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12.9%

Increase in SAP stock in 2016

€1.25

Recommended dividend per share

€101.7 bn

Market capitalization at end of 2016

An Up and Down Year for International Stock Markets

International stock markets endured another rollercoaster year in 2016, prompted, among other things, by China's faltering economy, the UK vote to leave the EU, the presidential election in the United States, the referendum in Italy, the Federal Reserve's interest rate decisions, strong exchange rate fluctuations, and low oil prices. SAP stock nevertheless held up well, crossing the €80 mark for the first time in its history. With an increase of 12.9% during the year, the stock outperformed major indices for the second year in a row. In comparison, the DAX 30 increased 6.9% and the EURO STOXX 50 increased around 0.7%.

SAP Stock Reaches New All-Time High

The DAX fell below 10,000 points at the beginning of the year as a result of China’s stock market crash and declining oil prices. SAP stock, meanwhile, reached its quarter peak of €74.25 on January 12 following publication of our preliminary full-year results for 2015. At the end of January, a strong euro and uncertainty about US interest rate policies strained the market further, pushing the DAX below 9,000 points. This in turn caused our share price to drop to €64.90, the lowest point of the year,on February 11.

SAP stock recovered after the announcement of our preliminary first-quarter results on April 20, climbing to €71.09. At the beginning of May, however, weak company results, a solid euro, and increasing concerns about a Brexit put the stock markets under renewed pressure and drove the DAX below the 10,000-point mark again. By contrast, the price of SAP stock remained stable. On May 13, the day after the Annual General Meeting of Shareholders, it finished at €68.49, despite the €1.15 ex-dividend effect.

The share price ultimately reached €72.96 on May 31, in the wake of a market recovery triggered by a falling euro and rising commodity prices. On June 23, however, the markets collapsed following Britain’s shocking vote to leave the EU – and SAP stock tumbled, falling to €66.40 on June 28, its lowest level since February.

Fear of the consequences of the Brexit continued to weigh on the markets until early July, when encouraging data on the US labor market and hopes of a further central bank stimulus package lifted market sentiment again. After publication of strong financial results for the second quarter on July 20, the price of SAP stock surged 5.7% to €75.72, its highest closing price ever at that point. Positive analyst estimates buoyed the SAP share price even higher, propelling it past the €80 mark for the first time ever in the Company’s history to close at €80.40 on September 2. At the end of September, the Federal Reserve’s decision not to raise interest rates had a positive impact on the overall market situation, pushing SAP stock to €82.36 on September 22.

Our stock continued to hover above the €80 mark during the first few days of October before a weak start to the reporting season and concerns about the Chinese economy depressed the markets anew. Publication of our strong third-quarter results on October 21 and an upward revision in our forecast, however, saw the SAP share price rise 3.7% to €81.98. In early November, uncertainty over the outcome of the presidential election in the USA determined the mood on global stock markets. SAP stock closed at €78.52 on November 1 in a somber market environment. Following the surprising election results on November 8, global stock markets reacted with initial panic but recovered quickly. At the beginning of December the decision against constitutional reform in Italy put further pressure on stocks. The promise of continued lose monetary policy from the ECB, however, subsequently pushed stocks higher. During this positive trend at the end of the year, the SAP stock closed the year on December 30 at a new all-time high of €82.81.

Providing transparency to investors

We are continuously engaged with the investment community through a number of channels. Over the course of the year, senior management at SAP and the Investor Relations (IR) team discussed our strategy and business development with institutional investors and analysts worldwide.

A particular highlight of our global IR program in 2016 was the Capital Markets Day held in New York City. At this exciting event, attended by more than 75 financial analysts and investors, the SAP Executive Board discussed the details of the strong strategic position of SAP in the market. The Executive Board also discussed the future outlook of the company and shared insights about the innovations that the company planned to bring into the market in 2016. Two SAP customers, Swiss Property and HP Enterprises also presented how SAP is helping them in their digital transformation journey. In addition, we hosted events for buy-side analysts in Walldorf. We also held events for investors and financial analysts at the CeBIT fair in Hanover, Germany and at the SAPPHIRE NOW conference in Orlando, Florida. Furthermore, we maintained regular dialog with socially responsible investors (SRI), providing them with insights into our environmental, social, and corporate governance policies. SAP representatives spoke at various retail shareholder events. The Investor Relations team and the Treasury teams also maintained regular communication with the debt investor community.

Investors can access a wide range of information about SAP and its shares online. Our channels of communication include our Twitter feed @sapinvestor, the quarterly SAP INVESTOR magazine, and a text message service. Shareholders can reach the IR team directly through a telephone hotline and through an e-mail at investor@sap.com. We also publish an overview of the latest analyst assessments in collaboration with Vara Research.

We webcast all key investor events at which members of our Executive Board speak, and we post all relevant presentations on the Investor Relations Web site.

Key Facts About SAP Stock/SAP ADRs

Listings
Germany Berlin, Frankfurt, Stuttgart
United States (ADRs) New York Stock Exchange
IDs and symbols
WKN/ISIN 716460/DE0007164600
NYSE (ADRs) 803054204 (CUSIP)
Reuters SAPG.F or .DE
Bloomberg SAP GR
Weight (%) in indexes at 12/31/2016
DAX 30 8.65
Prime All Share 6.50
CDAX 6.81
HDAX 6.89
Dow Jones STOXX 50 2.38
Dow Jones EURO STOXX 50 3.75

Return on SAP Common Stock — WKN 716460/ISIN DE007164600

Percent, unless otherwise stated
Initial investment €10,000
Date of investment 12/31/2006 12/31/2011 12/31/2015
Period of investment 10 years 5 years 1 year
Value at 12/31/20161) (in €) 24,153 22,162 11,475
Average annual return 9.2 17.3 14.7
Performance comparators
DAX 30 Performance — total return index 5.7 14.2 6.9
REX General Bond — total return index 4.3 2.8 2.3
S&P 500 Composite — total return index 9.4 19.5 15.3
S&P North American Technology Software Index 12.5 20.9 9.4

1) Assuming all dividends were reinvested

Source: Datastream

Return on SAP ADRs — 803054204 (CUSIP)

Percent, unless otherwise stated
Initial investment US$10,000
Date of investment 12/31/2006 12/31/2011 12/31/2015
Period of investment 10 years 5 years 1 year
Value at 12/31/20161) (in US$) 18,642 17,657 11,100
Average annual return 6.4 12.0 11.0
Performance comparators
S&P 500 Composite — total return index 6.9 14.7 12.0

1) Assuming all dividends were reinvested

Source: Datastream

Rewarding our investors – Dividend payout of €1.25 per share

We believe our shareholders should benefit appropriately from the profit the company made in 2016. In recent years, the payout has always been greater than 35% of profit after tax. We aim to continue our policy to pay a dividend totaling more than 35% of profit after tax in the future.

At the Annual General Meeting of Shareholders, the Executive Board and the Supervisory Board will recommend increasing the total dividend for fiscal year 2016 by 9% to €1.25 per share (2015: €1.15)

Capital stock unchanged

SAP’s capital stock as of December 31, 2016, was €1,228,504,232 (2015: €1,228,504,232). It is issued as 1,228,504,232 no-par shares, each with an attribute value of €1 in relation to capital stock.

Shareholder structure

Applying the definition accepted on the Frankfurt Stock Exchange, which excludes treasury stock from the free float, as of December 31, 2016, the free float stood at 78.8% (December 31, 2015: 77.5%).

*11% of these investors are classified as socially responsible investors (SRIs)

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