Obbligazione SAPE SE 1% ( DE000A1R0U31 ) in EUR

Emittente SAPE SE
Prezzo di mercato 100 EUR  ▲ 
Paese  Germania
Codice isin  DE000A1R0U31 ( in EUR )
Tasso d'interesse 1% per anno ( pagato 1 volta l'anno)
Scadenza 13/11/2015 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione SAP SE DE000A1R0U31 in EUR 1%, scaduta


Importo minimo 1 000 EUR
Importo totale 550 000 000 EUR
Descrizione dettagliata SAP SE è una multinazionale tedesca leader nello sviluppo e nella fornitura di software di pianificazione delle risorse aziendali (ERP).

The Obbligazione issued by SAPE SE ( Germany ) , in EUR, with the ISIN code DE000A1R0U31, pays a coupon of 1% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 13/11/2015








Debt Issuance Programme Prospectus
Dated 28 September 2012

This document constitutes the base prospectus of SAP AG in respect of non-equity securities within the meaning of
Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended (the "Prospectus"),
which constitutes a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC, as amended.

SAP AG
(a stock corporation incorporated under the laws of the Federal Republic of Germany
having its corporate seat in Walldorf, Federal Republic of Germany)

EUR 2,400,000,000
Programme for the Issuance of Debt Instruments (the "Programme")

Application has been made to list notes to be issued under the Programme (the "Notes") on the official list of the
Luxembourg Stock Exchange and to admit Notes to trading on the regulated market of the Luxembourg Stock
Exchange (as defined below) during a period of 12 months from the date of this Prospectus. However, Notes may also
be issued under the Programme which are listed on a stock exchange other than the Luxembourg Stock Exchange or
which are not listed on any stock exchange.

The Issuer has requested the Commission de Surveillance du Secteur Financier (the "CSSF") to provide the competent
authorities in the Federal Republic of Germany ("Germany"), the Republic of Austria ("Austria") and The
Netherlands with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Loi
relative aux prospectus pour valeurs mobilières (the "Luxembourg Law") which transforms Directive 2003/71/EC of
the European Parliament and the Council of 4 November 2003, as amended, into Luxembourg law ("Notification").
The Issuer may request the CSSF to provide competent authorities in additional host Member States within the
European Economic Area with a Notification.
This Prospectus has been approved by the CSSF, has been filed with said authority and will be published in electronic
form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of SAP AG
(www.sap.com).
Arranger
Deutsche Bank
Dealers
Deutsche Bank
Goldman Sachs International
J.P. Morgan
The Royal Bank of Scotland
Société Générale Corporate & Investment Banking
UBS Investment Bank





RESPONSIBILITY STATEMENT
SAP AG (the "Issuer" or "SAP AG", and together with its subsidiaries and affiliates, the "SAP Group" "we", "our"
or "us") with its registered office in Walldorf, Germany, is solely responsible for the information given in this
Prospectus.
The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information
contained in this Prospectus for which it is responsible is, to the best of its knowledge, in accordance with the facts and
contains no omission likely to affect its import.
The CSSF assumes no responsibility as to the economic and financial soundness of the transactions under the
Programme and the quality or solvency of the Issuer in line with the provisions of article 7(7) of the Luxembourg Law.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any other
documents incorporated herein by reference and, in relation to any Series of Notes, together with the relevant final
terms (the "Final Terms").
The Issuer has confirmed to the dealers set forth in the section "Names and Addresses" and any additional dealer
appointed from time to time under the Programme (each a "Dealer" and together the "Dealers") that this Prospectus
contains the information which, in accordance with the nature of the Issuer and of the Notes offered to the public or
admitted to trading on a regulated market, is necessary to enable investors to make an informed assessment of the
assets and liabilities, financial position, profit and losses, and prospects of the Issuer, and of the rights attaching to the
Notes; that the information contained herein with respect to the Issuer and the Notes is accurate in all material respects
and is not misleading; that any opinions and intentions expressed herein are honestly held and based on reasonable
assumptions; that there are no other facts, the omission of which, in the context of the issue and offering of the Notes,
would make any statement, whether fact or opinion, in this Prospectus misleading in any material respect; and that all
reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all statements contained herein.
CONSENT TO USE THE PROSPECTUS
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing the Notes is entitled to
use the Prospectus for the subsequent resale or final placement of the Notes during the offer period for the subsequent
resale or final placement of the Notes, provided however, that the Prospectus is still valid in accordance with Article
11 of the Luxembourg act relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières)
which implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as
amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010).
Such consent for the subsequent resale or final placement of Notes by the financial intermediaries may be restricted to
certain jurisdictions and subject to conditions as stated in the applicable Final Terms.
The Prospectus may only be delivered to potential investors together with all supplements published before such
delivery. Any supplement to the Prospectus is available for viewing in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each Dealer and/or relevant further financial intermediary must make certain that it
complies with all applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a further financial intermediary, the Dealer and/or the
further financial intermediary shall provide information to investors on the terms and conditions of the Notes at
the time of that offer.
NOTICE
No person has been authorized to give any information which is not contained in or not consistent with this Prospectus
or any other document entered into in relation to the Programme or any information supplied by the Issuer or such
other information as in the public domain and, if given or made, such information must not be relied upon as having
been authorized by the Issuer, the Dealers or any of them.

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This Prospectus contains certain forward-looking statements, including statements using the words "believes",
"anticipates" "intends", "expects" or other similar terms. This applies in particular to statements under the caption
"GENERAL INFORMATION ABOUT THE ISSUER - Business" and statements elsewhere in this Prospectus relating
to, among other things, the future financial performance, plans and expectations regarding developments in the
business of the Issuer. These forward-looking statements are subject to a number of risks, uncertainties, assumptions
and other factors that may cause the actual results, including the financial position and profitability of the Issuer, to be
materially different from or worse than those expressed or implied by these forward-looking statements. The Issuer
does not assume any obligation to update such forward-looking statements and to adapt them to future events or
developments.
Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the Issuer, is
responsible for the information contained in this Prospectus or any supplement thereof, or any Final Terms or any
other document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any
relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the
information contained in any of these documents.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the
"Securities Act") and are subject to tax law requirements of the United States of America; subject to certain
exceptions, Notes may not be offered, sold or delivered within the United States of America or to U.S. persons.
This Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their respective dates of
issue. The delivery of this Prospectus or any Final Terms and the offering, sale or delivery of any Notes may not be
taken as an implication that the information contained in such documents is accurate and complete subsequent to their
respective dates of issue or that there has been no adverse change in the financial situation of the Issuer since such date
or that any other information supplied in connection with the Programme is accurate at any time subsequent to the date
on which it is supplied or, if different, the date indicated in the document containing the same.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms come are
required to inform themselves about and observe any such restrictions. For a description of the restrictions applicable
in the United States of America, the European Economic Area, the United Kingdom, Luxembourg and Japan, see -
"Selling Restrictions".
This Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below may apply, any offer
of Notes in any Member State of the European Economic Area which has implemented Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003, as amended (the "Prospectus Directive") (each, a
"Relevant Member State") will be made pursuant to an exemption under the Prospectus Directive, as implemented in
that Relevant Member State, from the requirement to publish a prospectus for offers of Notes. Accordingly, any person
making or intending to make an offer in that Relevant Member State of Notes which are the subject of an offering
contemplated in this Prospectus as completed by Final Terms in relation to the offer of those Notes may only do so (i)
in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3
of the Prospectus Directive, as implemented in that Relevant Member State, or supplement a prospectus pursuant to
Article 16 of the Prospectus Directive, as implemented in that Relevant Member State, in each case, in relation to such
offer, or (ii) if a prospectus for such offer has been approved by the competent authority in that Relevant Member State
or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that
Relevant Member State and (in either case) published, all in accordance with the Prospectus Directive, as implemented
in that Relevant Member State, provided that any such prospectus has subsequently been completed by final terms
which specify that offers may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant
Member State and such offer is made in the period beginning and ending on the dates specified for such purpose in
such prospectus or final terms, as applicable. Except to the extent sub-paragraph (ii) above may apply, neither the
Issuer nor any Dealer have authorised, nor do they authorise, the making of any offer of Notes in circumstances in
which an obligation arises for the Issuer or any Dealer to publish or supplement a prospectus for such offer.
This Prospectus may be used for subsequent offers by Dealers and/or further financial intermediaries only insofar as
and for the period so specified in the Final Terms for the relevant tranche of Notes (each a "Tranche").

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This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by anyone in
any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to
make such an offer or solicitation.
IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES, THE DEALER OR DEALERS (IF
ANY) NAMED AS THE STABILISING MANAGER(S) (OR PERSONS ACTING ON BEHALF OF ANY
STABILISING MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY OVER ALLOT NOTES OR
EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT
A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO
ASSURANCE THAT THE STABILISING MANAGER(S) (OR PERSONS ACTING ON BEHALF OF A
STABILISING MANAGER) WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION
ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF
THE TERMS OF THE OFFER OF THE RELEVANT TRANCHE OF NOTES IS MADE AND, IF BEGUN,
MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS
AFTER THE ISSUE DATE OF THE RELEVANT TRANCHE OF NOTES AND 60 DAYS AFTER THE
DATE OF THE ALLOTMENT OF THE RELEVANT TRANCHE OF NOTES. ANY STABILISATION
ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILISING
MANAGER(S) (OR PERSON(S) ACTING ON BEHALF OF ANY STABILISING MANAGER(S)) IN
ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.
THE STATEMENTS ABOUT U.S. FEDERAL TAX CONSIDERATIONS ARE MADE TO SUPPORT THE
MARKETING OF THE NOTES. NO TAXPAYER CAN RELY ON THEM TO AVOID TAX PENALTIES.
EACH PROSPECTIVE PURCHASER SHOULD SEEK ADVICE FROM AN INDEPENDENT TAX
ADVISOR ABOUT THE TAX CONSEQUENCES UNDER ITS OWN PARTICULAR CIRCUMSTANCES OF
INVESTING IN THE NOTES UNDER THE LAWS OF GERMANY, THE UNITED STATES AND ITS
CONSTITUENT JURISDICTIONS, AND ANY OTHER JURISDICTIONS WHERE THE PURCHASER
MAY BE SUBJECT TO TAXATION.
In this Prospectus all references to "", "EUR" or "euro" are to the currency introduced at the start of the third stage of
the European economic and monetary union, and as defined in Article 2 of Council Regulation (EC) No 974/98 of
3 May 1998 on the introduction of the euro, as amended and references to "USD", "US$", "US dollars" and "$" are to
the lawful currency of the United States of America.
The legally binding language of this Prospectus is the English language; except for the Terms and Conditions of
specific Tranches of Notes, where the legally binding language will be specified in the applicable Final Terms.
The Issuer has undertaken, in connection with the listing of the Notes on the official list of the Luxembourg Stock
Exchange and admission to trading on the "regulated market of the Luxembourg Stock Exchange" which is a
regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April
2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive
2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, that if, while
Notes of an Issuer are outstanding and listed on the official list of the Luxembourg Stock Exchange and are admitted to
trading on the regulated market of the Luxembourg Stock Exchange, there shall occur any adverse change in the
business or financial position of the Issuer or any change in the information set out under "Terms and Conditions of the
Notes", that is material in the context of issuance under the Programme which is not reflected in this Prospectus (or
any of the documents incorporated by reference in this Prospectus) the Issuer will prepare or procure the preparation of
a supplement to this Prospectus or, as the case may be, publish a new Prospectus for use in connection with any
subsequent issue by such Issuer of Notes to be listed on the official list of the Luxembourg Stock Exchange and
admitted to trading on the regulated market of the Luxembourg Stock Exchange.
Tranches of Notes may be rated or unrated. Where a Tranche of Notes is rated such rating will be specified in the
relevant Final Terms. A rating is not a recommendation to buy, sell or hold Notes and may be subject to suspension,
reduction or withdrawal at any time by the assigning rating agency.

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TABLE OF CONTENTS
SUMMARY ...........................................................................................................................................................1
GERMAN TRANSLATION OF THE SUMMARY ........................................................................................ 13
RISK FACTORS ................................................................................................................................................. 29
RISK FACTORS IN RESPECT OF SAP AG ....................................................................................29
RISK FACTORS IN RESPECT OF THE NOTES ...........................................................................43
GENERAL DESCRIPTION OF THE PROGRAMME .................................................................................. 47
TERMS AND CONDITIONS OF THE NOTES .............................................................................................. 49
FORM OF FINAL TERMS ............................................................................................................................. 131
GENERAL INFORMATION ABOUT THE ISSUER .................................................................................. 149
TAXATION ....................................................................................................................................................... 177
SUBSCRIPTION AND SALE .......................................................................................................................... 186
Underwriting .......................................................................................................................................186
Description of public offer (if any) and offer mechanics .................................................................186
Selling Restrictions .............................................................................................................................186
Public Offer Selling Restriction Under the Prospectus Directive. ..................................................186
United States of America (the "United States") ...............................................................................187
Selling Restrictions Addressing Additional United Kingdom Securities Laws .............................189
Luxembourg ........................................................................................................................................190
Japan ................................................................................................................................................190
GENERAL INFORMATION .......................................................................................................................... 191
Listing and Admission to Trading .....................................................................................................191
Authorisation .......................................................................................................................................191
Use of Proceeds ...................................................................................................................................191
Clearing ...............................................................................................................................................191
Tax Legend ..........................................................................................................................................191
Legal and Arbitration Proceedings ...................................................................................................192
Significant change in the financial or trading position ....................................................................195
Trend Information ..............................................................................................................................195
Documents on Display ........................................................................................................................195
INCORPORATION BY REFERENCE .......................................................................................................... 196


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SUMMARY
Summaries are made up of disclosure requirements known as Elements`. These elements are numbered in Sections
A ­ E (A.1 ­ E.7).
This Summary contains all the Elements required to be included in a summary for this type of securities and Issuer.
Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the
Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it
is possible that no relevant information can be given regarding the Element. In this case a short description of the
Element is included in the summary with the mention of not applicable`.
Section A ­ Introduction and warnings
Element
A.1
Warning that:
this Summary should be read as an introduction to the Prospectus;
any decision to invest in the Notes should be based on consideration of the Prospectus as a
whole by the investor;
where a claim relating to the information contained in the Prospectus is brought before a court,
the plaintiff investor might, under the national legislation of the Member States, have to bear
the costs of translating the Prospectus, before the legal proceedings are initiated; and
civil liability attaches only to the Issuer which have tabled the Summary including any
translation thereof, but only if the Summary is misleading, inaccurate or inconsistent when read
together with the other parts of the Prospectus or it does not provide, when read together with
the other parts of the Prospectus, key information in order to aid investors when considering
whether to invest in such the Notes.
A.2
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing the Notes
is entitled to use the Prospectus for the subsequent resale or final placement of the Notes during the offer
period for the subsequent resale or final placement of the Notes from [·] to [·], provided however, that the
Prospectus is still valid in accordance with Article 11 of the Luxembourg act relating to prospectuses for
securities (Loi relative aux prospectus pour valeurs mobilières) which implements Directive 2003/71/EC
of the European Parliament and of the Council of 4 November 2003 (as amended by Directive
2010/73/EU of the European Parliament and of the Council of 24 November 2010).
The Prospectus may only be delivered to potential investors together with all supplements published
before such delivery. Any supplement to the Prospectus is available for viewing in electronic form on the
website of the Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each Dealer and/or relevant further financial intermediary must make certain
that it complies with all applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a further financial intermediary, the Dealer
and/or the further financial intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.


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Section B ­ Issuer
Element

B.1
Legal and
SAP AG
commercial name of
the Issuer
B.2
Domicile, legal form, SAP AG is a German stock corporation (Aktiengesellschaft) incorporated under
legislation, country
the laws of and domiciled in the Federal Republic of Germany.
of incorporation
B.4b
Trends
SAP customer companies of all sizes continually evaluate, expanding into new
regions, approaches for engaging new customer segments in emerging markets
and elsewhere, entering into adjacent vertical industries, and increasing
networking at the enterprise level.
Three major technology trends -- in-memory computing, enterprise mobility, and
the cloud -- have triggered change in the world of IT and SAP is playing an
important role in accelerating that change. Those trends are changing not only the
way enterprises adopt and deploy business technology, but also fundamentally
the way that work is done. The pervasiveness of the cloud and mobile devices,
together with the power of in-memory computing, allow people to connect and
collaborate wherever and whenever they choose. We believe that the convergence
of these technologies has the potential to create enormous business value and
power new business models both in developed countries and emerging markets.
Connectivity of people and devices through mobile technology has increased at
an exponential rate. There are more than five billion mobile subscribers in the
world today, and in the future, we expect that hundreds of billions of objects --
automobiles, household appliances, machines -- will be connected in real time.
This machine-to-machine connectivity or Internet of Things will drive enormous
business value and we are already seeing examples of this in smart utility grids
and smart buildings.
The explosion of Big Data in an increasingly connected world where people and
devices exchange information continues at an unprecedented rate. Enterprise data
volume is increasing by over 50% to 60% every year while IT budgets are
growing at only 5%. Our customer businesses of all sizes and in all industries
must increase their focus on analyzing volumes of data for new insights, greater
customer intimacy, and competitive advantage. In this environment, in-memory
computing delivers a dramatic change in computing, analytics, and data storage.
It leverages advances in multicore processing and more affordable servers,
storing information in the main memory rather than in relational databases, to
greatly accelerate processing times.
To increase efficiency and lower costs of ownership, enterprises are rapidly
embracing cloud computing and virtualization, as well as changes in data storage
through in-memory computing, to rethink the way they invest in information
technology. These advances are simplifying and removing layers from the
traditional technology stack. SAP is helping drive change as customers reduce the
amount they spend on hardware and services in favor of investment in software-
based innovation. Increasingly, customers are looking to embrace social net-
working and collaboration technologies as a part of their cloud road map. We are
developing a new category of cloud applications with a people-centric approach.
Enterprise mobility continues to transform the way work is done and businesses
are run. Smartphones already outsell PCs. By 2013, mobile devices are expected
to be the primary method of Internet access worldwide. A mobile workforce is

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seen as becoming more productive, since employees can now do their job any
time, from any location, rather than being tethered to their office desktop.
B.5
Description of the
As of 30 June 2012, SAP AG as parent company of SAP Group controlled
Group and the
directly or indirectly 234 subsidiaries. SAP AG`s subsidiaries perform various
Issuer's position
tasks. Our primary research and development facilities, the overall group strategy
within the Group
and the corporate administration functions are concentrated at our headquarters in
Walldorf, Germany.
B.9
Profit forecast or
Not applicable; no profit forecast or estimate is made.
estimate
B.10
Qualifications in the Not applicable; KPMG issued unqualified auditor`s reports on the consolidated
audit report on the
financial statements of SAP AG and its subsidiaries for the fiscal years ended on
historical financial
31 December 2010 and 2011.
information
B.12
Selected historical

key financial

information

1 January ­ 1 January ­ Financial
Financial
30 June 2012
30 June 2011
year
ended year
ended
31 December
31 December
2011
2010
EUR in million
Total revenue
7,248
6,324
14,233
12,464
Software and software-related 5,743
4,906
11,319
9,794
service revenue
Operating profit
1,551
1,454
4,881
2,591
Profit after tax
1,104
991
3,439
1,813

31 December
31 December
30 June 2012
30 June 2011
2011
2010
Cash and cash equivalents
3,376
3,842
4,965
3,518
Total assets
24,488
20,896
23,225
20,839
Total equity
12,783
9,997
12,707
9,824
Issued capital
1,228
1,228
1,228
1,227
Current bank loans*
1,102
0
101
1
Non-current bank loans*
2
102
1
1,106
Private placement transaction* 1,267
1,562
1,663
1,071
Bond*
1,600
2,200
2,200
2,200

* as per management liquidity analysis

A statement that
There has been no material adverse change in the prospects of SAP AG since 31
there has been no
December 2011.
material adverse

change in the
prospects of the
issuer since the date
of its last published
audited financial
statements or a
description of any
material adverse
change.

A description of
There has been no significant change in the financial or trading position of SAP
significant changes
Group since the date of the last published unaudited interim financial report (30
in the financial or
June 2012).
trading position

subsequent to the

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period covered by
the historical
financial
information.
B.13
Recent Events
In May 2012, we announced that SAP and Ariba have entered into an agreement
that SAP acquire Ariba, the leading cloud-based business commerce network. We
expect to close the acquisition at the end of the third or in the fourth quarter after
all regulatory evaluations and approvals.
In the middle of April 2012, the SAP Supervisory Board appointed Lars Dalgaard
to the SAP Executive Board. In addition, SAP has created a Global Managing
Board in May 2012 to lead the company. This body was established in addition to
the SAP Executive Board, which retains ultimate responsibility for overseeing
and deciding on the activities of the company. The Global Managing Board
allows SAP to appoint a broader range of global leaders to help steer the
organization. All Executive Board members as well as Robert Enslin, President
of SAP`s Sales Organization, will join the Global Managing Board.
B.14
Please see Element B.5.
Dependence upon
Not applicable, issuer is not dependent on other entities within the group.
other entities within
the group
B.15
A description of the SAP is the world leader in enterprise applications in terms of software and
issuer's principal
software-related service revenue, and the world`s third-largest independent
activities.
software manufacturer based on market capitalization (according to SAP).
Our core business is selling licenses for software solutions and related services to
help companies of all sizes better manage industry-specific and line-of-business
processes. SAP core solutions, which cover standard business applications and
technologies, provide customers with a stable, consistent solution suite that
allows them be more efficient and agile, make decisions in real time, and create
new value for their own customers.
To meet customers` variety of preferences for delivery and adoption, SAP
provides solutions from its portfolio on premise, in the cloud, and on device
deployments -- all underpinned by SAP HANA, our in-memory data-base
technology. SAP solutions enable customers to orchestrate data and business
processes across all operating environments.
Working closely with customers and partners worldwide, SAP is committed to a
product and services strategy that enables customers to use enterprise application
software wherever and whenever they need. Whether deployed on premise, in the
cloud, or on a mobile device, SAP solutions work together as one, as "networked
solutions" that orchestrate business processes and information meeting the unique
needs of businesses and business networks of all sizes.
Our product portfolio builds on a scalable, powerful technology platform. We can
use this base to accelerate product innovation and co-innovate with partners and
customers to offer new and complementary solutions. We deliver a combination
of innovation in analytics, cloud, and mobile -- accelerated by transformational
advances in in-memory computing -- on a stable technology foundation and in
rapidly deployable, easily adoptable, industry-specific packages. SAP solutions
empower people everywhere with the freedom to work in real time, anytime and
anywhere, enabling companies to shape innovation in their industries and lead
their markets. In taking care to safeguard our customers` technology investments,
we also strive to enhance their business value. This way, customers can adopt

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innovation at their own pace, without disruption, for their specific industry needs.
SAP markets and distributes its products and services primarily through a
worldwide network of local subsidiaries, which are licensed to distribute SAP
products to customers in defined territories.
B.16
Controlling Persons Not applicable, issuer is to its knowledge not controlled.
B.17
Credit ratings
[Not applicable, issuer and its debt securities are not rated.] [insert rating of the
assigned to the
Notes or the Holder, if applicable]
Issuer or its debt
securities


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