Exhibit 99.2

For Immediate Release
October 28, 2008

SAP Announces 2008 Third Quarter and Nine Month Results

          WALLDORF — October 28, 2008 — SAP AG (NYSE: SAP) today announced its preliminary financial results for the third quarter and nine months ended September 30, 2008.

HIGHLIGHTS — Third Quarter 2008

	SAP - Third Quarter 2008*
	U.S. GAAP						Non-GAAP**
													% change
					%						%		constant
€ million	Q3/2008		Q3/2007		change		Q3/2008		Q3/2007		change		currency***
Software revenues		763		714		7		763		714		7		11
Software and software- related service revenues		1,994		1,735		15		2,035		1,735		17		22
Total revenues		2,761		2,419		14		2,802		2,419		16		20
Operating income		614		606		1		731		624		17		23
Operating margin (%)		22.2		25.1	-2.9pp			26.1		25.8	0.3pp		0.5pp
Income from continuing operations		409		414		-1		496		425		17		—
Net income		388		408		-5		475		419		13		—
Basic EPS from cont. operations (€)		0.35		0.35		0		0.41		0.36		14		—

*	All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.
**	Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.
***	Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s Non-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Appendix at the end of the financial section of press release for details.

SAP Announces 2008 Third Quarter and Nine Month Results Page 2

Revenues

• Third quarter 2008 U.S. GAAP software and software-related service revenues were €1.99 billion (2007: €1.74 billion), representing an increase of 15% compared to the third quarter of 2007. Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €41 million, for the third quarter of 2008 were €2.04 billion (2007: €1.74 billion). This represents an increase of 17% (22% at constant currencies) compared to the third quarter of 2007. If SAP’s reporting currency was the U.S. Dollar, Non-GAAP software and software-related service revenues for the third quarter would have increased 26% compared to the same period one year ago.

• Excluding the contribution from Business Objects, SAP’s business contributed 7 percentage points to the constant currency growth of the Non-GAAP software and software-related service revenues for the third quarter of 2008.

• U.S. GAAP total revenues for the 2008 third quarter were €2.76 billion (2007: €2.42 billion), which was a year-over-year increase of 14%. Non-GAAP total revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €41 million for the third quarter of 2008, were €2.80 billion (2007: €2.42 billion), which is an increase of 16% (20% at constant currencies) compared to the third quarter of 2007.

• Third quarter 2008 U.S. GAAP software revenues were €763 million (2007: €714 million), representing an increase of 7% (11% at constant currencies) compared to the third quarter of 2007.

Income

• U.S. GAAP operating income for the third quarter was €614 million (2007: €606 million), which was an increase of 1% compared to the third quarter of 2007. Third quarter Non-GAAP operating income, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €117 million, was €731 million (2007: €624 million), which was an increase of 17% (23% at constant currencies) compared to the third quarter of 2007.

• The U.S. GAAP operating margin for the third quarter of 2008 was 22.2% (2007: 25.1%). The third quarter Non-GAAP operating margin was 26.1% (2007: 25.8%), or 26.3% at constant currencies. Both the U.S. GAAP and the Non-GAAP operating margins were

SAP Announces 2008 Third Quarter and Nine Month Results Page 3

impacted by one-time expenses associated with the integration of Business Objects (which are not acquisition-related charges) of approximately €14 million.

• U.S. GAAP income from continuing operations for the third quarter of 2008 was €409 million (2007: €414 million), representing a decrease of 1% compared to the third quarter of 2007. Non-GAAP income from continuing operations, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €87 million, was €496 million (2007: €425 million), representing an increase of 17% compared to the third quarter of 2007.

• U.S. GAAP basic earnings per share from continuing operations for the third quarter of 2008 was €0.35 (2007: €0.35), which was flat compared to the same period in 2007. Non-GAAP earnings per share from continuing operations for the third quarter of 2008 was €0.41 (2007: €0.36), which was an increase of 14% compared to the same period in 2007.

          “The third quarter 2008 was SAP’s 19th consecutive quarter of double-digit growth in software and software-related service revenues at constant currencies. This was an achievement in a period where the global financial crisis had a significant impact on customer decisions towards quarter end,” said Henning Kagermann, co-CEO of SAP. “Customers are continuing to spend on our products, but the economic and business environment is uncertain. Our business model is flexible, and we are focusing on protecting our operating margins and earnings.”

          Mr. Kagermann continued, “We are assessing business activity continuously, and we are balancing the need for greater efficiencies with steady advancements in our products, customer services and technologies, while addressing customers’ most critical business issues. This approach has worked well for customers and SAP throughout the up and down economic cycles of the past, and has contributed to SAP’s market leadership. We’ve been through uncertainty before, and have always emerged as a better, stronger and more efficient company.”

SAP Announces 2008 Third Quarter and Nine Month Results Page 4

Core Enterprise Applications Vendor Share

Based on U.S. GAAP third quarter 2008 software and software-related service revenues on a rolling four-quarter basis, SAP’s worldwide share of Core Enterprise Applications vendors, which account for approximately $38.7 billion in software and software-related service revenues as defined by the Company based on industry analyst research, was 33.4% for the four-quarter period ended September 30, 2008. This represents a 6.5 percentage point increase compared to the four quarter period ended September 30, 2007, of which approximately 3.3 percentage points came from organic growth and 3.2 percentage points from the acquisition of Business Objects.

Cash Flow

Operating cash flow from continuing operations for the first nine months of 2008 was €1.97 billion (2007: €1.34 billion). Free cash flow for the first nine months of 2008 was €1.73 billion (2007: €1.05 billion), which was 21% of total revenues (2007: 15%). At September 30, 2008, the Company had total group liquidity of €1.6 billion (December 31, 2007: €2.8 billion), which includes cash and cash equivalents, restricted cash and short term investments.

Share Buyback

In the third quarter of 2008 the Company bought back 2.8 million shares at an average price of €37.75 (€104.2 million). Of the total shares purchased in the third quarter, 983,153 shares were subsequently acquired from the Company by employees who exercised stock options under SAP’s share-based compensation programs. The number of shares bought back in the third quarter of 2008 represented 0.23% of the total shares outstanding. At September 30, 2008, the Company held treasury stock in the amount of 38.7 million shares (approximately 3.15% of total shares outstanding) at an average price of €35.43. For the first nine months of 2008, the Company invested €486.8 million buying back approximately 14.6 million shares at an average price of €33.34.

SAP Announces 2008 Third Quarter and Nine Month Results Page 5

HIGHLIGHTS — Nine Months 2008

Business Objects is included in the results from January 21, 2008 onwards.

	SAP - Nine Months 2008*
	U.S. GAAP						Non-GAAP**
													% change
					%						%		constant
€ million	9M/2008		9M/2007		change		9M/2008		9M/2007		change		currency***
Software revenues		2,283		1,992		15		2,283		1,992		15		21
Software and software- related service revenues		5,791		4,954		17		5,931		4,954		20		26
Total revenues		8,079		7,002		15		8,219		7,002		17		24
Operating income		1,566		1,623		-4		1,931		1,665		16		25
Operating margin (%)		19.4		23.2	-3.8pp			23.5		23.8	-0.3pp		0.2pp
Income from continuing operations		1,067		1,179		-9		1,338		1,205		11		—
Net income		1,038		1,167		-11		1,309		1,193		10		—
Basic EPS from cont. operations (€)		0.90		0.98		-8		1.12		1.00		12		—

*	All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.
**	Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.
***	Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s Non-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Appendix at the end of the financial section of press release for details.

Revenues

• Nine-month 2008 U.S. GAAP software and software-related service revenues were €5.79 billion (2007: €4.95 billion), representing an increase of 17% compared to the first nine months of 2007. Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €140 million, for the first nine months of 2008 were €5.93 billion (2007: €4.95 billion). This represents an increase of 20% (26% at constant currencies) compared to the first nine months of 2007. If SAP’s reporting currency was the U.S. Dollar, Non-GAAP software and software-related service revenues for the first nine months would have increased 35% compared to the same period one year ago.

SAP Announces 2008 Third Quarter and Nine Month Results Page 6

• Excluding the contribution from Business Objects, SAP’s business contributed 12 percentage points to the constant currency growth of the Non-GAAP software and software-related service revenues for the 2008 nine-month period.

• U.S. GAAP total revenues for the 2008 nine-month period were €8.08 billion (2007: €7.00 billion), which was a year-over-year increase of 15%. Non-GAAP total revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €140 million for the first nine months of 2008, were €8.22 billion (2007: €7.00 billion), which was an increase of 17% (24% at constant currencies) compared to the first nine months of 2007.

• Nine-month 2008 U.S. GAAP software revenues were €2.28 billion (2007: €1.99 billion), representing an increase of 15% (21% at constant currencies) compared to the same period in 2007.

Income

• U.S. GAAP operating income for the 2008 nine-month period was €1.57 billion (2007: €1.62 billion), which was a decrease of 4% compared to the same period in 2007. The nine-month Non-GAAP operating income, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €365 million, was €1.93 billion (2007: €1.67 billion), which was an increase of 16% (25% at constant currencies) compared to the first nine months of 2007.

• The U.S. GAAP operating margin for the 2008 nine-month period was 19.4% (2007: 23.2%). The nine-month Non-GAAP operating margin was 23.5% (2007: 23.8%), or 24.0% at constant currencies. Both the U.S. GAAP and the Non-GAAP operating margins were impacted by 1) €24 million expensed in the second quarter of 2008 for the settlement of a litigation and, 2) one-time expenses associated with the integration of Business Objects (which are not acquisition-related charges) of approximately €33 million.

• U.S. GAAP income from continuing operations for the nine-month period of 2008 was €1.07 billion (2007: €1.18 billion), representing a decrease of 9% compared to the same period in 2007. Non-GAAP income from continuing operations, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €271 million, was €1.34 billion (2007: €1.21 billion), representing an increase of 11% compared to the 2007 nine-month period. Nine-month 2007 U.S. GAAP and Non-GAAP income from continuing operations were

SAP Announces 2008 Third Quarter and Nine Month Results Page 7

positively impacted by a 2007 second quarter effective tax rate of 25.5% and 25.8%, respectively, partly resulting from non-recurring tax effects.

• U.S. GAAP earnings per share from continuing operations for the first nine months of 2008 was €0.90 (2007: €0.98), which was a decrease of 8% compared to the same period in 2007. Non-GAAP earnings per share from continuing operations for the 2008 nine-month period was €1.12 (2007: €1.00), which was an increase of 12% compared to the same period in 2007.

BUSINESS OUTLOOK

          In its previous outlook provided on July 29, 2008, the Company had expected full-year 2008 Non-GAAP software and software-related service revenues to increase at the upper end of the range of 24% — 27% at constant currencies and full-year 2008 Non-GAAP operating margin to be at the upper end of the range of 28.5% — 29.0% at constant currencies.

          In light of the uncertainties surrounding the current economic and business environment, the Company decided to no longer provide a specific outlook for Non-GAAP software and software-related service revenues for the full-year 2008. However, with recent cost savings initiatives in place, the Company expects the full-year 2008 Non-GAAP operating margin, which excludes a non-recurring deferred support revenue write-down of €180 million from the acquisition of Business Objects and acquisition-related charges, to be around 28% at constant currencies if the Company can increase Non-GAAP software and software-related service revenues, excluding a non-recurring deferred support revenue write-down from the acquisition of Business Objects, in a range between 20% — 22% at constant currencies for the full year 2008.

          The Company continues to project an effective tax rate of 31.0% — 31.5% (based on U.S. GAAP income from continuing operations) for 2008.

SAP Announces 2008 Third Quarter and Nine Month Results Page 8

KEY EVENTS — Third Quarter 2008

• In the third quarter of 2008, SAP closed major contracts in several key regions including Bundesagentur für Arbeit, CENEXI, DTEK, Imperial Bank Limited, and TD Perekrestok in EMEA; Callaway Golf Company, Loblaw Companies Limited, Municipio de Medellin, Servicios Liverpool, and Southern California Edison in Americas; and China Telecom System Integration Co., Ltd, Gansu Electric Power Corp., Tomen Electronics Corp., Universal Scientific Industrial Co., Ltd., and Wuthelam Holdings Pte Ltd in the Asia Pacific Japan region.

• In the third quarter, SAP signed a Global Enterprise Agreement (GEA) with Procter & Gamble. The GEA with P&G extends SAP’s position as a leader in providing comprehensive enterprise software for the consumer products industry.

• On September 16, 2008, SAP and The Hong Kong and Shanghai Banking Corporation announced that the HSBC Group (HSBC) will create a leading edge bank-client integration solution using the SAP NetWeaver technology platform to streamline and automate the bank’s communications for the delivery of banking services to its corporate banking clients.

• On September 9, 2008, Business Objects announced the availability of BusinessObjects Metadata Management XI 3.0, software that enables organizations to support data governance by providing a central view of metadata assets and their relationships.

• On September 9, 2008, SAP announced a SAP NetWeaver Fund investment in InnoCentive, Inc., a global online open innovation marketplace. The addition of InnoCentive to the SAP ecosystem further fosters co-innovation by providing a global platform in which solution-providers are financially rewarded for offering solutions to complex business challenges.

• This year’s SAP TechEd 2008 event season is driven by the theme “Connect, Collaborate, Co-Innovate,” bringing together the worldwide technical community to harness the collective knowledge and resources of the SAP ecosystem, helping them enhance their skills, get their jobs done with efficiency and provide added benefit to their companies. Now in its 12th year, SAP TechEd 2008 took place in Las Vegas on September 8-12 with 6,000 attendees, Berlin on October 14-16 with 4,500 attendees, and will take place in Shanghai on November 5-6 and Bangalore on November 12-14.

• Based on the resolutions of the SAP AG Annual General Meetings of Shareholders on May 9, 2006 and May 10, 2007, on September 3, 2008 the Executive Board of SAP AG resolved to decrease the Company’s capital stock from —1,246,683,912.00 (represented by 1,246,683,912 no-par shares, each with an attributable subscribed capital of —1) to —1,225,683,912.00 (represented by 1,225,683,912 no-par shares, each with an attributable subscribed capital of —1) by cancelling 21,000,000 treasury shares, representing 1.68% of the capital stock before this corporate action.

• On August 12, 2008, Business Objects announced the latest versions of its solutions for enterprise performance management (EPM), which will provide customers with improved

SAP Announces 2008 Third Quarter and Nine Month Results Page 9

	control and agility, enabling them to enhance performance across both finance and operations. Additionally, Business Objects announced the availability of BusinessObjects Xcelsius Present. Xcelsius Present is a data-visualization tool that transforms ordinary, static Microsoft Office Excel spreadsheets into captivating visuals and allows business users to share them via Microsoft PowerPoint or Adobe PDF files.
•	On July 30, 2008, SAP announced that it has been named the worldwide market share leader based on total software revenue for business solutions in the customer relationship management (CRM), enterprise resource planning (ERP) and supply chain management (SCM) markets, according to 2007 market share reports published by the independent research firm Gartner, Inc.
•	On July 16, 2008, SAP announced the availability of SAP Enterprise Support to all customers, as of January 1, 2009, further demonstrating a dedication to providing solutions and support offerings that meet the evolving needs of customers.
•	On July 15, 2008, SAP announced the 20,000th customer for SAP Business One, its integrated business management application for small businesses, proving the rapid market adoption rate of the application, for which SAP has been able to double its customer base in less than two years.
•	On July 2, 2008, Business Objects announced that research analyst firm IDC ranked Business Objects as the number one vendor for business intelligence (BI) tools with a 14.2 percent market share.
•	Effective July 1, 2008, the Supervisory Board of SAP AG appointed Erwin Gunst, Bill McDermott and Jim Hagemann Snabe as three new members of the SAP Executive Board. McDermott is responsible for all sales regions worldwide: Snabe has full development responsibility for SAP Business Suite and the SAP NetWeaver technology platform and Gunst is charged with further improving the company’s operations and process efficiency in the newly created position of chief operating officer (COO).

Use of Non-GAAP Financial Measures

This press release contains certain financial measures such as Non-GAAP revenues, Non-GAAP operating income, Non-GAAP operating margin, free cash flow, constant currency revenue and operating income measures, as well as U.S. Dollar based Non-GAAP revenue numbers. These measures are not prepared in accordance with U.S. GAAP and therefore are considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as a substitute for or superior to revenue, operating margin or our other measures of financial performance prepared in accordance with U.S. GAAP. See the Appendix at the end of the financial section of this press release for additional information regarding the Non-GAAP measures included in this press release and for the reconciliations to the corresponding U.S. GAAP measures.

SAP Announces 2008 Third Quarter and Nine Month Results Page 10

Core Enterprise Applications Vendor Share

The Company provides share data based on the vendors of Core Enterprise Applications solutions, which account for approximately $38.7 billion in software and software-related service revenues as defined by the Company based on industry analyst research. For 2008, industry analysts project approximately 7% year-on-year growth for Core Enterprise Applications vendors. For its quarterly share calculation, SAP assumes that this approximate 7% growth will not be linear throughout the year. Instead, quarterly adjustments are made based on the financial performance of a sub set of (approximately 25) Core Enterprise Application vendors.

Webcast/Supplementary Financial Information

SAP senior management will host a conference call on Tuesday, October 28th at 3:00 pm (CET) / 2:00 pm (GMT) / 10:00 am (EDT) / 7:00 am (PDT). The conference call will be Webcast live on the Company’s Web site at <http://www.sap.com/investor> and will be available for replay. Supplementary financial information pertaining to the quarterly results can be found at http://www.sap.com/investor.

About SAP

SAP is the world’s leading provider of business software, offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 76,000 customers in over 120 countries, SAP is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.” (For more information, visit www.sap.com)

(*) SAP defines business software as comprising enterprise resource planning and related applications.

# # #

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward- looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Copyright ^© 2008 SAP AG. All rights reserved.

SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

For more information, press only:

Christoph Liedtke, +49 6227) 7-50383,christoph.liedtke@sap.com, CET
Guenter Gaugler +49 (6227) 7-65416, guenter.gaugler@sap.com, CET
Andy Kendzie +1 (202)312-3919, andy.kendzie@sap.com, EST

For more information, financial community only:

Stefan Gruber, +49 (6227) 7-44872, investor@sap.com, CET
Marti Cohen, +1 (212) 653-9619, investor@sap.com, EST

Appendix — Financial Information to Follow

Financial Information

for the Third Quarter 2008
- Condensed, Preliminary and Unaudited -

	Page
Financial Statements
Statements of Income	F1 and F2
Balance Sheets		F3
Statements of Cash Flow		F4
Supplementary Financial Information
Reconciliations: Non-GAAP to U.S. GAAP	F5 to F7
Revenue by Region	F8 and F9
Share-based Compensation		F10
Free Cash Flow		F10
Headcount		F10
Multi Quarter Overview		F11
Appendix
Explanation of Non-GAAP Measures		F12

CONSOLIDATED INCOME STATEMENT — THIRD QUARTER
(U.S. GAAP)
Preliminary and unaudited

	Three months ended September 30
€ millions, unless otherwise stated	2008			2007			% change
Software revenue		763			714			7
Support revenue		1,167			975			20
Subscription and other software-related service revenue		64			46			39
Software and software-related service revenue		1,994			1,735			15
Consulting revenue		617			544			13
Training revenue		105			102			3
Other service revenue		26			28			-7
Professional services and other service revenue		748			674			11
Other revenue		19			10			90
Total revenue		2,761			2,419			14
Cost of software and software-related services		-381			-327			17
Cost of professional services and other services		-583			-502			16
Research and development		-398			-357			11
Sales and marketing		-634			-510			24
General and administration		-156			-121			29
Other operating income/expense, net		5			4			25
Total operating expenses		-2,147			-1,813			18
Operating income		614			606			1
Other non-operating income/expense, net		7			-1			-800
Financial income/expense, net		-19			33			-158
Income from continuing operations before income taxes		602			638			-6
Income taxes		-192			-223			-14
Minority interests		-1			-1			0
Income from continuing operations		409			414			-1
Loss from discontinued operations, net of tax		-21			-6			250
Net income		388			408			-5
Earnings per Share (EPS)
EPS from continuing operations — basic in €		0.35			0.35			0
EPS from continuing operations — diluted in €		0.34			0.34			0
EPS from net income — basic in €		0.33			0.34			-3
EPS from net income — diluted in €		0.33			0.33			0
Weighted average number of shares*		1,188			1,206
Key Ratios
Operating margin		22.2	%		25.1	%	-2.9pp
Effective tax rate from continuing operations		31.9	%		35.0	%

* in millions, treasury stock excluded

F1 

CONSOLIDATED INCOME STATEMENT — YEAR TO DATE
(U.S. GAAP)
Preliminary and unaudited

	Nine months ended September 30
€ millions, unless otherwise stated	2008			2007			% change
Software revenue		2,283			1,992			15
Support revenue		3,324			2,833			17
Subscription and other software-related service revenue		184			129			43
Software and software-related service revenue		5,791			4,954			17
Consulting revenue		1,832			1,618			13
Training revenue		323			300			8
Other service revenue		77			84			-8
Professional services and other service revenue		2,232			2,002			11
Other revenue		56			46			22
Total revenue		8,079			7,002			15
Cost of software and software-related services		-1,166			-919			27
Cost of professional services and other services		-1,731			-1,531			13
Research and development		-1,236			-1,049			18
Sales and marketing		-1,912			-1,523			26
General and administration		-477			-367			30
Other operating income/expense, net		9			10			-10
Total operating expenses		-6,513			-5,379			21
Operating income		1,566			1,623			-4
Other non-operating income/expense, net		25			-8			-413
Financial income/expense, net		-34			103			-133
Income from continuing operations before income taxes		1,557			1,718			-9
Income taxes		-489			-536			-9
Minority interests		-1			-3			-67
Income from continuing operations		1,067			1,179			-9
Loss from discontinued operations, net of tax		-29			-12			142
Net income		1,038			1,167			-11
Earnings per Share (EPS)
EPS from continuing operations — basic in €		0.90			0.98			-8
EPS from continuing operations — diluted in €		0.89			0.97			-8
EPS from net income — basic in €		0.87			0.97			-10
EPS from net income — diluted in €		0.87			0.96			-9
Weighted average number of shares*		1,192			1,209
Key Ratios
Operating margin		19.4	%		23.2	%	-3.8pp
Effective tax rate from continuing operations		31.4	%		31.2	%

* in millions, treasury stock excluded

F2 

CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. GAAP)
Preliminary and unaudited

€ millions	September 30, 2008		December 31, 2007
Assets
Cash and cash equivalents		1,486		1,608
Restricted cash		3		550
Short-term investments		111		598
Accounts receivable, net		2,644		2,895
Other assets		441		541
Deferred income taxes		193		125
Prepaid expenses/deferred charges		119		76
Assets classified as held for disposal		6		15
Current assets		5,003		6,408
Goodwill		5,077		1,423
Intangible assets, net		1,202		403
Property, plant, and equipment, net		1,388		1,316
Investments		105		89
Accounts receivable, net		3		3
Other assets		637		555
Deferred income taxes		171		146
Prepaid expenses/deferred charges		25		23
Noncurrent assets		8,608		3,958
Total assets		13,611		10,366

€ millions	September 30, 2008		December 31, 2007
Liabilities, Minority interests and Shareholders’ equity
Accounts payable		572		715
Income tax obligations		486		341
Other liabilities		1,382		1,456
Provisions		264		154
Deferred income taxes		33		47
Deferred income		1,041		477
Liabilities associated with assets classified as held for disposal		15		9
Current liabilities		3,793		3,199
Accounts payable		6		10
Income tax obligations		97		90
Other liabilities		2,453		79
Provisions		496		369
Deferred income taxes		173		73
Deferred income		36		42
Noncurrent liabilities		3,261		663
Total liabilities		7,054		3,862
Minority interests		2		1
Common stock, no par value		1,226		1,246
Treasury stock		-1,370		-1,734
Additional paid-in capital		351		347
Retained earnings		6,882		7,159
Accumulated other comprehensive loss		-534		-515
Shareholders’ equity		6,555		6,503
Total liabilities, Minority interests and Shareholders’ equity	13,611		10,366
Days Sales Outstanding		69		66

F3 

CONSOLIDATED STATEMENTS OF CASH FLOWS — YEAR TO DATE
(U.S. GAAP)
Preliminary and unaudited

	Nine months ended September 30
€ millions	2008		2007
Net income		1,038		1,168
Net loss from discontinued operations		29		12
Minority interests		1		2
Income from continuing operations before minority interests		1,068		1,182
Adjustments to reconcile income from continuing operations before minority interests to net cash provided by operating activities:
Depreciation and amortization		412		187
Losses from equity investees		1		1
Losses on disposal of intangible assets and property, plant, and equipment		2		0
Gains on disposal of investments		-9		-2
Writeups/downs of financial assets		4		2
Allowances for doubtful accounts		34		-5
Impacts of hedging for cash-settled share-based payment plans		-10		13
Stock-based compensation including income tax benefits		22		31
Excess tax benefit from share-based compensation		-14		-8
Deferred income taxes		-72		2
Change in accounts receivable		528		251
Change in other assets		77		-234
Change in accrued and other liabilities		-558		-448
Change in deferred income		485		372
Net cash provided by operating activities from continuing operations		1,970		1,344
Acquisition of minority interests in subsidiaries		0		-48
Business combinations, net of cash and cash equivalents acquired		-3,767		-657
Repayment of acquirees’ debt in business combinations		-450		0
Purchase of intangible assets and property, plant, and equipment		-244		-294
Proceeds from disposal of intangible assets and property, plant, and equipment		27		22
Cash transferred to restricted cash		-451		0
Reduction of restricted cash		1,000		0
Purchase of investments		-40		-720
Sales of investments		521		646
Purchase of other financial assets		-11		-15
Sales of other financial assets		12		11
Net cash used in investing activities from continuing operations		-3,403		-1,055
Dividends paid		-594		-556
Purchase of treasury stock		-487		-756
Proceeds from reissuance of treasury stock		79		131
Proceeds from issuance of common stock (share-based compensation)		13		39
Excess tax benefit from share-based compensation		14		8
Proceeds from short-term and long-term debt		3,859		32
Repayments of short-term and long-term debt		-1,521		-32
Proceeds from the exercise of equity-based derivative instruments (STAR hedge)		33		74
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans)		-55		0
Net cash provided by / used in financing activities from continuing operations		1,341		-1,060
Effect of foreign exchange rates on cash and cash equivalents		-9		-7
Net cash used in operating activities from discontinued operations		-21		-12
Net cash used in investing activities from discontinued operations		0		0
Net cash used in financing activities from discontinued operations		0		0
Net cash used in discontinued operations		-21		-12
Net change in cash and cash equivalents		-122		-790
Cash and cash equivalents at the beginning of the period		1,608		2,399
Cash and cash equivalents at the end of the period		1,486		1,609

F4 

Reconciliations from Non-GAAP Numbers to U.S. GAAP Numbers — Third Quarter
Preliminary and unaudited

The following table presents a reconciliation from our ‘Non-GAAP’ numbers (including our ‘Non-GAAP at Constant Currency’ numbers) to the respective most comparable U.S. GAAP numbers. Note: Our non-GAAP numbers are not prepared under a comprehensive set of accounting rules or principles. Please see Appendix for more information on our non-GAAP numbers.

	Three months ended September 30
	2008													2007								% change
											Non-GAAP																	Non-GAAP
									Currency		Constant																	Constant
€ millions, unless otherwise stated	U.S. GAAP			Adj.*		Non-GAAP*			impact**		currency**			U.S. GAAP			Adj.*		Non-GAAP*			U.S. GAAP			Non-GAAP*			currency**
Software revenue		763			0		763			28		791			714			0		714			7			7			11
Support revenue		1,167			41		1,208			49		1,257			975			0		975			20			24			29
Subscription and other software-related service revenue		64			0		64			1		65			46			0		46			39			39			41
Software and software-related service revenue		1,994			41		2,035			78		2,113			1,735			0		1,735			15			17			22
Consulting revenue		617			0		617			28		645			544			0		544			13			13			19
Training revenue		105			0		105			4		109			102			0		102			3			3			7
Other service revenue		26			0		26			1		27			28			0		28			-7			-7			-4
Professional services and other service revenue		748			0		748			33		781			674			0		674			11			11			16
Other revenue		19			0		19			0		19			10			0		10			90			90			90
Total revenue		2,761			41		2,802			111		2,913			2,419			0		2,419			14			16			20
Cost of software and software-related services		-381			49		-332								-327			16		-311			17			7
Cost of professional services and other services		-583			0		-583								-502			1		-501			16			16
Research and development		-398			3		-395								-357			0		-357			11			11
Sales and marketing		-634			23		-611								-510			1		-509			24			20
General and administration		-156			1		-155								-121			0		-121			29			28
Other operating income/expense, net		5			0		5								4			0		4			25			25
Total operating expenses		-2,147			76		-2,071			-76		-2,147			-1,813			18		-1,795			18			15			20
Operating income		614			117		731			35		766			606			18		624			1			17			23
Other non-operating income/expense, net		7			0		7								-1			0		-1			-800			-800
Financial income/expense, net		-19			0		-19								33			0		33			-158			-158
Income from continuing operations before income taxes		602			117		719								638			18		656			-6			10
Income taxes		-192			-30		-222								-223			-7		-230			-14			-3
Minority interests		-1			0		-1								-1			0		-1			0			0
Income from continuing operations		409			87		496								414			11		425			-1			17
Loss from discontinued operations, net of tax		-21			0		-21								-6			0		-6			250			250
Net income		388			87		475								408			11		419			-5			13
Earnings per Share (EPS)
EPS from continuing operations — basic in €		0.35					0.41								0.35					0.36			0			14
EPS from continuing operations — diluted in €		0.34					0.41								0.34					0.35			0			17
EPS from net income — basic in €		0.33					0.40								0.34					0.35			-3			14
EPS from net income — diluted in €		0.33					0.40								0.33					0.34			0			18
Weighted average number of shares***		1,188					1,188								1,206					1,206
Key Ratios
Operating margin		22.2	%				26.1	%				26.3	%		25.1	%				25.8	%	-2.9		pp	0.3		pp	0.5		pp
Effective tax rate from continuing operations		31.9	%				30.9	%							35.0	%				35.1	%

*	adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details
**	constant currency revenue and operating income figures are calculated by translating revenue and operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s non-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period. See Appendix for details
***	in millions, treasury stock excluded

F5

Reconciliations from Non-GAAP Numbers to U.S. GAAP Numbers — Year to Date
Preliminary and unaudited

The following table presents a reconciliation from our ‘Non-GAAP’ numbers (including our ‘Non-GAAP at Constant Currency’ numbers) to the respective most comparable U.S. GAAP numbers. Note: Our non-GAAP numbers are not prepared under a comprehensive set of accounting rules or principles. Please see Appendix for more information on our non-GAAP numbers.

	Nine months ended September 30
	2008													2007								% change
											Non-GAAP
									Currency		Constant															Non-GAAP
€ millions, unless otherwise stated	U.S. GAAP			Adj.*		Non-GAAP*			impact**		currency**			U.S. GAAP			Adj.*		Non-GAAP*			U.S. GAAP		Non-GAAP*		Constant
Software revenue		2,283			0		2,283			134		2,417			1,992			0		1,992			15		15		21
Support revenue		3,324			140		3,464			172		3,636			2,833			0		2,833			17		22		28
Subscription and other software-related service revenue		184			0		184			4		188			129			0		129			43		43		46
Software and software-related service revenue		5,791			140		5,931			310		6,241			4,954			0		4,954			17		20		26
Consulting revenue		1,832			0		1,832			99		1,931			1,618			0		1,618			13		13		19
Training revenue		323			0		323			17		340			300			0		300			8		8		13
Other service revenue		77			0		77			5		82			84			0		84			-8		-8		-2
Professional services and other service revenue		2,232			0		2,232			121		2,353			2,002			0		2,002			11		11		18
Other revenue		56			0		56			2		58			46			0		46			22		22		26
Total revenue		8,079			140		8,219			433		8,652			7,002			0		7,002			15		17		24
Cost of software and software-related services		-1,166			142		-1,024								-919			37		-882			27		16
Cost of professional services and other services		-1,731			0		-1,731								-1,531			1		-1,530			13		13
Research and development		-1,236			18		-1,218								-1,049			1		-1,048			18		16
Sales and marketing		-1,912			64		-1,848								-1,523			3		-1,520			26		22
General and administration		-477			1		-476								-367			0		-367			30		30
Other operating income/expense, net		9			0		9								10			0		10			-10		-10
Total operating expenses		-6,513			225		-6,288			-289		-6,577			-5,379			42		-5,337			21		18		23
Operating income		1,566			365		1,931			144		2,075			1,623			42		1,665			-4		16		25
Other non-operating income/expense, net		25			0		25								-8			0		-8			-413		-413
Financial income/expense, net		-34			0		-34								103			0		103			-133		-133
Income from continuing operations before income taxes		1,557			365		1,922								1,718			42		1,760			-9		9
Income taxes		-489			-94		-583								-536			-16		-552			-9		6
Minority interests		-1			0		-1								-3			0		-3			-67		-67
Income from continuing operations		1,067			271		1,338								1,179			26		1,205			-9		11
Loss from discontinued operations, net of tax		-29			0		-29								-12			0		-12			142		142
Net income		1,038			271		1,309								1,167			26		1,193			-11		10
Earnings per Share (EPS)
EPS from continuing operations — basic in €		0.90					1.12								0.98					1.00			-8		12
EPS from continuing operations — diluted in €		0.89					1.12								0.97					0.99			-8		13
EPS from net income — basic in €		0.87					1.10								0.97					0.99			-10		11
EPS from net income — diluted in €		0.87					1.10								0.96					0.98			-9		12
Weighted average number of shares***		1,192					1,192								1,209					1,209
Key Ratios
Operating margin		19.4	%				23.5	%				24.0	%		23.2	%				23.8	%	-3.8pp		-0.3pp		0.2pp
Effective tax rate from continuing operations		31.4	%				30.3	%							31.2	%				31.4	%

*	adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details
**	constant currency revenue and operating income figures are calculated by translating revenue and operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s non-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period. See Appendix for details
***	in millions, treasury stock excluded

F6

Reconciliations from Non-GAAP revenue in U.S. dollar to U.S. GAAP revenue in euro
Preliminary and unaudited

The following table presents a reconciliation from our non-GAAP revenue numbers in U.S. dollar to the respective most comparable U.S. GAAP Revenue numbers in euro. Note: Our non-GAAP numbers in U.S. dollar are company-specific and not prepared under a comprehensive set of accounting rules or principles. Please see Appendix for more information on our non-GAAP numbers in U.S. dollar.

	Three months ended September 30
	Software Revenue						Software and Software-Related Service Revenue
	2008		2007		% change		2008		2007		% change
U.S. GAAP revenue in € millions		763		714		7		1,994		1,735		15
Respective measure in US$ millions		1,115		991		13		2,960		2,394		24
Adjustment* in US$ millions		0		0		0		60		0		—
Non-GAAP revenue in US$ millions		1,115		991		13		3,020		2,394		26

* adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that

	Nine months ended September 30
	Software Revenue						Software and Software-Related Service Revenue
	2008		2007		% change		2008		2007		% change
U.S. GAAP revenue in € millions		2,283		1,992		15		5,791		4,954		17
Respective measure in US$ millions		3,470		2,695		29		8,804		6,680		32
Adjustment* in US$ millions		0		0		0		214		0		—
Non-GAAP revenue in US$ millions		3,470		2,695		29		9,018		6,680		35

* adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that

F7

REVENUE BY REGION — THIRD QUARTER
Preliminary and unaudited

The following table presents our U.S. GAAP and non-GAAP revenue by region. The table also presents a reconciliation from our non-GAAP revenue (including our non-GAAP revenue at constant currency) to the respective most comparable U.S. GAAP revenue. Note: Our non-GAAP revenues are not prepared under a comprehensive set of accounting rules or principles. Please see Appendix for more information on our non-GAAP revenue.

	Three months ended September 30
	2008										2007						% change
									Non-GAAP												Non-GAAP
							Currency		constant												constant
€ millions	U.S. GAAP		Adj.*		Non-GAAP*		impact**		currency**		U.S. GAAP		Adj.*		Non-GAAP*		U.S. GAAP		Non-GAAP*		currency**
Software revenue by region***
EMEA		344		0		344		6		350		331		0		331		4		4		6
Americas		280		0		280		15		295		265		0		265		6		6		11
Asia Pacific Japan		139		0		139		7		146		118		0		118		18		18		24
Software revenue		763		0		763		28		791		714		0		714		7		7		11
Software and software-related service revenue by region***
Germany		393		0		393		1		394		328		0		328		20		20		20
Rest of EMEA		658		16		674		18		692		586		0		586		12		15		18
Total EMEA		1,051		16		1,067		19		1,086		914		0		914		15		17		19
United States		486		22		508		40		548		444		0		444		9		14		23
Rest of Americas		178		1		179		6		185		140		0		140		27		28		32
Total Americas		664		23		687		46		733		584		0		584		14		18		26
Japan		98		1		99		-2		97		87		0		87		13		14		11
Rest of Asia Pacific Japan		181		1		182		15		197		150		0		150		21		21		31
Total Asia Pacific Japan		279		2		281		13		294		237		0		237		18		19		24
Software and software-related service revenue		1,994		41		2,035		78		2,113		1,735		0		1,735		15		17		22
Total revenue by region***
Germany		569		0		569		1		570		467		0		467		22		22		22
Rest of EMEA		875		16		891		23		914		775		0		775		13		15		18
Total EMEA		1,444		16		1,460		24		1,484		1,242		0		1,242		16		18		19
United States		717		22		739		59		798		665		0		665		8		11		20
Rest of Americas		237		1		238		9		247		193		0		193		23		23		28
Total Americas		954		23		977		68		1,045		858		0		858		11		14		22
Japan		120		1		121		-2		119		113		0		113		6		7		5
Rest of Asia Pacific Japan		243		1		244		21		265		206		0		206		18		18		29
Total Asia Pacific Japan		363		2		365		19		384		319		0		319		14		14		20
Total revenue		2,761		41		2,802		111		2,913		2,419		0		2,419		14		16		20

*	adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details
**	constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s non-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period
***	based on customer location

F8

REVENUE BY REGION — YEAR TO DATE
Preliminary and unaudited

The following table presents our U.S. GAAP and non-GAAP revenue by region. The table also presents a reconciliation from our non-GAAP revenue (including our non-GAAP revenue at constant currency) to the respective most comparable U.S. GAAP revenue. Note: Our non-GAAP revenues are not prepared under a comprehensive set of accounting rules or principles. Please see Appendix for more information on our non-GAAP revenue.

	Nine months ended September 30
	2008										2007						% change
									Non-GAAP												Non-GAAP
							Currency		constant												constant
€ millions	U.S. GAAP		Adj.*		Non-GAAP*		impact**		currency**		U.S. GAAP		Adj.*		Non-GAAP*		U.S. GAAP		Non-GAAP*		currency**
Software revenue by region***
EMEA		1,080		0		1,080		30		1,110		918		0		918		18		18		21
Americas		803		0		803		80		883		772		0		772		4		4		14
Asia Pacific Japan		400		0		400		24		424		302		0		302		32		32		40
Software revenue		2,283		0		2,283		134		2,417		1,992		0		1,992		15		15		21
Software and software-related service revenue by region***
Germany		1,048		3		1,051		1		1,052		918		0		918		14		14		15
Rest of EMEA		2,032		53		2,085		68		2,153		1,663		0		1,663		22		25		29
Total EMEA		3,080		56		3,136		69		3,205		2,581		0		2,581		19		22		24
United States		1,371		70		1,441		184		1,625		1,278		0		1,278		7		13		27
Rest of Americas		518		5		523		16		539		440		0		440		18		19		23
Total Americas		1,889		75		1,964		200		2,164		1,718		0		1,718		10		14		26
Japan		273		3		276		-1		275		231		0		231		18		19		19
Rest of Asia Pacific Japan		549		6		555		42		597		424		0		424		29		31		41
Total Asia Pacific Japan		822		9		831		41		872		655		0		655		25		27		33
Software and software-related service revenue		5,791		140		5,931		310		6,241		4,954		0		4,954		17		20		26
Total revenue by region***
Germany		1,546		3		1,549		1		1,550		1,329		0		1,329		16		17		17
Rest of EMEA		2,721		53		2,774		86		2,860		2,260		0		2,260		20		23		27
Total EMEA		4,267		56		4,323		87		4,410		3,589		0		3,589		19		20		23
United States		2,055		70		2,125		272		2,397		1,927		0		1,927		7		10		24
Rest of Americas		688		5		693		21		714		597		0		597		15		16		20
Total Americas		2,743		75		2,818		293		3,111		2,524		0		2,524		9		12		23
Japan		347		3		350		-1		349		312		0		312		11		12		12
Rest of Asia Pacific Japan		722		6		728		54		782		577		0		577		25		26		36
Total Asia Pacific Japan		1,069		9		1,078		53		1,131		889		0		889		20		21		27
Total Revenue		8,079		140		8,219		433		8,652		7,002		0		7,002		15		17		24

*	adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details
**	constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s non-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period
***	based on customer location

F9

SHARE-BASED COMPENSATION
(U.S.GAAP)
Preliminary and unaudited

	Nine months ended September 30
€ millions	2008		2007		% change
Share-based compensation per expense line item
Cost of software and software-related services		7		8		-13
Cost of professional services and other services		23		19		21
Research and development		20		26		-23
Sales and marketing		31		18		72
General and administration		19		16		19
Other operating income/expense, net		0		0		0
Total Share-Based Compensation		100		87		15

Note: The share-based compensation expenses do not differ between SAP’s U.S. GAAP and non-GAAP measures

FREE CASH FLOW
Preliminary and unaudited

	Nine months ended September 30
€ millions	2008		2007		% change
Net cash provided by operating activities from continuing operations		1,970		1,344		47
Purchase of long-lived assets excluding additions from business combinations		-244		-294		-17
Free Cash Flow		1,726		1,050		64

HEADCOUNT
Preliminary and unaudited

in Full-Time Equivalents - from continuing operations	September 30, 2008		December 31, 2007		September 30, 2007
Headcount by Region
Germany		15,455		14,749		14,531
Rest of EMEA		11,309		8,905		8,698
Total EMEA		26,764		23,654		23,229
United States		9,424		7,832		7,703
Rest of Americas		4,369		2,797		2,693
Total Americas		13,793		10,629		10,396
Japan		1,446		1,344		1,292
Rest of Asia Pacific Japan		9,860		8,234		7,684
Total Asia Pacific Japan		11,306		9,578		8,976
Total		51,863		43,861		42,601
Headcount by Functional Area
Software and software related services		6,457		5,831		5,716
Professional services and other services		14,193		12,785		12,470
Research and development		15,458		12,951		12,532
Sales and marketing		10,909		8,282		8,035
General and administration		3,303		2,797		2,674
Infrastructure		1,543		1,215		1,174
Total		51,863		43,861		42,601

F10

MULTI QUARTER SUMMARY
(U.S. GAAP and Non-GAAP)
Preliminary and unaudited

€ millions, unless otherwise stated	Q3/2008			Q2/2008			Q1/2008			Q4/2007			Q3/2007			Q2/2007			Q1/2007
Software revenue (U.S. GAAP)		763			898			622			1,415			714			716			562
Revenue adjustment*		0			0			0			0			0			0			0
Software revenue (Non-GAAP)		763			898			622			1,415			714			716			562
Support revenue (U.S. GAAP)		1,167			1,099			1,058			1,005			975			944			914
Revenue adjustment*		41			52			47			0			0			0			0
Support revenue (Non-GAAP)		1,208			1,151			1,105			1,005			975			944			914
Subscription and other software-related service revenue (U.S. GAAP)		64			64			56			53			46			44			39
Revenue adjustment*		0			0			0			0			0			0			0
Subscription and other software-related service revenue (Non-GAAP)		64			64			56			53			46			44			39
Software and software-related service revenue (U.S. GAAP)		1,994			2,061			1,736			2,473			1,735			1,704			1,515
Revenue adjustment*		41			52			47			0			0			0			0
Software and software-related service revenue (Non-GAAP)		2,035			2,113			1,783			2,473			1,735			1,704			1,515
Total revenue (U.S. GAAP)		2,761			2,858			2,460			3,240			2,419			2,421			2,162
Revenue adjustment*		41			52			47			0			0			0			0
Total revenue (Non-GAAP)		2,802			2,910			2,507			3,240			2,419			2,421			2,162
Operating income (U.S. GAAP)		614			593			359			1,109			606			581			436
Revenue adjustment*		41			52			47			0			0			0			0
Expense adjustment*		76			66			83			19			18			13			11
Operating income (Non-GAAP)		731			711			489			1,128			624			594			447
Operating margin (U.S. GAAP)		22.2	%		20.7	%		14.6	%		34.2	%		25.1	%		24.0	%		20.2	%
Operating margin (Non-GAAP)		26.1	%		24.4	%		19.5	%		34.8	%		25.8	%		24.5	%		20.7	%
Effective tax rate from continuing operations (Non-GAAP)		30.9	%		30.7	%		29.0	%		33.8	%		35.1	%		25.8	%		33.5	%
EPS from continuing operations — basic in €(U.S. GAAP)		0.35			0.34			0.21			0.63			0.35			0.37			0.26
EPS from continuing operations — diluted in €(U.S. GAAP)		0.34			0.34			0.21			0.63			0.34			0.37			0.26
EPS from continuing operations — basic in €(Non-GAAP)		0.41			0.42			0.29			0.64			0.36			0.38			0.26
EPS from continuing operations — diluted in €(Non-GAAP)		0.41			0.42			0.29			0.64			0.35			0.38			0.26
Headcount**		51,863			51,447			51,274			43,861			42,601			41,736			40,318

*	adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details
**	in Full-Time-Equivalents — from continuing operations

F11

APPENDIX
Explanation of Non-GAAP Measures

This document discloses certain financial measures, such as non-GAAP revenues, non-GAAP operating income, non-GAAP operating margin, free cash flow, a constant currency revenue and operating income measures as well as U.S. dollar based revenue numbers, that are not prepared in accordance with U.S. GAAP and are therefore considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as substitutes for or superior to, revenue, operating income, cash flows, or other measures of financial performance prepared in accordance with U.S. GAAP. Our non-GAAP financial measures included in this document are reconciled to the nearest U.S. GAAP measure in the tables on the pages F5 to F11 above.

Non-GAAP Revenues, Non-GAAP Operating Income and Non-GAAP Operating Margin

We believe that it is of interest to investors to receive certain supplemental historical and prospective financial information used by our management in running our business – in addition to financial data prepared in accordance with U.S. GAAP. Beginning in 2008 we use both non-GAAP revenues and non-GAAP operating income / non-GAAP operating margin as defined below consistently in our planning, forecasting, reporting, compensation and external communication.

Non-GAAP revenue: Revenues in this document identified as “non-GAAP revenue” have been adjusted from the respective U.S. GAAP numbers by including the full amount of Business Objects support revenues that would have been reflected by Business Objects had it remained a stand-alone entity but are not permitted to be reflected as revenues under U.S. GAAP as a result of fair value accounting for Business Objects support contracts in effect at the time of the Business Objects acquisition.

Under U.S. GAAP we record at fair value the Business Objects support contracts in effect at the time of the acquisition of Business Objects. Consequently, our U.S. GAAP support revenues, our U.S. GAAP software and software-related service revenues and our U.S. GAAP total revenues for periods subsequent to the Business Objects acquisition do not reflect the full amount of support revenue that Business Objects would have recorded for these support contracts absent the acquisition by SAP. Adjusting revenue numbers for this one-time revenue impact provides additional insight into our ongoing performance because the support contracts are typically one-year contracts and renewals of these contracts are expected to result in revenues that are not impacted by the business combination-related fair value accounting.

We believe that our non-GAAP revenue numbers have limitations, particularly as the eliminated amounts may be material to us. We therefore do not evaluate our growth and performance without considering both non-GAAP revenues and U.S. GAAP revenues. We caution the readers of this document to follow a similar approach by considering our non-GAAP revenues only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP.

Non-GAAP operating income / Non-GAAP operating margin: Operating income and operating margin in this document identified as “non-GAAP operating income” or “non-GAAP operating margin” have been adjusted from the respective operating income and operating margin numbers as recorded under U.S. GAAP by including the full amount of Business Objects support revenues to be included in non-GAAP revenue, and by excluding acquisition-related charges. Acquisition related charges in this context comprise:

• Amortization expense of intangibles acquired in business combination and standalone acquisitions of intellectual property

• Expense from purchased in-process research and development

• Restructuring expenses as far as incurred in connection with a business combinations and accounted for under SFAS 146 in SAP’s U.S. GAAP consolidated financial statements

Although acquisition-related charges include recurring items from past acquisitions, such as amortization of acquired intangible assets, they also include an unknown component, relating to current-year acquisitions. We cannot accurately assess or plan for that unknown component until we have finalized our purchase price allocation. Furthermore acquisition-related charges may include one-time charges that are not reflective of our ongoing operating performance.

We believe that our non-GAAP financial measures described above have limitations, particularly as the eliminated amounts may be material to us. We therefore do not evaluate our growth and performance without considering both non-GAAP operating income / non-GAAP operating margin numbers and U.S. GAAP operating income and margin numbers. We caution the readers of this document to follow a similar approach by considering our non-GAAP operating income / non-GAAP operating margin numbers only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP.

F12

Free Cash Flow

We believe that free cash flow is a widely accepted supplemental measure of liquidity. Free cash flow measures a company’s cash flow remaining after all expenditures required to maintain or expand the business have been paid off. We calculate free cash flow as operating cash flow from continuing operations minus additions to long-lived assets excluding additions from acquisitions. Free cash flow should be considered in addition to, and not as a substitute for or superior to, cash flow or other measures of liquidity and financial performance prepared in accordance with U.S. GAAP.

Constant Currency Period-over-Period Changes

We believe it is important for investors to have information that provides insight into our sales. Revenue measures determined under U.S. GAAP provide information that is useful in this regard. However, both sales volume and currency effects impact period-over-period changes in sales revenue. We do not sell standardized units of products and services, so we cannot provide relevant information on sales volume by providing data on the changes in product and service units sold. To provide additional information that may be useful to investors in breaking down and evaluating changes in sales volume, we present information about our revenue and various values and components relating to operating income that are adjusted for foreign currency effects. We calculate constant currency year-over-year changes in revenue and operating income by translating foreign currencies using the average exchange rates from the previous (comparator) year instead of the report year.

We believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated constitute a significant element of our revenues and expenses and may severely impact our performance. We therefore limit our use of constant currency period-over-period changes to the analysis of changes in volume as one element of the full change in a financial measure. We do not evaluate our results and performance without considering both constant currency period-over-period changes on the one hand and changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with U.S. GAAP on the other. We caution the readers of this document to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with U.S. GAAP.

U.S. Dollar-based Non-GAAP Revenue Measures

Substantially all of our major competitors report their financial performance in U.S. dollars. Thus changes in exchange rates, particularly in the U.S. dollar to euro rates, affect the financial statements of our competitors differently than our euro-based financial statements. We therefore believe that U.S. dollar-based revenues for SAP provide investors with useful additional information that enables them to better compare SAP’s revenue growth with SAP’s competitors’ revenue growth irrespective of movements in exchange rates.

Our U.S. dollar non-GAAP revenues are determined as if SAP’s reporting currency was the U.S. dollar. In fact, the reporting currency of our U.S. GAAP and IFRS consolidated financial statements as filed in Germany and in the U.S. with the U.S. Securities and Exchange Commission (SEC) is the euro. Additionally, our U.S. dollar non-GAAP revenue numbers have been adjusted from the respective U.S. GAAP revenues by the same support revenue fair value adjustment than our non GAAP revenues explained above.

SAP’s management uses our U.S. dollar non-GAAP revenues to gain a better understanding of SAP’s operating results compared to SAP’s major competitors.

We believe that our U.S. dollar non-GAAP revenues have limitations, particularly because the impact of currency exchange rate fluctuations and the eliminated amounts may be material to us. We therefore do not evaluate our growth and performance without considering both non-GAAP revenues and euro-based U.S. GAAP revenues. We caution the readers of this document to follow a similar approach by considering our U.S. dollar non-GAAP revenues only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP and reported in euro.

F13