Exhibit 8

SUBSIDIARIES, ASSOCIATED COMPANIES AND OTHER INVESTMENTS

as of December 31, 2003

Name and location of company

I. AFFILIATED COMPANIES

GERMANY

SAP Deutschland AG & Co. KG, Walldorf

SAP Systems Integration AG, Dresden

SAP Retail Solutions GmbH & Co., St. Ingbert

Steeb Anwendungssysteme GmbH, Abstatt

SAP Hosting AG & Co. KG, St. Leon-Rot

DCW Software Deutschland GmbH, Mannheim

DCW Software Deutschland AG & Co. KG, Mannheim

SPM Technologies Deutschland GmbH, Berlin

DCW Software F+E GmbH, Mannheim

SAP Beteiligungs GmbH, Walldorf

SAP Portals Europe GmbH, Walldorf

SAP Software Holding GmbH, St. Ingbert

SAP Hosting Beteiligungs GmbH, St. Leon-Rot

SAP Retail Solutions Beteiligungsgesellschaft mbH, Walldorf

SAP Investment- und Beteiligungs GmbH, Walldorf

eSAP Beteiligungs GmbH, Walldorf

SAP Portals Holding Beteiligungs GmbH, Walldorf

sky7home GmbH, Walldorf

SAP Beteiligungsverwaltungs GmbH, Walldorf

SAP SI Consulting GmbH, Walldorf

PHANTOM-plus Vermögensverwaltungs-GmbH, Walldorf

REST OF EUROPE, MIDDLE EAST, AFRICA

SAP (UK) Limited, Feltham/Great Britain

SAP (Schweiz) AG, Biel/Switzerland

SAP FRANCE S.A., Paris/France

S.A.P. ITALIA Sistemi, applicazioni, prodotti in data processing s.p.a., Milan/Italy

SAP Nederland B.V., ’s-Hertogenbosch/The Netherlands

SAP Österreich GmbH, Vienna/Austria

SAP España Sistemas, Aplicaciones y Productos en la Informática, S.A., Madrid/Spain

SYSTEMS APPLICATIONS AND PRODUCTS IN DATA PROCESSING (NV SAP BELGIUM SA), Brussels/Belgium

SAP Danmark A/S, Copenhagen/Denmark

SAP Svenska Aktiebolag, Stockholm/Sweden

Systems Applications Products (Africa) (Pty) Ltd, Woodmead/South Africa

SAP ČR, spol. s.r.o., Praha/Czech Republic

LLC “SAP C.I.S. and Baltic States”, Moscow/Russia

SAP Finland Oy, Espoo/Finland

SAP Portals Israel Ltd., Ra’anana/Israel

SAP Portugal — Sistemas, Aplicações e Produtos Informáticos, Sociedade Unipessoal, Lda., Paço d ´Arços/Portugal

SAP Public Services (Pty) Ltd., Woodmead /South Africa

SAP Norge AS, Lysaker/Norway

SAP SSC (Ireland) Limited, Dublin/Ireland

SAP Hungary Rendszerek, Alkalmazások és Termékek az Adatfeldolgozásban Informatikai Kft., Budapest/Hungary

SAP Polska Sp. z.o.o., Warsaw/Poland

SAP Hellas “Systems Application and Data Processing S.A.”, Athens/Greece

SAP Slovensko s.r.o., Bratislava/Slovakia

SAP Labs France S.A., Mougins/France

SAP Türkiye Yazilim Üretim ve Tic. A.S., Istanbul/Turkey

SAP Ireland Limited, Dublin/Ireland

SAP sistemi, aplikacije in produkti za obdelavo podatkov d.o.o., Ljubljana/Slovenia

SAP Systems Integration (Schweiz) AG, Regensdorf/Switzerland

SAP Manage Ltd., Tel Aviv/Israel

SAP Labs Israel Ltd., Herzliya/Israel

LLC “SAP Ukraine”, Kiev/Ukraine

SAP Labs Bulgaria EOOD, Sofia/Bulgaria

SAP d.o.o., Zagreb/Croatia

SAP BULGARIA LTD, Sofia/Bulgaria

SAP CYPRUS LTD, Nicosia/Cyprus

Systems Applications Products Nigeria Ltd, Lagos/Nigeria

SAP Kazakhstan LLP, Almaty/Kazakhstan

Ithinqcom (Pty) Ltd., Woodmead/South Africa

Ambin Properties (Pty) Ltd., Woodmead/South Africa

SAP Portals Nederland B.V., ’s-Hertogenbosch/The Netherlands

KGM 46 Investments (Pty) Limited i.L., Woodmead/South Africa

SAP Public Services BEE Investment Trust (Pty) Ltd, Woodmead/South Africa

SAP Portals UK Limited, Feltham/Great Britian

AMERICAS

SAP America, Inc., Newtown Square/USA

SAP Public Services, Inc., Washington D.C./USA

SAP Canada Inc., Toronto/Canada

SAP Labs, LLC, Palo Alto/USA

SAP Brasil Ltda., Sao Paulo/Brazil

SAP México, S.A. de C.V., Mexico City/Mexico

SAP Global Marketing Inc., Wilmington/USA

SAP ANDINA Y DEL CARIBE C.A., Caracas/Venezuela

SAP ARGENTINA S.A., Buenos Aires/Argentina

SAP Systems Integration America, LLC., Atlanta/USA

SAP International, Inc., Miami/USA

SAP Properties, Inc., Newtown Square/USA

SAP Systems Integration America Holding, Inc., Newtown Square/USA

SAP Investments, Inc., Wilmington/USA

SAP GOVERNMENT SUPPORT AND SERVICES, INC., Wilmington/USA

SAP Financial Inc., Toronto/Canada

ASIA, PACIFIC

SAP JAPAN Co., Ltd., Tokyo/Japan

SAP AUSTRALIA PTY LTD, Sydney/Australia

SAP Asia Pte. Ltd., Singapore

SAP INDIA SYSTEMS, APPLICATIONS AND PRODUCTS IN DATA PROCESSING PRIVATE LIMITED, Bangalore/India

SAP (Beijing) Software System Co., Ltd., Beijing/China

SAP Korea Limited, Seoul/Korea

SAP MALAYSIA SDN. BHD., Kuala Lumpur/Malaysia

SAP NEW ZEALAND LIMITED, Auckland/New Zealand

SAP SYSTEMS, APPLICATIONS AND PRODUCTS IN DATA PROCESSING (THAILAND) LTD., Bangkok/Thailand

SAP Labs India Private Limited, Bangalore/India

SAP HONG KONG CO. LIMITED, Taikoo Shing/Hong Kong

SAP Taiwan Co., Ltd., Taipei/Taiwan

PT SAP Indonesia, Jakarta/Indonesia

SAP Philippines, Inc., Makati City/Philippines

SAP Markets Asia Pacific Solutions Pte Ltd, Singapore

SAP India (Holding) Pte Ltd, Singapore

II. ASSOCIATED COMPANIES

Commerce One, Inc., San Francisco/USA

Global Virtual Marketplace GmbH, Munich/Germany

Pandesic LLC i.L., Newtown Square/USA

Procument Negócios Eletrônicos S.A., Rio de Janeiro/Brazil

Garderos Software Innovations, Munich/Germany

III. OTHER INVESTMENTS (ownership 5 or more percent)

ABACO P.R., Inc., Alpharetta/USA

Apriso Corp., Long Beach/USA

Buildpoint Corp., Redwood Shores/USA

CABC, Inc., Dallas/USA

Catalyst International, Inc., Milwaukee/USA

cc-chemplorer Ltd., Dublin/Ireland

CenTrade, a.s., Prague/Czech Republik

CPGmarket.com S.A., Geneva/Switzerland

Datria Systems, Inc., Englewood/USA

Deutsches Forschungszentrum für Künstliche Intelligenz GmbH, Kaiserslautern/Germany

e-millenium 1 GmbH & Co. KG, Munich/Germany

Grau Data Storage AG, Schwäbisch Gmünd/Germany

Human Resource Management & Consulting Co., Ltd., Tokyo/Japan

imc information multimedia communication AG, Saarbrücken/Germany

IndX Software, Inc., Aliso Viejo/USA