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Deutsche Effecten- und Wechsel-Beteiligungsges. AG

DEWB sells its stake in 4flow AG

Jena (euro adhoc) -

Takeover of 4flow AG by the management
Sale impacts on the financial result for 2007
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
investments/4flow AG
Jena/Berlin, 18 February 2008 - Deutsche
Effecten- und Wechsel- Beteiligungsgesellschaft AG (DEWB) has sold 
its shareholding in 4flow AG 4flow), Berlin, to the company´s 
management. The purchase price for the 44.4 percent investment 
totaled 6.5 million euros. The purchase price will be paid in several
tranches and affect sales revenues for the 2007 business year in the 
discounted sum of 5.6 million euros. The disposal of the shareholding
provided a significant contribution to earnings. The companies also 
concluded an enhancement agreement which will lead to a subsequent 
increase in the purchase price if the underlying corporate plan is 
exceeded. This gives DEWB the opportunity to participate in the 
continuing potential of 4flow to create added value.
"We are pleased that the sale of 4flow has enabled us to realize 
another of the exits that we announced to take place in 2007. With a 
valuation of approx. 15 million euros, a figure that represents 20 
times the operating result and 2.5 times the 2007 sales, we have 
successfully achieved higher than average proceeds from this exit. 
Markedly lower multiples of around seven and one respectively are 
being reached for comparable transactions," explains Bertram Köhler, 
Member of the DEWB Management Board. "This exit is further proof of a
successful and value-enhanced disposal of investment holdings which 
do not form part of our technology focus on photonics and sensor 
systems," continues Köhler.
DEWB had held a stake in 4flow since 2000. Over the past years the 
company has successfully established itself as a leading provider of 
logistics consulting and supply chain management software. Based on 
the business model and its strong dependency on key individuals an 
owner-managed company offered the best structure for 4flow. The 
corresponding desire of the management to effect a full takeover of 
the company by way of a Management Buyout (MBO) opened up an 
attractive exit opportunity for DEWB.
DEWB will be announcing the figures for the 2007 business year with 
the publication of its Annual Report on 28 February 2008.
About 4flow The Berlin/Germany based 4flow AG is leading provider of 
logistics consulting and supply chain management software. 4flow 
consulting offers one-stop management consulting, concept creation 
and support in the implementation of logistics and supply chain 
management. 4flow vista is the standard software for supply chain 
design and optimisation. 4flow turn is the webbased standard software
for inventory optimisation.
About DEWB Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG
(DEWB AG, Prime Standard, Securities No.: 804100 / ISIN: 
DE0008041005) is an investment company that specialises in young and 
established medium-sized companies. The focus of our investments is 
on strong growth companies from the areas of photonics and sensor 
systems for which we provide support through shareholders´ equity, 
expertise in corporate development and our sector network. Our 
regional focus lies in the German speaking countries (D, A, CH). 
Since 1997 we have invested more than 300 million Euros in 53 
companies and realized more than 400 million Euros through 35 exits, 
eight of which were in the form of IPOs. The company is located in 
Jena, one of the most successful technology and science regions in 
Germany, with a long tradition in the field of optical technologies 
and one of the most important European centres for photonics.
end of announcement                               euro adhoc

Further inquiry note:

Marco Scheidler
DEWB AG
Phone: +49 (0) 3641 573 3600
Fax: +49 (0) 3641 573 3610
E-Mail: ir@dewb-vc.com
www.dewb-vc.com

Branche: Financial & Business Services
ISIN: DE0008041005
WKN: 804100
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse München / free trade

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