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

2

Speakers and topics

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

3

Clear positioning

– 40 years of experience– More than 300 German

„Mittelstand“ transactions– ~ €500m assets under

management

– 40 years of experience– More than 300 German

„Mittelstand“ transactions– ~ €500m assets under

management

Well established in German private equity

market

Well established in German private equity

market– Leading position in

German mid-market private equity

– Focus on MBOs in a growing market

– Leading position in German mid-market private equity

– Focus on MBOs in a growing market

Strong market positionStrong market position

– Listed since 1985– Free float of 60.3%– Market cap: ~ €230m

– Listed since 1985– Free float of 60.3%– Market cap: ~ €230m

Largest quoted German private equity player

Largest quoted German private equity player

– 15.0% pre tax RoE p.a.(1994/95 to 2003/04)

– 15.0% pre tax RoE p.a.(1994/95 to 2003/04)

Remarkable success story

Remarkable success story

Introduction

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

€0,33

11

12

13

14

15

Oct 03* Oct 04 Jan 05 Apr 05

€ NAV

€11.97 €12.57 €13.62 €14.17 / 13.84**

Development of net asset value per share (a)

Valuation of portfolios according to IFRS rules

Sound financial performance

* adjusted for capital increase in March 2004** dividend payment for financial year 2003/04 of € 0.33 in March 2005

7

First half: Development of the net asset value per share (b)

Sound financial performance

12.57 €

0.32 €

0.94 €

- 0.05 €

0.63 €

13.84 €-0.26 €

0.02 €

0.33 €

11.50 €

12.00 €

12.50 €

13.00 €

13.50 €

14.00 €

14.50 €

NAV at 31 Oct 2004

Stock market prices

Earnings/multiples

Exchange rates Other valuation changes/

Realisations

Currentincome

Others Dividend NAV at 30 Apr 2005

8

First-half result

T €1 Nov 2004

- 30 Apr 2005

1 Nov 2003 - 30 Apr

2004

Net result of valuation and disposal of financial assets and loans and receivables

34,219 12,515

Current income from financial assets and loans and receivables

477 10,506

Personnel costs 6,399 5,278

Other operating income 7,249 6,910

Other operating expense 4,716 4,114

Depreciation and amortisation on property, plant and equipment and intangible assets

100 100

Net interest - 546 - 2,376

Result of ordinary activity 30,184 18,063

Income taxes 392 391

Minority interest 10 0

Consolidated net profit / loss 29,802 17,672

Earnings / loss per share 1.60 1.14Sound financial performance

9

Balance sheet: Net cash position

Assets (mn €) 30 Apr

2005

30 Oct

2004

Liabilities (mn €)

30 Apr

2005

30 Oct

2004

Long-term assets

251.6 258.4 Equity 259.6 235.7

Current assetsReceivables, SecuritiesCashIncome tax assetsOther assets

4.3

33.014.5

13.8

5.6

1.214.2

37.0

Liabilities to banks

Other liabilities

0

57.6

28.0

52.7

317.2 316.4 317.2 316.4

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

Consolidated net income/loss in million €

4.4 5.59.3

20.5

37.532.1

9.2

-15.8

3.1

18.2

29.8

94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05(6 mths)

11

Promising outlook

Sound financial performance

Sound portfolio with potential forvalue growth

Net asset value upside potential

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

12

Share price below NAV – still offering upside potential

Sound financial performance

Current share price (€ 12.30) below NAV (€ 13.84)

Dividend yield (3%) exceeds S-Dax average

DBAG (adjusted)

Dax

SDax

FTSE Investment Companies

8.00

8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

1.11.04 1.12.04 1.1.05 1.2.05 1.3.05 1.4.05 1.5.05 1.6.05

Compelling Business Model

14

Clear and focused strategy

Investments

Fund management- Successfully raised €228m with Fund IV in 2003

Number of invest-ments

Current Value (IFRS)

Direct MBOs 14 €117.3 (47.7%)

Fund investments in foreign countries (indirect MBOs)

12 €61.8m (25.1%)

Growth financings (minority Investments)

11 €66.9m (27.2%)

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

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

Investment criteria

17

Market-leading companies

No. 1 Europe

No. 1 World

No. 1 World

No. 1 World

No. 1 Europe

No. 2 Europe

Compelling business model

18

Ten largest investments represent 78% of current IFRS value

Status: 30 April 2005

Compelling business model

Company(in alphabetical order)

Date of

invest-

ment

Invest-ment (cost) € m

Percentage owned

Type Sales 2004 € m

Industry

Bauer AG 09/96

27.6 41.2% Growth

614 Special construction

Coveright Surfaces GmbH

07/03

8.5 14.0% MBO 283 Surface materials

Grohmann GmbH 10/86

2.1 25.1% Growth

55 Automation technology

Harvest Partners Intl. III

10/97

15.2 6.9% Fund n.a. Buyout fund

Harvest Partners Intl. IV

04/01

31.8 9.9% Fund n.a. Buyout fund

Hochtemperatur Engineering GmbH

06/02

4.5 27.6% MBO 216 Engineering

Homag Group AG 01/97

22.6 21.4% Growth

692 Wood processing machinery

Otto Sauer GmbH 03/04

7.0 26.5% MBO 328 Automotive supplier

Preh GmbH 11/03

7.3 13.0% MBO 240 Automotive electronics

Quartus Capital Partners I

11/98

9.6 15.5% Fund n.a. Buyout fund

19

Recent investments: pipeline for future exits

Compelling business model

Highlights strong market position

Investment date Details

Mai 2005 Clyde Bergemann Group – MBOComponent supplier for coal-fired power plants – Investment €7.7 m

April 2004 Otto Sauer Achsenfabrik GmbH - MBOSupplier to manufactures of commercial vehicles – Investment €7.8 m

November 2003 Preh GmbH – Management buyoutAutomotive supplier – Investment €12.8m

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

Key investment highlights

22

Key investment highlights

Strong market outlook

Strong market outlook

Well balanced portfolio

Well balanced portfolio

Leading position

in German mid-market

private equity

Leading position

in German mid-market

private equity

Highly experienced investment

team

Highly experienced investment

team

Strong track record of

profitability

Strong track record of

profitability

Unparalleled access to

proprietary deal channels

Unparalleled access to

proprietary deal channels

Leading mid-market player

23

Strong market outlook

Spin-offs of non-core activities by large corporations

Secondary Buyouts

Leading mid-market player

Encouraging mid-market development

Growth drivers for mid-market deals

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*

* Status: 2003 data

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

0

5

10

15

20

25

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

0

500

1.000

1.500

2.000

2.500

Number Value (mn €)

25

Other6%

Plant and machinery construction

18%

Trade8%

Consumer goods21%

Automotive supplies12%

Chemicals5%

Print, media, packaging

3%

Industrial services and logistics

11%

Building Industry15%

Well-balanced portfolio

Status: Acquisition costs, Date: 30 April 2005

Total investments

Leading mid-market player

26

Strong track record of profitability

* Source: Pan-European Survey of Performance, EVCA, March 2004 Base: European buyout funds, Horizon IRR 1995 to 2004, returns net to investors

Pan European total return analysis (1995 – 2004)

0%

2%

4%

6%

8%

10%

12%

14%

16%

DBAG Private equity MSCI Europe JPM Euro Bond

*

DBAG highlights

Leading mid-market player

15.0%(RoE, pre-

tax)

7.6%

11.4%

8.1%

Private equity returns higher than other asset classes

DBAG outperforms European sector

27

Unparalleled access toproprietary deal channels

Portfolio19%

Executive Circle12%

M&A Advisors

19%

Deutsche Bank23%

DBAG Partners

12%

Direct contacts

15%

26 investments in German-speaking countries (1997 – 2005)

Competitive edge through a strong network

Leading mid-market player

28

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

Highly experiencedinvestment team

Ø years of private equity experience at DBAG

5Members of board of management

> 10

5 Directors > 11

8 Investment Managers > 5

Leading mid-market player

Appendix

30

DBAG Fund IVDeutsche

Beteiligungs AG

Unique co-investment fund structure allows for benefits

Target company

Management of target company

1 % investment by carry team of

Deutsche Beteiligungs AG

Fee income for cost coverage

Access to larger transactions through additional financings (“parallel funds”)

Equity investment structure

1 2:

Benefits

Appendix

31

Successful fund management business

Deutsche Beteiligungs AG

Fund I & II Fund IV Fund III

1998 2002

Fund V

2005

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

Shareholder profile

15%

11%

8%

5%

19%

10%

7%

25%

Deutsche Bank AG

Gerling-Lebensversicherung

Wihelm von Finck

Kreissparkasse Biberach

Institutional investors, Germany

Institutional investors, UK/US

Institutional investors, othercountriesOther institutional investors andprivate shareholders

Appendix

33

Analysts’ recommendations for Deutsche Beteiligungs AG

Date Recommen-dation

Peter-Thilo Hasler,HVB Corporates & Markets

March 2005

“Outperform”

Patrick Hummel,Landesbank Baden-Württemberg

Feb. 2005 “Buy”

Ralph Jainz, Cazenove March 2005

“Outperform”

Jens Jung, Independent Research

Nov. 2004 “Buy”

Metehan Sen, Bankhaus Sal. Oppenheim

June 2005 “Buy”

Thomas Teetz, HSBC Trinkaus & Burkhardt

July 2004 “Buy”

Appendix

34

Financial calendar 2005/2006

3rd Quarter Report 14 September 2005

Analysts’ Conference Call

14 September 2005

HVB’s German Investments Conference, Munich

28 September 2005

Smart Equities Conference, Frankfurt

15/16 November 2005

Deutsches Eigenkapitalforum (Analysts’ Conference), Frankfurt

22 November 2005

Annual Press Conference

30 January 2006Appendix

35

Stock abbreviation: Reuters: DBAG.FBloomberg: DBA

ISIN code: DE0005508105

Stock market trading with official listing in PRIME STANDARD

Indices: S-DaxC-Dax-Industrial

For more information: www.deutsche-beteiligung.comDeutsche 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

DisclaimerThis 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