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Consensus Estimates

The estimates presented below are as of January 12, 2012, which is prior to the January 13, 2012 preannouncement.
Estimates will be updated following the release of SAP's FY 2011 final results on January 25, 2012.

Please note that estimates are based on the new Non-IFRS definition (see below 1))

Key Performance Indicators (€ millions, unless otherwise stated)	Number of Estimates	Mean	Median	Lowest	Highest

Software revenue	26	3,838	3,837	3,724	3,933
Software growth rate	26	17.6%	17.5%	14.1%	20.5%
Non-IFRS support revenue	26	6,939	6,938	6,865	6,999
Non-IFRS subscription revenue	26	383	379	371	403
Non-IFRS1) software and software-related service revenue (SSRS)	26	11,160	11,152	11,007	11,283
Non-IFRS1) SSRS growth rate	26	13.1%	13.0%	11.5%	14.3%
Non-IFRS1) SSRS growth rate at constant currencies	15	14.5%	14.5%	13.0%	16.6%
Non-IFRS1) total revenue	26	14,108	14,108	13,924	14,230
Non-IFRS1) total revenue growth rate	26	12.5%	12.5%	11.1%	13.5%
IFRS total revenue	18	14,056	14,063	13,898	14,156
Non-IFRS1) operating profit	26	4,663	4,663	4,562	4,778
Non-IFRS1) operating margin	26	33.1%	33.1%	32.5%	33.9%
Non-IFRS1) operating profit at constant currencies	5	4,684	4,718	4,563	4,733
Non-IFRS1) operating margin at constant currencies	5	33.0%	33.1%	32.5%	33.4%
IFRS operating profit	19	4,795	4,818	4,601	4,878
Non-IFRS profit after income taxes (attributable to owners of parent)	24	3,317	3,328	3,225	3,389
IFRS profit after income taxes (attributable to owners of parent)	19	3,354	3,357	3,251	3,430
Non-IFRS1) earnings per share (in €)	26	2.78	2.78	2.71	2.84
IFRS earnings per share (in €)	19	2.82	2.82	2.73	2.88
Currency assumption USD/EUR	14	1.40	1.40	1.38	1.43

1) Non-IFRS Adjustments:
• Adjustments in the revenue line items are for the support revenue that an entity acquired by SAP would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules.
• Acquisition-related charges:
     • Amortization expense/impairment charges of intangibles acquired in business combinations and certain standalone acquisitions of intellectual property (including purchased in-process    research and development)
     • Restructuring expense and settlement of pre-existing relationships incurred in connection with a business combination
     • Acquisition related third-party costs
• Discontinued Activities:
    • Results of the discontinued operations that qualify as such under IFRS in all respects except that they do not represent a major line of business

New Non-IFRS Definition Adjustments:
The operating profit and operating margin outlook provided for 2011 and the comparable 2010 operating profit and operating margin numbers are based on an updated Non-IFRS definition which additionally excludes the following:
• Expenses relating to share-based compensation
• Restructuring expenses

Please note that all estimates are in accordance with IFRS/non-IFRS accounting. For further information and historical figures please click on following link:
http://www.sap.com/about/investor/reports/ifrs/index.epx

Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.