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                                  AMENDMENT TO
                              EMPLOYMENT AGREEMENT


DATE: January 1, 2001

PARTIES AND ADDRESSES:

         CorVu Corporation
         3400 West 66th Street, Suite 445
         Edina, MN  55345                                        (the "Company")

         Justin MacIntosh
         Level 4, 1 James Place
         North Sydney NSW 2060 AUSTRALIA                           ("Executive")


RECITALS:

         A. The Company is a Minnesota corporation engaged principally in the
business of developing, manufacturing and selling business software programs.

         B. Executive is currently employed as the Company's Chairman, President
and Chief Executive Officer pursuant to an employment agreement effective as of
July 1, 1999 which terminates June 30, 2002 (the "Agreement").

         C. In consideration of the Company's business performance and to
provide further incentives to Executive, the Company and Executive desire to
amend the compensation provisions of the Agreement.


AGREEMENTS:

         In consideration of the mutual promises and undertakings set forth
herein, the Company and Executive agree as follows:

         1. Article 2 "Compensation" of the Agreement is deleted and replaced by
the following provision:

                                    ARTICLE 2
                                  COMPENSATION

                           "2.1 COMPENSATION. Subject to Paragraph 4.2 and
                  Articles 5, 7, 8 and 9 hereof, Executive shall be paid
                  compensation for the performance of his duties hereunder as
                  follows:

                           (a) ANNUAL BASE SALARY. During the term of this
                           Agreement, the Company shall pay Executive an annual
                           base salary of $180,000 commencing July 1, 2000
                           payable monthly, which may be adjusted from time to
                           time by the


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                           Board of Directors. The Company shall be entitled to
                           deduct or withhold all taxes and charges which the
                           Company may be required to deduct or withhold
                           therefrom.

                           (b) ACCRUED SALARY. Executive agrees to forgive cash
                           compensation in the total amount of $241,588 that was
                           accrued under the Agreement for the period through
                           December 31, 2000.

                           (c) BONUS COMPENSATION. In addition to the base
                           salary, Employer shall be eligible to receive bonus
                           compensation based on the Company's achievement of
                           certain pre-determined audited annual earnings before
                           interest and taxes ("EBIT") for the Company's fiscal
                           years 2001, 2002, and 2003, respectively. The
                           Compensation Committee of the Company's board of
                           directors has approved the following bonus
                           compensation criteria for such fiscal years:

<Table>
<Caption>
                           ---------------------------------- -----------------------------------------
                                     AUDITED EBIT                 AMOUNT OF BONUS COMPENSATION
                           ---------------------------------- -----------------------------------------
<S>                                                           <C>
                           Up to $1,000,000                   Thirty percent (30%) of EBIT
                           ---------------------------------- -----------------------------------------
                           $1,000,001 to $2,000,000           Twenty percent (20%) of EBIT
                           ---------------------------------- -----------------------------------------
                           $2,000,001 to $3,000,000           Ten percent (10%) of EBIT
                           ---------------------------------- -----------------------------------------
                           Over $3,000,000                    Five percent (5%) of EBIT
                           ---------------------------------- -----------------------------------------
</Table>

                           Executive's bonus compensation pursuant to this
                           subdivision, if any, will be paid to him in a lump
                           sum within fifteen (15) days following the filing of
                           the audited financial statements for the most
                           recently completed fiscal year as filed with the
                           Securities and Exchange Commission (SEC). Executive's
                           bonus compensation, if any, shall be subject to
                           withholding for income and FICA taxes and any other
                           proper deductions. Notwithstanding anything to the
                           contrary, the Company's payment of bonus compensation
                           to Executive in the event Executive does not remain
                           in Company's employ for the full then current fiscal
                           year shall be controlled by Paragraph 2.2 of this
                           Agreement.

                           (d) ADDITIONAL BONUS PAYMENTS. The Compensation
                           Committee of the Company's board of directors may in
                           its sole discretion grant to Executive bonus payments
                           in addition to the bonus compensation specified in
                           subdivision (c) of this Section.

                           (e) OPTIONS. Executive shall also be granted options
                           to purchase a total of 675,000 shares of the
                           Company's common stock at $1.33 per share, with
                           225,000 of said options vesting on July 1, 1999,
                           225,000 options vesting on July 1, 2000, and 225,000
                           options vesting on July 1, 2001. The options must be
                           exercised within 7 years from the date of grant of
                           the options and shall be subject to such other terms
                           and conditions as are contained in a Stock Option
                           Agreement between Company and Executive evidencing
                           such options.

                           2.2) TERMINATION OF COMPENSATION. Except as provided
                  in Articles 4, 7, 8 and 9 of this Agreement, the Company's
                  obligation to pay compensation to Executive under this Article
                  2 shall terminate at the close of business on the date on
                  which Executive's employment is terminated; provided, however,
                  that:


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                           (a) the Company shall remain liable to pay Executive
                           any amounts due Executive for services rendered prior
                           to such termination date pursuant to Paragraph
                           2.1(a); and

                           (b) the Company shall calculate Executive's earned
                           bonus compensation pro rata to and including the date
                           of termination. If Executive's employment is
                           terminated during the first three quarters of the
                           Company's fiscal year, Executive's earned bonus
                           compensation shall be calculated based on the
                           Company's unaudited financial statements as filed
                           with the SEC; for the quarter in which the
                           termination occurred, the earned bonus compensation
                           shall be pro rated based on the number of calendar
                           days Executive was employed by the Company. If
                           Executive's employment is terminated in the fourth
                           quarter of the Company's fiscal year, the Executive's
                           earned bonus compensation shall be calculated pro
                           rata based on the Company's audited financial
                           statements. The Company shall pay Executive any
                           earned bonus within fifteen (15) days after the
                           filing of unaudited quarterly results with the SEC,
                           or within fifteen (15) days following the filing of
                           the audited financial statements for the most
                           recently completed fiscal year as filed with the SEC.

         2. Section 5.2 "COMPENSATION UPON TERMINATION OF EXECUTIVE'S
EMPLOYMENT" of the Agreement is eleted and replaced by the following provision:

                  "5.2 COMPENSATION UPON TERMINATION OF EXECUTIVE'S EMPLOYMENT.
                  In the event that Executive's employment with the Company
                  terminates, the following provisions shall govern as
                  applicable:

                           (a) If termination occurs pursuant to Paragraph
                           5.1(a) (by mutual written agreement) the agreement of
                           the parties shall control.

                           (b) If termination occurs pursuant to Paragraph
                           5.1(b) (for death), all benefits shall terminate as
                           of the termination date, and base salary and bonus
                           shall terminate as provided in Paragraph 2.2.

                           (c) If termination occurs pursuant to Paragraph
                           5.1(c) (for Cause) or 5.1(h) (resign without Good
                           Reason), all benefits shall terminate as of the
                           termination date, and base salary and any earned
                           bonus shall be paid to the date of termination as
                           provided in Paragraph 2.2.

                           (d) If termination occurs pursuant to Paragraph
                           5.1(d) (disability), the provisions of Paragraph 4.2
                           shall govern the termination of benefits, base salary
                           and bonus.

                           (e) If termination occurs pursuant to Paragraph
                           5.1(e) (retirement), the provisions of Paragraph
                           5.2(b) shall govern the termination of benefits, base
                           salary and bonus.


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                           (f) If termination occurs pursuant to 5.1(f) (by the
                           Company without Cause) then Executive's base salary
                           and any earned bonus shall be paid to the date of
                           termination as provided in Paragraph 2.2 and in
                           addition:

                                    (i) the Company shall pay Executive, as
                                    severance pay, in accordance with the
                                    Company's normal payroll practices for
                                    executive employees, such number of
                                    consecutive monthly installments of his base
                                    salary in effect as of the date of
                                    termination as is equal to the greater of
                                    (A) the number of months remaining in the
                                    Term (without regard to renewals) of this
                                    Agreement, or (B) nine (9).

                                            (ii) Executive shall be entitled to
                                    continued participation in hospital and
                                    medical plans and programs of the Company
                                    for such period as is provided by law
                                    following termination of Executive's
                                    employment, subject to Executive's paying
                                    the employee portion of the cost of such
                                    participation and subject to termination of
                                    participation upon Executive becoming
                                    entitled to comparable benefits on
                                    subsequent employment.

                           (g) If termination occurs pursuant to Paragraph
                           5.1(g) the compensation provisions of Paragraph
                           5.2(c) shall apply.

                           (h) All payments made to Executive under this
                           Paragraph 5.2 shall be reduced by amounts (i)
                           required to be withheld in accordance with federal,
                           state and local laws and regulations in effect at the
                           time of payment, or (ii) owed to the Company by
                           Executive for any amounts advanced, loaned or
                           misappropriated."

3. The parties agree that this Amendment to Employment Agreement shall be
retroactively effective as of July 1, 2000.

4. Except as amended herein, the Agreement shall remain in full force and
effect.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Employment Agreement effective as of July 1, 2000.


/s/ Justin M. Macintosh
--------------------------------------------
Justin M. MacIntosh


CorVu Corporation


By:   /s/ David C. Carlson
    -------------------------------------------------
Its: Chief Financial Officer


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