Brenntag SE — Call Transcript 2010

Nov 11, 2010

Conference Call Presentation, 11th November 2010

Disclaimer

This presentation contains forward-looking statements. The words "anticipate", "assume", "believe", "estimate", "expect", "intend", "plan", "project", "may", "should" and similar expressions are used to identify forward-looking statements. Forwardlooking statements are statements that are not historical facts; instead they reflect our current views and expectations and the assumptions underlying them about future events.

These forward-looking statements are subject to many risks and uncertainties, including ^a lack of further improvement or ^a renewed deterioration of global economic conditions, in particular ^a renewed decline of consumer demand and investment activities in Western Europe for the United States, ^a down-turn in major economies, ^a continuation of the tense situation in the credit and financial markets and other risks and uncertainties.

If any of these risks and uncertainties materialize or if the assumptions underlying any of our forward-looking statements are proving to be incorrect, our actual results may be materially different from those expressed or implied by such forwardlooking statements. We do not intend or assume any obligation to update these forward-looking statements. Any forwardlooking statement speaks only as of the date on which it is made.

Agenda

Introductory Remarks to Q3 2010 Earnings

Ongoing sound business development and strong earnings growth in Q3 2010 against the background of continued, but slightly softer macro-economic recovery

Continued gross profit growth supports continued strong operating EBITDA growth in Q3 2010

EAC Industrial Ingredients consolidated since beginning of Q3 2010

St USD i Q3 2010 i i t Q3 2009 lt i iti t l ti l ff t Stronger in Q3 in comparison to 2009 results in positive translational effects. Recently weaker USD might cause reverse effects in Q4 2010

Working capital growth in line with increased bus business activity and first time consolidation of EAC Industrial Ingredients, partly offset by improved working capital turnover

Operating Highlights Q3 2010

( F X d j d i b 8 1 % d i t t a s e n c r e a s e -o a s r e p o r e n c r e a s e u y y -y f ) 1 0 % 5 o -o y -y
E U R 1 1 6 6 0 0 3 3 m F X d j d i b ( d i 9. 5 % t t a s e n c r e a s e -o a s r e p o r e n c r e a s e u y y -y ). f 1 6 % 7 o -o y -y
( i i Q d F Y ) 3 7 3 % 3 6 8 % 3 2 0 0 9 3 2 9 % 2 0 0 9 t a g a n s n a n
O f l f d k i i l i f E U R 4 7 7 t t t u o w o r r a e w o r n g c a p a n c r e a s e o m d l i d i l l i t t t u e o s a e s n c r e a s e a n y p c a s e a s o n a y. W k i C i l i l i d t t t o r n g a p a m a n a g e m e n c o n n o s m p r o e u u y v C i l d i i l i i h i t t t t t a p a e p p e n r e s n- n e e p e c a o n s. x u w x

Agenda

Income Statement Q3 2010

i i E E U U R R n m	Q 3 2 0 1 0	Q 3 2 0 0 9	∆	F X ∆ d j t d a u s e	F Y 2 0 0 9
S l a e s	2, 0 2 2 6	1, 6 1 2 8	2 4 % 5.	1 8. 0 %	6, 3 6 4 6
C f G d S l d t o s o o o s o	1, 9 2 9 5 -	1, 2 3 9. 1 -	2 8. 6 %		4, 9 0 1 5. -
G f P i t r o s s r o	4 2 9. 7	3 3. 7 7	1 0 % 5.	8. 1 %	1, 4 9. 5 5
E x p e n s e s	2 6 9. 8 -	2 3 6. 9 -	1 3. 9 %		9 8 2 9 -
E B I T D A	1 9. 9 5	1 3 6. 8	1 6. 9 %	9. 6 %	4 6. 6 7
A d d b k a c ) 1 T t i t r a n s a c o n c o s s	0. 4	0. 6			3. 7
O O t t i i E B I T D A p e r a n g	1 6 0 3.	1 3 7 4.	1 6 % . 7	9 % . 5	4 8 0 3.
O i E B I T D A / t p e r a n g G P f i t r o s s r o	3 7. 3 %	3 6. 8 %			3 2 9 %

1) Transaction costs are costs connected with restructuring and refinancing under company law.

Income Statement Q3 2010 (continued)

i E U R n m	Q 3 2 0 1 0	Q 3 2 0 0 9	∆	F Y 2 0 0 9
E B I T D A	1 5 9. 9	1 3 6. 8	% 1 6. 9	4 7 6. 6
D i t i e p r e c a o n	2 1. 2 -	2 0. 5 -	3. 4 %	8 2 3 -
E B I T A	1 3 8. 7	1 1 6. 3	1 9. 3 %	3 9 4 3
) 1 A t i t i m o r z a o n	3 3. 9 -	3 0. 8 -	1 0. 1 %	1 2 3. 6 -
E B I T	1 0 4 8	8 5. 5	% 2 2 6	2 7 0. 7
F i i l R l t n a n c a e s u	3 2 7 -	4 9. 0 -	% 3 3. 3 -	2 2 3. 6 -
E B T	7 2 1	3 6. 5	% 9 7. 5	4 7. 1
f f f f P P i i t t t t t t r o a e r a x	4 3 3.	1 9 9.	1 1 1 1 6 6 % 7 7.	0 5.

1) Including amortization of customer relationships totaling EUR32.0m for Q3 2010 (EUR 28.5m for Q3 2009, EUR 114.4m for FY 2009). Of the amortization of customer relationships, EUR 26.8m for Q3 2010 (EUR 25.3m for Q3 2009, EUR 102.4m for FY 2009) result from the acquisition of the Brenntag Group by equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006. These customer relationships have been fully amortized by the end of Q3 2010.

Cash Flow Statement Q3 2010

i E U R n m	Q 3 2 0 1 0	Q 3 2 0 0 9	F Y 2 0 0 9
P f i f t t t r o a e r a x	4 3. 3	1 9. 9	0. 5
D i i & A i i t t t e p r e c a o n m o r z a o n	1 5 5.	1. 3 5	2 0 9 5.
I t n c o m e a x e s	2 8. 8	1 6. 6	4 6. 6
I t t n c o m e a x p a y m e n s	3 0. 5 -	6. 6 -	8 4 4 -
I t t l t n e r e s r e s u	3 0. 7	5 0. 3	2 1 1. 5
( ( ) ) I I t t t t t t t t n e r e s p a m e n s n e y	3 4 2. -	5 3 6. -	1 5 8 9. -
C h i t t d l i b i l i t i a n g e s n c r r e n a s s e s a n a e s u	3 6. 5 -	3 3. 5	2 4 5. 7
O t h e r	8 9.	9 3. -	2 3 4.
C h i d d b t i t i i t i a s p r o e o p e r a n g a c e s v y v	6 5. 6	1 0 2 1	4 9 0. 3

Cash Flow Statement Q3 2010 (continued)

i E U R n m	Q 3 2 0 1 0	Q 3 2 0 0 9	F Y 2 0 0 9
f P h i t i b l t d P P E u r c a s e s o n a n g e a s s e s a n	1 9. 1 -	1 3. 4 -	6 7. 9 -
P h f l i d d b i d i i d t u r c a s e s o c o n s o a e s u s a r e s a n t h b i i t o e r s n e s s n s u u	1 3 4 7 -	2 0 -	1 7. 8 -
O h t e r	1. 2	0. 2	9. 6
C h d f i i i i i t t t a s u s e o r n v e s n g a c v e s	1 2 6 5 -	1 2 5. -	6. 1 7 -
C i t l i a p a n c r e a s e	0. 0	0. 0	4 0. 0
P t i t i i t h t h i t l a m e n s n c o n n e c o n e c a p a y w i n c r e a s e	0. 6 -	0. 0	0. 0
D i i d d i d i i h h l d t t v e n s p a o m n o r y s a r e o e r s	0. 2 -	0. 0	4 5 -
R f b i ( ) t t e p a y m e n o o r r o w n g s n e	9. 9 -	3. 4 5 -	1 4 8. 5 -
C h d f f i i i i i t t a s u s e o r n a n c n g a c v e s	1 0. 7 -	3. 4 5 -	1 1 3. 0 -
C & h i h h i l t a n g e n c a s c a s e q u v a e n s	9 7. 7 -	3 3. 5	3 0 1. 2

2. Financials Q3 2010

Balance Sheet as of 30 September 2010

in EUR m

Assets

Liabilities and Equity

Property, plant and equipment111) Of the intangible assets as of September 30, 2010, some EUR 1,165 million relate to goodwill, trademarks as well as customer relationships and similar rights that were capitalized as part of the purchase price allocation performed in connection with the acquisition of the Brenntag Group by the equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006 in addition to the relevant intangible assets already existing in the previous Group structure.

Balance Sheet and Leverage

i E U R n m	3 0 S 2 0 1 0 e p	3 0 J 2 0 1 0 u n	3 1 M 2 0 1 0 a r	3 1 D 2 0 0 9 e c	Q 3 ∆ t o 3 1 / 1 2 / 0 9
1 ) F i i l l i b i l i t i n a n c a a e s	1, 7 7 0. 3	1, 8 3 2 2	2, 0 4 8. 6	2, 4 3 6. 3	6 6 6. 0 -
/ /. C C h h d d h h a s a n c a s i l t e q u v a e n s	3 0 0. 6	4 1 1. 3	6 6 4 0	6 0 2 6	3 0 2 0 -
N t D b t e e	1, 4 6 9. 7	1, 4 2 0. 9	1, 3 8 4 6	1, 8 3 3. 7	3 6 4 0 -
N D b / O i t t t e e p e r a n g 2 ) E B I T D A	2 6 x	2 7 x	2 7 x	3. 6 x	1. 0 x
E i t q u y	1, 3 6 5 5.	1, 4 1 5 5.	1, 4 6. 6 5	1 2 3 7	1, 3 6 3. 3

1) Excluding shareholder loan in an amount of EUR 702 2m for 31 Dec 2009 No shareholder loan was in place as of 31 Mar 2010 and subsequent amount 702.2m 31 2009. quarters.

2) Operating EBITDA on LTM basis; 2009 adjusted for expense items relating to the early termination of a multi-year incentive program. These expenses for the members of the management board amount to EUR 22.8m.

2. Financials Q3 2010

MaturitiesProfile as of 30 Sep. 2010

Trade Working Capital

i i E E U U R R n m	3 0 S e p 2 0 1 0	3 0 J n u 2 0 1 0	3 1 M a r 2 0 1 0	3 1 D e c 2 0 0 9
I t i n e n o r e s v	5 6 5. 3	5 2 8. 5	4 6 7. 2	4 2 2 3
T d R i b l + r a e e c e a e s v	1, 1 2 7. 6	1, 1 2 4 7	9 9 7. 5	8 3 1. 4
/. T d P b l r a e a y a e s	8 3 6. 6	8 7 7. 7	7 6 4 2	6 5 5. 6
C ( f ) W k i i t l d i d o r n g a p a e n o p e r o	1 ) 8 5 6. 3	7 7 5. 5	7 0 0. 5	5 9 8. 1
) ) 2 2 C C ( ( ) ) W W k k i i i i t t l l T T t t d d t t o r n g a p a u r n o v e r y e a r- o a e -	1 1 0 0. 4 4 x	1 1 0 0. 7 7 x	1 1 0 0. 7 7 x	9 9. 2 2 x
W k i C i t l T ( l t t l o r n g a p a u r n o v e r a s w e v e 3 ) ) t h m o n s	1 0. 2 x	1 0. 2 x	9. 7 x	9. 2 x

1) Working Capital in an amount of EUR 64.9m acquired with EAC Industrial Ingredients (consolidated as of July 2010)

• 2) Using sales on year-to-date basis and average working capital year-to-date
• 3) Using sales on LTM basis and average LTM working capital

Free Cash Flow Q3 2010

i E U R n m	Q 3 2 0 1 0	Q 3 2 0 0 9	F Y 2 0 0 9
E B I T D A	1 9. 9 5	1 3 6. 8	4 6. 6 7
C a p e x	2 1. 4 -	1 4 1 -	7 1. 8 -
W k i C i l ∆ t o r n g a p a	4 7. 7 -	1 2 1	2 4 2 0
C C F F h h F F l l r e e a s o w	9 0 8.	1 3 4 8.	6 4 6 8.

Segments Q3 2010

i E U R n m		E u r o p e	N h t o r A i m e r c a	i L t a n A i m e r c a	A i s a P i f i a c c	A l l h t o e r t s e g m e n s	G r o u p
E t l S l e r n a a e s x	Q Q 3 3 2 0 1 0	1 1, 0 0 1 1 1 1. 3 3	6 5 3 1	1 9 0 6.	8 3 3.	8 4 3.	2 2, 0 0 2 2 2 2. 6 6
	Q 3 2 0 0 9	8 9. 4 7	0 3. 5 5	1 2 1 5	1 2 5.	6 2 6	1, 6 1 2 8
	∆	% 1 5. 0	% 2 9. 7	% 2 5. 3	% 4 4 8. 0	% 3 4 7	% 2 5. 4
	F X ∆ d j t d a s e u	% 1 2 9	% 1 5. 8	% 9. 9	% 3 7 2 6	% 3 4 7	% 1 8. 0
O i t p e r a n g G P f i t r o s s r o	Q 3 2 0 1 0	2 1 8. 2	1 6 6 5.	3 4 7	1 6. 2	4 0	4 3 8. 7
	Q 3 2 0 0 9	2 0 8. 3	1 3 6 7.	3 2 1	4 0	2 4	3 8 4 4
	∆	% 4 8	% 2 0. 3	% 8. 1	% 3 0 5. 0	% 6 6. 7	% 1 4 1
	F X ∆ d j t d a s e u	2 8 %	7. 3 %	4 5 % -	2 5 7. 8 %	6 6. 7 %	7. 1 %
O t i E B I T D A p e r a n g	Q 3 2 0 1 0	7 5. 7	7 2 2	1 1. 0	6. 0	4 6 -	1 6 0. 3
	Q 3 2 0 0 9	7 0. 7	5 6. 9	1 2 6	1. 3	4 1 -	1 3 7. 4
	∆	1 % 7.	2 6. 9 %	1 2 % 7 -	3 6 1. % 5	1 2 2 %	1 6. % 7
	∆ F X d d j j d d t t a u s e	2 % 5.	1 4 1 %	2 1. 3 % -	3 2 8. 6 %	1 2 2 %	9. % 5

Events after 30 September 2010

Secondary placement by former majority shareholder Brachem Acquisition S.C.A. on 1 October 2010 increased free float from 29.03% to 50.39%

Agenda

Outlook 2010

	F l l Y 2 0 0 9 u e a r		T d 2 0 1 0 r e n
	9 M 2 0 1 0	C t o m m e n s	2 0 0 9 o e r v
S l a e s	• • • E U R 6, 3 6 5 m E U R 5, 5 7 7 1 1 0 0 m m •	P i i i i d d l l d, h i h t t t o s v e m m a a c c r r o o e e c c o o n n o o m m c c e e v v e e o o p p m m e e n n a s s u m e w c i l l t i t t l w c o n n u e o s u p p o r s a e s S f f l i h t t i t h t d t b t d g s o e n n g o m a c r o- g r o r e n s o e e p e c e w x N i l l i i d l f h i l t t t t o p a r c u a r y s r c v e w o n e v e o p m e n o c e m c a s i p r c e s O t i t d t d d i i t t i i b b t t i i t h f t i l l f u s o u r c n g r e n s o s s r r u u o o n n, e p r e e r e n a r o e o l d i t i b t d B t 's t t i t i s c a e s r o r s a n r e n n a g s r o n g c o m p e e u v i i i h j i d i d t t t t p o s o n n e m a o r e c o n o m e s a r e e x p e c e o p r o v e f t h t h t t i l u r e r g r o w p o e n a
G P f i t r o s s r o	• E U R 1, 4 6 0 m E U R 1, 2 2 6 m •	B d i i h t t a s e o n p p a s e x p p e r e n c e, p p r c e c a n g g e s a r e n o s e e n a s i i f i t f t f i f l G P f i t s g n c a n a c o r o n u e n c e o n r o s s r o f G f F t h i t i d l t P i t i t d u r e r p o s v e e v e o p m e n o r o s s r o s e x p e c e
O t i E B I T D A p e r a n g	• • E U R 4 8 0 m • E U R 4 4 8 m •	f E U R 5 7 0 t E U R 6 0 0 i d m o m c o n r m e O O ( t i E B I T D A l d I P t E U R 5. 7 t p e r a n g e c e s c o s s m n e x u d d i Q 1 ) r e c o r e n R t l k U S D i l l h t l t i l i t e c e n y w e a e r w a v e s o m e r a n s a o n a m p a c ( S / t U D E U R b t 1. 4 0 h 1. 3 0 d h c r r e n a o e r e a s a s s m e e n u u w u w i d d l k f Q 2 ) t t p r o v e o u o o a e r I f E A C I d i l I d i i i i i l d d t t t t m p a c o n u s r a n g r e e n s a c q u s o n n c u e
f f P i t t t r o a e r a x	• E U R 0. 5 m • E U R 8 4 m	C f B P t ' l t d t b t i t i i l i d a r n e r s r e a e c u s o m e r a s e a m o r z a o n n a z e f Q 3 2 0 1 0 b d e n o y C C h h h h i i l l h h h h h h I P O t t t t t t t t t t t t t t a n g e s o e c a p a s r u c u r e r o u g e b f i i l f i t t e n e c a o r n e r e s e x p e n s e

3. Outlook 2010

Outlook 2010

	F l l Y 2 0 0 9 u e a r 9 M 2 0 1 0	C t o m m e n s	T d 2 0 1 0 r e n 2 0 0 9 o v e r
C W k i i t l o r n g a p a	E U R 5 9 8 m E U R 8 5 6 m	T l t t f t i f l t h • o a a r g e e x e n a u n c o n o s a e s g r o w f C F i t t i l i d t i E A I d t i l r s m e c o n s o a o n o n s r a • u I d i i d k i i l i Q 3 t t n g r e e n s n c r e a s e w o r n g c a p a n b E U R 6 4. 9 y m
		S d t d t d d o m e e c r e a s e e p e c e o a r s e a r- e n • x w y d l i t t u e o s e a s o n a y
C a p e x	E U R 7 2 m E U R 4 7 m	F l l 2 0 1 0 d t l b 2 0 0 9 h i h • u y e a r m o e s y a o v e w c w a s i t d b t i d i l i m p a c e y c a u o u s s p e n n g p o c y

Agenda

Appendix

Contents

O t i h i h l i h t 9 M 2 0 1 0 p e r a n g g g s •	2 3 p
I t t t 9 M 2 0 1 0 • n c o m e s a e m e n	2 4 p
I P O l d f f i t t t t t • r e a e e e c s o n n c o m e s a e m e n	2 6 p
f O f f I t t t d j t d I P l t d t n c o m e s a e m e n a s e o r r e a e e e c s • u	2 7 p
C h f l t t t 9 M 2 0 1 0 a s o s a e m e n • w	2 8 p
I I P P O O l l d d f f f f i i 9 M 2 2 0 0 1 1 0 0 t t t t t t • r e a e e e c s o n e q u y	3 0 p
f 9 2 0 1 0 F h l M r e e c a s o w •	3 1 p
S t 9 M 2 2 0 0 1 1 0 0 e g m e n s •	2 . 3 p

Operating Highlights 9M 2010

G f P i t r o s s r o	E U R 1, 1 2 2 2 2 5 5 9 9 m m F X d j d i b ( d i 6 5 % t t a u s e n c r e a s e y y -o -y a s r e p o r e n c r e a s e f 1 0 6 % ) o -o y -y
O t i E B I T D A p e r a n g	E U R 4 4 7 6 m F X d j d i b ( d i 9. 9 % t t a u s e n c r e a s e y y -o -y a s r e p o r e n c r e a s e f ). O i E B I T D A l d f f 1 4 3 % t t o y -o -y p e r a n g e x c u e s e e c s l d h I P O t t t r e a e o e
O / t i E B I T D A p e r a n g G f P i t r o s s r o	( ) 3 6 % i 3 3 % i 9 M 2 0 0 9 d 3 2 9 % F Y 2 0 0 9 5 t 5 a g a n s n a n
C h f l a s o w	O f f f l d k i i l i E U R 1 0 9 t t t 7 o o r r a e o r n g c a p a n c r e a s e o m u w w d l i d i l l i t t t u e o s a e s n c r e a s e a n y p c a s e a s o n a y. W k i C i l i l i d t t t o r n g a p a m a n a g e m e n c o n n u o u s y m p r o v e C i l d i i l i i h i t t t t t a p a e x p p e n u r e s n- n e w e x p e c a o n s.

Income Statement 9M 2010

i E U R n m	9 M 2 0 1 0	9 M 2 0 0 9	∆	F X ∆ d j d t a u s e	F Y 2 0 0 9
S l a e s	5, 7 1 0. 2	4, 8 1 6. 2	1 8. 6 %	1 4 1 %	6, 3 6 4 6
C f G d S l d t o s o o o s o	4, 4 8 4 3 -	3, 7 0 7. 5 -	2 1. 0 %		4, 9 0 5. 1 -
G P f i t r o s s r o	1, 2 2 9 5.	1, 1 0 8. 7	1 0. 6 %	6. % 5	1, 4 9. 5 5
1 ) E x p e n s e s	8 4 7 7 -	1 8. 2 7 -	9. 3 %		9 8 2 9 -
E B I T D A	4 4 1. 2	3 9 0. 5	1 3. 0 %	8. 6 %	4 6. 6 7
A d d b k a c 2 ) T i t t r a n s a c o n c o s s	6. 4	1. 2			3. 7
O O t t i i E B I T D A p e r a n g	4 4 6. 7	3 9 1 7.	1 4 % . 3	9 % . 9	4 8 0 3.
O t i E B I T D A / p e r a n g G f P i t r o s s r o	% 3 6. 5	% 3 5. 3			% 3 2 9

1) Q1 2010 i l di IPO l d i h f EUR Q2 2010 i l di l d h i i i f EAC I d i l including IPO related expenses in the amount of EUR 5.7m net, including expenses related to the acquisition of IndustrialIngredients in the amount of EUR 1.5m

2) For 9M 2010 IPO related expenses of EUR 5.7m net; Transaction costs are costs connected with restructuring and refinancing under company law.

Income Statement 9M 2010 (continued)

i E U R n m	9 M 2 0 1 0	9 M 2 0 0 9	∆	F Y 2 0 0 9
1 ) E B I T D A	4 4 1. 2	3 9 0. 5	1 3. 0 %	4 7 6. 6
D i t i e p r e c a o n	6 2 3 -	6 1. 9 -	0. 6 %	8 2 3 -
E B I T A	3 7 8. 9	3 2 8. 6	1 5. 3 %	3 9 4 3
2 ) A t i t i m o r z a o n	9 7. 7 -	9 3. 4 -	4 6 %	1 2 3. 6 -
E B I T	2 8 1. 2	2 3 5. 2	1 9. 6 %	2 7 0. 7
3 ) F i i l R l t n a n c a e s u	1 4 1. 4 -	1 7 1. 6 -	1 7. 6 % -	2 2 3. 6 -
E B T	1 3 9. 8	6 3. 6	1 1 9. 8 %	4 7. 1
P P f f i i t t f f t t t t r o a e r a x	8 4 2.	1 8 3.		0 5.

1) Including IPO related expenses of EUR 5.7m net for 9M 2010

2) Including amortization of customer relationships totaling EUR 91.7m for 9M 2010 (EUR 86.3m for 9M 2009, EUR 114.4m for FY 2009). Of the amortization of customer relationships, EUR 79.6m for 9M 2010 (EUR 76.9m for 9M 2009, EUR 102.4m for FY 2009) result from the acquisition of the Brenntag Group by equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006. These customer relationships have beenfully amortized by the end of Q3 2010.

3) Including IPO-related effects in the amount of EUR 43.2m for 9M 2010

IPO-related Effects on Income Statement

i E U R n m	Q 1 2 0 1 0	Q 2 2 0 1 0	Q 3 2 0 1 0	9 M 2 0 1 0
f f E t b E B I T D A e c s a o e v
O S C I P t d t B h A i i t i A c o s s p a s s e o n o r a c e m c q s o n u	2 5 +	0. 0	0. 0	2 5 +
I P O t c o s s	8. 2 -	0. 0	0. 0	8. 2 -
T t l f f t b E B I T D A o a e e c a o e v	5. 7 -	0. 0	0. 0	5. 7 -
E f f t i F i i l l t e c s n n a n c a r e s u
W i l t d a v e r r e a e	2 0. 8 -	0. 0	0. 0	2 0. 8 -
f f D i t i t i h d t t i i t i s c o n n u a o n o e g e a a c c c c o o u u n n n n g g o r c e r a n i t t n e r e s s w a p s	4 4 5 5. -	0 0. 0 0	0 0. 0 0	4 4 5 5. -
I t t b d i t d h h l d l n e r e s e p e n s e s o n s o r n a e s a r e o e r o a n x u	1 7. 0 -	0. 0	0. 0	1 7. 0 -
f f f f T t l t t i F i i l l t o a e e e e c c s s n n a n c a r e s u	4 3 2. -	0 0.	0 0.	4 3 2. -
T l I P O l d f f I S t t t t t t o a -r e a e e e c s o n n c o m e a e m e n	4 8. 9 -	0. 0	0. 0	4 8. 9 -

No adjustment made for the amortization of customer relationships resulting from the acquisition of the Brenntag Group by equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006 (EUR 79.6m for 9M 2010). These customer relationships have been fully amortized by the end of Q3 2010

Income Statement Adjusted for IPO Effects

i E U R n m	Q 1 2 0 1 0	Q 2 2 0 1 0	Q 3 2 0 1 0	9 M 2 0 1 0
E B I T D A	1 2 8. 5	1 5 2 8	1 5 9. 9	4 4 1. 2
A d j f I P O l d t t t u s m e n o r -r e a e f f t e e c s	5. 7	0. 0	0. 0	5. 7
E B I T D A d j t d a u s e	1 3 4 2	1 2 8 5	1 9. 9 5	4 4 6. 9
F i i l l t n a n c a r e s u	3. 6 7 -	3 1 5. -	3 2 7 -	1 4 1. 4 -
A d j t t f I P O l t d u s m e n o r -r e a e f f t e e c s	4 3. 2	0. 0	0. 0	4 3. 2
F i i l l d j d t t n a n c a r e s u a u s e	3 0. 4 -	3 1 5. -	3 2 7 -	9 8. 2 -
E B T	3. 7	6 4 0	7 2 1	1 3 9. 8
A d j t t f I P O l t d u s m e n o r -r e a e f f t e e c s	4 8. 9	0. 0	0. 0	4 8. 9
E B T d j d t a u s e	2 6 5	6 4 0	2 1 7	1 8 8. 7

No adjustment made for the amortization of customer relationships in the amount of EUR 79.6m in 9M 2010 capitalized in the course of the purchase price allocation made in September 2006 and fully amortized by the end of Q3 2010

Cash Flow Statement 9M 2010

i E U R n m	9 M 2 0 1 0	9 M 2 0 0 9	F Y 2 0 0 9
f f P i t t t r o a e r a x	8 4 2	1 8. 3	0. 5
& D i t i A t i t i e p r e c a o n m o r a o n z	1 6 0. 0	1 5 5. 3	2 0 5. 9
I t n c o m e a x e s	5 5. 6	4 5. 3	4 6. 6
I t t n c o m e a x p a y m e n s	5 5. 7 -	5 5. 3 -	8 4 4 -
I l t t t n e r e s r e s u	1 3 9. 5	1 6 2 5	2 1 1. 5
I I ( ( ) ) t t t t t t t t n e r e s p a y m e n s n e	1 6 8 7. -	1 4 0 2. -	1 5 8 9. -
C h i d l i b i l i i t t t a n g e s n c u r r e n a s s e s a n a e s	1 4 6. 3 -	2 3 5. 5	2 4 5. 7
O h t e r	1 8 1. -	2 0 8.	2 3 4.
C h i d d b i i i i t t t a s p r o v e y o p e r a n g a c v e s	0. 5 5	4 4 2 2	4 9 0. 3

Cash Flow Statement 9M 2010 (continued)

i E U R n m	9 M 2 0 1 0	9 M 2 0 0 9	F Y 2 0 0 9
f P h i t i b l t d P P E r c a s e s o n a n g e a s s e s a n u	4 9. 4 -	3 6. 0 -	6 7. 9 -
P h f l i d d b i d i i d h t t u r c a s e s o c o n s o a e s u s a r e s a n o e r b i i t u s n e s s u n s	1 3 6 7. -	1 4 1 -	1 8 7. -
O t h e r	3. 2	8. 6	9. 6
C f h d i t i t i i t i a s s e o r n e s n g a c e s u v v	1 8 3. 8 -	4 1. 5 -	7 6. 1 -
C i t l i a p a n c r e a s e	5 2 5. 0	4 0. 0	4 0. 0
P t i t i i t h t h i t l i a m e n s n c o n n e c o n e c a p a n c r e a s e y w	1 3. 5 -	0. 0	0. 0
D i i d d i d t i i t h h l d v e n s p a o m n o r y s a r e o e r s	1. 6 -	2 0 -	4 5 -
R t f b i ( t ) e p a y m e n o o r r o w n g s n e	6 8 8. 9 -	1 4 6. 2 -	1 4 8. 5 -
C h d f f i i i i i t t a s u s e o r n a n c n g a c v e s	1 7 9. 0 -	1 0 8. 2 -	1 1 3. 0 -
C h i h & h i l t a n g e n c a s c a s e q u v a e n s	3 1 2 3 -	2 9 2 5	3 0 1. 2

IPO-related Effects on Equity

i EURn m

I f h i t l f i f 1 0. 5 d d i t i l h n c r e a s e o s a r e c a p a r o m s s u a n c e o m a o n a s a r e s	1 0. 5
I f i t l f d f l i d h n c r e a s e o c a p a r e s e r v e r o m g r o s s p r o c e e s o n e w y s s u e s a r e s	5 1 4 5
1 ) C f I P O d i l f f i i l t t t t t o s s o r e c y o s e a g a n s c a p a r e s e r v e	1 2 6 -
I I f f i i l l f f i i f f h h h h l l d d l l i i l. l i i t t t n c r e a s e o c a p a r e s e r v e r o m c o n v e r s o n o s a r e o e r o a n n c n e r e s i I P O t p r o r o	1 4 9 7
T t l i t i t o a m p a c o n e q u y	1, 2 2 7. 3

Free Cash Flow 9M2010

i E U R n m	9 2 0 1 0 M	9 2 0 0 9 M	2 0 0 9 F Y
E B I T D A	4 4 1. 2	3 9 0. 5	4 7 6. 6
C a p e x	4 7. 2 -	3 3. 6 -	7 1. 8 -
W k i C i t l ∆ o r n g a p a	1 7 0. 9 -	2 0 6. 2	2 4 2 0
F F C C h h F F l l r e e a s o w	2 2 3 1.	6 3 1. 5	6 4 6 8.

Segments 9M 2010

i E U R n m		E r o p e u	N t h o r A i m e r c a	L t i a n A i m e r c a	A i s a f P i i a c c	A l l t h o e r t s e g m e n s	G r o p u
E l S l t x e r n a a e s	9 M 2 0 1 0	2 2, 9 9 4 4 8 8. 2 2	1 1, 8 8 4 4 3 3. 8 8	4 3 0. 5	1 2 1 9.	2 3 3 5	1 0 2. 5, 7
	9 M 2 0 0 9	2, 5 8 4 8	1, 5 8 1. 1	4 5 9. 0	4 3. 2	1 4 8. 1	4, 8 1 6. 2
	∆	1 4 1 %	1 6. 6 %	1 8. 3 %	1 8 2 2 %	7 1. 0 %	1 8. 6 %
	F X ∆ d j t d a u s e	1 1. 9 %	1 0. 4 %	8. 1 %	1 4 4 3 %	7 1. 0 %	1 4 1 %
O t i p e r a n g G f P i t r o s s r o	9 M 2 0 1 0	6 4 9. 7	4 6 2 5	1 0 3. 7	2 6. 7	1 0. 7	1, 2 5 3. 3
	9 M 2 0 0 9	6 0 9. 6	4 1 3. 9	9 1. 3	1 0. 6	8. 2	1, 1 3 3. 6
	∆	6. 6 %	1 1. 7 %	1 3. 6 %	1 5 1. 9 %	3 0. 5 %	1 0. 6 %
	F X ∆ d j d t a u s e	4 8 %	% 5. 7	4 3 %	1 2 0. % 7	3 0. % 5	6. 4 %
O t i E B I T D A p e r a n g	9 M 2 0 1 0	2 2 0. 1	1 9 8. 3	3 3. 6	1 0. 2	1 4 6 -	4 4 7. 6
	9 M 2 0 0 9	1 9 4 6	1 0. 9 7	3 3. 0	2 6	9. 4 -	3 9 1. 7
	∆	% 1 3. 1	% 1 6. 0	% 1. 8	% 2 9 2 3	% 5 5. 3	% 1 4 3
	F X ∆ d d j j t t d d a s e u	1 1. 0 %	1 0. 2 %	6. 1 % -	2 5 1. 7 %	5 5. 3 %	9. 9 %