- Marijn Dekkers, CEO of Bayer, presented FY/Q4 2013 results during an investor conference call on February 28, 2014. - In Q4 2013, Bayer achieved 6% currency-adjusted sales growth but EBIT fell 10% due to weaker performance in MaterialScience. Full-year sales grew 5% currency-adjusted, meeting guidance. - For 2014, Bayer expects further sales and earnings growth with sales forecast to increase 5-6% currency-adjusted and adjusted EBITDA to rise in the low- to mid-single digits.

1. Investor Conference Call
FY/Q4 2013 Results
February 28, 2014 / 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 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers

3. 2013 – Continuous Growth

Dynamic development in the Life Sciences,
MaterialScience below expectations

Outstanding growth for pharma launch products (sales of €1.5bn)

Further strategic progress with planned bolt-on acquisitions

Guidance 2014: Further growth in sales and earnings
Page 3 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers

4. FY 2013 – All Targets Achieved Operationally
Sales ∆ Fx & portf. adjusted, EBITDA before special items
2013 Guidance
Original
(@ ØQ4’12 FX)
2013
Reported
∆ 2013
Reported
vs. 2012
∆ 2013
Reported
vs. 2012
(@ ØQ4’12 FX)
Sales
+4-5% cpa. to
~€41bn
€40.2bn
+5% cpa.
+5% cpa.
adj.
EBITDA
mid-single-digit
% increase
€8.4bn
+1%
+6%
core EPS
high-single-digit
% increase
€5.61
+6%
+12%
Page 4 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers

5. Q4 2013 – Mixed Performance
Sales
EBIT
EBITDA
Core EPS
in € million
% currency & portfolio adj.
in € million
adjusted**
in € million
in €
9,860
9,888
1,826
729
Q4’12*
Q4’13
+6%
Q4’12*
655
Q4’13
-10%
Page 5 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
1,769
1.01
Q4’12*
Q4’13
-3%
Q4’12*
1.10
Q4’13
+9%
*Prior-year figures restated
**before special items

6. Q4 2013 – Regional Performance:
Growth Led by Emerging Economies
In € million, ∆% yoy Fx adjusted
Q4 2013 Group Sales by Region
Emerging
Economies¹
+8%
USA
+6%
20%
Emerging Economies
+15%
+6%
~1,600
40%
~1,400
0%
31%
Western Europe
+5%
~500
9%
-3%
~400
Others²
+11%
Group €9,888m; +7%
Page 6 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Latin
America
Emerging
Asia³
Eastern
Europe
Africa &
Middle East
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
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

7. Planned Bolt-on Acquisitions to Strengthen
HealthCare Portfolio
Algeta ASA:
Strengthening Oncology
Dihon Pharmaceutical Group:
Chinese OTC brands
 Almost 98% of share capital tendered
 Transaction agreement signed on
February 26, 2014
 Required regulatory approvals obtained
 Compulsory acquisition and delisting
intended
 Closing expected in Q1’14
 Enterprise value: ~€1.9bn
 Regulatory approval process prepared
 Closing expected in H2 2014
 Portfolio of well-known local consumer
brands
 Sales 2013*: €123m
Significant synergies expected from
full control over Xofigo
Significant synergies expected from
complementary OTC business
* Not audited
Page 7 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers

8. Pharma – Incremental Investments in 2014
for a New Performance Level
New product sales in € bn
~2.8
 Launch product* sales target of ~€2.8bn
in 2014 (old aspiration 2015: >€2.5bn)
 Launch phase to continue with >100
new launch events**
 Continuous R&D investments in lifecycle management
1.5
 R&D investments in new drug
candidates
 Increased marketing and sales
investments in emerging markets
0.4
 Incremental marketing and R&D
investments of €0.5bn planned in 2014
2012
2013
2014e
Page 8 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
* Xarelto, Eylea, Stivarga, Xofigo, Adempas
** new indications and new countries

9. Pharma – Peak Sales Potential of New
Products Raised to ≥€7.5bn*
Old
New
>€2bn
 Continued successful launch execution and life cycle management
~€3.5bn
≥€1bn
 Successful launch and positive
life cycle management
≥€1.5bn
 Unchanged
≥€1bn
 Unchanged
≥€1bn
 Unchanged
≥€0.5bn
*assuming approvals and launches as planned
Page 9 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers

10. FY 2014 Group Guidance –
Further Sales and Earnings Growth
Sales ∆ Fx and portfolio adjusted, EBITDA before special items
2013
Sales
2014E*
€40.2bn
~5% to
~€41-42bn
(neg. FX effect approx. -2%)
adj. EBITDA
€8.4bn
low- to mid-singledigit % increase
(neg. FX effect approx. -5%)
core EPS
€5.61
mid-single-digit %
increase
(neg. FX effect approx. -6%)
Page 10 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
*Assuming average Fx rates of Q4’13 (USD 1.36)
Outlook depends on specific planning assumptions as detailed in the Annual Report

11. FY 2014 –
R&D and CapEx Budgets
R&D 2014e: ~€3.5bn (+9%)
HealthCare
thereof
Pharma
~€1.9bn
HealthCare
MaterialScience
~€2.3n
MaterialScience
~€0.7bn
~€0.2bn
6%
CapEx (PPE) 2014e: ~€2.1bn (+20%)
CropScience
~€0.9bn
~€0.7bn
31%
31%
26%
65%
3%
Reconciliation
~€0.1bn
Page 11 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
10%
28%
Reconciliation
~€0.2bn
CropScience
~€0.6bn

12. FY 2014 –
Guidance by Subgroup
Sales Guidance*
HealthCare
Pharma
Adj. EBITDA Guidance*
Mid-single-digit % increase cpa.
Slight increase
(FX -2%)
(FX ca. -€250m)
High-single-digit % increase cpa.
(FX -2%)
Low- to mid-single-digit % increase
(FX ca. -€150m)
Launch product sales: ~€2.8bn
Adj. EBITDA margin: level with
prior year (2016: ≥33%)
Consumer
Health
Low- to mid-single-digit % increase cpa.
Slightly below prior year
(FX -3%)
(FX ca. -€100m)
CropScience
Mid- to high-single-digit % increase cpa.
Low-single-digit % increase
(FX -3%)
(FX ca. -€150m)
Mid-single-digit % increase cpa.
Increase (FX ca. -€50m)
MaterialScience
(FX -2%)
Q1’14 vs. Q1’13: increase cpa.
Page 12 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Q1’14 vs. Q1’13:
significant increase
*Assuming average Fx rates of Q4’13 (USD 1.36)
Sales ∆ Fx & portf. adjusted, EBITDA before special items
Outlook depends on specific planning assumptions as detailed in the Annual Report

13. Investor Conference Call
FY/Q4 2013 Results
February 28, 2014 / Marijn Dekkers, CEO

14. Appendix
Page 14 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers

15. Q4 2013 –
HealthCare
In € million, ∆% yoy, () = Fx & portf. adjusted
Sales
Consumer
Health
-4% (+1%)
Earnings1
36%
1,964
Pharma
+4% (+12%)
2,975
Adj.
EBIT*
Adj.
EBITDA*
1,359
835
1,337
822
-2%
-2%
1,018
602
HealthCare €4,939m; +0% (+7%)
Price
+3%
Volume
+5%
Fx
-8%
Page 15 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Portfolio
+1%
524
Q4‘12
515
Q4‘13
-2%
416
985
-3%
580
-4%
405
-3%
Q4‘12 Q4‘13
1
*before special items
Prior-year figures restated.

16. Q4 2013 –
CropScience
In € million, ∆% yoy, () = Fx & portf. adjusted
Sales
Environmental Science
-11% (-5%)
154
171
Earnings1
Crop Protection
+6% (+14%)
Adj.
EBIT*
Adj.
EBITDA*
1,626
319
+8%
295
Seeds
+20% (+25%)
203 +21%
168
CropScience €1,951m; +5% (+13%)
Price
+1%
Volume
+12%
Fx
-8%
Page 16 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Portfolio
+1%
Q4‘12
Q4‘13
Q4‘12 Q4‘13
1
*before special items
Prior-year figures restated.

17. Q4 2013 –
MaterialScience
In € million, ∆% yoy, () = Fx & portf. adjusted
Sales
Polycarbonates
-4% (-1%)
Earnings1
Polyurethanes
0% (+4%)
640
1,472
264
CAS**
-8% (-1%)
Adj.
EBIT*
Adj.
EBITDA*
248
-6%
417
IO***
-4% (-2%)
162
95
88
Q4‘12
Q4‘13
-7%
MaterialScience €2,691m; -3% (+2%)
Price
-2%
Volume
+4%
Fx
-4%
Page 17 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Portfolio
0%
*before special items
Q4‘12
Q4‘13
**CAS: Coatings, Adhesives, Specialties
*** IO: Industrial Operations
1 Prior-year figures restated.

18. Q4 2013 –
Cash Flow And Net Debt Development
Cash Flow in € million, Net Debt in € billion
Q4 2013 Cash Flow
GCF
NCF
Net Debt Development
Investments
oFCF
-€1.0bn
6.7
978
∆
y-o-y
7.7
1,580
776
804
+35%
+74%
+4%
>100%
Page 18 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Sep 30, 2013
Dec 31, 2013

19. FY 2013 –
HealthCare
In € million, ∆% yoy, () = Fx & portf. adjusted
2013 Sales
Consumer
Health
-1% (+3%)
36%
7,736
Earnings1
Pharma
+4% (+9%)
Adj.
EBIT*
Adj.
EBITDA*
11,188
5,334 +4%
5,119
3,973 +5%
3,490 +8%
3,787
3,232
2,327
HealthCare €18,924m; +2% (+7%)
Price
+1%
Volume
+6%
Fx
-6%
Portfolio
+1%
2,552 +10%
1,887
1,844 -2%
1,460
1,421
FY‘12
FY‘13
FY‘12
FY‘13
-3%
*before special items
Page 19 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
1
Prior-year figures restated.

20. FY 2013 –
CropScience
In € million, ∆% yoy, () = Fx & portf. adjusted
2013 Sales
Environmental
Science
-4% (+1%)
Earnings1
Crop Protection
+7% (+11%)
651
974
Adj.
EBIT*
Adj.
EBITDA*
7,194
2,248 +11%
2,025
1,801 +17%
1,543
Seeds
+1% (+1%)
CropScience €8,819m; +5% (+9%)
Price
+3%
Volume
+7%
Fx
-5%
Portfolio
+1%
FY‘12
FY‘13
FY‘12
FY‘13
*before special items
Page 20 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
1
Prior-year figures restated.

21. FY 2013 –
MaterialScience
In € million, ∆% yoy, () = Fx & portf. adjusted
2013 Sales
Polycarbonates
-6% (-5%)
Earnings1
Polyurethanes
+1% (+4%)
2,640
6,054
Adj.
EBITDA*
Adj.
EBIT*
1,263
1,072 -15%
CAS**
-6% (-2%)
IO***
-4% (-4%)
1,863
613
681
429 -30%
MaterialScience €11,238m; -2% (0%)
Price
0%
Volume
+1%
Fx
-2%
Page 21 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Portfolio
0%
*before special items
FY‘12
FY‘13
**CAS: Coatings, Adhesives, Specialties
FY‘12
FY‘13
*** IO: Industrial Operations
1 Prior-year figures restated.

22. FY 2013 –
Cash Flow And Net Debt Development
Cash Flow in € million, Net Debt in € billion
FY 2013 Cash Flow
GCF
NCF
Net Debt Development
Investments
oFCF
5,832
∆
y-o-y
5,171
2,157
+14%
+12%
-€0.3bn
6.7
3,014
+28%
7.0
+16%
Page 22 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Dec 31, 2012
Dec 31, 2013

23. FY 2013 –
Regional Performance
In € million, ∆% yoy Fx adjusted
2013 Group Sales by Region
USA
+4%
Emerging
Economies¹
+7%
21%
Emerging Economies
+4%
~5,800
+15%
~5,100
38%
+7%
~2,500
31%
Western Europe
+2%
-1%
~1,700
10%
Others²
+10%
Group €40,157m; +5%
Page 23 • Q4/FY 2013 Investor Conference Call • Marijn Dekkers
Emerging
Asia³
Latin
America
Eastern
Europe
Africa &
Middle East
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
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