March 30, 2006

Overallotment option for Bayer Mandatory Convertible Bond fully exercised

Leverkusen - One day after the successful placement of the Bayer Mandatory
Convertible Bond, the overallotment option ("Greenshoe") of Euro 300 million
has been fully exercised. "We are pleased that the bond transaction was so well
received and the bookrunners were therefore able to proceed very quickly," said
Bayer AG CFO Klaus Kühn.

With a total size of Euro 2.3 billion the transaction is the largest mandatory
convertible bond placement in Europe so far.

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 discussed in the annual and interim reports of Bayer AG to the
Frankfurt Stock Exchange and in our reports filed with the SEC. Bayer AG and
Bayer Capital Corporation B.V. do not assume any liability whatsoever to update
these forward-looking statements or to conform them to future events or

This announcement is for general information only and does not form part of any
offer to sell, or the solicitation of any offer to buy, securities. The
distribution of this announcement and the offer and sale of the securities
described in this announcement in certain jurisdictions may be restricted by
law. Any persons reading this announcement should inform themselves of and
observe any such restrictions. This announcement may not be taken, distributed
or transmitted, directly or indirectly, in any form in or into Italy, the
United States, Canada or Japan. This announcement is not an offer of securities
for sale in the United States. The offer and sale of the securities referred to
in this announcement has not been, nor will it be, registered under the United
States Securities Act of 1933 and the securities referred to in this
announcement may not be offered or sold in the United States absent such
registration or an applicable exemption from registration. There will be no
public offer of these securities in the United States
This communication is directed only at persons who (i) are outside Italy, the
United Kingdom, the United States, Canada or Japan or (ii) have professional
experience in matters relating to investments or (iii) are persons falling
within Article 49 (2)(a) to (d) ("high net worth companies, unincorporated
associations etc") of The Financial Services and Markets Act 2000 (Financial
Promotion) Order 2001 (all such persons together being referred to as "relevant
persons"). This communication must not be acted on or relied on by persons who
are not relevant persons. Any investment or investment activity to which this
communication relates is available only to relevant persons and will be engaged
in only with relevant persons.
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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