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The following list contains the main sell-side analysts who cover Bayer. The list has been drawn up to the best of our knowledge. Bayer cannot give any assurance that the list represents a full overview of all analyst reports available on the market.

Any opinions, forecasts, estimates, projections or predictions regarding Bayer’s performance made by the analysts are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of Bayer or its management. By providing the names of the analysts, Bayer does not imply its endorsement of or concurrence with their reports, conclusions or recommendations. Bayer assumes no liability for the accuracy of such information and undertakes no obligation to update it if it is not aware of changes.

Important Note
This list is provided for information only and does not constitute a solicitation to buy, hold or sell securities.

Status: November 5, 2008