Brenntag SE — Investor Presentation 2011

Nov 21, 2011

Company Presentation

November 2011

Disclaimer

This presentation may contain forward-looking statements based on current assumptions and forecasts made by Brenntag AG and other information currently available to the company Various known and company. 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. Brenntag AG does not intend, and does not assume any liability whatsoever, to update these forwardlooking statements or to conform them to future events or developments developments.

Brenntag is the global market leader in chemical distribution.

Linking chemical manufacturers and chemical users Brenntag provides business users, to-business distribution solutions for industrial and specialty chemicals globally. With over 10,000 products and a world-class supplier base, Brenntag offers onestop -shop solutions to about 160 000 customers shop 160,000 customers.

Share Price (indexed to 100)

Agenda

1.Introduction to Brenntag

2.Key investment highlights

3. Financials Q3 2011

4. Outlook

Appendix

Global market leader with strong financial profile

• •Global leader with 6.9%1) market share and sales of €7.6bn in 2010
• • c 12 000 employees thereof nearly 4 400 dedicated local sales and marketing employees c. 12,000employees, 4,400
• •Full-line portfolio of over 10,000 products to about 160,000 customers globally
• •Network of 400+ locations across nearly 70 countries worldwide

• • c 3 5 million usually less-than-truckload deliveries annually with average value of ^c €2 000 c. 3.5

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

• 2) 2005: Brenntag Predecessor
• 3) 2006: Brenntag and Brenntag Predecessor Combined
• 4) 2009: EBITDA includes expense items relating to the early termination of a multi-year incentive program.

1. Introduction to Brenntag

Chemical distributors fulfil 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+ locations worldwide

Chemical distributors fulfil a value-adding function in the supply chain

• • Repackaging from large into smaller quantities
• •Filling, labelling, bar-coding and palletizing
• •Marketed by nearly 4,400 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 fulfil 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 e a r e w	"W h " t t a e a r e n o w
		C h i l P d e m c a r o u c e r
B i d l s n e s s m o e u	S / S B 2 B i l t i e r c e s o o n s v u •	f M t i a n a c r n g u u •
P d f l i t t r o u c p o r o o	F l l- l i u n e •	N a r r o w •
C b t u s o m e r a s e	B d i d i d k t r o a n v e r s e e n -m a r e s •	N a r r o w •
C t d i s o m e r o r e r s e u z	S l l m a •	L a r g e •
D l i t h d e v e r y m e o	L t h t k l d 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 t x e a s s e s	i i L t t o w n e n s y •	H i h i i t t g n e n s y •
F i d f l i b i l i t t x e a s s e e x y	M l i- t u p u r p o s e •	N a r r o w p u r p o s e •
C t b o s a s e	V i b l a r a e •	F i d x e •
R i l i t a w m a e r a p r c e s	M k t a r e •	C t t o n r a c •
I t / O t t i i n p u u p u p r c n g	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 Q3 2011

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), Brenntag's market share in Asia Pacific updated for acquisition of EAC Industrial Ingredients 1) Global includes not only the four regions shown above, but also RoW

2) Former 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

• • 101 transactions since 1991 thereof 30 1991, since 20071)
• • Total cost of acquisitions2) of €449 m since 2007 – September 2011
• • Average investment amount of €15m per transaction until September 2011
• • 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

2. Key investment highlights

Superior business model with resilience

Diversity provides resilience and growth potential

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

Excellence in execution 2. Key investment highlights

Excellence in execution due to balance of global scale and local reach

Global platform Local 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

Brenntag's board alone has more than 90 years of collective experience Brenntag s 90 of Brenntag's board of management

Steven HollandCEO

• •
• • 30 years of dedicated experience

Jürgen Buchsteiner CFO

• With Brenntag since 2006 With Brenntag since 2000
• • More than 20 years of dedicated experience

William FidlerBoard Member

• With Brenntag since 1970
• • 40 years of experience in chemicals distribution

Next management level Europe H B l COOLatin AmericaP t St tj P id t AsiaPacific• Harry van Baarlen, H N j d P id t • With Brenntag since 1995 • Peter Staartjes, President• With Brenntag since 1984 • Henry Nejade, President•With Brenntag since 2008

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

Strong financial profile 2. Key investment highlights

Growth track record and resilience through the downturn

1) 2005: Brenntag Predecessor

2) 2006: 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.

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 Q3 2011

4. Outlook

Appendix

Introductory remarks to Q3 2011 earnings

Ongoing sound business development in an economic environment of slowed down dynamic

Strong gross profit growth of 7.7% as well as operating EBITDA growth of 8.6% (both y-o-y both FX adjusted) in Q3 2011 y y,

Main driver was the organic growth of the business, the Zhong Yung acquisition is included in the financials only since September

Average USD/EUR conversion rate of 1.4127 in Q3 2011 compared to 1.2910 Q3 2010, resulted in as reported growth rates below FX adjusted growth rates in growth rates

Extremely strong free cash flow in Q3 2011 driven by strong EBITDA generation and reduction of working p ca pital

Operating highlights Q3 2011

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

Strategic market entry in China

• •Acquisition of Zhong Yung (International) Chemical Ltd.
• • Closing of purchase of the first tranche of 51% end of August 2011 and consolidation since 1st September 2011
• •Acquisition of the remaining stake is contracted for 2016
• • Estimated enterprise value for the first tranche of 51% of the shares is EUR 43m, to be finally determined on the basis of the EBITDA 2011
• • Zhong Yung is focused on the distribution of solvents with established commercial and logistical infrastructure in the ke y economic re gions in China g yg

i E U R n m	2 0 1 1 E
S l a e s	2 2 0 0 5 5 5 5.
G f i t r o s s p r o	2 6. 0
E B I T D A	1 1. 3
C t u s o m e r s	2, 0 0 0 ~
S l i u p p e r s	1 0 0 >

Expansion of product portfolio into base oils and lubricant additives

• • Signing of acquisition of Multisol Group Limited, a specialty chemical distributor of high value specialty chemicals, in September 2011
• • Closing is expected in the course of 2011, subject to common merger approvals
• •Estimated enterprise value is GBP 112.1m
• • Multisol provides a further product portfolio expansion into lubricant additives and high quality base oils
• • Multisol expands Brenntag's mixing and blending capabilities
• • Multisol'sg gp p p eo gra phic presence in Euro pe and Africa complements Brenntag's existing infrastructure and logistics network to drive sales growth

i G B P n m	2 0 1 2 E
S l a e s	2 3 8
G f i t r o s s p r o	3 9
E B I T D A	1 9

Refinancing

• • Refinancing gg took advantage of Brenntag's continued successful track record and the attractive market environment in the first half of 2011
• • Resulting in extended maturities, high degree of financial flexibility and significant margin improvements
• •Credit ratings upgraded to BBB- by Standard & Poor's and Ba1 by Moody's
• •Replacement of nearly all of the Group's debt funded on July 19
• • Attractive instrument mix with ^a patient maturity profile profile
• • Approx. EUR 1.5bn 5-years multi-currency syndicated loan facilities; thereof approx. EUR 1.2bn drawn and EUR 0.4m available
• • EUR 400 i l 7400m inaugural 7-years corporatb d eon
• • Approx. EUR 177m A/R Securitization remains in place, but maturity extended to 3-years (already in June)

Refinancing (continued)

• •Brenntag issued its first bond in July 2011
• •Further diversification of the financing mix
• •Substantial demand among investors, issuance was several times oversubscribed

Main data of the Brenntag bond

I S I N	X S 0 6 4 9 4 1 4 1 9 5
I s s u e r	B t F i B V r e n n a g n a n c e
L i t i s n g	S L b t k E h e m o r g o c c a n g e u x u x
A t m o n u	E U R 4 0 0 m
C o p o n u	5 5 0 %
M t i t a r u y	1 9 J l 2 0 1 8 u y
R t i a n g	/ B B B B 1 a -

Income statement Q3 2011

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

1) Transaction costs are costs related to restructuring and refinancing under company law.

Income statement Q3 2011 (continued)

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

1) This figure includes scheduled amortization of customer relationships totaling EUR 4.0 million (prior period: EUR 32.0 million). Of the amortization of customer relationships in the prior period EUR 26 8 million resulted from the amortization of customer relationships which were capitalized on the acquisition of the relationships, 26.8 of customer capitalized on Brenntag Group by funds advised by BC Partners Limited, Bain Capital, Ltd. and subsidiaries of Goldman Sachs International at the end of the third quarter of 2006. These customer relationships were fully amortized over four years until September 30, 2010.

2) Thereof EUR -5.4m related to change in purchase price obligation Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS

Cash flow statement Q3 2011

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

Cash flow statement Q3 2011 (continued)

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

Balance sheet as of 30 September 2011

1) Of the intangible assets as of September 30, 2011, some EUR 1,161 million relate to goodwill and trademarks that were capitalized as part of the purchase price allocation performed on the acquisition of the Brenntag Group by funds advised by BC Partners Limited, Bain Capital, Ltd. and subsidiaries of Goldman Sachs International at the end of the third quarter of 2006 in addition to the relevant intangible assets already existing in the previous Group structure.

Specific effects relating to the consolidation of Zhong Yung

• • 51% of Zhong Yung is currently owned by Brenntag; the outstanding 49% will be h d i 2016purc hasein
• •Zhong Yung is fully consolidated by the Brenntag Group since September 2011
• • Earnings attributable to our co-owning partner are recorded in the income statement under "profit after tax, attributable to minority shareholders"
• • Liabilities for an additional final payment for the acquisitions of the currently owned 51% and for the 49% to be acquired in 2016 are recorded in the balance sh t ti t d b i d " h i bli ti d li biliti heet on an estimaebasis under "purc hase price obligations an dabilities under IAS32 to minorities". EUR 10.8m have been recorded short term and EUR 67.9m long term.
• • Changes to these liabilities (e g from compounding of interest change in earnings (e.g. compounding of interest, estimates, changes in the CNY/EUR exchange rate) are recorded in the income statement under "change in purchase price obligations and liabilities under IAS 32 to minorities" which is p p art of financial result. In Q3 an ex pense of EUR 5.4m has been recorded
• • Any income effect related to the changes of purchase price liabilities will be tax neutral, i.e. will not impact current or deferred taxes

Balance sheet and leverage Q3 2011

in EUR m	30 September 2011	30 June 2011	31 March 2011	31 Dec 2010	31 Dec 2009
Financial liabilities1)	1,855.2	1,729.8	1,726.7	1,783.8	2,436.3
./. Cash and cash equivalents	481.6	259.2	349.8	362.9	602.6
Net Debt	1,373.6	1,470.6	1,376.9	1,420.9	1,833.7
Net Debt / Operating EBITDA 2)	2.1x	2.3x	2.2x	2.4x	3.6x
Equity	1,647.9	1,631.1	1,642.0	1,617.9	172.3

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 quarters.

2) Operating EBITDA for the quarters on LTM basis; 2009 adjusted for expense items relating to the early termination of a multi-year incentive program.

Leverage: Net debt / Operating EBITDA1) Q3 2011

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

2) Operating EBITDA for the quarters on LTM basis; 2009 adjusted for expense items relating to the early termination of a multi-year incentive program.

Maturities profile as of 30 September 20111)

1) Syndicated loan, bond and liabilities under the international accounts receivable securitization program excluding accrued interest and transaction costs (on the basis of exchanges rates on September 30, 2011)

Working capital Q3 2011

i i E E U U R R n m	S 3 0 t b e p e m e r 2 0 1 1	3 0 J u n e 2 0 1 1	3 1 M a r 2 0 1 1	3 1 D e c 2 0 1 0	3 1 D e c 2 0 0 9
I i t n v e n o r e s	6 3. 4 5	6 4 5. 7	6 0 6. 0	6 0 6. 1	4 2 2 3
T d i b l + r a e r e c e v a e s	1, 2 9. 2 7	1, 2 6 4 8	1, 2 1 6. 2	1, 0 9. 5 7	8 3 1. 4
/. T d b l r a e p a a e s y	9 7 5. 3	9 2 3. 5	9 1 7. 7	8 3 4 1	6 5 5. 6
( f ) W k i i t l d i d o r n g c a p a e n o p e r o	9 3 5 7.	9 8 0 7.	9 0 4 5	8 3 1. 7	9 8. 1 5
( ( W k i i t l t t o r n g c a p a r n o e r e e a a r r- o u v y y ) 1 ) d t a e	9. 4 x	9. 5 x	9. 8 x	1 0. 2 x	9. 2 x
W k i i l ( l t t t o r n g c a p a u r n o v e r a s 2 ) l h ) t t w e v e m o n s	9. 3 x	9. 5 x	9. 9 x	1 0. 2 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 Q3 2011

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

Segments Q3 2011

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

Agenda

1.Introduction to Brenntag

2.Key investment highlights

3. Financials Q3 2011

4. Outlook

Appendix

4. Outlook

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

4. Outlook

Outlook

	2 0 1 0 9 M 2 0 1 1	C t o m m e n s	T d 2 0 1 1 r e n d 2 0 1 2 a n
W k i i l t o r n g c a p a	E U R 8 3 2 m E U R 9 5 7 m	T T l l f f i i f f l l h h t t t t 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 B i t h i l l l d t i W k i s n e s s g r o e a o a n n c r e a s e o o r n g u w w • C i l d d 2 0 1 0, d d i i l l i i d i t t t t a p a c o m p a r e o e n n o a o n a q u y f k i i t l b i l d- i Q 4 2 0 1 1 t d o r w o r n g c a p a u u p n e x p e c e T h 's k i i t l t i t d t e g g r r o o u u p p s w o r n g c a p a u r n o v e r s e x p e c e o • f d l i h t l t l l t t h e c r e a s e s g e a r- o e r- e a r p a r a s a r e s o e y y v y y u E A C i i i h i h l t t t a c q u s o n, w c a s a o w e r u r n o v e r r a e

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

Agenda

1.Introduction to Brenntag

2.Key investment highlights

3. Financials Q3 2011

4. Outlook

Appendix

Contents

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

Longstanding history of more than 140 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 's 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 A i i i f E A C I d i l I d i b i l l h i t t t t t t t ; ; c q q u s o n o n u s r a n g g r e e n s, s u s a n a y y s r e n g g e n n g • , i A i P i f i p r e s e n c e n s a a c c

Strategy focus on continued profitable growth

Be the safest, fastest growing, most profitable, global Chemical Distributor and preferred channel for both specialty and industrial chemicals Vision

• • Focus on organic growth and acquisitions
• Intense customer orientation
• Full-line product portfolio focused on value-added services
• Complete geographic coverage
• Accelerated growth in target markets
• Commercial and technical competence competence
• Continued commitment to Responsible Care / Distribution
• •Maintain focus on profitability and returns
• •Global top initiatives and regional strategies Strategic Initiatives

Appendix

Top initiative – Turned-over business Turnedover

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

Appendix

Top initiative – Focused segment growth

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

Top initiative – Key accounts

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

Concept

• Management believes customers' distribution chemical spend may be 15% - 25% of their total chemical spend p
• • Partnering with an international distributor can greatly reduce the cost and time of supplier management, allowing customer procurement to focus on strategic materials
• • International distribution can bundle customers' global usage to simplify the interaction with customers producers
• • 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 p j p , pp , p g roject g
• • One contract or working document applies to all business interactions leading to quicker implementation, reduced misunderstandings and elimination of regional differences
• An international distributor can grow with the customer as the customer enters new enters geographical and business markets

Customers who take advantage of Brenntag's truly global network contributed EUR 670m of g g yg sales in 2010.

Top initiative – AdBlue / DEF1) DEF

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

Concept

• •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 custo e s t m r with Ad ue Bl / DEF. This co cept ocuses ^o gua ^a tee g ^a co ^s ste t y g qua ty concept focuses on guaranteeing 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.
• •For 30 liters of truck diesel 1 liter of AdBlue is required.

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

Building up scale and efficiencies

• • Germany, 2002 Biesterfeld
• •UK and Ireland 2006
• • Switzerland, 2006 Schweizerhall
• • Western US, 2006 Quadra and LA Chemicals
• • Mid-South US, 2007 Ulrich Chemicals
• • North-Eastern US, 2010 Houghton Chemicals
• • Northern US 2011US, G.S. Robins
• 1) Adhesives, coatings, elastomers, sealants

Expanding geographic coverage

• • CEE, 2000 Neuber
• • Canada / Latin America / (UK) Ireland, Albion Nordic, 2000 Holland Chemical Intl
• • North Africa 2005Africa, Group Alliance
• • Ukraine & Russia, 2008 Dipol
• • Asia Pacific, 2008 Rhodia
• • Asia Pacific, 2010 EAC Industrial Ingredients
• • China 2011 Zhong Yung China, (International) Chemical

Improving full-line portfolio

• • ACES1), 2004 Acquacryl / Chemacryl
• • ACES1), 2007 St. Lawrence(Canada)
• • Food, 2005, 2007-09 6 distributors in Spain, Italy, Turkey, Mexico and the UK
• • Oil & Gas, 2005-06, 2008 3 distributors in North America
• • Food, 2010 Riba(Spain)

Appendix

Asia Pacific –Clearly defined strategy

Acquisition of EAC Industrial Ingredients

Fully in line with Brenntag's growth strategy to expand presence in emerging markets

Quantum leap from foothold in Asia Pacific to an established Asia Pacific Platform –market entry in two new Asian markets (Cambodia, Bangladesh)

Significant benefits with existing suppliers and customers and potential to further boost business

EUR 160m purchase price on a cash & debt free basis, implied 2010e multiple of 9.5x EV/EBITDA 2011e multiple of 6.6x EV/EBITDA

Acquisition of EAC Industrial Ingredients (continued)

i E U R n m	2 0 1 0 e	O O l l k k 2 0 1 1 t t u o o	O O l l k k 2 0 1 2 t t u o o
E l l t x e r n a s a e s	2 2 0	1 2 0 % 5 + –	1 0 % + ~
G f i t r o s s p r o	4 0	1 2 0 % 5 + –	1 0 % + ~
) 1 E B I T D A	1 6. 9	3 0 % >	1 % 5 + ~

Closing of transaction on 13 July 2010

Fi t ti lid ti f 01 J l 2010First time consolidation as of July

EUR 5m integration expenses expected in 2010 and EUR 1.5m expected in 2011

Purchase price for the equity EUR 128.0m as well as EUR 11.5m debt redemption, paid from available cash on 13 July 2010

¹⁾ Not including integration expenses

Operating highlights 9M 2011

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

Income statement 9M 2011

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

1) Transaction costs are costs related to restructuring and refinancing under company law.

Income statement 9M 2011 (continued)

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

1) This figure includes scheduled amortization of customer relationships totalling EUR 11.4 million (prior period: EUR 91.7 million). Of the amortization of customer relationships, in the prior period EUR 79.6 million resulted from the amortization of customer relationships which were capitalized on the acquisition of the Brenntag Group by funds advised by BC Partners Limited, Bain Capital, Ltd. and subsidiaries of Goldman Sachs International at the end of the third quarter of 2006. These customer relationships were fully amortized over four years until September 30, 2010.

Cash flowstatement 9M 2011

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

Cash flow statement 9M 2011 (continued)

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

Free cash flow 9M 2011

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

Segments 9M 2011

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

Return on net assets (RONA) 2010

i E U R n m	2 0 1 0	2 0 0 9	∆	∆
E B I T A	1 3. 6 5	3 9 4 3	1 1 9. 3	3 0. 3 %
A l d i ( P P E ) t t t v e r a g e p r o p e r y, p a n a n e q u p m e n	8 0 6. 1	7 8 0. 3	2 5. 8	3. 3 %
A k i i l t v e r a g e w o r n g c a p a	2 4 7 5	6 9 1. 9	6 0. 5	8. % 7
R t t t t t e r n o n n e a s s e s u	%. 3 3 0	%. 2 6 8

Increasing value added and returns

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

2 ) R O N A 2 0. 2 % 2 4 4 % 2 6. 8 % 3 3. 0 %
---------------------------------------------------------------------------------------------------------------

1) 2009 EBITDA / EBITA include expense items relating to the early termination of a multi-year incentive program.

2) RONA is defined as EBITA divided by the sum of average PPE plus average working capital

IPO-related Effects on Income Statement

i E U R n m	Q 1 2 0 1 0	Q 2 2 0 1 0	H 1 2 0 1 0	Q 3 2 0 1 0	Q 4 2 0 1 0	2 0 1 0
E f f b E B I T D A t e c s a o v e
I P O t h d t B h c o s s c a r g e o r a c e m S C A i i t i A c q s o n u	2 5 +	0. 0	2. 5 +	0. 0	0. 4 -	2. 1 +
I P O t c o s s	8. 2 -	0. 0	8. 2 -	0. 0	1. 6 +	6. 6 -
T l f f b E B I T D A t t o a e e c a o v e	5. 7 -	0. 0	5. 7 -	0. 0	1. 2	4. 5 -
E f f i F i i l l t 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	2 0. 8 -	0. 0	0. 0	2 0. 8 -
D i t i t i f h d t i s c o n n a o n o e g e a c c o n n g u u f t i i t t o r c e r a n n e r e s s a p s w I t t b d i t d n e r e s e p e n s e s o n s o r n a e x u h h l d l s a r e o e r o a n	5. 4 4 -	0 0. 0 0	5. 4 4 -	0 0. 0 0	0 0. 0 0	5. 4 4 -
	1 0 7. -	0. 0	1 7. 0 -	0. 0	0. 0	1 7. 0 -
f f f f T T t t l l t t i i F F i i i i l l l l t t o a e e c s n n a n c a r e s u	4 3 2. -	0 0.	4 3 2. -	0 0.	0 0.	4 3 2. -
T t l I P O l t d f f t I o a -r e a e e e c s o n n c o m e S t t t a e m e n	4 8. 9 -	0. 0	4 8. 9 -	0. 0	1. 2	4 7. 7 -

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 79.4m 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	H 1 2 0 1 0	Q 3 2 0 1 0	Q 4 2 0 1 0	2 0 1 0
E B I T D A	1 2 8. 5	1 5 2 8	2 8 1. 3	1 5 9. 9	1 5 6. 4	9 6 5 7.
A d j f I P O t t u s m e n o r l d f f t t r e a e e e c s	5. 7	0. 0	5. 7	0. 0	1. 2 -	4. 5
E B I T D A d j t d a s e u	1 3 4 2	1 5 2 8	2 8 7. 0	1 5 9. 9	1 5 5. 2	6 0 2. 1
F i i l l t n a n c a r e s u	7 3 6. -	3 5 1. -	1 0 8 7. -	3 2 7. -	3 5 8. -	1 7 7 2. -
A d j f I P O t t u s m e n o r l d f f t t r e a e e e c s	4 3. 2	0. 0	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 -	6 5 5. -	3 2 7. -	3 8. 5 -	1 3 4 0. -
E B T	3. 7	6 4 0	6 7. 7	7 2 1	9 2 0	2 3 1. 8
A d j f I P O t t u s m e n o r l d f f t t r e a e e e c s	4 8. 9	0. 0	4 8. 9	0. 0	1. 2 -	4 7. 7
E B T d j d t a u s e	2 6 5	6 4 0	1 1 6. 6	2 1 7	9 0. 8	2 7 9. 5

No adjustment made for the amortization of customer relationships in the amount of EUR 79.4m 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

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

1) 2009 EBITDA includes expense items relatin g to the earl y termination of a multiyear incentive pro gram. )g y y g

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

Shareholder structure as of September 2011

Appendix

Share data

I S I N	D E 0 0 0 A 1 D A H H 0
S t k b l o c s y m o	B N R
L i t d i s e s n c e	2 9 2 0 1 0 M h a r c
S b i b d i i t t l l s c r e c c a a p p a a u	E U R 5 5 1, 1 5 5 0 0 0 0, 0 0 0 0 0 0
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	% 6 3. 9 8
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 d f f i i l k t 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 t d e s g n a e s p o n s o r s	G S D t h B k, l d h I t t i l, J P. M 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 h I i l t t L t t e e c c u u r r e e s s, e r r y n c n e r n a o n a
I d i n c e s	®, S C S G S M D A X M I, t l b l, t E o o a o r o p e x x x x u

Appendix

Bond data

I S I N	X S 0 6 4 5 9 4 1 4 1 9
L i i t s n g	L b S k E h t u x e m o u r g o c x c a n g e
I s s u e r	B F i B V t r e n n a g n a n c e
G t u a r a n o r s	B A A G G l B G i t t r e n n a g s e v e r a r e n n a g r o u p c o m p a n e s ,
A t i i l t g g r e g a e p r n c p a a m o u n	4 0 0, 0 0 0, 0 0 0 E U R
D i t i e n o m n a o n	0 1, 0 0 E U R
f M i i t b l t n m u m r a n s e r a e a m o u n	0, 0 0 0 E U R 5
C o u p o n	0 % 5. 5
C t o u p o n p a y m e n	1 9 J l u y
M t i t a u r y	1 9 J l 2 0 1 8 u y
R t i a n g	B B B / B 1 a -

Financial calendar

N b 1 1 0, 0 2 0 1 1 o v e m e r	I i R Q 3 2 0 1 1 t t n e r m e p o r
N b 2 1, 2 0 1 1 o v e m e r	B k f A i B i S i C f L d a n o m e r c a u s n e s s e r v c e s o n e r e n c e, o n o n
N b 2 9- 3 0, 2 0 1 1 o e m e r v	C f B b L d e r e n e r g o n e r e n c e, o n o n
D b 6- 7, 2 0 1 1 e c e m e r	C S S C C f S d i t i B i i W t t F i r e s s e s n e s s e r c e s e s o a s o n e r e n c e, a n r a n c s c o u u v
M h 2 1, 2 0 1 2 a r c	A l R 2 0 1 1 t n n u a e p o r
M 9, 2 0 1 2 a y	I i R Q 1 2 0 1 2 t t n e r m e p o r
J 2 0, 2 0 1 2 u n e	G l S h h l d ' M i t e n e r a a r e o e r s e e n g
A 8, 2 0 1 2 t u g u s	I i R Q 2 2 0 1 2 t t n e r m e p o r
N b 7, 2 0 1 2 o e m e r v	Q I t i R t 3 2 0 1 2 n e r m e p o r

Appendix

Contact

Brenntag AG Investor RelationsStinnes-Platz 145472 Mülheim/Ruhr

Germany

P h o n e :	9 ( 0 ) 2 0 8 8 2 8 6 3 4 7 7 5 +
F a x :	4 9 ( 0 ) 2 0 8 8 2 8 7 7 7 5 5 +
E i l m a :	I R @ b d t r e n n a g e
W b e :	b t w w w r e n n a g c o m

Stefanie Steiner, Diana Alester, Georg Müller Investor Relations