Brenntag SE — Investor Presentation 2017

May 9, 2017

Company Presentation

▌ May 2017

Corporate Finance & Investor Relations

Brenntag – The global market leader in chemical distribution IN A NUTSHELL

Brenntag is the global market leader in chemical distribution.

Connecting chemical manufacturers and chemical users, Brenntag provides businessto-business distribution solutions for industrial and specialty chemicals globally.

With over 10,000 products and a world-class supplier base, Brenntag offers one-stop-shop solutions to around 185,000 customers.

Company Presentation AGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q1 2017

▌Outlook

▌Appendix

Global market leader with strong financial profile BRENNTAG OVERVIEW

• Global leader with 5.9%*) market share and sales of EUR 10.5 bn in 2016
• Around 15,000 employees, thereof 1/3 dedicated local sales and marketing employees
• Full-line portfolio of over 10,000 products to around 185,000 customers globally
• Network of 550+ locations in 74 countries worldwide
• Usually less-than-truckload deliveries with average value of c. EUR 2,000

*) As per end 2012: BCG Market Report (July 2013) Notes: 2005: Brenntag predecessor; 2006: Brenntag and Brenntag predecessor combined

BUSINESS MODEL

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

Purchase, transport and storage of large-scale quantities of diverse chemicals

• Several thousand suppliers globally
• Full-line product portfolio of 10,000+ industrial and specialty chemicals
• Network of 550+ locations worldwide

Chemical distributors fulfil a value-adding function in the supply chain BUSINESS MODEL

• Repackaging from large into smaller quantities
• Filling, labelling, bar-coding and palletizing
• Marketed by more than 5,000 dedicated local sales and marketing employees
• Mixing and blending according to customer specific requirements
• Formulating and technical support from dedicated application laboratories

Chemical distributors fulfil a value-adding function in the supply chain BUSINESS MODEL

• 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

DISTRIBUTION MODEL

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

Chemical distribution differs substantially from chemical production DISTRIBUTOR VS. PRODUCER

	"What we are"	"What we are not"
		Chemical Producer
Business model	B2B Services / Solutions	Manufacturing
Product portfolio	Full-line	Narrow
Customer base	Broad in diverse end-markets	Narrow
Customer order size	Small	Large
Delivery method	Less-than-truckload	Truckload and larger
Fixed assets	Low intensity	High intensity
Fixed asset flexibility	Multi-purpose	Narrow purpose
Cost base	Variable	Fixed
Raw material prices	Market	Contract
Input / Output pricing	Connected	Disconnected

Company Presentation AGENDA

• ▌Introduction to Brenntag
• ▌Key investment highlights
• ▌Financials Q1 2017
• ▌Outlook
• ▌Appendix

Brenntag is a highly attractive investment case INVESTMENT HIGHLIGHTS

Key investment highlights 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

Third party chemical distribution estimated market size and market shares GLOBAL MARKET LEADER

Global1)	Europe	North America	Latin America	Asia Pacific
~EUR 165bn	~EUR 43bn	~EUR 30bn	~EUR 17bn
Brenntag 5.9	Brenntag 10.4	Univar 19.3	Brenntag 5.1	Sinochem 3.8
Univar 4.7	Univar 4.2	Brenntag 10.4	quantiQ 2.6	ICC 1.2 Chemical
2) Nexeo 1.9	Azelis 2.9	2) Nexeo 9.3	M.Cassab 1.5	Brenntag 1.1
Top 3 12.5%	Top 3 17.5%	Top 3 39.0%	Top 3 9.2%	Top 3 6.1%

Still highly fragmented market with more than 10,000 chemical distributors globally

As per end 2012: BCG Market Report (July 2013)

1) Global includes not only the four regions shown above, but also RoW

2) Former Ashland Distribution.

MARKET GROWTH

Third party chemical distribution outgrew total chemical demand

THIRD PARTY CHEMICAL DISTRIBUTION OPPORTUNITY

BCG Market Report (July 2013)

1) Excluding non-distribution relevant products like ethylene

Multiple levers of organic growth and acquisition potential GROWTH DRIVERS

	Growth driver	Brenntag global initiative
Chemical distribution industry growth	 Growth in chemical demand  Outsourcing  Value-added services	 Diverse business mix  Turned-over business  Mixing and blending
Scale distributor share gain	 Share gain by scale distributors	 Key accounts
Brenntag share gain	 Brenntag business mix  Acquisition growth	 Focus industries  M&A strategy

Significant organic and acquisition growth potential

Significant potential for consolidation and external growth ACQUISITION OBJECTIVES

Building up scale and efficiencies

Expand geographic coverage

Improving fullline portfolio

Brenntag's acquisition track record

• 148 transactions since 1991, thereof 77 since 20071)
• Total cost of acquisitions2) of EUR 1,661m from 2007 to May 2017
• Average investment amount of EUR 22m per transaction from 2007 to May 2017
• 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 facilitating significant further consolidation potential

1) Without acquisitions performed by JV-Crest; including acquisitions performed until May 2017 2) Purchase price paid excluding debt assumed

Diversity provides resilience and growth potential HIGH DIVERSIFICATION

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

BARRIERS TO ENTRY

High barriers to entry due to critical scale and scope

Permits and licences
Infrastructure availability	Significant
Regulatory standards	capital resources and
Know-how	time required to create a global full-line
Rationalization of distribution relationships	distributor
Global reach

MARKET DRIVEN

Excellence in execution due to balance of global scale and local reach

Global platform	Local reach
Core management functions  Strategic direction  Controlling and Treasury  Information Technology  Quality, Health, Safety, Environment Strategic growth initiatives  Strategic supplier relationships  Turned-over business  Focus industries  Key accounts  Mergers & Acquisitions Best practice transfer	 Better local understanding of market trends and adaptation to respective customer needs  Entrepreneurial culture  Clear accountability  Strong incentivization with high proportion of variable compensation of management

Highly experienced management team BOARD OF MANAGEMENT

Steven Holland, CEO

Region Latin America, Corp. Communications, Development, HR, HSE, Internal Audit, M&A, Compliance

Karsten Beckmann

Region Europe, Middle East & Africa, Global Accounts

Georg Müller, CFO

Corp. Accounting, Controlling, Finance & IR, IT, Legal, Risk Management, Tax, Brenntag International Chemicals

Markus Klähn Region North America

Henri Nejade Region Asia Pacific, Global Sourcing

Growth track record and resilience through the downturn STRONG FINANCIAL PROFILE

1,033 866 1,355 1,492 1,460 1,636 1,768 1,926 1,946 2,028 2.266 2.369 Sales (EUR m) Gross Profit (EUR m) 1,169 EBITDA/Gross Profit (in %)

Notes: 2005: Brenntag predecessor; 2006: Brenntag and Brenntag predecessor combined and does not constitute pro forma financial information. EBITDA / Gross Profit adjusted for non-recurring effects: 2012 = 11m, 2013 = 17m

EBITDA (EUR m)

Brenntag is a highly attractive investment case INVESTMENT HIGHLIGHTS

Key investment highlights

		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

Company Presentation AGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q1 2017

▌Outlook

▌Appendix

Introductory remarks to Q1 2017 earnings HIGHLIGHTS Q1 2017

Macro Economy	Moderately positive development in Europe. Improved demand situation in North America. Challenging conditions in some countries of Latin America. Ongoing growth in Asia Pacific.
Gross profit	Gross profit of EUR 631.8m growing at 7.7% (+5.5% fx adjusted).
Operating EBITDA	Operating EBITDA of EUR 201.6m growing at 4.9% (+2.5% fx adjusted).
EPS	Earnings per Share of EUR 0.61 (+41.9%).
Acquisitions	Petra Industries, Inc., USA Greene's Energy Group, LLC, USA (one business segment)

Recent Acquisitions in 2017 HIGHLIGHTS Q1 2017

Target	Rationale	Indicative annual EBITDA contribution (m EUR)	Investment Amount (m EUR)
Petra Industries, Inc., USA	Strengthening the mixing and blending business in North America. The business supports our customer service business.	2.4	~19
Greene's Energy Group, LLC, USA (one business segment)	Leading provider of integrated solutions for the Oil & Gas industry. Focused on pipeline cleaning and hydrostatic testing. Complementary to our existing product and service portfolio.	1.0	~10
M&A totally: Enterprise Values of ~EUR 29m in 2017 so far

Average EV/EBITDA multiple of ~8.6x

Income statement FINANCIALS Q1 2017

in EUR m	Q1 2017	Q1 2016	∆	∆ FX adjusted	2016
Sales	2,973.3	2,580.1	15.2%	12.8%	10,498.4
Cost of sales	-2,341,5	-1,993.5	17.5%		-8,129.1
Gross profit	631.8	586.6	7.7%	5.5%	2,369.3
Expenses	-430.2	-394.5	9.0%		1,559.3
Operating EBITDA	201.6	192.1	4.9%	2.5%	810.0
Op. EBITDA / Gross profit	31.9%	32.7%			34.2%

Income statement (continued) FINANCIALS Q1 2017

in EUR m	Q1 2017	Q1 2016	∆	2016
EBITDA	201.6	192.1	4.9%	810.0
Depreciation	-28.9	-28.8	0.3%	-115.5
EBITA	172.7	163.3	5.8%	694.5
1) Amortization	-11.6	-12.2	-4.9%	-47.2
EBIT	161.1	151.1	6.6%	647.3
Financial result	-22.8	-49.7	54.1%	-111.6
EBT	138.3	101.4	36.4%	535.7
Profit after tax	94.7	66.0	43.5%	361.0
EPS	0.61	0.43	41.9%	2.33

1) Includes scheduled amortization of customer relationships amounting to EUR 9.1m in Q1 2017 (EUR 9.2m in Q1 2016 and EUR 35.9 million in 2016).

Cash flow statement FINANCIALS Q1 2017

in EUR m	Q1 2017	Q1 2016	2016
Profit after tax	94.7	66.0	361.0
Depreciation & amortization	40.5	41.0	162.7
Income taxes	43.6	35.4	174.7
Income tax payments	-29.7	-43.8	-170.6
Interest result	24.8	20.3	81.5
Interest payments (net)	-15.6	-7.4	-67.0
Changes in current assets and liabilities	-133.2	-53.8	-27.6
Change in purchase price obligation/IAS 32	0.3	1.2	2.6
Other	50.3	40.1	22.6
Cash provided by operating activities	75.7	99.0	539.9

Cash flow statement (continued) FINANCIALS Q1 2017

in EUR m	Q1 2017	Q1 2016	2016
Purchases of intangible assets and property, plant & equipment (PPE)	-25.6	-24.0	-138.8
Purchases of consolidated subsidiaries and other business units	-27.3	-31.1	-139.6
Other	1.8	2.2	9.0
Cash used for investing activities	-51.1	-52.9	-269.4
Capital increase	-	-	-
Payments in connection with the capital increase	-	-	-
Purchases of companies already consolidated	-	-14.5	-62.2
Profits distributed to non-controlling interests	-	-	-1.6
Dividends paid to Brenntag shareholders	-	-	-154.5
Repayment of (-)/proceeds from (+) borrowings (net)	-116.3	-6.3	-30.8
Cash used for financing activities	-116.3	-20.8	-249.1
Change in cash & cash equivalents	-91.7	25.3	21.4

Balance Sheet as of March 31, 2017 FINANCIALS Q1 2017

in EUR m

7,472		7,472
507
1,744	Cash and cash equivalents Trade receivables	2,164	Financial liabilities
334			Trade payables
1.013	Other assets	1,246	Other liabilities
	Inventories	401 205 401	Other provisions
2.869	Intangible assets 1)		Other
	Property, plant and equipment	3,055	Equity
1.005
Assets		Liabilities and Equity

1) Of the intangible assets as of March 31, 2017, some EUR 1,299 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 FINANCIALS Q1 2017

in EUR m	31 Mar 2017	31 Dec 2016	30 Sep 2016	30 June 2016
Financial liabilities	2,164.1	2,283.8	2,211.1	2,230.5
./. Cash and cash equivalents	506.5	601.9	607.1	463.4
Net Debt	1,657.6	1,681.9	1,604.0	1,767.1
1) Net Debt/Operating EBITDA	2.0x	2.1x	2.0x	2.2x
Equity	3,054.6	2,959.2	2,752.8	2,668.0

Financial stability of Brenntag Group FINANCIALS Q1 2017

• Business demonstrates ability to de-leverage constantly

• Investment-grade ratings from Standard & Poor's ("BBB") and Moody's ("Baa3")

• Balanced and long-term maturity profile

• High flexibility due to undrawn revolving credit facility of EUR 600m

1) Net debt defined as current financial liabilities plus non-current financial liabilities less "cash and cash equivalents"

Working capital FINANCIALS Q1 2017

in EUR m	31 Mar 2017	31 Dec 2016	30 Sep 2016	30 June 2016
Inventories	1,013.0	962.8	883.2	880.5
+ Trade receivables	1,744.5	1,511.2	1,508.4	1,572.8
./. Trade payables	1,246.3	1,119.4	1,080.6	1,126.7
Working capital (end of period)	1,511.2	1,354.6	1,311.0	1,326.6
Working capital turnover (year-to date) 1)	8.3x	8.0x	8.1x	8.1x
Working capital turnover (last twelve months) 2)	8.0x	8.0x	8.0x	7.9x

• 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 FINANCIALS Q1 2017

in EUR m	Q1 2017	Q1 2016	∆	∆	2016
EBITDA	201.6	192.1	9.5	4.9%	810.0
Capex	-20.1	-17.6	-2.5	14.2%	-141.1
∆ Working capital	-155.8	-43.3	-112.5	259.8%	-27.5
Free cash flow	25.7	131.2	-105.5	-80.4%	641.4

Operating EBITDA bridge1): Q1 2016 to Q1 2017 FINANCIALS Q1 2017

1) Calculations are partly based on assumptions made by management; Effects based on rounded figures

Segments FINANCIALS Q1 2017

in EUR m		EMEA	North America	Latin America	Asia Pacific	All other segments	Group
Operating gross profit	Q1 2017	279.0	272.5	43.7	48.3	4.2	647.7
	Q1 2016	267.6	244.2	43.6	41.9	3.1	600.4
	∆	4.3%	11.6%	0.2%	15.3%	35.5%	7.9%
	∆ FX adjusted	5.1%	7.5%	-9.0%	12.1%	35.5%	5.6%
Operating EBITDA	Q1 2017	95.8	88.6	9.2	17.0	-9.0	201.6
	Q1 2016	88.3	84.6	12.4	14.9	-8.1	192.1
	∆	8.5%	4.7%	-25.8%	14.1%	11.1%	4.9%
	∆ FX adjusted	9.1%	1.0%	-34.3%	11.1%	11.1%	2.5%

Company Presentation AGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q1 2017

▌Outlook

▌Appendix

OUTLOOK 2017

	2016 Q1/2017	Comments	Trend 2017
Gross profit	EUR 2,369m EUR 632m	 Gross profit to increase due predominantly to higher volumes in the existing business
Operating EBITDA	EUR 810m EUR 202m	 Expected growth of operating EBITDA to be supported by EMEA, North America and Asia Pacific
Working capital	EUR 1,355m EUR 1,511m	 To a large extent a function of sales growth  Improvement in working capital turnover expected
Capex	EUR 141m EUR 20m	 Capex spending to increase to over EUR 150m driven by projects to expand our business operations.
Free cash flow	EUR 641m EUR 26m	 Anticipate an increase (subject to stable chemical prices).

Company Presentation AGENDA

• ▌Introduction to Brenntag
• ▌Key investment highlights
• ▌Financials Q1 2017
• ▌Outlook
• ▌Appendix

Contents APPENDIX

	Page
Longstanding history of more than 140 years	41
Top initiative
Turned-over business 	43
Focused segment growth 	44
Key accounts 	45
North America – Efficient hub & spoke system	46
North America – Oil & Gas Value Chain	47
Committed to health, safety and the environment	48
Acquisitions have achieved three main objectives	49
Asia Pacific – Clearly defined strategy	50

Contents (continued) APPENDIX

	Page
Financials FY2016	51
Dividend	60
Financials 2008 – 2016	61
Shareholders exceeding the 3% or 5% thresholds	63
Share data	64
Bond data	65
Financial calendar	66
Contact	67

Longstanding history of more than 140 years BRENNTAG HISTORY

Year	Event
1874	Philipp Mühsam founds the business in Berlin
1912	Entry into chemical distribution business
1966	Brenntag becomes international, acquiring Balder in Belgium
1970 – 1979	US business established; continued acquisitions in European and North American chemicals distribution business
1980 – 1989	Further expansion in North America
1990 – 2000	Expansion in Europe via acquisitions; takeover of Neuber Group in Austria establishes foothold in Central and Eastern Europe
2000	Acquisition of Holland Chemical International, at the time the fifth largest chemical distributor worldwide, providing global scale and a leading position in Latin America

Longstanding history of more than 140 years BRENNTAG HISTORY (CONT.)

Year	Event
2000 – 2008	Becoming global market leader; acquisition of LA Chemicals (US, 2006), Schweizerhall (Switzerland, 2006) and Albion (UK and Ireland, 2006)
2008	Acquisition of Rhodia's distribution activities in 8 countries, establishing Asia Pacific platform
2010	IPO; acquisition of EAC Industrial Ingredients, substantially strengthening presence in Asia Pacific
2011	Market entry in China
2012	The free float of the Brenntag AG share reached 100% of the share capital, after final placement of Brachem Acquisition S.C.A.
2015	Acquisition of J.A.M. (USA) and G.H. Berlin Windward (USA): Strategic expansion of lubricants business in USA

Substantially increase supplier penetration by proactively taking over smaller customers from suppliers TOP INITIATIVE – TURNED-OVER BUSINESS

TOP INITIATIVE – FOCUSED SEGMENT GROWTH

Significantly increase share in customer industries where Brenntag can achieve above average growth

1) Adhesives, coatings, elastomers, sealants

Increase business with pan-regional/global key customers based on increased demand TOP INITIATIVE – KEY ACCOUNTS

Concept

• Management believes amount spent by customers on chemical distribution may be 15% to 25% of their total chemical spending
• Partnering with an international distributor can greatly reduce the cost and time of supplier management, allowing customer procurement to focus on strategic materials
• 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
• 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 geographical and business markets
• Global corporations want to partner with a supplier that provides the security of a robust and uniform Sustainability Program, and Ethical work processes

Customers who take advantage of Brenntag's truly global network contributed EUR 1,256m of sales in 2016

Efficient management of stock and storage utilization NORTH AMERICA – EFFICIENT HUB & SPOKE SYSTEM

• 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 supplied from the larger sites

1) BEA Bureau of Economic Analysis

Oil and Gas Value Chain NORTH AMERICA

HSE

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 environment protection (air, water, soil, raw materials, waste)
• Transport safety

Brenntag Approach
Programs and regular training	Clear guidelines and procedures	Appropriate equipment	Behaviour based safety	Regular reporting to Board

1) Program of the International Council of Chemical Trade Associations

Acquisitions have achieved three main objectives ACQUISITION HISTORY

Building up scale & efficiencies	Expanding geographic coverage	Improving full-line portfolio
 Biesterfeld, Germany, 2002  Albion, UK and Ireland, 2006  Schweizerhall, Switzerland, 2006  Quadra and LA Chemicals, Western US, 2006  Ulrich Chemicals, Mid-South US, 2007  Houghton Chemicals, North-Eastern US, 2010  G.S. Robins, Northern US, 2011  The Treat-Em-Rite Corporation, Coastal US, 2012  Kemira Water Denmark A/S, Denmark, 2014  Philchem, Inc., Houston, Texas, USA 2014  NOCO Inc., Tonawanda, NY, USA 2016  MCP Inc., Pryor, Oklahoma, USA 2016	 Neuber, CEE, 2000  Holland Chemical Intl., Canada/LA/Nordic, 2000  Group Alliance, North Africa, 2005  Dipol, Ukraine & Russia, 2008  Rhodia, Asia, 2008  EAC Industrial Ingredients, Asia, 2010  Zhong Yung (International) Chemical, China, 2011  ISM/Salkat Group, Asia, 2012  Quimicas Merono, Spain, 2015  TAT Group, Singapore, Asia, 2015  Trychem FZC, Dubai, UAE, 2015  Whanee Corporation, South Korea 2016	ACES1),2 distributors  UK + Canada, 2004&2007  Food, 6 distributors in EU & LA, 2005-09  Oil & Gas, 3 distributors in NA, 2005-08  Food, Riba (Spain), Amco (Mexico), 2010 & 2011  Lubricant additives, Multisol (UK), 2011  C & C, Food, Delanta, LA, 2012  Water treatment, Altivia Corp., NA, 2012  Lubricants, Lubrication Serv., NA, 2013  Biotech & Food, Zytex, India, 2013  Solvents, Gafor, Brazil, 2014  Food, Chimab, Italy, 2014  Specialties, SurtiQuímicos, Colombia 2014  Industrial chemicals, Fred Holmberg & Co AB, Sweden, 2014  Food, Lionheart, ZA, 2015  Cosmetics, Parkoteks Kimya, Turkey, 2015  Lubricants, J.A.M.+ Berlin-Windwardin NA, 2015  Leis Polytechnik + ACU, Germany, 2016  Plastichem + Warren Chem, South Africa, 2016  Waxes, EPChem. Group, Singapore, 2016  Petra Industries, Inc., Greene's Energy Group,

1) Adhesives, coatings, elastomers, sealants

USA, 2017

ASIA PACIFIC

Asia Pacific Strategy: Implementation of a powerful platform with clearly defined strategy

Introductory remarks to 2016 earnings HIGHLIGHTS 2016

Macro Economy	Moderately positive momentum in Europe. Weak trend in North America. Downturn in economic conditions in Latin America. Positive picture in Asia Pacific.
Gross profit	Gross profit of EUR 2,369.3m with a growth of 4.6% (6.0% fx adjusted)
Operating EBITDA	Operating EBITDA of EUR 810.0m with growth of 0.3% (1.9% fx adjusted)
Free Cash Flow	Strong free cash flow of EUR 641.4m
EPS	Earnings per share of EUR 2.33
Dividend	Proposed dividend payment of EUR 1.05 per share represents increase of 5.0%
Acquisitions	Execution of value accretive acquisitions with a total Enterprise Value of around EUR 200m

Income statement FINANCIALS 2016

in EUR m	2016	2015	∆	∆ FX adjusted
Sales	10,498.4	10,346.1	1.5%	2.9%
Cost of goods sold	-8,129.1	-8,080.1	0.6%
Gross profit	2,369.3	2,266.0	4.6%	6.0%
Expenses	-1,559.3	-1,458.6	6.9%
Operating EBITDA	810.0	807.4	0.3%	1.9%
Operating EBITDA/Gross profit	34.2%	35.6%

Income statement (continued) FINANCIALS 2016

in EUR m	2016	2015	∆
EBITDA	810.0	807.4	0.3%
Depreciation	-115.5	-108.7	6.3%
EBITA	694.5	698.7	-0.6%
1) Amortization	-47.2	-36.9	27.9%
EBIT	647.3	661.8	-2.2%
2) Financial result	-111.6	-112.5	-0.8%
EBT	535.7	549.3	-2.5%
Profit after tax	361.0	368.1	-1.9%
EPS	2.33	2.36	-1.3%
EPS excl. Amortization and Zhong Venezuela 3) Yung liability and	2.72	2.68	15.5%

1) This figure includes for 2016 scheduled amortization of customer relationships totalling EUR 35.9 million (2015: EUR 27.7m).

2) Thereof EUR -1.0m in 2016 are related to a change of the purchase price obligation for Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS (EUR -23.4m in 2015 )

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

Cash flow statement FINANCIALS 2016

in EUR m	2016	2015
Profit after tax	361.0	368.1
Depreciation & amortization	162.7	145.6
Income taxes	174.7	181.2
Income tax payments	-170.6	-174.2
Interest result	81.5	71.5
Interest payments (net)	-67.0	-67.2
Changes in current assets and liabilities	-27.6	60.6
Change in purchase price obligation/IAS 32	2.6	24.9
Other	22.6	-16.8
Cash provided by operating activities	539.9	593.7

Cash flow statement (continued) FINANCIALS 2016

in EUR m	2016	2015
Purchases of intangible assets and property, plant & equipment	-138.8	-126.7
Purchases of consolidated subsidiaries and other business units	-139.6	-500.8
Other	9.0	5.9
Cash used for investing activities	-269.4	-621.6
Capital increase	-	-
Payments in connection with the capital increase	-	34.3
Purchases of companies already consolidated	-62.2	-
Profits distributed to non-controlling interests	-1.6	-1.9
Dividends paid to Brenntag shareholders	-154.5	-139.1
Repayment of (-)/proceeds from (+) borrowings (net)	-30.8	218.7
Cash used for financing activities	-249.1	112.0
Change in cash & cash equivalents	21.4	84.1

Balance Sheet and leverage FINANCIALS 2016

	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec
in EUR m	2016	2015	2014	2013	2012	2011
Financial liabilities	2,283.8	2,255.2	1,901.6	1,768.5	1,829.5	1,952.4
./. Cash and cash equivalents	601.9	579.1	491.9	426.8	346.6	458.8
Net Debt	1,681.9	1,676.1	1,409.7	1,341.7	1,482.9	1,493.6
Net Debt/ Operating EBITDA	2.1x	2.1x	1.9x	1.9x	2.1x	2.3x
Equity1)	2,959.2	2,690.5	2,356.9	2,093.7	1,944.2	1,737.6

1) The values of 31 December 2012 and 31 December 2011 were revised due to the initial application of the revised version of IAS 19 (Employee Benefits (revised 2011)) .

Working capital FINANCIALS 2016

in EUR m	31 Dec 2016	31 Dec 2015	31 Dec 2014	31 Dec 2013	31 Dec 2012	31 Dec 2011
Inventories	962.8	897.1	865.8	757.1	760.4	696.8
+ Trade receivables	1,511.2	1,426.5	1,407.2	1,248.8	1,266.4	1,220.9
./. Trade payables	1,119.4	1,055.5	1,046.2	961.5	1,008.2	956.6
Working capital (end of period)	1,354.6	1,268.1	1,226.8	1,044.4	1,018.6	961.1
Working capital turnover 1) (year-to-date)	8.0x	8.0x	8.6x	9.0x	9.2x	9.3x

1) Using sales on year-to-date basis and average working capital year-to-date.

Free cash flow FINANCIALS 2016

in EUR m	2016	2015	∆	∆
EBITDA	810.0	807.4	2.6	0.3%
CAPEX	-141.1	-130.1	-11.0	8.5%
∆ Working capital	-27.5	87.0	-114.5	-131.6%
Free cash flow	641.4	764.3	-122.9	-16.1%

Segments FY 2016 FINANCIALS 2016

in EUR m		EMEA	North America	Latin America	Asia Pacific	All other segments	Group
Operating gross profit	2016	1,064.6	997.5	170.9	182.3	13.4	2,428.7
	2015	1,024.2	942.6	201.2	140.0	13.7	2,321.7
	∆	3.9%	5.8%	-15.1%	30.2%	-2.2%	4.6%
	∆ FX adjusted	6.4%	5.9%	-13.4%	33.7%	-2.2%	6.1%
Operating EBITDA	2016	362.3	357.3	45.9	66.7	-22.2	810.0
	2015	353.0	365.6	64.7	50.3	-26.2	807.4
	∆	2.6%	-2.3%	-29.1%	32.6%	-15.3%	0.3%
	∆ FX adjusted	5.6%	-2.2%	-27.6%	35.8%	-15.3%	1.9%

Dividend proposal DIVIDEND

in EUR m	2016	2015	∆
Profit after tax	361.0	368.1	-1.9%
Less minority interest	0.7	3.1
Profit after tax (consolidated) attributable to shareholders of Brenntag AG	360.3	365.0	-1.3%
Proposed dividend payment	162.2	154.5
Proposed Dividend per share in EUR	1.05	1.00	5.0%
Payout ratio	45.0%	42.3%

RONA

Increasing value added and returns

in EUR m	2008	2009	2010	2011	2012	2013	2014	2015	2016
Sales	7,380	6,365	7,649	8,679	9,690	9,770	10,016	10,346	10,498
Cost of goods sold	5,887	4,905	6,013	6,911	7,764	7,824	7,988	8,080	8,129
Gross profit	1,492	1,460	1,636	1,768	1,926	1,946	2,028	2,266	2,369
Expenses	1,011	983	1,039	1,109	1,219	1,249	1,301	1,459	1,559
EBITDA	481	477	598	659	707	697	727	807	810
EBITDA/ Gross profit	32%	33%	37%	37%	37%	36%	36%	36%	34%
EBITA	398	394	514	570	610	596	628	699	695
RONA1)	24.4%	26.8%	33.0%	32.5%	32.0%	30.6%	31.1%	31.6%	30.6%

1) RONA is defined as EBITA divided by the sum of average PPE plus average working capital.

CASH FLOW

Strong cash generation over the past years

in EUR m	2008	2009	2010	2011	2012	2013	2014	2015	2016
EBITDA	480.9	476.6	597.6	658.8	707.0	696.8	726.9	807.4	810.0
CAPEX	-84.3	-71.8	-85.1	-86.0	-94.7	-97.2	-104.8	-130.1	-141.1
∆ Working capital	-53.5	242.0	-136.4	-61.0	-33.0	-56.2	-100.5	87.0	-27.5
Free cash flow 1)	343.1	646.8	376.1	511.8	579.3	543.4	521.6	764.3	641.4
Average working 2) capital	833.1	691.9	752.4	928.3	1,048.8	1,090.0	1,161.8	1,295.1	1,308.8
Working capital 3) tunover	8.9x	9.2x	10.2x	9.3x	9.2x	9.0x	8.6x	8.0x	8.0x

1) Free Cash Flow is calculated as EBITDA – Capex +/- Δ Working Capital.

2) 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.

3) Working Capital Turnover is defined as Sales divided by Average Working Capital.

Shareholders exceeding the 3% or 5% threshold SHAREHOLDER STRUCTURE

Shareholder	Proportion in %	Date of notification
BlackRock	>5%	October 18, 2016
MFS Investment Management	>5%	July 3, 2012
Norges Bank	>5%	September 2, 2016
Threadneedle	>3%	June 27, 2016

SHARE DATA

ISIN	DE000A1DAHH0
Stock symbol	BNR
Listed since	29 March 2010
Subscribed capital	EUR 154,500,000.00
Outstanding shares	154,500,000
Class of shares	Registered shares
Free float	100%
Official market	Prime Standard XETRA and Frankfurt
Regulated unofficial markets	Berlin, Stuttgart
Designated sponsors	Deutsche Bank AG, ICF Kursmakler AG
Indices	MDAX® , MSCI, Stoxx Global, Stoxx Europe

BOND DATA

	Bond 2018	Bond (with Warrants) 2022
Issuer	Brenntag Finance B.V.	Brenntag Finance B.V.
Listing	Luxembourg Stock Exchange	Frankfurter Freiverkehr
ISIN	XS0645941419	DE000A1Z3XQ6
Aggregate principal amount	EUR 400,000,000	USD 500,000,000
Denomination	EUR 1,000	USD 250,000
Minimum transferable amount	EUR 50,000	USD 250,000
Coupon	5.50%	1.875%
Interest payment	19 July	Semi annual: Jun. 2 / Dec. 2
Maturity	19 July 2018	Dec. 2, 2022

FINANCIAL CALENDAR

Date	Event
June 8, 2017	General Shareholders' Meeting
June 22 - 23, 2017	Deutsche Bank dbAccess Berlin Conference, Berlin
June 27, 2017	Goldman Sachs Business Services Conference, London
August 9, 2017	Interim Report January – June 2017
September 18, 2017	Goldman Sachs/Berenberg German Corporate Conference, Munich
September 19, 2017	Baader Investment Conference, Munich
November 8, 2017	Interim Report January – September 2017

CONTACT

Investor Relations

Thomas Langer Diana Alester René Weinberg
Phone:	+49 (0) 208 7828 7653
Fax:	+49 (0) 208 7828 7755
E-mail:	IR@brenntag.de
Web:	www.brenntag.com

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 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. Some information contained in this document is based on estimates or assumptions of Brenntag and there can be no assurance that these estimates or assumptions are or will prove to be accurate.

Disclaimer