January 10, 2018
NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN

Bayer further reduces holding in Covestro

Accelerated bookbuilding process started
Leverkusen, January 10, 2018 - Bayer AG is reducing its interest in Covestro as
part of an accelerated bookbuilding process with a targeted volume of
approximately EUR 1.5 billion. The placement was launched on Wednesday after
market close and is exclusively aimed at institutional investors. Credit Suisse
and Goldman Sachs International are acting as joint bookrunners. As part of the
placement, Bayer has agreed to a 90-day lock-up period.

The direct interest that Bayer currently holds in Covestro is 24.6 percent,
while 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
developments.

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
Act.