May 11, 2006
Planned acquisition of Schering AG:

Bayer launches new bond issues to replace a further part of the bridge financing

Loan syndication successfully completed

Leverkusen, May 11, 2006 - Bayer AG has made further progress toward financing
its planned acquisition of Schering. Following the issuance of a mandatory convertible
bond on March 29, 2006, the company has now successfully syndicated a loan
representing one of the two credit facilities of EUR 7 billion each which have been
arranged with Credit Suisse and Citigroup to finance the transaction. The loan has
been syndicated to a small group of 11 banks (including Credit Suisse and Citigroup).
"We are especially pleased that all the banks we approached have participated in the
syndication," commented CFO Klaus Kühn.

Bayer's next step will be to launch bond issues on the European capital markets in
order to replace a further part of the bridge financing, the second of the two credit
facilities. It is intended to launch the bonds in three tranches, which will each be of
benchmark size: a three-year Eurobond issue with a floating interest rate; a seven-year
fixed-interest Eurobond issue; and a twelve-year fixed-interest sterling bond issue. All
these issues are to be launched under the recently updated EMTN program with a
minimum denomination of EUR 50,000 and GBP 50,000, respectively, and listed on
the Luxembourg Stock Exchange.

Bayer is taking this step in order to benefit from currently favorable market conditions
and at the same time broaden its investor base in Europe by way of its first sterling
bond issue. Issuance will take place in the near future, subject to market conditions,
and will be preceded by a three-day European road show beginning on Monday, May
15, 2006. "Within a short time we will thus have taken three major steps toward
completing the financing of the Schering acquisition," explained Kühn.

Forward-looking statements<br/>
This announcement 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 we discussed in our annual and interim
reports to the Frankfurt Stock Exchange and in our reports filed with the SEC (including Form 20-F). The
company does not assume any liability whatsoever to update these forward-looking statements or to conform
them to future events or developments.

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of any offer to buy, securities. The distribution of this announcement and the offer and sale of the securities
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securities referred to in this announcement has not been, nor will it be, registered under the United States
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This announcement is not an offer of securities for sale in Germany and is not a listing prospectus according to
the German Securities Prospectus Act (Wertpapierprospektgesetz) as amended, the Commission Regulation
(EC) No 809/2004 of 29 April 2004 as amended, or any other laws applicable in Germany governing the issue,
offering and sale of securities. Any investment decisions or advices for investment decisions should only be
made or given based on a prospectus which also includes a section on risk factors.



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