8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

November 1, 2006

Date of Report (Date of Earliest Event Reported)

BUSINESS OBJECTS S.A.

(Exact name of Registrant as specified in its charter)

Republic of France	0-24720	98-0355777
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

157-159 rue Anatole France, 92300 Levallois-Perret, France

(Address of principal executive offices)

(408) 953-6000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EXHIBIT 3.1

EXHIBIT 99.1

EXHIBIT 99.2

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

          On November 2, 2006, the Board of Directors of Business Objects S.A. (the “Company”) approved an amendment and restatement to Article 6 of the Company’s Amended and Restated Bylaws (the “Amended Bylaws”). The Amended Bylaws became effective November 2, 2006. The Amended Bylaws increase the stated share capital of the Company to € 9,666,584.70 from a stated share capital of € 9,644,591. This increase is a result of the issuance of shares pursuant to the 2004 International Employee Stock Purchase Plan. Pursuant to French law, changes in a company’s stated share capital must be reflected in such company’s bylaws.

          The preceding summary is not intended to be complete, and is qualified in its entirety by reference to the full text of the Amended Bylaws attached hereto as Exhibit 3.1 hereto and incorporated herein by reference.

Item 8.01 Other Events.

          On November 1, 2006, the Company issued a press release announcing that it is hosting an analyst day on November 6, 2006 in conjunction with the Company’s Annual Insight Americas 2006 Conference in San Francisco, CA. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. A copy of the presentation slides concerning the analyst day meetings are attached hereto as Exhibit 99.2. The slides are also available on our investor relations web page at www.businessobjects.com.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Description
3.1	Memorandum and Articles of Association and Updated Bylaws of Business Objects S.A., as amended November 2, 2006 (English translation of French legal version)
99.1	Press Release dated November 1, 2006
99.2	Analyst Day Presentation Slides dated November 6, 2006

2

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 6, 2006

BUSINESS OBJECTS S.A.
By:	/s/ James R. Tolonen
	James R. Tolonen
	Chief Financial Officer

3

EXHIBIT INDEX

Exhibit Number	Description
3.1	Memorandum and Articles of Association and Updated Bylaws of Business Objects S.A., as amended November 2, 2006 (English translation of French legal version)
99.1	Press Release dated November 1, 2006
99.2	Analyst Day Presentation Slides dated November 6, 2006

EX-3.1

Exhibit 3.1

BUSINESS OBJECTS S.A.
A French société anonyme
with a share capital of 9, 666, 584.70 euros
Registered office: 157-159 rue Anatole France
92300 Levallois-Perret
Register of Commerce and Companies Nanterre B 379 821 994

MEMORANDUM AND ARTICLES OF ASSOCIATION

UP-DATED BY LAWS

November 2, 2006

/s/ John Schwarz

Certified true copy

John Schwarz

Chief Executive Officer

 2

TITLE I

FORM — NAME — OBJECTS — REGISTERED OFFICE — DURATION

Article1 — FORM

     There is, between the owners of the shares hereinafter issued and of those which could be subsequently issued, a corporation (société anonyme), governed by Part II of the Commercial Code and by the present Memorandum and Articles of Association.

Article2 — NAME

     The name of the company is:

BUSINESS OBJECTS

     In all deeds and documents emanating from the company and addressed to third parties, this name must always be immediately preceded or followed by the words “Société anonyme” or the initials “S.A.” and by the mention of the amount of the capital.

Article 3 — OBJECTS

     The objects of the company are, directly and indirectly, in France and abroad:

     - all operations relating to the design and the sale of products and the rendering of services in the computer industries and in connected industries;

     - and generally, any financial, commercial, industrial, civil, real estate or chattels operations related directly or indirectly to the above activities and to any similar or connected activities as well as to any social properties.

     Directly and indirectly on its behalf or on behalf of third parties, either alone, or with third parties, by way of creation of new companies, contributions, partnership, subscription, purchase of securities or of social rights, merger, association, or by way of subleasing of any properties or rights.

Article 4 — REGISTERED OFFICE

     The registered office of the company is at:

157-159 Rue Anatole France
92300 Levallois-Perret

     It may be transferred to any other place within the same district (département) or any adjacent district by decision of the board of directors subject to the ratification of this decision by the next ordinary general meeting of the shareholders.

     It may be transferred to any other place pursuant to a resolution of the extraordinary general meeting of the shareholders.

3

Article 5 — DURATION

     The duration of the company shall be of ninety nine (99) years from the date of registration with the Register of Commerce and Companies, except in the event of early dissolution or extension decided by the extraordinary meeting of the shareholders.

4

TITLE II

CAPITAL AND SHARES

Article 6 — CAPITAL

     The share capital of the Company is 9,666,584.70euros.

     It is divided into 96,665,847 shares of 0.10 euro each.

     Mr. Albert Eisenstat is a recipient of special advantages resulting from the grant of 24,000 warrants entitling to the subscription of 36,000 shares, by the shareholder meeting held on June 21, 1995. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 3.70 euros per share corresponding to the estimated value of a share as of April 25, 1995.

     Mr. Albert Eisenstat is a recipient of special advantages resulting from the grant of 24,000 warrants entitling to the subscription of 36,000 shares, by the shareholder meeting held on June 19, 1997. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 2.81 euros per share corresponding to the estimated value of a share as of April 25, 1997.

     Mr. Vincent Worms is a recipient of special advantages resulting from the grant of 24,000 warrants entitling to the subscription of 36,000 shares, by the shareholder meeting held on June 19, 1997. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 2.81 euros per share corresponding to the estimated value of a share as of April 25, 1997.

     Mr. Philippe Claude is a recipient of special advantages resulting from the grant of 24,000 warrants entitling to the subscription of 36,000 shares, by the shareholder meeting held on June 19, 1997. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 2.81 euros per share corresponding to the estimated value of a share as of April 25, 1997.

     Mr. Arnold Silverman is a recipient of special advantages resulting from the grant of 24,000 warrants entitling to the subscription of 36,000 shares, by the shareholder meeting held on June 19, 1997. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 2.81 euros per share corresponding to the estimated value of a share as of April 25, 1997.

     Mr. Arnold Silverman is a recipient of special advantages resulting from the grant of 60,000 warrants entitling to the subscription of 90,000 shares, by the shareholder meeting held on April 6, 1994. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of X euros per share corresponding to the estimated value of a share as of January 31, 1993.

     Mr. Bernard Charlès is a recipient of special advantages resulting from the grant of 50,000 warrants entitling to the subscription of 75,000 shares, by the shareholder meeting held on June 18, 1998. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 4.91 euros per share corresponding to the estimated value of a share as of June 18, 1998.

5

     Mr. Albert Eisenstat is a recipient of special advantages resulting from the grant of 30,000 warrants entitling to the subscription of 45,000 shares, by the shareholder meeting held on June 18, 1998. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 4.91 euros per share corresponding to the estimated value of a share as of June 18, 1998.

     Mr. Arnold Silverman is a recipient of special advantages resulting from the grant of 30,000 warrants entitling to the subscription of 45,000 shares, by the shareholder meeting held on June 18, 1998. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 4.91 euros per share corresponding to the estimated value of a share as of June 18, 1998.

     Mr. Philippe Claude is a recipient of special advantages resulting from the grant of 20,000 warrants entitling to the subscription of 30,000 shares, by the shareholder meeting held on June 18, 1998. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 4.91 euros per share corresponding to the estimated value of a share as of June 18, 1998.

     Mr. Vincent Worms is a recipient of special advantages resulting from the grant of 10,000 warrants entitling to the subscription of 15,000 shares, by the shareholder meeting held on June 18, 1998. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 4.91 euros per share corresponding to the estimated value of a share as of June 18, 1998.

     Mr. Vincent Worms is a recipient of special advantages resulting from the grant of 30,000 warrants entitling to the subscription of 45,000 shares, by the shareholder meeting held on May 4, 1999. The special advantages consist in (i) the granting of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 7.58 euros per share corresponding to the estimated value of a share as of May 3, 1999.

     Mr. Bernard Charlès is a recipient of special advantages resulting from the grant of 15,000 warrants entitling to the subscription of 15,000 shares approved by the shareholders meeting held on June 12, 2001. The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 36.13 euros per share corresponding to the estimated market value of one share on June 11, 2001.

     Mr. Arnold Silverman is a recipient of special advantages resulting from the grant of 15,000 warrants entitling to the subscription of 15,000 shares approved by the shareholders meeting held on June 12, 2001. The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the implementing of a fixed exercise price of 36.13 euros per share corresponding to the estimated market value of one share on June 11, 2001.

     Mr. Gerald Held is a recipient of special advantages resulting from the grant by the Board meeting held on July 22, 2003 in compliance with the authorization of the Fourteenth Resolution of the Extraordinary General Meeting of shareholders held on May 15, 2003, of 15,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share of 19.45 euros, equal to the estimated market value of one share, corresponding of the closing price of one share as quoted on the Premier Marché of Euronext Paris S.A. on May 14, 2003.

6

     Mr. Jean-François Heitz is a recipient of special advantages resulting from the grant by the Board meeting held on July 22, 2003 in compliance with the authorization of the Fifteenth Resolution of the Extraordinary General Meeting of shareholders held on May 15, 2003, of 15,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share of 19.45 euros, equal to the estimated market value of one share, corresponding of the closing price of one share as quoted on the Premier Marché of Euronext Paris S.A. on May 14, 2003.

     Mr. David Peterschmidt is a recipient of special advantages resulting from the grant by the Board meeting held on July 22, 2003 in compliance with the authorization of the Sixteenth Resolution of the Extraordinary General Meeting of shareholders held on May 15, 2003, of 15,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share of 19.45 euros, equal to the estimated market value of one share, corresponding of the closing price of one share as quoted on the Premier Marché of Euronext Paris S.A. on May 14, 2003.

     Mr. David Roux is a recipient of special advantages resulting from the grant by the Board meeting held on January 27, 2004 in compliance with the authorization of the Third Resolution of the Extraordinary General Meeting of shareholders held on December 11, 2003, of 15,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share of 26.95 euros, equal to the estimated market value of one share, corresponding of the closing price of one share as quoted on the Premier Marché of Euronext Paris S.A. on December 10, 2003.

     Mr. Arnold Silverman is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Twelfth Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 45,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. Bernard Charlès is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Fourteenth Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 45,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. Kurt Lauk is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Fifteenth Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 45,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. Gerald Held is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Sixteenth

7

Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 30,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. Jean-François Heitz is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Seventeenth Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 30,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. David Peterschmidt is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Eighteenth Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 30,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. David Roux is a recipient of special advantages resulting from the grant by the Board meeting held on June 15, 2004 in compliance with the authorization of the Nineteenth Resolution of the Extraordinary General Meeting of shareholders held on June 10, 2004, of 30,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 17.04 euros, being the closing price of the Company’s shares on the Premier Marché of Euronext Paris S.A. on June 9, 2004.

     Mr. Gerald Held is a recipient of special advantages resulting from the grant by the Board meeting held on July 21, 2005 in compliance with the authorization of the Twelfth Resolution of the Extraordinary General Meeting of shareholders held on June 14, 2005, of 45,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 23.13 euros, being the closing price of the Company’s shares on the Eurolist by Euronext ^TM on June 13, 2005.

     Mr. Carl Pascarella is a recipient of special advantages resulting from the grant by the Board meeting held on July 21, 2005 in compliance with the authorization of the Eleventh Resolution of the Extraordinary General Meeting of shareholders held on June 14, 2005, of 45,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 23.13 euros, being the closing price of the Company’s shares on the Eurolist by Euronext ^TM on June 13, 2005.

     Mr. Jean-François Heitz is a recipient of special advantages resulting from the grant by the Board meeting held on July 20, 2006 in compliance with the authorization of the fourteenth resolution of the Extraordinary General Meeting of shareholders held on June 7, 2006, of 45,000 warrants giving the right to subscribe to one share each; The special advantages consist of (i) the grant of such warrants without payment as consideration and (ii) the benefit from a fixed exercise price per share equal to 22.31 euros, being the closing price of the Company’s shares on the Eurolist by Euronext ^TM. on June 6, 2006.

8

Article 7 — FORM OF THE SHARES — TRANSFER OF SHARES

     7.1 The shares may be held in registered or bearer form, at the shareholder’s discretion, in accordance with regulations applicable to companies listed on a regulated market.

     The shares are entered into accounts according to the provisions provided by law and regulations.

     The ownership of the registered shares is evidenced by their registration in registered accounts.

     The shares entered into accounts are freely transferred by transfer from one account to another.

     Prior approval of the transferee is required only for partly paid-up shares.

     All costs resulting from the transfer shall be borne by the transferee.

     Shares with payments in arrears are not admitted to transfer.

     7.2 In addition to the legal obligation to inform to the Company the holding of certain fractions of the capital or voting rights, any natural or legal person acting alone or in concert who becomes the acquirer of a number of shares equal to or greater than 2%, of the share capital or voting rights or a multiple of this percentage, shall within five trading days of crossing the holding threshold, inform the Company of the total number of shares or voting rights which this person holds by a registered letter incorporating a proof of delivery slip addressed to Company headquarters or by an equivalent means in accordance with foreign law. When the threshold is crossed as a result of a purchase or sale on the stock market, the period of five trading days allowed for disclosure begins to toll on the trading date of the securities and not their delivery date.

  This notification obligation also applies as set forth hereinabove whenever a new threshold of 2% is reached or has been crossed on the upper or lower limit, for whatever reason, up to and including the threshold of 50%.

  In determining the threshold stipulated hereinabove, both shares and/or voting rights held indirectly and shares and/or voting rights assimilated with shares and/or voting rights owned as defined in Articles L. 233-7 et seq. of the French Commercial Code.

  In each notification referred to above, the declaring shareholder must certify that the notification includes all shares held or owned as defined in the preceding paragraph and must also indicate the acquisition date(s).

  Investment fund management companies are required to provide such notification for the whole voting rights attached to all the Company’s shares held by the funds that they manage.

Should this obligation to inform not be fulfilled and should one or more shareholders holding at least 2% of the share capital or voting rights so require, shares in excess of the fraction which should have been declared are deprived of the voting rights at any shareholders’ meeting held within the term of two years following the date of regularizing the notification. Request of the

9

shareholders shall be recorded in the minutes and will be subject to the legal penalty referred to above.

     7.3 The Company may request, in accordance with applicable law and regulations, at any time, at its own expense, from the central depositary that manages its securities accounts, as the case may be, the name, or the company name, the nationality, the year of birth or year of incorporation, and the address of the holder of securities having immediate or deferred access to the right to vote at its shareholders meeting, as well as the number of securities held by each of them, and, as the case may be, the restrictions attached to such securities.

Article 8 — RIGHTS AND OBLIGATIONS ATTACHED TO THE SHARES

     The rights and obligations attached to a share follow the share to any transferee to whom it may be transferred and the transfer includes all the payable and unpaid dividends and dividends to be payable, as well as, as the case may be, the corresponding share in the reserve funds and provisions.

     The ownership of a share shall imply ipso facto the acceptance of the present Memorandum and Articles of Association and of the decision of the general meetings.

     In addition to the right to vote which is attached by law to the shares, each share carries a right to a share of corporate assets, of profits, and of liquidation surplus, proportional to the number and nominal value of the existing shares.

     Each time it shall be necessary to hold a certain number of shares in order to exercise a right, it will be up to the shareholder(s) missing such number to take the necessary actions to group a sufficient number of shares.

     The heirs, creditors, eligible parties or other representatives of a shareholder cannot, for any reason whatsoever, request the affixing of the assets of the company, or ask for their sharing or auction sale, or to interfere in any manner in the management of the company ; they have, in order to exercise their rights, to refer themselves to the inventories and to the resolutions of the shareholders meetings.

Article 9 — PAYING UP OF THE SHARES

     The amount to be paid in cash for the subscription of the shares issued with respect to an increase of capital shall be payable according to the terms stipulated by the extraordinary general meeting of the shareholders.

     The initial payment shall not be less than one half of the nominal value of the shares at the time of the subscription ; it shall include the whole issuing premium, if any.

     The remainder, which shall be paid-up in one or several times within a period of five years as from the date of completion of such increase of capital, shall be called upon by the board of directors.

     Each shareholder shall be notified of the amount to be paid and of the date at which this amount shall fall due fifteen days at least before that date.

10

     The shareholder who will not have paid at due date the amounts due on his share(s) shall, automatically and without formal notice, owe to the company an interest calculated day per day commencing on due date at the legal rate in commercial matters increased by three points, without prejudice to the personal proceedings that the company may institute against the defaulting shareholder and to the acts of enforcement provided by law.

11

TITLE III

MANAGEMENT OF THE COMPANY

Article 10 — BOARD OF DIRECTORS

     The company is managed by a board of directors composed of individuals or legal entities, the number of which is determined by the ordinary general meeting of the shareholders within the limits of the law.

     A legal entity must, at the time of its appointment, designate an individual who will be its permanent representative on the board of directors. The term of office of a permanent representative is the same as that of the director he represents. When a legal entity dismisses its permanent representative, it must at the same time provide for its replacement. The same applies in case of death or resignation of the permanent representative.

     Each director must own at least one share during his term of office.

     If, at the time of his appointment, a director does not own the required number of shares or if, during his term of office, he ceases to be the owner thereof, he shall have a period of three months to purchase such number of shares, in default of which he shall be automatically deemed to have resigned.

     The directors are appointed for a term of three years. A year corresponds to the period of time between two successive annual ordinary general meetings of shareholders. The duties of a director shall terminate at the close of the ordinary general meeting of shareholders which acts on the accounts of the preceding financial year and is held in the year during which the term of office of said director comes to an end.

     The directors may always be re-elected; they may be revoked at any time by decision of the general meeting of the shareholders.

     In case of death or resignation of one or several directors, the board of directors may make provisional appointments between two meetings of shareholders.

     The appointment(s) so made have to be ratified by the next general meeting of shareholders.

     Should the meeting of the shareholders not ratify these provisional appointments, this shall not affect the validity of the prior resolutions and acts of the board of directors.

     When the number of directors falls below the minimum required by law, the remaining director(s) must immediately convene the ordinary general meeting of the shareholders, in order to complete the membership of the board of directors.

     The director appointed in replacement of another director, whose term of office has not come to its end shall remain in office only for the remaining term of office of his predecessor.

12

     A salaried employee of the company may be appointed as a director. His employment contract shall correspond to a position actually held. In such case, he shall not lose the benefit of his employment contract.

     The number of directors bound to the company by an employment contract may not exceed one third of the directors in office.

     The number of directors who are more than seventy (70) years old may not exceed one third of the directors in office. Should such quota be reached during the director’s term of office, the appointment of the oldest director would be automatically terminated at the close of the nearest general meeting of the shareholders.

Article 11 — MEETING OF THE BOARD

     11.1. The board of directors shall meet as often as required for the interest of the company.

     11.2. The meetings of the Board of Directors are convened by the Chairman. Notices of meetings may be made by any means, in verbal or written form.

     When no meeting of the Board of Directors has taken place for a period of two months, Directors representing at least one third of the members of the Board may request the Chairman to call a Board meeting on a specific agenda. The Chief Executive Officer may also request the Chairman to call a Board of Directors meeting on a specific agenda.

     When a workers committee (comité d’entreprise) has been formed, the representatives of such committee, appointed in accordance with the provisions of the Labor Code, shall be invited to attend all meetings of the Board of Directors.

     The meetings of the Board of Directors are held at the registered office or at any other place, in France or abroad.

     The Statutory Auditors are convened to all meetings of the Board of Directors that examine or fix the annual or intermediary financial statements, as well as to all shareholders’ meetings.

     11.3. “The attendance of at least one-half of the directors is required for the validity of the Board deliberations. Subject to limits and exceptions set by the French law, the Board Charter may specify that the directors who attend the Board via video-conference or telecommunications and who allow their identification and warrant their effective participation, shall be considered as present for the calculation of the quorum and the majority, subject to the conditions determined by applicable regulations.

     The resolutions of the Board of Directors are taken by a majority vote of the directors, present or represented..

     It is specified that any and all decisions to grant options to subscribe or to buy stock to a director holding an employment contract, to the Chairman or to the general manager of the Company, if this latter is a director, pursuant to authority granted by the extraordinary general meeting, pursuant to the provisions set forth in articles L.225-177 et seq of the Commercial Code shall be adopted by the affirmative vote of the majority of the directors

13

present or represented at the Board meeting, the interested director, and any other director to whom options to subscribe or to buy stock may be granted, being conclusively refrained from voting.

     11.4. Any director may give to another director, by letter, cable or telex, a proxy to be represented at a meeting of the board. However, each director may only dispose of one proxy during each meeting.

     11.5. The minutes or extracts of the minutes of the Board of Directors are certified by the Chairman of the board, the Directeur Général (Chief Executive Officer), the Directeurs Généraux Délégués, the director appointed to act as Chairman temporarily or an agent with power of attorney.

Article 12 — POWERS OF THE BOARD

     The Board of Directors determines the directions of the Company’s activities and oversees their implementation. Within the limits of the company’s corporate purpose and the powers expressly reserved by law to shareholders, the Board addresses and resolves through its deliberations all questions relating to the Company’s good standing.

     The Board of Directors implements all controls and verifications that it deems appropriate. The Chairman of the Board of Directors or the Chief Executive Officer shall disclose to each Director all documents and information necessary for the fulfillment of his duties.

ARTICLE 13 — CHAIRMAN OF THE BOARD

     The Board of Directors elects among its members a Chairman of the Board who must be a natural person. The Board determines the term of office of the Chairman, which may not exceed his or her term of office as a Director. The Board sets the Chairman’s compensation.

     In the absence of the Chairman at a given meeting, the Board elects a Director to chair that meeting.

     The Chairman directs and organizes the activities of the Board of Directors and reports to the shareholders on such activities. The Chairman sees that the various bodies of the Company operate correctly and, in particular, that Directors are each able to fulfill their duties.

     The Chairman of the Board cannot be more than sixty five (65) years old. Should the Chairman reach that age limit during his term of office as Chairman, his or her office would automatically terminate. Subject to this provision, the Chairman of the Board may always be reelected.

ARTICLE 14 — GENERAL MANAGEMENT OF THE COMPANY

     The general management of the Company is carried out, under the responsibility of and at the election of the Board of Directors, by either the Chairman of the Board or by another natural person named Chief Executive Officer (“CEO” or “Directeur Général”) by the Board of Directors. The Board selects between these two alternatives at each

14

election or renewal of the Chairman of the Board, or at each election or renewal of the CEO if the office of the Chairman and the office of the CEO are separate.

     The CEO, or the Chairman if he or she assumes the duties of the CEO, is vested with the most extensive powers to act under all circumstances on behalf of the Company within the limits of the corporate purpose of the Company, except for those powers expressly granted by law to the meetings of shareholders and those specially reserved to the Board of Directors. The CEO represents the Company vis-a-vis third parties. Any limitation of the CEO’s powers imposed by the Board of Directors is not enforceable vis-a-vis third parties.

     The Board determines the term of office and the compensation of the CEO.

     The Board of Directors, upon the proposal made by the CEO or the Chairman of the Board if he or she assumes the duties of the CEO, may appoint one or more persons, subject to limitations set forth by the law, to assist the office of the CEO. Such persons may be Directors or non Directors, must be natural persons, and have the title of “Directeur Général Délégué”.

     Each Directeur Général Délégué can be dismissed at any time by the Board of Directors, upon proposal made by the CEO or the Chairman of the Board if he or she assumes the duties of the CEO.

     In the event of death, resignation or dismissal of the CEO or the Chairman of the Board if he or she assumes the duties of the CEO, each Directeur Général Délégué stays in office, unless the Board of Directors resolves otherwise, until a new CEO is appointed.

     With the agreement of the CEO or the Chairman of the Board if he or she assumes the duties of the CEO, the Board of Directors determines the powers and duration of such powers delegated to each Directeur Général Délégué. The Board sets his remuneration. When a Directeur Général Délégué is a director, his term of office may not exceed that of his directorship.

     Vis-a-vis third parties, each Directeur Général Délégué has the same powers as the CEO or the Chairman of the Board if he or she assumes the duties of the CEO.

     The CEO and the Directeur Général Délégué cannot be more than sixty five (65) years old. Should the CEO or the Directeur Général Délégué reach that age limit during his term of office as CEO or as Directeur Général Délégué, his or her office would automatically terminate. This term may be prolonged however until the next meeting of the Board during which the new CEO or Directeur Général Délégué will be appointed. Subject to this provision, the CEO and the Directeur Général Délégué may always be reelected.

ARTICLE 15 — AGREEMENTS SUBJECT TO PRIOR AUTHORIZATION OR DISCLOSURE

     15.1. Any sureties, endorsements and guarantees granted by the company must be authorized by the board of directors as provided by law.

     15.2. Any agreement to be entered into, directly or indirectly, between the Company and its Directors, Chief Executive Officer, Directeur Général Délégué, a shareholder owning more than 10% of the voting rights, or if such shareholder is a company, the company

15

controlling such shareholder within the meaning of article L.233-3 of the French Commercial Code, must be submitted to the prior authorization of the Board of Directors.

Such prior authorization is also required for transactions in which one of the persons listed in the first paragraph above has an indirect interest.

Such prior authorization is also required for agreement between the Company and another company, should one of the Company’s Directors, Chief Executive Officer, or Directeur Général Délégué own such other company or be an unlimited liability partner, director, general manager, member of the supervisory board or, more generally, a member of the management of the other company.

Agreements which are entered into in the ordinary course of business and with terms and conditions which are not out of the ordinary are not subject to the prior authorization of the Board of Directors. Nevertheless, such agreements, except if by reason of their purpose or their financial implications are not significant for both parties, must be disclosed by the interested party to the Chairman of the Board. The list and purpose of such agreements must be communicated by the Chairman of the Board to the Board of Directors and to the Statutory Auditors”

Moreover, the commitments for the benefit of the Chairman of the Board of Directors, the Chief Executive Officer or the Deputy Chief Executive Officers, taken by the Company or by any affiliates pursuant to the meaning given in article L.233-16 II and III of the French Commercial Code, and corresponding to compensation, indemnification or benefit that could be paid or granted in case of termination or change of position or after such event occurred shall be submitted to the prior authorization of the Board, according to articles L.225-138 and L.225-40 to L.225-42 of the French Commercial Code.

Article 16 — PROHIBITED AGREEMENTS

     Directors, other than legal entities, are forbidden to contract, in any form whatsoever, loans from the company, to secure an overdraft from it, as a current account or otherwise, and to have the company guarantee or secure their commitments toward third parties.

     The same interdiction applies to the CEO, the Directeurs Généraux Délégués and the representatives of corporate bodies. It also applies to spouses, ascendants and descendants of the persons referred to in this article, as well as to all interposed persons.

Article 17 — STATUTORY AUDITORS (Commissaires aux comptes)

     Audits of the company shall be carried out, as provided by law, by one or more statutory auditors legally entitled to be elected as such. When the conditions provided by law are met, the company must appoint at least two supervisory auditors.

     Each statutory auditor shall be appointed by the ordinary general meeting.

     One or more deputy statutory auditors, who may be called to replace the regular statutory auditors in the case of death, disability, resignation or refusal to act of the latter, shall be appointed by an ordinary general meeting.

16

     Should the general ordinary meeting of the shareholders fail to elect a statutory auditor, any shareholder can claim in court that one be appointed, provided that the Chairman of the board of directors be duly informed. The term of office of the statutory auditor appointed in court will end upon the appointment of the statutory auditor(s) by the general ordinary meeting of the shareholders.

17

TITLE IV

MEETINGS OF SHAREHOLDERS

Article 18

     The general meetings of shareholders shall be convened and held as provided by law.

     The meetings of shareholders are held at the registered office or at any other place mentioned in the convening notices.

     The right to take part in a general meeting of shareholders:

     For holders of registered shares is subject to the registration of the shareholder in the books of the company, at least one business day prior to the date of the meeting.

     For holders of bearer Ordinary Shares is subject to the filing, at least one business day prior to such shareholders’ meeting, of a certificate stating that shares are not transferable until the date of such shareholders’ meeting.

     A shareholder who cannot attend the meeting in person may choose either :

- to give a proxy to another shareholder or to his/her spouse, or

- to vote by mail, or

- to send to the company a proxy without any indication of the name of the representative;

within the terms and conditions provided by law and these by-laws.

     Upon the decision of the board of directors published in the notice of any shareholders meeting, shareholders may, subject to the provisions of and procedures under applicable laws, send their proxy or voting instructions either on paper or using a teletransmission mean.

     To be taken into account, the proxies and the forms of vote by mail must be deposited with the company at least one business day prior to the date of the meeting.

     Meetings of shareholders are presided over by the Chairman of the board of directors or in his absence, by a director specially authorized for that purpose by the board. If no Chairman has been appointed, the meeting elects its Chairman.

     The two members of the meeting having the greatest number of votes and who accept that role, are appointed as scrutineers. The officers of the meeting appoint a secretary, who may be a non-shareholder.

     An attendance sheet is drawn up, in accordance with the law.

     The ordinary general meeting of the shareholders, upon first convening notice, may carry out business validly only if the shareholders present, or represented, hold at least one-

18

fifth of the voting shares. Upon second convening notice, the ordinary general meeting may carry out business validly whatever the number of shareholders present or represented.

     The resolutions of the ordinary general meeting shall be carried out at the majority vote of the shareholders, present or represented.

     The extraordinary general meeting of the shareholders, upon first convening notice, may carry out business validly only if the shareholders present, or represented, hold at least one-fourth of the voting shares. Upon second convening notice, the extraordinary general meeting may transact business validly only if the shareholders present or represented hold at least one-fifth of the voting shares.

     The resolutions of the extraordinary general meeting shall be carried out at a two third majority vote of the shareholders, present or represented.

     The copies or extracts of the minutes of the meeting are certified by the Chairman of the Board, by the Chief Executive Officer, by a Director acting as Directeur Général Délégué, or by the Secretary of the meeting.

     The ordinary and extraordinary meetings of shareholders exercise their respective powers as provided by law.

19

TITLE V

RESULTS OF THE COMPANY

Article 19 — FINANCIAL YEAR

     Each fiscal year is of one year beginning on January 1 and ending on December 31.

Article 20 — PROFITS — LEGAL RESERVE FUNDS

     Out of the profit of a fiscal year, reduced by prior losses if any, an amount equal to at least 5 % thereof is first deducted in order to form the legal reserve fund provided by law. This deduction is no longer required when the legal reserve fund amounts to one tenth of the capital of the company.

     Distributable profit is the profit of a fiscal year, reduced by prior losses and by the deduction provided for in the preceding paragraph and increased by the profits carried forward.

Article 21 — DIVIDENDS

     If there results a distributable profit from the accounts of the fiscal year, as approved by the general meeting, the general meeting may decide to allocate it to one or several reserve funds, the appropriation or use of which it shall determine, or to carry it forward or to distribute it as dividends.

     Furthermore, after having established the existence of reserves which it may dispose of, the general meeting may decide the distribution of amounts paid out of such reserves. In such case, the payments shall be made. However, the dividends shall be set off by priority on the distributable profit of the financial year.

     The general meeting shall determine the terms of payment of dividends ; failing such determination, these terms shall be determined by the board of directors.

     However, the dividends must be declared payable no more than nine months following the close of the financial year.

     The general meeting deciding upon the accounts of a fiscal year will be entitled to grant to each shareholder, for all or part of the distributed dividends, an option between payment in cash or in shares.

     Similarly, should the ordinary general meeting resolve the distribution of interim dividends pursuant to article L.232-12 of the Commercial Code, it will be entitled to grant to each shareholder an interim dividend and, for all or part of the said interim dividend, an option between payment in cash or in shares.

     The offer of payment in shares, the price and the conditions as to the issuing of such shares, together with the request for payment in shares and the conditions of the completion of the capital increase will be governed by the law and regulations.

20

     When a balance sheet, drawn up during, or at the end of the fiscal year, and certified by the statutory auditor(s), shows that the company, since the close of the preceding fiscal year, after having made the necessary depreciations and provisions and after deduction of the prior losses, if any, as well as of the amounts which are to be allocated to the reserve fund provided by law or by the by-laws, has made profits, the board of directors may resolve the distribution of interim dividends prior to the approval of the accounts of the fiscal year, and may determine the amount thereof and the date of such distribution. The amount of such interim dividends cannot exceed the amount of the profits as defined in this paragraph. In this case, the option described in the preceding paragraph shall not be available.

21

TITLE VI

DISSOLUTION — LIQUIDATION

Article 22 — PREMATURE DISSOLUTION

     The extraordinary general meeting may at any time declare the dissolution of the company before the expiration of its stated duration under the present Memorandum and Articles of Association.

Article 23 — LOSS OF ONE HALF OF THE CAPITAL OF THE COMPANY

     If, as a consequence of losses showed by the company’s accounts, the net assets (capitaux propres) of the company are reduced below one half of the capital of the company, the board of directors must, within four months from the approval of the accounts showing this loss, convene an extraordinary general meeting of shareholders in order to decide whether the company ought to be dissolved before its statutory term.

     If the dissolution is not declared, the capital must, at the latest at the end of the second fiscal year following the fiscal year during which the losses were established and subject to the legal provisions concerning the minimum capital of sociétés anonymes, be reduced by an amount at least equal to the losses which could not be charged on reserves, if during that period the net assets have not been restored up to an amount at least equal to one half of the capital.

     In the absence of the meeting of shareholders, or in the case where this meeting has not been able to validly act, any interested party may institute legal proceedings to dissolve the company.

Article 24 — EFFECT OF THE DISSOLUTION OF THE COMPANY

     The company is in liquidation as soon as it is dissolved for any reason whatsover. It continues to exist as a legal entity for the needs of this liquidation until the liquidation is completed.

     During the period of the liquidation, the general meeting shall retain the same powers it exercised during the life of the company.

     The shares shall remain transferable until the completion of the liquidation proceedings.

     The dissolution of the company is only valid vis a vis third parties as from the date at which it is published at the register of commerce.

Article 25 — APPOINTMENT OF LIQUIDATORS — POWERS

     Upon the expiration of the term of existence of the company or in the case of its premature dissolution, the meeting of the shareholders shall decide the method of liquidation and appoint one or several liquidators whose powers it will determine. The liquidators will

22

exercise their duties according to the law. The appointment of the liquidator(s) terminates the offices of the directors.

Article 26 — LIQUIDATION — CLOSING

     After payment of the liabilities, the remaining assets shall be used first for the payment to the shareholders of the amount paid for their shares and not amortized.

     The balance, if any, shall be divided among all the shareholders.

     The shareholders shall be convened at the end of the liquidation in order to decide on the final accounts, to discharge the liquidator from liability for his acts of management and the performance of his office, and to take notice of the closing of the liquidation.

     The closing of the liquidation is published as provided by law.

23

TITLE VII

NOTIFICATIONS

Article 27 — NOTIFICATIONS

     All notifications provided for in the present Memorandum and Articles of Associations shall be made either by registered mail with acknowledgment of receipt or by process server. Simultaneously a copy of the notification shall be sent to the recipient by ordinary mail.

EX-99.1

Exhibit 99.1

Business Objects to Host Analyst Meeting in Conjunction with Insight Americas 2006 Conference

San Jose, California; Paris, France — November 1, 2006 - Business Objects (NASDAQ: BOBJ; Euronext Paris ISIN code FR0004026250 — BOB), will host an Analyst Day Meeting on Monday, November 6, 2006 from approximately 10:00 a.m. to 3:00 p.m. PT (i.e. from 7:00 p.m. to 12:00 a.m. Paris time, and from 6:00 p.m. to 11:00 p.m. London time). The meeting will be held in conjunction with Business Objects’ Annual Insight Americas 2006 Conference in San Francisco, CA.

During this event, Business Objects’ management will discuss the company’s financial highlights, business strategies and product plans. The Analyst Day presentations will be available live via the Internet at www.businessobjects.com/company/investors, in the investor relations section of Business Objects’ web site.

About Business Objects

Business Objects is the world’s leading business intelligence (BI) software company, with more than 39,000 customers worldwide, including over 80 percent of the Fortune 500. Business Objects helps organizations of all sizes create a trusted foundation for decision making, gain better insight into their business, and optimize performance. The company’s innovative business intelligence suite, BusinessObjects™ XI, offers the BI industry’s most advanced and complete solution for performance management, planning, reporting, query and analysis, and enterprise information management. BusinessObjects XI includes the award-winning Crystal line of reporting and data visualization software. Business Objects has also built the industry’s strongest and most diverse partner community, and offers consulting and education services to help customers effectively deploy their business intelligence projects.

Business Objects has dual headquarters in San Jose, Calif., and Paris, France. The company’s stock is traded on both the Nasdaq (BOBJ) and Euronext Paris (ISIN: FR0004026250 — BOB) stock exchanges. More information about Business Objects can be found at www.businessobjects.com.

Business Objects Contacts
John Ederer
Vice President of Investor Relations
+1 408 953 6064
jederer@businessobjects.com
Nicole Noutsios
U.S. Investor Relations
+1 408 953 6339
nicole.noutsios@businessobjects.com

Edouard Lassalle
Investor Relations Director, Europe
+33 1 41 25 37 51
elassalle@businessobjects.com

EX-99.2

EXHIBIT 99.2

Welcome John Ederer Vice President, Investor Relations

Safe Harbor: Forward Looking Statements During the course of today's presentation, our executives will make forward-looking statements including, but not limited to, statements regarding products, product acceptance, strategic and operational plans, the company's expectations of the business outlook, future financial and operating results, and in particular with regard to the fourth quarter and full year. We wish to caution you that such statements are just predictions based on management's current expectations or beliefs, and that actual events or results may differ materially. We refer you to documents we file with the Securities and Exchange Commission, including form 10-K for the year ended December 31, 2005 and form 10-Q for the quarter ended June 30, 2006. These documents identify important risk factors that could cause actual results to differ materially from those contained in our forward-looking statements. These potential risks and uncertainties include, but are not limited to, fluctuations in our quarterly and yearly operating results; our ability to sustain or increase our profitability; our ability to attract and retain customers, including for BusinessObjects XI; business disruptions; our ability to integrate successfully the companies we acquire; changes to our current accounting policies; our ability to preserve our key strategic relationships; and our reliance upon selling products only in the Business Intelligence software market. We assume no duty to confirm, update or revise the financial forecast for the year, or any other forward looking information in this call as a result of new developments or otherwise.

Use of Non-GAAP Financial Measures Today we will be discussing our financial results on a US GAAP as well as a non-GAAP basis. These non-GAAP results, also sometimes called pro forma results, exclude write-off of in process research and development charges, amortization of purchase intangibles and stock based compensation expense. We use these additional non-GAAP measures as we believe they give useful operating information in addition to the US GAAP results. Reconciliations of US GAAP to non-GAAP financial statements are available in our earnings releases and on our investor relations webpage.

John Schwarz, Chief Executive Officer BI Market Leadership and Key Growth Initiatives Donald MacCormick, Vice President, Product Marketing Product Innovation and Demonstration Mark Doll, Senior VP & General Manager, Global Services & EPM Global Services Janet Wood, Senior VP, Global Partnerships & Sales Enablement Global Alliances, Channel Sales and the Mid-Market Jim Tolonen, Chief Financial Officer Revenue Growth and Margin Expansion Questions & Answers Agenda

BI Market Leadership and Key Growth Initiatives John Schwarz Chief Executive Officer

Information Silos Multiple versions of the truth No analysis across functions Poor Quality of Data Information overload and duplication No trust in information BI Restricted to a Few BI mostly for specialists Most make decisions on gut feel BI Backward Looking Only No performance management strategy KPI poorly defined and distributed Data Only Used Internally Weak customer/supplier relationships Untapped reservoirs of profits Our Vision Has Unified View of Business One enterprise BI solution Lowest cost of ownership Trusts Its Information Valid data throughout the enterprise Enables focus on action Empowers All with Insight Practices Information Democracy BI seamless part of work environment Aligns Strategy and Execution EPM drives strategy KPI shared across company Shares Key Data Externally With customers With partners and suppliers High Performance Organization "Average" Organization Transforming the Way the World Works Through Intelligent Information

BI Moving from Tactical to Strategic Business Intelligence is a growing priority BI is 1 of the top 2 priorities in IT spending over the next 12 months 69% of IT managers are planning to invest in BI tools or analytical applications during the next 12 months (from 59% in Dec 2004) Number of Business Intelligence users is increasing Number of BI users expected to increase 130% in next 18 months Number of Dashboard users expected to increase by 90% in next 18 months Companies are standardizing on fewer vendors Average number of BI tools in the enterprise is ~13 2 out of 3 companies plan to move to enterprise BI solutions within 3 years BI innovation will be led by BI companies Value of BI is cross platforms, cross databases, cross applications Relevant, industry-specific solutions, not just generic tools BI to improve business performance Source: Various industry reports.

Large and Growing Market Opportunity Reflects license and first year maintenance Derived from: IDC 2006 Enterprise Information Management Enterprise Performance Management Core Business Intelligence $4.7 $7.0 billion $5.1 $7.3 billion $6.6 $9.4 billion Business Intelligence Growing to $24 Billion Over the Next 5 Years (10% CAGR) 2005 2009

Business Objects Product Line

Industry Leadership Across BI Categories Forrester Wave(tm): Enterprise Extract, Transform, And Load (ETL) Tools, Q4 2004 ETL Tools Forrester Wave(tm): Information Quality Software, Q1 2006 17 Jan 2006 Information Quality Forrester Wave(tm): Business Intelligence For Analytic Reporting, Q1 2006 2 Feb 2006 Analytic Reporting Forrester Wave(tm): Business Intelligence For Enterprise Reporting, Q1 2006 2 Feb 2006 Enterprise Reporting

Global Organization - Global Reach EMEA Bilthoven Brussels Dublin Dusseldorf Frankfurt London (Ealing) London (Maidenhead) Madrid Milan Munich Paris (HQ) Rome Stockholm Zurich Headcount: ~1,700 Asia-Pacific Japan Bangalore Beijing Hong Kong Melbourne Seoul Shanghai Singapore Sydney Tokyo Headcount: ~700 Americas Atlanta Boston Chicago Dallas Denver Edison (NJ) Houston La Crosse (WI) Los Angeles Miami New York Orlando Portland San Diego San Francisco San Jose (HQ) Sao Paulo Toronto Vancouver Washington, DC Headcount: ~2,800 Note: Includes all locations with 10+ employees. Regional headcounts are total headcounts, and are not limited to development, support, sales and service Global Headcount: 5,141 As of September 30, 2006 Development Centers ~1,450 Support Centers ~650 Headquarters/others ~1,150 Sales Offices ~1,200 Service ~750 Global HC

Demonstrated Success in Channel Partner Strategy Largest indirect channel in BI with 3,000+ global partners Indirect channel represents approximately 50% of license revenue 800+ OEM partners Key advantage for penetrating the mid-market Adding more than 100 new partners each quarter New strategic alliance with IBM OEM / Value Added Resellers System Integrators Innovation Through Collaboration

Leadership Across Multiple Verticals High Tech Retail CPG Public Sector Telco Energy Automotive Healthcare Pharma Other Financial Over 39,000 Customers Worldwide

Leadership in Large Enterprise-Wide Deployments GE 150,000 US Military Health/Tricare 60,000 Allstate 50,000 France Telecom 50,000 Bank of America 50,000 Principal Financial 45,000 HP 22,000 SBC Communications 30,000 French Finance Min. 26,500 Sprint 25,000 French Education Min. 20,000 Cargill 20,000 NHS 20,000 Washington Mutual 20,000 EDF 19,500 BP Oil 19,000 3M 19,000 Telecom Italia 17,500 Global Financial Firm 17,000 PBSG (PepsiCo) 15,000 Opportunity Realized from Standardized Environments Number of users

Business Momentum and Market Share Gains MSTR INFA HYSL COGN BOBJ East 97 98 263 363 473 MSTR INFA HYSL COGN BOBJ East 100 120 282 343 516 MSTR INFA HYSL COGN BOBJ East 103 145 310 352 546 2004 License Revenue 2005 License Revenue 2006(E) License Revenue* $110M $173M $194M Leadership Established Leadership Position Widens *Note: Based on consensus estimates for license revenue, not on Business Objects guidance.

Our Strategy - 5 Opportunities for Growth 1. Lead in End-to-End BI Core BI EPM EIM 2. Win the Mid-Market 3. Leverage and Grow Global Services 4. Expand Geographic Presence 5. Introduce New Business Models

#1: Lead in End-to-End BI Win the standardization battle Most corporations are in the process of streamlining to one BI environment Accelerate migration to the new platform XI Significant license opportunity Accelerate end-user expansion to the other 85% The end user base is only 15% penetrated Introduction of new product capabilities Next generation OLAP Search and multifaceted navigation Flash-based visualization Enter new market areas Operational BI Unstructured data access Business Intelligence networks Enhance Our #1 Position in Core Business Intelligence

#1: Lead in End-to-End BI Displace Hyperion in the enterprise Win the mid-market EPM opportunity Planning products are well positioned Leveraging our channel partnerships Complete next generation applications for office of the CFO Enterprise Planning and Budgeting Profitability Analytics and ABC Consolidation Other financial analytic applications (compliance, treasury, etc.) Extend EPM platform Dashboard Manager, Performance Manager Significantly expand the go-to-market coverage Be the Preferred EPM Solution Provider

#1: Lead in End-to-End BI Displace Informatica Differentiate by providing the full EIM/BI/EPM stack Product: integrate and incrementally expand Integrate Data Integration, Data Quality, Data Federation Exploit Master Data Management (MDM) Opportunity Leverage data quality As an entry point to new customer accounts Win the mid-market Data Integration opportunity Data Integrator ideally priced and positioned Invest to grow at more than twice the market rate Become One of the Top Independent EIM Players

#2: Win the Mid-Market Leverage 4 channels to reach each mid-market segment Products tailor made for mid-market customer segments 3. Broad proliferation as mid- market BI standard Large Midsize Small Installed Hosted Enterprise Solution Providers Ecosystem Specialty Distributors Shrink-wrap products OEM channels Volume channel: Xcelsius and Crystal Reports Embedded SaaS ICAM

#3: Grow Global Services Decision Data Platform Product Consulting Transformation Solution Training DW Certification User Adoption for Query & Reporting Technical Certification EIM EPM Core BI Education

#4: Expand Geographic Presence Deepen penetration of the BI opportunity in the Americas Deepen relationships with key accounts Vertical approach in direct sales Continue penetrating mid-market Expand lead in Europe - #1 in market share by 39% Continue to grow Germany Expand channel partners in mid-market Aggressively move into Eastern Europe Cross-regional synergies Grow APJ revenue contribution significantly Grow in Japan and Korea Expand in emerging markets (China, India) Grow to 15% of total revenue over time Note: European market share is Western European market share per IDC (Aug 2006). Business Objects market share is 16.1%. SAS and Cognos are #2 and #3 respectively at 11.6% and 9.7%

#5: Introduce New Business Models On-Demand Business Intelligence Clear need in the market for Business Intelligence On-Demand CRM, HR, Payroll On-Demand driving need for BI "online" BI solutions span On-Demand and on-premise applications On-Demand expands the serviceable market for BI BI more affordable with hosted solution, lower overhead Entirely new customer base of small businesses and mid-market customers Opportunity for On-Demand web services Business Objects is defining On-Demand BI Thousands of customers using crystalreports.com since June '06 Launched web services integration with Salesforce.com Content Firstlogic data cleansing / matching Investigating other opportunities

Product Innovation and Demonstration Donald MacCormick Vice President, Product Marketing

Enterprise Performance Management Enterprise Information Management Core Business Intelligence

Drive Change and Improve Performance Access and Integrate Information Analyze and Communicate Information

Drive Change and Improve Performance Access and Integrate Information Analyze and Communicate Information Incentive Compensation Activity-Based Costing Supply Chain Intelligence Planning Crystal Xcelsius BusinessObjects XI Release 2 Google Integration Web Services Migration pack Metadata Manager Data Integrator Composer Data Federator Data Quality Data Insight

Instant. Simple. Secure

Enterprise Information Management Data Integrator Metadata Manager Composer Data Insight Data Quality Data Federator

*Based on a recent survey of information workers in the US, Great Britain, France, and Germany, commissioned by Business Objects and conducted by Harris Interactive, June 2006A Up to 75% have made business decisions that later turned out to be wrong due to flawed data

Data Quality Demonstration

Enterprise Performance Management Planning and Budgeting Activity-Based Costing Incentive Compensation Management Crystal Xcelsius Crystal Xcelsius Viewer Supply Chain Intelligence Profitability Analysis

Source: Balanced Scorecard Collaborative 95% of a typical workforce does not understand its organization's strategy 90% of organizations fail to execute their strategies successfully 86% of executive teams spend less than one hour per month discussing strategy 70% of organizations do not link middle management incentives to strategy 60% of organizations do not link strategy to budgeting

Our Offering: Closed-loop EPM

EPM Demonstration

Core Business Intelligence BusinessObjects XI Release 2 Web Services Google Integration Migration pack

Instant. Simple. Secure

crystalreports.com Demonstration

2007 Simplify access Web Intelligence content Developer features Improved salesforce.com integration

Simplicity. Efficiency. Performance

Semantic layer integration Security Integration Scheduler Web Service Dashboard Report Parts Query as a Web Service Operational BI Web Services BusinessObjects Live Office New Search Capabilities New OLAP analysis Broader connectivity Metadata integration Data Quality integration Enhanced grid computing Caching performance Adaptive ETL

Enterprise Information Management Efficiency Broader connectivity Metadata integration Data Quality integration Performance Enhanced grid computing Caching performance improvements Adaptive ETL

Enterprise Performance Management Efficiency BusinessObjects Universe creation BusinessObjects Platform user import Business Objects Platform Single Sign On Scheduler Web Service Simplicity Dashboard Report Parts

Core Business Intelligence Simplicity New search capabilities New OLAP analysis Live Office enhancements Efficiency Query as a Web Service Operational BI Web Services

Search Demonstration

Live Office Demonstration

Query as a Web Service Demonstration

Enterprise Information Management Core Business Intelligence Enterprise Performance Management

Break for Lunch

Global Services and Solution Selling Mark Doll Senior VP & General Manager, Global Services & EPM

BI and Data Warehouse Services Market 2006 0 10 20 30 35 25 15 5 2007 2008 $15.8B $8.8B $24.6 Billion $16.8B $9.6B $26.4 Billion $18.5B $10.6B $29.1 Billion 8.9% CAGR DW Services BI Services

Our Framework Decision Data Platform Product Consulting Transformation Solution Training DW Certification User Adoption for Query & Reporting Technical Certification EIM EPM Core BI Education

Transforming Services Quality Globally Consistent End-to-end Integrated Partner Business Driven Success

Customer Success BI Infrastructure Rapid Marts/ETL Teradata Integration Migration to XI Release 2 Dashboard Manager Data Quality 2005 2006

Customer Success Aug: EPM Phase 1 Aug: Web Intelligence Nov: Dashboard for EPM Scorecard Feb: Migration to XI Release 2 April, May: Management Reporting, EPM Scorecard Dec: EPM Phase 2 2005 2006

Holistic View of Performance Management BI Market BPM Market $1.59B HR/Ops/Supply Chain Market CRM Market Operational Analytics* $3.2B Customer Analytics $1.8B * Includes Supply Chain, Services Operations and HR Broaden the Market Opportunity Through Leverage

Comprehensive Solution Offerings for the CFO Planning Profitability Scorecard Reporting GRC Consolidation Analytics EPM Product Profitability Customer Profitability Budgeting Capital Planning Forecasting Strategic Planning Incentive Compensation Management Workforce Analytics Supply Chain Analytics Receivable & Payable Analytics Customer Analytics Sarbanes-Oxley Dashboard Manager Performance Manager Crystal Xcelsius

1 2 3 4 6 7 5 Partner Framework - GPS7 Sales & Global Services working together to create a vision of end-to-end solutions for our customers Sales developing customer relationships with business and I.T. and comprehensive account strategies Sales and Partners leveraging relationships and identifying synergies Partners driving global transformations and developing deep customer relationships Global Services and Partners working together to deliver innovative solutions Global Services driving anchor accounts in all geographies An industry leading ecosystem offering customers the very best technology, services, and strategy to improve their speed to performance G Global Services P Partners S Sales

Strategy for Growth and Margin Improvement Enable more license sales Continue to move from tactical to high value transformational projects Drive quality to enhance customer success Accelerate partner enablement

Global Alliances, Channel Sales and the Mid-Market Janet Wood Senior Vice President, Global Partnerships & Sales Enablement

Agenda Partner strategy Partner ecosystem Partner role in sales model Customer/partner examples Leveraging our partner channel to win the mid-market

Independent Software Vendors (ISV) ISV partnerships in aggregate provide unique capability to seamlessly integrate across customers' heterogeneous IT environments Reduce customers' deployment costs and integration complexity by working with leading ISV's to create tightly integrated, complimentary BI offerings Increase value "out of the box" by embedding BI functionality within ISV's offerings Seed technology in custom application market through partnerships with leading IDE's SI & Resell Partnerships Provide customers with access to a competitive community of complimentary service providers Extend sales reach within the mid-market and influence within the enterprise market Leverage domain expertise of partners to maximize value of offering for joint customers: Standardization; Vertical Solutions; ERP expertise; Budgeting & Planning Partner Strategy: "Focus on Customer Value" Partner Strategy: "Focus on Customer Value"

Partner Ecosystem: Over 3,000 Partners & Resellers Platinum Gold Silver Bronze + 124 consulting & education partners ISV/HW 865 Solution Providers 650 Distributors/ Resellers 1500 ++ Global Alliances (18)

IBM Strategic Alliance Signed a Strategic Alliance with IBM Highest level partnership within IBM 3 year agreement, multiple industries and all geographies Natural progression from prior agreements Expansion of IBM resources and funding assigned to Business Objects Enhanced collaboration Expansion into new markets - China, Russia, Eastern Europe Industry solutions (Financial Services, Retail, Government, Healthcare, Life Sciences) Large enterprise customers Extended integration of data and metadata IBM CoC for migration of joint customers to XI Release 2 Mid-market customers To establish new, joint offerings for mid-market Synergy of IBM and Business Objects channels

Partner Alignment to GTM model Seed Harvest Standardize Solution Providers Global Alliances Solution Providers Global Alliances Distributors/ Resellers ISV

Influence & Depth Solution Providers Global Alliance Solution Providers ISV ISV Disti / Reseller Seed Harvest Standardize Extend Reach Partner Role within Sales Model Enterprise Mid-Market Global Alliance

Mid-Market Opportunity High growth segment* 12.5% CAGR, compared to 8.3% growth in Enterprise 35% of overall BI market Profitable business High profit margin business through lower cost of sales from Channels Market share acquisition Fragmented market Value of BI Same BI requirements as Enterprise customers Minimal IT staff, need to maximize value of installed applications Mid-Market Large Mid-Market Midsize Mid-Market Small Enterprise *IDC & Crimson Consulting 2500 Employees $1B Revenues 1000 Employees 500 Employees

Existing Mid Market Momentum Strong Customer Base Base of 30,000+ mid-market customers represents significant cross- sell, up-sell opportunities Strongest partner eco-system of any BI vendor 2,300 Mid Market-specific partners including Solution Providers, Distributors/Resellers and ISVs Want turn key solutions; need to make every penny of IT budget count World-Leader in Business Intelligence Strong brand recognition = safe choice Executive and organizational commitment Todd Rowe - Global Vice President, Mid Market Organization in place to drive and measure growth

Mid-Market Go To Market Strategy Leverage channels to reach each mid-market segment Direct Sales (ICAM) Value Channel (Solution Providers & SI) Volume Channel (Distributors & Resellers) OEM (800+ ISV partners) Broad proliferation of Business Objects as mid- market BI standard Achieve ubiquity of Business Objects as BI standard through multiple channel types Become the PDF of BI in mid-market Scale business through channels Large Midsize Small Installed Hosted Enterprise Solution Providers Ecosystem Specialty Distributors Shrink-wrap products OEM channels Volume channel: Xcelsius and Crystal Reports Embedded SaaS ICAM

Summary Large, diverse partner ecosystem enhances Business Objects value proposition: ISV channel seeding our technology and delivering BI functionality to other ISV's solutions Solution Provider and Reseller channels extending our reach and domain expertise Global Alliance program leveraging expertise and influence of dominant vendors Partners integral to go-to-market strategy: Enterprise - depth & influence Mid-market - extend reach Across all markets - leverage domain expertise

Revenue Growth and Margin Expansion Jim Tolonen Chief Financial Officer

Agenda Q3 2006 Exceeded Guidance & Revised Estimates Revenue Growth Opportunities for 2006 and 2007 Margin Expansion Drivers for 2006 and 2007

Y/Y Growth Total Revenues $310M License Revenues $132M US GAAP Diluted EPS $0.21 Non-GAAP Diluted EPS $0.41 +19% +9% 0% +37% Third Quarter 2006 Results GAAP EPS includes stock option expense Revenues exceeded company guidance of $293M - $298M US GAAP Diluted EPS exceeded the company guidance of $0.15 - $0.18 per share; Non-GAAP Diluted EPS exceeded company guidance of $0.32 - $0.35 per share Q4 and FY06 guidance increased

Third Quarter 2006 Revenue Analysis Global Services Q2 2005 36.8 Q2 2006 47.9 EIM Q2 2005 6.651161 Q2 2006 11.82457 EPM Q2 2005 8.998266 Q2 2006 15.111861 Core BI Q2 2005 107.90971 Q2 2006 96.141037 Q3 2005 License Revenues up 9% Y-Y $100M $19M $13M Maintenance Q2 2005 100.7 Q2 2006 123.5 $129M $50M Q3 2006 Services Revenues up 27% Y-Y +24% +34% +138% +74% - -5% $105M $8M $8M $103M $38M

Third Quarter 2006 Revenue Growth by Geography Eur Asia P Amer Revenue 112.7 22.6 175.2 Americas: $175M 56% of total revenue +27% year-over-year +4% sequentially APJ: $23M 8% of total revenue +19% year-over-year +13% sequentially EMEA: $113M 36% of total revenue +7% year-over-year +6% sequentially

Y/Y Growth 14 to 15% NA* 22 to 26% FY 2006 Guidance Fiscal Year 2006 Financial Guidance Non-GAAP diluted EPS guidance excludes amortization of intangible assets and stock-based compensation expense totaling approximately $0.86 per share, net of tax Q406 Assumes a US dollar to euro exchange rate of $1.26 per &128;1.00, a US dollar to Canadian dollar exchange rate of $0.89 per CDN $1.00 US GAAP tax rate of 44% and a Non-GAAP tax rate of 32% for the full year of 2006 * Note: 2005 US GAAP numbers don't include stock-based compensation expense under FAS 123(R). Total Revenue range $1.231B - $1.239B US GAAP Diluted EPS range $0.71 - $0.76 Non-GAAP Diluted EPS range $1.57 - $1.62

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 1.62 5.68 14.1 30.2 60.2 85.5 114.5 167 241.6 348.9 415.8 454.8 560.8 925.6 1077 926.26 308.74 Long History of Revenue Growth $millions Surpassing the $1 Billion Milestone in 2005 2006 Estimated Estimated Fourteenth Consecutive Year of Revenue Growth

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Maintenance 100.1 100.7 103.5 107.8 108.6 123.5 128.5 Net license fees 115.2 124.9 120.3 155.3 125.9 123.1 131.6 Consulting and training 33.5 36.8 37.6 41.5 43.8 47.9 50.3 Consistent Double-Digit Total Revenue Growth 15% 18% 19% 14% 12% 12% 19% All percentages are year over year growth rates in total revenue. Net license fees Consulting Maintenance Fiscal 2005 Fiscal 2006 Millions of Dollars

Revenue Growth Trends by Geography Americas Continues to Have Solid Momentum 27% year-over-year revenue growth in Q3 EMEA Returned to Growth, Key Focus in 2007 7% year-over-year revenue growth in Q3 and up 3% in constant currency APJ Breakthrough 19% year-over-year revenue growth in Q3 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Revenue Growth Rates By Geography - -20% - -10% 0% 10% 20% 30% 40% Americas EMEA APJ

BusinessObjects XI Growth in Core BI License In Q3 2006 BusinessObjects XI core BI license revenues grew to $75 million, up 40% from last year As customers complete migrations and older versions of our products are displaced by BusinessObjects XI, we expect core BI to return to growth Maintenance end-of-life for older versions expected to accelerate transition Q1 Q2 Q3 Q4 FY05 16 45.3 53.8 80.3 FY06 70 66.2 75.4 BusinessObjects XI in Core BI 338% 46% 40% "Other" Core BI License Revenue Q105 Q205 Q305 Q405 Q106 Q206 Q306 $- $90.0 $70.0 $60.0 $40.0 $30.0 $20.0 Millions of Dollars $80.0 $50.0 $10.0 Quarter Since Release Millions of Dollars

Q1 Q2 Q3 2005 8.241 8.929 7.884 2006 14.212 15.112 18.797 Growth in EPM and EIM EPM and EIM reported solid growth rates Y-Y in all quarters in 2006 EPM reported 138% Y/Y growth in Q3, driven by growth of SRC and by growth of dashboard and management product solutions EIM reported 74% Y/Y growth in Q3, driven by Firstlogic and strength of the data integration products Opportunity for growth as EIM and EPM expand further into EMEA and APJ EIM Year-over-Year Growth EPM Year-over-Year Growth Q1 Q2 Q3 2005 6.001 6.651 7.558 2006 6.845 11.825 13.117 72% 69% 138% 74% 78% 14%

Global Services Year-over-Year Growth Maintenance Year-over-Year Growth Q1 Q2 Q3 2005 100.119 100.663 103.323 2006 108.55 123.476 128.549 Q1 Q2 Q3 2005 33 38 38 2006 44 48 50 Growth in Maintenance and Services Q3 2006 Maintenance was strong at 24% Y/Y on strength of new license sales, very strong maintenance renewal rates Global Services will have further opportunities as further expand into APJ and EMEA Consulting and Training have become a key component of ensuring customer satisfaction with BI deployments 8% 23% 24% 31% 27% 34%

Mid-Term Non-GAAP Operating Model Target Percentage of Total Revenues Target Range License 45% - 46% Maintenance 38% - 39% Consulting and Training 14% - 16% Gross Margins 80% - 81% Sales and Marketing 37% - 38% Research and Development 14% - 15% G & A 7% - 8% Operating Margin 19% - 23%

Q1 Q2 Q3 2005 0.123 0.167 0.16 2006 0.144 0.132 0.171 2006 Non-GAAP Margin Expansion Non-GAAP operating margin back on track Q3 2006 Non-GAAP operating margin improved 100 basis points year-over-year and 400 basis points sequentially Non-GAAP operating margin benefited from improvements in sales-force productivity and continued leverage on G&A Q3 2006 Non-GAAP EPS up 37% Y/Y, and 18% higher than 19% Y/Y revenue growth

Q1 Q2 Q3 FY05 0.415 0.397 0.393 FY06 0.409 0.404 0.377 Non-GAAP Key Metrics Improvement G&A as a Percent of Total Revenue S&M as a Percent of Total Revenue R&D as a Percent of Total Revenue Q1 Q2 Q3 FY05 0.161 0.153 0.154 FY06 0.151 0.161 0.156 North FY05 FY06 38% 16% Target 37-38% Target 14-15% Q1 Q2 Q3 FY05 0.098 0.083 0.085 FY06 0.085 0.083 0.081 North 8% Target 7-8% Services Revenue Gross Margin Q1 Q2 Q3 FY05 0.634 0.634 0.629 FY06 0.627 0.64 0.643 North 64%

Leverage on revenue growth + Ongoing operational efficiencies Continued Opportunities for Margin Expansion Improve Global Services Margins Increased billing rates and better utilization of the available resources Customer Support Costs decrease with the end of life of old product lines Quality of XI and single platform decrease costs as a percent of revenue Implemented web services and other low-cost first line of response support Sales & Marketing Increased sales rep productivity and reduced cost of infrastructure will have the largest impact on increasing operating margins Research & Development Continued integration of acquisitions R&D Shift towards of low-cost and high productivity R&D centers General & Administrative Take advantage of being a $1B+ company, by rationalizing contracts, suppliers, etc.

Confidence in Business Performance Leading in a Growing BI Market Revenue Growth Opportunities in All Geographies Strength in All Product Categories Best Partner Ecosystem Significant Operational Improvements Since Last Analyst Day in November 2005 Leverage in Operating Profit Continued Leverage in EPS

Questions & Answers