27.06.2005

Deutsche Beteiligungs AG announces share repurchase programme

Announcement pursuant to § 15 WpHG and § 10 WpÜG
Deutsche Beteiligungs AG

The Board of Management of Deutsche Beteiligungs AG today approved a share repurchase programme. The basis for the share repurchase programme is a resolution adopted at the Annual Meeting on 17 March 2005, authorising the company to reacquire up to ten percent of the current share capital, or up to 1,866,666 shares.

The share repurchases will be made through a tender offer addressed to all shareholders. The offer will extend to up to 1,866,666 shares of Deutsche Beteiligungs AG at 12.50 euros per share. The tender offer for the repurchase programme will be published shortly and will then be accessible on the Internet site of DBAG at www.deutsche-beteiligung.de.

The Board of Management views this offer as an opportunity to repurchase own shares at an attractive price. Reciprocally, the Board of Management expects a commensurate level of acceptance on the part of shareholders: Deutsche Bank AG and Mr. Wilhelm von Finck jun. have announced that, in case of a share repurchase programme, they would be ready to remit 800,000 shares (Deutsche Bank via DB Value GmbH) and one million shares (Wilhelm von Finck jun. via Harthauser GmbH) at the price offered.

The Board of Management plans to optimise the company's financing structure through the share buyback programme. Following several profitable realisations from its portfolio in the past months, Deutsche Beteiligungs AG has repaid bank borrowings in full and, at 30 April, had a strong cash position of 33.0 million euros.

The shares are to be retired without reducing the share capital; this will effect a rise in earnings per share.


Frankfurt am Main, 27 June 2005


The Board of Management