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To: smolejv@gmx.net who wrote (3219)	7/12/1998 6:07:00 PM
From: singletree	Read Replies (1) \| Respond to of 11051

DJ, thanks for SAP report from "home office" area. John

To: smolejv@gmx.net who wrote (3219)	7/13/1998 4:49:00 PM
From: Jurgen Trautmann	Read Replies (2) \| Respond to of 11051

DJ, I think this SAP-report has been a insider-trick. No doubt, the real numbers has been great - and this Asia-remark a good strategy for getting anxious SAP-owners dumping their stocks. This is the best opp to buy, n'est-ce pas? And - if we would have known that, we were happy?! Every who knew the content of this report was happy, that's clear. It's a world full of pigs - what can we do? Jury

To: smolejv@gmx.net who wrote (3219)	7/18/1998 6:23:00 PM
From: Jurgen Trautmann	Read Replies (1) \| Respond to of 11051

new copies 'bout SAP: excerpts from Lehman research report..... * Company pre-announced (it has become a customary event over the past year) 1H and 2Q98 results. 1H growth came in at 60%, however expenses grew 66%, so earnings were up 40% for the half. * Growth of 60% in 1H was DESPITE weakness in Asia/Pacific. Region declined in 2Q98: Asia/Pacific was 13% of revenues in 1997, we are expecting flat-to-down this year. * Higher expenses should be viewed as BULLISH not bearish. Company remains very upbeat on business in 4Q98 and 1999 and is hiring accordingly in a tight labor market. Higher expenses also attributed to synthetic stock option program (STAR). * We continue to like this name and view any significant correction as a buying opportunity. SAP is a global world-class technology company larger than its next 5 competitors combined. Moreover, 60% growth on a $5 billion/year company is excellent. We reiterate our 2-Outperform rating and $225 target price.