June 13, 2003

Bayer: Moody's downgrade incomprehensible

Debt reduction target exceeded, operating profit expected to grow

Leverkusen
- Bayer regrets the decision by the ratings agency Moody's to cut
the Bayer Group's credit rating by one notch from A2 to A3. The company fails
to understand the reasons for the downgrade, particularly as its balance sheet
ratios have greatly improved in the period since the Aventis CropScience
acquisition. Thanks to strong cash flow generation, the Group significantly
exceeded its published debt reduction target for 2002. We anticipate a further
significant reduction in net debt in 2003, along with a double-digit percentage
increase in operating performance. Our efficiency programs are fully on
schedule.

Apart from this change in the long-term rating, Moody's has also cut the
short-term rating from Prime-1 to Prime-2. This downgrade is incomprehensible
in that Bayer has a strong liquidity position, with the Group's liquidity well
in excess of total current liabilities. Therefore the downgrade will have only
a very limited impact on Bayer's interest charges.


Forward-looking statements

This news release contains forward-looking statements based on current
assumptions and forecasts made by Bayer Group 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 our public reports filed with the Frankfurt Stock
Exchange and with the U.S. Securities and Exchange Commission (including our
Form 20-F). The company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or developments.