EANS-Adhoc: SAF AG / General Shareholders´ Meeting of SAF Simulation, Analysis and Fore-casting AG approves merger with SAP (Schweiz)

--------------------------------------------------------------------------------
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------

27.09.2011

Tägerwilen/Switzerland, September 27, 2011. The General Shareholders'
Meeting of SAF Simulation Analysis & Forecasting AG ("SAF") (ISIN
CH0024848738) today approved the merger with SAP (Switzerland) AG
with the requisite majority. SAF expects that the merger will soon be
entered into the commercial register. The merger will take effect
upon its entry into the commercial register. SAF will be dissolved
once the merger enters into effect. Accordingly, SAF also expects
that SAF shares will be delisted from the Frankfurt Stock exchange in
the near future. The minority shareholders' securities accounts will
be credited with the cash settlement in connection with the merger.

End of ad-hoc release
=========================================================

About SAF AG: SAF Simulation, Analysis and Forecasting AG specializes
in the development of automated ordering and forecasting software for
retailers and industrial manufacturers. SAF deploys the demand chain
management approach, which controls replenishment planning based on
consumer demand patterns. SAF software assists users to realize
substantial cost savings and optimizes general logistics conditions
through its simulation capabilities. As a result, significant
competitive advantages are achieved along the entire value chain:
lower inventories, improved product availability, and last, but not
least, a higher level of customer satisfaction.

SAF AG was established in 1996 by Dr. Andreas von Beringe and Prof.
Dr. Gerhard Arminger. SAF shares are listed at the official market
(Prime Standard) at the Frankfurt Stock Exchange (FWB). Today, the
company employs approx. 100 people. Consolidated sales revenues for
fiscal year 2010, according to IFRS statements, were EUR 15.6 million
with consolidated profit of EUR 1.4 million. SAP AG currently holds
approx. 94 percent of SAF´s shares. SAF´s products are distributed in
many European countries as well as in the United States. The company
is headquartered in Tägerwilen, Switzerland. SAF also has a
subsidiary in the United States: SAF Simulation, Analysis and
Forecasting U.S.A., Inc., Irving and in Slovakia, Bratislava: SAF
Simulation, Analysis and Forecasting Slovakia s.r.o. with the focus
on Nearshore-Development.

Forward Looking Statements and Estimates: This information contains
forward looking statements based on assumptions and estimates of
SAF's Management Board. Although we assume the expectations in these
forward looking statements are realistic, we cannot guarantee they
will prove to be correct. The assumptions may harbor risks and
uncertainties that may cause the actual figures to differ
considerably from the forward looking statements. Factors that may
cause such discrepancies include, among other things, risks that are
mentioned in the annual report 2010. SAF does not plan to update the
forward looking statements, nor does it assume the obligation to do
so.

Further inquiry note:
SAF AG
Investor Relations
High-Tech-Center 2, Bahnstrasse 1
CH-8274 Tägerwilen
investorrelations@saf-ag.com

end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer: SAF AG
High-Tech-Center 2 / Bahnstrasse 1
CH-8274 Tägerwilen
phone: +41 (0)71 666 79 48
FAX: +41 (0)71 666 79 40
mail: investorrelations@saf-ag.com
WWW: http://www.saf-ag.com
sector: Software
ISIN: CH0024848738
indexes: Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Stuttgart, Düsseldorf, München
language: English