Brenntag SE — Investor Presentation 2012

Mar 22, 2012

Conference Call Presentation, 21st March 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 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

Agenda

1. Highlights 2011

2. Financials 2011

3 Outlook 20123.

Appendix

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% reported)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 2.00 of net after tax attributable to Brenntag shareholders)

1. Highlights 2011

Operating highlights 2011

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

1. Highlights 2011

Strategic market entry in China

• •Acquisition of Zhong Yung (International) Chemical Ltd.
• • 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
• • 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

1. Highlights 2011

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

i G 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

Agenda

1. Highlights 2011

2. Financials 2011

3 Outlook 20123.

Appendix

Income statement

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

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

Cash flow statement (continued)

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

2. Financials 2011

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.

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 a e n s u v	4 5 8. 8	4 8 1. 6	2 5 9. 2	3 4 9. 8	3 6 2 9	6 0 2 6
N D b t t e e	1, 4 9 3. 6	1, 3 3. 6 7	1, 4 0. 6 7	1, 3 6. 9 7	1, 4 2 0. 9	1, 8 3 3. 7
N t D b t / O t i 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.

2. Financials 2011

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 2011

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

2. Financials 2011

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 %

Segments Q4

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

2. Financials 2011

Dividend proposal

in EUR m

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

Events after 31 December2011

Brachem Acquisition S.C.A., Luxemburg, reduced stake in Brenntag in two steps to 13.69%, free float increases to 86.31%

Agenda

1. Highlights 2011

2. Financials 2011

3.Outlook 2012

Appendix

Outlook 2012

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

3. Outlook 2012

Outlook 2012

	2 0 1 1	C t o m m e n s	2 0 1 2 T d 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	T l f i f l h t t t t • o a a r g e e x e n a u n c o n o s a e s g r o w f B i t h i l l l d t i • u s n e s s g r o w w e a o a n n c r e a s e o k i i l t o r n g c a p a w
C a p e x	E U R 8 6 m	C d i i l l b l i h l b t • 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 u e o n c r e a s n g u s n e s s t i i t i a c v e s C f f i i i h t t t t • 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 F h l r e e c a s o w	1 2 E U R 5 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 r e r u C t i i f t h G 's l i i d i t • o n n u o u s m p r o v e o e r o u p q u y i t i p o s o n

We are ready to answer your questions.

Brenntag Board of Management

Steven HollandCEO

Jürgen Buchsteiner CFO

William FidlerBoard Member

Th k f tt ti !Thank you for your attention!

Agenda

1. Highlights 2011

2. Financials 2011

3.Outlook 2012

Appendix

Operating highlights Q4 2011

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

due to typical seasonality Capital expenditures in-line with expectations

Income statement Q4

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

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

Income statement Q4 (continued)

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

1) This figure includes for the period October to December 2011 scheduled amortization of customer relationships totalling EUR 5.0 million (Q4 2010: EUR 4.5 million) Of the amortization of customer relationships in the prior period EUR 0 0 million resulted from the amortization of customer relationships which were million). of customer relationships, 0.0 amortization 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 -5.2 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 flowstatement Q4

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

Cash flow statement Q4 (continued)

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

Free cash flow Q4

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

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	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 A i i t i c o s s c a r g e o r a c e m c q s o n u 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 -
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	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	0. 0	0. 0	2 0. 8 -
f f f D i t i t i h h d d t i t i s c o n n a o n o o e e g g e e a c c o n n g o r c e r a n u u i t t n e r e s s w a p s	5. 4 4 -	0 0. 0 0	0 0. 0 0	0 0. 0 0	5. 4 4 -
I b d i d h h l 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 s a r e o e r l o a n	1 0 7. -	0. 0	0. 0	0. 0	1 0 7. -
f f f f T T t t l l t t i i F F i i i i l l l l t t o a e e c s n n a n c a r e s u	4 3 2. -	0 0.	0 0.	0 0.	4 3 2. -
T l I P O l d f f I S t t t 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 2010 adjusted for IPO effects

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
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
f O A d j t t I P l t d 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 s e u	1 3 4 2	1 5 2 8	1 5 9. 9	1 5 5. 2	6 0 2 1
F i i l l t n a n c a r e s u	7 3. 6 -	3 5. 1 -	3 2 7 -	3 5. 8 -	1 7 7. 2 -
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	4 3. 2	0. 0	0. 0	0. 0	4 3. 2
F i i l l d j d t t n a n c a r e s u a u s e	3 0. 4 -	3 1 5. -	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 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	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