SAP communicates its strategy to financial analysts, portfolio managers, and private investors in road shows, group meetings, and one-on-one discussions around the world. More than 60 banks and financial services provides regularly publish commentary, valuations, and recommendations on SAP stock.

SAP stock is listed on the New York Stock Exchange, among others. Therefore the Company must comply with U.S. securities law and is subject to monitoring by the U.S. Securities and Exchange Commission (SEC). Under SEC regulations, companies that provide analysts reports about their firms must post all current research reports with equal prominence. Posting all reports is impractical for many reasons. Therefore we regret that we cannot publish a selection of research reports on this site. Analysts' reports can be obtained through such financial Internet portals as newratings or Yahoo!Finance.

The following list, which is not comprehensive, includes banks and securities firms that publish regular research reports on SAP:

Arete Research Services LLP	Shepherd, Adam J.
Avian Securities, LLC	Gaggin, Jeffery H.
Bank of America Merrill Lynch (UK)	Sriraman, Chandramouli
Bank of America Merrill Lynch (US)	Rangan, Kasthuri G.
Barclays Capital	Vos, Gerardus
Barclays Capital Inc.	Lenschow, Raimo
Barclays Capital Inc.	Wang, David
Berenberg Bank (Schweiz) AG	Khan, Daud
BMO Capital Markets (US)	Alam, Shateel T.
BMO Capital Markets (US)	Keirstead, Karl E.
Bryan Garnier - Forecast S.A.	Ramirez, Grégory
CA Cheuvreux (France)	Beucher, Michaël
Citi Investment Research (Europe)	Plagge, Gunnar
Commerzbank Corporates & Markets (Frankfurt)	Becker, Thomas M.
Cowen & Co., LLC	Goldmacher, Peter L.
Credit Suisse Securities (USA) LLC	Nemeroff, Michael B.
Credit Suisse Securities (USA) LLC	Winslow, Philip A.
Cross Research	Williams, Richard T.
Deutsche Bank AG	Geall, Marc A.
DZ Bank AG	Finger, Oliver
Edward Jones	Miedler, Andrew T.
Evercore Partners	Materne, Stewart K.
Exane BNP Paribas (UK)	Bori, Josep
Exane BNP Paribas (UK)	Prunas, Brice M.
fairesearch GmbH & Co KG	Steffen, Heinz
FBR Capital Markets & Co.	Hilal, David M.
Financiële Diensten Amsterdam B.V.	Choi, Wing-Yen
Goldman Sachs International	Moawalla, Mohammed E.
HSBC Securities (France)	Baudry, Antonin
Independent Research GmbH	Friebel, Markus
ISI Group Inc.	Whyman, William E.
Jefferies & Company, Inc.	Boolani, Fatima A.
Jefferies & Company, Inc.	MacMillan, Ross S.
JMP Securities LLC	Walravens, Patrick D.
Joh. Berenberg, Gossler & Co.	Beaubois, Jean D.
JPMorgan Cazenove Limited	Lane, Claudia M.
JPMorgan Cazenove Limited	Pollard, Stacy E.
Jyske Bank A/S	Jakobsen, Robert R.
Kepler Capital Markets (France)	Daure, Laurent
Landesbank Baden-Wurttemberg	Maier, Mirko
Metzler Equity Research	Trabert, Ulrich
Morgan Stanley & Co. International Limited	Standaert, Patrick F.
Morgan Stanley & Co. International Limited	Wood, Adam D.
Morningstar	Gogia, Sunit
Natixis	Giard, Gwénaël
Natixis	Le Quang, Thomas
Nomura Securities International, Inc.	Grieb, Frederick T.
Nomura Securities International, Inc.	Sherlund, Richard G.
NORD/LB Norddeutsche Landesbank Girozentrale	Göhmann, Jan Christian
Oddo Securities	Thévoux-Chabuel, Sébastien
Pacific Crest Securities Inc.	Barnicle, Brendan J.
Redburn Partners, LLP	Steer, Neil E.
Sanford C. Bernstein & Co., L.L.C.	Moerdler, Mark L.
Santander Investment Bolsa, S.V., S.A.	Treviño Peinador, Carlos Javier
SG Securities (Paris)	Nguyen, Richard
Standard & Poor's (Europe)	Crawshaw, James B.
Stifel Nicolaus Weisel	Reback, Brad R.
Susquehanna Financial Group, LLLP	Wood, James D.
Ticonderoga Securities LLC	Herman, Neil J.
UBS Limited	Briest, Michael J.
Warburg Research GmbH	Wolf, Andreas
Wells Fargo Securities, LLC	Maynard, Jason A.
WestLB Equity Markets	Crozier, Jonathan
William Blair & Company, L.L.C. (Research)	Lederman, Laura J.

Disclaimer: All statements and expressions of opinion made in the analyst reports of the banks and securities firms referenced on this Web site are the opinion and assumptions of each respective bank and securities firm. They are not meant to be a solicitation or recommendation to buy, sell, or hold securities of SAP.

All forward-looking statements made in these analyst reports are subject to various risks and uncertainties that could cause results to differ materially from expectations. SAP makes no representations, warranties, or guarantees as to the accuracy or completeness of the statements made in such analyst reports. The ideas, beliefs, and information that are provided in such reports do not necessarily represent those of SAP. SAP does not warrant that the information obtained from the hyperlinked Web sites listed above will be uninterrupted or error-free, or that any mistakes regarding that information will be corrected.

The factors that could affect future SAP financial results are discussed more fully in SAP filings with the U.S. Securities and Exchange Commission (SEC), including the SAP Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, as the factors discussed should only be considered true as of the date of filing. SAP undertakes no obligation to publicly update or revise any forward-looking statements.