SAP communicates its strategy to financial analysts, portfolio managers, and private investors in road shows, group meetings, and one-on-one discussions around the world. More than 80 banks and financial services provides regularly publish commentary, valuations, and recommendations on SAP stock.

SAP stock is listed on the New York Stock Exchange, among others. Therefore the Company must comply with U.S. securities law and is subject to monitoring by the U.S. Securities and Exchange Commission (SEC). Under SEC regulations, companies that provide analysts reports about their firms must post all current research reports with equal prominence. Posting all reports is impractical for many reasons. Therefore we regret that we cannot publish a selection of research reports on this site. Analysts' reports can be obtained through such financial Internet portals as newratings or Yahoo!Finance.

The following list, which is not comprehensive, includes banks and securities firms that publish regular research reports on SAP:

Arete Research -- Elizabeth Buckley Aurel Leven Securities -- Brice Thébaud Bank of America -- Kirk Materne Bankhaus Lampe -- Heiko Feber BBVA Research -- Lurdes Sáiz de Quevedo Barclays -- Israel Hernandez BHF Bank -- Jochen Klusmann Cazenove -- Stacy Pollard Cheuvreux -- Bernd Laux Citigroup -- Gerardus Vos (UK), Brent Thill (US) Commerzbank -- Thomas Becker Cowen & Company -- Peter Goldmacher Credit Suisse -- Rajesh Balasubramanian (UK), Philip Winslow (US) Deutsche Bank -- Mark Bryan Dresdner Kleinwort -- Adam Shepherd DZ BANK -- Oliver Finger Exane BNP Paribas -- Adam Wood FaiResearch -- Heinz Steffen

Goldman Sachs -- Sarah Friar (US), Mohammed Moawalla (UK) Ibersecurities -- Jean-Baptiste Bruny Independent Research -- Björn Wolber Jefferies -- Ross MacMillan JMP Securities -- Patrick Walravens JP Morgan -- Manoj Singla Jyske Bank -- Robert Jacobsen Kepler Equities -- Derric Marcon LBBW -- Thomas Hoffmann MainFirst -- Marc Rode Merrill Lynch  -- Raimo Lenschow (UK), Kash Rangan (US) Merck Finck -- Theo Kitz Metzler -- Ulrich Trabert MM Warburg -- Michael Bahlmann Morgan Stanley -- James Dawson (UK) / Adam Holt (US) NATIXIS -- Gwénaël Giard Nomura -- Gunnar Plagge

Oddo et Cie. -- Sebastien Thevoux Oppenheimer -- Brad Reback Pacific Crest -- Brendan Barnicle Peerstone Research -- Jeff Gould Redburn Partners -- Neil Steer Sal. Oppenheim -- Henning Steinbrink Santander Investment Bolsa -- Carlos Treviño SES Research -- Felix Ellmann SG Cowen -- Richard Nguyen Thomas Weisel -- Tom Roderick UBS Investment Bank -- Michael Briest (UK), Heather Bellini (US) UniCredit -- Knut Woller West LB -- Jonathan Crozier William Blair & Co. -- Laura Lederman

Disclaimer: All statements and expressions of opinion made in the analyst reports of the banks and securities firms referenced on this Web site are the opinion and assumptions of each respective bank and securities firm. They are not meant to be a solicitation or recommendation to buy, sell, or hold securities of SAP.

All forward-looking statements made in these analyst reports are subject to various risks and uncertainties that could cause results to differ materially from expectations. SAP makes no representations, warranties, or guarantees as to the accuracy or completeness of the statements made in such analyst reports. The ideas, beliefs, and information that are provided in such reports do not necessarily represent those of SAP. SAP does not warrant that the information obtained from the hyperlinked Web sites listed above will be uninterrupted or error-free, or that any mistakes regarding that information will be corrected.

The factors that could affect future SAP financial results are discussed more fully in SAP filings with the U.S. Securities and Exchange Commission (SEC), including the SAP Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, as the factors discussed should only be considered true as of the date of filing. SAP undertakes no obligation to publicly update or revise any forward-looking statements.