Deutsche Bank German & Austrian Corporate Conference

Stefan Gruber, Head of Investor Relations Frankfurt – May 20th, 2011

Safe Harbor Statement

Any statements contained in this document that are not historical facts are forwardlooking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "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 Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Agenda

1. SAP at a Glance

1. Recent Financial Success
1. Products and Strategy for Continued Growth

SAP at a Glance – Executive Summary

SAP - the world leader in enterprise applications software Based on market capitalization we are the world's third largest independent software manufacturer
Leader in large, midsized and small enterprise segments with tremendous growth opportunities in each segment
Unique ability to deliver to its customers software solutions on premise, on demand and on device – all seamlessly integrated
Continued focus in home market Based on revenue approximately a fifth of our business is done in Germany

SAP at a Glance – Executive Summary

SAP has the largest customer base in enterprise applications:

170,000+ customers in over 120 countries
80% of order entry from existing customers

Agenda

1. SAP at a Glance

2. Recent Financial Success

Products and Strategy for Continued Growth

Recent Financial Success – Highlights 2010

€12.5bn total revenue
32% operating margin
DSO decreased to 65 days (2009: 79 days)
€3.5bn in cash (approximately €3bn from operations)
Increased dividend by 20%

Diversification of Revenue Streams Remains Strong in 2010

Diversification of revenue streams across geographies and industries:

All regions grew double-digit year-over-year in 2010 with APJ leading the way at 26%.
In Q1 2011 we continued this double-digit year-over-year growth in all regions for third consecutive quarter

Total Revenue by Industry Public Financial

Leading vertical strategy with more than 24 industry-specific solutions
We achieved double-digit growth in all six industry sectors in 2010.

Recurring Revenue Streams Increase Again in 2010

Recurring revenue streams provide basis for sustainable and stable cash flows:

Share of recurring revenues increased by 14pp between 2007 and 2010 (from 39% to 53%)
Recurring revenues had a CAGR of 15%+ between 2007 and 2010 and also between 1999 and 2010
Stability through steadily growing share of recurring revenues

Note: Non-IFRS figures

Continued Focus on Operational Excellence FY 2010 & Q1 2011 – Performance vs. Outlook

	SAP's Full Year Outlook	Actual Performance
2010 Operating Margin (Non-IFRS)	Range of 30% – 31% at constant currencies	 ~30.5%* at constant currencies

2011 Operating Margin (Non-IFRS)	Increase of 0.5pp to 1.0pp at constant currencies	 +0.7pp at constant currencies (Q1 2011)

Despite a large acquisition in Q3 2010 of \$5.8bn we were able to improve our net liquidity by €2.3bn in approximately a half years time

€ millions	March 31, 2011	September 30, 2010	% Change
Liquidity1) Gross	4,487	2,828	+59%
Financial Debt2)	-3,854	-4,466	-14%
Net Liquidity3)	633	-1,638	+139%

1) Cash and cash equivalents (including restricted cash) + current investments

2) Current and non-current financial debt (mainly loans, Eurobonds and private placements)

3) Gross liquidity – financial debt

Selected Financial Information – Overview Q1 2011

1 st Quarter 2011 Performance (€ millions, unless otherwise stated)

Software revenue	583	+26%	+24%*
SSRS revenue	2,344	+20%	+17%*
Total revenue	3,041	+21%	+18%*
Operating profit	779	+26%	+21%*
Operating margin	25.6%	+1.0pp	+0.7pp
Operating cash flow	1,592	+106%
DSO	66	-11%

Software Revenue Growth Rate More than Doubled in Q1 2011 Compared to Q1 2010

5th Consecutive Quarter of Double-Digit Growth in Non-IFRS SSRS Revenue
Non-IFRS Operating Profit Increased 26%
Record First Quarter Operating Cash Flow
DSO Decreased by 11%

* at constant currency

Agenda

1. SAP at a Glance
1. Recent Financial Success
1. Product and Strategy for Continued Growth

Transforming SAP Through Innovation and Customer Focus

Expand the addressable market
Customer driven innovation (relevant, essential)
Delivering innovation without disruption and bringing it faster to the market
Leveraging ecosystem as a force multiplier
3 new technology opportunities:
In-Memory
Mobility
Cloud

SAP Accelerates the Expansion of its Addressable Market

Expansion of addressable market due to:

market growth within SAP's established solution categories
addition of new solution categories 2

With Mobility and the launch of On-Demand solutions and In-Memory Computing, SAP accelerates the expansion of its addressable market

SAP's Solutions Offerings Tailored Solutions for Each Customer Segment

	Go-to Market	Customer Segment	SAP's Focus	Primary Solution Offering
Large Accounts ~70% of order entry	Direct	Large Enterprises (> 2,500 employees)	Increase share of wallet  Add new customers in  less penetrated industries	SAP Business Suite 7 SAP BusinessObjects LE product portfolio Expansion of industry solutions portfolio
Small and Mid-sized	Hybrid (indirect and direct)	Upper Midsize (500 to 2,500 employees)	Increase market traction  through fast start program
Enterprises ~30% of order entry	Hybrid (indirect and direct)	Lower Midsize (100 to 500 employees)	Improve profitability and  expand go-to-market Greenfield opportunity 
>	Indirect	Small Businesses (<100 employees)	Increase customer base  with the help of qualified channel partners	SAP BusinessObjects

SME product portfolio

SAP's Product Strategy Extend from the Core to the People

^* Service Oriented Architecture