**Exhibit 8**
**SUBSIDIARIES, ASSOCIATED COMPANIES AND OTHER INVESTMENTS**
as of December 31, 2003 Name and location of company**I. AFFILIATED COMPANIES****GERMANY**SAP Deutschland AG & Co. KG, WalldorfSAP Systems Integration AG, DresdenSAP Retail Solutions GmbH & Co., St. IngbertSteeb Anwendungssysteme GmbH, AbstattSAP Hosting AG & Co. KG, St. Leon-RotDCW Software Deutschland GmbH, MannheimDCW Software Deutschland AG & Co. KG, MannheimSPMTechnologies Deutschland GmbH, BerlinDCW Software F+E GmbH, MannheimSAP Beteiligungs GmbH, WalldorfSAP Portals Europe GmbH, WalldorfSAP Software Holding GmbH, St. IngbertSAP Hosting Beteiligungs GmbH, St. Leon-RotSAP Retail Solutions Beteiligungsgesellschaft mbH, WalldorfSAP Investment- und Beteiligungs GmbH, WalldorfeSAP Beteiligungs GmbH, WalldorfSAP Portals Holding Beteiligungs GmbH, Walldorfsky7home GmbH, WalldorfSAP Beteiligungsverwaltungs GmbH, WalldorfSAP SI Consulting GmbH, WalldorfPHANTOM-plus Vermögensverwaltungs-GmbH, Walldorf**REST OF EUROPE, MIDDLE EAST, AFRICA**SAP (UK) Limited, Feltham/Great BritainSAP (Schweiz) AG, Biel/SwitzerlandSAP FRANCE S.A., Paris/FranceS.A.P. ITALIA Sistemi, applicazioni, prodotti in data processing s.p.a., Milan/ItalySAP Nederland B.V., ’s-Hertogenbosch/The NetherlandsSAP Österreich GmbH, Vienna/AustriaSAPEspaña Sistemas, Aplicaciones y Productos en la Informática, S.A., Madrid/SpainSYSTEMS APPLICATIONS AND PRODUCTS IN DATA PROCESSING (NV SAP BELGIUM SA), Brussels/BelgiumSAP Danmark A/S, Copenhagen/DenmarkSAP Svenska Aktiebolag, Stockholm/SwedenSystems Applications Products (Africa) (Pty) Ltd, Woodmead/South AfricaSAP ČR, spol. s.r.o., Praha/Czech RepublicLLC “SAP C.I.S. and Baltic States”, Moscow/RussiaSAP Finland Oy, Espoo/FinlandSAP Portals Israel Ltd., Ra’anana/IsraelSAP Portugal— Sistemas, Aplicações e Produtos Informáticos, Sociedade Unipessoal, Lda., Paço d  ́Arços/PortugalSAP Public Services (Pty) Ltd., Woodmead /South AfricaSAP Norge AS, Lysaker/NorwaySAP SSC (Ireland) Limited, Dublin/IrelandSAP HungaryRendszerek, Alkalmazások és Termékek az Adatfeldolgozásban Informatikai Kft., Budapest/HungarySAP Polska Sp. z.o.o., Warsaw/PolandSAP Hellas “Systems Application and Data Processing S.A.”, Athens/GreeceSAP Slovensko s.r.o., Bratislava/SlovakiaSAP Labs France S.A., Mougins/FranceSAP Türkiye Yazilim Üretim ve Tic. A.S., Istanbul/TurkeySAP Ireland Limited, Dublin/IrelandSAP sistemi,aplikacije in produkti za obdelavo podatkov d.o.o., Ljubljana/SloveniaSAP Systems Integration (Schweiz) AG, Regensdorf/SwitzerlandSAP Manage Ltd., Tel Aviv/IsraelSAP Labs Israel Ltd., Herzliya/IsraelLLC “SAP Ukraine”, Kiev/UkraineSAP Labs Bulgaria EOOD, Sofia/BulgariaSAP d.o.o., Zagreb/CroatiaSAP BULGARIA LTD, Sofia/BulgariaSAP CYPRUS LTD, Nicosia/CyprusSystems Applications Products Nigeria Ltd, Lagos/NigeriaSAP Kazakhstan LLP, Almaty/KazakhstanIthinqcom (Pty) Ltd., Woodmead/South AfricaAmbin Properties (Pty) Ltd., Woodmead/South Africa
 

 
 SAP PortalsNederland B.V., ’s-Hertogenbosch/The NetherlandsKGM 46 Investments (Pty) Limited i.L., Woodmead/South AfricaSAP Public Services BEE Investment Trust (Pty) Ltd, Woodmead/South AfricaSAP Portals UK Limited, Feltham/Great Britian**AMERICAS**SAP America, Inc., Newtown Square/USASAP Public Services, Inc., Washington D.C./USASAP Canada Inc., Toronto/CanadaSAP Labs, LLC, Palo Alto/USASAP Brasil Ltda., Sao Paulo/BrazilSAP México, S.A. de C.V., Mexico City/MexicoSAP Global Marketing Inc., Wilmington/USASAP ANDINA Y DEL CARIBE C.A., Caracas/VenezuelaSAP ARGENTINA S.A., Buenos Aires/ArgentinaSAP Systems Integration America, LLC., Atlanta/USASAP International, Inc., Miami/USASAP Properties, Inc., Newtown Square/USASAP Systems Integration America Holding, Inc., Newtown Square/USASAP Investments, Inc., Wilmington/USASAP GOVERNMENT SUPPORT AND SERVICES, INC., Wilmington/USASAP Financial Inc., Toronto/Canada**ASIA, PACIFIC**SAP JAPAN Co., Ltd., Tokyo/JapanSAP AUSTRALIA PTY LTD, Sydney/AustraliaSAP Asia Pte. Ltd., SingaporeSAP INDIASYSTEMS, APPLICATIONS AND PRODUCTS IN DATA PROCESSING PRIVATE LIMITED, Bangalore/IndiaSAP (Beijing) Software System Co., Ltd., Beijing/ChinaSAP Korea Limited, Seoul/KoreaSAP MALAYSIA SDN. BHD., Kuala Lumpur/MalaysiaSAP NEW ZEALAND LIMITED, Auckland/New ZealandSAP SYSTEMS,APPLICATIONS AND PRODUCTS IN DATA PROCESSING (THAILAND) LTD., Bangkok/ThailandSAP Labs India Private Limited, Bangalore/IndiaSAP HONG KONG CO. LIMITED, Taikoo Shing/Hong KongSAP Taiwan Co., Ltd., Taipei/TaiwanPT SAP Indonesia, Jakarta/IndonesiaSAP Philippines, Inc., Makati City/PhilippinesSAP Markets Asia Pacific Solutions Pte Ltd, SingaporeSAP India (Holding) Pte Ltd, Singapore**II. ASSOCIATED COMPANIES**Commerce One, Inc., San Francisco/USAGlobal Virtual Marketplace GmbH, Munich/GermanyPandesic LLC i.L., Newtown Square/USAProcument Negócios Eletrônicos S.A., Rio de Janeiro/BrazilGarderos Software Innovations, Munich/Germany**III. OTHER INVESTMENTS (ownership 5 or more percent)**ABACO P.R., Inc., Alpharetta/USAApriso Corp., Long Beach/USABuildpoint Corp., Redwood Shores/USACABC, Inc., Dallas/USACatalyst International, Inc., Milwaukee/USAcc-chemplorer Ltd., Dublin/IrelandCenTrade, a.s., Prague/Czech RepublikCPGmarket.com S.A., Geneva/SwitzerlandDatria Systems, Inc., Englewood/USADeutsches Forschungszentrum für Künstliche Intelligenz GmbH, Kaiserslautern/Germanye-millenium 1 GmbH & Co. KG, Munich/GermanyGrau Data Storage AG, Schwäbisch Gmünd/GermanyHuman Resource Management & Consulting Co., Ltd., Tokyo/Japanimc information multimedia communication AG, Saarbrücken/GermanyIndX Software, Inc., Aliso Viejo/USA