potential
  Xarelto                 Cardiology /                           > €2bn               SPAF: launched (US, EU, others)
                          Anticoagulation                                             DVT treatment and sec. prevention: launched
                                                                                      DVT prev. ORS: launched in US
                                                                                      Sec. prev. ACS: filed
  VEGF Trap-              Ophthalmology /                        ≥ €1bn             Filed for wet AMD in EU and Japan
  Eye                     Inhibition of blood                                       Phase III for DME and wet AMD (China)
                          vessel growth                                              initiated
                                                                                    Positive phase III data in CRVO
  Alpharadin              Oncology /                             ≥ €1bn             CR prostate cancer: 44% improvement of OS
                          Targeting of bone                                         Fast track designation by FDA
                          metastases                                                Filing target: mid 2012

  Regorafenib             Oncology /                             ≥ €1bn             Metastatic colorectal cancer: 29%
                          Oral multi-kinase                                          improvement of OS
                          inhibition                                                Fast track designation by FDA
                                                                                    Filing target: 1H 2012
                                                      SPAF: stroke prevention in atrial fibrillation; DVT: deep vein thrombosis; ORS: orthopedic surgery;
                                                ACS: acute coronary syndrome; AMD: age-related macular degeneration; DME: Diabetic macular edema
                                                                      CRVO: central retina vein occlusion; CR: castration refractory; OS: overall survival

Page 10 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
€2bn Peak Sales Potential with
Crop Protection Pipeline 2011-2015
      Sales in €bn from launches 2011-2015E                       Launches 2011–2015E*

                                                        ~ 2.0                                     Fungicide


                                                                                                  Seed
                                                                                                  Treatment


                                                                                                  Herbicide


                                                                                                  Fungicide


                                                                                                  Seed
                                                                                                  Treatment
                      ~ 0.2
                                                                   Sivanto                        Insecticide


                                                     Peak sales
                      2011                            potential
                                                                   Triafamone                     Herbicide



                                                                                  * subject to regulatory approval
Page 11 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Emerging Markets –
Sales Growth Well Above Global Average
    Full Year 2011 Group sales by region                                           Emerging Economies

                                                                                +5%
   USA                                                            Emerging
   +3%                                                           Economies¹    ~5,100
                                                                    +9%                           +12%
                       19%                      36%
                                                                                                  ~4,300




                                                                                                                    +12%
                                                                                                                    ~2,100
                                                                                                                                       +9%
                        34%                     11%                                                                                   ~1,800


 Western Europe                                          Others²
 +4%                                                      +4%

                     Group €36,528m; +6%                                      Emerging           Latin            Eastern           Africa &
                                                                               Asia³            America           Europe           Middle East
                                                                              ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
 In € million, ∆% yoy Fx adjusted                                               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
Page 12 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Emerging Markets –
Realizing The Opportunity
                                                                                           Fx & portfolio adjusted
                                                                 Examples 2011            sales development 2011


                                       Hired add. ~1,000 sales reps in China
                                       Relocated primary care headquarter to China
  HealthCare                           Established 50/50 JV w. Zydus Cadila in India
                                       In-licensed Tedizolid antibiotic from Trius for
                                                                                                +10%
                                        several EM markets, incl. China


                                       Opened new “seed treatment application
  CropScience                           center” in Brazil
                                       Approval of LibertyLink soybean, Argentina
                                                                                                 +11%
                                       Opened new world-scale TDI plant in China
  MaterialScience                       with innovative gas-phase phosgenation
                                       Moved polycarbonates headquarters to China
                                                                                                    +7%
Page 13 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Restructuring Program Fully On Track

     Contribution by Subgroup                                           Target: €800m annual cost savings by
                                                                         2013
                                                                        Reinvestment of ~50%
  Holding &                                               HealthCare
  Admin.                    ~12%                                        One-time-charges of approx. €1bn of
                                                                         which €803m booked in 2010/11
                                                  ~54%
                                                                        Plans include staff reductions of 4,500
                               €800m
                                                                        2,500 new hires in growth and
                 34%                                                     innovation, particularly in emerging
                                                                         markets
 CropScience
                                                                         Measures with €543m annualized
                                                                         savings already implemented by end
                                                                         of 2011


Page 14 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Full Year 2012

                                     Financial Outlook

Page 15 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Outlook 2012 –
Planning Assumptions

GDP growth by regions                                                   Global economic/political risks
in % vs previous year                                                    remain high

5                                                                       Outlook for economic growth
                                                                 5.1
4
                                                           4.8           marked by uncertainty
3                                              3.3                      Positive signals for North America,
2           2.6                                                          in Europe we expect slower
                                   1.7                                   expansion in 2012 than 2011
1
                        0.7
                                                                        Asian emerging markets continue to
                                                                         drive growth

                                                                        $/€ 1.40, 1% appreciation of Euro
                                                                         lowers sales by ~€76m and EBITDA
                                                                         by ~€23m

                                                                        Crude oil: average $110/bbl
Page 16 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Outlook 2012 –
Planning Assumptions
                                        Expected 2012 Global Market Development
2011 Group sales                                             10 % OTC-pharma
break-down in %                                              Low- to mid-single digit growth

                                                                                                    3 % Diabetes care
                                                                                                    low-single digit growth
  27 % Rx-pharma
  Mid-single digit growth, driven by
  emerging markets
                                                                                                    3 % Animal Health
                                                                                                    Moderate growth



                                                                                                    20 % Agrochemicals/Seeds
                                                                                                    Positive development


  15 % Others
  5 % Furniture/wood                                                                                6 % Automotive
                                                                                                    Robust growth
  Ongoing recovery,
  small growth

                                          6 % Construction                          5 % Electro/electronic
                                          Ongoing recovery                          Robust growth


Page 17 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Full Year 2012 Outlook Projects Further
Growth And Higher Earnings
Sales ∆ Fx and portfolio adjusted, EBITDA pre-special items


                                                   2011          ∆ vs. 2010                              2012E



  Sales                                                                                                +~3% or
                                               €36.5bn             +6%
  (Fx & portf. adjusted)                                                                               ~€37bn*



  adj. EBITDA                                    €7.6bn            +7%                          Slightly improve



  Core EPS                                        €4.83            +15%                         Slightly improve

                                                                                                *Assuming Fx rate of $1.40 per €
                                                                              Outlook depends on specific planning assumptions
                                                                                      as detailed in the Annual/ Quarterly Report
Page 18 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Full Year 2012 –
Guidance By Subgroup
                                                                 Expect sales to increase by low- to mid-single-digit
 HealthCare                                                      percentage. Plan to slightly improve adj. EBITDA .



                                                                 Expect sales to remain stable or move slightly higher, and adj.
    Pharma                                                       EBITDA to approx. match prior year level.


    Consumer                                                     Anticipate mid-single-digit percentage growth of sales and
    Health                                                       adj. EBITDA.


                                                                 Plan to grow above market and to increase sales and adj.
 CropScience                                                     EBITDA by mid-single-digit percentages.

                                                                 Expect sales and adj. EBITDA to remain level with prior year.
                                                                 Should market develop more favorably than anticipated, we
 MaterialScience                                                 expect sales and earnings to increase accordingly.
                                                                 Q1’12: Expect sales to be roughly level with Q4’11 and adj.
                                                                 EBITDA to be well above Q4’11 but below Q1’11.
Sales ∆ Fx and portfolio adjusted, EBITDA pre-special items                                 Outlook depends on specific planning assumptions
Page 19 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers                                      as detailed in the Annual/ Quarterly Report
Full Year 2012 –
R&D And CapEx Budgets

             R&D 2012e: ~€3.0bn                                                 CapEx (PPE) 2012e: ~€1.5bn

 HealthCare                                       MaterialScience                HealthCare        MaterialScience
 2.0bn                                                             0.2bn         0.5bn                      0.5bn
 thereof
 Pharma
 1.5bn
                                      8%
                                      8%                                                   33%   34%
                                                                 CropScience
                                                                       0.8bn
                                                    25%
                                                     24%



            66%
             67%
                                                                  1%
                                                                                         13%
                                                                                                 20%


                                                            Reconciliation     Reconciliation          CropScience
                                                                  0.05bn       0.2bn                         0.3bn


Page 20 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
Investor Conference Call
FY/Q4 2011 Results


February 28, 2012 / Marijn Dekkers, CEO

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FY / Q4 2011 Investor Conference Call Presentation Charts

  • 1. Investor Conference Call FY/Q4 2011 Results February 28, 2012 / 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 2011 Investor Conference Call • Marijn Dekkers
  • 3. Full Year 2011 – Record Sales And EBIT  Very good year overall, Group targets – that were raised after Q1 – achieved, proposed DPS of €1.65  Mixed business performance in Q4 – HealthCare and CropScience in line, MaterialScience below expectations  Excellent innovation pipeline progress: 4 potential blockbuster products currently launching or expected to be launched near-term at pharma, crop protection pipeline with €2bn combined peak-sales potential (2011-2015)  Continued Emerging Markets growth: 9% organic business expansion  Productivity largely improved: measures with annualized savings of €543 million implemented  Confident for 2012: Expect higher sales and earnings Page 3 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 4. 4th Quarter 2011 – Mixed Business Performance Q4‘10 Q4‘11 ∆% Highlights of Financial Results € million € million  Top-line driven by ConsumerHealth and Sales 9,012 9,191 +2 (+2) CropScience EBITDA  Emerging Markets sales up 5% - reported 1,510 1,415 -6 - adjusted 1,689 1,541 -9  Improvement of reported EBIT due to EBIT lower special charges - reported 51 629 •  Adj. EBITDA declined due to a sharp - adjusted 1,005 844 -16 drop at MaterialScience Net income -145 397 • NCF 1,941 1,152 -41  Net cash flow impacted by payments in connection with LL Rice (€484m) oFCF 1,417 427 -70 EPS - reported -0.18 0.48 • - core 0.95 0.97 +2 ( ) = Fx & portfolio adjusted Page 4 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 5. 4th Quarter 2011 – HealthCare and CropScience In Line, MaterialScience Below Expectations Sales adj. EBITDA ∆% Q4‘10 Q4‘11 Q4’10 Q4‘11 ∆% (adj.) HealthCare 4,468 4,595 +3 (+2) 1,138 1,180 +4 Pharma 2,648 2,680 +1 (+1) 771 758 -2 Consumer Health 1,820 1,915 +5 (+5) 367 422 +15 CropScience 1,653 1,676 +1 (+3) 270 273 +1 MaterialScience 2,584 2,596 0 (0) 297 106 -64 In € million, ( ) = Fx & portfolio adjusted Page 5 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 6. Full Year 2011 Targets Achieved Page 6 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 7. Full Year 2011 – All Group Targets Achieved Sales ∆ Fx and portfolio adjusted, EBITDA pre-special items 2011 Outlook 2011 2011 Comments original actual ∆ 4-6% to  Raised to 5-7% or €36-37bn Sales €36.5bn +6% €35-36bn in Q1 increase adj. towards €7.6bn +7%  Raised to >€7.5bn in Q1 EBITDA €7.5bn Increase by Core EPS €4.83 +15%  Raised to ~15% in Q1 ~10% Net Debt reduce €7.0bn -€0.9bn  Record GCF Page 7 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 8. Full Year 2011 – Subgroup Performance vs. Targets 2011 Outlook 2011 in € million adj. ∆ Comments original actual HealthCare  Targets achieved or exceeded Sales low/mid single-digit 17,169 +2%  Top-line driven by Consumer increase Health Adj. EBITDA* small improvement 4,702 +7%  Pharma margin up 140 bpts. CropScience ≥ mid-single digit Sales 7,255 +9% increase  Achieved or exceeded all targets grow at higher rate Adj. EBITDA* 1,654 +28% than sales MaterialScience  Sales growth above, bottom-line mid single-digit clearly below expectations Sales 10,832 +8% increase  Pressure from higher raw grow at higher rate material prices and deteriorating Adj. EBITDA* 1,171 -14% business environment than sales Page 8 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers *Adj. EBITDA = pre-exceptional items
  • 9. Full Year 2011 Significant Progress Page 9 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 10. Pharma Pipeline – 2011 – Significant Progress Achieved Project Indication Peak sales Status & Targets potential Xarelto Cardiology / > €2bn  SPAF: launched (US, EU, others) Anticoagulation  DVT treatment and sec. prevention: launched  DVT prev. ORS: launched in US  Sec. prev. ACS: filed VEGF Trap- Ophthalmology / ≥ €1bn  Filed for wet AMD in EU and Japan Eye Inhibition of blood  Phase III for DME and wet AMD (China) vessel growth initiated  Positive phase III data in CRVO Alpharadin Oncology / ≥ €1bn  CR prostate cancer: 44% improvement of OS Targeting of bone  Fast track designation by FDA metastases  Filing target: mid 2012 Regorafenib Oncology / ≥ €1bn  Metastatic colorectal cancer: 29% Oral multi-kinase improvement of OS inhibition  Fast track designation by FDA  Filing target: 1H 2012 SPAF: stroke prevention in atrial fibrillation; DVT: deep vein thrombosis; ORS: orthopedic surgery; ACS: acute coronary syndrome; AMD: age-related macular degeneration; DME: Diabetic macular edema CRVO: central retina vein occlusion; CR: castration refractory; OS: overall survival Page 10 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 11. €2bn Peak Sales Potential with Crop Protection Pipeline 2011-2015 Sales in €bn from launches 2011-2015E Launches 2011–2015E* ~ 2.0 Fungicide Seed Treatment Herbicide Fungicide Seed Treatment ~ 0.2 Sivanto Insecticide Peak sales 2011 potential Triafamone Herbicide * subject to regulatory approval Page 11 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 12. Emerging Markets – Sales Growth Well Above Global Average Full Year 2011 Group sales by region Emerging Economies +5% USA Emerging +3% Economies¹ ~5,100 +9% +12% 19% 36% ~4,300 +12% ~2,100 +9% 34% 11% ~1,800 Western Europe Others² +4% +4% Group €36,528m; +6% Emerging Latin Eastern Africa & Asia³ America Europe Middle East ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, In € million, ∆% yoy Fx adjusted 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 Page 12 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 13. Emerging Markets – Realizing The Opportunity Fx & portfolio adjusted Examples 2011 sales development 2011  Hired add. ~1,000 sales reps in China  Relocated primary care headquarter to China HealthCare  Established 50/50 JV w. Zydus Cadila in India  In-licensed Tedizolid antibiotic from Trius for +10% several EM markets, incl. China  Opened new “seed treatment application CropScience center” in Brazil  Approval of LibertyLink soybean, Argentina +11%  Opened new world-scale TDI plant in China MaterialScience with innovative gas-phase phosgenation  Moved polycarbonates headquarters to China +7% Page 13 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 14. Restructuring Program Fully On Track Contribution by Subgroup  Target: €800m annual cost savings by 2013  Reinvestment of ~50% Holding & HealthCare Admin. ~12%  One-time-charges of approx. €1bn of which €803m booked in 2010/11 ~54%  Plans include staff reductions of 4,500 €800m  2,500 new hires in growth and 34% innovation, particularly in emerging markets CropScience Measures with €543m annualized savings already implemented by end of 2011 Page 14 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 15. Full Year 2012 Financial Outlook Page 15 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 16. Outlook 2012 – Planning Assumptions GDP growth by regions  Global economic/political risks in % vs previous year remain high 5  Outlook for economic growth 5.1 4 4.8 marked by uncertainty 3 3.3  Positive signals for North America, 2 2.6 in Europe we expect slower 1.7 expansion in 2012 than 2011 1 0.7  Asian emerging markets continue to drive growth  $/€ 1.40, 1% appreciation of Euro lowers sales by ~€76m and EBITDA by ~€23m  Crude oil: average $110/bbl Page 16 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 17. Outlook 2012 – Planning Assumptions Expected 2012 Global Market Development 2011 Group sales 10 % OTC-pharma break-down in % Low- to mid-single digit growth 3 % Diabetes care low-single digit growth 27 % Rx-pharma Mid-single digit growth, driven by emerging markets 3 % Animal Health Moderate growth 20 % Agrochemicals/Seeds Positive development 15 % Others 5 % Furniture/wood 6 % Automotive Robust growth Ongoing recovery, small growth 6 % Construction 5 % Electro/electronic Ongoing recovery Robust growth Page 17 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 18. Full Year 2012 Outlook Projects Further Growth And Higher Earnings Sales ∆ Fx and portfolio adjusted, EBITDA pre-special items 2011 ∆ vs. 2010 2012E Sales +~3% or €36.5bn +6% (Fx & portf. adjusted) ~€37bn* adj. EBITDA €7.6bn +7% Slightly improve Core EPS €4.83 +15% Slightly improve *Assuming Fx rate of $1.40 per € Outlook depends on specific planning assumptions as detailed in the Annual/ Quarterly Report Page 18 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 19. Full Year 2012 – Guidance By Subgroup Expect sales to increase by low- to mid-single-digit HealthCare percentage. Plan to slightly improve adj. EBITDA . Expect sales to remain stable or move slightly higher, and adj. Pharma EBITDA to approx. match prior year level. Consumer Anticipate mid-single-digit percentage growth of sales and Health adj. EBITDA. Plan to grow above market and to increase sales and adj. CropScience EBITDA by mid-single-digit percentages. Expect sales and adj. EBITDA to remain level with prior year. Should market develop more favorably than anticipated, we MaterialScience expect sales and earnings to increase accordingly. Q1’12: Expect sales to be roughly level with Q4’11 and adj. EBITDA to be well above Q4’11 but below Q1’11. Sales ∆ Fx and portfolio adjusted, EBITDA pre-special items Outlook depends on specific planning assumptions Page 19 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers as detailed in the Annual/ Quarterly Report
  • 20. Full Year 2012 – R&D And CapEx Budgets R&D 2012e: ~€3.0bn CapEx (PPE) 2012e: ~€1.5bn HealthCare MaterialScience HealthCare MaterialScience 2.0bn 0.2bn 0.5bn 0.5bn thereof Pharma 1.5bn 8% 8% 33% 34% CropScience 0.8bn 25% 24% 66% 67% 1% 13% 20% Reconciliation Reconciliation CropScience 0.05bn 0.2bn 0.3bn Page 20 • FY/Q4 2011 Investor Conference Call • Marijn Dekkers
  • 21. Investor Conference Call FY/Q4 2011 Results February 28, 2012 / Marijn Dekkers, CEO