Corporate Governance

Directors' Dealings 2003

As of July 1, 2002, the members of the executive board and supervisory board of German public corporations have to notify both the corporation and the German authorities about acquisitions and sales of shares of the corporations or of rights with respect to these shares. Certain people who are closely related to the board members, such as spouses and children, are under the same obligation.

The corporation is obligated to publish on its Web site all notifications received from its board members.

Detailed information about the notification obligations can be drawn from the respective section of the law.

Notification Under sec. 15a WpHG (Directors' Dealings)

Notification Date	Issuer	Notifying Party	Transaction
December 2, 2003	SAP AG²	Helga Classen, Walldorf, Germany	Sale of 440 non-par value SAP ordinary shares*, price 130.50 per share
December 2, 2003	SAP AG²	Helga Classen, Walldorf, Germany	Exercise of 250 convertible bonds under the SAP WSV 1994 Plan, strike price 51.62
October 31, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 109,903 non-par value SAP ordinary shares*, price 123.57 per share
October 31, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 109,903 non-par value SAP ordinary shares*, price 123.57 per share
October 30, 2003	SAP AG²	Dr. Peter Zencke, Walldorf, Germany	Sale of 15,851 non-par value SAP ordinary shares*, price 125.34 per share
October 30, 2003	SAP AG²	Dr. Peter Zencke, Walldorf, Germany	Exercise of 6,776 option rights under the SAP LTI Plan, strike price 69.97 per share
October 30, 2003	SAP AG²	Dr. Peter Zencke, Walldorf, Germany	Exercise of 9,075 option rights under the SAP LTI Plan, strike price 85.02 per share
October 30, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 62,500 non-par value SAP ordinary shares*, price 124.86 per share
October 30, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 62,500 non-par value SAP ordinary shares*, price 124.86 per share
October 21, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 57,250 non-par value SAP ordinary shares*, price 123.49 per share
October 21, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 57,250 non-par value SAP ordinary shares*, price 123.49 per share
October 17, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 67,500 non-par value SAP ordinary shares*, price 126.24 per share
October 17, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 67,500 non-par value SAP ordinary shares*, price 126.24 per share
October 16, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 150,000 non-par value SAP ordinary shares*, price 126.11 per share
October 16, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 150,000 non-par value SAP ordinary shares*, price 126.11 per share
September 12, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 34,897 non-par value SAP ordinary shares*, price 117.80 per share
September 12, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 34,897 non-par value SAP ordinary shares*, price 117.80 per share
September 11, 2003	SAP AG²	Oliver Hopp, Walldorf, Germany	Sale of 17,950 non-par value SAP ordinary shares*, price 117.75 per share
September 11, 2003	SAP AG²	Daniel Hopp, Walldorf, Germany	Sale of 17,950 non-par value SAP ordinary shares*, price 117.75 per share
September 10, 2003	SAP AG²	Gerhard Oswald, SAP AG, Walldorf	Exercise of 9,075 option rights under the SAP LTI Plan, strike price 87.0688 per share
September 10, 2003	SAP AG²	Gerhard Oswald, SAP AG, Walldorf	Sale of 22,626 non-par value SAP ordinary shares*, price 117.70 per share
September 10, 2003	SAP AG²	Gerhard Oswald, SAP AG, Walldorf	Exercise of 13,551 option rights under the SAP LTI Plan, strike price 71.6529 per share
February 13, 2003	SAP AG²	Kristina Plattner, Walldorf, Germany	Purchase of 15,750 non-par value SAP ordinary shares *, price 86.12/per share
February 13, 2003	SAP AG²	Stefanie Plattner, Walldorf, Germany	Purchase of 15,750 non-par value SAP ordinary shares *, price 86.12/per share
February 12, 2003	SAP AG²	Kristina Plattner, Walldorf, Germany	Purchase of 1,250 non-par value SAP ordinary shares *, price 86.62/per share
February 12, 2003	SAP AG²	Stefanie Plattner, Walldorf, Germany	Purchase of 1,250 non-par value SAP ordinary shares *, price 86.62/per share
February 11, 2003	SAP AG²	Kristina Plattner, Walldorf, Germany	Purchase of 8,000 non-par value SAP ordinary shares *, price 86.43/per share
February 11, 2003	SAP AG²	Stefanie Plattner, Walldorf, Germany	Purchase of 8,000 non-par value SAP ordinary shares *, price 86.43/per share
February 10, 2003	SAP AG²	Kristina Plattner, Walldorf, Germany	Purchase of 20,000 non-par value SAP ordinary shares *, price 84.71/per share
February 10, 2003	SAP AG²	Stefanie Plattner, Walldorf, Germany	Purchase of 20,000 non-par value SAP ordinary shares *, price 84.71/per share
February 7, 2003	SAP AG²	Kristina Plattner, Walldorf, Germany	Purchase of 20,000 non-par value SAP ordinary shares *, price 86.10/per share
February 7, 2003	SAP AG²	Stefanie Plattner, Walldorf, Germany	Purchase of 20,000 non-par value SAP ordinary shares *, price 86.10/per share

(1) Address: Dietmar-Hopp-Allee 16, 69190 Walldorf, Germany
(2) WKN 716460 / ISIN DE 000 7 164 600
(3) ISIN US 8030542042

Corporate Governance

Directors' Dealings 2003

Notification Under sec. 15a WpHG (Directors' Dealings)

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