AXA Private Equity acquires Beteiligungsgesellschaft für die deutsche Wirtschaft (BdW) Paris, Monday January 12, 2004

AXA Private Equity has concluded the acquisition of the Beteiligungsgesellschaft für die deutsche Wirtschaft KG (BdW KG) from its former shareholders Dresdner Bank Group, AMB Generali, Protektor and Merck Finck & Co. The transaction will be done through AXA Secondary Fund II, a $ 480 million secondary fund.

BdW KG is one of the oldest German Private Equity houses for expansion financing and leveraged buy outs as well as early and late stage venture Capital. Currently BdW KG has a portfolio of over 45 participations in German companies with a balance sheet of approximately € 200 million.

The sale came as a consequence of the new strategic orientation of the Dresdner Bank Group (which held as a group 45 % of BdW KG) towards its core activities. Within the Allianz Group, all private equity activities will be centred in Allianz Capital Partners.

About the Sellers

In terms of assets, market value and the number of customers, Dresdner Bank Group is one of the leading banking groups in Europe. Since July 2001, Dresdner Bank Group is been part of the Allianz Group as the centre of competence for banking.

AMB Generali is one of the largest insurance groups in Germany and heads the operational German companies of the global Generali Group.

Protektor Lebensversicherungs-AG was established to protect the claims of insured persons in case of insolvency or other cases.

Merck Finck & Co. is one of the oldest and best established private banking groups in Germany.