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Software AG GB 2012, englisch

40 SOFTWARE AG | ANNUAL REPORT 2012 FURTHER INCREASE IN SHARE CAPITAL The development of the Software AG share price made it possible for employees and manage- ment to exercise their stock options in the reporting period. The volume of outstanding shares therefore rose by 89,600 to 86,917,445. KEY SHARE DATA in TEUR 2012 2011 2010 Closing price in € 32.11 28.6 36.6* Year high in € 33.24 43.7 36.6* Year low in € 22.03 22.3 24.9* Total number of shares at year end 86,917,445 86,827,845 85,330,806* Market capitalization at year end in € millions 2,790.9 2,483.3 3,123.1 Free float in % 71.2 71.2 70.7 Source: XETRA closing prices *Adjusted for 3-for-1 stock split on May 13, 2011 SOFTWARE AG EMPHAZISES DIVIDEND CONTINUITY In accordance with a resolution from the Annual Shareholders’ Meeting on May 4, 2012, Software AG paid out the record sum of €39.9 million in dividends for the 2011 fiscal year which equated to a price of €0.46 per dividend-bearing share. The dividend has been sustainably in- creased over the past years. Software AG also intends to uphold its earnings and liquidity-based dividend policy. Despite the focus of its investment program on long-term growth, which will negatively affect profits in fiscal 2012, the Management and Supervisory Boards have proposed that a dividend of €0.46 per dividend-bearing share once again be paid for the 2012 fiscal year. With the volume of shares outstanding, this would reflect an increased payout ratio of 24 percent of the 2012 consolidated net income. In addition to the proposed dividend, the Management and Supervisory Boards also decided to initiate a share buyback program with a total volume of up to €180 million in February of this year. Treasury shares, which are held by the Company itself and do not entitle the bearer