According to the German Securities Trading Act (WpHG), the members of the executive board and supervisory board as well as all other persons discharging managerial responsibilities (senior executives) in German listed companies have to notify both the company and the German Federal Financial Supervisory Authority (BaFin) if they acquire or dispose of shares in the company or rights related to these shares. Certain people who are closely related to board members or senior executives, such as spouses and dependent children, are under the same obligation. Furthermore, legal persons, companies, and organizations for which board members, senior executives, or persons closely related to them discharge managerial responsibilities or that are controlled by such persons are also obliged to give notification.

On this Web site, SAP publishes all notifications received from its board members and other persons with a notification obligation. Detailed information about the notification obligations can be drawn from the relevant section of the law.

Notification about Directors' Dealings under sec. 15a WpHG (Directors' Dealings)

Transaction Date and Place	Issuer	Notifying Party	Details of Notifying Party	Transaction
December 14, 2004 off-market	SAP AG1	Hasso Plattner Förderstiftung, gemeinntzige GmbH	Chairperson of the SAP Supervisory Board Prof. Dr. h.c. mult. Hasso Plattner is managing director of Hasso Plattner Förderstiftung, gemeinntzige GmbH	Sale of 745,546 non-par value SAP ordinary shares2, price 134.13 per share (USD 100,000,084.98)
October 29, 2004	SAP AG2	Shai Agassi	–	Purchase of 47,300 ADRs (American Depositary Receipts), price USD 42.5593 per share
July 30, 2004	SAP AG2	Dr. Werner Brandt	–	Exercise of 4,125 option rights under the SAP LTI Plan (WKN 716465 / ISIN DE 000 7 164 659), strike price 76.5640 per share
July 30, 2004	SAP AG2	Dr. Werner Brandt	–	Sale of 4,125 non-par value SAP ordinary shares, strike price 132.4160 per share
July 27, 2004	SAP AG2	Dr. Klaus Tschira	–	Transfer of 1,500,000 shares WKN 716460 / ISIN DE 000 7 164 600 on security loan
July 27, 2004	SAP AG2	Dr. Klaus Tschira	–	Right to have returned and obligation to accept return of 1,500,000 shares WKN 716460 / ISIN DE 000 7 164 600 in context of security loan; Dr. Tschira's obligation matures any day not later than July 26, 2007; Counterparty's obligation matures July 26, 2007.
July 27, 2004	SAP AG2	Dr. Klaus Tschira	–	Purchase of a derivative instrument to hedge risks of loss in relation to 1,125,000 shares WKN 716460 / ISIN DE 000 7 164 600; Exercise price is 127.65 Price: Dr. Tschira must pay a cash sum to the counterparty if the price of one SAP share exceeds the exercise price by more than 11% on maturity of the right. Further, Dr. Tschira must provide cash collateral for the term of the right, from which counterparty retains income. Price multiplier: (Price of one SAP share upon maturity x 111%) x number of shares Maturity: August 10, 2007; November 16, 2007; February 15, 2008.
May 17, 2004	SAP AG2	Gerhard Oswald, SAP AG, Walldorf	–	Exercise of 6,981 option rights under the SAP LTI Plan, strike price 69.3009 per share
May 17, 2004	SAP AG2	Gerhard Oswald, SAP AG, Walldorf	–	Exercise of 9,075 option rights under the SAP LTI Plan, strike price 84.2106 per share
May 17, 2004	SAP AG2	Gerhard Oswald, SAP AG, Walldorf	–	Exercise of 10,312 option rights under the SAP LTI Plan, strike price 104.0341 per share
May 17, 2004	SAP AG2	Gerhard Oswald, SAP AG, Walldorf	–	Sale of 26,368 non-par value SAP ordinary shares*, price 122.63 per share

(1) Address: Dietmar-Hopp-Allee 16, 69190 Walldorf, Germany
(2) WKN 716460 / ISIN DE 000 7 164 600
(3) ISIN US 8030542042

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