Debt Investor Information September 30 2019 RESTRICTED Cautionary

Debt Investor Information ////// September 30, 2019 RESTRICTED

Cautionary Statements Regarding Forward-Looking Information Forward-Looking Statements This release 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 www. bayer. com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. 2 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

Our Purpose: Science for a Better Life Crop Science Innovative chemical & biological crop protection, seeds & traits, digital technologies & services 3 /// Bayer Debt Investor Relations /// Status: September 30, 2019 Pharmaceuticals Consumer Health Prescription drugs Over-the-counter medicines, dietary supplements and dermatology products RESTRICTED

Our Strategic Priorities Group Strategic Priorities 1 Divisional Focus Positioning businesses to mega-trends Contribution to Health and Nutrition 1 Crop Science 2 Create a leading innovation engine that transforms agriculture 2 Developing a leading portfolio Leadership in our relevant markets Pharmaceuticals > 3 Deliver growth and create value from focused leadership strategy Driving value Long-term Profitable growth Consumer Health 4 Focusing on our key strength Innovation Maintain a leading OTC position and improve profitability 1 We also seek to make a responsible contribution to the United Nations Sustainable Development Goals "Good Health and Well-Being" and "Zero Hunger" 2 Includes Animal Health business unit 4 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

Our Business: Global Megatrends in Health & Nutrition Aging Population People 60+ more than doubling 1 Megatrends through 2050 Growing Population +2. 2 bn Pressure on Ecosystems +50% people 1 -20% -17% more food and feed required to meet growing Harvest losses from climate change 3 demand 2 >20% of total population 1 Societal Needs Our Mission Preserve and restore health Secure sufficient supply of quality food 2050 Significant loss in arable land per capita 4 Use natural resources more efficiently and responsibly We leverage science to address these societal needs – with the ultimate goal to improve people’s lives 1 UNDESA 2017 (United Nations Department of Economic and Social Affairs, Population Division (2017). World Population Prospects: The 2017 Revision) 2 FAO 2017, (FAO Global Perspective Studies) 3 Nelson et. al, (2014); FAO 2016 “Climate change and food security” 4 FAOSTAT (accessed Oct 30, 2018) for 1961 -2016 data on land, FAO 2012 for 2030 and 2050 data on land, and UNDEDA 2017: World Population Prospects for world population data 5 2016 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

Our Position: Global Leadership in Health & Nutrition € 39. 6 bn 2018 Sales 1 Crop Science Pharmaceuticals Consumer Health € 14. 3 bn #1 Position € 16. 7 bn #2 Position in Cardiovascular € 5. 5 bn #3 Position Growing ahead of competition over last five years on average Best-in-class profitability through the cycle One of the fastest growing Pharma businesses over the past five years Xarelto and Eylea among the world’s leading Pharma brands Leading portfolio of seed & traits, crop protection and digital farming Innovative medicines in areas of high unmet medical need World-class R&D platform with best talent and technology in the industry Therapeutic focus areas: Cardiology, Oncology, Gynecology, Hematology and Ophthalmology Positioned to shape the future of agriculture: development of tailored solutions to address farmers’ individual needs and challenges /// Bayer Debt Investor Relations /// Status: September 30, 2019 Focus categories: Allergy & Cold, Cough, Sinus and Flu; Nutritionals; Dermatology; Pain and Cardio; Digestive Health Concentrated portfolio of 16 megabrands with annual sales of >€ 100 m Strong position in emerging markets Leading in Radiology and Women’s Health 1 2018 Sales is the sum of the three division‘s sales plus € 1. 5 bn Animal Health and € 1. 6 bn attributable to all other segments 6 Leading Positions in 7 of the Top 10 OTC Markets RESTRICTED

Bayer Key Financials 2018 Sales in €bn 1 Capital Expenditures 20181 Sales Consumer Health 5€ 5. 5 Thousands Animal Other Health 2€ 1. 6 2€ 1. 5 Pharma € 16. 7 Group € 39. 6 Research & Development Expenses 20181 € 5. 2 bn € 2. 6 bn € 2. 7 bn € 1. 1 bn CAPEX Pharma R&D Free Cash Flow from Continuing Operations in €bn 4 4. 0 Animal Health Net Financial Debt in €bn 1 35. 7 30 Divid e nd 20 17. 5 2. 9 2. 2 1. 6 11. 8 10 3. 6 0 0 2015 FCF 2016 2017 2018 2015 2016 2017 2018 FCF net Dividend 1 As initially reported without restatements 7 Crop Science 4. 7 3. 8 1. 9 Consumer Health 40 5. 0 2 € 5. 6 bn € 0. 3 bn Crop Science € 14. 3 6 2018 EBITDA before Special Items 1 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

Group Targets – Value Creation from Strengthened Base 20181 Sales FX and portfolio adjusted in €bn EBITDA before special items in €bn Core EPS in € Free Cash Flow in €bn Net Financial Debt in €bn /// Bayer Debt Investor Relations /// Status: September 30, 2019 Target 20222 39. 6 ~46 ~52 9. 5 ~12. 2 ~16 5. 94 ~6. 8 ~10 4. 7 ~3 -4 ~8 35. 7 ~363 ~26 -28 1 As reported 2 Guidance and Target not including portfolio measures and based on average monthly exchange rates from 2018 3 Including approx. € 1. 1 bn lease liability due to IFRS 16 8 Guidance 20192 RESTRICTED

Bayer Pursues Conservative Financial Policy… Financing instruments // Syndicated credit facilities Key objectives Ensure liquidity and creditworthiness Long term target of investment grade rating in single A category Sustained increase in enterprise value // Global Commercial Paper program // Multi-currency bonds // Hybrid bonds // Equity-linked instruments Prudent debt management with excellent access to diverse sources of liquidity 9 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

… and Remains Committed to Rating in Single A Target Category Development of Ratings and Leverage 1 Monsanto 2 Schering 2 4. 2 x 4. 4 x 3 Merck OTC 2 [Y-WERT]3 3. 4 x ~3. 5 x 3 2. 9 x 2. 5 x 2. 4 x 2. 6 x 2. 1 x 2. 5 x 1. 9 x Proven track record of disciplined deleveraging 1. 8 x 1. 6 x 1. 0 x (Net Financial Debt + Pensions – 50% of Hybrid Volume) / reported EBITDA before special items 2005 Agency S&P Moody’s Fitch 4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 E 2019 Long Term Rating over time A BBB+ AA 3 BBB+ A- A BBB Baa 1 A- BBB+ Agency LT-Rating Outlook ST-Rating S&P BBB Stable A 2 Moody’s Baa 1 Negative P 2 4 Fitch BBB+ Negative F 2 1 Figures as reported in the respective year’s annual report without restatements 2 Ratios of years were closing of acquisition took place are not fully comparable as EBITDA before special items of acquired business is only considered for months after closing 3 Full year 2018 multiple results in 3. 7 x instead of 4. 4 x if based on 2018 unaudited pro forma EBITDA of combined business as shown on Capital Markets Day in December 2018; Value for Q 3 2019 considering last 12 months reported EBITDA before special items; Guidance for full year 2019 based on average monthly exchange rates from 2018 and Pensions flat at 2018 level 4 Solicited since 2018 10 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

Bayer’s Maturity Profile is Well Balanced Bond and Loan Maturity Profile 1 (€bn) Currency Exposure incl. Derivatives 2 as of September 30, 2019 USD Term Loan JPY Private Placements Exchangeable Bond 7 USD Reg. S/144 a EUR Senior Bonds Mandatory Convertible Notes JPY Other 6 EUR 5 € 37. 9 bn 4 Net Financial Debt 3 2 USD 1 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1 Converted at EURUSD 1. 09 and EURJPY 118; MCN matures on November 22 2019 and is only considered with interest portion 2 Based on quarter-end FX rates 11 /// Bayer Debt Investor Relations /// Status: September 30, 2019 >=2030 RESTRICTED

Overview of Bayer‘s Funding Structure Net Financial Debt 1 Nominal Volume of Mayor Debt Instruments Net Financial Debt 1 in bn as of September 30, 2019 Dec. 31, 2018 Mar. 31, 2019 Sep. 30, 2019 € million 35, 402 35, 840 36, 055 4, 537 4, 538 4, 540 Liabilities to banks 3 4, 865 4, 150 4, 163 Liabilities under finance leases 399 1, 370 1, 269 Liabilities from derivatives 4 172 113 125 Other financial liabilities 556 664 2, 173 Receivables from derivatives 4 (137) (181) (187) Financial debt 41, 257 41, 956 43, 598 Cash and cash equivalents (4, 052) (4, 062) (4, 410) Current financial assets 5 (930) (478) (799) Shares in Covestro 6 (596) (676) (529) Net financial debt 35, 679 36, 740 37, 860 Bonds and notes / promissory notes of which hybrid bonds 2 1 For definition see Annual Report 2018 , A 2. 4 “Alternative Performance Measures Used by the Bayer Group. ” 2 Classified as debt according to IFRS 3 These include both financial and nonfinancial liabilities 4 These include the market values of interest-rate and currency hedges of recorded transactions 5 These include short-term receivables with maturities between 3 and 12 months outstanding from banks and other companies as well as financial investments in debt and equity instruments that were recorded as current on first-time recognition 6 Covestro shares are held for risk management purposes relating to the exchangeable bond issued in 2017 that matures in 2020 12 /// Bayer Debt Investor Relations /// Status: September 30, 2019 Senior EUR Bonds € 6. 3 Senior USD Bonds $26. 7 JPY Private Placements ¥ 20. 0 2 Exchangeable Bond € 1. 0 3 Hybrid EUR Bonds € 4. 6 4 USD Term Loan $3. 8 5 Other Sources of Liquidity 1 Syndicated Loan Facility € 4. 5 Commercial Paper Program $8. 0 RESTRICTED

1 Main Issuing Entities at Bayer Group Bayer AG Germany Hybrid Bonds Bayer US Finance LLC USA Bayer US Finance II LLC USA Bayer Corp. USA Monsanto Company USA USD Bonds EUR Bonds EB 1 Bayer Holding Ltd. Bayer Capital Corp. B. V. Japan Netherlands JPY Bonds EUR Bonds MCN 2 USD Bonds Instruments issued or guaranteed by Bayer AG 1 Exchangeable Bond 2 Mandatory Convertible Notes 13 /// Bayer Debt Investor Relations /// Status: September 30, 2019 Indirect Hold through other entities RESTRICTED

2 Profile of € 1 bn Covestro Exchangeable Bond due 2020 € 1, 600 Conversion Price: € 78. 5514 Repayment at 100% Market Value of Shares Value (m. EUR) € 1, 400 € 1, 200 Investor’s Upside € 1, 000 € 800 € 600 € 40 € 50 € 60 Face value Exchange Price € 1 bn § At Issuance: € 80. 9300 § After two Dividend Adjustments: € 78. 5514 § Next Dividend Adjustment: April 2020 € 70 € 80 Covestro Share Price at Maturity Reference Dividend § At Issuance: € 1. 4000 § After two Dividend Adjustments: € 1. 3588 § Next Dividend Adjustment: April 2020 € 90 € 100 € 110 Issuance Maturity Term Coupon Jun 2017 Jun 2020 3 years 0. 05% Bayer has the flexibility to settle the bonds in cash, by delivery of Covestro shares or by a combination thereof 1 1 Bayer can determine a specified proportion of 1%-150% of the Principal Amount / Exchange Price on the last day of the calculation period to fix the number of shares taken for repayment at 1% discount 14 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

3 Hybrid Bonds at Bayer 2014 NC 10 2015 Issuance NC 7. 5 2019 Jul 14 Issuance Apr 15 NC 5. 5 Issuance Nov 19 NC 8 NC 5. 5 2024 2025 2027 1 st Call Date Oct 22 Issuance Nov 19 NC 7. 5 2022 1 st Call Date Jul 24 NC 8 Hybrid Bond NC 10 Coupon ( in%) 3. 75 2. 45 3. 125 2. 375 /// Bayer Debt Investor Relations /// Status: December 16, 2019 2074 2079 Maturity Jul 74 1 st Call Date Aug 27 1 st Call Date Feb 25 Outstanding Volume (in bn €) Initial Credit Spread 1. 5 230 bps spread + 5 Y Swap 1 Maturity May 79 1 st Step-Up +25 bps/Jul 24 2 nd Step-Up +75 bps/Jul 44 1. 3 200. 7 bps spread + 5 Y Swap 1 +25 bps/Oct 27 +75 bps/Jul 42 0. 75 310. 8 bps spread + 5 Y Swap 1 +25 bps/Nov 32 +75 bps/Nov 47 1 264. 7 bps spread + 5 Y Swap 1 +25 bps/May 30 +75 bps/May 45 1 Swap is reset every fifths year starting with the first call date 15 2020 RESTRICTED

4 $56. 9 bn Monsanto Acquisition Loan Facilities Transaction Value at Closing $63 bn Net Debt Acquisition Facilities $56. 9 bn $6 bn Bridge Loan Equity Value Tranche $46. 9 bn $57 bn Term Loan 16 /// Bayer Debt Investor Relations /// Status: September 30, 2019 $10 bn Final Maturity Initial Amount in $bn Outstanding in $bn Dec. 31 Jul. 30 2018 2019 Loan A 1 Jun. 2019 Loan A 2 Jun. 2020 39. 9 7. 0 - Loan B 1 Jun. 2020 Loan B 2 Sep. 2021 4. 0 6. 0 4. 9 - 3. 8 RESTRICTED

5 Other Sources of Liquidity Syndicated Loan Facility Commercial Paper Program The multicurrency Syndicated Loan Facility can be used for general corporate purposes and is primarily a back-up line. Thus, it is not intended to be drawn in the course of ordinary business. The participating banks form Bayer’s global banking group. Last renewed in December 2018, the credit facility was selfarranged. Commercial Paper (CP) is a short-term unsecured debt instrument. CP are normally issued at a discount and redeemed at nominal value. The term of CP generally lie between 1 and 364 days. Bayer’s CP program allows the company to issue in both the U. S. market (USCP) and the Euro market (ECP). It is structured as a SEC regulation’s section 4(a)(2) program so that there are no restrictions related to the use of proceeds. Borrower 17 Bayer AG, Germany Bayer Corporation, USA Issuer Bayer AG, Germany Bayer Corporation, USA Total Amount € 4. 5 bn, thereof € 1. 5 bn/$1. 5 bn Swingline Guarantor Bayer AG Signing December 2018 Total Amount $8 bn or equivalent Tenor 5 Y + two 1 Y extension options Syndicate Size 23 Banks Purpose General Corporate Purposes /// Bayer Debt Investor Relations /// Status: September 30, 2019 Dealer ECP: Barclays, Bayerische Landesbank, Citigroup, Goldman Sachs, ING USCP: Barclays, Bank of New York Mellon, Citigroup, J. P. Morgan, Wells Fargo Issue and Paying Agent ECP: The Bank of New York Mellon, London Branch USCP: The Bank of New York Mellon RESTRICTED

Event Calendar 2019 Event/ Publication Date Tuesday, February 26, 2019 Announcement of proposed dividend Wednesday, February 27, 2019 Annual Report 2018 Thursday, April 25, 2019 Q 1 2019 Quarterly Statement Friday, April 26, 2019 Annual Stockholders’ Meeting Thursday, May 2, 2019 Planned dividend payment day Tuesday, July 30, 2019 Half-Year Report 2019 Wednesday, October 30, 2019 Q 3 2019 Quarterly Statement Please note that the event calendar might be subject to changes 18 /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED

Contacts at Bayer Dr. Sven Vorstius Head of Capital Markets Building W 11 E-Mail: Sven. Vorstius@bayer. com D-51368 Leverkusen Dr. Jürgen Beunink 19 Senior Manager Investor Relations Building W 11 E-Mail: Juergen. Beunink@bayer. com D-51368 Leverkusen /// Bayer Debt Investor Relations /// Status: September 30, 2019 RESTRICTED