Shareholding Structure

Mr. Arno Huber, the founder and CTO of update software AG, holds 7.3% of the shares in the Company. The amount of own shares as of the balance sheet date increased from 1.5% (175,739 shares in the previous year) to 2.7% as a result of the stock buyback program. The members of the Management Board and of the Supervisory Board also hold a 1.6% interest in update software AG. Qino Flagship AG, with an interest of just under 25% in the share capital, is the Group's largest institutional investor. The Scottish investor Baillie Gifford & Co is invested since end of May 2008. In December 2010 the German Shareholder Value Beteiligungen AG announced an investment of over 5% in update. The remaining shares are in free float. This resulted in the following structure as of September 2011: