July 27, 2016 / Werner Baumann, CEO

Q2 2016 ResultsInvestor Conference Call

Disclaimer

This presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer management.

Various known and unknown risks, uncertainties and other factors could lead tomaterial 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 areavailable on the Bayer website at http://www.bayer.com.

The company assumes no liability whatsoever to update these forward-lookingstatements or to conform them to future events or developments.

• Q2 2016 Investor Conference Call • Werner BaumannPage 2

This communication relates to a proposed offer by Bayer Aktiengesellschaft or its subsidiaries (“Bayer”), to purchase all of the outstanding shares of common stock, par value $0.01 per share, of Monsanto Company, a Delaware corporation (“Monsanto”). This communication is neither an offer to purchase nor a solicitation of an offer to sell shares of Monsanto. No tender offer for the shares of Monsanto has commenced at this time. At the time a tender offer for the shares of Monsanto is commenced, Bayer will file tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) with the Securities and Exchange Commission (the “SEC”) with respect to the tender offer. Any definitive tender offer documents will be mailed to the stockholders of Monsanto. STOCKHOLDERS OF MONSANTO ARE URGED TO READ THE RELEVANT TENDER OFFER MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE TENDER OF THEIR SHARES. Stockholders of Monsanto will be able to obtain free copies of these documents (if and when available) and other documents filed by Bayer with the SEC through the website maintained by the SEC at www.sec.gov.

Additional Information

• Q2 2016 Investor Conference Call • Werner BaumannPage 3

Page 4

Q2 2016 – Highlights

Group sales and earnings raised

Pharma continued strong growth trend

Consumer Health increased sales

Crop Science business held steady in continuingly difficult market environment

All-cash offer to acquire Monsanto

Agreement to sell the Consumer business of Environmental Science

Positive phase III data for Regorafenib in unresectable liver cancer

Group outlook for 2016 raised

• Q2 2016 Investor Conference Call • Werner Baumann

Page 5

+17%

2,1381,823

+2%

11,83312,003

+6%

3,0542,888

+4%

2.071.99

Q2’16Q2’15 Q2’16Q2’15 Q2’16Q2’15 Q2’16Q2’15

Q2 2016 –Sales and Earnings Improved

• Q2 2016 Investor Conference Call • Werner Baumann

EBITin € million

EBITDAbefore special itemsin € million

Core EPScont. operationsin €

Salesin € million% currency & portfolio adj.

2015 figures restated

Q2 2016 –Cash Flow And Net Debt Development

• Q2 2016 Investor Conference Call • Werner BaumannPage 6

+€1.5bn

March 31, 2016 June 30, 2016

16.3

Cash Flow in € million, ∆% yoy Fx adj.

Net Debtin € billion

17.8

*including net cash flow from discontinued operations of minus €10 million

GCF oFCF*

2,366

CapEx

589 1,393

∆y-o-y +9% +3%

NCF*

1,982

+1% -2%

2015 figures restated

Q2 2016 – Continued Strong Growth Trend at Pharma Driven by Launch Products

Page 7 • Q2 2016 Investor Conference Call • Werner Baumann

Q2‘16 sales in € million, ∆% yoy, Fx adj.

703 +30%

418 +41%

81 +27%

67 -25%

63 +45%

Sum 1,332 +29%

Launch ProductsSalesin € million; ∆% yoy, Fx & portfolio adj.

EBITDA

3,8904,104 +8%

1,1931,352

Q2‘15

+13%

Q2‘16Q2‘15Q2‘16

before special items, in € million; ∆% yoy

2015 figures restated

240* +13%

178 +11%

110 -5%

95 +21%

Sum 623 +10%

Q2 2016 – Consumer Health with Positive Sales Development

• Q2 2016 Investor Conference Call • Werner BaumannPage 8*incl. Aspirin Cardio

Salesin € million; ∆% yoy, Fx & portfolio adj.

1,590 1,553 +4%362

328 -9%

Q2‘15 Q2‘16 Q2‘16Q2‘15

Q2‘16 sales in € million, ∆% yoy, Fx adj. Top Products EBITDA

before special items, in € million; ∆% yoy

2015 figures restated

-8%

Q1'15 Q1'16

Q2 2016 – Crop Science Steady Despite Ongoing Weak Market Environment

Page 9 • Q2 2016 Investor Conference Call • Werner Baumann

Europe 808 +1%

North America 812 -3%

Asia / Pacific 455 +8%

LatAm / Africa / Middle East 443 0%

Environm.ScienceSeeds

SeedGrowth

Fungicides

Insecticides

Herbicides 769

155

302

840

144

308

-1%

-5%

-6%

+6%

-12%

+4%

2,518

722663

Q2‘15 Q2‘16

787

164

360

827

163

335

2,6360%

Salesin € million; ∆% yoy, Fx & portfolio adj. Q2‘16 sales in € million, ∆% yoy, Fx adj.

Regions EBITDAbefore special items, in € million; ∆% yoy

Q2‘16Q2‘15

2015 figures restated

157 -4%

67 +45%

32 +9%

24 -6%

Sum 280 +6%

Q2 2016 – Animal Health Posting Sales Growth

• Q2 2016 Investor Conference Call • Werner BaumannPage 10

Salesin € million; ∆% yoy, Fx & portfolio adj.

428 426 +4%

Q2‘15 Q2‘16

120

100 -17%

Q2‘16 sales in € million, ∆% yoy, Fx adj. Top Products EBITDA

before special items, in € million; ∆% yoy

Q2‘16Q2‘15

FY 2016 Group Outlook Raised

Page 11

,

Sales Group €46.1bn Low-single-digit % increase to €46-47bn

Life Sciences €34.1bn Mid-single-digit % increase to ~€35bn

Adj. EBITDA

Group €10.3bn High-single-digit % increase

Life Sciences €8.6bn Mid- to high-single-digit % increase

Core EPS €6.82 Mid- to high-single-digit % increase

• Q2 2016 Investor Conference Call • Werner Baumann Assuming end Q2 2016 Fx rates (USD 1.11)Outlook depends on specific planning assumptions as detailed in the Annual Report

Sales ∆ % yoy Fx and portfolio adj., EBITDA before special itemsContinuing operations

2015 2016update July

2015 figures restated

Pharma High-single-digit % increase to > €16bnLaunch products toward €5.5bn

Low-teens % increaseMargin improvement

ConsumerHealth

Low- to mid-single-digit % increase toabout €6bn At prior-year level

Crop Science At prior-year level (about €10bn) Low-single-digit % decline

Animal Health Low- to mid-single-digit % increase Low- to mid-single-digit % increase

Life Sciences Mid-single-digit % increase to about €35bn Mid- to high-single-digit % increase

FY 2016 – Guidance by Segment

Page 12*Assuming end Q2 2016 Fx rates (USD 1.11)

Sales ∆ Fx & portf. adjusted, EBITDA before special items, continuing operationsOutlook depends on specific planning assumptions outlined in the Annual Report

•

Sales * Adj. EBITDA *

• Q2 2016 Investor Conference Call • Werner Baumann

July 27, 2016 / Werner Baumann, CEO

Q2 2016 ResultsInvestor Conference Call