##### 



SHARE PURCHASE AGREEMENT
 among
 Sistecar S.A.S.,
 the Sellers, as defined and named herein,
 the Sellers Representative, as defined and named herein,
 and
 Business Objects S.A.
 Dated as of April 20, 2007




---



##### 



TABLE OF CONTENTS
 ARTICLE I
    
    DEFINITIONS
    
    
    3ARTICLE II
    
    SALE AND PURCHASE OF THE SHARES AND WARRANTS;
REDEMPTION OF THE CONVERTIBLE BONDS
    
    
    162.1
    
    Sale and Purchase of the Shares and Warrants
    
    
    162.2
    
    Determination of the Price
    
    
    162.3
    
    Allocation of the Total Purchase Price and Payment Procedures
    
    
    182.4
    
    Purchase Price Reduction
    
    
    192.5
    
    Purchase Price Payment and Transfer of Ownership
    
    
    202.6
    
    Class O Shares Purchase Price Payment and Transfer of Ownership
    
    
    202.7
    
    Redemption of Convertible Bonds
    
    
    212.8
    
    Escrow Account and First Demand Bank Guarantee
    
    
    212.9
    
    Tax Escrow Account
    
    
    222.10
    
    Withholding Rights
    
    
    232.11
    
    Social Security Charges resulting from Stock Option Accelerated Vesting
    
    
    242.12
    
    Transfer Tax
    
    
    24ARTICLE III
    
    REPRESENTATIONS OF THE PURCHASER
    
    
    243.1
    
    Organization; Authority and Validity
    
    
    243.2
    
    No Breach
    
    
    253.3
    
    Consents
    
    
    253.4
    
    Litigation
    
    
    253.5
    
    Intermediaries
    
    
    253.6
    
    Position on the Closing Date
    
    
    25ARTICLE IV
    
    REPRESENTATIONS AND WARRANTIES REGARDING THE SELLERS
    
    
    264.1
    
    Organization; Authority and Validity
    
    
    264.2
    
    Ownership and Transfer of Title
    
    
    264.3
    
    No Breach
    
    
    264.4
    
    Consents
    
    
    274.5
    
    Position on the Closing Date
    
    
    27ARTICLE V
    
    REPRESENTATIONS AND WARRANTIES REGARDING THE GROUPCOMPANIES
    
    
    275.1
    
    Holding Company Capital Structure
    
    
    27
 -i-




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##### 



5.2
    
    Transfer of Class O Shares
    
    
    275.3
    
    Incorporation, Existence and Authority of the Group Companies
    
    
    285.4
    
    Group Companies Capital Structure
    
    
    285.5
    
    Accounts
    
    
    295.6
    
    Debt
    
    
    315.7
    
    Corporate Records
    
    
    315.8
    
    Disputed Accounts Payable
    
    
    315.9
    
    Prepayment of Financial Debt
    
    
    315.10
    
    Real Estate
    
    
    315.11
    
    Movable Property and Businesses
    
    
    315.12
    
    Intellectual Property
    
    
    325.13
    
    Tax
    
    
    345.14
    
    Labor Matters
    
    
    375.15
    
    Insurance
    
    
    435.16
    
    Contracts
    
    
    435.17
    
    Relations with the Sellers
    
    
    445.18
    
    Disputes
    
    
    445.19
    
    Compliance with Law
    
    
    445.20
    
    Management between June 30, 2006 and the Date of This Agreement
    
    
    445.21
    
    Environment
    
    
    455.22
    
    Assets Necessary for the Business
    
    
    455.23
    
    Affiliate Transactions
    
    
    455.24
    
    Privacy
    
    
    455.25
    
    Propriety of Past Payments
    
    
    465.26
    
    Information Provided to Works Councils
    
    
    465.27
    
    Disclosure
    
    
    475.28
    
    Intermediaries and Transaction Expenses
    
    
    475.29
    
    Settlements
    
    
    475.30
    
    Position on the Closing Date
    
    
    47ARTICLE VI
    
    COVENANTS OF THE SELLERS
    
    
    486.1
    
    Treatment of Stock Options
    
    
    486.2
    
    Sale of Class O Shares
    
    
    486.3
    
    280G Covenant
    
    
    496.4
    
    409A Covenant
    
    
    496.5
    
    Cash Redemption of Convertible Bonds
    
    
    496.6
    
    Acknowledgment of Cancellation of Warrants
    
    
    496.7
    
    Treatment of Sistecar Management Warrants
    
    
    506.8
    
    Access to Cash Flow Information
    
    
    506.9
    
    Management between the Date Hereof and the Closing Date
    
    
    506.10
    
    No Solicitation
    
    
    536.11
    
    Change of Control Consents
    
    
    536.12
    
    Access and Information
    
    
    54




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##### 



6.13
    
    Release of Obligations
    
    
    546.14
    
    Access to the Employees
    
    
    546.15
    
    Proceeds
    
    
    546.16
    
    Settlement Agreements
    
    
    546.17
    
    Licensing and Distribution of Company Products in Certain Countries on or prior to the Closing Date
    
    
    546.18
    
    Sistecar Management
    
    
    546.19
    
    Renewal of Lease
    
    
    556.20
    
    2007 Interim Statutory and Consolidated Financial Statements
    
    
    55ARTICLE VII
    
    COVENANTS OF THE PARTIES
    
    
    557.1
    
    Antitrust Clearances
    
    
    557.2
    
    Reasonable Best Efforts
    
    
    567.3
    
    Notices of Certain Events relating to Representations, Warranties and Covenants
    
    
    567.4
    
    Confidentiality
    
    
    577.5
    
    Public Disclosure
    
    
    577.6
    
    Financial Statements and Consents of Accountants
    
    
    577.7
    
    French Translation
    
    
    58ARTICLE VIII
    
    COVENANT OF THE PURCHASER
    
    
    588.1
    
    Purchase of Class O Shares and individual Shareholders Shares
    
    
    588.2
    
    TUP Implementation
    
    
    58ARTICLE IX
    
    REMEDY
    
    
    589.1
    
    Principle
    
    
    589.2
    
    Reimbursement of Total Purchase Price
    
    
    599.3
    
    Survival
    
    
    599.4
    
    Limitations of the Amount of the Price Reimbursement
    
    
    609.5
    
    Notice and Payment of Claims
    
    
    619.6
    
    Third Party Claims
    
    
    619.7
    
    Gross-Up
    
    
    629.8
    
    Additional Conditions
    
    
    63ARTICLE X
    
    CLOSING
    
    
    6410.1
    
    Date and Place of Closing
    
    
    6410.2
    
    Pre-Closing
    
    
    6410.3
    
    Closing Operations
    
    
    64ARTICLE XI
    
    CONDITIONS PRECEDENTTERMINATION
    
    
    6611.1
    
    Conditions Precedent
    
    
    66




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##### 



11.2
    
    Termination
    
    
    67ARTICLE XII
    
    GENERAL PROVISIONS
    
    
    6812.1
    
    Announcements
    
    
    6812.2
    
    Absence of Third-Party Rights; Assignment
    
    
    6812.3
    
    Entire Agreement
    
    
    6812.4
    
    Waivers and Amendments
    
    
    6812.5
    
    Severability
    
    
    6812.6
    
    Section Headings
    
    
    6912.7
    
    Representation
    
    
    6912.8
    
    Notices and Communications
    
    
    6912.9
    
    Governing Law
    
    
    7012.10
    
    Disputes
    
    
    7012.11
    
    Interpretation
    
    
    7112.12
    
    Number of Execution Copies
    
    
    71
 Annex A*
    
    Financial InvestorsAnnex B*
    
    Sistecar ManagersAnnex C*
    
    Accounts opened in the name of any
Group Company other than the Proceeds AccountAnnex D*
    
    Holders of Stock OptionsAnnex E*
    
    Details of the calculation of the
Per Share Total Purchase Price and Per Warrant Total Purchase PriceAnnex F
    
    Form of Escrow AgreementAnnex G*
    
    Sellers entitled to remit a First
Demand Bank Guarantee in lieu of an escrowAnnex H
    
    Form of First Demand Bank GuaranteeAnnex I
    
    Form of Tax Escrow AgreementAnnex J*
    
    Renewal letter from Zurich
Insurance Company to the Holding Company relating to the lease of
the  23/25 rue de Berri 75008 Paris premisesAnnex K*
    
    Company consulting or professional
services list priceAnnex L*
    
    Material Contracts requiring change
of Control and/or Follow-On Transaction consentAnnex M*
    
    Persons with whom Purchaser may
discuss to obtain any information needed in connection with the closing of the TransactionAnnex N*
    
    Material Contracts for which Change
of Control and/or Follow-On Transaction consents are to be delivered on the Closing DateAnnex O
    
    Form of agreement for the appointment of the Sellers Representative




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##### 



SHARE PURCHASE AGREEMENT Agreement
 Sistecar S.A.S société par actions simplifiée  Holding Company
 The Financial Investors Annex A Annex A
 Mr. Didier Benchimol
 Sistecar Management société civile à capital variable Sistecar Mangement
 The Sistecar Managers Annex B
 Sellers
 Apax Partners S.A.
 Business Objects S.A. société anonyme  Purchaser
 INTRODUCTORY STATEMENT
 solidairement
 Article IV i.e., conjointement et non
solidairement Article IV Annex
A i.e., conjointement et non solidairement
 Sections 4.1, 4.2 and 4.5 Sections 4.1, 4.2 and 4.5




---



##### 



i.e conjointement et non solidairement
 RECITALS
 Section 5.1(a)
 société anonyme  Company
  dissolution sans liquidation TUP
   -2-




---



##### 



ARTICLE I            DEFINITIONS
  60 Day Period Section 2.2.1(a)
 2006 Audited Consolidated Financial Statements
 2006 Audited Statutory Financial Statements
 2006 Unaudited Statutory Financial Statements
 2007 Interim Consolidated Financial Statements
 2007 Interim Statutory Financial Statements
 Accounting Principles
 Accounts
 Affiliate(s)
 Allocation Certificate
 -3-




---



##### 



Section 2.8 Section 2.8 compte dactionnaire Section 2.8
 Antitrust Authorities Ministre de LEconomie et des
Finances Bundeskartellamt
 Antitrust Clearance
 Audit Cost Section 6.20(c)
 BAOC2005 bons dacquisition dobligations
convertibles
 Bank Accounts Annex C
 Bank Certificate Annex C
 Business
 Business Combination
 -4-




---



##### 



Business Day
 Cash Certificate Section 2.2.3(b)
 Cash Amount Section 2.2.2(iii)
 Change of Control and Follow-On Transaction Consents Section 6.11
 Certified Cash Amount Section 2.2.3(b)
 Challenge Section 2.2.1(c)
 Charges Sociales Patronales Section 2.11
 Claim Section 9.3(b)
 Class O Shares Section 5.1(a)
 Class O Shares Purchase Price Section 2.3(a)
 Closing Section 10.1
 Closing Date Section 10.1
 Code
 Company
 Company Intellectual Property
 Company Products Section List of Company products
 Company Securities capital
 -5-




---



##### 



Confidentiality Agreement
 Convertible Bonds obligations convertibles OC bons de
souscription dactions BSA bons dacquisition dobligations convertibles BAOC2005
 Convertible Bonds Redemption Amount Section
2.2.2(v)
 Convertible Bonds Redemption Amount Certificate Section 2.2.3(a)(iv)
 Corporate Records
 Customer Contract
 Customer Information Section 5.24
 Debt Amount
 Debt Certificate Section 2.2.3(iii)
 EGM
 Employee
 Employee Benefits Plans Section 5.14(c)
 ERISA
 Escrow Agent Section 2.8
 -6-




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##### 



Escrow Amount Section 2.8
 Escrow Agreement Section 2.8
 Escrow Duration Section 2.8
 Finance Lease i.e., crédit bail location financière
 Financial Debt Financial Debt
 Financial Investors Annex A
 Financial Statements
 First Demand Bank Guarantee Section 2.8
 Follow-On Transaction
 Former Employee
 French Tax Consolidated Group et seq.
 Governmental Authority
 Governmental Authorization
 -7-




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##### 



Governmental Claim Section 9.6
 Group Companies
 Group Companies Top Management
 Holding Company
 Holding Company Securities
 Holders of Class O Shares
 Information Section 5.26
 Information Materials Section 5.26
 In-Licenses
 Intellectual Property brevet
dinvention Patents Trademarks Trade Secrets Copyrights moral rights
 Investment Rate of Return Section 6.5
 IP Contract
 Issuing Bank
 Knowledge
 -8-




---



##### 



Lease Section 5.10(b)
 Liabilit(y)(ies)
 Liens
 Local GAAP
 Loss(es) dommage
indirect
 Material Adverse Effect
 -9-




---



##### 



Material Customer Contract  
 Material Contract Section
5.12(h) Schedule 5.12(i)   
 Open Source Materials Open Source License
 Option Related Withholding i.e., charges sociales salariales
 -10-




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##### 



Option Related Withholding Certificate Section
2.6(c)
 Ordinary Course of Business
 Out-Licenses
 Participant
 Paying Bank
 Payroll Section 2.2.2 (iii 
 Pension Plan
 Pension Plan Debt Section 2.2.3 (a) (iii)
 Person
 Per Share Total Purchase Price Section 2.3(b)
 Per Warrant Total Purchase Price Section 2.3(b)
 -11-




---



##### 



Privacy Policy Section 5.24
 Proceeds Section 2.2.2 (ii)
 Proceeds Account Section 6.1(c)
 Proprietary Information
 Purchase Price Section 2.3 (a)
 Purchase Price Reduction Section 2.4.
 Purchaser
 Purchasers Knowledge
 PwC Share Purchase Agreement
 Registered Intellectual Property
 Securities
 Sellers
 Sellers Disclosure Schedule
 Sellers Representative
 Settlement Account Section 2.3(c)
 Shares
 -12-




---



##### 



Class O Shares
 Shareholders Consents Section 6.3
 Sistecar Management
 Sistecar Managers Annex B
 Source Code
 Statutory Accounts
 Statutory Tax Computation as of March 31, 2007
 Stock Option Allocation Certificate less
 Stock Options Holders
 Stock Options Loan Section 6.9(c)(x)
 Stock Options
 -13-




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##### 



Annex D
 Stock Options Plans
 Strike Price 
 Subsidiaries société privé à responsibilité limitée
 Tax o Taxes
 Tax Escrow Account Section 2.9
 Tax Escrow Amount Section 2.9
 Tax Authorities
 Tax Returns liasse fiscale
 Terms and Conditions
 -14-




---



##### 



Third Party Claims Section 9.6(b)
 Third Party Insurance Claim
 Total Debt Amount Section 2.2.2(iv)
 Total Purchase Price
 Transaction
 Transaction Expenses
 Transfer of Control
 Transfer Tax Withholding Section 2.12
 TUP
 Unchallenged
 Unencumbered
 Vesting Letters bons dechange de bons de souscription dactions BEBSA
 -15-




---



##### 



Warrants bons
de souscripton dactions BSA BSA and BSADB Sistecar Managements BSA, BSA 2005-3, BSA 2006-1 and BSA 2006-2 Inea BAA2005, BAOC2005, BSA2005-2 BSA2004-1 BSA2005
 ARTICLE II
    
    SALE AND PURCHASE OF THE SHARES AND WARRANTS; REDEMPTION OF
THE CONVERTIBLE BONDS
 Sale and Purchase of the Shares and Warrants
   Determination of the Price
 Principle
 Section 2.2.2 60
Day Period
 Journal dAnnonces Légales
 Challenge
 -16-




---



##### 



Total Purchase Price
 plus plus minus minus
 Enterprise Value 
 Proceeds Section 6.1(c)
 Cash Amount Section 2.2.3(b) plus  less
 Total Debt Amount Section 2.2.3(iii)
 Convertible Bonds Redemption Amount
 Section 2.11
 Certificates to be Remitted On or Prior to the Closing Date
    -17-




---



##### 



Debt
Certificate Indemnité de fin de carrière Pension Plan Debt
 Convertible Bonds Redemption Amount Certificate 
 Cash Certificate Certified Cash Amount plus Sections 5.5(b)(2) and 6.20(c)
 Allocation of the Total Purchase Price and Payment Procedures
 Purchase Price Class O
Shares Purchase Price
 Per Share Total Purchase Price Per Warrant Total Purchase
Price Per Share Total Purchase
Price Per Warrant Total Purchase Price Annex E Section 2.4 less
 -18-




---



##### 



inter alia Settlement Account Sections 2.5 and 2.6
 Purchase Price Reduction
 Section 2.2.2  Purchase Price Reduction
  -19-




---



##### 



Section 2.9
 Article
IX Article IX Section 2.4
 Purchase Price Payment and Transfer of Ownership
 less
  Section 2.5(a) Articles X and XI
 Class O Shares Purchase Price Payment and Transfer of Ownership
  less pro rata
 Section 2.6(a)(i)
 -20-




---



##### 



Section 2.6(a)
 Charges Sociales Patronales Option Related Withholding Certificate
  Redemption of Convertible Bonds
  Escrow Account and First Demand Bank Guarantee
 Annex F Escrow Agreement Escrow Agent Escrow Account Section 2.8 (c)  Escrow Amount Section
2.2 Section 2.8 (c) Escrow Duration Article IX Section 2.8
(c)
 -21-




---



##### 



Article IX Article IX Section 2.8 (c)
 Annex G Section 2.8 (a) Annex H First Demand Bank Guarantee Article IX 
 Tax Escrow Account
 Tax Escrow
Agreement Annex I , Tax Escrow Account  Tax
Escrow Amount Section 2.4 Section
2.9(b), (c), (d) and (e) Sections 2.4,
2.9(b), (c), (d) and (e) Section 2.9(b), (c),
(d) and (e)
  (x)
    
    before the end of the 60 Day Period in case the two TUP are
finalized prior to the expiration of the 60 Day Period provided that no
Challenge has been raised prior to such release;
 -22-




---



##### 



(y)
    
    on the Business Day immediately following the expiration of
the 60 Day Period in case the two TUP are finalized prior to the expiration
of such period and all Challenges raised during such period have been
irrevocably withdrawn prior to the end of such period;(z)
    
    on the Business Day immediately following the expiration of
the 60 Day Period in case the two TUP have not been finalized within the 60
Day Period provided that (i) the Holding Company had exclusive, Unencumbered
and Unchallenged title to the Company Securities on the Closing Date, (ii)
exclusive, Unencumbered and Unchallenged title to the Holding Company
Securities was transferred to the Purchaser on the Closing Date and (iii) all
Challenges, if any, relating thereto were irrevocably withdrawn in sufficient
time for the two TUP to be finalized within the 60 Day Period;
     Withholding Rights
  -23-




---



##### 



Social Security Charges resulting from Stock Option Accelerated Vesting
 Charges Sociales Patronales charges sociales salariales impôt sur le
revenu mutatis mutandis
 Transfer Tax
 Transfer Tax Withholding
 ARTICLE III            REPRESENTATIONS OF THE PURCHASER
      -24-




---



##### 



No Breach
     Consents
  Litigation
  Intermediaries
  Position on the Closing Date
 Article III
 -25-




---



##### 



ARTICLE IV      REPRESENTATIONS AND WARRANTIES REGARDING THE SELLERS
 Sections 4.1 4.2 and 4.5 i.e. Annex A i.e. conjointement et non
solidairement
 Organization; Authority and Validity
    Ownership and Transfer of Title
 Section 5.1(a)
 No Breach
     -26-




---



##### 



Consents
  Position on the Closing Date
 Article IV Section 7.3(c)
 ARTICLE V      REPRESENTATIONS AND WARRANTIES REGARDING THE GROUP COMPANIES
  Holding Company Capital Structure
 Section 5.1(a) Section 5.1(a) ,
   Transfer of Class O Shares
   -27-




---



##### 



Incorporation, Existence and Authority of the Group Companies
    Group Companies Capital Structure
  Section
5.4(b)
 -28-




---



##### 



Accounts
 Section 5.5(a)
  (y)
    
    shall be, when provided, correct in all material respects
and shall represent fairly, in accordance with the applicable Accounting
Principles except for the requirement to provide notes (it being understood
that the accuracy and completeness of such Financial Statements are not
negatively impacted by the absence of the notes), the consolidated financial
position of the Holding Company and the financial position of each of the
Group Companies as of, and the results of operations for the nine month
period ended, March 31, 2007; and(z)
    
    shall be subject to a full audit to be carried out by the
statutory auditors of the Holding Company and by the statutory auditors of
each Group Company, if applicable, it being agreed that the audited 2007
Interim Consolidated Financial Statements and 2007 Statutory Financial
Statements shall not qualify or amend and shall have no impact or effect on
the representations and warranties made by the Sellers under Section
5.5(b)(y) which shall continue to apply to the 2007 Interim Statutory
Financial Statements and the 2007 Interim Consolidated Financial Statements.
 Section
5.5(c)
 Section 5.5(d)
 -29-




---



##### 



bona fide
 Section 5.5(f) 
    -30-




---



##### 



Debt
  Corporate Records
  Disputed Accounts Payable
 Section 5.8
 Prepayment of Financial Debt
 Section 5.9
 Real Estate
  Section 5.10(b) Leases
 Annex J
  Movable Property and Businesses
 Section 5.11(a)
 -31-




---



##### 



Section 5.11(b)
 Intellectual Property
 Section 5.12(a) Company Registered
Intellectual Property
 Section 5.12(b)
 Section 5.12(c)
 Section 5.12(d)
   -32-




---



##### 



Section 5.12(f) Section 5.12(g)
 Section 5.12(h) 
 Section 5.12(i)
 Section 5.12(j)
 Section 5.12 (i)
 Section 5.12(l)
  -33-




---



##### 



Section 5.12(n)
 Section 5.12(o)
 Tax
 Sections 5.13(a)
 Section 5.13(a)(i)
 Section 5.13(a)(ii)
 Section 5.13(a)(iii)
 -34-




---



##### 



Section 5.13(a)(iv)
 Section 5.13(a)(v)
 Section 5.13(a)(vi)
 Section 5.13(a)(vii)
 Section 5.13(a)(viii)
 Section 5.13(a)(ix)
 -35-




---



##### 



Section 5.13(a)(xi)
 Section 5.13(a)(xii)
 Sections 5.13(b) (i); (ii); (iii); (iv); (v); (vi); (vii);
(viii); and (ix)
      -36-




---



##### 



Section 5.13(c) Section 5.13(c)
 Labor Matters
 Section 5.14(a)
 Section 5.14(b)
 Section 5.14(c) employee benefit plans Section 3(3)
 -37-




---



##### 



Employee Benefits Plans
 Section 5.14(d)
    Section 5.14(e)
 Section 5.14(f)
 -38-




---



##### 



Section 5.14(g)
    
 avis motivé
  -39-




---



##### 



Commonly Controlled Entity Company Multiemployer Pension Plan
 -40-




---



##### 



Disqualified
Individual e.g.
 e.g
  -41-




---



##### 



Section 5.14(s)(iv) proceedings
    -42-




---



##### 



Insurance
 Section 5.15(a)
  Section 5.15(b)
 Contracts
 Section 5.16(a) Part I Schedule 5.16(a) Part II
    Section 5.16(e)
 -43-




---



##### 



Relations with the Sellers
   Section 5.17
  Disputes
 Section 5.18  
 Compliance with Law
   Management between June 30, 2006 and the Date of This Agreement
 Section 5.20
    -44-




---



##### 




 
  Environment
  Assets Necessary for the Business
 Section 5.22
 Affiliate Transactions
 Section 5.23
  Privacy
 Privacy Policy Customer Information
 -45-




---



##### 



Propriety of Past Payments
  Information Provided to Works Councils
 Information Information Materials
 -46-




---



##### 



Disclosure
  Intermediaries and Transaction Expenses
  Settlements
 Louvre Hôtels
 Position on the Closing Date
 Article V Section 7.3(c)
 -47-




---



##### 



ARTICLE
VI      COVENANTS OF THE SELLERS
 Treatment of Stock Options
    Section 6.1(a) and (b)
  Sale of Class O Shares
  -48-




---



##### 



280G Covenant
 US Subsidiaries Shareholders Consents
 409A Covenant
  Cash Redemption of Convertible Bonds
  Acknowledgment of Cancellation of Warrants
  -49-




---



##### 



Treatment of Sistecar Management Warrants
  Access to Cash Flow Information
  Management between the Date Hereof and the Closing Date
   Article X Article XI Article X Article XI
    -50-




---



##### 



Annex K
   
 
  -51-




---



##### 



Stock
Option Loan
  
  
  provided, however
     -52-




---



##### 



No Solicitation
  Change of Control Consents
 Change of Control and
Follow-On Transaction Consents Annex
L
 -53-




---



##### 



Access and Information
 Annex M Section 6.12
 Release of Obligations
  Access to the Employees
  Proceeds
  Settlement Agreements
 Caisse Nationale des Caisses dEpargne Louvre Hôtels
 6.17
    
    Licensing and Distribution of Company Products in Certain Countries on or prior to the
Closing Date
  Sistecar Management
 gérant quitus
 -54-




---



##### 



parts
sociales
 Renewal of Lease
 Annex J
 2007 Interim Statutory and Consolidated Financial Statements
    Audit Cost
 ARTICLE
VII      COVENANTS OF THE PARTIES
 Antitrust Clearances
   -55-




---



##### 



Reasonable Best Efforts
 provided that
 Notices of Certain Events relating to Representations, Warranties and Covenants
   Section 7.3(a)  Article IX
 -56-




---



##### 



Section 7.3 Article X and Article
XI
 Confidentiality
  Public Disclosure
 Autorité des Marchés Financiers provided, however
 Financial Statements and Consents of Accountants
 Section 7.6
 -57-




---



##### 



Section 7.6
 French Translation
  ARTICLE
VIII      COVENANT OF THE PURCHASER
 Purchase of Class O Shares and individual Shareholders Shares
  TUP Implementation
  ARTICLE IX            REMEDY
 Principle
 Section 2.4
 Section 7.3(c) Sections 5.14(l) and 5.14(m)
 -58-




---



##### 



Sections 2.2, 2.3 and 2.6
 Section 2.4 Section 11.2 Section 9.1 dol manoeuvres dolosives réticence dolosive),
  Reimbursement of Total Purchase Price
 Section
9.1
 Survival
 Section 5.13
 -59-




---



##### 



Article IX
 Article IX Section
9.3(a) provided however Article IX Claim Article IX
 Limitations of the Amount of the Price Reimbursement
 Article IV Article IX
 Section 9.1 
 Section 9.1   
 Section
9.1  Ceiling Section 2.8(b)
 Sections 9.4 (a) and (b)
 dol manoeuvres dolosives réticence dolosive
 Sections 5.1 Holding Company Capital Structure 5.2(a) Transfer of Class O Shares 5.3 Incorporation, Existence and
Authority of the Group Companies 5.4 (Group Companies Capital Structure Sections 9.1(a)(ii) and (iii)
 -60-




---



##### 



i.e., conjointement
et non solidairement
 Sections 4.2 Ownership and Transfer of Title Section
9.4 (c),
 Section 5.12(k)
 dol manoeuvres dolosives réticence dolosive Article IX
 Notice and Payment of Claims
  Article IX Article IX décision definitive passée en force de chose jugée
 Third Party Claims
 Section 9.6 Third
Party Claim
 -61-




---



##### 



Governmental Claim ,
  Gross-Up
 Article IX
 -62-




---



##### 



Additional Conditions
 Article IX
   Articles IV or V
 Article IX
   -63-




---



##### 



ARTICLE
X      CLOSING
 Date and Place of Closing
 Closing
 Section 10.3
 Section 11.1
 Section
7.1 , Closing Date
 Pre-Closing
  Closing Operations
    Section 6.6
 Section 6.4 and Section 6.9(e)
 -64-




---



##### 



Section 6.5
 Section 6.7
    Annex N
  Section 6.13
 Caisse Nationale des Caisses
dEpargne
 Section 2.2
  ordres de movement de
titres
 registre de mouvement de titres
 -65-




---



##### 



Sections 2.5 and 2.6
 Section 2.7
 certificat
dinscription en compte
    Sections 2.5, 2.6 and 2.7
 ARTICLE
XI      CONDITIONS PRECEDENTTERMINATION
 Conditions Precedent
    Section 7.1
  -66-




---



##### 



ordres de mouvement de titres Section 11.1 (b) Annex D
   Article III
 Termination
 Section 10.3 Section
11.1 subsections 11.1(b) and
(c)
  -67-




---



##### 



ARTICLE
XII      GENERAL PROVISIONS
 Announcements
 provided however
 Absence of Third-Party Rights; Assignment
  Entire Agreement
  Waivers and Amendments
  Severability
  -68-




---



##### 



Section Headings.
  Representation
   Annex O
 Notices and Communications
  -69-




---



##### 



john.schwarz@businessobjects.com
  brian.stine@businessobjects.com
  Governing Law
  Disputes
 Tribunal de Commerce de Paris
  -70-




---



##### 



Interpretation
 
 Number of Execution Copies.
   -71-




---



##### 



APAX FRANCE VIBy:
    
    /s/ Gilles Rigal

Name: Gilles Rigal
 ALTAMIR & CIEBy:
    
    /s/ Gilles Rigal

Name: Gilles Rigal
 SISTECAR MANAGEMENTBy:
    
    /s/ Gilles Rigal

Name: Gilles RigalSISTECAR S.A.S.By:
    
    /s/ Gilles Rigal

Name: Gilles Rigal




---



##### 



ADVENT PRIVATE EQUITY FUND III ABy:
    
    /s/ Peter Baines

Name: Peter BainesADVENT PRIVATE
EQUITY FUND III BBy:
    
    /s/ Peter Baines

Name: Peter BainesADVENT PRIVATE EQUITY FUND III CBy:
    
    /s/ Peter Baines

Name: Peter BainesADVENT PRIVATE EQUITY FUND III DBy:
    
    /s/ Peter Baines

Name: Peter Baines




---



##### 



ADVENT PRIVATE EQUITY FUND III GMBH & CO. KGBy:
    
    /s/ Peter Baines

Name: Peter BainesADVENT PRIVATE EQUITY FUND III AFFILIATESBy:
    
    /s/ Peter Baines

Name: Peter BainesADVENT PRIVATE EQUITY FUND III LIMITED PARTNERSHIPBy:
    
    /s/ Peter Baines

Name: Peter Baines




---



##### 



VENTURES WEST 7 LIMITED PARTNERSHIP, by its
ganeral partner, Ventures West 7 Management Ltd.By:
    
    /s/ Howard Riback

Name: Howard RibackTitle:By:
    
    /s/ Sam Znaimer

Name: Sam ZnaimerTitle:VENTURES WEST 7 U.S. LIMITED PARTNERSHIP, by
its manager, Ventures West 7 Management
(International) Inc.By:
    
    /s/ Howard Riback

Name: Howard RibackTitle:By:
    
    /s/ Sam Znaimer

Name: Sam ZnaimerTitle:




---



##### 



APAX EXCELSIOR VI, L.P.By:
    
    /s/ Peter JetonApax Excelsior VI Partners, L.P.,
its General PartnerBy:
    
    /s/ Peter JetonApax Managers, Inc.its General PartnerPATRICOF PRIVATE 
INVESTMENT CLUB III, L.P.By:
    
    /s/ Peter JetonApax Excelsior VI Partners, L.P.,its General PartnerBy:
    
    /s/ Peter JetonApax Managers, Inc.
its General Partner




---



##### 



APAX EXCELSIOR VI-A
C.V., a 
Netherlands limited partnershipBy:
    
    /s/ Peter JetonApax Excelsior VI Partners, L.P.,its General PartnerBy:
    
    /s/ Peter JetonApax Managers, Inc.its General PartnerAPAX EXCELSIOR VI-B
C.V., aNetherlands limited partnershipBy:
    
    /s/ Peter JetonApax Excelsior VI Partners, L.P.,its General PartnerBy:
    
    /s/ Peter JetonApax Managers, Inc.its General Partner




---



##### 



CAISSE DE DEPOT ET PLACEMENT DU QUEBECBy:
    
    /s/ Laurent Faota

Name: Laurent Faota




---



##### 



PARTECH INTERNATIONAL GROWTH CAPITAL I LLCBy:
    
    /s/ Gilles RigalName: Gilles Rigal
 PARTECH INTERNATIONAL GROWTH CAPITAL II LLCBy:
    
    /s/ Gilles Rigal

Name: Gilles Rigal
 PARTECH INTERNATIONAL GROWTH CAPITAL III LLCBy:
    
    /s/ Gilles Rigal

Name: Gilles Rigal
 AXA GROWTH CAPITAL II L.P.By:
    
    /s/ Gilles Rigal

Name: Gilles Rigal




---



##### 



DOUBLE BLACK DIAMOND II LLCBy:
    
    /s/ Gilles Rigal

Name: Gilles Rigal
 MULTINVEST LLCBy:
    
    /s/ Gilles Rigal

Name: Gilles Rigal




---



##### 



THE LEVY SOFFEL GROUP, LLCBy:
    
    Eugene Levy

Name: Eugene LevyTitle: Managing Partner
 ROYAL BANK OF CANADABy:
    
    /s/ Kevin TalbotName: Kevin TalbotTitle:   Vice PresidentBy:
    
    /s/ Paul GrebName: Paul GrebTitle:   Vice President




---



##### 



EDGESTONE CAPITAL VENTURE
FUND NOMINEE, INC., a nominee
for and on behalf of EDGESTONE 
CAPITAL VENTURE FUND, L.P.
and its parallel investors.By:
    
    /s/ Bryan Kerdman

Name: Bryan KerdmanTitle: Executive V.P.




---



##### 



DIDIER BENCHIMOL/s/ Didier Benchimol




---



##### 



PIERRE SAMEC/s/ Bruno Combe

Represented by: BRUNO COMBETREVOR WALKER/s/ Bruno Combe

Represented by: BRUNO COMBEPHILIPPE ALLOING/s/ Bruno Combe

Represented by: BRUNO COMBESOPHIE CALLIES/s/ Bruno Combe

Represented by: BRUNO COMBEHUBERT DHONDT/s/ Bruno Combe

Represented by: BRUNO COMBEMICHEL MOREL/s/ Bruno Combe

Represented by: BRUNO COMBE




---



##### 



KHALIL BARSOUM/s/ Bruno Combe

Represented by: BRUNO COMBEMARC SCHNABOLK/s/ Bruno Combe

Represented by: BRUNO COMBEVERONIQUE D ADHEMAR DE LANTAGNAC/s/ Bruno Combe

Represented by: BRUNO COMBEJACQUELINE DE ROJAS/s/ Bruno Combe

Represented by: BRUNO COMBEBRUNO COMBE/s/ Bruno Combe




---



##### 



CRISPIN READ/s/ Bruno Combe

Represented by: BRUNO COMBEEDUARDO SANCHEZ/s/ Bruno Combe

Represented by: BRUNO COMBEMICHEL DELLOYE/s/ Didier Benchimol

Represented by: DIDIER BENCHIMOLTHOMAS TUCHSCHERER/s/ Thomas Tuchscherer




---



##### 



APAX PARTNERS S.A.,Acting as Sellers RepresentativeBy:
    
    /s/ Gilles Rigal

Name: Gilles RigalTitle:




---



##### 



BUSINESS OBJECTS S.A.By:
    
    /s/ John Schwarz

Name: John SchwarzTitle: Chief Executive Officer




---



##### 



Annex
F
 Form
of Escrow Agreement




---



##### 



ANNEX
F
 FORM OF ESCROW AGREEMENT
 Escrow
Agreement) 
   Sellers);
  Sellers Representative);
 société anonyme, Purchaser);
 Escrow Agent).
 Party Parties.
  Share Purchase
Agreement),
    1.
    
    Definitions
  Beneficiary Beneficiaries);
 Final
Date [eighteen (18) months as of
the Closing Date];
 Joint Release Notice
 Notice
 - 1 -




---



##### 



Parties
 Purchaser Release Notice
 Release Notice
 Sellers
 Share Purchase Agreement
 Termination Notice
  (2. Appointment
of theEscrow Agent)
 (séquestre)
  3. Deposit into the Escrow Account
 
    per annum
 (i.e.,
 (4. Release
of theEscrow Amount)
  -2-




---



##### 



Joint Release Notice);
 (décision de justice ayant autorité de
chose jugée) Purchaser Release Notice)
     5. Obligations and liability of the Escrow Agent
 (séquestre)
     - 3 -




---



##### 



6. Fees of the Escrow Agent
  7. Termination
  pro rata Termination Notice
 
  8. Notices
 Notice)
 - 4 -




---



##### 



The Sellers RepresentativeAddress:
    
    []Fax:
    
    []Attn:
    
    []with a copy to:[]Address:
    
    []Fax:
    
    []Attn:
    
    []For the Purchaser:[]Address:
    
    []Fax:
    
    []Attn:
    
    []with a copy to:[]Address:
    
    []Fax:
    
    []Attn:
    
    []For the Escrow Agent:[]Address:
    
    []Fax:
    
    []Attn:
    
    []
 - 5 -




---



##### 



9. Records
    10. Confidentiality
  11. No Assignment
  12. Miscellaneous
     (décision de justice
ayant autorité de chose jugée),
 
 - 6 -




---



##### 



13. Governing Law
  Tribunal de Commerce de Paris
  The Escrow Agent[]By: []The Purchaser[]By: []The Sellers[]By: []The Sellers Representative[]
 - 7 -




---



##### 



Annex A
 Copy of the Share Purchase Agreement
 - 8 -




---



##### 



SCHEDULE 1
 Form of Joint Release Notice
 [Sellers Representative]
    
    [Purchaser][Escrow Agent][Address]
   Escrow Agent Purchaser Sellers  Sellers Representative  Escrow
Agreement 
  Executed in [], on [], in [] originals.The Sellers Representative
    
    
    
    The Purchaser[]
    
    
    
    Business Objects S.A.By:
    
    
    
    By:
 - 9 -




---



##### 



SCHEDULE 2
 Form of Purchaser Release Notice
 [Purchaser][Escrow Agent][Address][Paris], [date]
   Escrow Agent Purchaser Sellers  Sellers Representative  Escrow
Agreement  décision de justice ayant autorité de chose
jugee
   
 By:
  - 10 -




---



##### 



Annex H
 Form of First Demand Bank Guarantee




---



##### 



ANNEX H
 FORM OF FIRST DEMAND BANK GUARANTEE
 garantie autonome Code Civil First Demand Bank Guarantee
 Issuing Bank
  société anonyme Beneficiary
  Sellers Representative
 Party Parties
  Sellers  Share Purchase Agreement
 Escrow
Agreement
 Demand Notices Escrow Account
  1. First Demand
Bank Guarantee
 1.1




---



##### 



 Ceiling
  2. Independent payment obligations
  (cautionnement).
  3. Termination
 [Eighteen (18) months as of the Closing
Date plus five (5) Business Days]
 4. Representations and warranties
     - 2 -




---



##### 



5. Notices
 (recommandée avec avis de reception) (exploit dhuissier)
 [Issuing Bank]:Address:
    
    []Fax:
    
    []Attn:
    
    []Business Objects S.A.:Address:
    
    []Fax:
    
    []Attn:
    
    []with a copy to:[]Address:
    
    []Fax:
    
    []Attn:
    
    [][Sellers Representative]:Address:
    
    []Fax:
    
    []Attn:
    
    []with a copy to:[]Address:
    
    []Fax:
    
    []Attn:
    
    []
 - 3 -




---



##### 



6. Amendments or waivers
  7. Successors and transferors
 except (transmission universelle de patrimoine) intuitu
personae
 8. Governing law and jurisdiction
  Tribunal de Commerce de Paris
  [Issuing Bank]
    
    Business Objects S.A.By:
    
    
    
    By:Title:
    
    
    
    Title:[Sellers Representative]
 - 4 -




---



##### 



Schedule 1
 Form of Demand Notice
 To:
    
    [Issuing Bank]
 From:
    
    Business Objects S.A.
The Sellers Representative
 
   First Demand Bank Guarantee
 1.
    
    We certify that an amount of [] is due to Business Objects S.A. for payment under the First
Demand Bank Guarantee.2.
    
    We hereby request you to pay
[] to the account number [], with [bank].
  Business Objects S.A.
    
    [Sellers Representative]
 - 5 -




---



##### 



Schedule 2
 Form of Demand Notice
 To:
    
    [Issuing Hank]
 From:
    
    Business Objects S.A.
 
   First Demand Bank Guarantee
 1.
    
    We have notified a claim pursuant to Article IX of the Share Purchase Agreement for an amount
of [], a copy of which is attached to this notice.2.
    
    We hereby request you to transfer [] into the Escrow Account number [].
  Business Objects S.A.
 - 6 -




---



##### 



Annex I
 Form of Tax Escrow Agreement




---



##### 



ANNEX I
 FORM OF TAX ESCROW AGREEMENT
 Tax Escrow Agreement 
   Sellers
  Sellers Representative
 société anonyme, Purchaser
  Escrow Agent
 Party Parties.
   Share Purchase Agreement
    1. Definitions
  Beneficiary Beneficiaries
 Joint Release
Notice
 Notice
 Parties
 - 1 -




---



##### 



Sellers
 Share Purchase Agreement
  2. Appointment of the Escrow Agent
 (séquestre)
  3. Deposit into the Tax Escrow Account
 
   per annum
 4. Release of the Tax Escrow Amount
 Joint Release Notice
   - 2 -




---



##### 



5. Obligations and liability of the Escrow Agent
 séquestre
      6. Fees of the Escrow Agent
  7. Termination
   - 3 -




---



##### 



8. Notices
 Notice) hand-written
       The Sellers RepresentativeAddress:
    
    []Fax:
    
    []Attn:
    
    []with a copy to:[]Address:
    
    []Fax:
    
    []Attn:
    
    []For the Purchaser:[]Address:
    
    []Fax:
    
    []Attn:
    
    []with a copy to:[]Address:
    
    []Fax:
    
    []Attn:
    
    []For the Escrow Agent:[]
 - 4 -




---



##### 



Address:
    
    []Fax:
    
    []Attn:
    
    []
  9. Records
    10. Confidentiality
  11. No Assignment
  12. Miscellaneous
     décision de justice
ayant autorité de chose jugée
 - 5 -




---



##### 



13. Governing Law
  Tribunal de Commerce de Paris
  
 By: []The Purchaser[]By: []The Sellers[]By: []
 - 6 -




---



##### 



The Sellers Representative[]By: []
 - 7 -




---



##### 



Annex A
 Copy of the Share Purchase Agreement
 - 8 -




---



##### 



SCHEDULE
1
 Form of Joint Release Notice
 [Sellers Representative]
    
    [Purchaser][Escrow Agent][Address]
   Escrow Agent Purchaser Sellers  Sellers Representative  Tax Escrow Agreement  
    
 The Sellers Representative
    
    The Purchaser[]
    
    Business Objects S.A.By:
    
    By:
 - 9 -




---



##### 



Annex O
 Form of agreement for the appointment of a new
 Sellers Representative




---



##### 



ANNEX O
 FORM OF AGREEMENT
 Agreement 
   Sellers Representative
  Sellers
  société anonyme, Purchaser
   Share Purchase Agreement
  Article 1
  Article 2
   Article 3
  -1-




---



##### 



Article
4
  Article
5
 Tribunal de Commerce de Paris
  [The Sellers Representative]
    
    Business Objects S.A.[Seller]
    
    [Seller][Seller]
    
    [Seller]
 - 2 -




---



##### 



[Seller]
    
    [Seller][Seller]
    
    [Seller]
 - 3 -