If you ask me, do I believe there will be a Chinese competitor in a number of years, the answer is yes.

Maybe not today, not tomorrow but in five years I can see the emergence of a significant Chinese operator. I believe China has more potent competitive potential than Oracle.

We have lost zero customers to Oracle’s OFF SAP program.

In five years, I can see the emergence of a Chinese software company.

Any country that can produce that many scientists and engineers has a natural potential of being a significant software producer.

SAP is the clear market leader in the U.S. Acquisitions won’t be able to change that.

It’s truly a culture change for SAP.

There are already Chinese software companies, operating in China; they are fast learners … If there will be a large software company emerging in Asia, it is likely to emerge in China first.

The U.S. will continue to be our growth driver. There are many opportunities for us in this marketplace.