P Announces Timeline for “Bonus” Shares

The resolution of the May 9, 2006 Annual General Meeting of Shareholders to increase the Company’s subscribed capital from corporate funds (retained earnings and APIC) became effective today when it was entered in the commercial register.

For each share they already hold, SAP AG shareholders will receive three additional shares (“bonus” shares) after the close of stock exchange business on Wednesday, December 20, 2006. The Company’s stock exchange listing will be amended accordingly with effect from December 21, 2006. The measure will increase subscribed capital from the current level of approximately €316.9 million to approximately €1,267 million, and the Company will be issuing some 950 million new shares. The effect will be to quadruple the number of shares outstanding, but each single share will be worth a quarter of the old value.

The new shares resulting from the subscribed capital increase will automatically be credited to shareholders’ share accounts. Shareholders themselves need take no action. The new shares will qualify for dividend with effect from the beginning of fiscal year 2006.

The aim of the measure is to make SAP stock more attractive, especially for individual shareholders.

Information for ADR holders
With the change in share capital, the current ratio between the ADR and the underlying ordinary shares of 4:1, meaning that four SAP ADRs are the equivalent of one SAP ordinary share, will change to 1 ordinary share : 1 ADR. Holders of the SAP ADRs will not receive additional ADRs as a result of the capital increase and no action needs to be taken by ADR holders.