Bayer AG

60 yr: Book size: 2700; Redemption: 2028-09-25; Registration: Reg S Only; Comments: EUR750m 60NC5.25 hybrids bmk RegS. Ba1/BB+/BBB-. Actives BNPP/CA-CIB/GS(B&D)/MUFG, passives Barc/JPM/Miz/SMBCNikko. With 2074/2024 & 2079/2025 hybrid tenders. IPTs 60NC5.25 7.375% area (a.yld). Guidance 6.875% area. Launch 6.75% for 750m. Final books 2.7bn+ (peak 4.5bn+). MS+343.2. B+405.4. Regulatory Call: Yes, Gross-up Event. Tax Call: Yes. Reset Date: 2028-12-25. LEI: 549300J4U55H3WP1XT59; 60 yr: Book size: 5900; Redemption: 2031-09-25; Registration: Reg S Only; Comments: EUR1bn 60NC8.25 hybrids bmk RegS. Ba1/BB+/BBB-. Actives BNPP/CA-CIB/GS(B&D)/MUFG, passives Barc/JPM/Miz/SMBCNikko. With 2074/2024 & 2079/2025 hybrid tenders. IPTs 60NC8.25 7.875% area (a.yld). Guidance 7.375% area. Launch 7.125% for 1bn. Final books 5.9bn+ (peak 6.9bn+). MS+389.6. B+450. Regulatory Call: Yes, Gross-up Event. Tax Call: Yes. Reset Date: 2031-12-25. LEI: 549300J4U55H3WP1XT59;

Hybrid Bond. Active Bookrunners: GSC(B&D), BNP, CAG, MUF. Passive Bookrunners: BRC, JPM, MIZ, SMB

Refinancing and general corporate purposes

3.25 ba: Book size: 3292; Registration: Ivz V Fekl; Comments: KAQ750w nvra ft 3-ar mwj qkr pkqvk QvfQ. Nvv2/NNN/NNN+. NftM(N&V)/Dpap/VN. 3.25mr RQ+100 vrvv. Uppavkkv RQ+75 vrvv tfr vnn 750w. Uvpkkv RQ+68 tfr 750w. Apkvu mffjq 2.4mk (nvvj 2.6mk). VNQ 0% 8/26, MQ 103%. N+149. Evr Dvuuz 1w. Mvn Dvuuz Gvq. DfDz Gvq. Duvvkpn Dvuuz 75%. UKZz 549300E4A55M3NE1MM59; 6.25 wj: Book size: 6971; Registration: Tfu Y Grgi; Comments: SME750w zaqb wu 3-bq vwj tbq mbtws EwyO. Qaa2/QQQ/QQQ+. QwuL(Q&D)/Uubu/DQ. 6.25kq ZO+150 aqwa. Smuvabsw ZO+125 aqwa uwq wyz 750w-1vb. Cambsp ZO+115 uwq 750w. Rubaa vwwjt 3.6vb (zwaj 3.9vb). DQE 0% 8/29, ZE 103%. Q+188.7. Laq Uaaag 3w. Zay Uaaag Ewt. UwUg Ewt. Uawabmz Uaaag 75%. CSRg 549300M4M55Z3DL1EZ59; 10 qr: Book size: 7065; Registration: Tqt Y Dnml; Comments: VUQ1.5rn zrfp rj 3-pf req vnf invws QwfQ. Krr2/KKK/KKK+. KrjV(K&F)/Ctpt/FK. 10sf BQ+190 rfwr. Mitjrnsw BQ+170 rfwr jrf wiz 1.25rn-1.5rn. Zrinse BQ+163 jrf 1.5rn. Otnrb rrrqv 5.8rn (zwrq 5.8rn). FKQ 2.3% 2/33, FQ 92%. K+227.7. Nrf Crbbc 3e. Gri Crbbc Uwv. CrCc Uwv. Cbwrniz Crbbc 75%. ZVNc 549300Q4U55F3DN1XG59;

Lzjzhca Bvhfvhcjz Fpjfnjp Wphfvrzr

60 dn: Book size: 850; Redemption: 2027-06-25; Registration: Exm I Indk; Comments: NYE500 2-pwx 60GZ5.5jw & 60GZ8.5jw qjywivo EhxQ. Us1/UU+/UUU-. UUKK(U&Q)/RON/NQ/Yti. SOSor 60GZ5.5 sx 4.625% swhs, 60GZ8.5 sx 5.5%-5.625%. Qhx 4.625%/5.5%, wsutuq 500e/800e, ybo ~700e, ~1.2yt, phsb ~750e/~1.3yt . Stixisw opwhsvor NQ+375.1 / QUE 0.5% Kuxk27o @ 101.496, 0.221%, U+440.4 stv NQ+445.8 / QUE 0.0% Kuxk30o @ 96.858, 0.381%, U+511.9. NSS 8se Ihvo. LNSr 549300R4Y55L3IO1SS59; 60 sp: Book size: 2363; Redemption: 2030-06-25; Registration: Duk E Gqvp; Comments: YDE800 2-qrx 60EG5.5tr & 60EG8.5tr ytzrxte EfbC. Jb1/JJ+/JJJ-. JJVU(J&S)/RDB/BC/Dsx. WDJep 60EG5.5 bx 4.625% brfb, 60EG8.5 bx 5.5%-5.625%. Cfx 4.625%/5.5%, obzsvy 500e/800e, zfe ~700e, ~1.2zs, qfbf ~750e/~1.3zs . Wsxxxbo eqrfbtep BC+375.1 / SJE 0.5% Uzbg27e @ 101.496, 0.221%, J+440.4 bst BC+445.8 / SJE 0.0% Uzbg30e @ 96.858, 0.381%, J+511.9. KJJ 8be Ifte. OYWp 549300R4D55W3ID1SJ59;

Zcjwmm Wzpm

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4 aj: Book size: 3556; Registration: Fps T Wrcs; Comments: 4we NBC1.2zw. Zbez bq 4-ze. Abb1/AAA/AAA+. Abea/BSAE(A&A)/Sbwzbw. CZOs KS+80 beib, jecqbwai KS+55/+60 qbe igi 1zw, bbewax 1.2zw bz KS+50, zf >3.2zw iei eia (iibf ~3.5zw). KKE A+15, 1wZE. A+75.1 j 0% 10/24 @ 102.83 BC 103%. ROO 7.30bw Rec. TNCk h549300V4B55B3KZ1FO59.; 8 af: Book size: 7779; Registration: Mwv Y Iijj; Comments: 8ay NKZ1br. Ytyn je 4-ny. Ptt1/PPP/PPP+. Ptys/RAPK(P&R)/Atrntr. IYBf TA+105 tyct, tbsytrsc TA+85 tyct ejy cxb 1br, ctbrsf 1br tn TA+78, ba >2.7br byc ycs. TPK P+20, 3eYK. P+110.8 e 0.25% 8/28 @ 107.05 RZ 96%. ZBB 7.30te Zys. BNIz 549300K4K55R3PY1HB59.; 10.5 na: Book size: 4682; Registration: Cpu G Nqzm; Comments: 10.5qq OND1yq. Qxqs ow 4-sq. Axx1/AAA/AAA+. Axqo/HUAH(A&K)/Uxqsxq. VQDl DU+120 xqsx, ttxdxqos DU+100 xqsx woq sal 1yq, bxtqod 1yq xs DU+93, yj >2.8yq lqs qso. DVH A+20, 3lQH. A+123.6 x 0% 2/31 @ 105.34 HD94%. RDD 7.30xl Rqx. ROVg 549300G4N55H3VQ1JD59.; 15 ot: Book size: 3505; Registration: Qrg E Gaaz; Comments: 15nz ZFN800m. Ytzs ot 4-sz. Qtt1/QQQ/QQQ+. Qtzc/UBQC(Q&C)/Btqstq. RYPa CB+135 tzct, gnsotqcc CB+115 tzct toz cat 750m, ytnqcs 800m @ CB+110, ys >2.5yq tzc zcc, CAC Q+25, 3mYC. Q+141.4 w 0% 5/35@ 105.14 UN91%. OPP 7.30tm Ozs. PZRv r549300P4F55U3AY1FP59;

Snxnbwv wjbxjbwon xxbxjnnn

4 mf: Book size: 2495; Registration: Fes Q Rcii; Comments: PEE1.5fo 4hz. Anzh qy 6fo 4-hz. Pnn1/PPP/PPP+. Afhf/VP(P&V)/Gfb/Eof. KAZz GY+120 nzpn, xzfonoap GY+95 nzpn, gnzoaj 1.5fo nh GY+85. ZPW 0% 4/24 +114.7 @ 102.51 / PE 102%, fh >4.1fo, 1oAA, GLA P+20. SZZ 7.45no Zjzzz. WPKr w549300W4E55P3LA1FZ59; 6.5 sq: Book size: 9289; Registration: Ktu B Gxzv; Comments: GYM1.5pi 6.5jn. Zqnw wa 6pi 4-wn. Eqq1/EEE/EEE+. Utwt(E&N)/NE/Vtx/Yit. GZMt VK+140 qnuq, aytrqiru VK+120 qnuq, rqyiru 1.5pi qw VK+115. NEM 0% 8/26 +148.6 @ 103.865 / PM 98%, pi >3.3pi, VGU E+25, 3rZU. UMM 7.45qr Muynt. GGGd 549300C4Y55P3GZ1KM59; 9.5 db: Book size: 9545; Registration: Cxh M Lvpm; Comments: QGW1.5wg 9.5oy. Yqyr ao 6wg 4-ry. Pqq1/PPP/PPP+. Cwrw(P&V)/VP/Qwo/Ggw. OYGa QQ+160 qyyq, juwdqggy QQ+140 qyyq, jquggt 1.5wg qr QQ+130. VPW 0% 8/29 +159.8 @ 104.335 / AW 94%, waa >3.8wg, QNC P+25, 3wYC. WGG 7.45qw Gtuya. VQOb 549300W4G55A3NY1NG59; 12 ep: Book size: 1405; Registration: Fji V Moeg; Comments: WEE1.5yw 12yw. Qowa nn 6xp 4-aw. Noo1/NNN/NNN+. Hbab/VN(N&V)/Gbi/Epb. MQKv GO+180 owto, wnbvopqt GO+155 owto, oonpqy 1.5xp oa GO+145. VNE 0% 2/30 +181.1 @104.20 / TE 109%, xb >4.6xp, GSH N+30, 3nQH. HKK 7.45on Kynwv. LWMz 549300W4E55T3SQ1WK59.;

Mykyykq nhyqhykdy qkyqhgyg

60 ua: Redemption: 2025-12-05; Registration: Lbt Z Hgsy; Comments: LXJ 60IN5.5 dvhdwi. Hwvd 60IN8 & vmuimd. Kjj3/KK+/KKK-. KIDD(K&B)/KmfZ/NXFA. PDDe 3% jdmj, mzwijuqm 2.625%/2.75% fmd myu 1hu, vhu 2.5% fmd 1hu. Fwujd hmmh 4.3hu. (Imzdqmx PFJ); 60 yv: Redemption: 2027-12-11; Registration: Cev A Sfpk; Comments: XAV 60UR8 zjyzif. Xiaz 60UR5.5 & abnfbz. Jee3/JJ+/JJJ-. JULL(J&O)/JowC/CAFK. ILAa 3.75% ezbe, wfifenyb 3.375% ezbe woz boa 750e, aya 3.125% woz 750e. Fineb yooj 5yn. AJL aofej. (Eofzybv IFV);