Brenntag SE — Investor Presentation 2012

Jan 10, 2012

Commerzbank German Investment Seminar

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

Agenda

1. Key investment highlights – overview

2. Introduction to Brenntag

3. Key investment highlights – details

A highly attractive investment case

9Global market leader

9Significant growth potential in an attractive industry

9Superior business model withresilience

9Excellence in execution

9Highly experienced management team

9Strong financial profile

Agenda

1. Key investment highlights – overview

2. Introduction to Brenntag

3. Key investment highlights – details

Global market leader with strong financial profile

• •Global leader with 6.9%1) market share and sales of €7.6bn in 2010
• • c 12 000 employees thereof nearly 4 400 dedicated local sales and marketing employees c. 12,000employees, 4,400
• •Full-line portfolio of over 10,000 products to about 160,000 customers globally
• •Network of 400+ locations across nearly 70 countries worldwide
• • c 3 5 million usually less-than-truckload deliveries annually with average value of ^c €2 000 c. 3.5

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

• 2) 2005: Brenntag Predecessor
• 3) 2006: Brenntag and Brenntag Predecessor Combined

4) 2009: EBITDA includes expense items relating to the early termination of a multi-year incentive program.

As a full-line distributor, Brenntag can add significant value

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

• • 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 specialty chemicals
• –Network of 400+ locations worldwide

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

• • Repackaging from large into smaller quantities
• •Filling, labelling, bar-coding and palletizing
• •Marketed by nearly 4,400 dedicated local sales and marketing employees
• •Mi i d bl di di t t ifi i t Mixing and blending according to customer specific requirements
• •Formulating and technical support from dedicated application laboratories

Chemical distributors fulfill 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

Agenda

1. Key investment highlights – overview

2. Introduction to Brenntag

3. Key investment highlights – details

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 3. Key investment highlights - details

Multiple levers of organic growth and acquisition potential

Significant organic and acquisition growth potential

Global market leader 3. Key investment highlights - details

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)

Significant potential for consolidation and external growth

Building up scale and efficiencies

Expand geographic coverage

Improving full-line portfolio

Brenntag's acquisition track record

• • 101 transactions since 1991 thereof 30 1991, since 20071)
• • Total cost of acquisitions2) of €449 m since 2007 – September 2011
• • Average investment amount of €15m per transaction until September 2011
• • Synergy potential from cross-selling and cost saving opportunities mainly due to building up of scale and improved efficiency of acquisitions
• • Market remains highly fragmented f ilit ti i ifi t f th lid tifacilitating significant further consolid ation potential

¹⁾ Without acquisitions performed by JV-Crest; including acquisitions performed until September 2011

²⁾ Purchase price paid excluding debt assumed.

Significant growth potential in an attractive industry 3. Key investment highlights - details

Strategic market entry in China

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

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

Significant growth potential in an attractive industry 3. Key investment highlights - details

Expansion of product portfolio into base oils and lubricant additives

• • Signing of acquisition of Multisol Group Limited, a specialty chemical distributor of high value specialty chemicals, in September 2011. Closing and consolidation since December 2011
• •Estimated enterprise value is GBP 112.1m
• • Multisol provides a further product portfolio expansion into lubricant additives and high quality base oils
• • Multisol expands Brenntag's mixing and blending capabilities
• • Multisol's geographic presence in Europe and Africa complements Brenntag's existing infrastructure and l i ti t k t d i l th logistics ne tworto rive sales growth

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

Superior business model with resilience 3. Key investment highlights - details

Diversity provides resilience and growth potential

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

High barriers to entry due to critical scale and scope

Permits and licences

Infrastructure availability

Know-how

Rationalization of distribution relationships distribution

Global reach

Regulatory standards Significant capital d tiresources an time required to create a global full-line g distributor

Strong financial profile 3. Key investment highlights – details

Growth track record and resilience through the downturn

1) 2005: Brenntag Predecessor

2) 2006: Brenntag and Brenntag Predecessor Combined and does not constitute pro forma financial information

3) 2009 EBITDA includes expense items relating to the early termination of a multi-year incentive program.

Income statement 9M 2011

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

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

Income statement 9M 2011 (continued)

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

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

Strong financial profile 3. Key investment highlights – details

Free cash flow 9M 2011

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

Balance sheet and leverage Q3 2011

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

1) Excluding shareholder loan in an amount of EUR 702.2m for 31 Dec 2009. No shareholder loan was in place as of 31 Mar 2010 and subsequent quarters.

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

Strong financial profile 3. Key investment highlights – details

Maturities profile as of 30 September 20111)

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

Strong financial profile 3. Key investment highlights – details

Segments 9M 2011

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

A highly attractive investment case

9Global market leader

9Significant growth potential in an attractive industry

9Superior business model withresilience

9Excellence in execution

9Highly experienced management team

9Strong financial profile

Contact

Brenntag AG

Corporate Finance & Investor Relations Stinnes-Platz 145472 Mülheim/RuhrGermany

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

Stefanie Steiner, Diana Alester, Georg Müller Investor Relations