Deutsche Beteiligungs AG announces capital increase

Notice according to § 15 WpHG (German Securities Trading Act)  

With the consent of the Supervisory Board, the Board of Management of Deutsche Beteiligungs AG resolved a capital increase with subscription rights for shareholders (excluding subscription rights for fractional amounts). The proceeds from the capital increase will serve to strengthen the equity base and, thus, primarily to finance investment opportunities that arise in the future.

A syndicate led by Sal. Oppenheim jr. & Cie. KGaA and Cazenove AG will underwrite the 4,666,667 new shares. A further underwriting bank is Landesbank Baden-Württemberg (LBBW). Shareholders are entitled to one new share for three DBAG shares held at a subscription price of 11.00 euros. The new issue will raise the subscribed capital of 36,400,000.00 euros by 12,133,334.20 euros to 48,533,334.20 euros. Based on the issue price, the inflow of new funds is anticipated to reach some 51.3 million euros, less issue-related costs.

The new shares will carry full dividend rights for the 2003/2004 financial year. The subscription period is expected to begin on March 3, 2004 and will presumably close on March 17, 2004. The subscription rights will presumably be traded on the Frankfurt Stock Exchange from March 3, 2004 through March 15, 2004.

Frankfurt am Main, February 26, 2004

The Board of Management