Bauer AG plans IPO

Ad hoc announcement consistent with § 15 WpHG (German Securities Trading Act)
Deutsche Beteiligungs AG • WKN 550 810

Deutsche Beteiligungs AG – Bauer AG plans IPO
Significant effects on asset, financial and earnings position

Deutsche Beteiligungs AG may possibly exit a major investment, now that shareholders of Bauer AG at today's General Meeting authorised the management board, subject to the supervisory board's consent, to decide on a listing for Bauer AG. If the initial public offering is actually effected and Deutsche Beteiligungs AG sells shares through this move, there would be a significant change to the portfolio of Deutsche Beteiligungs AG. Measured both by its IFRS value and at acquisition cost in the German GAAP format, the investment in Bauer AG is the largest by far in the portfolio of Deutsche Beteiligungs AG.Additionally, an exit via an IPO would have a considerable impact on the asset, financial and earnings position of Deutsche Beteiligungs AG; in adherence to its valuation guidelines, the minority investment in Bauer AG is currently valued at a discount. How high the proceeds and liquidity inflow will actually be and when Deutsche Beteiligungs AG will stand to profit from the IPO depends on the progression of Bauer's flotation plans as well as on the acceptance of the offering and general capital-market conditions. Deutsche Beteiligungs AG holds a 41.15 percent minority stake in Bauer AG and, consequently, has no significant influence on the progress of these plans.Frankfurt am Main, 28 April 2006The Board of Management