Welcome to the 2009 Annual Meeting

Frankfurt, 26 March 2009

2

Annual Meeting 2009

3

Financial year 2007/2008 at a glance

4

Key performance components

Consolidated loss/profit

Taxes

Diverse income and expense items

Other income/expense

Current income from financial assets

Net result of valuation

Net result of disposal

Net result of investment activity

Consolidated income statement

5

Key performance components

< Net result of disposal:Difference between actual sales proceeds and valuation at beginning of FY

< Net result of valuation:Net value movements of all portfolio investments during FY– Influential factors:

- Earnings- Debt- Capital market

Consolidated loss/profit

Taxes

Diverse income and expense items

Other income/expense

Current income from financial assets

Net result of valuation

Net result of disposal

Net result of investment activity

Consolidated income statement

6

Net result of investment activity: €-53.4 mn

7

Net result of investment activity strongly influenced by capital market trend

Greatest contributor to result: unrealised value movements

(unrealised) positive value movement ~ €49 mn

– Quotation on 31 Oct. 2008: €9.07=> (unrealised) negative value movement ~ €47 mn

8

Recession impacts portfolio companies’development

9

Current income down on previous year

10

Other operating expense: Stable at €11.6 mn

11

Other operating income: Up slightly to €16.9 mn

12

Personnel costs: Down significantly to €12.0 mn

13

Net interest:down marginally to €5.2 mn

14

Net asset value (equity) per share drops to €17.90

€21.59

€3.50

31 Oct. 2007 31 Oct. 2008

€Dividends

NAV per share

€25.09

€17.90

15

Balance sheet –High proportion of cash funds persists

16

Dividend sum €5.5 mnDividend of €0.40 per share

17

Shareholders profit from strong cash flows: €200 mn since March 2005

18

Dividend sum €5.5 mnDividend of €0.40 per share

19

Share performance in financial year 2007/2008

Share performance from 1 November 2007 to 25 March 2009 in %

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

110.00

Nov. 07 Feb. 08 Mai. 08 Aug. 08 Nov. 08 Feb. 09

DBAG

Dax

S-Dax

LPX 50

20

High liquidity of shares in Deutsche Beteiligungs AG

Daily trading volumes in % of market capitalisation

DB

AG

Ca

nd

ove

r

Ele

ctra

Din

am

ia

F&C

PE

PG

GO

SV

G C

ap

ita

l

Hg

Ca

pit

al

Ne

w S

tar

PE

Du

ne

din

Gra

ph

ite

Pri

nce

ss

Pa

nth

eo

n

Sta

nd

ard

Lif

e P

E

Leh

ma

nn

Bro

the

rs P

E

JP M

org

an

PE

Co

nve

rsu

s

3i

Gro

up

0,0%

0,2%

0,4%

0,6%

0,8%

1,0%

1,2%

Basis: Sales 13 March 2008 to 13 March 2009; Source: Numis Securities Research based on Bloomberg

21

Potential inherent in new investments:ICTS Europe Holdings B.V. acquired

22

New investment:Restrained and cautious approach

23

Result of first quarter 2009

24

No performance prediction for full 2008/2009 financial year

25

Basis for a good future (1): A strong balance sheet

26

Fund-raising very difficult – Who has the reserves for future investment?

Source: “Get Ready for the Private-Equity Shakeout“, The Boston Consulting Group, December 2008

DBAG: 62%

Available capital as a percentage of fund valueDry powder1 (right axis)

56%

Private-equity firms2

%

$billions

0

5

10

15

20

25

30

0

20

40

60

80

100

27

Adherence to proven strategy

< Investment strategy unchanged– Focus on core sectors– MBO-typical structures

- Management to share in investment performance- Majority in hands of financial investors

– Companies with leadership positions in niche markets- Competitive products- Technological USPs- New strategic direction basically not required

28

Basis for a good future (2): Investment team with long-standing experience

820Total

15Investment managers

43Senior investment managers

128Senior executives

124Board of Management

years of service at DBAG (Ø)

Number

29

Basis for a good future (3): Shares with promising potential

30

Basis for a good future (3): Shares with promising potential

17.24 €

8.07 €

1.74 €(~ 1.24 €)

7.43 €

Portfolio (despite Homag)

Homag shares

Cash

NAV

Share price?NAV per share NAV per share

Date: 31 January 2009

31

Analysts’ ratings for Deutsche Beteiligungs AG

“Buy”March 2009Close Brothers Seydler Research, Klaus Berding

„Kaufen”Jan 2009LBBW, Alexander Groschke

“Overweight”March 2009HSBC Trinkaus, Thomas Teetz

“Outperform”Feb 2009Cazenove, Chris Brown

“Buy”Jan 2009Berenberg-Bank,Christian Ludwig

“Buy”March 2009Bankhaus Sal. Oppenheim, Dr. Stephan Kalb

EmpfehlungDatum

32

Value of portfolio rests on companies with low debt

33

In summary

34

A note to the Agenda

< Item 6: Request for authorisation to purchase own shares and to use them for certain purposes

< Item 7: Several votes on amendments to Articles of Association– ARUG: Act on the

Implementation of the Directive on the Exercise of Certain Rights of Shareholders

< Voucher for “Darwin”exhibition at the SchirnKunsthalle Frankfurt

Annual MeetingFrankfurt, 26 March 2009

36

Agenda Item 2

37

38

39

40

41

Annual MeetingFrankfurt, 26 March 2009

Auf Wiedersehen in March 2010For the latest news see www.deutsche-beteiligung.de

44

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this presentation that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Beteiligungs AG. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our business.