Board of Management announces share buyback: Tender offer to all shareholders

Announcement consistent with § 15 WpHG (German Securities Trading Act)
Deutsche Beteiligungs AG, WKN 550 810

The Board of Management of Deutsche Beteiligungs AG today announced the commencement of a share buyback. The buyback is based on a resolution adopted by shareholders at the Annual Meeting on 29 March 2006, authorising the company to repurchase up to ten percent of the current share capital, or up to 1,683,732 shares.

The share buyback programme will be executed via a tender offer directed to all shareholders. The offer price for the purchase of up to 1,683,732 shares of Deutsche Beteiligungs AG will be 17.55 euros per share. This price corresponds to the net asset value per share currently expected to at least be posted for the third quarter ending 31 July 2006. The details of the tender offer will be published on Friday in the Frankfurter Allgemeine Zeitung (F.A.Z.), the Electronic Federal Gazette and on the Internet site of DBAG at www.deutsche-beteiligung.com.

The Board of Management intends to optimise the company's capital efficiency by returning capital to shareholders through the buyback programme. Following a number of profitable realisations from its portfolio in the past months, Deutsche Beteiligungs AG has built up a much stronger cash position than it needs for its investment activity. At 30 April 2006, Deutsche Beteiligungs AG recorded cash resources of 63.3 million euros. Through the recent IPO of its largest portfolio investment, Bauer AG, the company achieved further gross proceeds of 98.6 million euros.

The Board of Management believes that the offer constitutes an attractive price for shareholders and anticipates an appropriate level of acceptance.

The shares are to be retired.

The Board of Management
Frankfurt am Main, 12 July 2006