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SAP Key Estimates

Key Estimates

Key performance Indicators	Q3 2010E	FY 2010E
(from continuing operations, including Sybase 2) ) (€ millions, unless otherwise stated) (pp = percentage points; cc = at constant currencies)	lowest - median - change over previous year - highest	lowest - median - change over previous year - highest

Software revenue	595 698 642 (22.2%)	2,871 3,109 3,070 (17.8%)

Non-IFRS 1) SSRS revenue	2,237 2,444 2,306 (19.1%; cc: 10.7%)	9,281 9,778 9,530 (16.1%; cc: 11.0%)

Non-IFRS 1) operating margin	27.3% 32.1% 29.6% (2.2 pp)	29.9% 31.5% 30.8% (3.4 pp)

Non-IFRS 1) EPS (in Euro)	0.46 0.55 0.51 (21.1%)	2.07 2.24 2.17 (26.9%)

Recommendations negative: 1 , neutral: 3 , positive 15 (total: 19 )	-1 +1 0.74

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

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

* Non-IFRS SSRS operating margin at constant currencies (in %) YoY change in percentage points

2) Consolidation of Sybase (SY):
Estimates for SAP include Sybase (consolidated as of August 1st, 2010). For your convenience please see the link to SAP´s latest web message regarding its adjustment of SAP´s P&L structure as a result of the acquisition of Sybase: http://www.sap.com/about/investor/press.epx?pressid=13633

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.