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SAW QB2 2014, englisch

­Software AG communicated the closing of the sale of its SAP consulting operations in early April 2014. The capital market applauded this strategic step and the company's shift in focus to the product business, and the share price enjoyed a brief 2.5-percent jump to €27.00. In light of the weak market—caused by the release of U.S. competitor Tibco's preliminary results and of American soft- ware giant Oracle's modest quarterly results—­Software AG's share price took a downward path in June, which could only be interrupted on several individual occasions. The capital market reacted to the ad hoc release of the company's second-quarter results on July 15, 2014 with a significant price drop. License revenue in the high-growth BPE line fell due to the unexpected delay of large projects in this business line. In addition, customers were taking longer to evaluate cloud projects. The share price ended the day at €20.00. ­Software AG's Management Board presented a plan of appropriate measures in a teleconference on the same day as the release. The share price demonstrated a high level of liquidity in the first half of 2014. The average daily XETRA trading volume for ­Software AG's share was 374,963. At its peak, up to 3 million shares were traded on one day in the period until July 31, 2014. Investor Relations ­Software AG's Investor Relations department engaged in intensive dialog with investors, analysts and other interested parties on more than 50 occasions in the first half of 2014. The IR team presented ­Software AG's equity story at road- shows and conferences, in one-on-one meetings and during investor visits to corporate headquarters in Darmstadt and via teleconferences. During the period under review, 23 banks and analyst firms tracked ­Software AG's business performance. As of June 30, 2014, twelve of them had issued a recommendation to buy ­Software AG stock, six to hold it and five considered the share to be overvalued. After the release of the second-quarter 2014 results, these ratings shifted to three buy recommen- dations, 13 hold recommendations and 7 sell ratings. ­Software AG's Darmstadt headquarters again served as the venue for its annual Capital Market Day on February 11, 2014. The company's board members and department heads took advantage of the opportunity to discuss market trends, the company's strategy and new products. In particular, the new Intelligent Business Operations Platform (IBO), which com- bines integration and analytics functionality, was unveiled. The event in general as well as the new software products resonated very well with participating analysts. ­Software AG's Investor Relations team was again recognized for its work this year. ­Software AG was ranked the third TecDAX company for "best IR" in the Wirtschaftswoche finan- cial magazine in a study conducted by Thomson Reuters. ­Software AG brought numerous investors and analysts from Germany and abroad together with its product specialists at the CeBIT IT fair in March. In addition to a wide array of product demonstrations, in-depth discussions on cloud posi- tioning were the focus of their attention. Software AG | Interim Report 2 | 2014 6