update software AG / Key word(s): Change of Personnel 28.07.2014 16:00 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Vienna/Frankfurt, 28 July 2014 +++ Five of the six members of update software AG's Supervisory Board have each resigned from their position as a member of the Supervisory Board with effect from the beginning of the next Extraordinary Shareholders Meeting. These resignations are related to the current takeover offer of Aurea Software FZ-LLC to the shareholders of update software AG. The following members of the Supervisory Board informed the Company in writing today that they will each resign from their post as a member of the Supervisory Board of update software AG with effect before the beginning of the next Extraordinary Shareholders Meeting: Gerhard Auer, Josef Blazicek, Helmut Fink, Richard Roy, Hans Strack-Zimmermann (Vice-Chairman of the Supervisory Board). All of the resignations were declared on condition that, at the time when the resignations take effect, Aurea Software FZ-LLC will hold 50.1% of the shares and voting rights in the Company. In case of resignations within the Supervisory Board, the Articles of Association of update software AG require that the vacancies be filled immediately. The Company will, therefore, convene an Extraordinary Shareholders Meeting for that purpose shortly. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: Investor Relations Contact: Christina Buchegger update software AG Operngasse 17-21 1040 Vienna, Austria Phone: +43 1 878 55 157 Fax: +43 1 878 55 206 [email protected] www.update.com 28.07.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: update software AG Operngasse 17 - 21 1040 Wien Austria Phone: +43 1 878 55-0 Fax: +43 1 878 55-200 E-mail: [email protected] Internet: www.update.com ISIN: AT0000747555 WKN: 934523 Listed: Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------