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Deutsche Beteiligungs AG – Quarterly figures as of 30 April 2005

Deutsche Beteiligungs AG – Quarterly figures as of 30 April 2005. Frankfurt, 14 June 2005. Wilken von Hodenberg, Spokesman of the Board of Management Gustav Egger, CFO Thomas Franke, Head of IR. Introduction Sound financial performance – First half of Financial Year 2004/2005

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Deutsche Beteiligungs AG – Quarterly figures as of 30 April 2005

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  1. Deutsche Beteiligungs AG – Quarterly figures as of 30 April 2005 Frankfurt, 14 June 2005

  2. Wilken von Hodenberg, Spokesman of the Board of Management Gustav Egger,CFO Thomas Franke,Head of IR Introduction Sound financial performance – First half of Financial Year 2004/2005 Compelling business model Strong positioning as leading market player Key investment highlights Appendix Speakers and topics

  3. Well established in German private equity market Strong market position • Leading position in German mid-market private equity • Focus on MBOs in a growing market Remarkable success story Largest quoted German private equity player • 15.0% pre tax RoE p.a.(1994/95 to 2003/04) • Listed since 1985 • Free float of 60.3% • Market cap: ~ €230m Clear positioning • 40 years of experience • More than 300 German „Mittelstand“ transactions • ~ €500m assets under management Introduction

  4. Financial year 2004/05

  5. Financial year 2004/05 – At a glance • First-half net profit: 29.8 million euros • Net asset value per share: 13.84 euros at 30 April 2005 • Rise in net asset value of 12.7 percent since beginning of financial year (1 November 2004, including dividend of € 0.33) • Disinvestment of schlott gruppe AG • Babcock Borsig Service GmbH sold (April 2005) • New investment Clyde Bergemann (May 2005) Results significantly improved Sound financial performance

  6. Development of net asset value per share (a) • Valuation of portfolios according to IFRS rules * adjusted for capital increase in March 2004** dividend payment for financial year 2003/04 of € 0.33 in March 2005 Sound financial performance

  7. First half: Development of the net asset value per share (b) Sound financial performance

  8. First-half result Sound financial performance

  9. Balance sheet: Net cash position Sound financial performance

  10. Significant improvement in earnings up to FY 1999/2000: AG alone; up to FY 2003/04: HGB, since FY 2004/05: IFRS Sound financial performance

  11. Promising outlook Net asset value upside potential • Sound portfolio with potential forvalue growth Attractive investment opportunities • Restructuring in Germany continues • Growing acceptance of private equity DBAG well placed to benefit from market development • Leading position in German mid market MBOs Sound financial performance

  12. DBAG (adjusted) Dax SDax FTSE Investment Companies Share price below NAV – still offering upside potential • Current share price (€ 12.30) below NAV (€ 13.84) • Dividend yield (3%) exceeds S-Dax average Sound financial performance

  13. Compelling Business Model

  14. Clear and focused strategy • Investments • Fund management • Successfully raised €228m with Fund IV in 2003 Status: 30 April 2005 Compelling business model

  15. Strong focus on MBOs • Seven new management buyouts since 2001 • Ten Growth financings sold since 2001 Compelling business model

  16. Focused MBO strategy in German-speaking regions Investment criteria • Group spin-offs / „Mittelstand“ businesses • Old economy industry, industrial service sectors • Turnover up to €750m p.a. • Proven management • Leading market position • Profitable, with growth potential • Transaction value €50 – 250m Compelling business model

  17. Market-leading companies Compelling business model

  18. Ten largest investments represent 78% of current IFRS value Status: 30 April 2005 Compelling business model

  19. Recent investments: pipeline for future exits Highlights strong market position Compelling business model

  20. New in the portfolio – Clyde Bergemann • Company • World market leader as a component supplier for coal-fired power plants in a niche market: • Soot blowers used to clear incineration residue in utility boilers (world market share> 50 %) • Ash handling systems for coal-fired power plants (world market share > 20 %) • Sales in 2004/05; $180 mn (€140 mn),~ 900 employees • Investment • Management buyout led by Deutsche Beteiligungs AG • Investment €7.7 mn www.clydebergemann.com Compelling business model

  21. Key investment highlights

  22. Key investment highlights Leading position in German mid-market private equity Well balanced portfolio Strong market outlook Strong track record of profitability Unparalleled access to proprietary deal channels Highly experienced investment team Leading mid-market player

  23. Strong market outlook Growth drivers for mid-market deals • Spin-offs of non-core activities by large corporations • Secondary Buyouts Key growth driver Other growth drivers • Regulatory pressure on banks to cut back on lending (Basel II) • Succession issue for family-owned companies • More than 10,000 mid-market companies targeted by DBAG • Restructuring situations • Private equity underdeveloped in Germany • Investments in % of GDP: 0.12% vs. 0.85% in UK and 0.54% in US* Encouraging mid-market development * Status: 2003 data Leading mid-market player

  24. Leading position inGerman mid market buyouts Deal activity Germany – transaction value €50 – 250m Source: Centre for Management Buy-out Research; 2003 and 2004, DBAG Leading mid-market player

  25. Well-balanced portfolio Total investments Status: Acquisition costs, Date: 30 April 2005 Leading mid-market player

  26. Strong track record of profitability Pan European total return analysis (1995 – 2004) DBAG highlights 15.0%(RoE, pre-tax) • Private equity returns higher than other asset classes • DBAG outperforms European sector 11.4% 8.1% 7.6% * Source: Pan-European Survey of Performance, EVCA, March 2004 Base: European buyout funds, Horizon IRR 1995 to 2004, returns net to investors Leading mid-market player

  27. Unparalleled access toproprietary deal channels 26 investments in German-speaking countries (1997 – 2005) Competitive edge through a strong network Leading mid-market player

  28. Highly experiencedinvestment team Ø years of private equity experience at DBAG • Management remuneration with strong incentive system • Carried-interest scheme • Investment team must co-invest to profit from performance of investments • Variable remuneration linked to parallel funds Leading mid-market player

  29. Appendix

  30. Unique co-investment fund structure allows for benefits Benefits Equity investment structure Target company • Fee income for cost coverage • Access to larger transactions through additional financings (“parallel funds”) Deutsche Beteiligungs AG 1 : 2 DBAG Fund IV Management of target company 1 % investment by carry team ofDeutsche Beteiligungs AG Appendix

  31. Deutsche Beteiligungs AG Fund I & II Fund III Fund IV Fund V 2002 1998 2005 Successful fund management business • Fund IV: €228 m committed – DBAG’s largest equity-raising program to date (raised 2003) • Increasing fee income • 2001/2002: €4.0m • 2003/2004: €7.3m • Further increase with increase in fund volume Appendix

  32. Shareholder profile:more international investors • Firm position in S-Dax: Market capitalisation of free float ~ 140 million euros Status: 31 January 2005 Appendix

  33. Analysts’ recommendations for Deutsche Beteiligungs AG Appendix

  34. Financial calendar 2005/2006 Appendix

  35. Stock abbreviation: Reuters: DBAG.F Bloomberg: DBA ISIN code: DE0005508105 Stock market trading with official listing in PRIME STANDARD Indices: S-Dax C-Dax-Industrial For more information: www.deutsche-beteiligung.com Deutsche Beteiligungs AG Investor RelationsKleine Wiesenau 1 Thomas FrankeD-60323 Frankfurt am Main Tel.: +49 (69) 9 57 87-3 07Tel.: +49 (69) 9 57 87-01 Fax: +49 (69) 9 57 87-3 91 e-mail: IR@deutsche-beteiligung.de Appendix

  36. Disclaimer This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this presentation that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Beteiligungs AG. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our business. Appendix

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