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Software AG GB 2012, englisch

43 Pursuant to the voting rights disclosures required by stock corporation law, in addition to the Software AG Foundation, the following shareholders held more than 3 percent of Software AG shares as of the end of 2012: Fidelity (FMR LLC, Fidelity Low-Priced Fund), Alken Asset Manage- ment, Deka Investment GmbH, DWS Investment GmbH and Templeton Investment Counsel LLC. BROAD MARKET COVERAGE THROUGH INTERNATIONAL ANALYST FIRMS Analysts act as financial intermediaries, providing all investor groups with key information upon which to base their investment decisions. They also serve as a source of information for the fi- nancial media. The Company therefore continues to foster close and ongoing interaction with this target group. More than 20 investment companies reported on Software AG at the end of 2012, and the average expected target share price was €33. The announcement of Software AG’s medium-term corporate strategy on January 29, 2013 resulted in a revaluation, and thus a reduction, of the share price. The Company announced that it would continue to invest heavily in BPE up to the year 2018 in order to ensure the sustainability of the business line’s dynamic growth. Analysts’ models were amended on the basis of this strategic measure. At the end of February 2013, the average target share price among analysts was €32. Their ap- praisals were very balanced, with nine recommendations to buy‚ nine neutral recommendations and six recommendations to sell. SHARE BUYBACK PROGRAM LAUNCHED As the announcement of the growth strategy caused an unexpectedly strong share price reac- tion, the Management Board elected to buy back treasury stock. Moreover, it offered the most attractive returns on freely disposable cash due to prevailing interest rates at the time, and the financial markets offered enough liquidity for organic and inorganic growth. On February 7, 2013, the decision was made to buy back treasury shares worth up to €180 million. At the end of February 2013, 884,000 shares with a volume of €26.4 million had already been repurchased. SOFTWARE AG SHARE