Events After the End of the Reporting Period

Sale of 10.4% of the shares in Covestro

On January 10, 2018, Bayer AG reduced its direct interest in Covestro from 24.6% to 14.2%. This was achieved by selling 21 million shares to institutional investors at a price of €86.25 per share. In addition to Bayer AG’s direct stake in Covestro, Bayer Pension Trust holds a further 8.9%. As already announced, Bayer intends to achieve full separation from Covestro in the medium term.

The proceeds from the divestment of Covestro shares were largely used to reduce the Syndicated credit facility Credit line agreed with a group of banks; generally used for extensive financing requirements, such as when making an acquisition, to increase available liquidity or as security for the issuance of debt instruments. The credit facility can be utilized and repaid flexibly, either in full or in portions, during its term. arranged to finance the planned acquisition of Monsanto by US$1.8 billion to US$49.7 billion.

Divestments in conjunction with the planned acquisition of Monsanto

In connection with the proposed acquisition of Monsanto and related anti-trust clearance proceedings, Bayer has committed to divest its entire vegetable seed business, in addition to the sale of certain Crop Science businesses to BASF. Certain additional business activities of Bayer and Monsanto may also be sold or out-licensed. Through the move, Bayer is actively addressing observations expressed by anti-trust authorities. Any sales and licenses would be subject to a successful closing of the proposed acquisition of Monsanto, which remains subject to customary closing conditions, including receipt of required regulatory approvals.

Leverkusen, February 20, 2018
Bayer Aktiengesellschaft

The Board of Management

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