Rally Software Announces Pricing of Initial Public Offering

April 12, 2013

Shares to Trade on NYSE under Ticker Symbol “RALY”

BOULDER, Colo., April 12, 2013 – Rally®, a leading provider of cloud-based solutions for managing Agile software development, announced today the pricing of its initial public offering of 6,000,000 shares of its common stock at a price to the public of $14.00 per share. The shares are expected to begin trading on the New York Stock Exchange on April 12, 2013, under the symbol "RALY." In addition, the company has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock.

Deutsche Bank Securities Inc. and Piper Jaffray & Co. are acting as lead book-running managers for the offering. Needham & Company, LLC, JMP Securities LLC and William Blair & Company, L.L.C. are acting as co-managers.

The offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Deutsche Bank Securities Inc., at 60 Wall Street, New York, New York 10005, Attention: Prospectus Department, by calling (800) 503-4611 begin_of_the_skype_highlighting FREE (800) 503-4611 end_of_the_skype_highlighting, or by e-mailing prospectus.cpdg@db.com; or from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402 or by telephone at (800) 747-3924 begin_of_the_skype_highlighting FREE (800) 747-3924 end_of_the_skype_highlighting, or by e-mailing a request to prospectus@pjc.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.