Obligation SAPE SE 0.25% ( DE000A2TSTD0 ) en EUR

SAPE SE

100 % ▼

Allemagne

DE000A2TSTD0 ( en EUR )

0.25% par an ( paiement annuel )

10/03/2022 - Obligation échue

Prospectus brochure de l'obligation SAP SE DE000A2TSTD0 en EUR 0.25%, échue

100 000 EUR

900 000 000 EUR

SAP SE est une entreprise multinationale allemande de logiciels qui développe et vend des logiciels d'entreprise, notamment des systèmes de planification des ressources de l'entreprise (ERP).

L'Obligation émise par SAPE SE ( Allemagne ) , en EUR, avec le code ISIN DE000A2TSTD0, paye un coupon de 0.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/03/2022

Prospectus dated 5Decmber 2018

(a EuropeanR eCpoumblipca noyf (GerSmocainety asndE urohpaviean,g SitEs)c eosrporate sau
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EUREUR wil siue on10 Decmber 2018
EURR 50,0,0
EUR 90,0,0
EUR 850, 0, 0 Floating Rate Notes due
90,0,0 .250 per cent. Notes due
850, 0, 0 .750 per cent. Notes due 20
per cent. Notes due 202
per cent. Notes due 204 2 20
The notes
EUR 1,0 ,0 0, 0 1.250 per cent. Notes due 208
at floateins g
EUR 1,250, 0, 0 1.625 per cent. Notes due 2031
notes due due 10Decmber 20 (the "20 Notes") bear interst ontheir pincpial maount from 10 Decmber 2018
rate of0.2e 5n10g rate ofinterst payble inarear on10 March, 10June, 10Septmber and 10Decmeber ineach year, the
"204 Note5s0 March 202 (the "202 Notes") bear interst ont heir pincpal mount from 10Decmeber 2018 at fixed
anum payeb0sal "ep) ienr becaearr niet.a ntrpe oerrn sanum paybale inarear on 10 March ineach year, the notes due 10 Decmber 204 (the
on their p
t on their pincpial maount from 10 Decmber 2018 at afixed rate of0.750 per cent. per
10 March n 10Decmber ineach year, the notes due 10March 208 (the "2082 Notes") bear interst
202 Notep sri,incpal mount from 10 Decmber 2018 at fixed rate of1.250 per cent. per anum paybale inarear on
10 Decmbens,r each year nd the notes due 10 March 2031 (the "2031 Notes" and, togethre with teh 20 Notes, the
are governd e btyh et he2 0alta2 w4
Decmber 2018a sf iNoxotfedet shr ea taFen ed dthe 208 Notes, the "Notes") bear interst on their princpal amount from
EUR 10,0
of 1.625 per cent. per anum paybale ina rear on 10March ineach year. The Notes
Conditons
edral Republic ofGermany ("Germany") and wil beisued ina denomination of
Notes wil nbse0") r. odUrenelemespu rdce pharatespvieaodr uaoslnnyd redemde inacordance with teh trems and conditons ofthe Notes ("Terms and
208 Notes wil berdemed atpa n
Notes wil berdemed a r c1oa0nn cel de, the 202 Notes wil berdemed atpar on 10Decmeber 20 , the 202
Aplication has ben made tohte Luxne
Aplication has ben made tohe LMmarbcoh
Notes wil berdemed atpar on
Aplication has ben made tohe Luxe u r2g0 S2t,o tchke
Notes wil berdemed atpar on10 March 208
Aplication has ben made tohe Luxembourg Sto E2x0ch4a nNgoet efso r wtiNhloe t beNes ortewedils e tboembered e dlaitsetepmdare doo nnat
208 and the 2031
Aplication has ben made tohe Luxembourg Stock Exchange for the Notes tobe listed
2031 Notes wil berdemed
Notes wil berde tpha1e0 Decmber 204, the
Luxembourg Stock Exchange and tobe admited tortading on the Luxembourg Stock r on10 March 2031.
(Bourse deLuxembourg
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of Directive 20
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Instruments, as men .). The Luxembourg Stock Exchange's Regulated Market isa regulated market for the purpose
This Prospectus U of the European Parliament and the Council of 15 May 2014 on Markets in Finacnial
"CSF") d.
valeurs m obilwèuhrsie (csthe "Prospectus") has ben aproved by the Com is on deSurveilance du Sectuer Finacnier (the
Parliament and theeh s i,Cs aotsuhnea cmiLle unoxdfee4mbourg competn tauthority for the purpose ofthe Loi relative aux prospectus pour
on 5Decmber d (the "Luxembourg Law") whic implemnts Directive 203/71E/C ofthe European
Luxembourg Stock Exchange 4
Decmber 2018, has ben fil eNdo wveithm bsear
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RESPONSIBLITY STATEMENT
SAP SE (the "Isuer" or"SAP SE", and togethr with its ubsidaries and afilates, the "SAP Group", SAP", we",
"our" or"us") with itsregisterd ofice inWaldorf, Germany, is oley responsible for the information given i this
Prospectus.
The Isuer herby declares tha, having taken al reasonable care toensure tha such isthe case, the information
contained inthis Prospectus for whic its responsible is,to he bst ofits knowledge, inacordance with e facts and
contains o mis on likely toafect ismport.
By aproving this Prospectus the CSF asumes no responsiblity asto he conmic and finacial soundes ofthe
transactions orthe quality orsolvency ofthe Isuer inl e with e provisons ofarticle 7() ofthe Luxembourg Law.
This Prospectus hould be rad and understod inconjuction with any suplemnt herto and with any other
documents incorporated herin by refrence. Any website rfer d toin this Prospectus i refred tofr information
purpose only and oes not form part ofthis Prospectus.
The Isuer has confirmed tohe joint lead mangers et forth inthe sction "Names and Adres " (each a"Joint
Lead Manger" and togethr the "Joint Lead Mangers") tha this Prospectus contains the information whic, in
acordance with e nature ofthe Isuer and ofthe Notes oferd tohe public oradmited torading on aregulated
market, isnecsary toenable investors tomake aniformed asesment ofthe asets and liablites, finacial positon,
profit and lose, and prospects ofthe Isuer, and ofthe rights at ching tohe Notes; tha the information contained
herin with respect othe Isuer and the Notes i acurate inal material respects and isnot misleading; tha ny
opinos and inte ions expres d herin are honestly held and based on reasonable asumptions; tha ther are no
other facts, he omis on ofwhic, inthe contex ofthe isue and ofering ofthe Notes, would make any staemnt,
whet r fact or pino, inthis Prospectus misleading inay material respect; and tha l reasonable nquires have
ben made toascertain alfacts and toverify the acuracy ofal staemnts contained herin.
NOTICE
No person has ben authorised togive any information ormake any rep sentaion whic isnot contained inor not
consiten with is Prospectus orany information suplied by the Isuer o such other information asin the public
domain ad, ifgiven ormade, such information reprsentaion must not berlied upon ashaving ben authorised by
the Isuer, the Joint Lead Mangers orany ofthem.
This Prospectus contains certain forward-loking staemnts, including staemnts using the words "belives",
"anticpates" inteds", expects" or other simlar terms. This aplies in particular to staemnts in subsection
"Busines descripton" ofthe sction "GENERAL INFORMATION ABOUT HE ISUER" and staemnts elswher
in this Prospectus relating to, among other things, the futre finacial perfomance, plans and expectaions regarding
devlopments inthe busines of the Isuer. Thes forward-loking staemnts are subject oa number of risk,
uncertaintes, asumptions and other factors tha may cause the actual results, including the finacial positon and
profitabilty ofthe Isuer, tobe materialy difernt from orworse than those xpres d orimplied by thes forward-
loking staemnts. The Isuer does not asume any obligation toupdate such forward-loking staemnts and toadpt
them tofutre vents ordevlopments.
Neither ofthe Joint Lead Mangers nor any other person mentioned inthis Prospectus, other than the Isuer, is
responsible for the information contained inthis Prospectus orany other document incorporated herin by refrence,
and acordingly, and tohe xten permited bythe laws ofany relvant jurisdction, one ofthes persons acepts any
responsiblity for the acuracy and completnes ofthe information contained inany ofthes documents orany
responsiblity for any acts or mis ons ofthe Isuer oany other person (other than the rlevant Joint Lead Manger)
in conection with e Prospectus orthe isue and ofering ofthe Notes.
The Notes have not ben and wil not be rgisterd under the United Staes Securites Act of193, as mende
(the "Securites Act") and are subject otax law requiremnts ofthe United Staes ofAmerica; subject ocertain
exceptions, Notes may not beoferd, sold ordeliverd withn the United Staes ofAmerica orto U.S persons.

- i-

Soley for the purpose ofeach manufacture's product aproval proces, the target market asesment inrespect ofthe
Notes has led to he conclusion tha: (i) the target market for the Notes i eligble counterpaties and profesional
clients only, each asdefined inDirective 2014/65EU (as mende, "MiFID I"); and (i) alchanels for distrbution
of the Notes toeligble counterpaties and profesional cients are apropriate. Any person subsequently ofering,
seling or ecom endig the Notes (a"distributor") should take into cnsideration the manufactures' target market
asesment; howevr, adistrbutor subject oMiFID Iis responsible for undertaking itsown target market asesment
in respect ofthe Notes (by either adopting or efin g the manufactures' target market asesment) and etrmin g
apropriate distrbution chanels. The Isuer isnot amanufacture ordistrbutor for the purpose ofMiFID I.
The Notes are not intede tobe oferd, sold or therwise made avilabe toand should not be oferd, sold or
otherwise made avilabe toany retail nvestor inthe European Econmic Area ("E A"). For thes purpose, aretail
investor means aperson who isone (or more) of: (i)a retail cient asdefined inpoint (1) ofArticle 4(1) ofMiFID I
or (i) acustomer withn the meanig ofDirective 202/9 EC (as mende orsupersde, the "Insurance Mediaton
Directive"), wher tha customer would not qualify as profesional cient asdefined inpoint (10) ofArticle 4(1) of
MiFID I;or (i) not aqualifed investor asdefined inthe Prospectus Directive. No key information document withn
the meanig ofRegulation (EU) No 1286/2014 (as mende the "PRIPs Regulation") has ben preared.
This Prospectus reflcts he staus a of itsdate. The dlivery ofthis Prospectus and the ofering, sale ordelivery of
any Notes may not be taken as n implication tha the information contained inthis Prospectus i acurate and
complet subsequent othe date ofthis Prospectus ortha ther has ben oadvers change inthe finacial situaion f
the Isuer since such date or, asthe case may be, the date upon whic this Prospectus has ben most recntly
suplemnted orthe balnce shet date ofthe most recnt finacial staemnts whic are demd tobe incorporated
into his Prospectus byrefrence ortha ny other information suplied inconection with e Notes i corect a ny
time subsequent othe date on whic its uplied or, ifdifernt, he date indcated inthe document contain g the
same. The distrbution fthis Prospectus and the ofering, sale and elivery ofNotes incertain jurisdctions may berstricted
by law. Persons into whose posesion this Prospectus comes are quired toinform themselvs about and observ any
such restrictons. For adescripton of the rstrictons aplicable inthe United Staes of America, the European
Econmic Area, the United Kingdom, France and Japn, se "Seling Restrictons".
This Prospectus may not be used for the purpose ofan ofer or solictaion by anyone inany jurisdction i
whic such ofer o solictaion isnot authorised orto any person towhom its unlawful tomake such an ofer
or solictaion.
IN CON ECTION WITH THE ISUE OF THE NOTES, J.P MORGAN(OR PERSONS ACTING ON ITS
BEHALF) MAY OVER-AL OT NOTES OR EFECT RANSACTIONS WITH AVIEW TO SUPORTING
THE PRICE OF THE NOTES AT ALEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE
PREVAIL. HOWEVER, STABILSATION MAY NOT NECESARILY OC UR. ANY STABILSATION
ACTION MAY BEGIN AT ANY TIME AFTER THE ADEQUATE PUBLIC DISCLOSURE OF THE TERMS
OF THE OFER OF THE NOTES AND, IFBEGUN, MAY BE NDED AT ANY TIME, BUT IT MUST END
NO LATER THAN THE ARLIER OF 30CALENDAR DAYS AFTER THE ISUE DATE OF THE NOTES
AND 60 CALENDAR DAYS AFTER THE DATE OF THE AL OTMENT OF THE NOTES. SUCH
STABILSING OR OVER-AL OTMENT SHAL BE IN COMPLIANCE WITH AL LAWS, DIRECTIVES,
REGULATIONS AND RULES OF ANY RELEVANT JURISDICTION.
In this Prospectus alrefrences to", "EUR" or"euro" are tohe curency introduced athe star ofthe third stage of
the European econmic and monetary unio, and asdefined inArticle 2of Council Regulation (EC) No 974/98 of
3 May 198 onthe introduction fthe uro.
The lgaly bind g language ofthis Prospectus i the English language, xcept for the Terms and Conditons, for
whic the lgaly bind g language isthe German language.
Amounts payble under the Notes wil becaluated by refrence tohe EURIBOR, whic iscurently provide by
European Money Markets Instiute ("EM I"). As athe date ofthis Prospectus, EM I does not apear onthe rgister
of adminstraors and benchmarks etablished and maintained by the European Securites and Markets Authority

- i -

pursant oArticle 36 ofRegulation (EU) 2016/01 on idces ued asbenchmarks infinacial instruments and
finacial contracts orto measure the prfomance ofinvestment funds (the "Benchmark Regulation").
As far sthe Isuer isawre, the transitonal provisons ofArticle 51 ofthe Benchmark Regulation aply, such ta
EM I isnot curently required to btain authorisation/registraion (or, iflocated outside the European Unio,
recogniton, endorsemnt orequivalence).

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TABLE OF CONTENTS
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Risk factors inrespect ofSAP SE . . . . . . . . . . . . . . . . . . . . 1
Risk Factors inRespect ofthe Notes . . . . . . . . . . . . . . . . . . . 14
TERMS AND CONDITONS FOR THE 202 NOTES, THE 204 NOTES, THE 208 NOTES AND THE 2031
NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
TERMS AND CONDITONS FOR THE 20 NOTES . . . . . . . . . . . . . . . . 42
GENERAL INFORMATION ABOUT HE ISUER . . . . . . . . . . . . . . . . 73
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
SUBSCRIPTION AND SALE . . . . . . . . . . . . . . . . . . . . . . 106
Subscripton . . . . . . . . . . . . . . . . . . . . . . . . . 106
Seling Restrictons . . . . . . . . . . . . . . . . . . . . . . . 106
Genral . . . . . . . . . . . . . . . . . . . . . . . . 106
European Econmic Area . . . . . . . . . . . . . . . . . . . 106
United Staes ofAmerica (the "United Staes") . . . . . . . . . . . . . 106
Seling Restrictons Adresing Aditonal United Kingdom Securites Laws . . . . . 107
France . . . . . . . . . . . . . . . . . . . . . . . . 107
Japn . . . . . . . . . . . . . . . . . . . . . . . . 108
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . 109
Listng and Admis on toTrading . . . . . . . . . . . . . . . . . . . 109
Authorisation . . . . . . . . . . . . . . . . . . . . . . . . . 109
Use ofProceds . . . . . . . . . . . . . . . . . . . . . . . . 109
Method todetrmine the yield . . . . . . . . . . . . . . . . . . . . 109
Credit Rating . . . . . . . . . . . . . . . . . . . . . . . . . 109
Expense . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Clearing . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Form ofthe Notes . . . . . . . . . . . . . . . . . . . . . . . . 10
Litgation ad claims . . . . . . . . . . . . . . . . . . . . . . . 10
Signifcant Change inthe finacial ortading positon . . . . . . . . . . . . . 12
Trend Information . . . . . . . . . . . . . . . . . . . . . . . 13
Documents onDisplay . . . . . . . . . . . . . . . . . . . . . . 13
INCORPORATION BY REF RENCE . . . . . . . . . . . . . . . . . . . . 14
NAMES AND AD RESES . . . . . . . . . . . . . . . . . . . . . . . 16

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RISK FACTORS
The fol wing isa disclosure ofrisk factors tha re material tohe Notes inorde toases the market risk asociated
with es Notes and risk factors tha may afect he Isuer's abilty ofuli its obligations under the Notes.
Prospective investors hould consider thes risk factors before dcidng topurchase Notes.
Prospective investors hould consider al information provide in this Prospectus and consult with their own
profesional dviser ifthey consider itnecsary. Inaditon, investors hould beawre tha the risk described may
combine and thus intesify one another. The ocurence of ne ormore isk may have amaterial dvers ef ct on
SAP's busines, finacial positon, profit, and cash flows. The orde inwhic the risk are dscribed neither indcates
the probailty oftheir ocurence nor the gravity orsignficance ofthe indvidual risk nor the scope oftheir fnacial
consequences. Aditonal risk whic SAP SE isnot curently awre ofcould also afect he busines operations of
SAP SE and aversly afect SAP SE's busines activties and finacial conditon ad results of perations and the
abilty ofSAP SE tofuli tsobligations under the Notes.
Risk factors inrespect ofSAP SE
Econmic, Politcal, Social, nd Regulatory Risk
Global Econmic and Politcal Environment: Uncertainty inthe global econmy, finacial markets, ocial nd
politcal instabilty caused bystae-based conflicts, eroist atcks, civl unrest, war, orinternational hostil es
could ead todisruptions of ur busines operations orhave anegative impact on ur busines, finacial positon,
profit, and cash flows.
As aglobal company, we are influenced bymultiple xternal factors tha re difcult opredict and beyond our
influence and control. Any ofthes factors could have asignficant advers ef ct onthe overal econmy aswel ason
our busines.
The fol wing potenial evnts, among others, could bring risk toSAP's busines:
- Genral econmic, politcal, social, environmental, market conditons, and unrest (for example, Turkey,
Venzuela, UK/ Brexit)
- Contiued etrioation i global econmic onditons (impact onacurate forecast) orbudgetary constraints
of national governments
- Tarif conflicts, asfor example btwen the United Staes and China
- Finacial market volati y episodes, global econmic rise and chronic fiscal imbalnces, lowing econmic
conditons, ordisruptions inemrgin markets
- Higher cedit bariers for customers, educing their abilty ofinace software purchase
- Increasd number ofbankruptcies among customers, busines partners, and key supliers
- Teroist a cks or ther acts ofviolence, civl unrest, natural disaters, orpandemic disea s impacting our
busines
Any ofthes evnts could imt our abilty oreach our tagets athey may have anegative fect on ur busines
operations, finacial positon, profit, and cash flows.
International Laws and Regulations: Laws, regulatory equiremnts and standards inGermany, the United Staes,
and elswher contiue tobe vry stringent. Our international busines activ es and proces expose usto
numerous and often conflictng laws and regulations, polices, tandards, or ther equiremnts and sometimes
evn conflictng regulatory equiremnts, and torisk that could harm our busines, finacial positon, profit, and
cash flows.
We are aglobal company and curently market our poducts and services inmore than 180 countries and teritories in
the Americas (Latin America nd North America); Asia Pcifc Japn (APJ); China, Hong Kong, Macu, and Taiwan
(Greatr China); Europe, Midle East, and Africa (EMEA); and Midle and Eastern Europe (ME) regions. As a
European company domicled inGermany with securites lited inGermany and the United Staes, we are subject o
European, German, U.S, and other governace-rlated regulatory equiremnts.

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Our busines inthes countries i subject onumerous risk inhernt ointernational busines operations. Among
others, thes risk include:
- Posible tax constraints impeding busines operations incertain countries
- Changes inacountig standars and tax laws including, but not limted to, conflict and overlap mong tax
regimes measures awel asthe introduction fnew tax concepts hat harm digtized busines models
- Discrimnatory, protecive, orconflictng fiscal polices and tax laws, uch ascertain protecionst measures
include inthe U.S Tax Reform whic was enacted athe nd of2017 and the lack ofregulations athis
point oprovide guidance on the interpetaions theron by the U.S tax authorites, the Internal Revnue
Services (IRS)
- Workforce rstrictons resulting from changi laws and regulations, from politcal decisons (uch asBrexit,
government elctions), or through required works council nvolemnts, labor unio aprovals, and
im igration laws indifernt countries
- Protecionst rade polices, import and export egulations, and trade sanctions (uch asin Rusia), counter o
evn conflictng sanctions, and embargoes (uch asin Iran) including, but not limted tocountry-specifc
software crtifcation requiremnts
- Violations ofcountry-specifc sanctions (uch asthe UN sanction aginst North Korea orthe United Staes'
sanction requiremnts aginst Iran d certain other countries)
- Compliance with and stringent enforcemnt oflaws and regulations (including interpetaions), implications
of government elctions, lack ofreforms, dat protecion and privacy rules, regulatory equiremnts and
standars (uch asthe Payment Card Industry Dat Security Standar (PCI-DS)
- Expense asociated with e localization four poducts and compliance with local regulatory equiremnts
- Difculties nforcing intel ctual property and contractual rights incertain jurisdctions
In 2017, anivestigation was intiaed and isongoing with regards topotenial sanction violations. Given the arly
stage of the comprehnsive and exhaustive investigations and the corespondig remdiaton activties, and
considering the complexity ofindvidual factors and the large number of pen questions, its imposible athis point
in tme toases the risk.
As we xpand into new countries and markets orextnd our busines activties inthes markets, including emrgin
and hig risk markets, hes risk could intesify. The aplication ofthe rspective local aws and regulations to ur
busines is ometimes unclear, subject ochange over time, and often conflictng among jurisdctions. Aditonaly,
thes laws and government aproaches toenforcemnt are contiung tochange and evole, just asour poducts and
services contiualy evole. Compliance with es varying laws and regulations could invole signficant cost or
require changes inproducts orbusines practies. Non-compliance could result inthe impositon ofpenalties or
cesation of rdes due toalegd no-compliant activty. Governmental uthorites could use considerable discretion
in aplying thes tautes and any impositon ofsanctions aginst uscould bematerial. One ormore ofthes factors
could have an dvers ef ct on our operations globaly orin one ormore countries or egions, whic ould have an
advers ef ct on ur busines, finacial positon, profit, and cash flows.
Legal nd IP: Claims and lawsuits aginst us, uch asfor IPinfringemnts, or ur inabilty o btain ormaintain
adequate license for third-party echnolgy, could have an advers ef ct on our busines, finacial positon,
profit, cash flows, and reputaion. Moreover, simlar dvers ef cts could result ifwe are unable toadequately
protec orenforce our own itel ctual property.
We bliev tha we wil contiuosly besubject oclaims and lawsuits, including intel ctual property infringemnt
claims, asour solution portfoli grows; aswe acquire companies with increasd use ofthird-party code including open
source ode; aswe xpand into new industries with our oferings, resulting ingreatr overlap inthe functional scope of
oferings; and asno-practi ng enties tha do not design, manufacture, ordistrbute products asert intel ctual
property infringemnt claims. Morever, protecing and efndig our intel ctual property iscruial to ur suces.
The outcome oflitgation ad other claims orlawsuits intrinscaly uncertain ad could ead, for example, tohe
fol wing risk:
- Claims and lawsuits being brought aginst us, including claims and lawsuits nvoling busines we have
acquired

- 2-

- We might bedpendent inthe agregate on third-party echnolgy, including cloud and Web services, tha
we mbed inour poducts ortha we rsel to ur customers
- Third parties have claimed, and might claim inthe futre, tha we infringe their ntel ctual property rights or
tha we are overusing ormisuing license tohes technolgies
- We integrate crtain open source software componets from third parties into ur software. Open source
license might require tha the software code inthose componets orthe software into whic they are
integrated befrely acesible under open source trms
- Despite our eforts, we might not beable toprevnt hird parties from obtain g, using, orseling without
authorisation what we rgard asour poprietary technolgy and information. Inaditon, proprietary ights
could bechalenged, invalidated, held uneforceable, or therwise afectd. Morever, the laws and courts of
certain countries might not fer fective means toenforce our legal orintel ctual property rights. Finaly,
SAP may not beable toclect aljudgments awrde toi nlegal procedings
- Some intel ctual property might bevulnerable todisclosure ormisapropriaton by employes, partners, or
other third parties
Third parties might revrse-ngier or otherwise obtain and use tchnolgy and information tha we rgard as
proprietary. Acordingly, we might not be able toprotec our poprietary ights aginst unauthorised third-party
copying orutilzation. Advers outcomes tosme oral ofthe claims and lawsuits pendig a inst usmight result in
the awrd ofsignficant damges orinjuctive rlief aginst usor bought aginst usin the futre tha could hinder our
abilty ocnduct our busines and could have an dvers ef ct on ur eputaion, busines, finacial positon, profit,
and cash flows. Third parties could require usto entr into ryalty and licensig ar ngemnts on terms tha re not
favorable tous, cause product shipment delays, ubject our poducts oinjuctions, require acomplet orpartial
redsign ofproducts, result indelays to ur customers' investment decisons, and amge our eputaion. Third-party
claims might require usto make frely acesible under open source trms one of ur poducts orthird-party (no-
SAP) software upon whic we dpend.
Any legal ction we bring toenforce our poprietary ights could also invole nforcemnt aginst aprtner o ther
third party, whic might ave an dvers ef ct on ur abilty, and our customers' abilty, ouse tha partner's or ther
third parties' products.
The outcome oflitgation ad other claims orlawsuits intrinscaly uncertain. Mangemnt's view ofthe litgation
might also change inthe futre. Actual outcomes oflitgation and other claims orlawsuits could ifer fom the
asesments made by mangemnt inprio periods, whic are the basi for ur acountig for thes litgations and
claims under IFRS.
Dat protecion and Privacy: Non-compliance with increasingly complex and stringent, sometimes ven conflictng,
aplicable dat protecion and privacy laws orfailure toadequately met he contractual requiremnts ofSAP's
customers with respect o ur products and services could ead tocivl iablites and fines, as wel as los of
customers and amge toSAP's reputaion.
As aglobal software and service provider, SAP isrequired tocmply with local aws wherver SAP does busines.
With regard todat protecion requiremnts, inMay 2016, the EU enacted a"Genral Dat Protecion Regulation"
(GDPR) with e aim of urther harmonizng dat protecion laws acros the EU. Since May 25, 2018, GDPR is
directly aplicable aw inal EU and EA me ber staes. Withn limts, me ber staes can suplemnt he GDPR
with aditonal national rules. Some me ber staes have already enacted such laws.
Furthermore, voling regulations and new laws (uch asthe EU's propsed e-Privacy Regulation) regarding dat
protecion ad privacy or ther standars increasingly aimed athe use ofpersonal information, such asfor marketing
purpose and the tracking ofindviduals' onlie activties, may impose aditonal burdens for SAP due toincreasing
compliance standars whic ould restrict he use and aoption ofSAP's products and services (in particular cloud
services) and make itmore chalengi and complex tomet customer xpectaions.
Increasingly complex and stringent dat protecion requiremnts, privacy laws and simlar standars could harm SAP's
busines and limt SAP's growth.

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Non-compliance with aplicable dat protecion ad privacy laws, inparticular the EU GDPR, by SAP and/or any of
the subcontractors engaed by SAP withn procesing of personal dat could ead, for example, torisk inthe
fol wing ares:
- Mandatory disclosures of breaches to afectd indviduals, customers, and at protecion supervisory
authorites
- Investigations and aminstraive measures bydat protecion supervisory authorites, uch asthe instruction
to alter ostop no-compliant dat procesing activties, including the instruction tostop using on-compliant
subcontractors
- Fines ofup to4 per cent. ofSAP's anual Group turnover
- Damge claims bycustomers
- Harm toSAP's reputaion
- Increasd complexity intimes ofdigtalization with regards tolegal requiremnts inthe contex ofcros-
borde dat ransfer
In aditon, the German Fedral Ofice for the Protecion fthe Constiution ad security industry experts have warned
of risk related toa globaly growing number ofcyberscurity at cks aimed atobtain g orviolating company dat
including personal dat. We anticpate cyberat ck techniques tocontiue toevole and increas insophistcation,
whic could make itdifcult oanticpate and prevnt atcks and intrusions, thus leading, for example, torisk
resulting from aglobaly increasing umber ofhacker at cks aimed atobtain g orviolating company dat including
personal dat asobservd inrecnt prominet case ofcyberat cks wher the use ofransomware was prefred
method fhackers.
Any one ormore ofthes evnts could have an advers ef ct on our busines, finacial positon, profit, and cash
flows. Corporate Governace and Compliance Risk
Unauthorized Disclosure of Information: Our controls and eforts oprevnt he unauthorised isclosure of
confidential nformation might not be fective.
Confidential nformation ad internal information related to pics uch asour staegy, new technolgies, merg s and
acquistons, unpublished finacial results, customer dat, or personal dat, could be disclosed prematurely or
inadvertnly and subsequently ead tomarket mispercption ad volati y.
Such disclosure could ead torisk inthe fol wing ares, among others:
- Disclosure ofconfidential information ad intel ctual property, defctive products, production downtimes,
suply shortages, and compromised at (including personal dat) through, for example, inapropriate usage
of social media byemployes
- Requiremnt ontify multiple rgulatory agencies and comply with aplicable rgulatory equiremnts and,
wher apropriate, he dat owner
Any one ormore ofthes evnts could have an dvers ef ct on ur market positon ad lead tofines and penalties. In
aditon, this could have an dvers ef ct on ur busines, reputaion, finacial positon, profit, and cash flows.
Ethical Behavior: Unethical behavior and no-compliance with our integrity standards due tointe ional nd
fraudlent employe behavior could seriously harm our busines, finacial positon, profit, and reputaion.
SAP's leadership ositon i the global market isfounde on the long-term and sutainble trust of ur stakeholders
worldwide. Our overaching aproach isone ofcorporate ransparency, open com unication with finacial markets,
and adhernce torecognized standars ofbusines integrity. The SAP Code ofBusines Conduct, adopted by the
Executive Board on 29 January 203, and updated asnecsary since then, me orialzed and suplemnted the
already existng uidelines and expectaions for the busines behavior pactied atSAP.
Howevr, we might for instance ncounter he fol wing risk asociated with:

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- Non-compliance with our integrity standars and violation fcompliance rlated rules, regulations, and legal
requiremnts including, but not limted to, anticoruption and briery legislation i Germany, the U.S
Foreign Corupt Practies Act, he UK Bribery Act, and other local aws prohibting corupt ayments by
employes, vendors, distrbutors, oragents
- Unethical nd fraudlent behavior findvidual employes orpartners leading tocrimnal charges, fines, and
claims byinjured parties
- Colusion with extrnal third parties, for example providng asitance insecuring contracts
- Fraud and coruption togethr with operational difculties, especialy incountries with ahig Coruption
Percptions Index and particulary inemrgin markets
- Increasd scrutiny ofpublic sector tansactions inhig-risk teritories
- Impact onbusines activties inregulated industries uch aspublic sector, healthcare, bankig, orinsurance
Any one ormore ofthes evnts could have an dvers ef ct on our busines, reputaion, finacial positon, share
price, profit, and cash flows.
In 2017 and 2018, SAP encounterd situaions tha required clear mesagin and strong action on on-compliance in
the contex ofethical behavior with e potenial toharm our busines. InSouth Africa, SAP is nvestigating its
dealings with e public sector. Given the arly stage ofthe comprehnsive and exhaustive investigations and the
corespondig remdiaton activties, and considering the complexity ofindvidual factors and the large number of
open questions, its imposible athis point intime toases the risk. In 2017 and 2018, SAP notifed the national
head ofSouth Africa's Directorate for Prioty Crime and Investigation ofits wilnges tocoperate with any
investigation they may undertake and contiues tocoperate with e U.S Department of Justice and the U.S
Securites and Exchange Com is on, and remains com ited tosharing alfind gs with both local nd international
authorites.
Environment and Sustainabilty: Failure tomet customer, partner, or ther stakeholder xpectaions orgenraly
aceptd standards on climate change, nergy constraints, and our social investment srategy could negatively
impact SAP's busines, results of perations, and reputaion.
Energy and emis ons mangemnt are anitegral componet of ur holistc mangemnt ofsocial, environmental,
and econmic risk and oportunites.
We have identifed risk inthis contex, including, but not limted to,he fol wing:
- Failure tomet customer, partner, or ther stakeholder xpectaions orgenraly aceptd standars on
climate change, nergy constraints, and our social nvestment srategy
- Failure toachiev com unicated targets for genhouse gas emisons
- Failure tomaintain rating insutainble investment idexs
If we dont met sakeholder xpectaions inthe ares identifed, our ating insutainble investment indexs might
decrase, whic ould have an dvers ef ct on ur eputaion, profit, and share price.
Finacial Risk
Sales and Revnue Conditons: Our sales and revnue conditons are subject omarket fluctations and our
forecast might not beacurate.
Our evnue and operating results can vary and have varied inthe past, sometimes ubstanialy, from quarte to
quarte. Our evnue ingenral, nd our software venue inparticular, isdifcult ofrecast for anumber ofreasons,
and could ead torisk related tohe fol wing, among others:
- Chalenges inpieline dvelopment and realization
- Long sales cyles for many of ur poducts
- Timng isues with respect o the introduction of new products and services or product and service
enhancemnts bySAP or ur competiors
- Large size, complexity, and extnde setlment ofindvidual customer tansactions

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