23. Shareholders' Equity

Subscribed Capital
As of December 31, 2003, SAP AG had 315,413,553 no-par ordinary shares issued (including treasury stock) with a calculated nominal value of €1 per share.

The number of ordinary shares increased by 450,947 (corresponding to €450,947) as a result of the exercise of awards granted under certain stock-based compensation plans.

Shareholdings in SAP AG as of December 31, 2003 are as follows:

		Number of shares		subscribed capital		subscribed capital
		2003		2003		2002
		(000)		%		%
Hasso Plattner GmbH & Co. Beteiligungs-KG		31,240		9.9		9.9
Dietmar Hopp Stiftung GmbH		28,017		8.9		8.9
Klaus Tschira Stiftung gGmbH		21,155		6.7		6.7
Dr. h.c. Tschira Beteiligungs GmbH & Co. KG		15,833		5.0		5.0
Immediate family of Dietmar Hopp		8,721		2.8		3.1
Hasso Plattner Förderstiftung gemeinnützige GmbH		6,000		1.9		1.9
Golfplatz St. Leon-Rot GmbH & Co. Beteiligungs-KG		4,811		1.5		1.6
Immediate familiy of Dr. h.c. Klaus Tschira		4,134		1.3		1.3
Treasury Stock		4,565		1.5		1.1
Free float		190,938		60.5		60.5
		315,414		100.0		100.0

Golfplatz St. Leon-Rot GmbH & Co. Beteiligungs-KG is wholly owned by Dietmar Hopp.

Authorized Capital
The Articles of Association authorize the Executive Board of SAP AG (the “Executive Board”) to increase the Subscribed capital

• up to a total amount of €60 million through the issuance of new ordinary shares in return for contributions in cash until May 1, 2006 (“Authorized Capital I”). The issuance is subject to the statutory subscription rights of existing shareholders.
• up to a total amount of €60 million through the issuance of new ordinary shares in return for contributions in cash or in kind until May 1, 2006 (“Authorized Capital II”). Subject to certain preconditions and the consent of the Supervisory Board, the Executive Board is authorized to exclude the shareholders’ statutory subscription rights.
• up to an aggregate amount of €15 million against contribution in cash by issuing new ordinary shares until May 1, 2007 (“Authorized Capital III”). The new shares may be subscribed by a credit institution only, and only to the extent that such credit institution, releasing SAP from its corresponding obligation, satisfies the conversion and subscription rights granted under the SAP AG 2000 Long Term Incentive Plan (“LTI 2000 Plan”) or SAP Stock Option Plan 2002 (“SAP SOP 2002”), respectively. The shareholders’ statutory subscription rights are excluded from this capital increase. The Executive Board may exercise this authorization only to the extent that the capital stock attributable to the new shares issued from this Authorized Capital III together with new shares from Contingent capital and treasury shares issued or transferred for the purposes of satisfying subscription rights does not amount to more than 10% of the capital stock at the time of adoption of the authorization.