Deutsche Beteiligungs : Corporate Presentation, March 2024*

Frankfurt/Main, March 2024

DBAG Corporate Presentation

Disclaimer

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.

Deutsche Beteiligungs AG is not and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the securities of Deutsche Beteiligungs AG will not be entitled to the protections of the Investment Company Act. There are restrictions on the sale and resale of securities of Deutsche Beteiligungs AG to, and the holding of securities by, persons in the United States or who are "U.S. persons" as defined in Regulation S under the U.S. Securities Act of 1933 (as amended, the "Securities Act") ("U.S.

Persons"). Issuances and sales of Deutsche Beteiligungs AG's securities may not be made to any U.S. Person or to any person or address in the United

States, except to "qualified purchasers" ("QPs") (as defined in Section 2(a)(51)(A) of the Investment Company Act) acting for their own account or for the account of one or more other QPs. Direct or indirect beneficial ownership of securities of Deutsche Beteiligungs AG by any person in the United States or a U.S. Person who is not a QP is prohibited.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration. The securities described in this presentation have not been and will not be registered under the Securities Act. There will be no public offering of these securities in the United States.

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B u s i n e s s m o d e l a n d m a r k e t

DBAG´s business model

Value enhancing investment strategies in private markets

with focus on family owned businesses, enabling sustainable developments

Private Equity

Fund Investment

InvestmentsServices

Co-invest

alongside funds

Invest

independently

DBAG funds

Initiate, structure and provide advice for closed-end funds

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I n t e g r a t i o n o f E L F C a pi t a l G ro u p

New strategic partnership - DBAG x ELF capital the Mittelstand Investment Platform

	Private Equity Platform			Credit Platform
Mid-Cap		Small-Cap		Long-Term Investments		Direct Lending		Capital Solutions

• Mid-capMBOs in DACH and Italy via DBAG Fund VIII
• Focus on family successions and carve-outs

• Small-capMBOs in DACH via DBAG ECF vintages
• Focus on family successions

• Exclusively DBAG own balance sheet investments
• Growth financings in DACH looking for a >7 years partnership

• Credit investments across Northern Europe with focus on
  DACH
• Senior Secured Loans mainly self-structured and negotiated

• Flexible Senior (Secured Credit) creating alpha via complexity
• Highly structured non-control capital solutions targeting mid-teens IRR

Full range of equity solutions for Mittelstand companies

Debt & debt-like investments with downside

protection

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B u s i n e s s m o d e l a n d m a r k e t

Long-term structurally growing market with high share of primaries underscoring the healthy market structure

Number of MBOs and transaction volume1								Number of investment opportunities
(mid-market segment, €50-250mn)									by quarter2														FY 2023: +20% yoy
																																				Oct-Dec: +29% yoy
											+6% CAGR		62			Thereof primaries:	315			214 (-32% yoy)				256
														6.6
																	56%
																				86
																secondaries/tertiaries:		83
											51							44%	81
																	8
											47													18	72
											5.4				43				19												69
																		65													66
																															3		61
										35	4.8												11		18												60		4
			34		34						34													51				5	5
31	30						4.4																47
																				44		3
																											1
																4.1
23											4.0					3.9				78							3					66
					3.6												62			65													62
3.2																			54		54	46				48				56	55
																							41
				2.7
	2.3
2013 2014	2015 2016	2017	2018 2019 2020 2021 2022	2023			Jan-	Apr-	Jul-	Oct-	Jan-	Apr-	Jul-	Oct-	Jan-	Apr-	Jul-	Oct-
																					Mar	Jun	Sep	Dec	Mar	Jun	Sep	Dec	Mar	Jun	Sep	Dec
								Number of transactions									2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023

Total transaction value (€bn)		Long-Term Investments
		MBOs

1. Majority takeovers in the context of MBOs, MBIs, secondary/tertiary buyouts involving a financial investor in Germany, primaries: transactions sourced from families and founders as
   well as corporate spin-offs; sources: FINANCE, DBAG
2. Source: DBAG CRM system

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S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Transaction activity: two new investments and two disposals closed, five add-ons, thereof three agreed and two closed

Investment activity

NOKERA	ProMik	GMM Pfaudler	R+S
(Long-Term Investment)	(Investment)	(Disposal)	(Disposal)

Add-on acquisitions

akquinet	AOE	Avrio Energie	MTWH
	(two add-ons)

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S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Value creation through buy-and-build

101 Add-ons during last eight years, thereof 10 closed* during the course of the financial year 2022/2023 and two

further Add-ons agreed upon

akquinet	in-tech	Karl Eugen Fischer	MTWH	netzkontor
(two completed,			(two add-ons)	(two add-ons)
one agreed)

* Total additional capital provided by DBAG: around 14 million euros

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S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Diversified portfolio structure to mitigate macro risks; Share of IT services & software increased substantially

Portfolio value by sectors %			Portfolio valuation relative to acquisition costs decreased
							ytd
100%
							Portfolio by sector	31.12.2023	30.09.2023	30.09.2022
Industry and industrial					32%		(IFRS value /
36%	36%		acquisition costs)
technology
						Industrial sectors	1.1x	1.2x	1.1x
Industrial services	11%	14%	14%
		Growth sectors	1.2x	1.3x	1.3x
						10%
Broadband	28%	13%
telecommunications		24%		Total	1.0x	1.1x	1.0x
						Growth
IT services & software				21%
		5%		sectors
Healthcare	3%		7%
			11%
Others	17%	13%
					5%
		30.9.2020	30.9.2022	31.12.2023

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S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Market-leading position; High proportion of family

successions reflecting DBAG's reputation

-

DBAG MBOs 2013-2023

23%

	Families and founders		60%
	Corporate spin-offs	17%

Financial investors

• of transactions in German MBO market by PE company, 2013-2023 (enterprise value €50-250mn)

		30
			22	19	15	15	15
						13	12
								11	11

DBAG	Competitors

Sellers of German mid-market MBOs 2013-2023

36%

52%

Families and founders
Corporate spin-offs
Financial investors	12%

Source: FINANCE, DBAG

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S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Broad platform for equity solutions for Mittelstand companies

MBOs alongside DBAG funds

Equity investment €40-220mn

Holding period up to five years

Long-Term Investments

Equity investment €15-35mn

Holding period seven years and longer

Investment case

• Strong market position
• Value creation potential

Regions

• D/A/CH
• Northern Italy

Sectors

• Industry and industrial technology, Industrial services
• Growth sectors

Management

• Entrepreneurial management team
• Alignment through own investment in portfolio company

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