Every day counts - Deutsche Beteiligungs AG

Prospects for our shares
Capital markets have exhibited progress in past months. The price trend for the stock
of Deutsche Beteiligungs AG has also been encouraging. There are good arguments that
speak for a further improvement in the performance of our shares. These arguments
have virtually remained unchanged:
• We continue to adhere to our return target of generating a superior return on equity
that outperforms capital markets’ cost-of-equity expectations.
• Our portfolio is sound, mature, and it contains earnings potential.
• The shares of Deutsche Beteiligungs AG are indexed in the S-Dax and listed in the
Prime Standard. They thus meet material demands of international investors, who,
following the restraint exhibited the past two years, are again expected to invest in
German securities.
• Demand for private equity will rise. As one of the leading and most experienced private
equity firms in the German market, Deutsche Beteiligungs AG is well placed to profit
from that growth.
Deutsche Beteiligungs AG · Annual Report 2002/2003
Shares
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