SAP provided the following outlook for the full-year 2009.

Due to the continued uncertainty surrounding the economic and business environment, SAP will not provide a specific outlook for software and software-related service revenues for the full-year 2009.

SAP expects its full-year 2009 Non-GAAP operating margin, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects of approximately €9 million and acquisition-related charges, to be in the range of 24.5% – 25.5% at constant currencies. This includes one-time restructuring charges between €200 million to €300 million expected to result from the reduction of the workforce, which negatively impacts the Non-GAAP operating margin outlook by approximately 2 - 3 percentage points.

The 2009 Non-GAAP operating margin outlook is based on the assumption that 2009 Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects, will be flat to a decline of 1% at constant currencies (2008: €8.623 billion).

SAP projects an effective tax rate of 29.5% - 30.5% (based on U.S. GAAP income from continuing operations) for 2009 (2008: 30.1%).

The outlook is repeated here for informational purposes only and is in no way an update to the outlook provided earlier. SAP is under no obligation to update this outlook.