CropScience Analyst & Investor Days September 5 - 6, 2005 Lyon, France CropScience Analyst & Investor Days Successful Portfolio Management in Crop Protection September 5 - 6, 2005 Lyon, France Rüdiger Scheitza Member of the Board of Management Bayer CropScience 1 Forward Looking Statements This presentation contains forward-looking statements based on current assumptions and forecasts made by Bayer AG and Bayer CropScience AG 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 Bayer CropScience AG or our parent company, Bayer AG, and the estimates given here. These factors include those discussed in Bayer AG's public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including Bayer AG's Form 20-F). Neither Bayer AG nor Bayer CropScience AG assume any liability whatsoever to update these forward-looking statements or to conform them to future events or developments. CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 3 We Have an Excellent Portfolio Position ƒ Well-balanced portfolio ƒ High share of young and innovative products ƒ Strong set of new substance classes and modes of actions ƒ High-performance formulations & mixtures to meet customer needs ƒ Global market leader in insecticides and seed treatment business; No. 2 in fungicides; No. 3 in herbicides ƒ Complementary offering with Environmental Science & BioScience CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 4 2 Cornerstones of Our Portfolio Management Focus on Top Products and new Molecules Portfolio Streamlining Portfolio Optimization for Value Creation Active Life Cycle Management CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 5 Cornerstones of Our Portfolio Management Focus on Top Products and new Molecules Portfolio Streamlining Portfolio Optimization for Value Creation Active Life Cycle Management CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 6 3 Already 5 New Molecules Among the Top 12 Active Ingredients in H1 2005 In € million H1 2004 H1 2005 YOY Imidacloprid 329 325 -1 % Tebuconazole 212 183 -14 % Fenoxaprop-p ethyl 142 140 -1 % Glufosinate 123 138 +12 % Ethofumesate / PMP / DMP 116 104 -10 % Trifloxystrobin 113 87 -23 % 24 86 +258 % Prothioconazole Deltamethrin 92 85 -8 % Aldicarb 68 61 -10 % Iodosulfuron 60 61 +2 % Foramsulfuron 55 60 +9 % Mesosulfuron 33 58 +76 % 1,367 1,388 +2 % Total Top 12 Products Definition of new A.I.: launched in key countries since 2000, including Environmental Science business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 7 Top Products and New Actives with Over-proportional Margin Contribution Gross Margin Spread in 2004 (Index Portfolio Average = 100) „ Top 12 Active Ingredients „ New Molecules „ Remaining Portfolio 160 140 121 121 120 Average Portfolio (Index)  Focus on higher-margin top products  Continuous introduction of new molecules 100  Streamlining of older, lower-margin products 81 80 60 40 20 0 2004 CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 8 4 Cornerstones of Our Portfolio Management Focus on Top Products and new Molecules Portfolio Streamlining Portfolio Optimization for Value Creation Active Life Cycle Management CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 9 Successful Life Cycle Management Enhances Value Contribution Life Cycles of Agrochemicals may last up to > 40 Years 3. Fenoxaprop-p ethyl 2. Tebuconazole 8. Deltamethrin 5. Ethofumesate/ 10. Iodosulfuron 1. Imidacloprid PMP/DMP 4. Glufosinate 9. Aldicarb 11. Mesosulfuron 6. Trifloxystrobin 12. Foramsulfuron 7. Prothioconazole Discovery Impact of successful life cycle management Project / Market Introduction Insecticides Consolidation Fungicides Defense Herbicides Active ingredients ranked by sales volume H1 2005 CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 10 5 Tebuconazole: The Textbook Example for Successful Life Cycle Management Sales Development by Crops ( in € million) Registered in > 100 Countries 450 Brazil 400 France 350 Soybeans Germany 300 Other USA Grapes UK Fruits Canada 250 200 Oil Seed Rape 150 Italy Vegetables 100 South Korea Peanuts 50 Poland Cereals 0 1990 Argentina Seed Treatment 1992 1994 1996 1998 2000 2002 Other countries 2004 Life Cycle Management by Diversification ƒ Based on a broad portfolio of complementary products, allowing us to offer tailor made solutions for individual markets ƒ Sold in about 100 countries and used on over 90 crops ƒ Further extension of life cycle through innovative mixtures with Trifloxystrobin & Prothioconazole CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 11 One Active Offers Multiple Product Opportunities Branded Products Branded Products Active Ingredient Branding e.g. Seed Treatment Applications Prothioconazole Input Formulation Technology Agricultural Development Output Regional Registrations & IP Expertise Research & Development Marketing CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 12 6 Cornerstones of Our Portfolio Management Focus on Top Products and new Molecules Portfolio Streamlining Portfolio Optimization for Value Creation Active Life Cycle Management CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 13 Portfolio Streamlining – Essential Tool for Value Generation ƒ Focus on most profitable products (top active ingredients and new compounds) ƒ Clustered analysis of compounds, formulations, and third party products ƒ Reduce product portfolio complexity ƒ Limited impact on topline ƒ Use registration resources for new and innovative products ƒ Spend R&D expenses most efficiently CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 14 7 Significant Reduction of Active Ingredients despite Continuous Launch of New Molecules No. of A.I.s 120 113 Launched since 2000 Launched prior to 2000 108 10 93 14 100 21 80 60 103 94 40 72 ƒ 31 active ingredients expected to be phased out / divested until 2008 ƒ Sales impact from out-phased products over-compensated by new active ingredients* 20 0 2002 2004 2008e  Reduced complexity and rejuvenation of the portfolio * Definition of new A.I.: launched in key countries since 2000 CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 15 Successful Portfolio Management at Bayer CropScience Clothianidin Mesosulfuron Ethiprole Methoxyfenozide Fenamidone Propoxycarbazone Fentrazamide Prothioconazole Fluoxastrobin Spirodiclofen Foramsulfuron Spiromesifen Iodosulfuron Thiacloprid Iprovalicarb Trifloxystrobin Divestments / Phase out of Compounds Portfolio optimization to drive value 2000 - 2005 2000 - 2005 Launch of Active Ingredients Acetamiprid Amitraz Bifenox Chlortoluron Dichlofluanid Diuron Fenobucarb Flurcarbazone IPU Linuron Metamitron Monolinuron Ofurace Phosalone Propoxur Pyrazophos Sulfotep Triticonazole Vamidothion + 5 further substances in 2005 + 16 - 24 CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 16 8 Market Leader in Crop Protection Solutions Business Segment Strategy Insecticides Strengthen leadership position through launch of new chemistry class (Ketoenols) Fungicides Aim at global no. 1 position through successful launch of novel active ingredients and professional life cycle management Herbicides Profitable growth through introduction of new technology products in corn and cereals Seed Treatment Consolidate leadership position through innovative insecticidal and fungicidal products CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 17 Market Leader in Crop Protection Solutions Business Segment Strategy Insecticides Strengthen leadership position through launch of new chemistry class (Ketoenols) Fungicides Aim at global no. 1 position through successful launch of new active ingredients and professional life cycle management Herbicides Profitable growth through introduction of new technology products in corn and cereals Seed Treatment Consolidate leadership position through new insecticidal and fungicidal products CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 18 9 Market Environment in the Insecticides Segment 2004 Total Market in 2004: € 6.3 billion Market Share: approx. 21.7 % Americas In € million € 2.18 bn 35 % Bayer CropScience Asia Pacific 1,378 Europe € 1.57 bn € 2.56 bn 40 % 25 % Syngenta 12 % BASF 24 % Dow 10 % 6 % FMC 9 % 0 500 1,000 Vegetables Cotton Tropical Fruits Soybeans Cereals Ornamentals Temperate Fruits Rice Corn/Maize Potatoes Grapes Others 14 % 9 % 1,500  Insecticides Business driven by Vegetables and Fruits Source: Company reports, internal estimations CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 19 Two New Compounds Launched in 2005 to Strengthen Insecticides Business New A.I. launched since 2000 Thiacloprid Methoxyfenozide Spiromesifen Ethiprole Spirodiclofen Sales of new A.I.s (Insecticides)* (In € million) +13 % 37 H1 2004 42 Highlights ƒ Spiromesifen (2nd Ketoenol) and Ethiprole launched in major markets in 2005 ƒ 3rd Ketoenol under full development ƒ Innovative mixtures and new formulation technologies to further strengthen no. 1 market position ƒ Well prepared for patent expiration of Imidacloprid with novel CNIs Thiacloprid & Clothianidin (Seed Treatment application) H1 2005  Clear market leadership in insecticides * including non-Ag business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 20 10 Prepared for Post-Patent Life Cycle of Imidacloprid ƒ Imidacloprid forms the basis of our Chloronicotinyls (CNI) portfolio which is reinforced by Thiacloprid & Clothianidin ƒ Substance patent for Imidacloprid will expire in first major markets early 2006 Our post patent Strategy will build on ƒ Regional and crop diversification (> 160 crops, 120 countries) ƒ Product differentiation by formulations, application methods and packaging concepts ƒ Product expansion through innovation ƒ Broadened global distribution channels through supply agreements (Makhteshim-Agan, Cheminova) CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 21 Continued Growth from CNI Portfolio Expected (Sales in € million) Clothianidin 900 ~ 850 800 Thiacloprid* 700 Imidacloprid* 600 500 CAGR 1998 – 2004: +8.7 % 400 1998 1999 2000 2001 2002 2003 2004 …2010 Key Pillars of our Chloronicotinyls Strategy: ƒ Integrated strategy based on three active ingredients ƒ Global supply agreements for Imidacloprid ƒ Unique expertise in formulation and proximity innovation * including non-Ag business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 22 11 Thiacloprid – Second Molecule of Our CNI-Family Key Product Features ƒ New broad spectrum of activity (sucking & biting insects) ƒ Environmental friendly (bees & other key beneficials) ƒ Flexible application timing (before, during & after flowering) Strategy ƒ Second „in-house“ CNI for market segmentation ƒ Opens up new markets in addition to traditional Confidor segments ƒ Further growth potential expected with new patented state-of-the-art formulations and co-formulations ƒ New non-agrochemical markets (Environmental Science, wood protection) will contribute to long term growth Sales Development* (in € million) 36 26 19 11 CAGR 2001 – 2004: +48.5 % 2001 2002 2003 2004 * including non-Ag business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 23 Market Leader in Crop Protection Solutions Business Segment Strategy Insecticides Strengthen leadership position through launch of new chemistry class (Ketoenols) Fungicides Aim at global no. 1 position through successful launch of new active ingredients and professional life cycle management Herbicides Profitable growth through introduction of new technology products in corn and cereals Seed Treatment Consolidate leadership position through new insecticidal and fungicidal products CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 24 12 Market Environment in the Fungicides Segment 2004 Total Market in 2004: € 6.0 billion Market Share: approx. 21.3 % Americas In € million € 1.98 bn 33 % 25 % Syngenta Europe Asia Pacific € 1.50 bn € 2.53 bn 42 % Bayer CropScience 1,277 BASF 6% 8% Dow 21 % 8% 11 % DuPont 17 % 0 500 500 1.000 1,000 Cereals Fruits Grapes Potatoes Vegetables Soybean Rice Other Ind. Crops 1.500 1,500 13 % 16 %  Fungicides business driven by cereal crops, vegetables and fruits Source: Company reports, internal estimations CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 25 Fungicides: Ambition to Become Global No. 1 New A.I.s launched since 2000 Highlights Trifloxystrobin Iprovalicarb Prothioconazole Fluoxastrobin ƒ Share of new active ingredients launched since 2000 is growing strongly Fenamidone Sales of new A.I.s (Fungicides)* (In € million) +43 % 224 156 ƒ Nearly one third of fungicide sales in H1 2005 based on new active ingredients ƒ Significant contribution of Prothioconazole and Fluoxastrobin (launched in 2004) ƒ New fungicides expected to account for about 50 % of Bayer CropScience overall new molecule sales in 2006 H1 2004 H1 2005  Strong growth of new fungicides will foster market share gains * including non-Ag business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 26 13 Fungi: A Major Threat to Food Production Phakopsora pachyrhizi Soybean / Rust Peronospora Grapes / Oomycetes Fusarium sp. Cereals Septoria tritici Cereals ƒ Chemical control will remain essential ƒ Innovation will be key for further market penetration & resistance management ƒ Mixtures gain importance, due to resistance management & market segmentation ƒ Biotechnology expected to only play a minor role due to pathogens rapidly adapting to host resistance CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 27 Best-in-Class against Asian Soybean Rust All three products with excellent performance and proven efficacy ƒ Curative Portfolio Comparison vs. main Competitors USA Mercosur „ Durability „ Rust protective „ Rust curative Folicur Folicur Stratego Sphere Competitor B Competitor B Competitor A Competitor A ƒ Protective ƒ Residual effect ƒ Protective & residual effect ƒ Increase in yield & quality 0 ƒ Protective & residual effect ƒ Increase in yield & quality 2 4 6 8 10 0 2 4 6 8 10  Best-in-class portfolio further bolstered by mixtures with our key active ingredients Trifloxystrobin, Tebuconazole, Prothioconazole Source: Bayer CropScience efficiency study CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 28 14 Spread of Septoria Resistance – A Challenge in Europe Spread of Septoria Resistance in Europe high low medium no ƒ Resistance of cereal disease Septoria tritici against Strobilurins has further spread in Europe ƒ 15% yield impact compared to a treatment with Prothioconazole ƒ Efficient Strobilurine-based treatment only with mixtures  Need for effective mixtures and innovative molecules Source: FRAC member companies FRAC… Fungicide Resistance Action Committee CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 29 Prothioconazole – The Emerging Gold Standard in Fungi Control ƒ New chemical class: Triazolinthiones Launch schedule: ƒ New option for resistance management vis-à-vis Strobilurins (e.g. Septoria) 2004 D 2005 UK, IRL, A, CZ 2006* F… ƒ Broader, better fusarium activity ƒ Curative and protective properties ƒ Cornerstone for mixing partner strategies with other specific and broad spectrum fungicides ƒ Anticipated peak sales of Prothioconazole-based products: > € 300 million Prothioconazole (foliar application) Prothioconazole (seed treatment application) Prothioconazole & Tebuconazole Prothioconazole & Spiroxamine Prothioconazole & Fluoxastrobin * expected CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 30 15 Market Leader in Crop Protection Solutions Business Segment Strategy Insecticides Strengthen leadership position through launch of new chemistry class (Ketoenols) Fungicides Aim at global no. 1 position through successful launch of new active ingredients and professional life cycle management Herbicides Profitable growth through introduction of new technology products in corn and cereals Seed Treatment Consolidate leadership position through new insecticidal and fungicidal products CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 31 Market Environment in the Herbicides Segment 2004 Total Market in 2004: € 12.3 billion Americas In € million Market Share: approx. 15.1 % € 6.38 bn 52 % Syngenta Europe € 3.79 bn 31 % 17 % Asia Pacific € 2.12 bn Monsanto Bayer CropScience 1,855 16 % 18 % Dow Agroscience 4% 17 % 4% BASF 4% 0 500 1,000 1,500 2,000 2.500 2,500 1.000 1.500 2.000 Cereals Soybeans Fruits/Vine Vegetables Rapseed Canola Other crops Corn Rice Cotton Beets Sugarcane 6% 8% 15 %  Herbicides market dominated by cereals, corn and soybeans Source: Company reports, internal estimations CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 32 16 Youngest Herbicide Product Portfolio New A.I.s launched since 2000 Iodosulfuron Fentrazamide Mesosulfuron Foramsulfuron Highlights Propoxycarbazone ƒ New molecules contributed nearly 20% to herbicide sales in H1 2005 ƒ Excellent position in cereals segment Sales of new A.I.s (Herbicides)* (In € million) +20 % ƒ Innovative formulations with OD technology (oil dispersion) 203 169 H1 2004 ƒ Exciting development projects for corn ƒ Safener technology as important tool for life cycle management H1 2005  Excellent position in A.I. innovation, formulation & safener technology * including non-Ag business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 33 Safener Technology – Efficient Tool for Enhancing Crop Selectivity ƒ Reduced herbicidal injury through enhanced speed of detoxification in crops ƒ Broadened application spectrum of new and existing herbicides ƒ Increased number of candidates for commercialization out of R&D ƒ Safened herbicides in current portfolio represent sales of approx. € 500 million (FY 2004) CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 34 17 Glufosinate: A Growth Driver in Herbicides Sales Development* Unique Concept in non-selective Plantation Market (in € million) ƒ Registered in more than 80 countries and ~ 130 crops 250 189 200 146 158 144 150 153 100 50 ƒ Future strong growth expected in Asia/Pacific as well as Central & South America CAGR 2001 – 2004: +9.0 % 0 2000 2001 2002 2003 2004 A.I. patent expiration Strong Alternative in Herbicide tolerant Crops ƒ Well-established in US and Canadian corn and canola markets ƒ Successful launch in US cotton market in 2004 ƒ Further introductions planned * excluding non-agricultural business CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 35 Market Leader in Crop Protection Solutions Business Segment Strategy Insecticides Strengthen leadership position through launch of new chemistry class (Ketoenols) Fungicides Aim at global no. 1 position through successful launch of new active ingredients and professional life cycle management Herbicides Profitable growth through introduction of new technology products in corn and cereals Seed Treatment Consolidate leadership position through new insecticidal and fungicidal products Source: Company reports, internal estimations CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 36 18 Market Environment in the Seed Treatment Segment 2004 Total Market in 2004: € 1.05 billion Americas In € million Market Share: approx. 42.7 % € 455 million 43 % Asia Pacific € 88 million Bayer CropScience 447 8% Europe € 504 million 48 % Syngenta 14 % BASF 5% 36 % 6% 6% Uniroyal Cereals Soybean Cotton Potatoes Corn/Maize Rapeseed Sugarbeet Others 6% 0 100 200 300 400 500 7% 20 %  Global seed treatment market is forecast to grow above average, driven by both insecticides & fungicides CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 37 Seed Treatment – Advanced Technology by Bayer CropScience Seed Treatment is innovative Crop Protection Application of crop protection products to the seed to protect the seed and the young plant against pests and diseases Definitions of main Application Technologies: SEED DRESSING • Application via conventional application machinery • Simple use (e.g. cereals) FILM COATING • Application of a uniform layer which completely covers the seed without changing its shape (e.g. vegetables) • Can be co-applied with fungicides and insecticides. PELLETING • Application of a uniform layer which completely covers the seed and changes its shape (e.g. sugar beet) • Fungicides and insecticides can be incorporated MULTILAYER COATING • Highly sophisticated method allowing sequential application of multilayer materials • Including incorporation of fungicides and insecticides CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 38 19 Pace Maker in Seed Treatment Innovations Seed borne Soil borne Foliar Physiology Application Technology Seed disinfection Seedling protection Crop protection Seed enhancement Crop protection; Plant health Early 1900s: mercury based products (Uspulun) 1970/80s: systemic fungicides (Baytan) Early 1990s: systemic insecticides (Gaucho) Early 1980s: water based products (Baytan Slurry) First film coating products on the basis of polymers (Peridiam/ Datif) Late 1990s: first product for take all control (Jockey/ Galmano) Early 2000s: new generation of systemic insecticides (Poncho) Innovation Delivery Systems Market need for novel delivery, application systems and A.I.s New round of seed treatment innovation CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 39 Clothianidin: The New Benchmark in Seed Treatment Key Product Features ƒ ƒ ƒ ƒ ƒ ƒ Systemic by roots and leaves Major crops: Corn, sugar beet, oilseed rape, cereals, sunflower Broad spectrum of efficacy High compatibility to plants Most favorable toxicological profile of CNI family Favorable eco-toxicological properties Strategy ƒ Extend leadership in CNI seed treatment market ƒ Exploit new market segments on top of existing Gaucho segments ƒ Establish strong brand in the premium segment ƒ Global co-operation with major seed houses CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 40 20 Clothianidin – Setting New Standards in Treatment of Maize Applied Grams A.I. per Hectare in Maize 1.400 1,400 1,350 Furrow-treatment with granule (approx. 500 m2) 1.200 1,200 Seed treatment (approx. 58 m2) 1.000 1,000 800 600 600 375 400 200 90 45 0 Lindan Curaterr Spray Regent Granules Gaucho Whole area treatment (e.g.: spray) (10,000 m2) Poncho Seed treatment CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 41 Bayer CropScience Leader in the High-Margin Seed Treatment Market New … A.I.s launched since 2000 Clothianidin Highlights Prothioconazole ƒ Successful launch of Poncho in Corn in the US exceeding our expectations Sales of new A.I.s (Seed Treatment) ƒ Integration of Gustafson LLC (2004) proceeding smoothly (In € million) ƒ Unrivaled technology know-how +199 % 48 ƒ Unique expertise in application technologies as an opportunity for future product differentiation 16 H1 2004 ƒ Strong technology-driven collaboration with seed companies H1 2005  Shaping the future of seed treatment as the clear market leader CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 42 21 Best-in-Class Crop Protection Portfolio ƒ Excellent portfolio position in Crop Protection - Clear market leader in insecticides, well prepared to deliver CNI strategy - Striving for global market leadership in fungicides - Innovation leadership in herbicides - Unrivaled market leader in seed treatment ƒ Active portfolio management to strengthen life cycles of top products, increase gross margins across the portfolio ƒ Best pipeline of new molecules in the industry offers significant growth opportunities for Bayer CropScience ƒ Targeting peak sales of ~ € 2 billion from new A.I.s launched / to be launched from 2000-2011 CropScience Analyst & Investor Days • Lyon / September 5 - 6, 2005 • Slide 43 Your partner for growth Thank you for your kind attention. 22