Brenntag SE — Investor Presentation 2011

Nov 11, 2011

Q3 2011

Management Presentation, 10th 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 ygyp y 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.

Agenda

1. Highlights Q3 2011 g g

2. Financials Q3 2011

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

1. Highlights Q3 2011

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 >

1. Highlights Q3 2011

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)

1. Highlights Q3 2011

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

Agenda

1. Highlights Q3 2011 g g

2. Financials Q3 2011

3. Outlook

Appendix

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 t d a s e u	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 t d l d 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 p e n s e s x	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 5 9. 9	2 9 %	7. 6 %	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 0	0. 4			0 5.
O i E B I T D A t p e r a n g	1 6 6 6.	1 6 0 3.	3 %. 9	8 %. 6	6 0 2 6.
O / G t i E B I T D A 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 i t 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 %	1 3. 6 5
) 1 A i i t t m o r z a o n	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.	4 %. 0 5	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 million of customer capitalized 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 flowstatement Q3 2011

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

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.

2. Financials Q3 2011

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.

2. Financials Q3 2011

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	3 0 S 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 y a e s	9 3 7 5.	9 2 3. 5	9 1 7. 7	8 3 4 1	6 6 5 5.
W k i i l ( d f i d ) t 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 u r n o v e r y y e e a a r r- o 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 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 l t x e r n a s a e s	Q 1 3 2 0 1	1 6 , 0 6 5	1 9 7 5.	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 5 3. 1	1 9 0. 6	8 3. 3	8 4 3	2, 0 2 2 6
	∆	% 5. 5	9. 6 %	1 0. 3 %	2 2 % 5.	4 3. % 7	9. % 7
	F X ∆ d j d t a u s e	8 % 5.	1 9. 0 %	1 8 % 7.	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 7 0. 8	3 7. 4	2 0. 4	4 5	4 5 4 6
	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 %	8 % 7.	2 9 % 5.	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	6 % 7.
O i E B I T D A t p e r a n g	Q 3 2 0 1 1	1 7 5.	4 8 7	1 2 1	8. 9	4 3 -	1 6 6. 6
	Q 3 2 0 1 0	7 5. 7	7 2 2	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 u s e	0. 3 % -	1 2 3 %	1 8. 6 %	5 0. 8 %	6. 5 % -	8. 6 %

Agenda

1. Highlights Q3 2011 g g

2. Financials Q3 2011

3. Outlook

Appendix

3. Outlook

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

3. 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	f f f f T T l l t t t i i l l t h 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 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 y y e a r- o v e r- y e a r p a r y a s a r e s u o e C E A i i t i h i h l t t a c q s o n, c a s a o e r r n o e r r a e u w w u v

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

Thank you for your attention!

Brenntag board of management

Steven HollandCEO

Jürgen Buchsteiner CFO

William FidlerBoard Member

We are ready to answer your questions questions.

Agenda

1. Highlights Q3 2011 g g

2. Financials Q3 2011

3. Outlook

Appendix

Appendix

Contents

O t i h i h l i h t 9 M 2 0 1 1 p e r a n g g g s •	2 9 p
I t t t 9 M 2 0 1 1 • n c o m e s a e m e n	3 0 p
C h f l 9 M 2 0 1 1 t t t • a s o w s a e m e n	3 2 p
f F h l 9 M 2 0 1 1 r e e c a s o • w	3 4 p
S t 9 M 2 0 1 1 e g m e n s •	3 5 p
I I P P O O l l d d f f f f i i 2 2 0 0 1 1 0 0. t t t t t 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	3 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 u s e o r r e a e e e c s •	3 7 p

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

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 s e u	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 f t 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 p e n s e s x	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 i t t t a c r a n s a c o n c o s s	2 8	6. 4			0 5.
O i E B I T D A t 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 / G t i E B I T D A p e r a n g r o s s f i t p r o	3 2 % 7.	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	5 9 7. 6
D i t i e p r e c a o n	6 5. 9 -	6 2 3 -	% 5. 8	8 4 0 -
E B I T A	4 2 3. 7	3 7 8. 9	% 1 1. 8	5 1 3. 6
) 1 A t i t i m o r a o n z	1 7. 4 -	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 7 7. 2 -
E B T	3 1 2 6	1 3 9. 8	% 1 0 0 >	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	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

IPO-related effects on income statement 2010

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
O I P 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 u s o n	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 d t a v e r r e a e	2 0. 8 -	0. 0	2 0. 8 -	0. 0	0. 0	2 0. 8 -
f D i t i t i 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 w a p s	5. 4 4 -	0 0. 0 0	5. 4 4 -	0 0. 0 0	0 0. 0 0	5. 4 4 -
I b d i d t t t n e r e s e x p e n s e s o n s u o r n a e h h l d l s a r e o e r o a n	1 0 7. -	0. 0	1 0 7. -	0. 0	0. 0	1 0 7. -
f f f f f f T T t t l l t t i i 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. -
O f f T t l I P l t d t i o a -r e a e e e c s o n n c o m e t t t s 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 2010 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	5 9 7. 6
A d j f I P O t t u s m e n o r l t d f f 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 d t a u s e	1 3 4 2	1 2 8 5	2 8 7. 0	1 9. 9 5	1 2 5 5.	6 0 2. 1
F i i l l t n a n c a r e s u	3 6. 7 -	3 1. 5 -	1 0 8 7. -	3 2 7. -	3 8. 5 -	1 7 7 2. -
A d j t t f I P O s m e n o r u f f l t d 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 5 1. -	6 5 5. -	3 2 7. -	3 5 8. -	1 3 4 0. -
E B T	3. 7	6 4 0	6 7. 7	2 1 7	9 2 0	2 3 1. 8
A d j t t f I P O s m e n o r u f f l t d 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	5 2 6	6 4 0	1 1 6. 6	7 2 1	9 0. 8	2 9. 7 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