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Analysts' Ratings

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.

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Institution

Analyst

Rating

Ahorro Corporación

Gonzalo Moros
Tel +34-915-864-143

Hold

Bank of America Merrill Lynch

Sachin Jain
Tel +44-207 995 9676

Buy

Barclays Capital

Michael Leuchten
Tel +44-20-3134-3039

Equal Weight

Bayern LB

Thomas Brenning
Tel +49-89-2171-22957

Halten

BBVA

Maria Marin de La Plaza
Tel +34-915 376 951

Outperform

Berenberg Bank

Alistair Campbell
+44 20 3207 7876

Buy

Bernstein Research

Jack Scannell
Tel +44-20-7170-5086

Market-perform

CA Cheuvreux

Laurent Flamme
Tel +33-141-8973-23

Outperform

Citigroup

Andrew Baum
Tel +44-20-7986-4498

Buy

Collins Stewart

Emmanuel Papadakis,
Tel +44-20-7523-8416

Buy

Commerzbank

Daniel Wendorff
Tel +49-69-136-29648

Add

Credit Suisse

Luisa Hector
Tel +44-20-7888-0142

Outperform

Deutsche Bank

Tim Race
Tel +44-20-754-76522

Buy

DZ Bank

Peter Spengler
Tel +49-69-7447-3694

Hold

equinet (ESN)

Edouard Aubery
Tel +49-69-58997-439

Hold

Exane BNP Paribas

Florent Cespedes
Tel. +33-1-4299-8493

Neutral

Goldman Sachs

Richard Logan
Tel +44-20-7552-1801

Neutral

Helvea

Karl-Heinz Koch
Tel +41-43-388-9258

Accumulate

Independent Research

Jens Hasselmeier
Tel +49-69-971490

Halten

Jefferies International Ltd.

Jeffrey Holford
Tel +1-212-336-7409

Hold

JP Morgan Cazenove

Richard Vosser
Tel +44-20-7742-6652

Overweight

Kepler Capital Markets

Tero Weckroth
Tel +41-43-333-6616

Buy

Landesbank Baden-Württemberg

Karl-Heinz Scheunemann
Tel +49-711-127-42102

Kaufen

Macquarie

Christian Faitz
Tel +49-69-50957-8017

Outperform

MainFirst

Ronald Köhler
Tel +44-69-78808 214

Buy

Metzler Investment GmbH

Sebastian Frericks
Tel +49-69-2104 4369

Buy

M.M. Warburg & Co

Ulrich Huwald
Tel +49-40-3282-2554

Halten

Morgan Stanley

Simon Mather
Tel +44-20-7425 3227

Overweight

Morningstar

Damien Conover
Tel +1-312-696-6052

Hold

Natixis Securities

Philippe Lanone
Tel +33 1 58 55 05 03

Neutral

New Street Research

Stuart Harris
Tel +44-20-7375-9141

Buy

Nomura

Jean De Watteville
Tel +44 20 7102 4098

Neutral

Nord/LB

Thorsten Strauß
Tel +49 511-361-2401

Halten

RBS

Savant Ahmed
Tel +44-20-7678-1863

Buy

Redburn

Paul Major
Tel +44-20-7000-2027

Buy

Societe Generale

Marietta Miemietz 
Tel +44-20-7762-5074

Hold

Standard & Poors

Sho Matsubara
Tel +44-20 7176 7831

Buy

UBS

Andrew Whitney
Tel +44-20-7568-8843

Neutral

WestLB

Norbert Barth
Tel +49-69-2579 285

Neutral

Status: January 23, 2012

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