EXTENSIVE INFORMATION AVAILABLE TO PRIVATE INVESTORS

The Company’s German-language SAP INVESTOR magazine, which provides information especially for private investors on strategy, the market, and SAP stock, underwent a makeover – both in terms of appearance and content – to tailor it more closely to the target readership’s needs. We also redesigned our Web site: A more user-friendly structure and a broader range of information aim to make online and
e-mail communication with all investors more attractive. In cooperation with shareholders’ associations and financial institutions, investor relations employees again held presentations in the United States and Germany to answer the numerous questions of private investors. The 2004 Annual General Shareholders’ Meeting was the most important event for private investors. More than 3,500 shareholders took part, representing some 60% of the subscribed stock. As in the previous year, shareholders were able to give proxy voting instructions and follow the speeches over the Internet.

INVESTOR RELATIONS AWARDS

In 2004, SAP again received several awards for its professional relations with the financial markets. Germany’s Capital magazine and auditors Deloitte & Touche awarded SAP their Investor Relations Prize in Gold for the DAX component category. Specialist trade journal IR Magazine awarded SAP the prize for the “Best Continental European Company Investor Relations in the UK Market.” FOCUS MONEY, a German business magazine, again awarded SAP its 2004 Company of the Year prize in the DAX class and praised the exemplary transparency of SAP’s financial statements. IR Magazine and the NAIC – one of the largest private investor associations in the United States – both awarded prizes for SAP’s 2003 annual report.

AMBITIOUS GOALS FOR 2005

Rather than resting on our laurels, we will continue to do everything we can to increase shareholders’ confidence in 2005. We will further improve our already high standards for timely, clear, and understandable reporting of the Company’s strategic orientation and performance. One element of this will be expanding the range of information available to U.S. investors by launching the SAP INVESTOR magazine in the United States.