AGENCY AGREEMENT


                                 17 March, 2000


Edward S. Adams
President and CEO
Equity Securities Investments, Inc.
130 Cheshire Lane, Suite 103
Minnetonka, MN  55305

Re:      Terms of Engagement

Dear Mr. Adams:

         The undersigned, CorVu Corporation, a Minnesota corporation (the
"Company"), confirms its agreement with you, Equity Securities Investments, Inc.
(the "Agent"), subject to the terms and conditions stated herein, to act as the
Company's agent with respect to the offer and sale of Two Million Five Hundred
Thousand Dollars ($2,500,000) of the Company's Common Stock ("Common Shares"),
par value $.01 per share. The terms under which the Common Shares will be sold
are described in more detail in the Term Sheet attached hereto as Exhibit A. The
Common Shares, the Agent's Warrant (as defined below) and the Agent's Warrant
Shares (as defined below) are referred to herein collectively as the
"Securities."

         1.       Appointment of the Agent.

                  (1) The Company proposes to issue and sell through the Agent
to accredited investors, on a "best efforts" basis, an aggregate of Two Million
Five Hundred Thousand Dollars ($2,500,000) of Common Shares.
There is no minimum number of Common Shares required to be sold in the offering.

                  (2) Subject to the terms and conditions hereinafter set forth,
the Company hereby engages the Agent as its exclusive agent for a period ending
April 30, 2000, subject to extension for one or more periods of thirty (30) days
each by mutual agreement of the parties hereto, for the purpose of offering and
selling the Common Shares (the "Offering Period"), as provided in this
Agreement. The Agent agrees to use its best efforts to sell the Common Shares as
agent of the Company. It is understood and agreed that there is no obligation on
the part of the Agent to purchase any of the Common Shares not otherwise sold.

                  (3) As compensation for the Agent's services, the Company will
pay to the Agent a commission of seven and one-half percent (7.50%) of the
aggregate purchase price of the Common Shares sold in the offering and issued
and delivered by the Company. Such commissions will be due and payable by the
Company to the Agent on each Closing Date (as herein defined). The Company will
also issue to the Agent warrants for the purchase of Common Stock as set forth
in Section 8 hereof.


<PAGE>

                  (4) The first closing and each subsequent closing of the
offering contemplated hereby shall take place at such place, date and time as
shall be mutually agreed upon by the Company and the Agent, but each closing
shall take place promptly after Agent's receipt of funds. Each date of closing
is herein referred to as a "Closing Date," the first such date of closing is
herein referred to as the "First Closing Date" and the last such date of closing
is herein referred to as the "Final Closing Date."

                  (5) Pending the closing or closings, all funds in payment of
Common Shares shall be deposited in an escrow account with Century Bank. Funds
so deposited will be promptly made available to the Company.

         2. Representations and Warranties of the Company. The Company
represents and warrants to and agrees with the Agent as follows:

                  (1) The Company has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of
Minnesota, with full corporate power and authority to own, lease, and operate
its properties and conduct its business. The Company is duly qualified to do
business as a foreign corporation in good standing in each jurisdiction in which
the ownership or lease of its properties, or the conduct of its business,
requires such qualification and in which the failure to be so qualified or in
good standing would have a material adverse effect on the business of the
Company.

                  (2) The Company has no subsidiaries, other than disclosed.

                  (3) The Company has all necessary and material authorizations,
approvals and orders of and from all governmental regulatory officials and
bodies to own its properties and conduct its business, and is conducting its
business in substantial compliance with all applicable material laws, rules and
regulations of the jurisdictions in which it is conducting business. The Company
holds all material licenses, certificates, and permits from state, federal and
other regulatory authorities necessary for the conduct of its business.

                  (4) The Company is not in violation of its Articles of
Incorporation or Bylaws, or in default in any performance or observance of any
obligation, agreement, covenant or condition contained in any bond, debenture,
note or other evidence of indebtedness or in any material contract, indenture,
mortgage, loan agreement, joint venture or other agreement or instrument to
which the Company is a party or by which the Company or any of its properties is
bound and which default is material to the business of the Company, except for
that agreement relating to indebtedness connected with Integral Business Finance
Party Limited and certain provisions in one or more registration rights
agreement with certain shareholders of the Company. The Company is not in
violation of any law, order, rule, regulation, writ, injunction or decree of any
government, governmental instrumentality or court, domestic or foreign, which
violation is material to the business of the Company.

                  (5) The Company has the full legal right, power and authority
to enter into this Agreement. This Agreement has been authorized, executed and
delivered by the Company and is a valid and binding agreement on the part of the
Company enforceable in accordance with its terms, except as enforceability may
be limited by the application of bankruptcy, insolvency, moratorium, or similar

<PAGE>

laws affecting the rights of creditors generally and judicial limitations on the
right of specific performance, and except as the enforceability of the
indemnification or contribution provisions hereof may be affected by applicable
federal or state securities laws. The performance of this Agreement and the
consummation of the transactions herein contemplated will not result in a
material breach or violation of any of the terms and provisions of, or
constitute a material default under, (i) the Company's Articles of Incorporation
or Bylaws, (ii) any indenture, mortgage, deed of trust, loan agreement, bond,
debenture, note agreement or other evidence of indebtedness, lease, contract, or
instrument to which the Company is a party or by which the property of the
Company is bound, excepting those certain registration rights agreements
referred to in subparagraph (4) above, or (iii) any statute or any order, rule
or regulation of any court or governmental agency or body having jurisdiction
over the Company.

                  (6) No consent, approval, authorization or order of any court
or governmental agency or body is required for the consummation by the Company
of the transactions on its part herein contemplated, except such as may be
required under the 1933 Act or under any state or other securities or Blue Sky
laws.

                  (7) There are no actions, suits or proceedings pending before
any court or governmental agency, authority or body to which the Company is a
party or of which the business or property of the Company is the subject which
might result in any material adverse change in the condition (financial or
otherwise), business or prospects of the Company, materially and adversely
affect its properties or assets, or prevent consummation of the transactions
contemplated by this Agreement; and, to the best of the Company's knowledge, no
such actions, suits or proceedings are threatened.

                  (8) The Company has the duly authorized and outstanding
capitalization represented in its most recent public disclosures. The
outstanding shares of Common Stock of the Company are duly authorized and
validly issued, fully paid and nonassessable. There are no preemptive or other
rights to subscribe for or to purchase, or any restrictions upon the transfer of
the Securities pursuant to the Company's Articles of Incorporation, Bylaws, or
any other governing documents, or any other instrument to which the Company is a
party, and the offering or sale of the Securities as contemplated hereby does
not give rise to any rights by any party to purchase shares of Common Stock or
other securities of the Company. The certificates evidencing shares of Common
Stock comply as to form with all applicable provisions of the laws of the State
of Minnesota.

                  (9) The Securities offered pursuant to this Agreement have
been duly authorized by all necessary corporate action. Upon payment for the
Securities by the purchasers thereof and delivery of the Securities by the
Company as contemplated herein, the purchasers will acquire good and marketable
title to the Securities, free and clear of all liens, encumbrances or claims.

                  (10) The Agent's Warrants referred to in Section 8 hereof and
the shares of Common Stock issuable upon exercise of the Agent's Warrants (the
"Agent's Warrant Shares") have been duly authorized by all necessary corporate
action. The Agent's Warrants, when issued and delivered to the Agent, will
constitute valid and binding obligations of the Company in accordance with their
terms, except as enforceability may be limited by the application of bankruptcy,

<PAGE>

insolvency, moratorium or similar laws affecting the rights of creditors
generally and by judicial limitations on the right of specific performance. The
Agent's Warrant Shares have been duly authorized and, when issued in accordance
with the terms of this Agreement and of the Agent's Warrants, will be fully paid
and nonassessable, and subject to no preemptive rights or similar rights on the
part of any person or entity. A sufficient number of shares of Common Stock of
the Company have been reserved for issuance by the Company upon exercise of the
Agent's Warrants.

                  (11) The Company has good and marketable title to all of the
property, real and personal, represented by the Company as being owned by it,
free and clear of all liens, encumbrances, equities, charges or claims, except
as do not materially interfere with the uses made and to be made by the Company
of such property or as disclosed in the financial statements. The Company has
valid and binding leases to the real and/or personal property described in its
public disclosure documents as being under lease to it, except as to those
leases which are not material to the Company or the lack of enforceability of
which would not materially interfere with the use made and to be made by the
Company of such leased property.

                  (12) The Company owns or possesses adequate rights to use all
patents, copyrights, trademarks and proprietary rights or information reasonably
necessary for the conduct of its present or intended business and the Company
has not received any notice and is not aware of any infringement of or conflict
with asserted rights of others. There are no pending legal, governmental or
administrative proceedings relating to patents, copyrights, trademarks or
proprietary rights or information, to which the Company is a party or of which
any of its property is subject and no such proceedings are, to the best of the
Company's knowledge, threatened or contemplated against the Company by any
governmental agency or authority or others.

                  (13) The Company has filed all necessary federal and state
income and franchise tax returns and paid all taxes shown as due thereon and all
assessments received by it to the extent that such taxes have become due and
payable, except where the Company is contesting in good faith such taxes and
assessments. The Company has no knowledge of any tax deficiency which might be
asserted against it which would materially and adversely affect the Company's
business or properties.

                  (14) No labor disturbance by the employees of the Company
exists or, to the best of the Company's knowledge, is imminent which could
reasonably be expected to have a material adverse effect on the conduct of the
business, operations, financial condition or income of the Company.

                  (15) To the best of the Company's knowledge, the Company has
not sold any securities in violation of Section 5(a) of the 1933 Act, the
violation of which would have a material adverse effect on the Company.

                  (16) The Company is not disqualified from claiming exemption
under Regulation D by Rule 507 thereof, and meets the other requirements to
claim exemption under Rule 505 and Rule 506 of Regulation D.

                  (17) Neither the Company nor any of its predecessors or any
affiliated issuer as those terms are defined under the Rules and Regulations:


<PAGE>

                           (1) has filed a registration statement which is the
         subject of any pending proceeding or examination under Section 8 of the
         1933 Act or has been the subject of any refusal order or stop order
         entered thereunder;

                           (2) is or has been subject to proceedings under Rule
         258 of the Rules and Regulations or any similar rule adopted under
         Section 3(b) of the 1933 Act, or to any order entered thereunder;

                           (3) has been convicted of any felony or misdemeanor
         in connection with the purchase or sale of any security or involving
         the making of any false filing with the Commission;

                           (4) is or has been subject to any order, judgment or
         decree of any court of competent jurisdiction temporarily,
         preliminarily or permanently restraining or enjoining such person from
         engaging in or continuing any conduct or practice in connection with
         the purchase or sale of any security or involving the making of any
         false filing with the Commission; or

                           (5) is or has been subject to a United States Postal
         Service false representation order.

                  (18) Neither the Company nor any of its directors, officers or
ten percent (10%) or more security holders, or any of its promoters presently
connected with it in any capacity:

                           (1) has been convicted of any felony or misdemeanor
         in connection with the purchase or sale of any security, involving the
         making of a false filing with the Commission or arising out of such
         person's conduct of the business of an underwriter, broker, dealer,
         municipal securities dealer or investment adviser;

                           (2) is or has been subject to any order, judgment or
         decree of any court of competent jurisdiction temporarily,
         preliminarily or permanently enjoining or restraining such person from
         engaging in or continuing any conduct or practice in connection with
         the purchase or sale of any security, involving the making of a false
         filing with the Commission or arising out of such person's conduct of
         the business of an underwriter, broker, dealer, municipal securities
         dealer or investment adviser;

                           (3) is or has been subject to an order of the
         Commission entered pursuant to Section 15(b), 15B(a) or 15B(c) of the
         Securities Exchange Act of 1934 or Section 203(e) or (f) of the
         Investment Advisers Act of 1940;

                           (4) is or has been suspended or expelled from
         membership in, or suspended or barred from association with a member
         of, a national or provincial security dealers association or a national
         securities exchange or a Canadian securities exchange for any act or
         omission constituting conduct inconsistent with just and equitable
         principles of trade; or

                           (5)      is or has been subject to a United States
         Postal  Service false representation order.


<PAGE>

         3. Agreements of the Company. The Company hereby covenants and agrees
with the Agent that:

                  (1) The Company will use its best efforts to arrange for the
exemption or qualification of the private placement of the Common Shares in the
State of Minnesota and any other state the Agent may reasonably designate,
provided that such exemption or qualification may be obtained without causing
the Company extraordinary cost or hardship, and provided further, that the
Company shall not be required to qualify as a foreign corporation or to file a
general consent to service of process in any jurisdiction where it is not now so
qualified or required to file such a consent.

                  (2) The Company will advise the Agent promptly upon obtaining
knowledge of the issuance by the Commission or any state securities commission
of any action or order suspending the offer and/or sale of the Common Shares, or
of the institution of any proceeding for that purpose, will use its best efforts
to prevent the issuance of any such action or order and, if such an event
occurs, will obtain as soon as reasonably possible the withdrawal or lifting
thereof.

                  (3) The Company will not participate in any form of general
solicitation or general advertising within the meaning of Rule 502(c) of
Regulation D.

                  (4) The Company shall pay all costs and expenses incident to
the performance of its obligations under this Agreement including, without
limiting the generality of the foregoing, (i) all costs and expenses in
connection with the preparation, printing and filing (if required) of any
relevant materials (including financial statements and exhibits), and any
amendments or supplements thereto; (ii) the printing of any other instruments or
documents relating to any transaction contemplated in this Agreement; (iii) the
issuance and delivery of the Securities, including taxes, if any; (iv) the cost
of all instruments or certificates representing the Securities; (v) the fees and
expenses of the Transfer Agent, if any; (vi) the fees and disbursements of legal
counsel for the Company; (vii) the fees and other charges of the independent
public accountants of the Company; (viii) the cost of furnishing to the Agent,
and all postage and courier charges relating to the distribution by the Agent
of, copies of relevant materials (including appropriate exhibits), and any
amendments or supplements thereto; and (ix) all costs (including attorney's fees
and filing fees) of obtaining exemption from registration of the offer and sale
of the Common Shares under the laws of the Blue Sky jurisdictions designated by
the Agent. The Company's legal counsel shall be responsible for determining and
making any filings or taking any other action necessary to comply with
applicable Blue Sky laws, and shall provide the Agent with a written memorandum
summarizing such actions.

                  (5) If the offering proposed herein is terminated (i) for any
reason within the control of the Company; (ii) based upon the fact that there
has been a material adverse change in the financial or other affairs of the
Company since the date of the last financial statements of the Company provided
to the Agent; (iii) because any of the Company's warranties or representations
in this Agreement prove untrue; or (iv) because there shall have occurred such a
material change in general economic, political or financial conditions or
because the effect of international conditions on the financial markets in the

<PAGE>

United States becomes such as, in the Agent's judgment, makes it inadvisable to
proceed with the sale of the Common Shares, then the Company shall reimburse the
Agent for its actual, accountable, out-of-pocket expenses (including reasonable
fees and disbursements of legal counsel to the Agent) incurred with respect to
the offering contemplated by this Agreement in an amount not to exceed Ten
Thousand Dollars ($10,000). All reimbursements pursuant to this paragraph shall
occur within thirty (30) days after the Agent delivers to the Company a written
itemization of such expenses. The Agent shall not be responsible for any
expenses of the Company or other parties, relating to the offering contemplated
hereby or otherwise, if such offering is not consummated.

                  (6)      For each period  specified  below,  ending on or
before  December 31, 2000,  the Company will:

                           (1) furnish to the Agent, within one hundred twenty
         (120) days after the close of each fiscal year, audited annual
         consolidated financial statements of the Company and its subsidiaries,
         if any, for such fiscal year.

                           (2) furnish to the Agent, within sixty (60) days
         after the end of each of the first three quarters of each fiscal year,
         appropriate quarterly consolidated financial statements of the Company
         and its subsidiaries, if any, in such form as to disclose the Company's
         financial condition at the end of, and results of operations for such
         period, which financial statements need not be audited; and

                           (3) furnish to the Agent copies of all statements and
         notices to security holders of the Company and such other information
         as the Agent may reasonably request.

                  (7) The Company shall obtain waivers, in a form satisfactory
to the Agent, of any preemptive or other rights held by any holders of the
Company's capital stock or rights to acquire capital stock, whether such
preemptive rights are held by law or agreement.

                  (8) The Company will comply with any applicable requirements
of the Investment Company Act of 1940, as amended.

         4. Representations and Warranties of Agent. The agent hereby represents
and warrants that:

                  (1)      The  Agent is a member  in good  standing  of the
National  Association  of  Securities Dealers, Inc.

                  (2) The Agent is a registered broker-dealer in good standing
under the appropriate laws and regulations of each of the states in which
offers, offers for sale, or sales of the Common Shares will be made by the
Agent.

                  (3) The Agent will not offer, solicit offers to buy or sell
the Common Shares by any form of general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D and will not offer any of the
Common Shares for sale, or solicit any offers to subscribe for or buy any of the
Common Shares or otherwise negotiate with any person in respect of any of the
Common Shares, other than in compliance with Regulation D.

                  (4) The Agent will make offers to sell Common Shares to, sell
to or solicit offers to subscribe for Common Shares from, persons only from
those states or other jurisdictions where the Company has either qualified or

<PAGE>

registered the offering for sale or determined that an exemption from such
qualification or registration is available under the applicable securities or
Blue Sky laws of such states or jurisdictions.

                  (5) No person or firm other than the Agent, or any Sub-Agent
designated by the Agent pursuant to Section 1(f), is entitled to the commission
to be paid pursuant to this Agreement. The Agent shall indemnify and hold the
Company harmless against any claim, demand, action, judgment, settlement, or
other loss resulting from a claim by any person or firm other than the Agent for
compensation in connection with the services contemplated by this Agreement to
be performed by the Agent.

         5. Conditions of the Agent's Obligations. The obligations of the Agent
as provided herein shall be subject to the condition that all representations
and warranties and other statements herein of the Company are materially true
and correct, the condition that the Company shall have materially performed all
of its obligations hereunder which are to be performed prior to the sale of the
Common Shares and closing hereunder, and to the satisfaction of the following
additional conditions on or before each Closing Date:

                  (1) No stop order suspending the offer and/or sale of the
Common Shares in any state shall have been issued and no proceeding for that
purpose shall have been initiated or, to the knowledge of the Company or the
Agent, threatened, by any State.

                  (2) At each Closing Date, the Company shall deliver to the
Agent a written statement of officers of the Company, in form and substance
satisfactory to the Agent certifying that, at that date, (i) the representations
and warranties of the Company pursuant to Section 2 of this Agreement are true
and correct in all material respects, (ii) the Company has performed all of the
obligations required of it pursuant to this Agreement in all material respects,
and (iii) no order suspending the qualification or exemption of the Common
Shares under any state securities or Blue Sky law or preventing or purporting to
prevent the offer and sale of the Common Shares has been issued, and no
proceedings therefor are pending or threatened, by the Securities and Exchange
Commission or by any authority administering any state securities or Blue Sky
law.

                  (3) The Agent shall have received such opinion or opinions as
the Agent may reasonably require, dated as of each Closing Date, in form and
substance satisfactory to the Agent, with respect to the sufficiency of all
corporate proceedings and other legal matters relating to this Agreement and the
transactions contemplated hereby, and the Company shall have furnished to said
counsel such documents as they may have requested for the purpose of enabling
them to pass upon such matters.

                  The Agent may waive, in writing or otherwise, the performance
of any one or more of the conditions specified in this Section 5 or extend the
time for their performance.

         6.       Indemnification and Contribution.

                  (a) The Company will indemnify and hold harmless the Agent
         against any losses, claims, damages or liabilities to which the Agent
         may become subject, under the 1933 Act or otherwise, insofar as such
         losses, claims, damages or liabilities (or actions in respect thereof)
         arise out of or are based upon an untrue statement or alleged untrue
         statement of a material fact made by the Company, or which arise out of

<PAGE>

         or are based upon the omission or alleged omission to state therein a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading, and will reimburse the Agent for any
         reasonable legal or other expenses incurred by it in connection with
         investigating or defending against any such loss, claim, damage,
         liability or action; provided, however, that the Company shall not be
         liable in any such case to the extent that any such loss, claim, damage
         or liability arises out of or is based upon an untrue statement or
         alleged untrue statement or omission or alleged omission that was made
         in reliance upon and in conformity with written information furnished
         to the Company by the Agent for use in the preparation thereof.

                  (b) The Agent will indemnify and hold harmless the Company
         against any losses, claims, damages or liabilities to which the Company
         may become subject, under the 1933 Act or otherwise, insofar as such
         losses, claims, damages or liabilities (or actions in respect thereof)
         arise out of or are based upon (i) a breach of the representations and
         warranties of the Agent set forth in Section 4 of this Agreement, or
         (ii) an untrue statement or alleged untrue statement of a material fact
         made by the Agent.

                  (c) Promptly after receipt by an indemnified party under
         subparagraph (a) or (b) above of notice of the commencement of any
         action, such indemnified party shall, if a claim in respect thereof is
         to be made against the indemnifying party under such subsection, notify
         the indemnifying party in writing of the commencement thereof; but the
         omission so to notify the indemnifying party shall not relieve it from
         any liability that it may have to any indemnified party otherwise than
         under such subsection. In any case such action shall be brought against
         any indemnified party, and it shall notify the indemnifying party of
         the commencement thereof, the indemnifying party shall be entitled to
         participate in, and, to the extent that it shall wish, jointly with any
         other indemnifying party similarly notified, to assume the defense
         thereof, with counsel who shall be reasonably satisfactory to such
         indemnified party, and after notice from the indemnifying party to such
         indemnified party of its election so to assume the defense thereof, the
         indemnifying party will not be liable to such indemnified party under
         such subsection for any legal or other expenses subsequently incurred
         by such indemnified party in connection with the defense thereof other
         than reasonable costs of investigation prior to such notice of
         assumption.

                  (d) If the indemnification provided for in subparagraphs (a)
         and (b) above is unavailable or insufficient to hold harmless an
         indemnified party under subparagraphs (a) and (b) above, then each
         indemnifying party shall contribute to the amount paid or payable by
         such indemnified party as a result of the losses, claims, damages or
         liabilities referred to in subparagraphs (a) and (b) above, (1) in such
         proportion as is appropriate to reflect the relative benefits received
         by the Company on the one hand and the Agent on the other from the
         offering of the Shares, or (2) if the allocation provided by clause (1)
         above is not permitted by applicable law, in such proportion as is
         appropriate to reflect not only the relative benefits referred to in
         clause (1) above but also the relative fault, as determined by a trier
         of fact, of the Company on the one hand and the Agent on the other in
         connection with the statements or omissions that resulted in such
         losses, claims, damages or liabilities, as well as any other relevant
         equitable considerations. The relative fault shall be determined by
         reference to, among other things, whether the untrue or alleged untrue
         statement of a material fact or the omission or alleged omission to

<PAGE>

         state a material fact relates to information supplied or statements
         made by the Company or the Agent and the parties' relative intent,
         knowledge, access to information and opportunity to correct or prevent
         such untrue statement or omission. The Company and the Agent agree that
         it would not be just and equitable if contributions pursuant to this
         subparagraph (d) were to be determined by pro rata allocation or by any
         other method of allocation which does not take account of the equitable
         considerations referred to in the first sentence of this subparagraph
         (d). The amount paid by an indemnified party as a result of the losses,
         claims, damages or liabilities referred to in the first sentence of
         this subparagraph (d) shall be deemed to include any legal or other
         expenses reasonably incurred by such indemnified party in connection
         with investigating or defending against any action or claim which is
         the subject of this Section. No person guilty of fraudulent
         misrepresentation (within the meaning of Section 11(f) of the 1933 Act)
         shall be entitled to contribution from any person who was not guilty of
         such fraudulent misrepresentation.

                  (e) The obligations of the Company under this Section 6 shall
         be in addition to any liability which the Company may otherwise have
         and shall extend, upon the same terms and conditions, to each person,
         if any, who controls the Agent within the meaning of the 1933 Act; and
         the obligations of the Agent under this Section 6 shall be in addition
         to any liability that the Agent may otherwise have and shall extend,
         upon the same terms and conditions, to each director and officer of the
         Company, and to each person, if any, who controls the Company within
         the meaning of the 1933 Act.

         7.       Effective Date of This Agreement and Termination.

                  (1) This Agreement shall become effective when signed by the
Company and the Agent (the "Effective Date").

                  (2) This Agreement may be terminated by the Agent by notice to
the Company, in the event that, prior to the First Closing Date, the Company
shall have failed to a material degree to comply with any of the provisions
hereof on its part to be performed on or prior to such date or if to a material
degree any of the conditions, agreements, representations or warranties herein
contained shall not have been fulfilled within the respective times herein
provided for, without any obligation of any party to any other party, except as
may otherwise be provided herein.

         8. Agent's Common Stock Purchase Warrants. On the Final Closing Date,
the Company shall sell to the Agent for $50.00 a warrant or warrants, as
designated by the Agent, in the form of Exhibit B hereto, for the purchase from
the Company of 30,000 shares of the Company's Common Stock. The Agent's Warrants
shall provide the Agent with a five year warrant to purchase 10,000 shares of
Common Stock at a per share price of $4.00 per share, a five year warrant to
purchase 10,000 shares of Common Stock at a per share price of $5.50 per share,
and a five year warrant to purchase 10,000 shares of Common Stock at a per share
price of $7.00 per share.

         9. Survival of Indemnities, Contribution Agreements, Warranties and
Representations. The indemnity and contribution agreements of the Company and
the Agent contained in Section 6, the covenants of the Company set forth in
Section 3 hereof, and the Agent's representations and warranties set forth in

<PAGE>

Section 4 hereof shall remain operative and in full force and effect, regardless
of any investigation made by or on behalf of the Agent, the Company or any of
its directors and officers, or any controlling person referred to in Section
6(e), and shall survive the delivery of and payment for the Common Shares. The
aforesaid indemnity and contribution agreements shall also survive following any
termination or cancellation of this Agreement. Any successor of any party or of
any such controlling person or any legal representative of such controlling
person, as the case may be, shall be entitled to the benefit of the respective
indemnity and contribution agreements.

         10. Notices. All notices or communications hereunder, except as herein
otherwise specifically provided, shall be in writing and shall be mailed,
delivered or transmitted by facsimile and confirmed as follows:

         If sent to the Agent:

                                    Equity Securities Investments, Inc.
                                    130 Cheshire Lane, Suite 103
                                    Minnetonka, MN  55305
                                    Attention:  Edward S. Adams
                                    Telephone:  (612) 476-6633
                                    Facsimile: (612) 476-8447

         If sent to the Company:

                                    CorVu Corporation
                                    3400 West 66th Street
                                    Suite 445
                                    Edina, MN  55435
                                    Attention:  David Carlson
                                    Telephone:  (612) 843-7702
                                    Facsimile:  (612) 843-7752

         with a copy to:

                                    John H. Stout
                                    Fredrikson & Byron, P.A.
                                    1100 International Centre
                                    900 Second Avenue South
                                    Minneapolis, MN  55402
                                    Telephone:  (612) 347-7012
                                    Facsimile:  (612) 347-7077

         11. Parties. This Agreement shall inure to the benefit of and be
binding upon the Agent and the Company and their respective successors and
assigns and the officers and directors and controlling persons referred to in
Section 6(e). Nothing expressed in this Agreement is intended or shall be
construed to give any person or corporation, other than the parties hereto and
their respective successors and assigns and the controlling persons, officers
and directors referred to in Section 6(e), any legal or equitable right, remedy

<PAGE>

or claim under or in respect of this Agreement or any provision herein
contained, this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of the parties
hereto and their respective executors, administrators, successors and assigns
and said controlling persons and said officers and directors, and for the
benefit of no other person or corporation. No purchaser of any of the Shares
shall be construed a successor or assign by reason merely of such purchase. No
agent, Sub-Agent or participating dealer designated by the Agent shall be
construed a successor or assign of the Agent by reason of such designation.

         If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed counterpart of this
Agreement, whereupon it will become a binding agreement between the Company and
the Agent in accordance with its terms.

                                           Very truly yours,

                                           CORVU CORPORATION


                                           By  /s/ David Carlson
                                                   David Carlson
                                                   Chief Financial Officer


The foregoing Agency Agreement is hereby confirmed and accepted by us as of the
date first above written.

EQUITY SECURITIES INVESTMENTS, INC.


By /s/ Edward S. Adams
         Edward S. Adams
         President and Chief Executive Officer

<PAGE>

                                     WARRANT

                    To Purchase 25,000 Shares of Common Stock
                                       of
                                CORVU CORPORATION


         This Warrant and the Securities issuable upon exercise of this Warrant
         have not been registered under the Securities Act of 1933 (the "1933
         Act") or under any state securities or "Blue Sky" laws ("Blue Sky
         Laws"). No transfer, sale, assignment, pledge, hypothecation or other
         disposition of this Warrant or the Securities issuable upon exercise of
         this Warrant or any interest therein may be made except (a) pursuant to
         an effective registration statement under the Securities Act and any
         applicable Blue Sky Laws or (b) in accordance with Section 7 hereof, if
         the Company has been furnished with an opinion of counsel for the
         holder, which opinion and counsel shall be reasonably satisfactory to
         the Company, to the effect that no registration is required because of
         the availability of an exemption from registration under the Securities
         Act and applicable Blue Sky laws.


                  THIS CERTIFIES THAT, for $50 and other good and valuable
consideration, EQUITY SECURITIES INVESTMENTS, INC., or its registered assigns,
is entitled to subscribe for and purchase from CORVU CORPORATION, a Minnesota
corporation (the "Company"), at any time after _____________, 2000, [FINAL
CLOSING DATE] to and including ______________, 2005, [FINAL CLOSING DATE PLUS
FIVE YEARS] _____________________ (_______) fully paid and nonassessable shares
of the Common Stock of the Company at a price equal to 125% of the ten-day
average closing bid price for the ten trading day immediately prior to
_____________, 2000 [FINAL CLOSING DATE] of $1.00 per share (the "Warrant
Exercise Price"), subject to the anti-dilution provisions of this Warrant. This
Warrant is the of the "Agent's Warrants" referred to in the Agency Agreement
dated January __, 2000, by and between Equity Securities Investments, Inc. (the
"Placement Agent") and the Company (the "Agency Agreement").

                  As used herein, the following terms shall have the meanings
set forth below: (i) "Warrant Shares" means the shares which may be acquired
upon exercise of this Warrant; (ii) "Holder" means the Placement Agent, any
party who acquires all or a part of this Warrant as a registered transferee of
the Placement Agent, or any record holder or holders of the Warrant Shares
issued upon exercise, whether in whole or in part, of the Warrant; (iii) "Common
Stock" means the common stock, par value $.01 per share, of the Company, and
shall also include any capital stock of any class of the Company hereafter
authorized which shall not be limited to a fixed sum or percentage in respect of
the rights of the holders thereof to participate in dividends or in the
distribution of assets upon the voluntary or involuntary liquidation,
dissolution, or winding up of the Company; and (iv) "Convertible Securities"
means any stock or other securities convertible into, or exchangeable for,
Common Stock.


<PAGE>

         This Warrant is subject to the following provisions, terms and
conditions:

         1. Exercise; Transferability.

            (1) The rights represented by this Warrant may be exercised by the
Holder hereof, in whole or in part (but not as to a fractional share of Common
Stock), by written notice of exercise (in the form attached hereto) delivered to
the Company at the principal office of the Company prior to the expiration of
this Warrant and accompanied or preceded by the surrender of this Warrant along
with a check in payment of the Warrant Exercise Price for such shares.

            (2) Neither this Warrant nor the Warrant Shares may be sold,
assigned, hypothecated, or otherwise transferred except as provided in Section 7
hereof.

         2. Exchange and Replacement. Subject to Sections 1 and 7 hereof, this
Warrant is exchangeable upon the surrender hereof by the Holder to the Company
at its office for new Warrants of like tenor and date representing in the
aggregate the right to purchase the number of Warrant Shares purchasable
hereunder, each of such new Warrants to represent the right to purchase such
number of Warrant Shares (not to exceed the aggregate total number purchasable
hereunder) as shall be designated by the Holder at the time of such surrender.
Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction, or mutilation of this Warrant, and, in case of loss,
theft or destruction, of indemnity or security reasonably satisfactory to it,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
will make and deliver a new Warrant of like tenor, in lieu of this Warrant;
provided, however, that if the Placement Agent shall be such Holder, an
agreement of indemnity by such Holder shall be sufficient for all purposes of
this Section 2. This Warrant shall be promptly canceled by the Company upon the
surrender hereof in connection with any exchange or replacement. The Company
shall pay all expenses, taxes (other than stock transfer taxes), and other
charges payable in connection with the preparation, execution, and delivery of
Warrants pursuant to this Section 2.

         3. Issuance of the Warrant Shares.

            (1) The Company agrees that the shares of Common Stock purchased
upon exercise of this Warrant shall be and are deemed to be issued to the Holder
as of the close of business on the date on which this Warrant shall have been
surrendered and the payment made for such Warrant Shares as aforesaid. Subject
to the provisions of paragraph (b) of this Section 3, certificates for the
Warrant Shares so purchased shall be delivered to the Holder within a reasonable
time, not exceeding fifteen (15) days after the rights represented by this
Warrant shall have been so exercised, and, unless this Warrant has expired, a
new Warrant representing the right to purchase the number of Warrant Shares, if
any, with respect to which this Warrant shall not then have been exercised shall
also be delivered to the Holder within such time.

            (2) Notwithstanding the foregoing, however, the Company shall not be
required to deliver any certificate for Warrant Shares upon exercise of this
Warrant except in accordance with exemptions from the applicable securities
registration requirements or registrations under applicable securities laws.

<PAGE>

Nothing herein, however, shall obligate the Company to effect registrations
under federal or state securities laws, except as provided in Section 9. If
registrations are not in effect and if exemptions are not available when the
Holder seeks to exercise the Warrant, the Warrant exercise period will be
extended, if need be, to prevent the Warrant from expiring, until such time as
either registrations become effective or exemptions are available, and the
Warrant shall then remain exercisable for a period of at least 30 calendar days
from the date the Company delivers to the Holder written notice of the
availability of such registrations or exemptions. The Holder agrees to execute
such documents and make such representations, warranties, and agreements as may
be required solely to comply with the exemptions relied upon by the Company, or
the registrations made, for the issuance of the Warrant Shares.

         4. Covenants of the Company. The Company covenants and agrees that all
Warrant Shares will, upon issuance, be duly authorized and issued, fully paid,
nonassessable and free from all taxes, liens and charges with respect to the
issue thereof. The Company further covenants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the
Company will at all times have authorized and reserved for the purpose of issue
or transfer upon exercise of the subscription rights evidenced by this Warrant a
sufficient number of shares of Common Stock to provide for the exercise of the
rights represented by this Warrant.

         5. Anti-dilution Adjustments. The provisions of this Warrant are
subject to adjustment as provided in this Section 5.

            (1) The Warrant Exercise Price shall be adjusted from time to time
such that in case the Company shall hereafter:

                  (1) pay any dividends on any class of stock of the Company
         payable in Common Stock or securities convertible into Common Stock;

                  (2) subdivide its then outstanding shares of Common Stock into
         a greater number of shares; or

                  (3) combine outstanding shares of Common Stock, by
         reclassification or otherwise;

then, in any such event, the Warrant Exercise Price in effect immediately prior
to such event shall (until adjusted again pursuant hereto) be adjusted
immediately after such event to a price (calculated to the nearest full cent)
determined by dividing (A) the number of shares of Common Stock outstanding
immediately prior to such event, multiplied by the then existing Warrant
Exercise Price, by (B) the total number of shares of Common Stock outstanding
immediately after such event (including in each case the maximum number of
shares of Common Stock issuable in respect of any securities convertible into
Common Stock), and the resulting quotient shall be the adjusted Warrant Exercise
Price per share. An adjustment made pursuant to this Subsection shall become
effective immediately after the record date in the case of a dividend or
distribution and shall become effective immediately after the effective date in
the case of a subdivision, combination or reclassification. If, as a result of
an adjustment made pursuant to this Subsection, the Holder of any Warrant

<PAGE>

thereafter surrendered for exercise shall become entitled to receive shares of
two or more classes of capital stock or shares of Common Stock and other capital
stock of the Company, the Board of Directors (whose determination shall be
conclusive) shall determine the allocation of the adjusted Warrant Exercise
Price between or among shares of such classes of capital stock or shares of
Common Stock and other capital stock. All calculations under this Subsection
shall be made to the nearest cent or to the nearest 1/100 of a share, as the
case may be. In the event that at any time as a result of an adjustment made
pursuant to this Subsection, the Holder of any Warrant thereafter surrendered
for exercise shall become entitled to receive any shares of the Company other
than shares of Common Stock, thereafter the Warrant Exercise Price of such other
shares so receivable upon exercise of any Warrant shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to Common Stock contained in this Section.

            (2) Upon each adjustment of the Warrant Exercise Price pursuant to
Section 5(a) above, the Holder of each Warrant shall thereafter (until another
such adjustment) be entitled to purchase at the adjusted Warrant Exercise Price
the number of shares, calculated to the nearest full share, obtained by
multiplying the number of shares specified in such Warrant (as adjusted as a
result of all adjustments in the Warrant Exercise Price in effect prior to such
adjustment) by the Warrant Exercise Price in effect prior to such adjustment and
dividing the product so obtained by the adjusted Warrant Exercise Price.

            (3) In case of any consolidation or merger to which the Company is a
party other than a merger or consolidation in which the Company is the
continuing corporation, or in case of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an
entirety, or in the case of any statutory exchange of securities with another
corporation (including any exchange effected in connection with a merger of a
third corporation into the Company), there shall be no adjustment under Section
5(a) above but the Holder of each Warrant then outstanding shall have the right
thereafter to convert such Warrant into the kind and amount of shares of stock
and other securities and property which he would have owned or have been
entitled to receive immediately after such consolidation, merger, statutory
exchange, sale, or conveyance had such Warrant been converted immediately prior
to the effective date of such consolidation, merger, statutory exchange, sale,
or conveyance and in any such case, if necessary, appropriate adjustment shall
be made in the application of the provisions set forth in this Section with
respect to the rights and interests thereafter of any Holders of the Warrant, to
the end that the provisions set forth in this Section shall thereafter
correspondingly be made applicable, as nearly as may reasonably be, in relation
to any shares of stock and other securities and property thereafter deliverable
on the exercise of the Warrant. The provisions of this Subsection shall
similarly apply to successive consolidations, mergers, statutory exchanges,
sales or conveyances.

            (4) Upon any adjustment of the Warrant Exercise Price, then and in
each such case, the Company shall give written notice thereof, by First-class
mail, postage prepaid, addressed to the Holder as shown on the books of the
Company, which notice shall state the Warrant Exercise Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares of
Common Stock purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

<PAGE>

         6. No Voting Rights. This Warrant shall not entitle the Holder to any
voting rights or other rights as a shareholder of the Company.

         7. Notice of Transfer of Warrant or Resale of the Warrant Shares.

            (1) Subject to the sale, assignment, hypothecation, or other
transfer restrictions set forth in Section 1 hereof, the Holder, by acceptance
hereof, agrees to give written notice to the Company, before transferring this
Warrant or transferring any Warrant Shares, of such Holder's intention to do so,
describing briefly the manner of any proposed transfer. Promptly upon receiving
such written notice, the Company shall present copies thereof to the Company's
counsel. If in the opinion of such counsel the proposed transfer may be effected
without registration or qualification (under any federal or state securities
laws), the Company, as promptly as practicable, shall notify the Holder of such
opinion, whereupon the Holder shall be entitled to transfer this Warrant or to
dispose of Warrant Shares received upon the previous exercise of this Warrant,
all in accordance with the terms of the notice delivered by the Holder to the
Company; provided that an appropriate legend may be endorsed on this Warrant or
the certificates for such Warrant Shares respecting restrictions upon transfer
thereof necessary or advisable in the opinion of counsel and satisfactory to the
Company to prevent further transfers which would be in violation of Section 5 of
the Securities Act of 1933, as amended (the "1933 Act") and applicable state
securities laws; and provided further that the prospective transferee or
purchaser shall execute such documents and make such representations,
warranties, and agreements as may be required solely to comply with the
exemptions relied upon by the Company for the transfer or disposition of the
Warrant or Warrant Shares.

            (2) If in the opinion of counsel referred to in this Section 7, the
proposed transfer or disposition of this Warrant or such Warrant Shares
described in the written notice given pursuant to this Section 7 may not be
effected without registration or qualification of this Warrant or such Warrant
Shares, the Company shall promptly give written notice thereof to the Holder,
and the Holder will limit its activities in respect to such transfer or
disposition as, in the opinion of such counsel, are permitted by law.

         8. Fractional Shares.

            (1) Fractional shares shall not be issued upon the exercise of this
Warrant, but in any case where the Holder would, except for the provisions of
this Section, be entitled under the terms hereof to receive a fractional share,
the Company shall, upon the exercise of this Warrant for the largest number of
whole shares then called for, pay a sum in cash equal to the sum of (i) the
excess, if any, of the Fair Market Value of such fractional share over the
proportional part of the Warrant Exercise Price represented by such fractional
share, plus (ii) the proportional part of the Warrant Exercise Price represented
by such fractional share.

            (2) For purposes of this Section, the term "Fair Market Value" with
respect to shares of Common Stock as of a particular date (the "Determination
Date") shall mean:

                  (1) If the Company's Common Stock is traded on an exchange or
         is quoted on The Nasdaq National Market, then the average closing or

<PAGE>

         last sale prices, respectively, reported for the ten (10) business days
         immediately preceding the Determination Date;

                  (2) If the Company's Common Stock is not traded on an exchange
         or on The Nasdaq National Market but is traded on The Nasdaq SmallCap
         Market or the local over-the-counter market, then the average closing
         bid and asked prices reported for the ten (10) business days
         immediately preceding the Determination Date; and

                  (3) If the Company's Common Stock is not traded on an
         exchange, on The Nasdaq National Market, The Nasdaq SmallCap Market or
         on the local over-the-counter market, then the fair market value of
         Common Stock as determined in good faith by the Board of Directors of
         the Company.

         9. Registration Rights.

            (1) Piggyback Registration. If the Company at any time within two
(2) years after complete exercise of this Warrant, but no more than six (6)
years from the date of this Warrant, proposes to register under the 1933 Act
(except by a Form S-4 or Form S-8 Registration Statement or any successor forms
thereto) or qualify for a public distribution under Section 3(b) of the 1933
Act, any of its equity securities or debt with equity features, it will give
written notice to all Holders of this Warrant, of any Warrants issued pursuant
to Section 2 and/or Section 3(a) hereof, and of any Warrant Shares, of its
intention to do so and, on the written request of any such Holder given within
twenty (20) days after receipt of any such notice (which request shall specify
the Warrant Shares intended to be sold or disposed of by such Holder and
describe the nature of any proposed sale or other disposition thereof), the
Company will use its best efforts to cause all such Warrant Shares, the Holders
of which shall have requested the registration or qualification thereof, to be
included in such registration statement proposed to be filed by the Company;
provided, however, that if a greater number of Warrant Shares is offered for
participation in the proposed offering than in the reasonable opinion of the
managing underwriter of the proposed offering can be accommodated without
adversely affecting the proposed offering, then the number of Warrant Shares
proposed to be offered by such Holders for registration, as well as the number
of securities of any other selling shareholders participating in the
registration, shall not be included or shall be proportionately reduced to a
number deemed satisfactory by the managing underwriter. With respect to each
inclusion of securities in a registration statement pursuant to this Section
9(a), the selling Holders shall pay the fees and disbursements of special
counsel and accountants for the selling Holders, and underwriting discounts or
commissions and transfer taxes applicable to the selling Holders' shares, and
the Company shall pay all other costs and expenses of the registration,
including but not limited to all registration, filing and NASD fees, printing
expenses, fees and disbursements of counsel and accountants for the Company,
all internal expenses, and legal fees and disbursements and other expenses of
complying with state securities laws of any jurisdictions in which the
securities to be offered are to be registered or qualified. The Company need
not maintain the effectiveness of any such registration, qualification,
notification or approval, whether or not at the request of the Holders, more
than nine (9) months following the effective date thereof.

            (2) Demand Registration. Further, on a one-time basis only, during
the period commencing with the effective date of the Company's initial

<PAGE>

registration statement under the 1933 Act and ending five (5) years after the
date of this Warrant, upon request by the Holder or Holders of a majority in
interest of the total number of shares underlying Agents' Warrants issued
pursuant to the Agency Agreement, and of any shares acquired upon exercise of
the Agents' Warrants, the Company will promptly take all necessary steps to
register or qualify, under the 1933 Act and the securities laws of such states
as the Holders may reasonably request, such number of Warrant Shares issued and
to be issued upon exercise of the Warrants requested by such Holders in their
request to the Company. If Form S-3 is not available, the Company will have no
obligation to effect the registration provided for by this Section 9(b) until
such time as Form S-3 is available. After a demand for registration has been
made by a Holder or Holders of the requisite number of Agents' Warrants or
Warrant Shares, the Company will give written notice of the demand registration
to all Holders of this Warrant, of any Warrants issued pursuant to Section 2
and/or Section 3(a) hereof, and of any Warrant Shares and, on the written
request of any such Holder given within twenty (20) days after receipt of any
such notice (which request shall specify the Warrant Shares intended to be sold
or disposed of by such Holder), the Company will cause all such Warrant Shares,
the Holders of which shall have requested the registration or qualification
thereof, to be included in such demand registration statement. With respect to a
demand registration statement pursuant to this Section 9(b), the selling Holders
shall pay the fees and disbursements of special counsel and accountants for the
selling Holders, and underwriting discounts or commissions and transfer taxes
applicable to the selling Holders' shares, and the Company shall pay all other
costs and expenses of the registration, including but not limited to all
registration, filing and NASD fees, printing expenses, fees and disbursements of
counsel and accountants for the Company, all internal expenses, and legal fees
and disbursements and other expenses of complying with state securities laws of
any jurisdictions in which the securities to be offered are to be registered or
qualified. The Company shall keep effective and maintain any registration,
qualification, notification, or approval specified in this Section 9(b) for such
period as may be reasonably necessary for such Holder or Holders of such Warrant
Shares to dispose thereof and from time to time shall amend or supplement the
prospectus used in connection therewith to the extent necessary in order to
comply with applicable law. The Company need not maintain the effectiveness of
any such registration, qualification, notification or approval, whether or not
at the request of the Holders, more than nine (9) months following the effective
date thereof.

            (3) Miscellaneous.

                        (1) The registration rights pursuant to this Section 9
            shall not be applicable if at the time the Holder seeks to exercise
            the same, the Warrant Shares are eligible for sale pursuant to Rule
            144 of the Act.

                        (2) If a registration effected pursuant to this Section
            9 is an underwritten offering, any Warrant Shares to which the
            registration rights in this Section 9 are applicable, but that are
            not included in such registration, shall not be sold or otherwise
            disposed of by the Holder for a period of 180 days after the
            effective date of such registration, or such shorter period as may
            be required by the underwriters for such offering.

            (4) Indemnification. The Company hereby indemnifies each of the
Holders of this Warrant and of any Warrant Shares, and the officers and

<PAGE>

directors, if any, who control such Holders, within the meaning of Section 15 of
the 1933 Act, against all losses, claims, damages, and liabilities caused by (1)
any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus prepared in connection with any
registration pursuant to this Section 9 (and as amended or supplemented if the
Company shall have furnished any amendments thereof or supplements thereto), any
Preliminary Prospectus (not corrected in the final, amended or supplemented
prospectus furnished to such Holders for distribution) or any state securities
law filings; (2) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading except insofar as such losses, claims, damages, or liabilities
are caused by any untrue statement or omission contained in information
furnished in writing to the Company by such Holder expressly for use therein;
and each such Holder by its acceptance hereof severally agrees that it will
indemnify and hold harmless the Company, each of its officers who signs such
Registration Statement, and each person, if any, who controls the Company,
within the meaning of Section 15 of the 1933 Act, with respect to losses,
claims, damages, or liabilities which are caused by any untrue statement or
omission contained in information furnished in writing to the Company by such
Holder expressly for use therein.

            (5) Cooperation. Upon the exercise of registration rights pursuant
hereto, each Holder agrees to supply the Company with such information as may be
required by the Company to register or qualify the shares to be registered.

         10. Additional Right to Convert Warrant.

            (1) The Holder of this Warrant shall have the right to require the
Company to convert this Warrant (the "Conversion Right") at any time after it is
exercisable, but prior to its expiration, into shares of Common Stock as
provided for in this Section 10. Upon exercise of the Conversion Right, the
Company shall deliver to the Holder (without payment by the Holder of any
Warrant Exercise Price) that number of shares of Common Stock equal to the
quotient obtained by dividing (i) the value of the Warrant at the time the
Conversion Right is exercised (determined by subtracting the aggregate Warrant
Exercise Price for the Warrant Shares in effect immediately prior to the
exercise of the Conversion Right from the aggregate Fair Market Value for the
Warrant Shares immediately prior to the exercise of the Conversion Right) by
(ii) the Fair Market Value of one share of Common Stock immediately prior to the
exercise of the Conversion Right.

            (2) The Conversion Right may be exercised by the Holder, at any time
or from time to time after it is exercisable, but prior to its expiration, on
any business day by delivering a written notice in the form attached hereto (the
"Conversion Notice") to the Company at the offices of the Company exercising the
Conversion Right and specifying (i) the total number of shares of Common Stock
the Holder will purchase pursuant to such conversion and (ii) a place and date
not less than one or more than 20 business days from the date of the Conversion
Notice for the closing of such purchase.

            (3) At any closing under Section 10(b) hereof, (i) the Holder will
surrender the Warrant, (ii) the Company will deliver to the Holder a certificate
or certificates for the number of shares of Common Stock issuable upon such
conversion, together with cash, in lieu of any fraction of a share, and (iii)
the Company will deliver to the Holder a new warrant representing the number of

<PAGE>

shares, if any, with respect to which the Warrant shall not have been exercised.

            (4) For purposes of this section, the "Fair Market Value" of a share
of Common Stock as of a particular date shall be determined as provided in
Section 8(b) above.

            IN WITNESS WHEREOF, CorVu Corporation has caused this Warrant to be
signed by its duly authorized officer and this Warrant to be dated ___________,
2000.

                                        CORVU CORPORATION

                                        By

                                        Its


<PAGE>
                                SUBSCRIPTION FORM
                     (To be signed upon exercise of Warrant)


         The undersigned, the Holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to
purchase thereunder, _________________ of the shares of Common Stock of CorVu
Corporation to which such Warrant relates and herewith makes payment of
$__________________ therefor in cash or by certified check and requests that the
certificate for such shares be issued in the name and delivered to the address
set forth below.

Dated:  __________________


                           (Signature)


                           (Name)


                           (Name in which shares are to be issued, if different)


                           (Address)


                           (Social Security or Tax Ident. No.)



<PAGE>


                                CONVERSION NOTICE
         (To be signed upon exercise of Warrant pursuant to Section 10)


         The undersigned hereby irrevocably elects to exercise the conversion
right provided in Section 10 of the within Warrant for, and to acquire
thereunder, shares of Common Stock. If said number of shares shall not be all
the shares purchasable under the within Warrant, a new Warrant is to be issued
in the name of said undersigned for the balance remaining of the shares
purchasable thereunder rounded up to the next higher number of shares.

         The undersigned hereby requests that the certificate for such shares be
issued in the name and delivered to the address set forth below.

Dated:  ________________

                           (Signature)


                           (Name)


                           (Name in which shares are to be issued, if different)


                           (Address)


                           (Social Security or Tax Ident. No.)



<PAGE>

                                 ASSIGNMENT FORM
               (To be signed upon authorized transfer of Warrant)


         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto ______________________________ the right to purchase ____________
shares of Common Stock of CorVu Corporation to which the within Warrant relates
and appoints ___________________ attorney, to transfer said right on the books
of CorVu Corporation, with full power of substitution in the premises.

Dated:  ________________


                           (Signature)


                           (Name)


                           (Name in which shares are to be issued, if different)


                           (Address of transferee)


                           (Social Security or Tax Ident. No. of transferee)