Software AG

2. Quarterly Report 2008



4. Risks and opportunities

We have made a number of acquisitions in the past, and do not rule out further acquisitions in the future. Software AG is therefore subject to the risks inherent in acquisitions and integration. There were no changes in the second quarter of 2008 to the risk situation of the Software AG Group as portrayed in the Risk Report of the 2007 Annual Report.

The related opportunities are detailed in the Outlook section of this report and in the Outlook section of the 2007 Annual Report.