Press Release from Qino Management AG: Qino Group increases holding in update software AG

Baar, 26 May 2007

Qino Group increases holding in update software AG
Investment companies managed by Qino Management AG currently hold more than 20% of Update Software AG, representing the largest group of shareholders in the Company. The group increased its holding from approximately 15% to around 23% by acquiring a block of shares. We have reasons to believe that SuperOffice ASA, which has announced that it holds a stake of this size at the beginning of the year, sold this block.

Due to the very different market positioning the dialogue between the two companies did not lead to a closer co-operation. Update develops increasingly specialized vertical solutions for selected industries and sets itself apart from suppliers such as SuperOffice. As the shares of Update are trading at discounts to the ones of SuperOffice, an ongoing engagement of SuperOffice has to be considered purely opportunistic. The Qino group therefore decided to solve this situation and provide for a clear shareholder structure.

The Qino group supports the strategy of the Update management to widen the geographic scope and to deepen the sector focus with acquisitions with respect to selected attractive vertical markets. This is a well-chosen strategy in the increasingly commoditized CRM market in order to grow the Company to a turnover above EUR 50m. and achieve the two digit EBIT margins typical for the industry. For the same reason the Qino group together with another financial investor decided to commit to buy all the shares in Update not taken up by other existing shareholders in the announced capital increase to re-finance the acquisition of ORGAPLAN Software GmbH.

Qino Management AG is responsible for the content of this press release.