D E U T S C H E B E T E I L I G U N G S A G I N I T I A T E S N E W B U Y O U T F U N D

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1 D E U T S C H E B E T E I L I G U N G S A G I N I T I A T E S N E W B U Y O U T F U N D A N A L Y S T S C A L L 2 7 J U L Y

2 S P E A K E R S SUSANNE ZEIDLER Member of the Board of Management THOMAS FRANKE Head of Investor Relations and Public Relations A N A LY S T S ' C A L L 2 7 J U LY

3 NEW BUY OUT FUND DBAG FUND VII RECORDS CAPITAL COMMITMENTS OF 1 BILLION EUROS DBAG S CO-INVESTMENT TO INCREASE BY 50 PERCENT SIGNIFICANT INCREASE IN FEE INCOME FROM FUND INVESTMENT SERVICES IMPROVED MARKET POSITION THROUGH EXPANSION OF INVESTMENT RANGE: DBAG ECF TO INVEST IN SMALLER BUYOUTS A N A LY S T S ' C A L L 2 7 J U LY

4 GROWTH SCENARIO FOR DBAG DBAG Fund VII enables growth in both business lines 1. Higher fee income from fund investment services following increase in fund volume 2. DBAG s co-investment commitment rises by 50 percent to 200 million euros (DBAG Fund VI: 133 million euros) DEVELOPMENT OF DBAG BUYOUT FUNDS ( MN) , Fund IV 2002 Investors Fund V 2007 Fund VI 2012 Co-investment DBAG Fund VII 2016 A N A LY S T S ' C A L L 2 7 J U LY

5 EXPANSION OF OFFERING Top-up fund enables equity capital investments of up to 200 million euros (including bridge-over financing of up to 280 million euros) Until now: 80 million euros, over that together with co-investors from group of fund investors DBAG Expansion Capital Fund (ECF) also to invest in majority acquisitions Equity capital investments from between 10 and 30 million euros Focus remains: Mittelstand companies in German-speaking countries with global business models In DBAG core sectors, investments also possible in neighbouring countries Equity capital investments DBAG ECF Minority Current Positioning Top-up fund DBAG Fund VII Equity share Majority Future Positioning A N A LY S T S ' C A L L 2 7 J U LY

6 DBAG MARKET POSITIONING STRENGTHENED FURTHER Largest buyout fund with focus on investments in Germany by a German private equity company DEVELOPMENT OF ASSETS UNDER MANAGEMENT OR ADVICE ( MN) 1,800 Closing in less than three months after start of fundraising Attractive terms for DBAG Advisory fees Fund period Investment criteria 1, e Portfolio at transaction value Outstanding capital commitments to funds Financial resources (of DBAG) A N A LY S T S ' C A L L 2 7 J U LY

7 FEE INCOME FROM FUND INVESTMENT SERVICES TO INCREASE SIGNIFICANTLY Fee income from DBAG Fund VII starts with its investment period (presumably 2017) Fee income will subsequently recede again (e.g. due to reduced basis following realisations) MN / / / / / / / / / / /16e 2016/17e 2017/18e Fonds I / Fonds III Fund IV Fund V ECF Fund VI Fund VII A N A LY S T S ' C A L L 2 7 J U LY

8 INVESTOR PROFILE 80 percent of commitments from investors in predecessor fund, DBAG Fund VI More commitments from investors with own capital base TYPES OF INVESTORS 25% 25% 26% 35% 12% 23% 16% 31% 17% GEOGRAPHICAL ORIGIN OF COMMITMENTS 4% 7% 6% 36% 24% 37% 14% 12% 25% 23% 47% 32% 20% 35% 38% 8% 10% 54% 32% 42% 51% 19% 14% Fund IV Fund V Fund VI Fund VII Banks Pension funds Fund-of-funds Other Fund IV Fund V Fund VI Fund VII Germany Rest of Europe USA Asia A N A LY S T S ' C A L L 2 7 J U LY

9 OUTLOOK DBAG Fund VII secures further growth Segment Direct investments: Net asset value growth mid term Segment Fund investment services: Fee income from start of investment period Confidence on further development A N A LY S T S ' C A L L 2 7 J U LY

10 APPENDIX A N A LY S T S ' C A L L 2 7 J U LY

11 ANALYSTS RATINGS FOR DBAG SHARES Analyst Date Rating Target price (new/previous) Baader-Helvea Equity Research, Tim Dawson June 2016 Buy Bankhaus Lampe, Christoph Schlienkamp May 2016 Buy Edison Research, Gavin Wood May 2016 For regulatory reasons neither recommendation, nor upside target HSBC Global Research, Thomas Teetz February 2016 Hold ( 29.50) J.P. Morgan Cazenove, Christopher Brown January 2016 Underweight n.a. Oddo Seydler Bank AG, Ivo Visic May 2016 Buy Solventis Wertpapierhandelsbank Research, Klaus Schlote/Ulf van Lengerich March 2016 Buy ( 31.95) Warburg Research GmbH, Harald Hof May 2016 Buy A N A LY S T S ' C A L L 2 7 J U LY

12 NEXT EVENTS Financial calendar Report on third quarter 2015/2016 Analysts conference call, Frankfurt am Main 11 August 2016 Baader Investment Conference, München September 2016 German Equity Forum 2016 (Deutsche Börse), Frankfurt am Main November 2016 A N A LY S T S ' C A L L 2 7 J U LY

13 OTHER INFORMATION Symbol: ISIN code: Reuters: DBAG.n Bloomberg: DBAN DE000A1TNUT7 Listed in the Prime Standard segment Indices: DBAG is a member of LPEQ: Contact: Thomas Franke Head of Investor Relations Telephone: IR@dbag.de S-Dax DAXsector All Financial Services LPX50, LPX Europe, LPX Direct Stoxx Private Equity 20 Deutsche Beteiligungs AG Börsenstrasse Frankfurt A N A LY S T S ' C A L L 2 7 J U LY

14 FORWARD-LOOKING STATEMENTS INVOLVE RISKS This presentation contains forward-looking statements. Forward-looking statements are statements that do not describe facts or past events; they also include statements about our assumptions and expectations. Any statement in this report that states our intentions, assumptions, expectations or predictions and the underlying assumptions is a forward-looking statement. These statements are based on plans, estimates and projections currently available to the Board of Management of Deutsche Beteiligungs AG. Therefore, forward-looking statements only relate to the date on which they are made. We do not assume any obligation to update such statements in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. A number of important factors may cause actual events to differ significantly from those in forwardlooking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere the key regions for our investment activities. A N A LY S T S ' C A L L 2 7 J U LY