The New Bayer. more highly focused more flexible more transparent more strategic options more entrepreneurial responsibility

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2 The New Bayer more highly focused more flexible more transparent more strategic options more entrepreneurial responsibility 2

3 Transforming Bayer into a Holding Structure Bayer AG Board of Management Name Board Committees Business areas Regions Confs./Committees Schneider VAKK, VAFI Group Strat. / Group Conf. Molnar VAPS, VATU Agriculture NAFTA CC HR Morich VAFE, VAMI, VATU Health Care CC RD Oels VATU, VAFE, VAKK China CC MT Spinner VAMI, VAFI Polymers Far East CC M, CC L, BP Wenning VAFI, VAKK, VAPS South America, + EMDC Business groups Polymers KU KA PU LS FS Health Care PH CC DS Chemicals CH SP HCST HR WW Agriculture PF AH Service divisions KP FI UK RP KS OF QUS ec ST KR BE/ZL IM PS SD UR ZT ZF Group Management Board Business area cos. Corporate- Center Service cos. Bayer country / country group organization Bayer country company Affiliates Affiliates BG BG BG SDs Country group organization Country company 3

4 Group Management Group Management Board Wenning Chairman Kühn Finance Pott HR and Strategy Oels Technology and Environment Spinner Marketing, Regions and Services Portfolio Management Strategy Budgets Finance Human Resources Performance Structures Governance Initiatives 4

5 Corporate Center Corporate Center Departments Group Management Board Corporate Planning and Controlling Communication Management Investor Relations Finance Taxes International HR Management Legal, Intellectual Property Management, Insurance Health, Security, Environment Management Corporate Auditing 5

6 Bayer CropScience - Management Organization Managmt. Board of Bayer CropScience AG Chairman Wulff Business Operations Zirakparvar Technology Garthoff Administration Scherf Portfolio Management Research Development Industrial Operations Supply Chain Europe France NAFTA U.S.A. Cono Sur Brazil North-East Asia Japan International Environmental Science France BioScience France Planning, Contr. & Coordination Accounting Inform. Technology Business Processes Procurement Communications Legal & Patents Human Resources 6

7 Bayer HealthCare - Management Organization Managmt. Board of Bayer HealthCare AG Chairman Morich Head of Animal Health Head of Pharmaceuticals Chief Administration Officer Global Executive Committee Bayer HealthCare Manager, Biol. Products Manager, Diagnostics Manager, Consumer Care Manager, Strategy Animal Health Biological Products Consumer Care Diagnostics Pharmaceuticals Administr. & Services Strategy Germany U.S.A. U.S.A. U.S.A. Germany Germany U.S.A. 7

8 Bayer Polymers - Management Organization Managmt. Board of Bayer Polymers AG Chairman Noerenberg Innovation, Information, Services Operations Global Executive Committee Bayer Polymers Manager, Europe Manager, Americas Manager, Asia Innovation Global Operations (Product Groups) Europe Americas Asia Germany U.S.A. Hong Kong Services Technology 8

9 Bayer Chemicals - Management Organization Managmt. Board of Bayer Chemicals AG Chairman Technology, R&D, Services Koemm Business units, country groups H.C.Starck Paper Ion Exchange Resins Leather Performance Chem. Materials Protection Spec. Dyes & Color. Textile Proces. Chem. Inorg. Pigments Basic Chemicals Fine Chemicals Wolff Walsrode 9 Ger/Austr/Switz/Benelux Nordic region U.K. / Ireland France Iberia Italy E. Europe / C.I.S. U.S.A. / Canada Mexico / Cent. Am. / Andes Mercosur Japan / Korea Greater China ASEAN/Pacific/India Research and Development Technology 1 Technology 2 Planning, Contr., Reporting Business Services

10 Bayer Service Companies Bayer Business Services GmbH Managing Director Plumpe Bayer Technology Services GmbH Managing Director Wagner Bayer Standort Dienste GmbH & Co. OHG ( = Site Services) Managing Director Hinz 10

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12 2001 Highlights Unqualified opinions from auditors of Group and parent company statements Shares listed successfully on NYSE Decline in gross cash flow, substantial improvement in net cash flow Discontinuing operations: Erdölchemie and H&R Dividend per share: EUR 0.90 (vs. EUR 1.40 for 2000) 12

13 One-Time Effects in Pharmaceuticals EUR million Sales 1,319 1, Biological Products 949 1, Lipobay/Baycol OPR before exceptionals (590) Biological Products (306) Lipobay/Baycol (284) (163) Exceptional items (328) Lipobay/Baycol (328) OPR after exceptionals (918) Biological Products (306) Lipobay/Baycol (612) (163)

14 Non-Operating Activities EUR million % Non-operating result (496) (297) Income from affiliates Net interest expense (349) (311) Net exchange gain (loss) 49 (21). Pension interest (274) (272)

15 Taxes EUR million Income taxes paid or accrued Germany Other countries Deferred taxes (470) Income tax expense 154 1, Other taxes Effective tax rate % Income taxes Total taxes

16 Balance Sheet Structure EUR billion Noncurrent assets 37/+2% 37/+2% 22/+7% 17/+4% Stockholders equity Provisions Current assets 15/-5% 7/. 13/. Other liabilities 16

17 Cash Flow Statement Cash Jan. 1, EUR million Gross operating cash flow 2,923 Net operating cash flow 3,859 Investing activities 2,132 Financing activities 1,499 Cash Dec. 31,

18 Dividends/Ratios per Share 2001 EUR No. of Shares in millions EUR EUR EUR EUR Earnings per Share (EUR) GCF per Share (EUR) 18

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