30.05.2006

Quarterly result: Consolidated profit at around 19 million euros – Rise in net asset value of some 1.15 euros per share

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

Investments profiting from positive economic trend

Deutsche Beteiligungs AG will presumably be posting a consolidated profit of some 27 million euros for the first six months of its 2005/2006 financial year, ended 30 April 2006; approximately 19 million of that amount will be attributable to the second quarter. These are the results from today's meeting of the Valuation Committee of Deutsche Beteiligungs AG that valued the company's individual investments. The difference between the current valuation at 30 April 2006 and the latest published valuation at 31 January 2006 will be taken to income and recognised under "Net result of valuation and disposal of financial assets and loans and receivables" of the consolidated income statement. This item largely determines the consolidated profit. The consolidated profit for the first quarter of 2005/2006 was 8.2 million euros; the profit for the full 2004/2005 financial year had totalled 41.2 million euros.

This high quarterly result will presumably lead to an increase in the net asset value (NAV) per share of some 1.15 euros. At 31 January 2006, the NAV per share had amounted to 15.13 euros. Following a dividend payment of 0.66 euros in March 2006, the NAV per share at 30 April 2006 is expected to reach approximately 15.60 euros.

The reason for this high quarterly result is the good development of the portfolio. This was fuelled, for example, by the current surge in worldwide demand for capital goods, from which internationally positioned companies in the portfolio of Deutsche Beteiligungs AG are profiting.

A possible initial public offering for Bauer AG has not been regarded in the valuation performed today; the value of this investment was measured in conformity with the valuation guidelines of Deutsche Beteiligungs AG based on the company’s knowledge at 30 April 2006. The guidelines stipulate that minority investments with limited fungibility, such as Bauer AG, be valued at a discount of 25 percent. That means that potential profits from an IPO for Bauer AG in the course of this year are not reflected in the results at 30 April 2006. Assuming that an IPO would at least retrieve the 25 percent discount on the valuation, Bauer's flotation could significantly contribute to profits.

Deutsche Beteiligungs AG is currently drawing up its interim report at 30 April 2006, to be issued on 14 June 2006.

The net asset value per share and changes to it are internationally common indicators used to assess the performance of private equity companies. It is derived by dividing the equity capital by the number of shares.

The Board of Management
Frankfurt am Main, 30 May 2006