- SAP is acquiring Qualtrics for $8 billion to accelerate its experience management (XM) category and cloud business. - Qualtrics will continue to operate independently within SAP's cloud unit and be headquartered in Provo, Utah and Seattle. - The acquisition will enhance SAP's intelligent enterprise suite by adding experience data across customers, employees, products, and brands.

1. Unleashing the Power of
Experience Management (XM)
November 11, 2018

2. 2
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities
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and 'will' and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation
to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that
could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more
fully in SAP's filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of their dates.
Safe Harbor Statement

3. 3
Together, Powering the
Experience Economy
Pioneering the new category of
Experience Management (XM) to
transform brands, customers,
employees and products
Fusing intelligence across the deepest
and broadest suite of business
applications seamlessly integrated on
the most data rich architecture

4. 4
Transaction Overview
Transaction
Consideration
• Purchase price of $8 billion
• Includes unvested employee incentive compensation
• SAP will assume Qualtrics’ cash
Financing
• SAP has obtained a €7 billion credit facility to cover purchase price and acquisition-
related costs
• SAP expects to refinance parts of the credit facility via the issuance of debt securities
Management &
Governance
• Ryan Smith will continue to lead Qualtrics, reporting to Robert Enslin, President, SAP
Cloud Business Group
• Qualtrics to operate as an entity within SAP’s Cloud Business Group and will be reported
as part of SAP’s Customer Experience segment
• Qualtrics to continue to be based in Provo, Utah and Seattle, Washington
Expected Closing
• Expected to close in 1H 2019
• Subject to receipt of regulatory approval

5. 5
Why Qualtrics
Clear Leader and
Pioneer
Accelerate the disruptive and fast growing category of experience management (XM)
Accelerates
Intelligent Enterprise
Enhances SAP’s Intelligent Enterprise suite as the essential foundation of end-to-end
experience management across all lines of business
Turbocharge
Qualtrics’ GTM
Leverage SAP’s unparalleled global network and go-to-market (GTM) channel to rapidly
scale Qualtrics
Accelerate SAP
Evolution to Cloud
Accelerates SAP’s cloud momentum and predictable revenue model, adds experience
intelligence (customers, employees, products, brand) across SAP’s portfolio
Attractive Financials Rapidly growing and profitable with high visibility revenue model and strong cash flows

6. 6
Qualtrics at a Glance
All data as of September 30, 2018.
Experience Management
(XM)
Market leader
Scale
$372M
revenue LTM 9/2018
9,000+
Total customers
75%+
of Fortune 100 Companies
$44B+ TAM
Fast growing
Early adoption
Cloud Model
40%+ growth today…
…and into the future
Highly predictable SaaS model
600+ customers with
over $100K
subscription ACV
Leading presence in academia…
…the experience users of the future in
enterprises
Profitable
Expanding margins
Free cash flow positive
since inception in 2002
Only 22% of revenue from
non-US customers

7. 7
Qualtrics is the Leader in Experience Management
Executives must own all dimensions of Experience, identify Experience gaps, and act on them
Experience evolves from all aspects of a business. Gaps around customer complaints, employee turnover, and
product dissatisfaction must be addressed
Qualtrics captures experience data across key dimensions – brand, customer, employee, product – and combines it
with operational data to provide a comprehensive view of a brand’s operations and perception, and triggers action
Experience Data
The Why
Operational Data
The What
Action
Any Engagement Method
((Web, Chat, In-app, Emails, SMS, Social Media, etc.)
Captures Sentiment
The “Why”
In the Moment
Live Real Time Experience Data
Systems of Record
(ERP, HCM, CRM, customer service, etc.)
Transactional Facts
The “What”
In the Moment
Real Time Operational Data
7

8. 8
Fusing X and O
to Power and
Transform the
Experience
Economy
CloudPlatform | DataManagement | AI
77% of the world’s
transactions across
25 industries touch
SAP systems
1.8B experience
touchpoints run on
Qualtrics

9. 9
Powerful Combination
Powering the
Intelligent
Enterprise
High 30s
y/y cloud growth2
413,000+
customers
~15,000
sales reps
$350B
TAM
68%
Non-US Revenue
€25B+
FY2018E Revenue1
1. Based on FY 2018 Total revenue outlook at constant currencies
2. Based on FY 2018 Cloud subscription and support outlook at constant currencies
42%
y/y revenue growth
9,000+
customers
~450
sales reps
$44B
TAM
22%
Non-US Revenue
$372M
LTM 9/18 Revenue

10. 10
Offering Outside-in Data to Customers
• jetBlue selected Qualtrics because it was the best customer
experience platform that offered total control over all phases
of customer experience program management.
• With the ability to combine relational, front-office data (brand
purchase drivers) with transactional, back-office data
(experience and satisfaction) into a centralized hub, jetBlue
gained the ability to easily pinpoint their biggest impact areas
and make immediate, impactful changes.
• Using Qualtrics, jetBlue found that:
• 82% of their passengers preferred cheaper ticket prices over
free bags.
• Dissatisfaction amongst Philadelphia customers was due to
the lack of shops and amenities open early in the morning.
• The security interview process required at Lima, Peru’s
airport was leading to negative remarks about the company.
• Qualtrics provides Volkswagen with the ability to collect
and distribute insights in real-time, and with customizable
dashboards and access. Volkswagen Group Australia
could finally deliver actionable insights to dealers.
• They can collect customer and employee feedback on the
same platform.
• In the future, Volkswagen Group Australia will use
Qualtrics to predict and deliver what customers expect
from the customer experience at every touchpoint
— buying, driving, and owning.

11. 11
Driving Step-Change Growth for Qualtrics
Global Reach
Every LOB
Cross-sell /
Up-sell
Industry
Domain
Expertise
Partner
Ecosystem
Increase
Qualtrics’ global
presence
Plugged into
every line-of-
business
Massive
cross-selling
opportunity
enhanced by
~15,000 person
sales reps
Access SAP’s
unmatched
industry
expertise
Amplify
expansion
through partner
network
Leverage SAP’s base of
413,000+
customers

12. 12
$ millions,
unless otherwise stated FY2016 FY2017
LTM
09/18
Revenue growth
191M 290M
+52%
372M
+42%
Subscription gross margin 80% 88% 88%
Overall gross margin 68% 73% 74%
Operating margin (5%) 4% 2%
Operating cash flow margin2 9% 14% 15%
Free cash flow margin2 2% 7% 9%
• Best-in-class gross margins
• Strong operating cash-flow
• Expanding OCF and FCF margins
• FCF positive since inception
40%+
organic growth today…
and into the future
1. All figures based on Non-GAAP and Qualtrics accounting policies and definitions
2. Defined as cash flow in percent of total revenue
Impressive Financial Profile1

13. 13
Successful Acquisition Strategy and Strategic Organic Innovation
2014 2015 2016 2017
€ 47B
Market Cap € 50B € 75B € 77B
€ 40B
Cloud
Revenue
€ 90B € 102B
€ 72B
New Co-CEOs
20181
SAP Acquires Sybase
to expand to DB &
Mobile
Launched
Suite on HANA
2013
New 2020 Target:
€8bn in Cloud
Public Cloud
HEC
Analytics Cloud
Data Hub
2012
2011
2010
€ 0.01B €0.02B
€ 0.3B € 0.8B
€ 1.1B
€ 2.3B
€ 3.8B
€ 3.0B
• Integrated Intelligent
Suite
• Revolutionizing
Customer Experience
with C/4HANA
• Innovation with
Intelligent Systems
(Leonardo)
€ 114B
C/4HANA
€ 5.2B
1. Based on FY 2018 Cloud subscription and support outlook at constant currencies
Raised 2020 Target:
€8.2 - €8.7bn in Cloud
Doubled Addressable
Market
Be the most innovative cloud company powered by HANA Intelligent Enterprise

14. 14
Appendix

15. 15
($ in thousands, Fiscal Year Ending December 31) FY 2016 FY 2017
9 Months
Ended 9/17
9 Months
Ended 9/18 LTM2
Revenue $190,603 $289,903 $207,079 $289,566 $372,389
Add: Total Deferred Revenue, End of Period 133,931 185,145 161,742 228,199 228,199
Less: Total Deferred Revenue, Beginning of Period (89,930) (133,391) (133,391) (185,145) (161,742)
Calculated Billings $238,604 $341,657 $235,430 $332,620 $438,846
Period over Period Growth 43.2% 41.3% 39.6%
Subscription $142,525 $213,274 $151,699 $215,533 $277,109
Research on Demand $38,147 $51,812 $37,524 $51,489 $65,776
Services $9,931 $24,817 $17,856 $22,544 $29,504
Total Revenue $190,603 $289,903 $207,079 $289,566 $372,389
Period over Period Growth 52.1% 39.8% 42.3%
Qualtrics Non-GAAP Reconciliation1
1. All figures based on Qualtrics accounting policies and definitions
2. LTM reports FQ4 ‘17 through FQ3 ’18c

16. 16
($ in thousands, Fiscal Year Ending December 31) FY 2016 FY 2017
9 Months
Ended 9/17
9 Months
Ended 9/18 LTM2
GAAP Total Gross Profit $129,623 $210,819 $150,473 $213,228 $273,572
GAAP Gross Margin 68.0% 72.7% 72.7% 73.6% 73.5%
Add: Cost of Revenue Stock-based Compensation Expense 7 7 6 4 6
Add: Cost of Revenue Amortization of Acquired Intangible Assets 81 135 101 500 534
Non-GAAP Total Gross Profit $129,711 $210,961 $150,580 $213,732 $274,112
Non-GAAP Gross Margin 68.1% 72.8% 72.7% 73.8% 73.6%
GAAP Subscription Gross Profit $114,621 $187,722 $133,537 $189,013 $243,198
GAAP Subscription Gross Margin 80.4% 88.0% 88.0% 87.7% 87.8%
Add: Cost of Revenue Stock-based Compensation Expense 7 7 6 4 6
Add: Cost of Revenue Amortization of Acquired Intangible Assets 81 135 101 500 534
Non-GAAP Subscription Gross Profit $114,709 $187,864 $133,644 $189,517 $243,738
Non-GAAP Subscription Gross Margin 80.5% 88.1% 88.1% 87.9% 88.0%
Qualtrics Non-GAAP Reconciliation1
1. All figures based on Qualtrics accounting policies and definitions
2. LTM reports FQ4 ‘17 through FQ3 ’18c

17. 17
($ in thousands, Fiscal Year Ending December 31) FY 2016 FY 2017
9 Months
Ended 9/17
9 Months
Ended 9/18 LTM2
GAAP Sales and Marketing Expense $95,919 $140,524 $102,994 $138,318 $175,848
GAAP Sales and Marketing Expense (as % of Revenue) 50.3% 48.5% 49.7% 47.8% 47.2%
Less: Stock-based Compensation Expense (64) (4,415) (4,414) (559) (562)
Less: Amortization of Acquired Intangible Assets (47) (32) (30) (111) (111)
Non-GAAP Sales and Marketing Expense $95,808 $136,077 $98,550 $137,648 $175,175
Non-GAAP Sales and Marketing Expense (as % of Revenue) 50.3% 46.9% 47.6% 47.5% 47.0%
GAAP Research and Development Expense $22,303 $40,680 $29,078 $45,643 $57,245
GAAP Research and Development Expense (as % of Revenue) 11.7% 14.0% 14.0% 15.8% 15.4%
Less: Stock-based Compensation Expense (309) (1,438) (1,348) (1,568) (1,674)
Less: Amortization of Acquired Intangible Assets - - - - -
Non-GAAP Research and Development Expense $21,994 $39,242 $27,730 $44,075 $55,571
Non-GAAP Research and Development Expense (as % of Revenue) 11.5% 13.5% 13.4% 15.2% 14.9%
GAAP General and Administrative Expense $21,909 $26,522 $17,239 $26,958 $36,241
GAAP General and Administrative Expense (as % of Revenue) 11.5% 9.1% 8.3% 9.3% 9.7%
Less: Stock-based Compensation Expense (322) (1,087) (750) (973) (1,272)
Less: Amortization of Acquired Intangible Assets (59) (59) (44) (104) (119)
Less: Legal Costs Related to Acquisitions (60) - - (648) (648)
Non-GAAP General and Administrative Expense $21,468 $25,376 $16,445 $25,233 $34,202
Non-GAAP General and Administrative Expense (as % of Revenue) 11.3% 8.8% 7.9% 8.7% 9.2%
Qualtrics Non-GAAP Reconciliation1
1. All figures based on Qualtrics accounting policies and definitions
2. LTM reports FQ4 ‘17 through FQ3 ’18c

18. 18
($ in thousands, Fiscal Year Ending December 31) FY 2016 FY 2017
9 Months
Ended 9/17
9 Months
Ended 9/18 LTM2
GAAP Operating Income (Loss) ($10,508) $3,093 $1,162 $2,309 $4,238
GAAP Operating Margin (5.5%) 1.1% 0.6% 0.8% 1.1%
Add: Stock-based Compensation Expense 702 6,947 6,518 3,104 3,514
Add: Amortization of Acquired Intangible Assets 187 226 175 715 764
Add: Legal Costs Related to Acquisitions 60 - - 648 648
Non-GAAP Operating Income (Loss) ($9,559) $10,266 $7,855 $6,776 $9,164
Non-GAAP Operating Margin (5.0%) 3.5% 3.8% 2.3% 2.5%
Net Cash Provided by Operating Activities $17,806 $39,618 $36,056 $52,509 $56,039
Operating Cash Flow Margin3 9.3% 13.7% 17.4% 18.1% 15.0%
Less: Purchases of Property and Equipment (14,372) (18,272) (11,350) (16,388) (23,310)
Free Cash Flow $3,434 $21,346 $24,706 $36,121 $32,729
Free Cash Flow Margin3 1.8% 7.4% 11.9% 12.5% 8.8%
Qualtrics Non-GAAP Reconciliation1
1. All figures based on Qualtrics accounting policies and definitions
2. LTM reports FQ4 ‘17 through FQ3 ’18c
3. Defined as cash flow in percent of total revenue

19. 19
Experience Management (XM): A Vast and Underpenetrated
Market Opportunity
Total #
of Organizations
Average
Contract Value
Total
Market Opportunity
Enterprises with
>$50M in revenue
Global post-secondary
academic institutions
US K-12 school
districts
Federal, state, local
government agencies
$44Bn
SubscriptionACV by
organization size and type
Research on Demand spend
by organization size and type
X =
RoD In 2018

20. 20
Experience Data Powering The Intelligent Enterprise
+
SAP Qualtrics
The Intelligent Enterprise is super-charged to take
action when transactional data is enriched with data
reflecting sentiments and perceptions that reveal an
outside-in perspective of a company’s performance.
Experience Management is the next evolution of
Enterprise software. Combining outside-in
experience with operational data empowers a true
360 view on an Enterprise’s situation.