Brenntag SE — Investor Presentation 2011

Mar 24, 2011

FY 2010

Conference Call Presentation, 24th March 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 unknown risks, uncertainties and other factors could lead to material differences between the actual future results financial situation development or performance results, situation, of the company and the estimates given here. Brenntag AG does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.

Agenda

Introductory Remarks to 2010 Earnings

Full-year 2010 operating EBITDA of EUR 602.6m exceeds the guidance range of EUR 570m to EUR 600m

Operating EBITDA marks another record year and represents a 25.5% growth over 2009 (20.2% based on constant FX rates)

Drivers were the organic growth of the business, increased efficiencies of the cost and asset base and some contribution by acquisitions

EAC Industrial Ingredients consolidated since July 2010

Stronger USD compared to end of 2009 resulted in positive translational effects

Working capital growth driven by increased business activity and first-time consolidation of EAC I d t i l I di t ki it l t i d d t f th i d In dustrial Ingredients, working capit al turnover increasedue to further improve working capital management

Proposed dividend payment of EUR 1 40 per share (payout ratio of 36% of adjusted profit 1.40 of after tax)

Operating Highlights 2010

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

Agenda

Income Statement 2010

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

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

Income Statement 2010 (continued)

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

1) Including amortization of customer relationships totaling EUR 96.2m for 2010 (EUR 114.4m for FY 2009). Of the amortization of customer relationships, EUR 79.4m for 2010 (EUR 102.4m for FY 2009) result from the acquisition of the Brenntag Group by equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006. These customer relationships have been fully amortized by the end of Q3 2010.

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

1) Due to a true up in Q4 reduced to EUR -4.5m from EUR -5.7 shown earlier

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 2010). These customer relationships have been fully amortized by the end of Q3 2010

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

No adjustment made for the amortization of customer relationships in the amount of EUR 79.4m in 2010 capitalized in the course of the purchase price allocation made in September 2006 and fully amortized by the end of Q3 2010

Cash Flow Statement 2010

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

Cash Flow Statement 2010 (continued)

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

2. Financials 2010

Balance Sheet as of 31 December 2010

1) Of the intangible assets as of December 31, 2010, some EUR 1,185 million relate to goodwill and trademarks that were capitalized as part of the purchase price allocation performed in connection with the acquisition of the Brenntag Group by the equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006 in addition to the relevant intangible assets already existing in the previous Group structure.

Balance Sheet and Leverage

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

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 2010

Leverage: Net Debt / Operating EBITDA1)

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 2010

MaturitiesProfile as of 31 Dec 2010

Working Capital

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

1) Working Capital in an amount of EUR 68.4m acquired with EAC Industrial Ingredients (consolidated as of July 2010)

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

Return on Net Assets (RONA) 2010

in EUR m	2010	2009	$\Delta$	$\Delta$
EBITA	513.6	394.3	119.3	30.3%
Average Property, Plant and Equipment (PPE)	806.1	780.3	25.8	3.3%
Average Working Capital	752.4	691.9	60.5	8.7%
Return on Net Assets	33.0%	26.8%

Free Cash Flow 2010

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

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

Segments Q4 2010

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

Dividend Proposal

in EUR m

f f P i t t t r o a e r a x	1 4 6. 6
L i i t i t t e s s m n o r n e r e s y	3. 0 -
f f f f ( ( ) ) f f G P P i i t t t t t t l l i i d d t t d d t t t t i i b b t t b b l l t t h h h h l l d d B B t t A r o a e r a c o n s o a e a r a e o s a r e o e r s o r e n n a g x u	1 4 3 6.
A d j f h i i f h B C P l i h i d t t t t t t t t t u s m e n o r e a m o r z a o n o e a r n e r s c u s o m e r r e a o n s p s a n i i l i h t s m a r r g s	7 9. 4
d d f f d d l l i i f f h h i i i i f f l l i i h h i i L L t t t t t t t t t t t t t t e s s e e r r e a x e s r e s u n g r o m e a m o r z a o n o c u s o m e r r e a o n s p s	2 2 6. -
f f ( ) P i t t t d j t d r o a e r a a s e x u	2 0 0. 4
P d d i i d d t r o p o s e v e n p a y m e n	7 2 1
D i i d d h i E U R v e n p e r s a r e n	1. 4 0
P i ( b d d j d b f d i i d d d i i b i ) t t t t t a y o u r a o a s e o n a u s e a s e o r v e n s r u o n	3 6 %

Events after 31 December2010

Secondary placement by former majority shareholder Brachem Acquisition S.C.A. on 19 January 2011 increased free float from 50.39% to 63.98%

Agenda

Outlook 2011

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

3. Outlook 2011

Outlook 2011

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

We are ready to answer your questions.

Brenntag Management Board

Stephen Clark CEO

Jürgen Buchsteiner CFO

Steven HollandCOO

William FidlerBoard Member

Thank you for your attention!

Agenda

Operating Highlights Q4 2010

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

Income Statement Q4 2010

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

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

Income Statement Q4 2010 (continued)

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

1) Including amortization of customer relationships totaling EUR 4.5m for Q4 2010 (EUR 28.1m for Q4 2009, EUR 114.4m for FY 2009). Of the amortization of customer relationships, EUR 0.0m for Q4 2010 (EUR 25.5m for Q4 2009, EUR 102.4m for FY 2009) result from the acquisition of the Brenntag Group by equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006. These customer relationships have been fully amortized by the end of Q3 2010.

IPO-related Effects on Income Statement

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

Cash Flow Statement Q4 2010

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

Cash Flow Statement Q4 2010 (continued)

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

Free Cash Flow Q4 2010

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

IPO-related Effects on Equity

i EURn m

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

1) Gross EUR 13.7m less EUR 3.7m tax effect. Due to a true up in Q4 the IPO costs directly offset against the capital reserve reduced to EUR -10.0m