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Wednesday - September 2, 2015

Covestro, formerly Bayer MaterialScience, goes live in Dubai

New Covestro office inaugurated at Dubiotech premises / Bayer intends to float Covestro on the stock market by mid-2016 at the latest

Covestro, formerly Bayer MaterialScience, has inaugurated its regional office at DuBiotech premises in Dubai, United Arab Emirates. At the same time, Covestro’s corporate identity, which includes a distinctive new and colorful, vibrant brand has come effective. Bayer intends to float Covestro on the stock market by mid-2016 at the latest. The plan for Bayer MaterialScience to become a separate company was announced in September 2014.

The new name including the new identity was announced earlier this year yet has gone live on September 1st coinciding with the inauguration of the new office. The name Covestro is made from a combination of words that reflect the identity of the new company. The letters C and O come from collaboration, while VEST signifies the company is well invested in state-of-the-art manufacturing facilities. The final letters, STRO, show the company is strong. It is strong in innovation, strong in the market and with a strong workforce.

“Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” said Harald Liedtke, Senior Covestro Representative. “The new name is part of a brand and identity that is the result of listening to our customers, employees and others close to our business, and which reflects our innovation, talent and big thinking. We are absolutely convinced that our colorful identity and positive vision will help inspire and motivate us on our new path to the future.”

Covestro has inaugurated its new regional office at DuBiotech premises in Dubai, United Arab Emirates. This office together with the Covestro development lab will offer local customized support to the industry across the Middle East and Africa. DuBiotech is the major life science cluster in the Middle East. “Our company develops innovative and sustainable solutions as answers to global challenges,” explains Liedtke. “One example is combating climate change and CO2 emissions which results in rising demand for high-tech raw materials for eco-friendly construction. With this new office, Covestro underscores its commitment to the region.”

Marwan Abdulaziz Janahi, Executive Director of DuBiotech, said: “We are delighted to welcome Covestro as a new partner at the DuBiotech freezone. The organisation brings innovative and sustainable solutions to the region and that is exactly in line with our vision and mission. With this newly established laboratory, Bayer is well placed to make the most of this opportunity.”

About Covestro:
With 2014 sales of EUR 11.7 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. Covestro, formerly Bayer MaterialScience, is a Bayer Group company.

Find more information at www.covestro.com.
Follow us on Twitter: www.twitter.com/CovestroGroup

Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. 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 company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available on the Covestro website at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.