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D R I V I N G E X P A N S I O N .

E N S U R I N G C O N T I N U I T Y .

D E U T S C H E B E T E I L I G U N G S A G

L O N D O N , 2 8 S E P T E M B E R 2 0 1 5

A G E N D A

Business Model

Financial Year 2013/2014

Q1-Q3 2014/2015

Guidance 2014/2015

DBAG Funds

DBAG Share

Appendix: Portfolio

D R I V I N G E X P A N S I O N . E N S U R I N G C O N T I N U I T Y . - L O N D O N , 2 8 S E P T E M B E R 2 0 1 5 2

DBAG: IMPRESSIVE TRACK RECORD OVER FIVE DECADES

1985DBAG‘s IPO

PE became accessible to broad groups

of share-holders

DBG Fonds III

1998

2002DBAG Fund IV raised

DBAG opened up to institutional investors and entered the fund

advisory business

DBAG Fund IV DBAG Fund V

2002 2006

2008Income from fund services

more than €10mn for the

first time

Fund investment services became a

second major pillar of earnings

DBAG Expansion Capital Fund

2011

2013DBAG Fund VI

raised

DBAG raised the largest buyout fund ever by a

German PE company

DBAG Fund VI

2013

1965DBAG founded

First German PE company

Income predominantly generated from direct

investments

Invested capital came from own shareholder

base

DBG Fonds I DBG Fonds II

1965 1975

DM473million

DM139million

DM283million

€228million

€434million

€142million

€700million


BUSINESS MODEL TODAY: FUND INVESTMENT SERVICES AND PRIVATE EQUITY INVESTMENTS

v

DBAG FUNDS

German and international institutional

investors

THE BUSINESS MODEL

v

FUND INVESTMENT SERVICES

Raising of DBAG funds

Advisory services to funds

v

PRIVATE EQUITY INVESTMENTS

Investing

Developing

Realising the value created

Income

Enlargement of capital base

Investment services Co-investment-

agreement

Identity of interest


2013: No. 1 with 3 out of 23

transactions

− Invested capital of €136.5mn (thereof DBAG: €26.2mn)

2014: No. 1 with 4 out of 31

transactions

− Invested capital of €224.4mn (thereof DBAG: €42.1mn)

Over ten-year period, DBAG ranks

No. 2 among PE investors in

Germany’s mid-market buyout

segment

− 271 transactions in total, thereof 15 by DBAG

“INVESTING”: DBAG MOST ACTIVE MID-MARKET BUYOUT INVESTOR IN 2014 AGAIN

0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

5

10

15

20

25

30

35

40

2005 2007 2009 2011 2013

MID-MARKET MBOS IN GERMANY

Number Value (€mn)

Majority take-overs within the scope of MBOs, MBIs, secondary/tertiary buyouts under participation of a financial investor. Transaction value from €50mn to €250mn.


KEY ELEMENTS OF OUR INVESTMENT STRATEGY

OUR INVESTMENT CRITERIA

COMPANY

A mid-sized company holding a

strong market position

PERSPECTIVE

A company with development

potential

SECTORS

Focus on industrial business models

MANAGEMENT

Proven management that operates

entrepreneurially and also has a stake in the

company

ON THE WHOLE, THERE MUST BE CONVINCING ARGUMENTS


CURRENT PORTFOLIO: MAINLY HIDDEN CHAMPIONS OF “GERMAN MITTELSTAND”

MANAGEMENT-BUYOUTS GROWTH FINANCING


Investment in Silbitz Group closed after 31 July 2015; investments in three foreign buyout funds not shown

INVESTMENT BUSINESS: BUILDING THE VALUE PORTFOLIO COMPANIES

Value growth, e.g. by

− globalising sales and/or production

− expanding the service and spare-parts business

− increasing market share (market consolidation)

− growth: organic or by add-on acquisitions

Value generated through

“financial engineering”

regularly the most smallest

part of value appreciation

Equity, experience

and expertise

Well-positioned ‘Mittelstand’ companies with strong development

potential

Long-term, value-increasing

strategy

SUPERIOR RETURNS FOR PORTFOLIO COMPANIES, SHAREHOLDERS AND INVESTORS


“REALISING THE VALUE CREATED”

Exit an investment at the right time and

in a well-structured process

MBOs: Developed companies that

particularly attract strategic buyers

− 21 out of 36 MBOs realised, thereof 16 to strategic buyers

strategic premiums lead to prices clearly in excess of most recent valuation

Expansion capital investments:

− Repurchase by majority owner− New minority investor− Joint complete disinvestment− IPO

SELECTION PROCESS

In-depth due diligence priorto an investment

DEVELOPMENT SUPPORT

OPTIMAL EXIT TIMING

Exit is to create a perspective for portfolio company

Portfolio companies supported in implementing their corporate concepts


FUND INVESTMENT SERVICES: DBAG IS MORE THAN A PORTFOLIO OF PRIVATE EQUITY INVESTMENTS

Established provider of fund

investment services to institutional PE

investors

− 23-member investment team− More than 200 years of experience in

private equity− First-rate network

DBAG: A brand that stands for 50 years

of investment performance in

Germany’s ‘Mittelstand’

DBAG‘sinvestment-

team


FUND INVESTMENT SERVICES: CONSISTENTLY EXPANDED IN THE PAST 10 YEARS

268 256

239378

108

615

31. Oct. 2004 31. Oct. 2014

MANAGED AND ADVISED ASSETS (€MN)

Outstanding investment commitments DBAG funds

Invested capital DBAG funds

Invested capital DBAG + debt/financial ressources DBAG

6.65.6

7.2

12.611.1 11.0 11.0 11.7

9.38.2

9.613.5

0

5

10

15

20

25

2004/05 2006/07 2008/09 2010/11 2012/13

DEVELOPMENT OF MANAGEMENT AND ADVISORY FEE INCOME (€MN)

Management fee income Advisory fee income

€615mn

€1,249mn


2013/2014 FINANCIAL YEAR AT A GLANCE: STRONG TRACK RECORD OVER SHORT- AND LONG-TERM

20.036.4

56.2

-17.5

7.3 12.7

-6.2

16.8 11.5 15.8

04/05 06/07 08/09 10/11 12/13

41.382.7

136.5

-51.1

19.6 34.1

-16.6

44.5 32.3 47.8

04/05 06/07 08/09 10/11 12/13

47.8MILLION EUROS

15.8PERCENT

19.5PERCENT

Consolidated net

income

Return on net asset

value per share

Total return to

shareholders

0

250

500

Nov/ 04 Nov/ 06 Nov/ 08 Nov/ 10 Nov/ 12 Nov/ 14DBAG Dax S-Dax LPX Direct


2013/2014 FINANCIAL YEAR: CARRIED PORTFOLIO MAKING GOOD PROGRESS

Portfolio companies’ revenues rose by

9.3percent

Portfolio companies’ debt remains

moderate:

2.4xEBITDA

Portfolio companies’ earnings

advanced by

12.1percent

Portfolio companies’ valuation

average of

7.3xEBITDA


Net income

Financial resources

Equity

€28.3mn

€56.9mn

€303.4mn

Q1-3 2014/15 /

31 July 2015

€39.6mn(thereof, Homag:

€20.6mn)

Q1-3 2013/14 /

31 October 2014 *

€148.8mn

€303.1mn

* adjusted, in conformity with IFRS 10

14

THE 2014/2015 FINANCIAL YEARAFTER NINE MONTHS

D R I V I N G E X P A N S I O N . E N S U R I N G C O N T I N U I T Y . - L O N D O N , 2 8 S E P T E M B E R 2 0 1 5

€61.2 MILLION INVESTED – NEW INVESTMENT AT 31 JULY REACHED HIGHEST LEVEL IN TEN YEARS

Four MBOs in the first three quarters:

Infiana, Pfaudler, Gienanth, Cleanpart

− €32.8mn invested from DBAG balance sheet

Two expansion capital investments

(Oechsler, Novopress) and increase of an

existing expansion capital investment

(JCK)

− €18.8mn invested from DBAG balance sheet

Add-on acquisitions at portfolio

companies

− Another €9.6mn invested

Further investments after end of period:

€10.5mn

− MBO of Silbitz Group completed− Add-on for Pfaudler (Julius Montz)


21.7

40.7

14.5

4.38.2 9.4

21.6

41.7

20.0

61.2

10.5

2005/06 2007/08 2009/10 2011/12 2013/14

INVESTMENT (€MN)

Investments after 31.7.15

15

Financial resources (cash and near-cash) declined by €91.9mn since start of

financial year

Financial resources of another €5.0mn at the investment vehicles (effects of IFRS

10)

Repayments of €8.7mn from recapitalisation of Formel D in fourth quarter

DEVELOPMENT OF FINANCIAL RESOURCES

148.8

115.8

62.8 56.9

12.4 5.9

13.8

11.1 7.6

2.3 5.4

7.92.6

0.9

6.95.1

27.4

6.98.7

31.10.2014 31.1.2015 30.4.2015 31.7.2015

Financial resources Investment Other in-/outflows Dividends Repayments


ASSET STRUCTURE SIGNIFICANTLY IMPROVED

Ratio of portfolio value to financial

resources rose from approx. 1:1 to

almost 5:1

Targeted structure: Financial resources

to cover average annual investment

programme (€50mn)

Outstanding co-investment

commitments: ~ €113mn

− thereof ~ €108mn DBAG Fund VI and DBAG ECF


153.1181.9

244.6 255.5

148.8115.8

62.856.9

31.10.2014 31.1.2015 30.4.2015 31.7.2015

€MN

Portfolio value Financial resources

17

“YOUNG” PORTFOLIO OF RECENT VINTAGE YEARS WITH FIRST-RATE PERSPECTIVES

At 31 July 2015; residual parts of disposed engagements (i. a. reps and warranty retentions) not included in IFRS value of € 8.8mn; 25 investments include three foreign buyout funds and one mostly disposed engagement, each aged more than 10 years

9

8

8

NUMBER OF PORTFOLIO COMPANIES BY HOLDING PERIODS

up to 2 years 2 to 5 years more than 5 years

70.364.4

27.0

74.8

110.6

61.3

up to 2 years 2 to 5 years more than 5 years

PORTFOLIO VALUE AND COST BY HOLDING PERIODS

Cost (€mn) IFRS value (€mn)

25 investments with a portfolio value of €255.5mn (31 July 2015)


Portfolio value based on expected 2015 earnings

PORTFOLIO BREAKDOWN AT 31 JULY 2015

22.0%

52.0%

26.0%

PORTFOLIO BY UNDERLYING EBITDA MULTIPLES

< 6.0x 6.0 to 8.0x >= 8.0x

36.4%

7.2%34.0%

32.4%

EQUITY BREAKDOWN BY 2015 NET DEBT EBITDA

< 1.0 1.0 - < 2.0 2.0 - < 3.0 > 3.0

Basis: Portfolio value at 31 July 2015; not including residual investments (reps and warranty retentions), DBG Eastern Europe, Harvest Partners and HSBC PE India; 2015 net debt and EBITDA as budgeted by portfolio companies

Basis: Portfolio value at 31 July 2015; not including residual investments (reps and warranty retentions), DBG Eastern Europe, Harvest Partners and HSBC PE India as well as DNS:NET and inexio; 2015 EBITDA as budgeted by portfolio companies


SEGMENTAL PERFORMANCE: CONTRIBUTIONS FROM BOTH BUSINESS LINES

Assessment based on NAV, as for investment trusts

*More than 50 percent of previous year’s value attributable to gain on Homag transaction.**including internal synthetic fees by business line Investments of €1.9mn (31 July 2014), respectively €1.0mn (31 July 2015)Presentation based on business performance, as discussed in the interim management report; values deviate from those in the IFRS-based notes.

Private equity investments

(€mn)31.07.2015

(9 months)

31.7.2014(9 months)

Portfolio value 255.5 226.0

Financial resources 61.9 78.2

Liabilities to banks 0.0 0.0

Net asset value 317.4 304.2

Co-investment commitments

112.9 202.3

Pre-tax income* 25.3 35.6

Assessment based on PE ratio,as for asset managers

Fund investment services

(€mn)31.7.2015(9 months)

31.7.2014(9 months)

Managed assets 1,120 1,238

Pre-tax income** 2.6 5.1


NAV per share rose (adjusted for dividend) by €2.02

corresponds to return of 10.0 percent after nine months

− Average annual return 2004/05 to 2013/14: 15.3 percent

€22.16 €22.18

€-2.00

€1.85 €0.19

€-0.02

NAV per share31 Oct. 2014

Dividend payment Segment of Private EquityInvestments

Segment of FundInvestment Services

Total taxes and minorityinterest, other

income/expenses

NAV per share31 July 2015

NET ASSET VALUE 22.18 EUROS PER SHARE

21D R I V I N G E X P A N S I O N . E N S U R I N G C O N T I N U I T Y . - L O N D O N , 2 8 S E P T E M B E R 2 0 1 5

Net income

OUTLOOK: FORECAST ADAPTED TO HIGH STOCK MARKET VOLATILITY

Forecast adapted as at7 Sept. 2015

Past forecast after Q2

“On comparable basis*(€23.1mn) at prior year’s level”

“Net income between €20mn and €25mn, if valuation levels do not fall further”

* without exit proceeds

Income of Fund Investment Services segment independent of stock market trend

Forecast based on valuation ratios on 7 September 2015 (lower cap) and 31 July

2015 (upper cap)

Comparability of actual figures with forecast of individual components impeded

due to IFRS 10; therefore only income forecast shown here


Return on NAV per share

“At least reach the cost of equity”

“Increase in NAV per share (in eleven months) of about seven to nine percent”

22

€228mn, plus €93mn through DBAG

Investment period Sept 2002 – Feb 2007

Nine out of ten investments realised

DBAG Fund IV


Investment period Feb 2007 – Feb 2013

Four out of eleven investments realised

DBAG Fund V

€700mn, thereof €133mn DBAG

Investment period since Feb 2013

Seven investments

DBAG Fund VI


Investment period since Aug 2011

Six investments

DBAG Expansion Capital Fund

DBAG FUNDS


DBAG FUNDS: INVESTOR BASE OF BUYOUT FUNDS

Region DBAG Fund IV DBAG Fund V DBAG Fund VI

Germany 54% 32% 19%

Great Britain 21% 9% 5%

Rest of Europe 15% 28% 38%

USA 6% 24% 25%

Asia 4% 7% 14%

Type of investor

DBAG Fund IV DBAG Fund V DBAG Fund VI

Banks 47% 20% 8%

Pension funds 16% 32% 35%

Fund-of-funds 12% 23% 31%

Foundations 5% 13% 7%

Family Offices 8% 4% 1%

Other 13% 8% 18%

Round-off differences may occur


Text

Free-float ownership increased to 75.0 percent recently

− Determined as defined by Deutsche Börse and on the basis of voting rights notifications

Voting rights notifications since last analysis as 31 October 2014

− 2 April 2015 – Rossmann Beteiligungs GmbH, Burgwedel < 20%− 20 May 2015 – JPMorgan Asset Management Ltd., London > 5%

SHAREHOLDER PROFILE AS OF 31 OCTOBER 2014

41.0%

1.9%

25.1%

5.0%

8.2% 12.0%

4.3%

2.4%

31 October 2014

Private individual shareholders Germany Private individual shareholders international

Rossmann Beteiligungs GmbH Anpora Patrimonio

Institutional investors Germany Institutional investors Europe

Institutional investors USA Other



LONG-TERM PERFORMANCE: DBAG SHARES IN COMPARISON TO BENCHMARK INDICES

0

50

100

150

200

250

300

350

400

450

1. Nov.2005

1. Nov.2006

1. Nov.2007

1. Nov.2008

1. Nov.2009

1. Nov.2010

1. Nov.2011

1. Nov.2012

1. Nov.2013

1. Nov.2014

SHARE PERFORMANCE 1 NOVEMBER 2005 TO 7 SEPTEMBER 2015, INDEXED: 1 NOV. 2005=100

DBAG

Dax

S-Dax

LPX Direct

26


SHORT-TERM PERFORMANCE: DBAG SHARES IN COMPARISON TO BENCHMARK INDICES

90

100

110

120

130

140

150

160

11/2014 01/2015 03/2015 05/2015 07/2015 09/2015

SHARE PERFORMANCE 1 NOVEMBER 2014 TO 7 SEPTEMBER 2015, INDEXED: 1 NOV. 2014=100

DBAG

Dax

S-Dax

LPX Direct

27

Eight surplus dividends in ten years*

Average dividend yield of 9.3% over ten years, 6.2% adjusted for 2005/06 and

2006/07

Average pay-out ratio of 53% over ten years (47% adjusted for 2005/06 and

2006/07)

LONG-TERM SHAREHOLDER PARTICIPATION IN SUCCESS

*2004/2005 bonus on the occasion of the Company’s anniversary

€0.66

€3.00€3.50

€0.40

€1.00

€1.40€0.80 €1.20 €1.20

€2.00

5.4%

21.5%21.8%

1.9%5.7% 7.9% 4.3% 7.2%

6.6% 10.4%

2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

Surplus dividend

Dividend

Return on NAV per share at start ofFY (less dividends)


ANALYSTS’ RATINGS FOR DBAG SHARES

Analyst Date RatingTarget price

(new/previous)

Edison Research,Gavin Wood

July 2015For regulatory reasons neither recommendation, nor upside target

HSBC Trinkhaus & Burkhardt,Thomas Teetz

Sept. 2015 “Hold” €29.50 (€31.50)

J.P. Morgan Cazenove,Christopher Brown/Jay K. Mehta

Sept. 2015 “Underweight” n.a.

ODDO SEYDLER BANK AG,Ivo Višić

Sept. 2015 “Hold” €30.00 (€30.00)

Solventis Wertpapierhandelsbank,Klaus Schlote

March 2015 “Hold” €31.95 (€32.05)

Warburg Research GmbH,Harald Hof

Sept. 2015 “Hold” €30.00 (€32.00)


SymbolReuters: DBAG.nBloomberg: DBAN

ISIN code: DE000A1TNUT7

Listed in the Prime Standard segment

Indices:

S-DaxDAXsector All Financial ServicesLPX50, LPX Europe, LPX DirectStoxx Private Equity 20

DBAG is a member of LPEQ: www.LPEQ.com

Contact:Thomas FrankeHead of Investor RelationsTelephone: +49 69 95787-307Email: [email protected]

Deutsche Beteiligungs AGBörsenstrasse 160313 Frankfurtwww.dbag.de

OTHER INFORMATION


APPENDIX


Company(alphabetically ordered)

Investment DBAG(cost, €mn)

Equity shareDBAG (%)

Equity share DBAG Fund (%)

Sector

Broetje-Automation GmbH 5.6 16.7 69.3 Mechanical and plant engineering

Clyde Bergemann Group 11.7 15.7 45.4 Mechanical and plant engineering

FDG S.A. 2.2 15.5 63.8 Industrial services

Formel D GmbH 10.4 15.1 62.4 Industrial services

Grohmann GmbH 2.1 25.1 - Mechanical and plant engineering

Heytex GmbH 6.4 16.4 70.7 Industrial components

Inexio KGaA 5.5 6.9 9.5 Telecommunications and IT services

Infiana Group 12.4 15.4 66.8 Industrial components

15 INVESTMENTS ACCOUNT FOR ALMOST 83 PERCENT OF PORTFOLIO VALUE* (IFRS) (1/2)

At 31 July 2015*Portfolio value: financial assets without interests in shelf companies and companies that are mainly attributable to third parties


15 INVESTMENTS ACCOUNT FOR ALMOST 83 PERCENT OF PORTFOLIO VALUE* (IFRS) (2/2)

At 31 July 2015*Portfolio value: financial assets without interests in shelf companies and companies that are mainly attributable to third parties

Company(alphabetically ordered)

Investment DBAG(cost, €mn)

Equity shareDBAG (%)

Equity share DBAG Fund (%)

Sector

JCK KG 8.8 9.5 6.5 Consumer goods

Oechsler AG 11.1 8.4 49.0 Automotive suppliers

ProXES Group 9.1 18.8 77.9 Mechanical and plant engineering

Romaco GmbH 11.2 18.7 77.3 Mechanical and plant engineering

Schülerhilfe GmbH 9.8 15.3 66.4 Education services

Spheros GmbH 13.9 15.7 65.3 Automotive suppliers

Unser Heimatbäcker GmbH 10.1 12.6 54.5 Consumer goods


Business:

− Developer and producer of automated riveting machines and complete lines and assembly systems for aircrafts as well as service and consulting provider

− Headquartered in Wiefelstede (Germany)

Ownership summary:

− Initial investment date: March 2012 − Investment share: 16.7% DBAG (€ 5.6m)

Transaction:

− MBO of family-owned business− Co-investment alongside DBAG Fund V


BROETJE-AUTOMATIONINVESTMENT OVERVIEW

34

Investment case:

− Service capabilities growth worldwide− Further internationalisation− Further operational improvements− Acquisition of ATS, the aerospace activities

of Dürr (2014: €40mn revenue)− Explore add-on opportunities

Development:

− High order intake in the first half of FY 2014/15

− Project delays lead to later than expected revenue recognition


BROETJE-AUTOMATION INVESTMENT CASE & COMPANY DEVELOPMENT

2013/14 Revenue (€mn)

Employees

89 750

67%

26%

7%

Revenue by productsegment

(FY 2013/14)

Equipment Service Small tools

35

Business:

− Cleaning, coating and maintenance service provider for the semiconductor, healthcare and other related industries with 14 own servicing facilities located in close proximity to major customers in Europe and the US

− #1 player in Europe, #3 in the US− Headquartered in Asperg (Germany)

Ownership summary:

− Initial investment date: April 2015− Investment share: 15.5% DBAG (€7.6mn)

Transaction:

− Family succession− MBO alongside DBAG Fund VI


CLEANPARTINVESTMENT OVERVIEW

36

Investment case:− Solid core business with exposure to

attractive end-markets− Growth opportunities in healthcare

segment− Explore add-on opportunities

Development:

− Beginning of 2015 was characterised by a favourable development of key customers leading to a better capacity utilisation, especially in the US

− Current trading for the healthcare segment was also marked by a positive development


CLEANPARTINVESTMENT CASE & COMPANY DEVELOPMENT

2014 Revenue (€mn)

Employees

42 330

75%

25%

Revenue by product segment(FY 2014)

Semiconductor Other

37

Business:

− Products and services for energy-related production processes

− Global market leader in several product categories

− Headquartered in Wesel (Germany)

Ownership summary:

− Initial investment date: June 2005 − Investment share: 15.7% DBAG (€11.7mn)

Transaction:

− Secondary buyout− MBO alongside DBAG Fund IV


CLYDE BERGEMANNINVESTMENT OVERVIEW

38

Investment case:

− Drive growth in existing markets− Expand into further regions− Achieve further operational improvements

Development:

− Positive outlook in all regions driven primarily by new products introduced (business unit “Asia”), increase in aftermarket sales (business unit “Americas”) and successful strategic refocusing (Europe)


CLYDE BERGEMANNINVESTMENT CASE & COMPANY DEVELOPMENT

2014/15 Revenue (USD mn)

Employees

537 1,600

61%13%

26%

Revenue by segment (2014/15)

New equioment Systems & solutions Aftermarket

39

Business:

− Category manager and supplier of slow-moving non-food consumer goods for the retailing sector

− #2 in France− Headquartered in Orly (France)

Ownership summary:

− Initial investment date: June 2010 − Investment share: 15.5% DBAG (€2.2mn)

Transaction:

− Family succession− MBO alongside DBAG Fund V


FDGINVESTMENT OVERVIEW

40

Investment case:

− Growth from new products and clients− Achieve further operational improvements− Explore further add-on opportunities

Development:

− FDG continues to perform well despite challenging consumer sentiment in France


FDGINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

124 700

37%

33%

30%

Revenue by product segment (FY 2014)

Bazaar products Textiles Hygiene & beauty

41

Business:

− Provider of support services around the production process in the automotive industry, focus on services that address quality issues

− One of the leading service providers globally

− Headquartered in Troisdorf (Germany)

Ownership summary:

− Initial investment date: May 2013 − Investment share: 15.1% DBAG (€10.4mn)

Transaction:

− Family succession− MBO alongside DBAG Fund V


FORMEL DINVESTMENT OVERVIEW

42

Investment case:

− Support of management succession issues− Implementation of a global finance and

reporting structure− Expansion of the business with existing

customers− Further internationalisation with focus on

China and US− Growth with new services

Development:

− Strong financial performance in the first six months of 2015 due to business expansion in Germany, China and US


FORMEL DINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

166 5,500

82%

9%6% 3%

Revenue by region (FY 2013)

Europe Nord America Asia/Pacifik Other

43

Business:

− Market leader in complex iron castings, operating two iron foundries in Eisenberg and Fronberg, employing two technologies:

· Hand moulding for small volume production of large engine blocks for industrial applications

· Machine moulding for large volume production of driveline parts for the automotive industry

− Headquartered in Eisenberg (Germany)

Ownership summary:

− Initial investment date: March 2015 − Investment share: 16.0% DBAG (€6.9mn)

Transaction:

− Secondary buyout from trusteeship alongside DBAG Fund VI


GIENANTHINVESTMENT OVERVIEW

44

Investment case:

− Solid presence in an attractive industry− Achieve further operational improvements− Explore add-on opportunities

Development:

− Current trading below budget due to weak end markets for engine blocks


GIENANTHINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

141 880

42%

58%

Revenue by segment (FY 2014)

Machine moulding Hand moulding

45

Business:

− Developer and manufacturer of plants for industrial automation worldwide with focus on automotive, electronics, semi-conductor and pharmaceutical industries

− Operating sites in Europe, North & South America and Asia

− Headquartered in Prüm (Germany)

Ownership summary:

− Initial investment date: December 1996 − Investment share: 25.1% DBAG (€2.1mn)

Transaction:

− Expansion capital investment


GROHMANNINVESTMENT OVERVIEW

46

Investment case:

− Further strengthen innovation and technological leadership

− Broad positioning of the company to create considerable scope for growth

Development:

− Revenue and earnings slightly below plan due to lower level of customer activities


GROHMANNINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

93* 790

41%

30%

29%

Revenue by region (FY 2014)

Europe US Asia

*preliminary / forecast

47

Business:

− Provider of fibre-broadband internet and telephone access in rural parts of Southern Germany

− Headquartered in Saarlouis (Germany)

Ownership summary:

− Initial investment date: May 2013 − Investment share: 6.9% DBAG (€5.5mn)

Transaction:

− Expansion capital investment alongside DBAG ECF


INEXIOINVESTMENT OVERVIEW

48

Investment case:

− Rapid roll-out of proven business model− Accelerate growth by add-on acquisitions

Development:

− Roll-out of infrastructure investments according to plan

− Strong current trading above budget


INEXIOINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

39 170

35%

48%

17%

Revenue by customer (2013/14)

Private customers Corporate customers Other

49

Business:

− Global leading developer & manufacturer of engineered plastic films, particularly siliconized and non-siliconized release liners; End-markets:

· Hygiene/Healthcare· Building/Construction· pressure-sensitive

− Global production footprint with sites in Germany, US, Brazil and Thailand

− Headquartered in Forchheim (Germany)

Ownership summary:


Transaction:

− Corporate spin-off (Huhtamaki Group)− MBO alongside DBAG Fund VI


INFIANAINVESTMENT OVERVIEW

50

Investment case:

− Exposure to attractive core markets− Capacity expansion at existing sites− Product innovations to increase share-of-

wallet− Explore add-on opportunities

Development:

− Positive development of sales and profitability in all regions

− Current business in Europe impacted by higher raw material prices


INFIANAINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

199 900

38%

39%

23%

Revenue by end-market (FY 2014)

Hygiene/Healthcare

Building/Construction

Pressure-sensitive applications

51

Business:

− Trading company for textiles, sportswear and other products

− Market-leading supplier to large supermarket operations especially discount chains

− Headquartered in Quakenbrück (Germany)

Ownership summary:

− Initial investment date: June 2015− Total investment: 9.5% DBAG (€8.8mn)

Transaction:

− Acquisition of investment from AlpInvestPartners



JCKINVESTMENT OVERVIEW

52

Investment case:

− Solid core business with a stable customer base

− Attractive growth investment− Increase revenue share of merchandising

articles

Development:

− Strong growth within the first half year compared to budget and prior year results


JCKINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

583 1,050

68%

32%

Revenue by region(FY 2013)

Domestic Foreign

53

Business:

− Leading developer and manufacturer of tool systems for the sanitary, electrotechnical and construction industries

− Strong position in a niche market− Headquartered in Neuss (Germany)

Ownership summary:

− Initial investment date: June 2015− Total investment: 19.0% DBAG (€2.3mn)

Transaction:

− Acquisition of investment from AlpInvestPartners



NOVOPRESSINVESTMENT OVERVIEW

54

Investment case:

− Further expansion of the pipe connecting technology business

− Further internationalisation− Attractive growth investment

Development:

− Strong growth within the first half year compared to budget and prior year results


NOVOPRESSINVESTMENT CASE & COMPANY DEVELOPMENT

2014 Revenue Employees

n.a. 95

87%

7%6%

Revenue by product(FY 2014)

Piping systems Spare parts Tool systems

55

Business:

− Leading producer of injection-moulded precision parts and electro-mechanical components

− Production sites in Europe (Germany, Romania), North America (Mexico) and Asia (China)

− Headquartered in Ansbach (Germany)

Ownership summary:

− Initial investment date: February 2015 − Investment share: 8.4% DBAG (€11.1mn)

Transaction:

− Share purchase− Expansion capital investment alongside

DBAG ECF


OECHSLERINVESTMENT OVERVIEW

56

Investment case:

− New product development based on core technology

− Diversification of customer base− Further market penetration with existing

product portfolio− Select add-on acquisitions to integrate

value chain and/or add specific competencies

Development:

− Strong current trading driven by growing core business


OECHSLERINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

280 2,260

80%

15%

5%

Revenue by business unit(FY 2013)

Automotive Innovative solutions Medical

57

Business:

− Global market-leading manufacturer of glass-lined reactors and components for the chemical and pharmaceutical industries

− Provider of aftermarket parts and services based on its own products

− Operating 9 production sites in Europe (4), Americas (3) and Asia (2)

− Access to customers in all relevant regional markets

Ownership summary:


Transaction:

− Corporate spin-off (National Oilwell Varco Inc.)

− MBO alongside DBAG Fund VI


PFAUDLERINVESTMENT OVERVIEW

58

Investment case:

− Optimisation of core business− Expansion & improvement of the

aftermarket business− Shift from product to process/service

orientation− Follow-on investment in Montz (Aug. 2015)

Development:

− Current trading aftermarket business shows positive performance for Europe and US, OE business impacted by unfavourable business environment in China and Germany


PFAUDLERINVESTMENT CASE & COMPANY DEVELOPMENT

2013/14 Revenue (USD mn)

Employees

222* 1,450

48%41%

11%


US Europe Asia

*preliminary / forecast

59

Business:

− Design and manufacturing of machines for food processing

− Market leader in processing of liquid and semi-liquid food with special expertise in systems engineering

− Headquartered in Hameln (Germany)

Ownership summary:

− Initial investment date: May 2013− Investment share: 18.8% DBAG (€9.1mn)

Transaction:

− Corporate spin-off (IMA Group)− MBO alongside DBAG Fund V


PROXESINVESTMENT OVERVIEW

60

Investment case:

− Support of the buy & build strategy− Establish and grow international sales

network− Expand aftermarket & service business− Implement best practice in production, R&D

and controlling− Acquisition of FrymaKoruma from Romaco

(Oct. 2014) as well as a follow-on investment in Terlet (June 2015)

Development:

− Newly created ProXES Group is well received by customers

− Strong order intake and company results in the first six months of FY 2015


PROXESINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

86* 350

*budget incl. new add-on investment

29%

23%16%

15%

14%

3%

Order intake by segment(FY 2015)

Fryma-Koruma Original equipmentStephan Industrial machineryFryma-Koruma Aftermarket & ServiceStephan Aftermarket & ServicesStephan Universal machineryStephan Microcut

61

Business:

− Global supplier of packaging and processing technologies for the pharmaceutical industry

− Leading supplier in the mid-market segment – focused on flexible machines with an attractive price-performance ratio for generics producers and contract packagers

− Headquartered in Karlsruhe (Germany)

Ownership summary:

− Initial investment date: April 2011 − Total investment: 18.7% DBAG (€11.2mn)

Transaction:

− Corporate spin-off (Robbins & Myers Inc.)− MBO alongside DBAG Fund V


ROMACOINVESTMENT OVERVIEW

62

Investment case:

− Implementation of buy & build “Full-Liner” concept

− Further operational improvements− Sales and marketing improvements

Development:

− Completion of “Full-Liner” strategy well received by customers

− Company strengthened sales and marketing capacity

− Current trading marked by a positive trend in the first six months of FY 2014/15


ROMACOINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

112 500

54%

25%

18%

3%


Europe Asia & Australia Americas Africa

63

Business:

− Provider of professional, classroom-based tutoring services to primary and secondary students in Germany and Austria

− #1 in Germany and Austria− 1,069 sites, thereof 40% own centres and

60% franchise centres− Headquartered in Gelsenkirchen (Germany)

Ownership summary:

− Initial investment date: October 2013 − Investment share: 15.3% DBAG (€9.8mn)

Transaction:

− Secondary buyout − MBO alongside DBAG Fund VI


“SCHÜLERHILFE”INVESTMENT OVERVIEW

64

Investment case:

− Growth of number of students per centre− Growth opening of new own centres− Expansion of product offering− Growth through add-on acquisitions

Development:

− Positive development continues for the first half of FY 2015

− Company continues to be highly cash generative


“SCHÜLERHILFE”INVESTMENT CASE & COMPANY DEVELOPMENT


Employees

52 350

419

646

Number of centres(30 June 2015)

Own centres Franchise centres

65

Business:

− Operator of three iron foundries in:· Silbitz – casting of various materials

on an iron and steel basis in hand-moulded and automated machine-moulded processes

· Zeitz – focusing on wind energy systems

· Košice – casting of various materials with a high degree of individualisation

− Headquartered in Silbitz (Germany)

Ownership summary:

− Initial investment date: August 2015 − Investment share: 18.0% DBAG (€7.9mn)

Transaction:



SILBITZINVESTMENT OVERVIEW

66

Investment case:

− Solid presence in an attractive industry− Expand melting capacities in Zeitz to enable

manufacturing of larger castings − Strengthen the geographical presence− Further operational improvements− Explore add-on opportunities

Development:

− Current focus is on completing the transaction and implementing the 100-day plan


SILBITZINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

130 900

49%

30%

21%

Revenue by production site(FY 2014)

Silbitz Zeitz Košice

67

Business:

− Global market leader for air condition systems, engine independent heating systems and roof hatches for busses

− Global bus body electronics business since 2013

− Headquartered in Gilching (Germany)

Ownership summary:


Transaction:

− Secondary buyout− MBO alongside DBAG Fund V


SPHEROSINVESTMENT OVERVIEW

68

Investment case:

− Development of new products and services− Geographic expansion− Further operational improvements− US market entry through acquisition of

ACC (2014: USD 28.3mn revenue)

Development:

− Strong current trading outperforming budget as well as prior year results


SPHEROSINVESTMENT CASE & COMPANY DEVELOPMENT


Employees

197 1,100

63%

22%

4%11%

Revenue by product(FY 2014)

Air condition systemsEngine independent heatingRoof hatchesSpare parts

69

Business:

− Bakery chain, > 400 outlets under the brands “Unser Heimatbäcker”and “Lila-Bäcker” as well as wholesale business, > 1,500 customers

− Market leader in its geographic area of operations, #5 in Germany

− Headquartered in Pasewalk (Germany)

Ownership summary:

− Initial investment date: May 2014− Total investment: 12.6% DBAG (€10.1mn)

Transaction:



UNSER HEIMATBÄCKER (UHB)INVESTMENT OVERVIEW

70

Investment case:

− Expansion of B-2-C business (outlets)− Buy & build concept by further

consolidations of the existing market or expansion of the regional footprint by the acquisition of competing bakery chains

− Expansion of the wholesale business

Development:

− Growth in 2015 driven by acquisition of “De Mäkelbörger” and organic growth

− UHB established as platform for further growth and regional consolidation


UNSER HEIMATBÄCKER (UHB)INVESTMENT CASE & COMPANY DEVELOPMENT


Employees

104 2,700

89%

11%

Revenue by segment (FY 2014)

Retail outlets Wholesale business

71

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 forward-looking 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.


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