Brenntag SE — Investor Presentation 2012

Nov 16, 2012

Company Presentation

November 2012

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 more than 160 000 customers shop 160,000 customers.

Share Price (indexed to 100)

Agenda

1.Introduction to Brenntag

2.Key investment highlights

3. Financials Q3 2012

4. Outlook

Appendix

Global market leader with strong financial profile

• •Global leader with 6.9%*) market share and sales of €8.7bn in 2011
• • c 13 000 employees thereof nearly 4 700 dedicated local sales and marketing employees c. 13,000employees, 4,700
• •Full-line portfolio of over 10,000 products to more than 160,000 customers globally
• •Network of 400+ locations across about 70 countries worldwide
• • c 3 5 million usually less-than-truckload deliveries annually with average value of ^c €2 000 c. 3.5

*) As per end 2008: BCG Market Report (January 2010) Notes2005: Brenntag Predecessor 2006: Brenntag and Brenntag Predecessor Combined 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 more than 4,700 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 2012

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

• • 109 transactions since 1991 thereof 38 1991, since 20071)
• • Total cost of acquisitions2) of EUR 674m from 2007 – November 2012
• • Average investment amount of EUR 18m per transaction from 2007 – November 2012
• • 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 top management comprises nearly 120 executive and senior managers

Strong financial profile 2. Key investment highlights

Notes:

2005: Brenntag Predecessor

2006: Brenntag and Brenntag Predecessor Combined and does not constitute pro forma financial information 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 2012

4. Outlook

Appendix

Introductory remarks to Q3 2012 earnings

Earnings development confirms the strength and resilience of the business model under more difficult market conditions

Gross profit growth of 4.0% (y-o-y, FX adjusted) or 10.7% (as reported) in Q3 2012

Negative impact of Q3 result due to ^a non recurring expense in the European region non-recurring expense

Operating EBITDA adjusted for the non-recurring effect of about EUR 10m is on previous year's level (y-o-y, FX adjusted) or grew by 7.3% as reported

growth at 0.7% as reported, adjusted for non-recurring effect operating EBITDA was EUR 2012 acquisitions meet expectations

Continued strong free cash flow generation cash

Operating highlights Q3 2012

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

Free Float reached 100%

• • Final placement of Brachem Acquisition S.C.A. at the beginning of Q3
• o Brachem Acquisition S.C.A. placed the remaining portion of 6.9 million shares for a price of EUR 89.00 per share with institutional investors. The free float has now reached 100% of the share capital share capital.

3. Financials Q3 2012

Acquisitions

ISM/Salkat Group Australia and New Zealand

•Strengthening of strategic market position in Australia and market entry in New Zealand •Expansion of specialty product portfolio Expansion optimize well s' productivity

The TER Corporation Texas, USA

• •Supply of production (well treating) chemicals and specialized services to
• •TER is located in the fastest growing shale gas areas in the US

in U S D m	2 0 1 1
S le a s	1 1. 2
G Pr f i t ro ss o	8. 5
E B I T D A	3. 9
Cu to s m er s	1 0 0 ~

3. Financials Q3 2012

Acquisitions (2)

Delanta Group Latin America

• • In October Brenntag signed a preliminary agreement to acquire Delanta Group
• • Closing is expected in the course of November 2012
• • Specialty chemical distributor with presence in the Southern Cone of Latin America.
• • Delanta Group is active in the distribution of specialty chemicals, e.g. paints & coatings ceramics construction and food coatings, ceramics, and chemicals.

Income statement Q3 2012

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

1) Operating EBITDA 178.8m, adjusted for non-recurring effect in European segment +7.3% y-o-y, on previous year's level FX adj.

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

Income statement Q3 2012 (continued)

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

1) Thereof related to change in purchase price obligation Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS. Effect: 2011: EUR -10.6m; Q1 2012: EUR -0.2m; Q2 2012: EUR -3.9 m; Q3 2012: EUR -0.8m

2) Adjusted for the net effect of amortizations and changes in the purchase price obligation for the outstanding 49% in Zhong Yung (International) Chemical Ltd.

Cash flow statement Q3 2012

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

Cash flow statement Q3 2012 (continued)

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

Balance sheet as of 30 September 2012

1) Of the intangible assets as of June 30, 2012, some EUR 1,201 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.

Balance sheet and leverage Q3 2012

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

1) Operating EBITDA for the quarters on LTM basis.

3. Financials Q3 2012

Leverage: Net debt / Operating EBITDAQ3 2012

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

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

3. Financials Q3 2012

Maturities profile as of 30 September 20121)

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, 2012)

Working capital Q3 2012

i i E E U U R R n m	3 0 S S 2 0 1 2 e p	3 0 J n u 2 0 1 2	3 1 M a r 2 0 1 2	3 1 D e c 2 0 1 1	3 0 S e p 2 0 1 1	3 0 J n u 2 0 1 1
I t i n e n o r e s v	7 5 0. 7	7 2 2 5	7 2 3. 6	6 9 6. 8	6 5 3. 4	6 4 5. 7
T d i b l + r a e r e c e a e s v	1, 4 0 5. 0	1, 4 4 5. 7	1, 3 7 3. 0	1, 2 2 0. 9	1, 2 7 9. 2	1, 2 6 4 8
/. T d b l r a e p a a e s y	1, 0 4 2 8	1, 0 4 6. 4	1, 0 6 6. 8	9 5 6. 6	9 7 5. 3	9 2 3. 5
W k i i l ( d f t o r n g c a p a e n o i d ) p e r o	1, 1 1 2 9	1, 1 2 1. 8	1, 0 2 9. 8	9 6 1. 1	9 3 5 7.	9 8 0 7.
W k i i t l t o r n g c a p a r n o e r u v 1 ) ( ) t d t e a r- o a e y -	9. 3 x	9. 4 x	9. 6 x	9. 3 x	9. 4 x	9. 5 x
W k i i t l t o r n g c a p a u r n o v e r 2 ) ( l l h ) t t t a s w e v e m o n s	9. 2 x	9. 2 x	9. 2 x	9. 3 x	9. 3 x	9. 5 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 2012

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

3. Financials Q3 2012

Segments Q3 2012

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

1) Europe Operating EBITDA ∆ 5.2%, ∆ FX adjusted 3.4% adjusted for non-recurring effect in European segment.

Agenda

1.Introduction to Brenntag

2.Key investment highlights

3. Financials Q3 2012

4. Outlook

Appendix

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

4. Outlook

O l k t u o o
	2 0 1 1 9 M 2 0 1 2	C t o m m e n s	T d 2 0 1 2 r e n d 2 0 1 3 a n
W k i i t l o r n g c a p a	E U R 9 6 1 m E U R 1, 1 1 3 m	T l t t f t i f l t h o a a r g e e x e n a u n c o n o s a e s g r o w •
C a p e x	E U R 8 6 m E U R 5 3 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 e x s u c e n o 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 E U U R R 5 1 2 m E U R 3 4 7 m	S f f f Q 4 2 0 1 2 t h l t d r o n g r e e c a s o e p e c e o r w x •

Agenda

1.Introduction to Brenntag

2.Key investment highlights

3. Financials Q3 2012

4. Outlook

Appendix

Appendix

Contents

Co te t n n	Pa g e
Lo d in h is f m ha 1 4 0 y ta to t ng s n g ry o or e n ea rs	4 5
S fo in d f i b le h tra te t ta t g cu s o n co n ue p ro g ro y w	4 6
To in i ia ive Tu d- bu in t t p rn e ov er s es s –	4 7
To in i ia ive Fo d h t t t g t p cu se se g m en ro w –	4 8
To in i ia ive Ke t t ts p y ac co un –	4 9
To in i t ia t ive A d B lu / D E F p e –	5 0
No t h Am ica E f f ic ien t hu b & ke te r er sp o sy s m –	5 1
Co i t te d to he l t h, fe ty d t he iro t m m a sa a n e nv nm en	5 2
Ac is i t io ha h iev d t hr in b j t ive q u ns ve ac e ee m a o ec s	5 3
As ia Pa i f ic C lea ly de f in d tra te c r e s g y –	5 4
Ac is i t io f E A C In du tr ia l In d ien ts q u n o s g re	5 5
S tra te ic ke t e try in C h in g m ar n a	5 6
F in ia ls 2 0 1 1 an c	5 7
D iv i de d l n p ro p os a	7 6
F in ia ls 2 0 0 7 – 2 0 1 1 an c	7 7
I I P P O O la te d f fe ts re e c	7 9
S ha ho l de d in t he 3 % 5 % t hr ho l d f 7 Au t 2 0 1 2 re rs ex ce e g or es as o g us	8 1
S ha da ta re	8 2
Bo d da ta n	8 3
F in ia l c len da an c a r	8 4
Co ta t n c	8 5

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 1 2	E t i t h i l d i t i b t i b i n r y n o c e m c a s r u o n u s n e s s •
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 u r n g a e r n e g u m •
1 9 7 0 1 9 7 9 -	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 h i i N h A i t t u r e r e x p a n s o n n o r m e r c a •
1 9 9 0 2 0 0 0 -	f G E i i E i i i t i t k N b i A t i p a n s o n n r o p e a a c q s o n s a e o e r o e e r r o p n s r a x u v u ; v u u u • f C t b l i h t h l d i t l d E t E e s a s e s o o o n e n r a a n a s e r n r o p e u
2 0 0 0	A i i i f H l l d C h i l I i l, h i h f i f h l t t t t t t t t 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 r o v n g g o a s c a e a n a e a n g 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	A i i i f R h d i 's d i i b i i i i i 8 i b l i h i A i t t t t t t t c q u s o n o o a s r u o n a c v e s n c o u n r e s, e s a s n g s a • P i f i l t f a c c p a o r m
2 0 1 0	I P O 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 ; a c q u s o n o n u s r a n g r e e n s, s u s a n a y s r e n 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
2 0 1 1	C M k t t i h i a r e e n r y n n a •
2 0 1 2	T h f f l t f t h B t A G h h d 1 0 0 % f t h h i t l, f t e r e e o a o e r e n n a g s a r e r e a c e o e s a r e c a p a a e r • f f S C i l l t B h A i i t i A n a p a c e m e n o r a c e m c q s o n u

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

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

Concept

• Management believes amount spent by customers on chemical distribution may be 15% to 25% of their total chemical spending sp g endin
• • Partnering with an international distributor can greatly reduce the cost and time of supplier management, allowing customer procurement to focus on strategic materials pcustomers
• • International distribution can bundle customers' global usage to simplify the interaction with 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 844m of g g yg sales in 2011.

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.

Appendix

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 Albion
• • Switzerland, 2006 Schweizerhall
• • Western US 2006Quadra and LA Chemicals
• • Mid-South US, 2007 Ulrich Chemicals
• • North-Eastern US, 2010 Houghton Chemicals
• • Northern US, 2011 G S RobinsG.S.
• • Coastal US, 2012 The Treat-Em-Rite Corporation

Expanding geographic coverage

• • CEE, 2000 Neuber
• • Canada/Latin America/Nordic, 2000 Holland Chemical Intl• St Lawrence
• • North Africa, 2005 Group Alliance
• • Ukraine & Russia 2008 US, Mexico and the UK Russia, 2008Dipol
  • • Asia Pacific, 2008 Rhodia
  • • Asia Pacific, 2010 EAC Industrial Ingredients
  • • China, 2011 Zhong Yung (International) Chemical (International)
  • • Asia Pacific, 2012 ISM/Salkat Group

Improving full-line portfolio

• ACES1), 2004 Acquacryl/Chemacryl (UK)
• ACES1), 2007 St. (Canada)

•

• • Food, 2005, 2007-09 6 distributors in Spain, Italy, Turkey,
• • Oil & Gas, 2005-06, 2008 3 distributors in North America
• • Food 2010 ⁺ 2011Food, Riba (Spain), Amco (Mexico)
• • Lubricant additives, 2011 Multisol (UK)
• • Paints & coatings, ceramics, construction, food chemicals, 2012 Delanta Group (LA)

1) Adhesives, coatings, elastomers, sealants

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 Zhong Yung (International) Chemical Ltd.
• • Purchase of the first tranche of 51% end of August 2011 and consolidation since September 1, 2011
• •Acquisition of the remaining stake is contracted for 2016
• • Enterprise value for the first tranche of 51% of the shares is EUR 65.8m, higher than previously reported due to strong Q4 performance above expectations
• • 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

Introductory remarks to 2011 earnings

Full-year 2011 operating EBITDA of EUR 660.9m in the middle of the guidance range of EUR 650m to EUR 670m

Operating EBITDA marks another record year and represents a 12.2% growth over 2010 on ^a constant currency basis (9 7% as reported) (9.7%

Growth drivers were the continuing organic growth of the operating business, increased efficiencies and the earnings contribution from acquisitions

Acquisitions of Zhon g Yun g( ) International) Chemicals in China and Multisol Grou p( p Euro pe, Africa) contributed to results

Proposed dividend payment of EUR 2.00 per share (payout ratio of 37% of net profit after payment 2.00 profit tax attributable to Brenntag shareholders)

Operating highlights 2011

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

Successful aquisitions 2011

A i d c q r e c o m p a n u y	S t t i t i l r a e g c r a o n a e
G S R b i & C S L i t. o n s o m p a n y, o u s , M i i, U S A s s o u r	I l d f f i i i i N h t m p r o v e s c a e a n e c e n c e s n o r A i d i i i i f t m e r c a e x p a n p o s o n n g n o c u s , i d i l i k f d d t t t t t n u s r e s e o o a n w a e r r e a m e n
( ) C C Z h Y I t t i l h i l o n g u n g n e r n a o n a e m c a o ., L t d H k o n g o n g .,	C E d h i i t h i x p a n g e o g r a p c c o v e r a g e n o n a , f t h t t- i h i l k t e a s e s g r o w n g c e m c a m a r e
M l t i l G L t d N t i h U K s o r o p a n c u u w ., ,	I f l l- l i t f l i d d i t i t m p r o e n e p o r o o a n e p a n n o v u x h i h- l i t b i l d l b i t d d i t i g q a a s e o s a n r c a n a e s u y u v
A I i l S A d C V M i t m c o n e r n a c o n a e e x c o ., C i M i t y, e x c o	I f l l- l i f l i d d i i t t t m p r o v e u n e p o r o o a n e x p a n n o h i l i l i l d f d t a r o m a c e m c a s e s s e n a o s a n o o , i d i t n g r e e n s
P h f d i h i B t t t u r c a s e o o u s a n n g s a r e s n r e n n a g P l k d i i i f M P l i t t o s a a n a c q u s o n o o o r o m e r s p S S h h L L P P l l d d z o o u c y a s o a n ., ,	I l d f f i i i i E t m p r o v e s c a e a n e c e n c e s n a s e r n E u r o p e

Appendix

Expansion of product portfolio into base oils and lubricant additives

• • Acquisition of Multisol Group Ltd., a specialty chemical distributor of high value specialty chemicals
• •Enterprise value is EUR 120.4m
• • Multisol provides a further product portfolio expansion into lubricant additives and hig y h qualit y base oils
• • Multisol expands Brenntag's mixing and blending capabilities
• • Multisol s' geographic presence in Europe and Africa complements Brenntag's existing infrastructure and logistics network to drive sales growth

G i B P n m	2 0 1 2 E
S l a e s	2 0 0 >
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, 2011
• • 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 2011)

Refinancing (continued)

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

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 -

Income statement

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

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

Income Statement (continued)

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

1) This figure includes for the period January to December 2011 scheduled amortization of customer relationships totalling EUR 16.4 million (2010: EUR 96.2 million) Of the amortization of customer relationships in the prior period EUR 79 4 million resulted from the amortization of customer relationships which were million). of customer relationships, 79.4 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.

2) Thereof EUR -10.6m are 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

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

Cash flow statement (continued)

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

Balance sheet as of 31 December 2011

1) Of the intangible assets as of December 31, 2011, some EUR 1,189 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 acquisition of the remaining 49% stake is contracted for 2016.
• •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 sheet on an estimated basis under "purchase price obligations and liabilities under IAS 32 to minorities".
• • Changes to these liabilities (e g from compounding of interest change in earnings estimates (e.g. 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 part of financial result. In 2011 an expense of EUR 10.6m has been recorded.
• • The purchase price obligation for the second tranche of Zhong Yung has been included in net investment hedge accounting in the amount of the pro-rata net assets of the Chinese Zhong Yung companies. Exchange rate-related changes in the liability are recorded for the portion included in net investment hedge accounting within equity in the net investment hedge reserve and for the portion not included in net investment hedge accounting are recognized in profit or loss.
• • Any income effect related to the changes of purchase price liabilities will be tax neutral, i.e. will not impact current or deferred taxes taxes.

Balance sheet and leverage

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

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)

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.

Appendix

Maturities profile as of 31 December 2011

Working capital

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

Return on net assets (RONA)

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

Free cash flow

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

Segments

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

Dividend proposal

in EUR m

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

Increasing value added and returns

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

2 ) R O N A	2 0. 2 %	2 4 4 %	2 6. 8 %	3 3. 0 %	3 2 5 %

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.

Strong cash generation over the past years

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

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
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 c o s s c a r g e o r a c e m A i i t i S C 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 -
f f f E t i 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	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 u a o n o e g e a c c o u n n g f t i i t t o r c e r a n n e r e s s a p s w	5. 4 4 -	0 0. 0 0	5. 4 4 -	0 0. 0 0	0 0. 0 0	5. 4 4 -
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	1 7. 0 -	0. 0	1 7. 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.	4 3 2. -	0 0.	0 0.	4 3 2. -
T l I P O l d f f i t t t 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 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 2 8 5	2 8 1. 3	1 9. 9 5	1 6. 4 5	5 9 7. 6
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	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 0 7.	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 2. 7 7 -
f O A d j t t I P 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 t d j t d n a n c a r e s a s e u u	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
f O A d j t t I P 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 t d a s e u	5 2 6	6 4 0	1 1 6. 6	7 2 1	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.

Shareholders exceeding the 3% or 5% threshold as of 6 November 2012

S h h l d a r e o e r	N f . B B h t t o o r r e e n n n n a a g g s a r e s	P i % i t r o p o r o n n	D f i f i i t t t a e o n o c a o n
T h d d l / A i i r e a n e e e m e r p r s e	2, 7 6 3, 9 3 2	5. 3 7	J l. 2 7, 2 0 1 2 u
B l k R k a c o c	2, 6 7 8 9 0 5 ,	5. 2 0	A 5 2 0 1 2 p r. ,
S f / S L i M F n e u	2, 5 9 0, 2 6 0	5. 0 3	J l. 3, 2 0 1 2 u
L i P t o n g v e w a r n e r s	1, 9 9 8 4 5 7,	3. 1 0	1 1, 2 0 1 2 J l. u
A i P t t r s a n a r n e r s	1, 3 3 2 5 7 5,	3. 0 6	O 1 2, 2 0 1 1 t. c
T. R P i o w e r c e	1, 4 6, 0 0 5 7	3. 0 0	A 2 3, 2 0 1 1 u g

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 m o y	B N R
L i t d i s e s n c e	2 9 M h 2 0 1 0 a r c
S b i b d i t l s c r e c a p 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	% 1 0 0
O f f i i l k t c a m a r e	S f P i t d d X E T R A d F k 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 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 u S S i i t t i i M i l l L L h h I t t i l e e c c u u r r e e s s, e r r y y n n c c n e r n a o n a
I d i n c e s	®, M D A X M S C I, S t G l b l, S 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 9 4 1 4 1 9 5
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
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 n u	E U R 4 0 0, 0 0 0, 0 0 0
D i t i e n o m n a o n	E U 0 R 1, 0 0
f M i i t b l t n m m r a n s e r a e a m o n u u	E U R 5 0, 0 0 0
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 i t 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 7, 7 2 0 1 2 o v e m e r	I t i R t Q 3 2 0 1 2 n e r m e p o r
D b 4 5, 2 0 1 2 e c e m e r –	C d i t S i B i S i W t C t C f S 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
D b 4 7, 2 0 1 2 e c e m e r –	C f B b E L d e r e n e r g r o p e a n o n e r e n c e, o n o n u ,
J 1 4 1 6, 2 0 1 3 a n a r u y –	C G S b k I t t i N Y k o m m e r a n e r m a n n e s m e n e m n a r, e o r z v w

Appendix

Contact

Brenntag AG Corporate Finance & Investor Relations Stinnes-Platz 145472 Mülheim an der Ruhr

Germany

Thomas Langer Diana Alester

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