January 11, 2018


Bayer sells 10.4 percent stake in Covestro

Placement volume considerably higher than planned
Leverkusen, January 11, 2018 - Bayer AG has reduced its direct interest in
Covestro from 24.6 percent to 14.2 percent, selling a total of 21 million
shares at a price of EUR 86.25 per share. Due to strong interest shown by
investors, the placement volume amounted to EUR 1.8 billion, clearly exceeding
the EUR 1.5 billion initially envisaged. The share placement took place on
Wednesday evening after market close and was aimed exclusively at institutional
investors. Credit Suisse and Goldman Sachs International acted as joint
bookrunners. As part of the placement, Bayer has agreed to a 90-day lock-up

Apart from the direct interest that Bayer AG holds in Covestro, Bayer Pension
Trust holds a further 8.9 percent. As already announced, Bayer intends to
achieve full separation from Covestro in the medium term.

About Bayer

Bayer is a global enterprise with core competencies in the Life Science fields
of health care and agriculture. Its products and services are designed to
benefit people and improve their quality of life. At the same time, the Group
aims to create value through innovation, growth and high earning power. Bayer
is committed to the principles of sustainable development and to its social and
ethical responsibilities as a corporate citizen. In fiscal 2016, the Group
employed around 99,600 people and had sales of EUR 34.9 billion. Capital
expenditures amounted to EUR 2.2 billion, R&D expenses to EUR 4.4 billion. For
more information, go to www.bayer.com.

Forward-looking statements

This news 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

Additional information
This press release constitutes neither an offer to sell nor a solicitation to
buy any securities of Bayer, Covestro or their respective subsidiaries. The
Covestro shares have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act") and may not be
offered or sold in the United States of America absent registration or an
applicable exemption from the registration requirements under the Securities