Bayer reported strong sales and earnings growth in Q1 2014 despite significant currency headwinds. Sales increased 8% currency-adjusted to 10.5 billion euros while EBIT grew 18% to 2.1 billion euros. Emerging markets led regional growth at 11% currency-adjusted. All business segments reported sales increases with recently launched pharmaceutical products and an early start to the season in Europe driving growth. MaterialScience saw a considerable earnings improvement. Full-year 2014 group guidance was maintained.

1. Investor Conference Call
Q1 2014 Results
April 28, 2014 / Marijn Dekkers, CEO
• Q1 2014 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.
• Q1 2014 Investor Conference Call • Marijn DekkersPage 2

3. Page 3
Q1 2014 – Very Successful Start to the Year
 Encouraging business development in all subgroups
 Strong growth for recently launched pharma products
 Early start to the season in Europe for CropScience
 MaterialScience with considerable earnings improvement
 Operational strength compensated currency headwind
 Closing of Algeta acquisition
 Full-year Group Guidance 2014 maintained
• Q1 2014 Investor Conference Call • Marijn Dekkers

4. Page 4
EBIT
in € million
+18%
2,096
1,771
Sales
in € million
% currency & portfolio adj.
+8%
10,55510,266
EBITDA
adjusted*
in € million
+12%
2,738
2,453
Core EPS
in €
+15%
1.95
1.70
*before special items
Q1’14Q1’13 Q1’14Q1’13 Q1’14Q1’13 Q1’14Q1’13
Q1 2014 – Strong Sales and Earnings Growth
Despite Significant Currency Headwind
• Q1 2014 Investor Conference Call • Marijn Dekkers

5. Q1 2014 – Regional Performance:
Growth Led by Emerging Markets
Page 5
Africa &
Middle East
Eastern
Europe
Emerging Markets
Emerging
Markets¹
+11%
Others²
+13%
USA
+2%
Western Europe
+9%
Group Sales by Region
Group €10,555m; +9%
~900
+12%
~1,400
+9%
~400
+10%
~800
+16%
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
In € million, ∆% yoy Fx adjusted
34%
11%34%
21%
Latin
America
Emerging
Asia³
• Q1 2014 Investor Conference Call • Marijn Dekkers

6. Q1 2014 –
Cash Flow And Net Debt Development
Page 6
+€2.4bn
9.1GCF oFCF
2,048
Invest-
ments
357 (194)
∆
y-o-y +13% [Q1’13:(38)]
NCF
163
-50% -2%
Dec 31, 2013 March 31, 2014
6.7
Cash Flow Net Debt Development
Cash Flow in € million, Net Debt in € billion
• Q1 2014 Investor Conference Call • Marijn Dekkers

7. Q1 2014 – HealthCare:
Recently Launched Products Drive Growth
Page 7
*before special items
Sales Earnings
Pharma
+9% (+15%)
Consumer
Health
-5% (+1%)
36%
HealthCare €4,572m; +3% (+9%)
2,7821,790
Price
0%
Volume
+9%
Fx
-7%
Portfolio
+1%
In € million, ∆% yoy, () = Fx & portf. adjusted
Q1‘13 Q1‘14 Q1‘13 Q1‘14
832 873
445 428
+5%
-4%
1,277
1,301 +2%
343 -6%
953 946 -1%
610
321
Adj.
EBITDA*
Adj.
EBIT*
625 +2%
• Q1 2014 Investor Conference Call • Marijn Dekkers

8. Sales Earnings
Q1 2014 – CropScience:
Early Start to the Season in Europe
Page 8
Crop Protection
+6% (+12%)
Environmental Science
+1% (+8%)
Seeds
+3% (+12%)
In € million, ∆% yoy, () = Fx & portf. adjusted
CropScience €2,900m; +5% (+12%)
Price
+2%
Volume
+10%
Fx
-7%
Portfolio
0%
2,231
Q1‘13 Q1‘14 Q1‘13 Q1‘14
1,081 1,098 +2%
969 988 +2%
Adj.
EBITDA*
Adj.
EBIT*
166
503
• Q1 2014 Investor Conference Call • Marijn Dekkers
*before special items

9. Sales Earnings
Q1 2014 – MaterialScience:
Demand Led Growth
Page 9
**CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
CAS**
0% (+7%)
In € million, ∆% yoy, () = Fx & portf. adjusted
*before special items
MaterialScience €2,803m; +1% (+5%)
Price
-3%
Volume
+8%
Fx
-3%
Portfolio
-1%
1,510659
IO***
-6% (-5%)
Q1‘13 Q1‘14 Q1‘13 Q1‘14
Adj.
EBITDA*
Adj.
EBIT*
204
366 +79%
43
221
469
165
• Q1 2014 Investor Conference Call • Marijn Dekkers
Polyurethanes
+3% (+6%)
Polycarbonates
-1% (+2%)
>100%

10. Q1 2014 –
Full-Year Group Guidance Maintained
Page 10
2013 2014E*
Sales €40.2bn
~5% to
~€41-42bn
(neg. FX effect approx. -2%)
adj. EBITDA €8.4bn
low- to mid-single-
digit % increase
(neg. FX effect approx. -5%)
core EPS €5.61
mid-single-digit %
increase
(neg. FX effect approx. -6%)
Sales ∆ Fx and portfolio adjusted, EBITDA before special items
*Assuming average Fx rates of Q4’13 (USD 1.36)
Outlook depends on specific planning assumptions as detailed in the Annual Report• Q1 2014 Investor Conference Call • Marijn Dekkers

11. Investor Conference Call
Q1 2014 Results
April 28, 2014 / Marijn Dekkers, CEO
• Q1 2014 Investor Conference Call • Marijn DekkersPage 11