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Bayer and PolyOne Form Polyurethane Systems Joint Venture

April 23, 2003

PITTSBURGH and CLEVELAND, April 24 /PRNewswire-FirstCall/ -- Bayer
Polymers LLC and PolyOne Corporation today announced they have formed BayOne
Urethane Systems, LLC - a 50/50 joint venture to develop and market
polyurethane systems in the United States and Canada.

The joint venture will become operational in June.

Polyurethane "systems" are polyurethane components - isocyanates and
polyol additive blends - formulated to meet specific product applications.
Polyurethane systems are used worldwide in an extensive variety of
applications, including automotive products, construction, furniture,
flooring, industrial and commercial insulation, appliances, and footwear.

Bayer Polymers' polyurethanes business, with Americas Region headquarters
in Pittsburgh, supplies polyurethane systems and raw materials worldwide.
PolyOne, headquartered in Cleveland, is an international polymer services
company. Its polyurethanes operations include custom-formulated polyurethane
systems.

The joint venture, headquartered in St. Louis, will focus primarily on the
following markets: carpet backing and related applications, non-automotive
flexible molded foams, integral skins, footwear, instrument panels and
filters.

"This joint venture will break new ground for Bayer and PolyOne. By
leveraging the strengths of Bayer's technology and raw materials and PolyOne's
regional manufacturing capabilities and technical service know-how, the
venture will be positioned to provide our customers superior products and
service," said Peter Vanacker, Senior Vice President and Head of Polymer
Solutions for Bayer Polymers.

"By combining Bayer and PolyOne polyurethane systems portfolios and
commercial and technical expertise, BayOne Urethane Systems, LLC will be able
to provide clear benefits to a larger population of customers," added Denis
Belzile, Vice President and General Manager of PolyOne's Specialty Resins and
Formulators Group. "Our combined systems formulating experience, customer and
technical service orientation, and regional manufacturing flexibility make a
powerful combination. It is an exciting opportunity to provide better service
to our customers," he said.

Bayer facilities involved in the joint venture include Bayer Polymers'
research and development facilities and sales offices in Pittsburgh, the
corporation's production and laboratory facilities in New Martinsville, W.Va.,
and research and technical service facilities in Dalton, Ga.

PolyOne locations included in the joint venture are St. Louis (joint
venture headquarters, production and laboratory facilities); Commerce, Calif.,
and Sussex, Wis., (production and laboratory facilities); and Kennesaw, Ga.,
(laboratory and technical services operations).

About Bayer Corporation

Headquartered in Pittsburgh, Bayer Corporation (NYSE: BAY) had sales of
$9.5 billion in 2002 and is one of Fortune magazine's Most Admired Companies.
The company employs 21,600 people. It is a member of the worldwide Bayer
Group, a $32 billion international health care and chemicals group based in
Leverkusen, Germany. Bayer's four operating companies -- CropScience,
Chemicals, HealthCare and Polymers -- produce a broad range of products that
help diagnose and treat diseases, purify water, preserve local landmarks,
protect crops, advance automobile safety and durability and improve people's
lives. Information about the corporation's products and services can be found
at www.bayerus.com.

About PolyOne Corporation

PolyOne Corporation, with 2002 revenues of $2.5 billion, is an
international polymer services company with operations in thermoplastic
compounds, specialty resins, specialty polymer formulations, engineered films,
color and adhesive systems, elastomer compounding, and thermoplastic resin
distribution. Headquartered in Cleveland, Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia, and Australia, and joint
ventures in North America, South America, Europe, Asia and Australia.
Information about the Company's products and services can be found at
www.polyone.com.

This news release contains forward-looking statements based on current
assumptions and forecasts made by Bayer Group and PolyOne 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 companies and the estimates given here.
These factors include those discussed in public reports filed with the
Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission
(including Form 20-F). The companies assume no liability whatsoever to update
these forward-looking statements or to conform them to future events or
developments.

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