SAP Successfully Implemented Change in Share Capital

SAP AG (NYSE: SAP) today successfully implemented the increase of the company’s subscribed capital from corporate funds, which was approved by the Annual General Meeting of Shareholders on May 9, 2006. After the close of stock exchange business on Wednesday, December 20, 2006, SAP AG shareholders received three additional shares (“bonus” shares) for each share they already hold. Today, SAP AG shares opened at €39.60.

Total shareholders’ equity was not affected since this measure simply involved a shift between individual components of shareholders’ equity. The subscribed capital rose from approximately €316.9 million to approximately €1,267 million, and SAP AG issued some 950 million new shares. The new shares qualify for dividend with effect from the beginning of fiscal year 2006.

As a result of the change in share capital, the ratio between the ADR and the underlying ordinary shares changed from 4:1 to 1:1, meaning that now one SAP ADR is the equivalent of one SAP ordinary share. ADR holders did not receive additional ADRs.