Bayer Stock

Investor Information

Bayer stock performed very well in the third quarter of 2009 in a positive market environment. It gained 23.9% on the quarter, outperforming both the DAX (+18.0%) and the European reference index Euro Stoxx 50 (+19.9%).

At its closing price of €47.35 on September 30, 2009, the stock was up 14.0% from the end of 2008. Including the dividend of €1.40 per share paid on May 13, 2009, it posted a performance of 18.3%. The DAX gained 18.0% in the same period, closing at 5,675 points. The Euro Stoxx 50 improved by 21.1% since the beginning of the year, closing the third quarter at 4,529 points.

Bayer Stock Key Data		3rd Quarter 2008	3rd Quarter 2009	First Nine Months 2008	First Nine Months 2009
High for the period	€	57.53	48.84	65.68	48.84
Low for the period	€	51.80	35.66	45.90	32.69
Average daily share turnover on German stock exchanges	million	4.9	3.8	5.5	4.5

		Sept. 30, 2008	Sept. 30, 2009	Dec. 31, 2008	Change Sept. 30, 2009/ Dec. 31, 2008 %
Share price	€	51.80	47.35	41.55	+14.0
Market capitalization	€ million	39,593	39,156	31,758	+23.3
Equity as per statements of financial position	€ million	18,310	18,252	16,340	+11.7
Number of shares entitled to the dividend	million	764.34	826.95	764.34	+8.2

DAX		5,831	5,675	4,810	+18.0
Xetra closing prices (source: Bloomberg)

Calculation of core earnings per share

Earnings per share according to IFRS are affected by the purchase price allocation for acquisitions and other special factors. To enhance comparability, we also determine core net income from continuing operations after elimination of the amortization of intangible assets, asset write-downs (including any impairment losses), and special items in EBITDA including the related tax effects.

The calculation of earnings per share in accordance with IFRS is explained in the Notes to the Condensed Consolidated Interim Financial Statements. Adjusted core net income, core earnings per share and core EBIT are not defined in the IFRS. Therefore they should be regarded as supplementary information rather than stand-alone indicators.

Calculation of Core EBIT and Core Earnings per Share	3rd Quarter 2008	3rd Quarter 2009	First Nine Months 2008	First Nine Months 2009
	€ million	€ million	€ million	€ million
EBIT as per income statements	684	646	3,132	2,640
Amortization and write-downs of intangible assets	385	366	1,170	1,112
Write-downs of property, plant and equipment	3	18	63	60
Special items (other than write-downs)	159	173	411	263
Core EBIT	1,231	1,203	4,776	4,075
Non-operating result (as per income statements)	(276)	(262)	(813)	(888)
Income taxes (as per income statements)	(133)	(135)	(701)	(549)
Tax adjustment	(151)	(166)	(484)	(428)
Income after taxes attributable to non-controlling interest (as per income statements)	(1)	0	(8)	3
Core net income from continuing operations	670	640	2,770	2,213
Financing expenses for the mandatory convertible bond, net of tax effects	28	0	84	47
Adjusted core net income	698	640	2,854	2,260
	Shares	Shares	Shares	Shares
Weighted average number of issued ordinary shares	764,341,920	826,947,808	764,341,920	792,321,971
(Potential) shares (to be) issued upon conversion of the mandatory convertible bond	60,040,823	0	59,843,529	33,366,875
Adjusted weighted average total number of issued and potential ordinary shares	824,382,743	826,947,808	824,185,449	825,688,846
	€	€	€	€
Core earnings per share from continuing operations	0.85	0.78	3.46	2.74