Brenntag SE — Investor Presentation 2010

Aug 11, 2010

Company Presentation

August 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 estimate , expect , intend , plan , project , may , should forward-looking statements. Forward-looking 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 forwardlooking statements are proving to be incorrect, our actual results may be materially different from those expressed or implied by such forward-looking statements. We do not intend or assume any obligation to update these forward forward-looking lookingstatements statements. Any forward forward-looking lookingstatement speaks only as of the date on which it is made.

Brenntag is the global market leader in chemical distribution.

Li ki h i l f d h i l B id b i nking c hemical manufacturers and chemical users, Brenntag provides businessto-business distribution solutions for industrial and specialty chemicals globally. With over 10,000 products and a vast supplier base, Brenntag offers one-stop shop solutions to more than 150,000 customers.

Shared Values

Shared Success

Share Price

Agenda

1.Introduction to Brenntag

2.Key Investment Highlights

3. Financials Q2 2010

4. Outlook

Appendix

Global Market Leader with Strong Financial Profile

• •Global leader with 6.9%1) market share and sales of €6.4bn in 2009
• • ^c 11 000 employees thereof more than 3 800 dedicated local sales and marketing employees c. 11,000 employees, 3,800
• •Full-line portfolio of over 10,000 products to 150,000+ customers globally
• •Network of 400+ distribution facilities across 62 countries worldwide

• • ^c 3 3 million usually less-than-truckload deliveries annually with average value of ^c €2 000 c. 3.3

• 1) As per end 2008: BCG Market Report (January 2010)

• 2) Brenntag Predecessor
• 3) Brenntag and Brenntag Predecessor Combined
• 4) 2009 EBITDA includes expense items relating to the early termination of a multi-year incentive program. The expenses for the members of the Management Board amount to €22.8m. The alternative figures for 2009 EBITDA, 2009 EBITDA / Gross Profit and 2005-2009 EBITDA CAGR show the effects of adjusting 2009 EBITDA for this expense

1. Introduction to Brenntag

Chemical Distributors Fulfill a Value-Adding Function in the Supply Chain

• • Purchase transport and storage of large-scale quantities of diverse chemicals Purchase, of large scale
• –Several thousand suppliers globally
• Full-line p p , py roduct portfolio of 10,000+ industrial and s pecialt y chemicals
• Network of 400+ warehouses worldwide

1. Introduction to Brenntag

Chemical Distributors Fulfill a Value-Adding Function in the Supply Chain

• • Repackaging from large into smaller quantities
• •Filling, labelling, bar-coding and palletizing
• •Marketed by 3,800+ dedicated local sales and marketing employees
• • Mi i d bl di di t t ifi i t xing an blending according to customer specific requiremen s
• •Formulating and technical support from dedicated application laboratories

Chemical Distributors Fulfill a Value-Adding Function in the Supply Chain ValueAdding

• • Leveraging high route density based on local scale
• •Providing just-in-time delivery and vendor-managed inventory service
• •Utilizing transportation for drum return service
• •Offering one-stop-shop solution

1. Introduction to Brenntag

As a Full-line Distributor, Brenntag can Add Significant Value

Chemical Distribution Differs Substantially from Chemical Production

	"W h t " a w e a r e	"W h t t " a w e a r e n o
		C h i l P d e m c a r o u c e r
B i M d l u s n e s s o e	2 S / S B B i l t i e r v c e s o u o n s •	f M t i a n u a c u r n g •
P d P f l i t t r o u c o r o o	F l l- l i u n e •	N a r r o w •
C t B s o m e r a s e u	B d i d i d k t r o a n e r s e e n -m a r e s v •	N a r r o w •
C O d S i t u s o m e r r e r z e	S l l m a •	L a r g e •
D l i M h d t e v e r y e o	L h k l d t t e s s- a n- r u c o a •	T k l d d l r u c o a a n a r g e r •
F i d A t x e s s e s	L i t i t o w n e n s y •	H i h i t i t g n e n s y •
F i d A t F l i b i l i t e s s e e x x y	M l t i- p r p o s e u u •	N a r r o p r p o s e w u •
C B t o s a s e	V i b l a r a e •	F i d x e •
R M t i l P i a a e r a r c e s w	M k t a r e •	C t t o n r a c •
/ O I t t t P i i n p p r c n g u u u	C t d o n n e c e •	D i t d s c o n n e c e •

Agenda

1.Introduction to Brenntag

2.Key Investment Highlights

3. Financials Q2 2010

4. Outlook

Appendix

A Highly Attractive Investment Case

Global Market Leader

Significant Growth Potential in an Attractive Industry

Superior Business Model with Resilience

Excellence in Execution

Highly Experienced Management Team

Strong Financial Profile

2. Key Investment Highlights Global Market Leader

A Global Full-line Third Party Chemical Distribution Network Fullline

Third Party Chemical Distribution Estimated Market Size and Market Shares

gy g , gy

As per end 2008: BCG Market Report (January 2010)

1) Global includes not only the four regions shown above, but also RoW

2) Ashland Distribution. Only 49% of Ashland Distribution revenues sourced from distribution of chemicals (Annual Report September 2009)

Third Party Chemical Distribution Outgrew Total Chemical Demand

Third Party Chemical Distribution Opportunity

BCG Market Report (January 2010) 1) Excluding non-distribution relevant products like ethylene Significant Growth Potential in an Attractive Industry 2. Key Investment Highlights

Multiple Levers of Organic Growth and Acquisition Potential

Significant organic and acquisition growth potential

2. Key Investment Highlights

Significant Growth Potential in an Attractive Industry

Significant Potential for Consolidation and External Growth

Building Up Scale And Efficiencies

Expand Geographic Coverage

Improving Full-Line Portfolio

Brenntag's Acquisition Track Record

• • 92 transactions since 1991 thereof 21 since 1991, 20071)
• • Total cost of acquisitions2) of €228m since 2007
• • Average investment amount of €11m per transaction for the period 2007-2009
• • Synergy potential from cross-selling and cost saving opportunities mainly due to building up of scale and improved efficiency of acquisitions
• • Market remains highly fragmented f ilit ti i ifi t f th lid tifacilitating significant further consolid ation potential

Superior Business Model with Resilience 2. Key Investment Highlights

Diversity Provides Resilience and Growth Potential

Data for customers, products and suppliers as per Management estimates 1) Adhesives, coatings, elastomers, sealants

High Barriers to Entry due to Critical Scale and Scope

Permits and licences

Infrastructure availability

Know-how

Rationalization of distribution relationships distribution

Global reach

Regulatory standards Significant capital d tiresources an time required to create a global full-line g distributor

Excellence in Execution 2. Key Investment Highlights

Excellence in Execution due to Balance of Global Scale and Local Reach

Global PlatformLocal Reach

⁹Core management functions

• Strategic direction
• Controlling and Treasury
• –Information Technology
• Quality, Health, Safety, ⁹Entrepreneurial culture Environment
• ⁹Strategic growth initiatives
• –Strategic supplier relationships
• Turned-over business
• Focus industries
• –Key accounts
• Mergers & Acquisitions

9Best practice transfer

⁹Better local understanding of market trends and adaptation to respective customer needs

9Clear accountability

⁹Strong incentivization with high proportion of variable compensation of management

Highly Experienced Management Team 2. Key Investment Highlights

•

With Brenntag since 1970

•

With Brenntag since 1995

Brenntag's Board Alone has More than 75 Years of Collective Experience Brenntag s Brenntag Management Board

Jürgen Buchsteiner CFO Stephen Clark CEOSteven HollandCOO and CEO Europe • With Brenntag since 1981 • With Brenntag since 2000 • With Brenntag since 2006 • More than 20 years of dedicated experience • 30 years of dedicated experience since • 30 years of dedicated experience Next Management Level Europe H B l COONorth AmericaWilli Fidl P id tLatin AmericaP t St tj P id t AsiaPacific• Harry van Baarlen, H N j d P id t • William Fidler, President• Peter Staartjes, President•Henry Nejade, President

Brenntag's top management comprises nearly 120 executive and senior managers

•

With Brenntag since 1984

•

With Brenntag since 2008

Strong Financial Profile 2. Key Investment Highlights

Growth Track Record and Resilience Through the Downturn

1) Brennta g Predecessor )g

2) Brenntag and Brenntag Predecessor Combined and does not constitute pro forma financial information

3) 2009 EBITDA includes expense items relating to the early termination of a multi-year incentive program. The expenses for the members of the Management Board amount to €22.8m. The alternative figures for 2009 EBITDA and 2005-2009 EBITDA CAGR show the effects of adjusting 2009 EBITDA for this expense

A Highly Attractive Investment Case

Global Market Leader

Significant Growth Potential in an Attractive Industry

Superior Business Model with Resilience

Excellence in Execution

Highly Experienced Management Team

Strong Financial Profile

Agenda

1.Introduction to Brenntag

2.Key Investment Highlights

3. Financials Q2 2010

4. Outlook

Appendix

Introductory remarks to Q2 2010 earnings

Ongoing sound business development and strong earnings growth in Q2 2010 against the background of continued macro-economic recovery

Accelerated gross profit growth and moderate increase of operating expenses support operating EBITDA growth in Q2 2010

Stronger USD in Q2 2010 in comparison to Q2 2009 results in translational effects

Growth in working capital in line with increased business activity, partly offset by improved working capital turnover

Expenses of EUR 1.5m for the acquisition of EAC Industrial Ingredients incurred

Operating highlights Q2 2010

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

Income Statement Q2 2010

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

1) Q2 2010 including expenses related to the acquisition of EAC Industrial Ingredients in the amount of EUR 1.5m

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

Income Statement Q2 2010 (continued)

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

1) Including amortization of customer relationships totaling EUR30.7m for Q2 2010 (EUR 29.1m for Q2 2009, EUR 114.4m for FY 2009). Of the amortization of customer relationships, EUR 27m for Q2 2010 (EUR 25.8m for Q2 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 will be fully amortized by the end of Q3 2010.

Cash Flow Statement Q2 2010

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

Cash Flow Statement Q2 2010 (continued)

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

Balance Sheet and Leverage

in EUR m	30 Jun 2010	31 Mar 2010	31 Dec 2009	$\triangle$ Q2 to 31/12/09
Financial liabilities1)	1,832.2	2,048.6	2,436.3	$-604.1$
Cash and cash equivalents	411.3	664.0	602.6	$-191.3$
Net Debt	1,420.9	1,384.6	1,833.7	$-412.8$
Net Debt / Operating EBITDA 2)	2.7x	2.7x	3.6x	0.9
Equity	1,545.1	1,456.6	172.3	1,372.8

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.

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.

3. Financials Q2 2010

MaturitiesProfile as of 30 Jun 2010

Trade Working Capital

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

1) Using sales on year-to-date basis and average working capital year-to-date

2) Using sales on LTM basis and average LTM working capital

Free Cash Flow Q2 2010

in EUR m	Q2 2010	Q2 2009	Q1 2010	FY 2009
EBITDA1	152.8	132.3	128.5	476.6
Capex	$-15.5$	$-11.0$	$-10.3$	$-71.8$
∆ Working Capital	$-45.7$	101.8	$-77.5$	242.0
Free Cash Flow	91.6	223.1	40.7	646.8

1) After costs related to the EAC Industrial Ingredients acquisition of EUR 1.5m

Segments Q2 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 0 2 2 0 1	1 9 , 0 0 5	6 4 5. 5	1 8 8 3.	2 0 1.	9 0 4.	1 8 , 9 5 3
	Q 2 2 0 0 9	8 8. 8 5	1 3. 0 5	1 4 3 5.	1 4 2	2 4 5	1, 8 3. 5 7
	∆	% 1 7. 5	% 2 5. 8	% 2 9. 6	% 4 1. 5	% 7 2 5	% 2 3. 4
	F X ∆ d j t d a s e u	% 1 5. 1	% 1 5. 9	% 1 5. 3	% 2 1. 4	% 7 2 5	% 1 7. 3
O i t p e r a n g G P f i t r o s s r o	Q 2 2 0 1 0	2 2 0. 0	1 6 2 2	3 2 7.	6 5.	3. 9	4 2 8. 9
	Q 2 2 0 0 9	2 0 3. 0	1 3 1 5.	2 9. 7	3. 5	3. 4	3 4 7 7
	∆	% 8. 4	% 2 0. 1	% 2 5. 3	% 6 0. 0	% 1 4 7	% 1 4 5
	F X ∆ d j t d a s e u	5. 7 %	1 0. 8 %	1 2 9 %	3 8. 5 %	1 4 7 %	8. 6 %
O t i E B I T D A p e r a n g	Q 2 2 0 1 0	7 4 0	6 9. 7	1 2 5	2 1	5. 3 -	1 5 3. 0
	Q 2 2 0 0 9	6 5. 9	5 6. 1	1 0. 8	0. 5	0. 7 -	1 3 2 6
	∆	1 2 3 %	2 4 2 %	1 % 5. 7	3 2 0. 0 %	6 1 % 5 7.	1 4 % 5.
	∆ F X d d j j d d t t a u s e	1 0. 3 %	1 2 % 5.	3. 4 %	2 0. 0 % 5	6 1 % 5 7.	9. 6 %

Agenda

1.Introduction to Brenntag

2.Key Investment Highlights

3. Financials Q2 2010

4. Outlook

Appendix

Outlook 2010

	F l l Y 2 0 0 9 u e a r		T d 2 0 1 0 r e n
	H 1 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 3, 3 6 6 8 8 8 8 m m •	P i t i i d l t d, o s e m a c r o e c o n o m c e e o p p m e n a s s m e v v u , l i d f h i h i l l i t t t t t a o n g s e m o s o r e c a s s, w c w c o n n u e o s u p p o r l s a e s f N t i l l t i t i d l t h i l o p a r c a r s r c e o n e e o p m e n o c e m c a s u y v w v i p r c e s O i d d d i i i i b b i i h f i l l f t t t t t t t t t 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 u o r s a n r e n n a g s r o n g c o m p e v e i t i i t h j i t d t i d p o s o n n e m a o r e c o n o m e s a r e e p e c e o p r o e x v f h h i l t t t t 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 7 9 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 2 8 7 m •	E U R 5 7 0 t E U R 6 0 0 m o m 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 A t h t U S D / E U R t t 1. 3 0 f t h i d f s s u m e s a s a y s a o r e r e m a n e r o S t h k U D i l l h t i i t t h e e a r e a e r a e n e g a e m p a c o n e y ; w w v v l k t o u o o 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
N t I e n c o m e	• E U R 0. 5 m • E U R 4 0. 9 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

4. Outlook 2010

Outlook 2010

	F l l Y 2 0 0 9 u e a r H 1 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 e r v
W k i C i l t o r n g a p a	9 8 E U R 5 m E U R 7 7 6 m	f f T l t t t i l t h o a a r g e e e n a n c o n o s a e s g r o x u w • N i i f i f h i d i l t t t t o s g n c a n u r e r n c r e a s e e x p e c e u n • d, d i f i i i t t d i d y e a r- e e n n p r c n g s n o r e n n g u p w a r s
C a p e x	E U R 7 2 m E U R 2 6 m	N i i f i h t o s g n c a n c a n g e s • 2 0 0 9 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

1.Introduction to Brenntag

2.Key Investment Highlights

3. Financials Q2 2010

4. Outlook

Appendix

Contents

•	f L t d i H i t M t h 1 3 0 Y o n g s a n n g s o r o o r e a n e a r s y	4 0 p
•	O O f f f f T h I i t i l P P b b l l i i i i e n a c c e e r r n n g g u u	4 1 p p
•	S C f G t t F t i d P i t b l t h r a e g y o c u s o n o n n u e r o a e r o w	4 2 p
•	T I i t i t i T d B i o p n a v e u r n e -o v e r u s n e s s –	4 3 p
•	S G G T I i t i t i F d t t t h h o p n a v e o c u s e e g m e n r r o o w w –	4 . 4 p
•	T I i i i K A t t t o p n a v e e y c c o u n s –	4 5 p
•	T I i i i A i 1 / D E F t t o p n a v e r –	4 6 p
•	N h A A i i E f f i i H b & S k S S t t t t o r m m e e r r c c a a c e n u p o e y y s s e e m m –	7 . 5 p
•	C i d H l h, S f d h E i t t t t t t t o m m e o e a a e y a n e n v r o n m e n	4 8 p
•	A i i i h A h i d T M i O b j i t t c q u s o n s a v e c e v e r e e a n e c v e s	4 9 p
•	A i P P i i f f i i C l l D f i d S S t t t t s a a a c c c c e a r y e n e r r a a e e g g y y –	0 . 5 p
•	I i V l A d d d d R t n c r e a s n g a u e e a n e u r n s	1 5 p
•	S C h G i h P Y t t t t r o n g a s e n e r a o n o v e r e a s e a r s	2 5 p
•	C d S S i i i i f f i i D D L L i i t t t t o n s a n a n g g n n c c a a n n e e- e e v v e e r r a a g g n n g g	3 . 5 p
•	S h h l d S f 3 1 M 2 0 1 0 t t a r e o e r r u c u r e a s o a r	5 4 p
•	S h D t a r e a a	5 5 p
•	F F i i i i l l C C l l d d n n a a n n c c a a a a e e n n a a r r	5 6 p p
•	C t t o n a c	5 7 p

Longstanding History of More than 130 Years

1 8 7 4	P h i l i M ü h f d h b i i B l i t p p s a m o u n s e u s n e s s n e r n •
1 9 6 6	B t b i t t i l, i i B l d i B l i r e n n a g e c o m e s n e r n a o n a a c q r n g a e r n e g m u u •
1 9 0 1 9 9 7 7 -	U S b i b l i h d i d i i i i E d t t t u s n e s s e s a s e ; c o n n u e a c q u s o n s n u r o p e a n a n • N h A i h i l d i i b i b i t t t o r m e r c a n c e m c a s s r u o n u s n e s s
1 9 8 0 1 9 8 9 -	F t h i i N t h A i r e r e p a n s o n n o r m e r c a u x •
1 1 9 9 9 9 0 0 2 2 0 0 0 0 0 0 -	E i i E i i i i i i i k f N b G i i A i t t t t x p a n s o n n u r o p e v a a a c c q q u u s s o o n n s s ; ; a e o v e r o e u e r r o u p n n u s r a • b l i h f h l d i C l d E E t t t t e s a s e s o o o n e n r a a n a s e r n u r o p e
2 0 0 0	f C f f A i i t i H l l d h i l I t t i l, t t h t i t h i t h l t c q u s o n o o a n e m c a n e r n a o n a a e m e e a r g e s • h i l d i i b l d i d i d i l b l l d l d i i i i t t t c e m c a s r u o r w o r w e, p p r o v n g g g g o a s c a e a n a e a n g g p p o s o n n L i A i t a n m e r c a
2 0 0 0 2 0 0 8 -	B i l b l k l d i i i f A C h i l ( U S 2 0 0 6 ), t t L e c o m n g g o a m a r e e a e r ; a c q u s o n o e m c a s • , S h i h l l ( S i l d 2 0 0 6 ) d A l b i ( U K d I l d 2 0 0 6 ) t c w e z e r a w z e r a n a n o n a n r e a n , ,
2 0 0 8	f A i i t i R h d i d i t i b t i t i i t i i 8 t i t b l i h i A i c q s o n o o a s r o n a c e s n c o n r e s, e s a s n g s a u u v u • f f P i i l t a c c p a o r m
2 0 1 0	I P O •

The Initial Public Offering

I s s e r u	G B t A r e n n a g •
S l l i h h l d e n g s a r e o e r	B h A i i t i S C A ( f d d i d b B C P t B i C i t l, r a c e m c q u s o n u n s a v s e y a r n e r s, a n a p a • G S ) l d h d M t o m a n a c s a n a n a g e m e n
O f f t t e r s r u c u r e	f f f f G G G G f f P P b b l l i i i i d d t t h h d d D D h h L L b b c o e r n e r m a n a n e r a n c o e m o r g u y u y u x u • ( S I t t i l i t l t i t i j i d i t i i t h U i t d t t n e r n a o n a p r a e p a c e m e n n c e r a n r s c o n s n e n e a e s v u • d R l 1 4 4 A R S l h ) u n e r u e e g e s e w e r e ,
i i L t s n g	P P i i S t d d f t h F F k k f f t t S t k E E h h r r m m e e a n a r o e r r a a n n u u r r o c x x c c a a n n g g e e •
O f f i e r s e z	P i f E U R 4 6. 0 0 E U R 6. 0 0 h 5 r c e r a n g e o p e r s a r e • – O f f i f 1 0. i d 2. d h 5 5 e r s z e o m p r m a r y a n m s e c o n a r y s a r e s • 1 % h f 1 1. 9 9 d h 5 5 5 g r e e n s o e o m s e c o n a r y s a r e s • P i d f E U R 2 d f i l f 5 5 t t t r m a r y p r o c e e s o m a n p r o- o r m a c a p a s r u c u r e o • 2. 6 2. 8 N t D b t / E B I T D A x e e –
O O f f f f i d e e r r p e r o	f B k b i l d i 1 6 t 2 6 M h 2 0 1 0, i i 2 7 M h 2 0 1 0 o o u n g r o m o a r c p r c n g o n a r c • F F i i t t d d f f t t d d i i 2 9 M M h h 2 0 1 0 r s a y o r a n g a r c •
I i s s e p r c e u	f I i E U R 5 0. 0 0, l t i l t i b i b d s s e p r c e o m p e m e s o e r- s s c r e u u v u • G f h t i l l i d 3 1 M h 2 0 1 0, t b i l i t i r e e n s o e o p o n u y e x e r c s e o n a r c n o s a z a o n m e a s u r e s •

Strategy Focus on Continued Profitable Growth

ution

Top Initiative – Turned-over Business Turnedover

Substantially increase supplier penetration by proactively taking over smaller customers from suppliers

Top Initiative – Focused Segment Growth

Significantly increase share in customer industries where Brenntag can achieve above average growth

1) Adhesives, coatings, elastomers, sealants

Increase business with pan-regional / global key customers based on increased demand

Concept

• Management belie es ^c stomers' distrib tion chemical spend ma be 15% believes customers' distribution may be 15% - 25% of their total chemical spend
• • Partnering with an international distributor can greatly reduce the cost and time of supplier management, allowing customer procurement to focus on strategic materials procurement to
• • International distribution can bundle customers' global usage to simplify the interaction with producers
• K l d i t t it b idl t f d t ll th it th l i• Knowledge gain at one customer site can be rapidly transferred to all other sites, thus lessening project development time, approval of alternate sources, or implementing best-in-class logistics
• • One contract or working document applies to all business interactions leading to quicker implementation reduced misunderstandings and elimination of regional differences implementation, differences
• An international distributor can grow with the customer as the customer enters new geographical and business markets

Top Initiative – Air1 / DEF1) DEF

High volume growth of high quality urea solution needed for catalytic reaction in trucks to fulfill regulatory requirements in Europe (Air1) and North America (DEF)

Concept

• • I E d N th A i t k h t t ifi In Europe and North America new trucks have to meet specific norms for reduced emissions
• •High quality urea solution is needed for catalyst reaction to fulfill those norms
• • Brenntag has developed special logistics and consultancy concepts to facilitate supply of our customers with Air1 / DEF. This concept focuses on guaranteeing a consistently high quality standard throughout the supply chain from production and all logistics services to the arrival of the product at the customer's premises

North America –Efficient Hub & Spoke System

Hub & spoke system – Efficient management of stock and storage utilization

• • Larger distribution sites ("hubs") are fully equipped with tanks, filling stations, mixing and blending facilities and storage facilities for packaged products
• • Smaller distribution sites ("spokes") represent warehouse facilities for packaged products that are (p )p p gp supplied from the larger sites
• 1) BEA Bureau of Economic Analysis

Committed to Health, Safety and the Environment

Committed to the Principles of Responsible Care / Responsible Distribution1)

• •Product responsibility
• •Plant safety
• •Occupational safety and health
• •Comprehensive environmental protection (air, water, soil, raw materials, waste)
• •Transport safety

1) Program of the International Council of Chemical Trade Associations

Acquisitions have Achieved Three Main Objectives

and Efficiencies

• • Germany, 2002 Biesterfeld
• • UK and Ireland, 2006 Albion
• • Switzerland 2006Switzerland, Schweizerhall
• • Western US, 2006 Q adra and LA uadraChemicals
• • Mid-South US, 2007 Ul i h Ch i lricChemicals

Building up Scale Expanding Geographic Improving Coverage Full-line Portfolio

• • CEE, 2000 Neuber
• • Canada / Latin America / Nordic, 2000 Holland Chemical Intl
• • North Africa, 2005 Group Alliance
• Ukraine & R ssia 2008•ussia, Dipol

• • Asia Pacific, 2008 Rh diodia

• • ACES1), 2004 Acquacryl / Chemacryl (UK)

• • ACES1), 2007 St. Lawrence(Canada)
• • Food, 2005, 2007-09 6 distributors in Spain, Italy, Turkey, Mexico and the UK
• • Oil & Gas, 2005-06, , ,20083 distributors in North America

Asia Pacific –Clearly Defined Strategy

Increasing Value Added and Returns

€ m	2 0 0 7	% ∆	2 0 0 8	% ∆	) 1 2 0 0 9	% C A G R 2 0 0 7- 2 0 0 9
S l a e s	6, 6 1 7	1 0. 6	3 8 0 7,	( 1 3. 8 )	6, 3 6 5	( 2 3 )
C f G d S l d t o s o o o s o	3 1 5, 7	1 0. 7	8 8 5, 7	( 1 6. ) 7	4, 9 0 5	( 4 0 )
G P f i t r o s s r o	1, 3 5 5	1 0. 2	1, 4 9 2	( ) 2. 2	1, 4 6 0	3. 8
O i E t p e r a n g x p e n s e s	9 4 7	6. 8	1, 0 1 1	( ) 2. 8	9 8 3	1. 9
E B I T D A	4 0 8	1 7. 9	4 8 1	( ) 0. 9	4 7 7	8. 1
E B I T D A / G P f i t r o s s r o	3 0 %		3 2 %		3 3 %
E B I T A	3 2 1	2 3. 9	3 9 8	( 0. 8 )	3 9 4	1 0. 8

) 2 R O N A	2 0. 2 %	2 4 4 %	2 6. 8 %

• 1) 2009 EBITDA / EBITA include expense items relating to the early termination of a multi-year incentive program. The expenses for the members of the Management Board amount to €22.8m; thereof €12.8m relate to North America, €5.2m to Europe and €4.8m to RoW
• 2) RONA is defined as EBITA divided by the sum of average PPE plus average working capital

Strong Cash Generation over the Past Years

€ m	2 0 0 7	2 0 0 8	1 ) 2 2 0 0 0 0 9 9
E B I T D A	4 0 9 7.	4 8 0. 9	4 6. 6 7
C a p e x	( 1 0 4 6 )	( 8 4 3 )	( 7 1. 8 )
C W k i i t l ∆ o r n g a p a	( ) . 2 4 4	( ) . 5 3 5	2 4 2 0.
2 ) F C h F l r e e a s o w	2 8. 9 7	3 4 3. 1	6 4 6. 8
3 ) C A W k i i t l e r a g e o r n g a p a v	7 7 4 4	8 3 3. 1	6 9 1. 9
4 ) W W k k i i C C i i l l T T t t o r n g a p a u r n o v e r	8 8. 6 6 x	8 8. 9 9 x	9 9. 2 2 x

1) 2009 EBITDA includes expense items relating to the early termination of a multi-year incentive program. The expenses for the members of the Management Board amount to €22.8m; thereof €12.8m relate to North America, €5.2m to Europe and €4.8m to RoW

2) Free Cash Flow is calculated as EBITDA – Capex +/- ΔWorking Capital

3) Average Working Capital is defined for a particular year as the mean average of the values for working capital at each of the following five times: the beginning of the year, the end of each of the first, second and third quarters, and the end of the year

4) Working Capital Turnover is defined as Sales divided by Average Working Capital

Constant and Significant De-Leveraging DeLeveraging

• 1) Net debt defined as current financial liabilities plus non-current financial liabilities less (cash and cash equivalents plus subordinated shareholder loan)
• 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

Shareholder Structure as of 31 May 2010

Share Data

I S I N	D E 0 0 0 A 1 D A H H 0
S k b l t o c s y m o	B N R
i d i L t s e s n c e	2 9 M h 2 0 1 0 a r c
S b i b d i i t t l l u s c r e c c a a p p a a	1, 1 0 0 0 0, 0 0 0 0 0 0 E U R 5 5 5 5
O t t d i h s a n n g s a r e s u	5 1, 5 0 0, 0 0 0
C f l h a s s o s a r e s	R i t d h e g s e r e s a r e s
F f l t r e e o a	2 9. 0 3 %
O f f i i l k t c a m a r e	P i S d d X E T R A d F k f t t r m e a n a r a n r a n u r
R l t d f f i i l k t e g u a e u n o c a m a r e s	B l i S t t t t e r n, u g a r
D i d S t e s g n a e p o n s o r s	D h B k, G l d S h I i l, J P. M t t t e u s c e a n o m a n a c s n e r n a o n a o r g a n S S i i i i M i l l L h I I i i l l, t t t t t t e e c c u u r r e e s s, e r r y n c n n e e r r n n a a o o n n a a

Financial Calendar

1 2 M 2 0 1 0 a y	I i R Q 1 2 0 1 0 t t n e r m e p o r
1 3 / 1 4 M 2 0 1 0 a y	R d h d L o a s o w o n o n
2 0 / 2 1 M 2 0 1 0 a y	D h B k 's G & A i C C f F k f / M i t t t t e u s c e a n e r m a n u s r a n o r p o r a e o n e r e n c e, r a n u r a n ,
1 2 A 2 0 1 0 t u g u s	I i R Q 2 2 0 1 0 t t n e r m e p o r
2 S b 2 0 1 0 7 t e p e m e r	I f M k F i k & C M i h t n v e s o r c o n e r e n c e e r c n c o u n c
1 1 N b 2 0 1 0 o v e m e r	I i R Q 3 2 0 1 0 t t n e r m e p o r

Contact

Brenntag AG Stinnes-Platz 145472 Muelheim/RuhrGermany

Phone: +49 (0) 208 7828 7653 Fax: +49 (0) 208 7828 7755 Email: IR@brenntag.de Web: www.brenntag.com

Stefanie Steiner, Diana Alester, Georg Müller Investor Relations