INVESTOR RELATIONS CENTER
SAP SE
Analyst Coverage
| Institut | Analyst |
| Arete Research Services LLP | Shepherd, Adam J. |
| Baader Bank AG | Woller, Knut |
| Bank of America | Boulan, Frederic |
| Barclays Capital | Merkt, Sven |
| Barclays Capital Inc. | Lenschow, Raimo |
| BERNSTEIN Societe Generale Group | Moerdler, Mark L. Nguyen, Richard |
| BMO Capital | Bachman, Keith |
| Citi Investment Research (Europe) | Gardiner, Andrew M. |
| Cowen & Co. | Wood, Derrick |
| Deutsche Bank | Schaller, Johannes |
| DZ Bank AG | Kremser, Armin |
| Edward Jones | Miedler, Andrew T. |
| Evercore Partners | Materne, Stewart K. |
| Exane BNP Paribas (UK) | Castillo Bernaus, Ben |
| Goldman Sachs International | Moawalla, Mohammed E. |
| HSBC Securities (France) | Baudry, Antonin |
| Jefferies | Brennan, Charles |
| JMP Securities LLC | Walravens, Patrick D. |
| Joh. Berenberg, Gossler & Co. | Naing, Nay Soe |
| JPMorgan Cazenove Limited | Ogg, Toby |
| Kepler Cheuvreux | Daure, Laurent |
| KeyBanc Capital Markets | Ader, Jackson |
| Landesbank Baden-Württemberg | Maier, Mirko |
| B. Metzler seel. Sohn & Co. | Frey, Oliver |
| Morgan Stanley & Co. International Limited | Wood, Adam D. |
| Morningstar | Gogia, Sunit |
| NORD/LB Norddeutsche Landesbank | Donie, Wolfgang |
| Oddo BHF | David, Nicolas |
| Oppenheimer & Co. Inc. | Schwartz, Brian J. |
| Santander Investment Bolsa, S.V., S.A. | Treviño Peinador, Carlos Javier |
| Stifel Nicolaus Canada, Inc. | Reback, Brad R. |
| Stifel Nicloaus Europe Ltd. | Sriraman, Chandramouli |
| UBS Limited | Briest, Michael J. |
| Warburg Research GmbH | Wolf, Andreas |
| William Blair & Company, L.L.C. (Research) | Suri, Bhavanmit S. |
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