June 13, 2003

Bayer: Moody's downgrade incomprehensible

Debt reduction target exceeded, operating profit expected to grow

- 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<br/>
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.



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