Software AG

3. Quarterly Report 2008

4. Risks and opportunities

We have made 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. With regard to the product business, the risk of customers postponing certain contracts until the new year has increased. Other than these, in the third quarter of 2008 there were no changes 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.