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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                           ------------------------

                                   FORM 10-KSB

               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                    FOR THE FISCAL YEAR ENDED JUNE 30, 2001

                         Commission File No.: 000-29299

                                CORVU CORPORATION
          (Name of Small Business Issuer as specified in its charter)

       MINNESOTA                                             41-1457090
(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                          Identification Number)

                3400 WEST 66TH STREET, EDINA, MINNESOTA  55435
              (Address of principal executive offices)(Zip Code)

        Issuer's telephone number, including area code:  (952) 944-7777

  Securities registered pursuant to Section 12(b) of the Exchange Act:  None

             Securities registered pursuant to Section 12(g) of the
                          Exchange Act: Common Stock

Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
YES  X   NO
    ---    ---

Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [ ]

Issuer's revenues for its most recent fiscal year:  $12,151,063

The aggregate market value of the Common Stock held by nonaffiliates of the
Registrant as of September 15, 2001 was approximately $797,000 based upon the
closing price of the Registrant's Common Stock on such date.

There were 20,157,781 shares of Common Stock outstanding as of September 15,
2001.

                           ------------------------

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None

Transitional Small Business Disclosure Format (check one).  YES     NO   X
                                                               ---      ---


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                                     PART I


ITEM 1.     DESCRIPTION OF BUSINESS

BUSINESS DEVELOPMENT

      We are a holding company that develops and sells business performance
management software products and related professional services through our
subsidiaries: CorVu North America, Inc. (incorporated in Minnesota,
responsible for North and South America); CorVu Plc. (incorporated in Great
Britain, responsible for Europe), and CorVu Australasia Pty. Ltd.
(incorporated in Australia, responsible for the Australian-Pacific region).
CorVu Plc has incorporated one subsidiary, CorVu Benelux b.v. under the laws
of the Netherlands, and another subsidiary, CorVu Deutschland GmbH, under the
laws of Germany.

      We are the company surviving the merger between CorVu Corporation and
Minnesota American, Inc.

      Minnesota American, Inc. was incorporated in Minnesota as J.B.
Goodhouse on September 29, 1983.  On April 28, 1988, it changed its name to
Lockermate Corporation, and on October 20, 1992 it changed its name to
Minnesota American, Inc.  The principal assets of Minnesota American, Inc.
consisted of the capital stock of its subsidiaries, LockerMate Corporation
and Favorite Memories, Inc.  The shares of Minnesota American, Inc. were
quoted on the Over-the-Counter Bulletin Board (OTCBB) of the National
Association of Securities Dealers (NASD) under the symbol "MNAC."

      CorVu Corporation was incorporated in Minnesota as "CorVu
International" on September 15, 1995 and changed its name to "CorVu
Corporation" on August 29, 1996. The shares of CorVu Corporation were
privately held.

      Throughout 1999, both Minnesota American, Inc. and CorVu Corporation
engaged in preliminary discussions with various third parties concerning
possible strategic transactions and/or investments. The negotiations between
both companies started in the fall of 1999. On November 17, 1999, the
companies entered into a formal "Agreement and Plan of Reorganization." The
following transactions were carried out to complete the merger:

      1.    On January 13, 2000, the shareholders of CorVu Corporation approved
            the merger of CorVu Corporation with Minnesota American, Inc.

      2.    Minnesota American, Inc. ceased operating its subsidiary Favorite
            Memories, Inc., as a going concern effective November 30, 1999.

      3.    Minnesota American, Inc. obtained shareholder approval for the
            sale of its LockerMate subsidiary, and closed the sale of that
            subsidiary, on January 14, 2000, thus concluding its pre-merger
            business activities;


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      4.    On January 14, 2000, Minnesota American, Inc. obtained
            shareholder approval for its merger with CorVu Corporation and
            the amendment of its Articles of Incorporation to change its name
            to "CorVu Corporation;"

      5.    The companies consummated the merger on January 14, 2000 by filing
            Articles of Merger with the Minnesota Secretary of State.

      The merger did not affect the issued and outstanding shares of common
and preferred stock of Minnesota American, Inc. As a result of the merger,
CorVu Corporation shareholders received 1.125 shares of common stock of our
Company for each share of common stock they held. These shares, which we call
"Merger Shares," were not registered under the Securities Act of 1933 and are
subject to a Registration Rights Agreement. Immediately after the merger,
shareholders of CorVu Corporation held about 74% of the issued and
outstanding stock of our Company. Our Company continues the business of CorVu
Corporation.

BUSINESS OF ISSUER

(i)   OUR PRINCIPAL PRODUCTS AND SERVICES

      CorVu is a provider of Enterprise Business Performance Management and
Balanced Scorecard software products.

      Business performance management is a process by which an organization
seeks to define its strategy, measure and analyze its performance, and
ultimately manage improvements to enhance performance. In recent years
several methodologies have arisen for managing organizational performance. To
our knowledge, none of the methodologies supported by CorVu products are
protected under intellectual property law. Each methodology represents an
approach to measuring an organization's performance against strategic goals
and specific performance targets. Our customers use our products to implement
one or more performance management methodologies of their choice. One of
these methodologies is known as "Balanced Scorecard."

      The Balanced Scorecard is a performance management methodology first
introduced by Dr. Robert Kaplan and Dr. David Norton in their 1992 Harvard
Business Review article, "The Balanced Scorecard - Measures that Drive
Performance." The Balanced Scorecard recognizes four dimensions as integral
for developing an enterprise view of performance: financial, customer,
internal and innovation. The Balanced Scorecard is a business performance
management system designed to enable the management of an organization to
translate its mission statement and strategy into specific goals and
measurements. Management then may communicate these goals and measurements
throughout the entire organization by using any means management considers
appropriate, to provide guidelines for an employee's contribution to the
performance of the organization.

      We generate revenues in three areas: (1) sale and licensing of our
software products; (2) consulting and training services (we refer to these
services as "professional services"); and (3) maintenance agreements entered
into in connection with the sale and licensing of our products.


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      OUR PRODUCTS

      Our software products are designed to enable our customers to better
measure and analyze their information in order to achieve strategic objectives
and improve business performance through two basic products, CorBusiness and
CorManage. Version 4.1 of both products is released to all customers. The
following product descriptions are those of the 4.1 version of the products.
Customers who have licensed previous versions of these products and who have
active maintenance agreements receive these 4.1 versions at no additional
charge.

      CORBUSINESS is designed to address the needs of the data warehousing and
business intelligence market. Data warehouses are databases designed
specifically for accessing and analyzing information. They may be described as a
"copy" of an organization's transaction database. Such databases have grown in
popularity over the last few years as organizations are finding it more critical
to understand and utilize their information resources. The term Business
Intelligence (BI) generally refers to the process of accessing and analyzing
such information in order to develop a more comprehensive understanding of one's
organization and thus, to make more informed decisions. CorBusiness includes
end-user query/reporting (i.e., information access and reporting), On-Line
Analytical Processing ("OLAP") analysis (i.e., the multidimensional analysis of
information, viewing data from many different perspectives and cross
examinations) and executive dashboards (i.e., collections of many key
performance indicators presented on a single screen through a simple graphical
representation). The application modules are as follows:

      GRAPHICAL ANALYSIS - designed to empower users with easy ad-hoc access to
      data. Once retrieved, users can access various levels of their data to
      explore and analyze information more easily and more comprehensively. Such
      ad-hoc analysis is designed to enable users to uncover and understand
      trends that may be hidden in the data.

      Informative visual reports created with the help of the graphical analysis
      module may include:

      -  an unlimited amount of headers and footers;
      -  aggregates, i.e., sums, averages, counts, etc.;
      -  conditional color-coding, i.e., red numbers indicate poor
         performance, green numbers indicate good performance; and
      -  the ability to view summary information first and double-click on
         specific data to reveal information on various levels of details.

      Users can arrange the available information in a variety of graphical
      presentations, e.g. in the form of a "pie chart" or as a column chart.
      Graphs may also be "rotated" for 3-dimensional viewing, giving users a
      more complete visual understanding of the information.

      REPORT WRITER - designed to provide the more sophisticated user with the
      ability to produce:

      - composite reports including both data and graphics;
      - calculations such as sums, averages, and counts on several levels;
      - graphic images, and other multimedia objects, such as video or audio
        clips.



                                       3
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      The module is intended to allow quick and easy formatting of data, even
      for financial reporting layouts. Users who generate a report with the help
      of this Report Writer can tightly integrate the report with an existing
      application.

      EXECUTIVE ALERTS - designed to enable executives to quickly and
      graphically monitor those performance measures that they consider to be
      important for their business. Simple visual presentation is meant to
      provide more immediate information regarding the health of an enterprise.
      As with other CorVu modules, users may access various levels of data by
      simply clicking on the graph to view specific sub-groups and constituents
      of the graph. This capability may be important for decision makers who
      need the appropriate level of detail to answer specific business
      questions.

      CORMANAGE is designed to satisfy various demands of the Business
Performance Management market - such as the ability to link specific performance
measures to specific strategic objectives; and the ability to identify the
impact one strategic objective may have on another within the organization.
CorManage combines the CorBusiness application - described above - with an
offering based on the Balanced Scorecard methodology - including forecasting,
strategic modeling and what-if analysis. In addition to the CorBusiness
application, CorManage includes:

      FORECASTING - Unlike query and reporting tools, which tell users what has
      happened in the past, this business tool intends to assist users in more
      accurately predicting future events. Our Forecasting module is designed to
      examine the past and to apply selected statistical methods, strategies and
      parameters to predict future trends and events. Once created, users can
      modify forecasts as desired and use them in other programs.

      IMPACT ANALYSIS - This module is designed to provide "what-if" analysis
      for simulated business modeling. "What-if" business models are simulations
      based on hypotheses posed by the users. Users then analyze these
      simulations to help predict future trends and events. They also assist
      users in testing business plans and measuring the business impact prior to
      implementation. Model simulations are comparable to historical data or
      other models using CorVu's graphical formats and analytical features that
      integrate Enterprise Business Performance Management concepts with
      traditional Business Intelligence functions.

      BALANCED SCORECARD - This module is designed to combine strategic
      measurement and management systems and provide current performance results
      and analysis. Our Balanced Scorecard products are intended to give users
      the ability to translate strategic and organizational objectives into
      individual performance measures, as well as show individual employees ways
      to contribute to the overall performance of the organization. CorVu's
      Balanced Scorecard products enable executives to link performance results
      with processes that may drive those same results, and to learn how to
      leverage the value of all other information technology applications.

      Our CorVu WebServer is designed to give access to each of these
applications via the worldwide web. From a Windows browser users can access the
various CorVu products to track overall performance with the Balanced Scorecard,
access Executive Alerts, produce queries and


                                       4
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reports, perform OnLine Analytical Processing (OLAP) analysis, interrogate
business forecasts and to provide "what-if" scenarios.

      CORPORTFOLIO is designed to satisfy various demands of the Business
Intelligence market. This product allows users to combine various types of
disparate reports and graphs into a single document for distribution and/or
presentation. For example, with CorPortfolio a user may create a single
electronic document - which we refer to as a portfolio - that contains pie
graphs, bar charts, financial statement reports, etc. Additionally, this
portfolio could also contain non-CorVu files, such as files from
spreadsheets, word processing documents or other office applications. Users
are then permitted to insert title pages and a table of contents along with
textual annotations that explain the meaning of the graphs and reports
included in the portfolio.

      RAPIDSCORECARD is designed to provide CorVu customers a pre-built
database platform for creating a Balanced Scorecard application.
Scorecard-In-A-Box combines this pre-built database with pre-defined reports
(from CorManage), and consulting services to enable customers to deploy
automated Balanced Scorecard solutions in a short amount of time. The
application is targeted at small to medium sized companies or individual
departments or business units within a large multi-national organization.

      CorVu's client products are available for Windows 95/98, WindowsNT and
Linux. CorVu's server products are available on WindowsNT, UNIX, and Linux.
All pricing is based upon the number of users licensed under the agreement
with the respective customer.

      CorVu software products contain the following essential components:

      CorVu Knowledge Library - is designed to present the end-user with
      database information in common terms rather than in technical computer
      jargon.

      CorVu Server - with support for UNIX and Windows-NT, the CorVu Server is
      designed to allow CorVu users to process and analyze larger volumes of
      data, since it utilizes the power of large, server-based computers to
      process data, rather than the users' desktop computers.

      CorVu Gateway - is designed to provide each end-user with access to all
      data included in the customers' systems.

      CorVu Intelligent Scheduler - is designed to enable users to effectively
      manage when their queries and reports will run. This allows users to have
      repetitive reports - such as monthly financial statements - run
      automatically at predetermined intervals.

PROFESSIONAL SERVICES

      In an effort to assist our clients in implementing Enterprise Business
Performance Management software, we have developed the RapidROI Program which
consists of consulting, installation, implementation, and training services.
The program is designed to facilitate the implementation and use of our
products in the organizations of our customers and thus, to establish
long-term relationships with our customers. In the RapidROI program, CorVu
consultants work



                                      5
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with customers through a step-by-step process, confirming customer
satisfaction at each stage prior to moving on. This process typically entails
the following steps:

      INITIAL INTERVIEW - CorVu consultants conduct interviews with client
      personnel to be able to define the client's expectations and needs.

      DESIGN - CorVu consultants work with client personnel to design an
      implementation agenda which the client approves as appropriate for its
      needs.

      IMPLEMENTATION - Installation and setup of the CorVu products ordered.

      TRAINING - While much training occurs at each individual stage, most
      customers consider the assistance of consultants especially helpful when
      they start to use CorVu's software products. Administrative training
      occurs primarily during the implementation stage.

      PERFORMANCE TUNING - Depending on the individual customer, the adaptation
      of the specific CorVu product may prove necessary.

      While each of these stages may be required in varying degrees, we
company attempt to provide customized services to our customers to make the
implementation of our products a success.

MAINTENANCE AGREEMENTS

      We also provide support services to customers with "Software Maintenance
Agreements." Such customers are entitled to:

      -  New Versions of CorVu Software
      -  Help Desk Support Services
      -  Online Support Services

      A Software Maintenance Agreement is meant to give customers access to
our help desk staff when the customers experience a software problem or have
any questions regarding the use of our products. Customers with Software
Maintenance Agreement may reach our help desk staff via telephone, e-mail or
through our home page on the World Wide Web (www.corvu.com). The services
provided through the World Wide Web are designed to make it easier for
customers to answer questions and solve problems without the need for direct
assistance from our support personnel.

(ii)  MARKET FOR OUR PRODUCTS AND SERVICES

      Our management believes that the market for our products and services
includes small, medium and large corporations across all industry segments.
Regardless of size, all organizations are concerned with improving their
performance. Various analyst organizations agree that performance management
concepts, such as the balanced scorecard methodology, may be a way to achieve
such performance improvement.


                                       6
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      Our currently available information suggests that 40% of our customers are
active in the manufacturing and distribution sectors. Over the last 12 to 24
months we have been able to increase our sales to organizations in other
sectors, such as financial services, insurance, healthcare, pharmaceuticals,
telecommunications, and government and other segments of the public sector.

(iii) DISTRIBUTION OF OUR PRODUCTS AND SERVICES

      CorVu products and services are sold through our subsidiaries' sales
offices and through "Value Added Resellers," distributors and marketing
alliances.

      OUR SALES OFFICES - Our subsidiaries have sales offices in the U.S. in
      Atlanta, Minneapolis and Dallas. In Europe, our sales offices are located
      in London, Rotterdam and Munich. Sales offices for the Asian-Pacific
      region have been established in Sydney, Melbourne and Auckland. Direct
      sales activities are concentrated on Fortune 2000 accounts.

      VALUE ADDED RESELLERS (VARS) - Our VARs are software companies with
      industry applications that sell our software products in conjunction with
      their own products. Some VARs will private-label CorVu products. Current
      VARs offer CorVu products into a variety of industries, including
      manufacturing, distribution, warehouse logistics, healthcare, insurance,
      mining, power/utilities, and human resources. Under the typical agreement
      between a VAR and one of our subsidiaries, the VAR receives the
      non-exclusive license to sell the software products specified in the
      agreement and to grant sublicenses for the use of such software to users
      of the VAR's applications. The license fees paid by a VAR are a percentage
      of our standard license fee for the use of our software and may be
      increased at our discretion upon 30 days prior written notice. Any of the
      parties may terminate the agreement without giving any reason by giving
      written notice 90 days prior to the termination date. A typical VAR
      agreement would have a three year term.

      DISTRIBUTORS - CorVu distributors are companies that sell technology into
      geographic regions where CorVu has no physical presence. Currently we have
      distributors located in Brazil, the Czech Republic, Indonesia, Mexico,
      Norway, the Philippines, Saudi Arabia, Singapore, South Africa, South
      Korea, Sri Lanka, and Thailand. Our subsidiaries typically grant to their
      distributors the non-exclusive license to sell the software products
      specified in the distributor agreement and to grant sublicenses for the
      use of such software. The fees a distributor has to pay are a percentage
      of our standard license fee for the use of our software and may be
      increased at our discretion upon 30 days prior written notice. The
      agreement may be entered into for a five year term; termination usually
      requires cause such as nonperformance.

      ALLIANCE PARTNERS - Our "Alliance Partners" are companies that provide
      both technology and management consulting and implementation services but
      typically do not actually sell software. They recommend CorVu products as
      a service to their clients. The Alliance Partners often provide great
      influence into large corporate sales. Smaller regional alliances with such
      firms also provide influence into smaller and mid-size companies in the
      partner's locale. Such Alliance Partners maintain no financial
      relationship with CorVu in that they do not receive fees in exchange for
      their recommendations. The Partners benefit from such



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      recommendations because we will, if the occasion arises, refer management
      consulting services to them.

      CorVu Associate Partners (CAPs)- Our CAPs act as independent contractors,
      working in a self-determined territory on a commission-only basis.
      Targeted candidates will bring with them a strong background in CorVu's
      key markets, like ERP systems and the Balanced Scorecard methodology.
      Based on their background, these candidates can leverage prior market
      experience and business relationships, which should allow them to
      identify, qualify and penetrate key accounts with CorVu's solutions.

      Historically, approximately 10% of our annual revenues have been received
through distributors, and 32% through VARs. Alliance Partners and CAPs - as a
group and on an individual basis - do not currently account for a quantifiable
part of our business.

(iv)  Competition

      We are unaware of competitors whose products perform all of the functions
performed by our products. However, there are competitors whose products perform
certain of the functions performed by our products, but do not integrate all the
functions performed by our products into one product. We compete in the market
for Business Intelligence (BI) software, and focus especially on one Business
Intelligence application, the Balanced Scorecard methodology of performance
management.

      BUSINESS INTELLIGENCE (BI) - Business Intelligence is the term
generally applied to the process of accessing and analyzing information. Our
product "CorBusiness" is designed to address these needs. Some of the
competitors we encounter in this market are Cognos, Business Objects and
Brio. However, our management believes that these competing products focus
only on specific business intelligence features, such as end user query and
reporting, or sophisticated programmer reporting, or multidimensional
information analysis. In contrast, CorVu products are designed to offer a
suite of integrated applications covering all of the business intelligence
features mentioned above.

      To the best knowledge of our management, the most recent analysis of
the market for Business Intelligence (BI) Software is Dataquest's "Business
Intelligence Software Market Share: 1998," published July 19, 1999. That
study predicts that the market for such software will develop as follows:





                                      8
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BUSINESS INTELLIGENCE FIVE-YEAR FORECAST (MILLIONS OF U.S. DOLLARS)


<Table>
<Caption>

--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------
BI CATEGORY                         1998      1999       2000       2001        2002       2003        CAGR(%)
--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------
<S>                               <C>       <C>        <C>        <C>        <C>         <C>        <C>
Query Reporting & OLAP             910.8     1086.6     1363.7     1681.5      2058.1     2465.6         22.0
--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------
Advanced BI Device Tools           572.3      734.8      991.3     1316.4      1714.0     2183.6         30.7
--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------
BI Applications                    603.2      879.1     1267.6     1765.3      2408.6     3186.0         39.5
--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------
Data Mining                         60.2      73.8       67.9       63.1        57.5       52.4          -2.7
--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------
Total BI                           2146.5    2774.4     3690.6     4826.3      6238.3     7887.6         29.7
--------------------------------- --------- ---------- ---------- ---------- ----------- ---------- ---------------

</Table>


      BALANCED SCORECARD - The Balanced Scorecard is one of several Business
Intelligence methodologies. In its aforementioned study, Dataquest therefore
included estimates for the market size of Balanced Scorecard applications in
the category "BI Applications." To our knowledge, there are no market
analyses available which describe separately the market share of the various
Business Intelligence applications, such as the Balanced Scorecard.

      Our management is aware of only a few companies offering software based
on the Balanced Scorecard methodology. We consider Hyperion, Gentia, and
Panorama Business Views to be our most important competitors in this area.
However, we are not aware that they also offer products that tightly
integrate business intelligence applications with their Balanced Scorecard
software. A few vendors of applications that are designed to automate an
entire organization (also called "Enterprise Resource Planning" or "ERP"
vendors) have recently announced initiatives to offer balanced scorecard
applications. We are not aware that they intend to sell their products
outside of their existing client base. To our knowledge, these products are
designed to work only with performance data contained within the application
already installed by the ERP vendor. Our management therefore does not
consider these vendors' products to be competitive with our products in the
market. On the contrary, we believe that their entry into this market may
actually benefit our Company by validating the market for balanced scorecard
software products. Their announcements may attract attention to these
products and actually raise the awareness of CorVu in the market.

      Our management believes that our products are competitive due to
features such as ease of deployment, low overhead and administration, ease of
use, integrated application suite, and appeal to broad user requirements.
















                                       9
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(v)    Our Customers

       Over 3,000 customers worldwide have licensed CorVu products. These
include companies like Citibank, American Express, Ford Motor Company, St.
Jude Medical, Hilton Hotels, Prudential Insurance, AB Nynas Petroleum,
Federal Express, CVS Pharmacy, Merck, British Customs and Excise, Australia
Dept of Veterans Affairs and US Census 2000. The most revenue that any single
customer or partner has contributed to CorVu on an annual basis is about 6%.
In the past, several of our customers have ordered additional software and
services. These additional orders have occurred within a non-predictable time
frame, that is, from a few months of the original order up to a few years
after that order. The additional orders typically have been either (a) the
addition of users for new projects, departments, divisions etc. within a
given customer, or (b) the purchase of new products as these become
available. Our management estimates that such repeat business accounts for
approximately 5% of our annual license revenues.

(vi)   Intellectual Property

       Due to the length of the patent application procedure on one hand and
the necessity to continually develop and improve our software products on the
other hand, we have not sought patent protection for any of our products.
However, applications for the registration of the trademarks "CorVu,"
"CorBusiness," "CorManage" and "Managing Business Performance" are pending
with the U.S. Patent and Trademark Office. In Brazil, Colombia, Mexico and
Venezuela, applications for registration of the trademark "Corvu Managing
Business Performance" which includes our Company's logo are pending. Once
granted, the trademarks in the U.S. and in the named Southern American
Countries will have a duration of ten years, with the possibility of renewals
for like terms. In Australia, a trademark for "CorVu Your Window Into the
Future" and its design is registered. This trademark will be up for renewal
in 2005.

       Contracts under which we license the use and/or sale of our products
include confidentiality clauses to protect our products and any information
in connection with them as trade secrets.

(vii)  Research and Development Activities

       In fiscal 2000, we incurred a total amount of $1,064,141 on research
and development activities, and in fiscal 2001, a total of $1,257,855. None
of these costs was borne directly by any customer.

(viii) Our Employees

       As of June 30, 2001, we employed 96 people in our Company and our
subsidiaries around the world. Thirty-three of these employees worked in
Sales and Marketing, 33 provided professional services such as training and
general product assistance, 17 worked in product development and 13 provided
general administrative services. All of our employees are working full-time.



                                       10
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ITEM 2.  DESCRIPTION OF PROPERTY

      Our corporate headquarters are located at 3400 West 66th Street, Edina,
Minnesota. On June 1, 1998, we entered into a sublease agreement that will
expire on August 31, 2002, to rent approximately 6,271 rentable square feet.
Pursuant to the sublease agreement, we make monthly base rent payments of
approximately $5,500. In addition to the rent payments, we reimburse the
sublandlord all amounts that may become due under the lease between the
landlord and our sublandlord, for any operating costs allocable to our
premises based upon the rentable square foot office area allocable to our
premises. Total monthly rent payments amount to approximately $10,700. The
premises include a reception area, conference and training rooms, as well as
executive and administrative offices.

      The major regional centers of our subsidiaries are located in Sydney
(Australia) and London (Great Britain). Total monthly rental payments for the
Sydney office amount to about $8,700 and for the London office to
approximately $6,400. These amounts are subject to variations due to the
applicable exchange rates. The lease agreements vary concerning terms and
conditions, and are subject to the applicable local law.


ITEM 3.     LEGAL PROCEEDINGS

      In April 2001, the Company and its officers and directors were served a
lawsuit brought by Calton, Inc. ("Calton") and Gildea Management Company
("Gildea") in the Superior Court of New Jersey, Monmouth County. After
removal to federal court, the case was transfered to the United States
District Court, District of Minnesota. Calton and Gildea purchased securities
from the Company in November 1999 and January 2000. The lawsuit claims that
Company officials knowingly provided false and misleading information
regarding the historical and future financial performance of the Company to
the shareholders, which induced them to make these investments, which totaled
approximately $1.5 million. Calton and Gildea are seeking damages in an
unspecified amount or, in the alternative, rescission of the stock purchase
agreements. The case is being handled by the Company's attorney and its
insurance carrier. The Company believes it has meritorious defenses against
these claims.

      In April 2001, the Company was served a lawsuit brought by American
Express Travel Related Services Company, Inc. in the Supreme Court of the
State of New York, County of New York. The plaintiff is seeking payment of
the balance due them of approximately $976,000. While the Company does not
dispute the underlying liability, it does dispute certain aspects of the claim.
The Plaintiff has filed a motion for summary judgment and the Company is
preparing its response. The Company has retained local counsel to assist it
with this matter.


ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

      Not applicable.



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                                    PART II.

ITEM 5.     MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

      The common stock of Minnesota American, Inc. was traded in the
over-the-counter market with prices quoted on the OTC Bulletin Board under
the symbol "MNAC." After the merger, we changed the symbol to "CRVU." To
remain eligible for the OTC Bulletin Board, we had to become a reporting
company pursuant to the Securities Exchange Act of 1934 and filed a
registration statement Form 10-SB with the Securities and Exchange
Commission. Beginning market open on February 10, 2000 and while the
Securities and Exchange Commission reviewed our Form 10-SB, our stock was no
longer quoted on the OTC Bulletin Board but only on other quotation mediums,
including the National Quotation Bureau's Pink Sheets. We became a reporting
company on April 3, 2000. The Securities and Exchange Commission finished its
review of our Form 10-SB on July 20, 2000. Since August 14, 2000, our common
stock is again quoted on the OTC Bulletin Board.

      Quotations in the following table are based on information provided by
IDD Information Services, Tradeline(r) on Lexis-Registered Trademark-. The
quotations represent inter-dealer prices, without retail markup, markdown or
commission, and do not necessarily represent actual transactions.


<Table>
<Caption>

                                 COMMON STOCK
                            -----------------------------------------------
FISCAL QUARTER ENDED        HIGH BID                   LOW BID
---------------------------------------------------------------------------

<S>                         <C>                        <C>
September 30, 1999          $2.75                      $0.28125
December 31, 1999           $6.00                      $0.6875
March 31, 2000              $8.75                      $3.50
June 30, 2000               $5.00                      $1.00

September 30, 2000          $2.50                      $0.75
December 31, 2000           $1.3125                    $0.125
March 31, 2001              $.359375                   $.15625
June 30, 2001               $.5625                     $.09375

</Table>

      As of September 15, 2001, we had approximately 151 shareholders of
record. We have never paid cash dividends on our Common Stock and do not
anticipate paying any such dividends in the foreseeable future. However, the
holders of our Series A Convertible Preferred Stock are entitled to receive a
cumulative dividend of 6.5% per year, payable semi-annually. As of June 30,
2001, two hundred shares of Series A Convertible Preferred Stock were
outstanding.



                                      12
<Page>


      In March 2000, the Company declared a warrant dividend to shareholders of
record as of April 28, 2000. For every ten shares of common stock held, each
shareholder received a warrant to purchase one share of common stock at a price
of $8. The warrant expires in 2002 and is cancelable, at the Company's option,
upon 30 days notice if the Company's stock closes at a price of $12 per share or
higher for at least ten consecutive trading days. An aggregate amount of
1,954,339 warrants was distributed to the Company's shareholders.

RECENT SALES OF UNREGISTERED SECURITIES

      In June 2001, the Company issued a seven-year Warrant to a customer in
consideration of software license and related service fees. The Warrant is for
the purchase of 100,000 shares at an exercise price of $0.15 per share. The
Company relied on the exemption from registration provided by Section 4(2) of
the Securities Act of 1933.


ITEM 6.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


GENERAL

      CorVu is an international provider of Integrated Business Intelligence
and Business Performance Management software. Our Company designs, develops,
markets and supports its management software products and its services
through sales offices of our subsidiaries as well as through distributors,
Value Added Resellers, and Alliance Partners. Sales and support offices
belonging to our subsidiaries are located throughout the United States,
Australia and Europe. See for details ITEM 1, Business of the Issuer.

      On January 14, 2000, the former CorVu Corporation merged with and into
Minnesota American, Inc. In connection with the merger, Minnesota American,
Inc., the company surviving the merger, changed its name to "CorVu
Corporation." Minnesota American, Inc. had operated its business through two
subsidiaries. Prior to the merger, Minnesota American, Inc. ceased to operate
one of the subsidiaries and sold the other subsidiary, thus discontinuing all
of its business activities. The Surviving Company continues to operate the
business operated by the former CorVu Corporation before the merger.
Accordingly, the discussion and analysis provided below focuses on the
financial position and results of operations of the former CorVu Corporation.

FISCAL YEAR ENDED JUNE 30, 2001 VERSUS JUNE 30, 2000

REVENUES:

      CorVu derives its revenues from three sources: (i) the sale and
licensing of its software products; (ii) consulting and training services;
and (iii) maintenance agreements in connection with the sale and licensing of
software products. CorVu recognizes revenue in accordance with Statement of
Position No. 97-2, Software Revenue Recognition, as amended by Statement of



                                      13
<Page>


Position 98-9. Software license revenue is recognized when all of the
following criteria have been met: there is an executed license agreement,
software has been delivered to the customer, the license fee is fixed and
payable within twelve months, collection is deemed probable and product
returns are deemed reasonably estimable. Revenues related to multiple element
arrangements are allocated to each element of the arrangement based on the
fair values of elements such as license fees, maintenance and professional
services. Fair value is determined based on vendor specific objective
evidence. Maintenance revenues are recognized ratably over the term of the
maintenance contract, typically 12 to 36 months. Consulting and other
revenues are recognized when services are performed.

      Total revenue decreased by $658,231 (5%) from $12,809,294 for the year
ended June 30, 2000 to $12,151,063 for the year ended June 30, 2001.

      Software and license fee revenues decreased $2,720,132 (36%) from
$7,607,770 in 2000 to $4,887,638 in 2001. Management believes several factors
are responsible for this. Over the past twelve months, CorVu has conducted a
realignment of its sales efforts, focusing all energies on its key markets
-mid-market ERP users, vertical industry analytical applications and, of
course, balanced scorecard solutions. CorVu has also made adjustments to its
geographic expansion policy, adopting a more partner-centric model. This
adjusted sales model requires less operating costs including fewer
salespeople, office locations and travel costs. While these proactive items
may have had a temporary negative effect on new license revenue, they have
clearly had a positive impact on the bottom line performance over the past
twelve months (see discussion of Operating Expenses below). Further, these
adjustments have refocused the Company on its target markets. In addition,
the current economic climate has negatively impacted all industries, causing
many companies to freeze IT spending or delay active projects that involve
the implementation of the Company's products and solutions.

      Maintenance, consulting and other revenues increased by $2,061,901
(40%) from $5,201,524 in 2000 to $7,263,425 in 2001. This increase is due to
the increased customer base for both consulting and training services. In
addition, annual maintenance fees continued to increase in line with the
increased customer base.

OPERATING EXPENSES:

      Operating expenses decreased by $5,636,187 (27%) from $20,955,515 for
the year ended June 30, 2000 to $15,319,328 for the year ended June 30, 2001.

      Cost of maintenance, consulting and other expenses increased $56,580 (2%)
from $3,282,770 in 2000 to $3,339,350 in 2001.

      Product development costs increased $193,714 (18%) from $1,064,141 in
2000 to $1,257,855 in 2001. This reflects an initiative to keep pace with the
ever changing software environment and the continued need to improve features
and functionality of the CorVu products.

      Sales and marketing expenses decreased $3,387,947 (37%) from $9,252,957
in 2000 to $5,865,010 in 2001 due to the lower number of employees working in
that sector (as discussed above under Software and license revenue) from 66
salespeople as of June 30, 2000 to 33 as of June



                                      14
<Page>


30, 2001. Other factors, such as lower expenditures for remote sales offices
and travel expenses, reduction of middle sales management staff, advertising,
and general marketing activities, also contributed to the reduced expenditure
levels in this area.

      General and administrative expenses decreased $782,195 (14%) from
$5,639,308 in 2000 to $4,857,113 in 2001. Decreases experienced resulted from
the changes in personnel discussed above, as well as the amendment of the CEO's
employment contract, which occurred in January 2001, which lowered his annual
salary from $330,000 to $180,000 per year.

      Merger costs of $1,716,339 were incurred during the year ended June 30,
2000 to complete the reverse merger transaction with Minnesota American, Inc.
including legal, accounting and broker fees.

INTEREST EXPENSE:

      Interest expense decreased by $335,778 (70%) from $476,737 in 2000 to
$140,959 in 2001. In November 1999, the Company entered into two loan
agreements with third parties totaling $500,000. The agreement allowed the
holder to convert the debt into common stock at any time at a conversion rate
of $1.78 per share. In addition, the loan was automatically convertible into
common stock upon the closing of the merger with Minnesota American, Inc. The
loan agreements also called for the issuance of warrants to purchase up to
506,250 shares of common stock at an exercise price of $.01 per share. The
increase in interest expense, net was caused by the recording of
approximately $317,000 of non-cash interest expense charges related to this
debt instrument. The non-cash charges were required to (1) reflect the
difference between the $1.78 per share conversion price included within the
agreements and $2.67 per share, the Company's estimate of the fair value of
the stock on the date of issuance and, (2) reflect the fair value of the
warrants attached to the debt instrument using the Black-Scholes pricing
model over the period the bridge loan was outstanding.

NET LOSSES:

      CorVu Corporation incurred net losses of $3,309,224 and $8,622,958 for
the years ended June 30, 2001 and 2000, respectively.

LIQUIDITY AND CAPITAL RESOURCES

      Total cash and cash equivalents increased by $30,664 from $46,745 as of
June 30, 2000 to $77,409 as of June 30, 2001.

      Net cash provided by operating activities was $160,970 for the year
ended June 30, 2001. The net loss for the period of $3,309,224 was offset by
certain non-cash charges and by changes in working capital components such as
the collection of accounts receivable balances and the increase in payables.
Net cash used in investing activities was $10,400 for the year ended June 30,
2001 reflecting the acquisition of capital assets. Net cash used by financing
activities was $123,335 for the year ended June 30, 2001. Proceeds from the
sale of common stock accounted for $39,728. During the year ended June 30,
2001, the Company repaid $411,024 of an existing note payable. Additionally,
the Company received borrowings from directors of $458,050 and repaid
director loans in the amount of $210,089.



                                      15
<Page>


      During the year ended June 30, 2001, the Company incurred an operating
loss of $3,168,265. As of June 30, 2001, the Company had an accumulated
deficit of $22,641,345, total stockholders' deficit of $6,191,791, and
negative working capital of $6,296,864. In addition, as of September 20,
2001, due to inadequate funds, the Company has not paid the outstanding
principal on an existing note payable that was originally due on December 16,
1999 and has not remitted approximately $800,000 of employee and employer
payroll taxes. The Company's ability to continue as a going concern is
dependent on it ultimately achieving profitability or raising additional
capital.

      CorVu's management is undertaking several initiatives to address the
Company's liquidity, including the following: (1) continued efforts to
increase CorVu's revenues from software licenses and other revenue sources;
(2) obtain additional debt and/or equity financing; (3) reduce operating
costs. CorVu's management believes that these activities will generate
sufficient cash flows to sustain CorVu's operations through the end of fiscal
2002.

FORWARD-LOOKING STATEMENTS

      Certain statements contained in this Report constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933
and the Securities Exchange Act of 1934. These statements appear in a number
of places in this Report and can be identified by the use of terminology such
as "anticipate," "believe," "estimate," "expect," "intend," "may," "could,"
"possible," "plan," "will," "forecast," and similar words or expressions. The
Company's forward-looking statements generally relate to, among other things:
(i) the Company's financing plans; (ii) trends affecting the Company's
financial condition or results of operations; (iii) the Company's growth
strategy and operating strategy; and (iv) the declaration and payment of
dividends. Investors must carefully consider forward-looking statements and
understand that such statements involve a variety of risks and uncertainties,
known and unknown, and may be affected by inaccurate assumptions.
Consequently, no forward-looking statement can be guaranteed and actual
results may vary materially. The Company undertakes no obligation to update
any forward-looking statement.

      Although it is not possible to create a comprehensive list of all
factors that may cause actual results to differ from the Company's
forward-looking statements, such factors include, but are not limited to: (i)
the general development of the market for business intelligence software,
especially for balanced-scorecard solutions; (ii) the effects of the
Company's changed sales and marketing strategy; and (iii) the ability of the
Company to raise additional financing.





                                      16
<Page>



ITEM 7.     CONSOLIDATED FINANCIAL STATEMENTS
















                       CORVU CORPORATION AND SUBSIDIARIES

                        Consolidated Financial Statements

                             June 30, 2001 and 2000
























                                       17
<Page>



REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS




To CorVu Corporation:

We have audited the accompanying consolidated balance sheet of CorVu
Corporation and subsidiaries as of June 30, 2001, and the related
consolidated statements of operations, stockholders' deficit and cash flows
for the year then ended. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of CorVu
Corporation and subsidiaries, as of June 30, 2001, and the results of their
operations and their cash flows for the year then ended in conformity with
accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in
Note 4 to the consolidated financial statements, the Company has suffered
recurring losses from operations, has a working capital deficiency and has a
stockholders' deficit that raise substantial doubt about its ability to
continue as a going concern. Management's plans in regard to these matters
are also described in Note 4. The consolidated financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.


                                            /s/ VIRCHOW, KRAUSE & COMPANY, LLP



Minneapolis, Minnesota
September 20, 2001






                                      18

<Page>



                          INDEPENDENT AUDITORS' REPORT



The Board of Directors and Stockholders
CorVu Corporation and Subsidiaries:


We have audited the accompanying consolidated balance sheet of CorVu
Corporation and subsidiaries (the Company) as of June 30, 2000, and the
related consolidated statements of operations, stockholders' deficit, and
cash flows for the year then ended. These consolidated financial statements
are the responsibility of the Company's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit.

We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of CorVu
Corporation and subsidiaries as of June 30, 2000, and the results of their
operations and their cash flows for the year then ended in conformity with
accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in
Note 4 to the consolidated financial statements, the Company has suffered
recurring losses from operations, has a working capital deficiency and has a
stockholders' deficit that raise substantial doubt about its ability to
continue as a going concern. Management's plans in regard to these matters
are also described in Note 4. The consolidated financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.


/s/ KPMG LLP


Minneapolis, Minnesota

September 18, 2000
















                                       19
<Page>






                                             CORVU CORPORATION AND SUBSIDIARIES
                                                 Consolidated Balance Sheets
                                                   June 30, 2001 and 2000

<Table>
<Caption>
                                          ASSETS                                                  2001              2000
                                                                                             ---------------   ---------------
<S>                                                                                        <C>                   <C>
Current assets:
   Cash and cash equivalents                                                               $         77,409            46,745
   Trade accounts receivable, net of allowance for doubtful
     Accounts of $145,000 and $305,000, respectively                                              2,668,802         4,263,681
   Prepaid expenses                                                                                  95,347           114,621
   Other assets                                                                                      50,056            68,731
                                                                                             ---------------   ---------------
           Total current assets                                                                   2,891,614         4,493,778
Furniture, fixtures, and equipment                                                                  341,373           406,404
   Less accumulated depreciation                                                                  (236,300)         (238,241)
                                                                                             ---------------   ---------------
                                                                                                    105,073           168,163
                                                                                             ---------------   ---------------
                                                                                           $      2,996,687         4,661,941
                                                                                             ===============   ===============
                          LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
   Accounts payable                                                                        $      2,951,684         2,516,200
   Accrued compensation and related costs                                                         2,600,675         2,179,220
   Deferred revenue                                                                               2,120,172         2,550,192
   Accrued interest                                                                                  23,663            51,211
   Other accrued expenses                                                                           741,816           429,561
   Note payable                                                                                     188,123           599,147
   Director advances                                                                                562,345           314,384
                                                                                             ---------------   ---------------
           Total current liabilities                                                              9,188,478         8,639,915
                                                                                             ---------------   ---------------
           Total liabilities                                                                      9,188,478         8,639,915
Stockholders' deficit:
   Undesignated capital stock, 24,000,000 shares in 2001 and 2000, none issued.                           -                 -
   Series A convertible preferred stock, $10 par value;
     1,000,000 shares authorized; 200 shares issued and outstanding in
     2001 and 2000                                                                                    2,000             2,000
   Common stock, $0.01 par value; 25,000,000 shares authorized;
     20,157,781 and 19,509,660 shares issued and outstanding in
     2001 and 2000, respectively                                                                    201,522           195,097
   Additional paid-in capital                                                                    16,159,995        15,577,033
   Accumulated deficit                                                                         (22,641,345)      (19,331,991)
   Deferred compensation                                                                          (318,100)         (688,050)
   Accumulated other comprehensive income                                                           404,137           267,937
                                                                                             ---------------   ---------------
           Total stockholders' deficit                                                          (6,191,791)       (3,977,974)
                                                                                             ---------------   ---------------
           Commitments (Notes 4, 10 and 11)
           Total liabilities and stockholders' deficit                                     $      2,996,687         4,661,941
                                                                                             ===============   ===============
</Table>

See accompanying notes to consolidated financial statements.

                                       20
<Page>






                                          CORVU CORPORATION AND SUBSIDIARIES
                                        Consolidated Statements of Operations
                                          Years ended June 30, 2001 and 2000

<Table>
<Caption>
                                                                                            2001             2000
                                                                                       ---------------  ---------------
<S>                                                                                  <C>                    <C>
Revenues:
    Software and license fees                                                        $      4,887,638        7,607,770
    Maintenance, consulting, and other                                                      7,263,425        5,201,524
                                                                                       ---------------  ---------------
             Total revenues                                                                12,151,063       12,809,294
                                                                                       ---------------  ---------------
Operating costs and expenses:
    Cost of maintenance, consulting, and other                                              3,339,350        3,282,770
    Product development                                                                     1,257,855        1,064,141
    Sales and marketing                                                                     5,865,010        9,252,957
    General and administrative                                                              4,857,113        5,639,308
    Costs of merger                                                                          -               1,716,339
                                                                                       ---------------  ---------------
             Total operating costs and expenses                                            15,319,328       20,955,515
                                                                                       ---------------  ---------------

             Operating loss                                                               (3,168,265)      (8,146,221)
Interest expense                                                                            (140,959)        (476,737)
                                                                                       ---------------  ---------------
             Net loss                                                                $    (3,309,224)      (8,622,958)
                                                                                       ===============  ===============

Loss per common share-basic and diluted                                              $         (0.17)           (0.50)
Weighted average shares outstanding-basic and diluted                                      19,779,415       17,238,620
</Table>

See accompanying notes to consolidated financial statements.


                                       21
<Page>



                                        CORVU CORPORATION AND SUBSIDIARIES
                                Consolidated Statements of Stockholders' Deficit
                                        Years ended June 30, 2001 and 2000

<Table>
<Caption>
                                                                                                         ACCUMULATED
                                                                   ADDITIONAL                               OTHER         TOTAL
                           PREFERRED STOCK       COMMON STOCK       PAID-IN    ACCUMULATED   DEFERRED   COMPREHENSIVE STOCKHOLDERS'
                         ------------------------------------------
                         SHARES     AMOUNT     SHARES      AMOUNT   CAPITAL      DEFICIT   COMPENSATION    INCOME       DEFICIT
                         -------  ----------------------  ------------------------------------------------------------------------
<S>                       <C>   <C>          <C>        <C>         <C>         <C>             <C>         <C>        <C>
Balance, June 30, 1999    4,200 $    42,000  16,347,329 $ 163,473   4,242,399   (9,473,781)     (75,000)    211,355    (4,889,554)
   Comprehensive loss:
    Net loss                  -           -           -         -           -   (8,622,958)           -           -    (8,622,958)
    Foreign currency          -           -           -         -           -            -            -      56,582        56,582
    translation
    adjustment
                                                                                                                      ------------
   Comprehensive loss         -           -           -         -           -            -            -           -    (8,566,376)
   Conversion of note         -           -     469,286     4,693   2,335,396            -            -           -     2,340,089
   payable- parent
   Non-cash charges           -           -     393,461     3,934   3,187,090            -            -           -     3,191,024
   related to equity
   transactions (Notes
   6 and 9)
   Deferred compensation      -           -           -         -   1,005,500            -     (613,050)          -       392,450
   Issuance of common         -           -   1,947,209    19,473   3,520,780            -            -           -     3,540,253
   stock
   Stock option/warrant       -           -     320,375     3,204      10,936            -            -           -        14,140
   exercises
   Issuance of warrant        -           -           -         -   1,235,252   (1,235,252)           -           -             -
   dividend
   Preferred stock       (4,000)    (40,000)     32,000       320      39,680            -            -           -             -
   conversions
                         -------  ---------- -----------  -------- ---------------------------------------------------------------
Balance, June 30, 2000      200 $     2,000  19,509,660 $ 195,097  15,577,033  (19,331,991)    (688,050)    267,937    (3,977,974)
   Comprehensive loss:
    Net loss                  -           -           -         -           -   (3,309,224)           -           -    (3,309,224)
    Foreign currency          -           -           -         -           -            -            -     136,200       136,200
    translation
    adjustment
                                                                                                                      ------------
   Comprehensive loss         -           -           -         -           -            -            -           -    (3,173,024)
   Preferred stock            -           -           -         -           -         (130)           -           -          (130)
   dividends
   Non-cash charges           -           -           -         -     169,511            -            -           -       169,511
   related to equity
   transactions (Notes
   6 and 9)
   Deferred compensation      -           -           -         -           -            -      369,950           -       369,950
   Salary forgiven by         -           -           -         -     241,586            -            -           -       241,586
   executive
   Issuance of common         -           -      25,000       250       9,750            -            -           -        10,000
   stock
   Issuance of common         -           -     590,609     5,850     132,712            -            -           -       138,562
   stock for services
   Stock option               -           -      32,512       325      29,403            -            -           -        29,728
   exercises
                         -------  ---------- -----------  -------- ---------------------------------------------------------------
Balance, June 30, 2001      200 $     2,000  20,157,781 $ 201,522  16,159,995  (22,641,345)    (318,100)    404,137    (6,191,791)
                         =======  ========== ===========  ======== ===============================================================
</Table>
See accompanying notes to consolidated financial statements.


                                       22
<Page>




                                           CORVU CORPORATION AND SUBSIDIARIES
                                         Consolidated Statements of Cash Flows
                                           Years ended June 30, 2001 and 2000

<Table>
<Caption>
                                                                                            2001              2000
                                                                                       ---------------   ----------------
<S>                                                                                   <C>                     <C>
Cash flows from operating activities:
    Net loss                                                                          $    (3,309,224)        (8,622,958)
    Adjustments to reconcile net loss to net cash used in operating activities:
      Depreciation                                                                             73,490             52,851
      Salary forgiven by executive                                                            241,586                  -
      Warrants and stock options vested                                                       565,147          2,633,474
      Common stock issued for services                                                        112,876                  -
      Changes in operating assets and liabilities:
         Trade accounts receivable, net                                                     1,682,616           (514,057)
         Prepaid expenses                                                                      19,274              2,748
         Other current assets                                                                  18,675             (9,937)
         Accounts payable                                                                     459,311            628,328
         Accrued compensation and related costs                                               444,640            690,104
         Deferred revenue                                                                    (453,676)         1,145,609
         Accrued interest                                                                     (27,548)            21,013
         Other accrued expenses                                                               333,803            241,156
                                                                                       ---------------   ----------------
              Net cash provided (used) in operating activities                                160,970         (3,731,669)
                                                                                       ---------------   ----------------

Cash flows from investing activities:
    Capital expenditures                                                                      (10,400)           (68,073)
                                                                                       ---------------   ----------------
              Net cash used in investing activities                                           (10,400)           (68,073)
                                                                                       ---------------   ----------------

Cash flows from financing activities:
    Net proceeds from sale of common stock                                                     39,728          3,554,393
    Proceeds from reverse merger                                                                    -            950,000
    Collection of stock subscription receivable                                                     -            250,000
    Repayment of note payable                                                                (411,024)          (807,853)
    Borrowings on director advances                                                           458,050            514,384
    Repayment on director advances                                                           (210,089)          (644,826)
                                                                                       ---------------   ----------------

              Net cash provided (used) by financing activities                               (123,335)         3,816,098
Effect of exchange rate changes on cash                                                         3,429               (946)
                                                                                       ---------------   ----------------
              Net increase in cash and cash equivalents                                        30,664             15,410
Cash and cash equivalents at beginning of year                                                 46,745             31,335
                                                                                       ---------------   ----------------
Cash and cash equivalents at end of year                                              $        77,409             46,745
                                                                                       ===============   ================

Cash paid during the year for interest                                                $       120,636            123,687
</Table>

See accompanying notes to consolidated financial statements.


                                       23

<Page>

                         CORVU CORPORATION AND SUBSIDIARIES

                     Notes to Consolidated Financial Statements

                              June 30, 2001 and 2000

(1)      DESCRIPTION OF BUSINESS AND CONSOLIDATED FINANCIAL STATEMENT
         PRESENTATION

     (a) ORGANIZATION

         CorVu Corporation (the Company or CorVu) is an international provider
         of Integrated Business Intelligence and Business Performance Management
         Solutions. The Company designs, develops, markets, and supports its
         proprietary management software solutions. CorVu is a Minnesota
         corporation.

         The Company's products and services are sold through both direct and
         indirect channels. Sales and support offices are located in the United
         States (U.S.), Australia, and United Kingdom/Europe.

     (b) BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION

         The accompanying consolidated financial statements include the accounts
         of the Company and its wholly owned subsidiaries. Intercompany accounts
         and transactions have been eliminated in consolidation.

         Shares of common stock, options, warrants and loss per share
         information have been restated to reflect the reverse merger agreement
         and the share conversion rate established in the reverse merger
         agreement.

(2)      AGREEMENT AND PLAN OF REORGANIZATION

         On January 14, 2000, the Company completed a reverse merger transaction
         with Minnesota American, Inc. (MNAC). The merger resulted in
         shareholders of the Company and MNAC owning approximately 74 percent
         and 26 percent, respectively of the outstanding shares of the combined
         entity. The shares of MNAC were quoted on the Over-the-Counter
         Bulleting Board (OTCBB) of the National Association of Securities
         Dealers (NASD). The combined entity changed its name to CorVu
         Corporation and continues CorVu's business operations. In addition, the
         Company received $950,000 in cash from MNAC.

(3)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     (a) REVENUE RECOGNITION

         Software license revenue is recognized when all of the following
         criteria have been met: there is an executed license agreement,
         software has been delivered to the customer, the license fee is fixed
         and payable within twelve months, collection is deemed probable and
         product returns are reasonably estimable. Revenues related to multiple
         element arrangements are allocated to each element of the arrangement
         based on the fair values of elements such as license fees, maintenance,
         and professional services. Fair value is determined based on vendor
         specific objective evidence. Maintenance revenues are recognized
         ratably over the term of the maintenance contract, typically 12 to 36
         months. Consulting and other revenues are recognized when services are
         performed.

         Deferred revenue represents payment received or amounts billed in
         advance of services to be performed. Billing occurs within 30 days of
         scheduled performance of services.


                                       24
<Page>

         The Company nets the fair value of warrants issued in conjunction with
         software license agreements with the related license revenue.
         See Note 9.

     (b) SOFTWARE DEVELOPMENT COSTS

         Software development costs are expensed as incurred until technological
         feasibility is established. Software development costs incurred
         subsequent to establishing technological feasibility are capitalized
         and amortized over their estimated useful lives. During fiscal 2001 and
         2000, no software development costs were capitalized.

     (c) COMPREHENSIVE LOSS

         Comprehensive loss represents the change in stockholders' deficit
         resulting from other than stockholder investments and distributions.
         Accumulated other comprehensive income in the consolidated statements
         of stockholders' deficit is solely comprised of the accumulated foreign
         currency translation adjustment.

     (d) FOREIGN CURRENCY TRANSLATION

         The functional currency of the Company's subsidiaries is the local
         currency. Accordingly, the Company translates all assets and
         liabilities into U.S. dollars at current rates. Revenues, costs, and
         expenses are translated at average rates during each reporting period.
         Gains and losses resulting from the translation of the consolidated
         financial statements are excluded from results of operations and are
         reflected as a translation adjustment and a separate component of
         stockholders' deficit.

         Gains and losses resulting from foreign currency transactions are
         recognized in the consolidated statement of operations in the period
         they occur.

     (e) NET LOSS PER SHARE

         Basic loss per share is computed by dividing net loss attributable to
         common stockholders by the weighted-average number of shares
         outstanding during the period. Diluted EPS recognizes the potential
         dilutive effects of stock options and warrants determined by the
         treasury stock method. No common stock equivalent shares have been
         included in the computation of diluted earnings per share because their
         inclusion would be anti-dilutive.

     (f) STOCK-BASED COMPENSATION

         The Company uses the intrinsic value-based method prescribed by
         Accounting Principles Board (APB) Opinion No. 25, ACCOUNTING FOR STOCK
         ISSUED TO EMPLOYEES, and related interpretations in accounting for
         employee stock options. Under the intrinsic value method, compensation
         expense is recorded only to the extent that the market price of the
         common stock exceeds the exercise price of the stock option on the date
         of grant.

     (g) INCOME TAXES

         The Company accounts for income taxes using the asset and liability
         method. Under the asset and liability method, deferred tax assets and
         liabilities are recognized at the enacted rates for the


                                       25
<Page>

         future tax consequences attributable to differences between the
         financial statement carrying amounts of existing tax assets and
         liabilities and their respective tax basis. The effect on deferred tax
         assets and liabilities of a change in tax rate is recognized in income
         in the period that includes the enactment date. Valuation allowances
         are established when necessary to reduce deferred tax assets to the
         amounts expected to be realized.

     (h) FAIR VALUE OF FINANCIAL INSTRUMENTS

         The carrying value of the Company's financial assets and liabilities,
         because of their short-term nature, approximates fair value. The
         carrying value of notes payable and long-term debt approximates fair
         value because the current rates approximate market rates available on
         similar instruments.

     (i) CASH AND CASH EQUIVALENTS

         Cash equivalents consist of highly liquid money market accounts carried
         at cost plus accrued interest, which approximates market value. All
         cash equivalents have remaining maturities of 90 days or less.

     (j) STOCK SUBSCRIPTION RECEIVABLE

         Stock subscription receivables that are paid in full by the subscriber
         prior to the date the financial statements are issued are reflected as
         a current asset.


                                       26
<Page>

     (k) PROPERTY AND EQUIPMENT, NET

         Property and equipment consists of property, equipment, furniture and
         computers and are stated at cost less accumulated depreciation.
         Depreciation is calculated using the straight-line method over the
         estimated useful lives of the respective assets which generally range
         from three to seven years.

     (l) ADVERTISING COSTS

         Advertising costs are expensed as incurred. Advertising costs totaled
         approximately $25,000 and $162,000 for the years ended June 30, 2001
         and 2000, respectively.

     (m) RESEARCH AND DEVELOPMENT COSTS

         Research and development costs are expensed as incurred.

     (n) BUSINESS AND CREDIT CONCENTRATIONS

         Financial instruments which potentially subject the Company to
         concentrations of credit risk consist primarily of trade accounts
         receivable. The Company sells principally to resellers and end users in
         the United States, Australia, and United Kingdom/Europe. The Company
         performs ongoing credit evaluations of its customers and accounts
         receivable are unsecured.

     (o) IMPAIRMENT OF LONG-LIVED ASSETS AND ASSETS TO BE DISPOSED OF

         Long-lived assets and certain identifiable intangibles are reviewed for
         impairment whenever events or changes in circumstances indicate that
         the carrying amount of an asset may not be recoverable. Recoverability
         of assets to be held and used is measured by a comparison of the
         carrying amount of an asset to future net undiscounted cash flows
         expected to be generated by the asset. Assets to be disposed of are
         reported at the lower of the carrying amount or fair value less costs
         to sell.

     (p) USE OF ESTIMATES

         The preparation of consolidated financial statements in conformity with
         accounting principles generally accepted in the United States of
         America requires management to make estimates and assumptions that
         affect the reported amounts of assets and liabilities and disclosure of
         those assets and liabilities at the date of the financial statements
         and the reported amounts of revenues and expenses during the reporting
         period. A change in the facts and circumstances surrounding these
         estimates could result in a change to the estimates and impact future
         operating results.

     (q) RECLASSIFICATIONS

         Certain fiscal 2000 amounts have been reclassified to conform to the
         fiscal 2001 presentation.


                                       27
<Page>

(4)      LIQUIDITY

      The accompanying consolidated financial statements are prepared assuming
      the Company will continue as a going concern. During the year ended June
      30, 2001, the Company incurred an operating loss of $3,168,265. As of June
      30, 2001, the Company had an accumulated deficit of $22,641,345, total
      stockholders' deficit of $6,191,791, and negative working capital of
      $6,296,864. In addition, as of June 30, 2001, due to inadequate funds, the
      Company has not paid the outstanding principal on the note payable
      discussed in Note 8, that was originally due on December 16, 1999 and has
      not remitted approximately $772,000 of employee and employer payroll
      taxes, including penalties and accrued interest.

      The Company's ability to continue as a going concern is dependent on it
      ultimately achieving profitability or raising additional capital.

      Management anticipates that the impact of the actions listed below, will
      generate sufficient cash flows to pay past due debts and fund the
      Company's future operations.

      1. Continue to increase the Company's revenues from software licenses and
         other revenue sources.

      2. Increase the level of indebtedness.

      3. Solicit additional equity investment in the Company.

      4. Reduce operating costs, as deemed necessary, in the event the sales of
         product licenses and/or additional equity or debt financing do not
         generate adequate proceeds.


                                       28
<Page>

(5)     LOSS PER COMMON SHARE
<Table>
<Caption>
                                                                      FOR THE YEAR ENDED JUNE 30, 2001
                                                        --------------------------------------------------------------
                                                              LOSS                  SHARES              PER-SHARE
                                                           (NUMERATOR)          (DENOMINATOR)             AMOUNT
                                                        ------------------    -------------------    -----------------
<S>                                                       <C>                     <C>                    <C>
        Basic Loss Per Share:                             $ (3,309,224)           19,779,415             $ (0.17)

        Effect of Dilutive Securities:
          None                                                   --                     --                  --
                                                        ------------------    -------------------    -----------------

        Loss Per Share -
          Assuming dilution                               $ (3,309,224)           19,779,415             $ (0.17)
                                                        ==================    ===================    =================
<Caption>
                                                                      FOR THE YEAR ENDED JUNE 30, 2000
                                                        --------------------------------------------------------------
<S>                                                       <C>                     <C>                    <C>
        Basic Loss Per Share:                             $ (8,622,958)           17,238,620             $ (0.50)

        Effect of Dilutive Securities:
          None                                                   --                     --                  --
                                                        ------------------    -------------------    -----------------

        Loss Per Share -
          Assuming dilution                               $ (8,622,958)           17,238,620             $ (0.50)
                                                        ==================    ===================    =================
</Table>

(6)   STOCK OPTIONS AND WARRANTS

      The Company's 1996 Stock Option Plan (the Plan) provides for the issuance
      of up to an aggregate of 4,000,000 shares of common stock to employees,
      directors, and consultants. The Plan provides for the issuance of
      incentive and nonqualified stock options.

      Under the Plan, the exercise price for incentive stock options is at least
      100% of the fair market value on the date of the grant. The exercise price
      for incentive stock options is at least 110% of the fair market value on
      the date of the grant for persons with greater than 10% of the voting
      power of all classes of stock. Options generally expire in seven years;
      however, incentive stock options may expire in five years if the optionee
      owns stock representing more than 10% of the voting power of all classes
      of stock. Vesting periods are determined by a compensation committee
      appointed by the board of directors and generally provide for shares to
      vest ratably over three years.

      The Company also has a 1993 Stock Incentive Plan that was in existence at
      the time of the merger with MNAC (see Note 2). This plan will not be used
      to issue any future stock options and, will only remain in existence until
      all outstanding options issued under it are exercised or forfeited.


                                       29
<Page>

      During fiscal 2000, the Company granted options outside the Plan to
      employees to purchase common stock of 1,147,501. Accordingly, the Company
      has recorded deferred compensation of $318,100 and $688,050 as of June 30,
      2001 and 2000, respectively, representing the difference between the
      deemed value of the common stock for accounting purposes and the option
      exercise price of such options on the date of grant. The Company
      recognized expenses of $369,950 and $354,950 for the fiscal years ended
      June 30, 2001 and 2000, respectively, for these stock option grants based
      upon the intrinsic value method in accordance with APB Opinion No. 25, and
      will recognize the remainder of the deferred compensation cost over the
      respective three year vesting periods of the options granted.

      The Company has adopted the disclosure-only provisions of Statement of
      Financial Accounting Standards (SFAS) No. 123, ACCOUNTING FOR STOCK-BASED
      COMPENSATION. Accordingly, compensation expense has been recognized using
      the intrinsic value method prescribed in APB No. 25 and related
      interpretations. Had compensation cost for the Company's stock option
      grants in fiscal 2001 and 2000 been based on the fair value method
      prescribed by SFAS No. 123, the Company's net loss would have been
      increased by $1,307,413 and $1,625,246, respectively in 2001 and in 2000;
      net loss per share would have been increased by $0.07 and $0.09 in 2001
      and 2000, respectively.

      Under SFAS No. 123, the weighted average estimated fair value of stock
      options granted at exercise price equal to market price of grant date
      during 2001 and 2000 was $0.38 and $1.65 per share, respectively.

      The fair value of each option grant was estimated on the date of grant
      using the Black-Scholes option-pricing model with the following
      weighted-average assumptions: dividend yield of 0%; expected volatility of
      0% for the period July 1, 1999-January 13, 2000 and 60% for the period
      January 14, 2000-June 30, 2000 and for fiscal 2001; risk-free interest
      rate of 7.0%; and expected lives of approximately seven years.

      The activity for the Plans is summarized as follows:
<Table>
<Caption>
                                                                                                 WEIGHTED-
                                                                                             AVERAGE EXERCISE
                                                                       OPTIONS                PRICE PER SHARE
                                                                -----------------------    ----------------------
<S>                                                                   <C>                         <C>
              Outstanding at June 30, 1999                              2,313,380                 $  1.97
                Granted                                                 1,181,316                    3.03
                Exercised                                                (442,000)                   0.27
                Forfeited                                                (281,750)                   2.55
                                                                -----------------------    ----------------------

              Outstanding at June 30, 2000                             2,770,946                  $  2.64
                Granted                                                2,140,600                     0.61
                Exercised                                                (32,512)                    0.91
                Forfeited                                             (1,339,368)                    2.51
                                                                -----------------------    ----------------------

              Outstanding at June 30, 2001                             3,539,666                  $  1.46
                                                                =======================    ======================
</Table>


                                       30
<Page>

        Options activity outside the Plans is summarized as follows:
<Table>
<Caption>
                                                                                               WEIGHTED-
                                                                                            AVERAGE EXERCISE
                                                                       OPTIONS              PRICE PER SHARE
                                                                -----------------------    -------------------
<S>                                                                    <C>                        <C>
              Outstanding at June 30, 1999                               388,125                  $  1.63
                Granted                                                1,147,501                     1.79
                Exercised                                                     --                       --
                Forfeited                                                (12,938)                    1.78
                                                                -----------------------    -------------------

              Outstanding at June 30, 2000                             1,522,688                  $  1.75
                 Granted                                                      --                       --
                 Exercised                                                    --                       --
                 Forfeited                                              (110,814)                    2.39
                                                                -----------------------    -------------------

              Outstanding at June 30, 2001                              1,411,874                 $  1.70
                                                                =======================    ===================
</Table>


                                       31
<Page>

        The following tables summarize information about stock options
outstanding as of:
<Table>
<Caption>
                                                                            JUNE 30, 2001
                             ----------------------------------------------------    ---------------------------------
                                             OPTIONS OUTSTANDING                           OPTIONS EXERCISABLE
                             ----------------------------------------------------    ---------------------------------
                                                 WEIGHTED-AVERAGE   WEIGHTED-AVERAGE                   WEIGHTED-AVERAGE
                                 NUMBER            REMAINING          EXERCISE          NUMBER         EXERCISE PRICE
                              OUTSTANDING         CONTRACTUAL          PRICE          EXERCISABLE
        EXERCISE PRICES                               LIFE
        -----------------    ---------------     ---------------    -------------    --------------    ---------------
<S>                             <C>                   <C>             <C>              <C>               <C>
            $0.20-0.92          1,683,975             6.1             $  0.39            664,592         $  0.49

             1.25-3.00          3,222,565             4.9                2.04          2,357,378            2.05

             7.00                  45,000             5.7                7.00             23,000            7.00
        -----------------    ---------------     ---------------    -------------    --------------    ---------------

        $0.20-7.00              4,951,540             5.3             $  1.53          3,044,970         $  1.75
        =================    ===============     ===============    =============    ==============    ===============

<Caption>
                                                                            JUNE 30, 2000
                             ----------------------------------------------------    ---------------------------------
                                             OPTIONS OUTSTANDING                           OPTIONS EXERCISABLE
                             ----------------------------------------------------    ---------------------------------
                                                 WEIGHTED-AVERAGE   WEIGHTED-AVERAGE                    WEIGHTED-AVERAGE
                                 NUMBER            REMAINING          EXERCISE           NUMBER           EXERCISE
                              OUTSTANDING         CONTRACTUAL          PRICE          EXERCISABLE           PRICE
        EXERCISE PRICES                               LIFE
        -----------------    ---------------     ---------------    -------------    ---------------    --------------
<S>                             <C>                   <C>             <C>              <C>               <C>
            $0.20-0.92            346,876             3.5             $  0.84            346,876          $  0.84

             1.33-3.00          3,843,258             5.7                2.33          1,809,007             2.26

             7.00                 103,500             6.7                7.00             10,000             7.00
        -----------------    ---------------     ---------------    -------------    ---------------    --------------

        $0.20-7.00              4,293,634             5.6             $  2.32          2,165,883          $  2.05
        =================    ===============     ===============    =============    ===============    ==============
</Table>


      WARRANTS AND OPTIONS ISSUED TO THIRD PARTIES

      During fiscal 2000, the Company issued 64,063 options and warrants to
      purchase common stock at $1.78 - $6.00 per share to vendors and
      consultants. The options and warrants are exercisable from the date of
      grant through November 2006. The fair value of the options and warrants at
      the date of grant was estimated to be approximately $54,000 using
      Black-Scholes pricing model which was expensed in


                                       32
<Page>

                          CORVU CORPORATION AND SUBSIDIARIES

                      Notes to Consolidated Financial Statements

                                June 30, 2001 and 2000


      the 2000 consolidated statement of operations. The following assumptions
      were used to calculate the expense using the Black-Scholes pricing model:
      dividend yield of 0%; expected volatility of 0% for the period July 1,
      1999-January 13, 2000 and 60% for the period January 14, 2000-June 30,
      2000; risk-free interest rate of 7.0%; and expected lives ranging from
      four to seven years.

      During fiscal 2000, in connection with various sales of common stock, the
      Company has issued warrants to purchase 564,375 shares of common stock at
      prices ranging from $1.78-$7.00 per share. The warrants expire at various
      times through December 2006. In connection with sales that occurred in
      April 2000, the Company paid its business advisor fees totaling $30,000
      and issued warrants for a total of 30,000 shares, at exercise prices
      ranging from $4.00-$7.00, which expire in April 2005. The fair value of
      the warrants issued using the Black-Scholes pricing model was
      approximately $46,000. This amount was credited to Additional Paid-in
      Capital during the year ended June 30, 2000. The following assumptions
      were used to calculate the expense using the Black-Scholes pricing model:
      dividend yield of 0%; expected volatility of 60%; risk-free interest rate
      of 7.0%; and contractual life of five years.

      During fiscal 2000, the Company issued 389,031 common shares and paid
      $47,500 to its business advisor at closing of the merger with Minnesota
      American, Inc. in exchange for services. In addition, the Company granted
      its business advisor a five-year warrant to purchase up to 185,572 common
      shares at $5.3125 per share. For accounting purposes, the Company has
      estimated the value of the stock and warrants issued to be $5.3125 per
      share, the closing trading price of the stock on the date of the merger
      and, accordingly, recorded a charge of approximately $2,411,000 in the
      year ending June 30, 2000. This charge is recorded in the year ended June
      30, 2000 as a $950,000 reduction to Additional Paid-in Capital based on
      the amount of cash received in the merger, with the remainder ($1,461,000)
      shown as an operating expense. The following assumptions were used to
      calculate the expense using the Black-Scholes pricing model: dividend
      yield of 0%; expected volatility of 60%; risk-free interest rate of 7.0%;
      and contractual life of five years.

      As of June 30, 2001, warrants to purchase a total of 1,997,760 shares of
      common stock were outstanding at exercise prices ranging from $.01-$7.00
      per share, expiring through June 2008.

      In March 2000, the Company declared a warrant dividend to shareholders of
      record as of April 28, 2000. For every ten shares of common stock held,
      each shareholder received a warrant to purchase one share of common stock
      at a price of $8. The warrant expires in 2002 and is cancelable, at the
      Company's option, upon 30 days notice if the Company's stock closes at a
      price of $12 per share or higher for at least ten consecutive trading
      days. The Company recorded the dividend of $1,235,252 based on the fair
      value of the warrants issued using the Black-Scholes pricing model. The
      following assumptions were used to calculate the expense using the
      Black-Scholes pricing model: dividend yield of 0%; expected volatility of
      60%; risk-free interest rate of 7.0%; and contractual life of 2 years.


                                       33

<Page>



(7)   INCOME TAXES

      The Company has incurred net operating losses since inception. The Company
      has not reflected any tax benefit of such net operating loss carryforwards
      in the accompanying consolidated financial statements.

      The income tax benefit differed from the amount computed by applying the
      U.S. federal income tax rate of 34% to income before income taxes as a
      result of the following:

<Table>
<Caption>
                                                              2001           2000
                                                          -------------   ------------
<S>                                                           <C>             <C>
            Computed "expected" tax benefit                    34%             34%
            State income tax, net of federal benefit            4%              4%

            Merger related costs
            Other, primarily foreign tax rate                   -              (6)%
            difference                                          -              (2)%
            Change in valuation allowance                     (38)%           (30)%
                                                          -------------   ------------

                                                               --%             --%
                                                          =============   ============
</Table>

      The tax effect of temporary differences that give rise to significant
      portions of the deferred tax assets as of June 30 is presented below:

<Table>
<Caption>
                                                              2001           2000
                                                           -------------   ------------
<S>                                                           <C>             <C>
            Deferred tax assets:
              Foreign net operating loss
              carryforward                                    $   2,391       $  1,875
              U.S. net operating loss carryforward                4,097          3,010
              Stock compensation                                  1,147          1,225
              Miscellaneous reserves and accruals                   100            165
              Other                                                  (5)            (5)
                                                            -------------   ------------

                  Total gross deferred tax assets                 7,730          6,270

              Valuation allowance                                (7,730)        (6,270)
                                                            -------------   ------------
                  Net deferred tax assets                     $      --       $     --
                                                            =============   ============
</Table>


                                       34
<Page>



      In assessing the realization of deferred tax assets, management considers
      whether it is more likely than not that some portion or all of the
      deferred tax assets will not be realized. The ultimate realization of
      deferred tax assets is dependent upon the generation of future taxable
      income during the periods in which those temporary differences become
      deductible.

      Based on the level of historical taxable income and projections of future
      taxable income over the periods in which the deferred tax assets are
      deductible, management does not believe that it is more likely than not
      the Company will realize the benefits of these deductible differences.
      Accordingly, the Company has provided a valuation allowance against the
      gross deferred tax assets as of June 30, 2001 and 2000.

      As of June 30, 2001, the Company has reported U.S. net operating loss
      carryforwards of approximately $10,890,000. The federal net operating loss
      carryforwards expire in the years 2010 through 2021.

      Federal tax laws impose significant restrictions on the utilization of net
      operating loss carryforwards in the event of a change in ownership of the
      Company which constitutes an "ownership change," as defined by the
      Internal Revenue Code, Section 382. The Company's net operating loss
      carryforward may be subject to the above limitations.

(8)   NOTE PAYABLE

      In February 1998, the Company entered into a loan agreement for
      approximately $927,000 with a third party lender. During fiscal 1999, the
      Company borrowed an additional $480,000. The note is secured by the assets
      of the Company. The interest rate on the outstanding principal balance is
      based on an index defined in the loan agreement plus 7% and 3%, as of June
      30, 2001 and 2000, respectively. Interest is payable monthly. On June 30,
      2001 and 2000 the interest rates were 12.025% and 6.28%, respectively. The
      outstanding principal balance was due on December 15, 1999. During fiscal
      2001 and 2000, the Company made principal payments totaling approximately
      $411,000 and $808,000, respectively. In addition, subsequent to June 30,
      2001, the Company has made additional repayments totaling approximately
      $75,000. The Company is in negotiations with the lender to extend the
      terms of the note.

(9)   LICENSE SALE WITH WARRANTS

      In June 2000 the Company entered into an agreement with a customer whereby
      the customer agreed to purchase software licenses valued at $402,000 as
      well as related maintenance and consulting services. In connection with
      this agreement, the Company issued a warrant to the customer for the
      purchase of up to 340,000 shares of the Company's stock at a price of
      $1.4156 per share. The warrant expires December 31, 2007. The fair value
      of the warrant at the date of grant was estimated to be approximately
      $401,000 using Black-Scholes pricing model, which was recorded as a direct
      reduction of license revenue in the accompanying consolidated statement of
      operations for the year ended June 30, 2000. The following assumptions
      were used to calculate the expense using the Black-Scholes pricing model:
      dividend yield of 0%; expected volatility of 60%; risk-free interest rate
      of 7.0%; and contractual life of seven years. In addition, as part of this
      agreement, the Company has agreed to pay royalties to the customer equal
      to 20% of all software and maintenance fees payable to the Company
      resulting from within the lodging, restaurant and hospital industries
      which utilize an application that is being co-developed by the Company and
      the customer for those industries. The royalty fee is 50%, up to an amount
      equivalent to the licenses and services purchased by the customer and 20%
      thereafter.


                                       35
<Page>



      The royalty arrangement expires October 1, 2007. During fiscal 2001 and
      2000, no royalty fees were incurred.

      In June 2001, the Company sold additional software licenses to this
      customer for approximately $213,000. In connection with this sale, the
      Company issued warrants for the purchase of up to 100,000 shares of the
      Company's stock at a price of $0.15 per share. The warrant will expire in
      seven years. The fair value of the warrant at the date of grant was
      estimated to be approximately $10,000 using Black-Scholes pricing model,
      which was recorded in the accompanying consolidated statement of
      operations for the year ended June 30, 2001. The following assumptions
      were used to calculate the expense using the Black-Scholes pricing model:
      dividend yield of 0%; expected volatility of 60%; risk-free interest rate
      of 7.0%; and contractual life of seven years.

(10)  COMMITMENTS

      OPERATING LEASES

      The Company leases certain facilities and equipment under noncancelable
      operating leases that expire at various dates through 2005. Future minimum
      lease commitments under these operating leases are as follows:

<Table>
<Caption>
                        Year ending June 30:
<S>                                                 <C>
                           2002                     $ 510,000
                           2003                       177,000
                           2004                       108,000
                           2005                       105,000
                                                    ---------
                                                    $ 900,000
                                                    =========
</Table>

      Rent expense under operating leases for the years ended June 30, 2001 and
      2000 were $973,000 and $1,181,000, respectively.

(11)  DIRECTOR ADVANCES

      The Company has received interest-bearing advances from certain directors
      of the Company. Interest rates on interest-bearing advances vary from 8.5
      to 11.0% as of June 30, 2001. These amounts are classified as current
      liabilities as the Company anticipates paying the amounts back during the
      year ending June 30, 2002. Amounts outstanding at June 30, 2001 and 2000
      are $562,345 and $314,384, respectively. Interest expense was $34,340 and
      $24,775 on these advances for the years ended June 30, 2001 and 2000,
      respectively. The Company has repaid $25,000 of the advances to certain
      directors subsequent to June 30, 2001.


                                       36
<Page>



(12)  INDUSTRY SEGMENT AND OPERATIONS BY GEOGRAPHIC AREAS:

      The Company operates predominantly in one industry segment, being the
      design, development, support and marketing of its proprietary management
      software solutions. The geographic distributions of the Company's revenue
      and long-lived assets are summarized in the following table:

<Table>
<Caption>
                                             YEAR ENDED JUNE 30,
                                       --------------------------------
                                            2001             2000
                                       ---------------  ---------------
<S>                                     <C>               <C>
              Total Revenues:
                United States           $ 4,860,000       5,495,000
                Australia                 4,086,000       4,401,000
                United Kingdom            3,205,000       2,913,000
                                       ---------------  ---------------

                                        $12,151,000      12,809,000
                                       ===============  ===============

              Long-Lived Assets:
                United States          $     22,000          38,000
                Australia                    39,000          14,000
                United Kingdom               44,000         116,000
                                       ---------------  ---------------

                                       $      105,000       168,000
                                       ===============  ===============
</Table>


                                       37
<Page>



(13)  CONVERTIBLE BRIDGE LOAN

      On November 15, 1999, the Company entered into two loan agreements with
      third parties totaling $500,000. The outstanding principal was due on
      March 14, 2000. Interest was charged at a rate of 10% per annum. In
      addition, the agreements called for the issuance of warrants to purchase
      up to 506,250 shares of common stock at an exercise price of $.01 per
      share. After the merger of CorVu with and into Minnesota American, Inc.,
      the outstanding principal and interest was converted into a total of
      285,702 shares of common stock of our Company, at a price of $1.78 per
      share. The Company has recorded a non-cash expense of approximately
      $183,000 to reflect the fair value of the warrants issued using the
      Black-Scholes pricing model over the period the bridge loan was
      outstanding during the year ended June 30, 2000. The following assumptions
      were used to calculate the expense using the Black-Scholes pricing model:
      dividend yield of 0%; expected volatility of 60%; risk-free interest rate
      of 7.0%; and contractual life of five years. In addition, the Company
      recorded a non-cash expense of approximately $134,000 during the year
      ended June 30, 2000 to reflect the difference between the $1.78 per share
      conversion price and $2.67 per share, the estimated fair value of the
      Company's common stock on the date of the transaction. The fair value of
      the warrants and the conversion feature were determined to be $1,345,000
      and $250,000, respectively. The fair value that was allocated to the
      warrants and the conversion feature were limited based on the proceeds of
      the loan. The value of the unamortized discount at the time of the
      conversion ($183,000) was charged to Additional Paid-in Capital.

(14)  PREFERRED STOCK

      The Series A Convertible Preferred Stock ($10 par value) bears a 6.5%
      cumulative dividend rate payable January 1 and July 1 of each year. Each
      share of Series A Convertible Preferred Stock is convertible into eight
      shares of common stock. The Holder of each share of Series A Convertible
      Preferred Stock is entitled to eight votes, subject to adjustment. Upon an
      involuntary or voluntary liquidation or dissolution of the Company at any
      time, the holders of the Series A Convertible Preferred Stock are entitled
      to receive a liquidation preference of $10 per share. The preferred stock
      may be called for redemption in whole or in part by the Company for a
      redemption price of $11.70 per share. During fiscal year 2000, 4,000
      shares of $10 par value Series A Convertible Preferred Stock were
      converted into common stock.

(15)  EMPLOYMENT AGREEMENT

      On July 1, 1999, the Company entered into a three-year employment
      agreement with its chief executive officer. This agreement included
      options to purchase 675,000 shares of common stock at $1.33 per share. The
      fair value of the stock on the date of grant was $2.67 per share. The
      options vest over a period of three years and expire in June 2006.
      Accordingly, the Company has recorded expenses of $301,500 per year for
      the years ended June 30, 2001 and 2000, respectively and deferred
      compensation of $301,500 as of June 30, 2001, which will be expensed in
      fiscal 2002.

      On January 1, 2001, the Company reached an agreement regarding an
      amendment to the above employment agreement. As of that date, the
      executive's base compensation was reduced to $180,000 from $380,000 per
      year. In addition, the executive will receive bonus compensation based on
      the achievement of certain pre-determined audited annual earnings before
      interest and taxes. As part of this amendment, the executive agreed to
      forgive compensation owed as of December 31, 2000 of approximately
      $242,000. This amount has been recorded in the period ended December 31,
      2000 as a credit to Additional Paid-in Capital. During the six-month
      period ended December 31, 2000, the Company has recorded salary expense of
      $90,000 to the chief


                                       38
<Page>



      executive officer, an amount that was never paid and was subsequently
      forgiven. As of September 15, 2001, due to inadequate funds, the Company
      owed the executive $75,000 under the amended agreement for services
      rendered since January 1, 2001.

(16)  INSTALLMENT AGREEMENT WITH INTERNAL REVENUE SERVICE

      On March 29, 2001, the Company entered into an installment agreement with
      the Internal Revenue Service regarding the repayment of past due payroll
      taxes, penalties and interest. As of that date, the amount due under this
      agreement was approximately $931,000. The agreement called for monthly
      payments of $100,000 on April 15, 2001, $50,000 on May 15, 2001, $100,000
      on June 15, 2001, $200,000 on July 15, 2001 and $100,000 on the fifteenth
      of each month thereafter, with any remaining balance being due on January
      15, 2002. In July 2001, the Company renegotiated the monthly payment
      amounts to $50,000 per month. As of June 30, 2001, the balance due under
      this agreement was approximately $772,000, including penalties and accrued
      interest. In connection with this agreement, the Internal Revenue Service
      filed a federal tax lien against the Company's assets. This lien will be
      removed once all payments under the agreement are made.

(17)  LITIGATION

      In April 2001, the Company and its officers and directors were served a
      lawsuit brought by Calton, Inc. ("Calton") and Gildea Management Company
      ("Gildea") in the Superior Court of New Jersey, Monmouth County. After
      removal to federal court, the case was transferred to the United States
      District Court, District of Minnesota. Calton and Gildea purchased
      securities from the Company in November 1999 and January 2000. The lawsuit
      claims that Company officials knowingly provided false and misleading
      information regarding the historical and future financial performance of
      the Company to the shareholders, which induced them to make these
      investments, which totaled approximately $1.5 million. Calton and Gildea
      are seeking damages in an unspecified amount or, in the alternative,
      rescission of the stock purchase agreements. The case is being handled by
      the Company's attorney and its insurance carrier. The Company believes it
      has meritorious defenses against these claims.

      In April 2001, the Company was served a lawsuit brought by American
      Express Travel Related Services Company, Inc. in the Supreme Court of the
      State of New York, County of New York. The plaintiff is seeking payment of
      the balance due them of approximately $976,000, which has been recorded by
      the Company as of June 30, 2001 in the accompanying balance sheet. While
      the Company does not dispute the underlying liability, it does dispute
      certain aspects of the claim. The Plaintiff has filed a motion for
      summary judgment and the Company is preparing its response. The Company
      has retained local counsel to assist it with this matter.


(18)  STOCK PURCHASE PLAN

      In December 2000, the Company established an employee stock purchase plan
      that allows employees to purchase common stock of the Company at a 15%
      discount. Under this plan, the Company has reserved 500,000 shares of
      common stock for issuance under the plan. As of June 30, 2001,
      contributions totaling approximately $15,000 have been collected for
      future stock purchases.


                                       39
<Page>



(19)  NEW ACCOUNTING PRONOUNCEMENTS

      In June 1998, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards (SFAS) No. 133, ACCOUNTING FOR DERIVATIVE
      INSTRUMENTS AND HEDGING ACTIVITIES. SFAS No. 133 is effective for fiscal
      years beginning after June 15, 2000. SFAS No. 133 established standards
      for accounting and reporting of derivative financial instruments,
      including certain derivative instruments embedded in other contracts, and
      for hedging activities. It requires that an entity recognize all
      derivatives as either assets or liabilities in the statement of financial
      position and measure those instruments at fair value. The accounting for
      changes in fair value of a derivative depends on the intended use of the
      derivative and the resulting designation. The Company has adopted this
      Standard on July 1, 2000 and it did not have a significant impact on the
      Company's financial position or results of operations.

      Effective July 1, 2001, the Company adopted Statement of Financial
      Standards No. 142, "Goodwill and Other Intangible Assets", under which
      goodwill will remain on the balance sheet and will no longer be amortized.
      The adoption of this standard will not have an impact on the Company's
      financial position or results of operations.

      Any other new accounting pronouncements issued do not have an impact on
      the Company's financial position or results of operations.




                                       40
<Page>



ITEM 8.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            FINANCIAL DISCLOSURE

      Before the merger with CorVu Corporation, the principal accountant of
Minnesota American, Inc. was Virchow Krause & Company, LLP. Since the company
surviving the merger, CorVu Corporation, f/k/a Minnesota American, Inc.,
continues to operate the business of the former CorVu Corporation, the Company's
executive officers decided to continue working with the accountant of the former
CorVu Corporation, KPMG LLP, and to terminate the relationship with Virchow
Krause & Company, LLP effective as of the merger on January 14, 2000. The
Company is not aware that Virchow Krause & Company, LLP issued any report during
the two years before the merger that contained an adverse opinion or disclaimer
of opinion, or was modified as to uncertainty, audit scope, or accounting
principles. The change of accountants was not recommended or approved by the
board of directors or any committee of the board. The Company is not aware that
there was any disagreement between Minnesota American, Inc. and Virchow Krause &
Company, LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.

      On June 22, 2001, KPMG LLP resigned as the Company's principal independent
accountant. There were not, in connection with the audits of the fiscal years
ended June 30, 2000 and 1999 and any subsequent interim period preceding KPMG
LLP's resignation, any disagreements with KPMG LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure which, if not resolved to KPMG LLP's satisfaction, would have caused
it to make reference to the subject matter of the disagreement in connection
with its report, nor has KPMG LLP's report on the consolidated financial
statements of the Company for the past two years contained an adverse opinion or
disclaimer of opinion or been qualified as to audit scope or accounting
principles. The audit reports of KPMG LLP on the consolidated financial
statements as of and for the years ended June 30, 2000 and 1999 contained a
separate paragraph stating that the Company has suffered recurring losses from
operations, has a working capital deficiency and has a stockholders' deficit
that raises substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 4 to
the consolidated financial statements. The consolidated financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.

      Effective July 30, 2001, Virchow, Krause & Company, LLP was engaged as the
Company's independent accounting firm. The decision to engage Virchow, Krause &
Company, LLP as the Company's accountants was recommended by the Company's Audit
Committee and approved by the Company's Board of Directors. After January 14,
2000 and before July 30, 2001, the Company did not consult Virchow, Krause &
Company, LLP on any matter. There were not any disagreements with the
accountants on accounting principles or practices, financial statement
disclosure, or auditor's scope or procedure.


                                       41
<Page>



                                       PART III

ITEM 9.     DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
            COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

DIRECTORS AND EXECUTIVE OFFICERS

      The following table sets forth the name, age and position of each person
who currently serves as a director and/or officer of our Company as of September
30, 2001. Our directors serve for an indefinite term that expires at the next
regular meeting of our shareholders, and until such directors' successors are
elected and qualified, or until such directors' earlier death, resignation,
disqualification or removal as provided by law.

<Table>
<Caption>
      NAME                            AGE   POSITION
<S>                                   <C>   <C>
      David C. Carlson                45    Chief Financial Officer; Director
      Ismail Kurdi                    32    Director
      Justin M. MacIntosh             51    Chairman, President, Chief
                                            Executive Officer; Director
      James L. Mandel                 44    Director
      Alan M. Missroon, Jr.           38    Vice President Marketing; Director
</Table>

      David C. Carlson (Chief Financial Officer; Director). Before joining CorVu
Corporation as Chief Financial Officer in July 1996, Mr. Carlson gained
extensive experience in the area of accounting and business operations. He
served from July 1979 to July 1984 in the audit division of Arthur Andersen &
Co. From July 1984 to April 1989, he held the position of Controller and later,
Vice President of Finance at Canterbury Downs, a horse racing facility. He
joined the Minnesota Timberwolves, a professional sports franchise, in April
1989 as Controller, a position he subsequently held at a local health and
fitness chain until May 1996; the sports franchise and the health and fitness
chain were under common ownership. Mr. Carlson is responsible for all areas of
financial management of our Company. He became a member of the board of
directors of CorVu Corporation in December 1996 and was elected to the board of
directors of the Company surviving the merger of CorVu Corporation into
Minnesota American, Inc. in January 2000.

      Ismail Kurdi (Director). Mr. Kurdi received a Bachelor of Science from
Boston University in May 1992. From September 1992 to September 1993, he was
with Oxy USA, a subsidiary of Occidental Petroleum. In October 1993, he
relocated back to England where he is a real estate developer and investor. He
serves on the board of directors for several British property companies which
are not reporting companies. Mr. Kurdi was elected to the board of directors of
CorVu Corporation in December 1996 and was elected to the board of directors of
the Company surviving the merger of CorVu Corporation into Minnesota American,
Inc. in January 2000. He currently spends approximately 10% of his time on
CorVu's business affairs.

      Justin M. MacIntosh (Chairman, President, Chief Executive Officer;
Director). After a career in the equity and real estate markets of Australia,
Mr. MacIntosh founded MACS Software Company, a provider of business application
software, in 1977. He served as


                                       42
<Page>



Chairman and CEO of MACS until he founded the former parent company of CorVu
in Australia in 1990. Since the incorporation of CorVu Corporation in
Minnesota in September 1995, Mr. MacIntosh has served as Chairman, President
and Chief Executive Officer, and as a director of the company. He was elected
as director, Chairman of the Board, President and Chief Executive Officer of
the Company surviving the merger of CorVu Corporation into Minnesota
American, Inc. in January 2000.

      James L. Mandel (Director).  Mr. Mandel has been a director of
Minnesota American since 1987.  He has been the Chief Executive Officer and a
director of Vicom Inc., a full service telecommunications company which is
reporting to the SEC under the Securities Exchange Act of 1934 and is
headquartered in Minneapolis, since September 1998.  From January 1997 to
September 1998, he was Chairman of Call 4 Wireless LLC and from January 1992
to February 1997, he served as a Vice President of Grand Casinos, Inc.  Mr.
Mandel was elected to the board of directors of Minnesota American, Inc. in
September 1987.  He currently spends approximately 10% of his time on Corvu's
business affairs.

      Alan M. Missroon, Jr. (Vice President Sales- The Americas; Director).
Mr. Missroon gained his knowledge of the business intelligence market while
working at Burroughs Corporation (Unisys) and during his eight years (from
July 1987 to November 95) at IQ Software Corporation in which he became
familiar with a variety of positions in sales, sales management, product
design, and marketing.  From December 1995 to December 1996, he worked at
Praxis International.  Mr. Missroon is responsible for directing the
salesforce in the Americas region.  He joined CorVu Corporation in January
1997 and was elected as one of the directors of CorVu Corporation in February
1997.  He was elected to the board of directors of the Company surviving the
merger of CorVu Corporation into Minnesota American, Inc. in January 2000.

SECTION 16(a) REPORTING COMPLIANCE

      Section 16(a) of the Securities Exchange Act of 1934 requires CorVu's
executive officers and directors, and persons who own more than 10 percent of
our common stock, to file with the Securities and Exchange Commission initial
reports of ownership and reports of changes in ownership of common stock and
other equity securities of CorVu. Officers, directors and greater than 10%
shareholders ("Insiders") are required by SEC regulations to furnish us with
copies of all Section 16(a) forms they file.

      To our knowledge, based on a review of the copies of such reports
furnished to us, for the fiscal year ended June 30, 2001 all Section 16(a)
filing requirements applicable to Insiders were complied with except that
Alan Missroon and David Carlson were each late filing one form to report
three option grants and Justin MacIntosh and James Mandel were each late
filing one form to report one option grant.


                                       43
<Page>



ITEM 10.    EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE

      The following table sets forth all cash compensation paid or to be paid by
CorVu, as well as certain other compensation, paid or accrued, during each of
CorVu's last three fiscal years to the Chief Executive Officer and to the other
executive officers whose total annual salary and bonus paid or accrued during
fiscal year 2001 exceeded $100,000.

<Table>
<Caption>
                                                                                  Long Term Compensation
                                                                           -------------------------------------
                                                                                    Awards             Payouts
                                                                           -------------------------- ----------

                                                                           Restricted    Securities
                                             Annual Compensation             Stock       Underlying     LTIP         All Other
Name and Principal          Fiscal           -------------------             Awards        Options     Payouts     Compensation
    Position                 Year    Salary ($)   Bonus ($)   Other ($)       ($)            (#)         ($)            ($)
------------------         --------  ----------   ---------   ---------    ----------    ----------    --------    ------------
<S>                          <C>       <C>            <C>           <C>           <C>        <C>         <C>          <C>
Justin M. MacIntosh(1)(2)    2001      180,000          --          --            --          40,000       --             --
  Chairman and Chief         2000      442,640          --          --            --         843,750       --             --
  Executive Officer          1999      412,000          --          --            --            -          --             --


David C. Carlson             2001      115,000        13,500        --            --         125,000       --             --
  Chief Financial            2000      115,000        52,000        --            --          90,000       --             --
  Officer                    1999      100,000          --                        --          45,000       --             --

Alan M. Missroon             2001      150,000        20,000        --            --         125,000       --             --
  Vice President             2000      150,000        80,000        --            --          53,750       --             --
  Sales- The Americas        1999      124,500          --          --            --          11,250       --             --
</Table>

(1)   Includes salary from CorVu Australasia Pty. Ltd.
(2)   $242,000 of fiscal 2000 and 2001 salary amounts were subsequently forgiven
      by Mr. MacIntosh as part of his amended employment contract.


                                       44
<Page>




OPTION GRANTS DURING 2001 FISCAL YEAR

      The following table provides information regarding stock options granted
during fiscal 2001 to the named executive officers in the Summary Compensation
Table. The Company has not granted any stock appreciation rights.

<Table>
<Caption>
                                                         Percent of Total
                                Number of Shares        Options Granted to       Exercise or
                               Underlying Options           Employees             Base Price
Name                             Granted  (1)             In Fiscal Year          Per Share       Expiration Date
----                           ------------------       ------------------       ------------     ---------------
<S>                                <C>                        <C>                   <C>              <C>
Justin M. MacIntosh                40,000 (1)                 1.87%                 $0.20            02/09/08
David C. Carlson                   20,000 (1)                 0.90%                 $1.31            08/03/07
                                   15,000 (1)                 0.70%                 $0.59            10/12/07
                                   30,000 (1)                 1.40%                 $0.20            02/09/08
                                   60,000 (1)                 2.80%                 $0.25            04/06/08
Alan M. Missroon                   20,000 (1)                 0.90%                 $1.31            08/03/07
                                   15,000 (1)                 0.70%                 $0.59            10/12/07
                                   30,000 (1)                 1.40%                 $0.20            02/09/08
                                   60,000 (1)                 2.80%                 $0.25            04/06/08
</Table>

(1)   Such option is exercisable in three equal annual installments
      commencing on the date of grant.

OPTION EXERCISES DURING 2001 FISCAL YEAR AND FISCAL YEAR-END OPTION VALUES

         No options were exercised by the named executive officers during fiscal
2001. The following table provides information related to the number and value
of options held at June 30, 2001:

<Table>
<Caption>
                                       Number of Securities
                                      Underlying Unexercised                  Value of Unexercised In-the-
                                    Options at Fiscal Year End             Money Options at Fiscal Year End(1)
                                    --------------------------             -----------------------------------
Name                             Exercisable       Unexercisable            Exercisable        Unexercisable
----                             -----------       -------------            -----------        -------------
<S>                                 <C>               <C>                    <C>                   <C>
Justin M. MacIntosh                 688,334           251,666                $ --                  $--
David C. Carlson                    266,667           105,833                $ --                  $--
Alan M. Missroon                    230,417           104,583                $ --                  $--
</Table>

(1)   Value is calculated on the basis of the difference between the option
      exercise price and $0.15, the average of the closing bid and ask price on
      June 30, 2001, as quoted on the OTC Bulletin Board.


                                       45
<Page>



EMPLOYMENT AGREEMENTS

      Effective July 1, 1999, CorVu entered into a three-year employment
agreement with Justin M. MacIntosh. Pursuant to the agreement, Mr. MacIntosh
will serve as our Chairman, President and Chief Executive Officer. During the
term of the agreement, Mr. MacIntosh will be paid annual base salaries of
$330,000 for the first employment year, $380,000 for the second and $420,000 for
the third employment year. He was also granted options to purchase a total of
675,000 shares of our Company's common stock at $1.33 per share, with 225,000 of
these options vesting at the beginning of each employment year. Subsequently, on
January 1, 2001, CorVu reached an agreement with Mr. MacIntosh on an amendment
to his employment agreement. Base compensation was reduced to $180,000 per year.
In addition, Mr. MacIntosh will receive bonus compensation based on the
achievement of certain pre-determined audited annual earnings before interest
and taxes. As part of this amendment, Mr. MacIntosh agreed to forgive
approximately $242,000 of compensation owed as of December 31, 2000. Mr.
MacIntosh will participate in any retirement, welfare and other benefit program
our Company provides for its executive officers. Mr. MacIntosh will receive
payments in the amount of at least 9 monthly installments of the base salary in
effect at the time of termination if we terminate his employment without cause.
Mr. MacIntosh is subject to certain confidentiality and non-compete provisions
under the agreement.

      Effective July 15, 1996, CorVu entered into a one-year employment
agreement with David Carlson that was amended as of July 20, 1998. Pursuant to
the agreement Mr. Carlson will serve as our Chief Financial Officer. The term of
the agreement is automatically renewed for successive one-year periods unless
the agreement has been terminated earlier. Mr. Carlson currently receives an
annual base salary in the amount of $115,000 and additional 25% quarterly bonus
payments, based on attaining quarterly business plan profits and his personal
performance. Mr. Carlson will participate in any retirement, welfare and other
benefit program our Company provides for its executive officers. Both parties to
the agreement can terminate the agreement without cause upon 60 days prior
written notice. Mr. Carlson is subject to certain confidentiality provisions
under the agreement.

      Effective January 2, 1997, CorVu entered into a one-year employment
agreement with Alan M. Missroon. The agreement is automatically renewed for
successive one year terms unless terminated earlier. Mr. Missroon receives an
annual base salary of $150,000 and additional bonuses, based on our profits. In
addition, Mr. Missroon was granted options to purchase a total of 112,500 shares
of stock of our company at $2.53 all of which have been vested. Mr. Missroon
will participate in any retirement, welfare and other benefit program our
Company provides for its executive officers. If we terminate his employment
without cause, Mr. Missroon will receive his base salary for a period of three
months after the date of termination, with an additional one month of base pay
added for each year of employment up to a maximum of six months. Mr. Missroon is
subject to certain confidentiality and non-compete provisions under the
agreement.


                                       46
<Page>



DIRECTORS' COMPENSATION

      For fiscal year 2001, directors who are not employees of CorVu were
compensated at the rate of $900 per month plus $900 for each Board meeting
attended and $500 for each committee meeting attended. In addition, on July 21,
2000, each nonemployee director received a five-year nonqualified option to
purchase 10,000 shares at an exercise price of $2.50 per share, which was the
market value of CorVu's common stock on the date of grant.

      For fiscal year 2002, directors who are not employees of CorVu are to be
compensated at the rate of $1,225 per month plus $1,225 for each Board meeting
attended and $500 for each committee meeting attended. In addition, on July 11,
2001, each nonemployee director received a five-year nonqualified option to
purchase 10,000 shares at an exercise price of $0.12 per share, which was the
market value of CorVu's common stock on the date of grant.

ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

      The following table provides information as of September 30, 2001
concerning the beneficial ownership of our Company's common stock by (i) each
director of the company, (ii) each executive officer named in the Summary
Compensation Table, (iii) the persons known by us to own more than 5% of our
outstanding common stock, and (iv) all directors and executive officers as a
group. Except as otherwise indicated, the persons named in the table have sole
voting and investment power with respect to all shares of common stock owned by
them.

<Table>
<Caption>

Name or                                         Number of Shares            Percent of Common
Identity of Group                               Beneficially Owned         Stock Outstanding(1)
-----------------                               ------------------         --------------------
<S>                                                <C>                               <C>
David C. Carlson(2)(3)                                355,438                         1.7%
Ismail Kurdi(2)(4)                                  1,690,388                         8.3%
Justin M. MacIntosh(2)(5                           10,205,987                        46.6%
James L. Mandel(2)(6)                                 252,968                         1.3%
Alan M. Missroon(2)(7)                                350,895                         1.7%
Directors and executive officers as a group(8)     12,855,676                        56.8%
Opella Holdings Limited(9)(10)                      8,295,907                        39.7%
Troy Rollo(11)(12)                                  1,134,183                         5.6%
Rollosoft Pty Ltd(11)(13)                           1,080,558                         5.3%
Dominic K.K. Sum(9)(14)                             8,295,907                        39.7%
</Table>

(1)   The percentages are calculated on the basis of 20,157,781 outstanding
      shares of CorVu common stock. In addition, for each person or group, any
      securities that the person or group has the right to acquire within 60
      days pursuant to options, warrants, conversion privileges or other rights,
      have been added to the total amount of outstanding shares when determining
      the percent owned by such person or group.

(2)   Address: 3400 W. 66th Street, Suite 445, Edina, MN 55435.

(3)   Mr. Carlson's beneficial ownership includes 289,584 shares of common stock
      which may be purchased upon exercise of currently exercisable options.


                                       47
<Page>

(4)   Mr. Kurdi's beneficial ownership includes 117,563 warrants and 10,000
      shares which may be purchased upon exercise of currently exercisable
      options.

(5)   Mr. MacIntosh's beneficial ownership includes (i) 7,541,733 shares and
      754,174 warrants registered in the name of Barleigh Wells Limited (see
      also footnotes 10 and 11), (ii) 11,554 warrants held by Blamac Holdings
      Limited, (iii) 977,436 shares of common stock which may be purchased upon
      exercise of currently exercisable options and warrants held by Mr.
      MacIntosh, and (iv) 196,957 shares of common stock and 8,142 warrants held
      by Mr. MacIntosh's spouse. Mr. MacIntosh disclaims beneficial ownership of
      the shares and warrants registered in the name of his spouse.

(6)   Mr. Mandel's beneficial ownership includes (i) 59,872 shares which may be
      purchased upon exercise of currently exercisable options and warrants held
      by Mr. Mandel and (ii) 40,350 shares and 4,035 warrants held by Mr.
      Mandel's spouse.  Mr. Mandel disclaims beneficial ownership of the shares
      and warrants registered in the name of his spouse.

(7)   Mr. Missroon's beneficial ownership includes 253,334 shares of common
      stock issuable under currently exercisable stock options.

(8)   Includes 2,485,674 shares which may be purchased upon exercise of
      currently exercisable options and warrants.

(9)   Address: c/o Tempio Corporate Consultants Limited, Suite 701, 7/F, 6-8
      Pottinger Street, Central, HONG KONG.

(10)  Opella Holdings Limited as trustee of The Asia Pacific Technology Trust is
      the beneficial owner of (i) 7,541,733 shares of common stock registered in
      the name of Barleigh Wells Limited as street name holder, and (ii)
      warrants to purchase 754,174 shares of common stock. Opella Holdings
      Limited shares beneficial ownership of the shares with Mr. MacIntosh (see
      footnote 5) and Mr. Sum (see footnote 14).

(11)  Address: c/o Crispin & Jeffery, Level 2, 57 Grosvenor Street, Neutral Bay
      NSW 2089, AUSTRALIA.

(12)  Mr. Rollo's beneficial ownership includes (i) 982,325 shares of common
      stock held by Rollosoft Pty. Limited, (ii) warrants to purchase 98,233
      shares of common stock held by Rollosoft Pty. Limited, and (iii) 53,625
      shares of common stock issuable under currently exercisable stock options.

(13)  Mr. Rollo is the sole shareholder, director and officer of Rollosoft Pty.
      Limited.  Rollosoft Pty. Limited's beneficial ownership includes warrants
      to purchase 98,233 shares of common stock held by Rollosoft Pty. Limited.

(14)  Mr. Sum is the sole shareholder of Opella Holdings Limited (see footnote
      10).  The director of Opella Holdings Limited is Pio Services Limited
      whose sole shareholder is Tempio Group of Companies Limited which in turn
      is wholly owned by Mr. Sum. Pio


                                       48
<Page>



      Services Limited has two directors, one of which is Mr. Sum.


ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      Edward Adams, a director of CorVu until September 29, 2000, is a principal
of Jon Adams Financial Co., L.L.P., and president and chief executive officer of
Equity Securities Investments, Inc., a registered broker-dealer.  Jon Adams
Financial Co., L.L.P. received for its services in connection with the merger of
CorVu and Minnesota American, Inc., $47,500 plus 389,031 shares of common stock
and warrants to purchase additional 185,572 shares of CorVu common stock.
Equity Securities Investments, Inc. received a commission of 7.5% plus a
non-accountable expense allowance of 1% on most of the security sales and
financing transactions of CorVu since November 1999.  In March and April 2000,
CorVu sold 100,000 shares of common stock and warrants to purchase 30,000 shares
of common stock, at exercise prices ranging from $4 to $7, to four accredited
investors for a total purchase price of $400,000.  Equity Securities
Investments, Inc. received a commission of 7.5% for these sales and a warrant to
purchase up to 30,000 shares of common stock, at exercise prices ranging from $4
to $7.

      On May 28, 1999, David Carlson, the Chief Financial Officer and a director
of CorVu, and his wife Cynthia loaned CorVu $300,000. Interest payable was based
upon a bank index rate plus 2%. CorVu paid the promissory note in full on
December 13, 1999. On March 31, 2000, Mr. Carlson and his wife loaned CorVu
$300,000. Interest payable is based upon a bank index rate plus 2%. As of June
30, 2001, the balance due under this loan was $50,000. Subsequent to June 30,
2001 the Company repaid $25,000 of this loan.

      One of the directors of CorVu, Ismail Kurdi, advanced to CorVu money at an
interest rate of 5% per annum on numerous occasions in fiscal 1997, fiscal 1998
and fiscal 1999. Mr. Kurdi advanced $150,000 on June 26, 1997, $200,000 on
October 28, 1997, and $250,000 on December 26, 1997. CorVu paid amounts of
$80,000 each back to Mr. Kurdi on January 27, 1998 and February 27, 1998. Mr.
Kurdi loaned $150,000 to CorVu on November 27, 1998, so that as of December 31,
1998, CorVu owed Mr. Kurdi the principal amount of $590,000 and interest
totaling $29,489. Mr. Kurdi advanced $200,000 to CorVu on February 26, 1999 and
$30,000 on April 14, 1999. As of June 30, 1999, outstanding loans from Mr. Kurdi
to CorVu totaled $820,000. Mr. Kurdi and CorVu agreed to convert the amount of
$790,000 into CorVu common stock, at a per share price of $2, effective June 30,
1999. On October 13, 1999, Mr. Kurdi advanced $150,000 to CorVu. On December 13,
1999, CorVu paid $30,000 to Mr. Kurdi. As of December 31, 1999, the principal
amount of $150,000 was outstanding, as well as interest in the amount of
$49,975. On January 31, 2000, we paid the principal of $150,000 back to Mr.
Kurdi. In April 2000, Mr. Kurdi exercised warrants at $.01 per share and we
reduced the amount of interest owing by the exercise price ($2,750). On February
15, 2001, the balance ($79,376) was converted into 387,200 shares of common
stock at a price of $0.205, the market price of the stock.

      Justin M. MacIntosh, the Chairman, President, Chief Executive Officer
of CorVu and one of our Directors, and his wife advanced money to CorVu on a
regular basis. As of the end of fiscal year 2001, CorVu owed approximately
$536,000 on these advances, including accrued interest of approximately
$24,000. We intend to settle these amounts as soon as possible.


                                       49
<Page>



      Pierce A. McNally, a director of CorVu until September 26, 2000, is a 20%
shareholder of LAC, Inc. which bought LockerMate, Inc. from Minnesota American,
Inc. prior to the merger of Minnesota American, Inc. with CorVu.  The sale of
LockerMate, Inc. was one of the conditions for the closing of the merger.


ITEM 13.    EXHIBITS AND REPORTS ON FORM 8-K

      (a)   EXHIBITS.

      See "Exhibit Index" immediately following the signature page of this Form
      10-KSB.

      (b)   REPORTS ON FORM 8-K. On June 29, 2001, under Item 4 of Form 8-K, the
            Company reported that KPMG, LLP, resigned as the Company's auditors.

                                       50
<Page>



                                   SIGNATURES

      In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
has caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                          CORVU CORPORATION


Dated:  October 15, 2001                        By:    /s/ Justin M. MacIntosh
                                                       Justin M. MacIntosh,
                                                       Chief Executive Officer

      In accordance with the Exchange Act, this Report has been signed by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.

                               (Power of Attorney)

      Each person whose signature appears below constitutes and appoints JUSTIN
M. MACINTOSH and DAVID C. CARLSON as true and lawful attorneys-in-fact and
agents, each acting alone, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign any
or all amendments to this Annual Report on Form 10-KSB and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, each acting alone, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all said attorneys-in-fact and agents,
each acting alone, or his substitute or substitutes, may lawfully do or cause to
be done by virtue thereof.

<Table>
<Caption>

Signature and Title                                            Date
-------------------                                            ----
<S>                                                        <C>
/s/ Justin M. Macintosh
-----------------------------------------------
Justin M. MacIntosh, Chairman of the Board,                October 15, 2001
President and Chief Executive Officer (principal
executive officer)

/s/ David C. Carlson
-----------------------------------------------
David C. Carlson, Chief Financial Officer and              October 15, 2001
Director (principal financial and accounting
officer)

/s/ Ismail Kurdi
-----------------------------------------------
Ismail Kurdi, Director                                     October 15, 2001

/s/ James L. Mandel
-----------------------------------------------
James L. Mandel, DirectorOctober 15, 2001

/s/ Alan Missroon
-----------------------------------------------
Alan Missroon, Director                                    October 15, 2001
</Table>


                                       51
<Page>



                                                              CORVU CORPORATION
                                EXHIBIT INDEX FOR
                        FORM 10-KSB FOR 2001 FISCAL YEAR

<Table>
<Caption>

  Exhibit
  Number                         Description
  --------                       -----------
<S>         <C>
2           Agreement and Plan of Reorganization between CorVu Corporation
            and Minnesota American, Inc. dated as of November 17,
            1999-incorporated by reference to Exhibit 2 to Registrant's Form
            10-SB, File No. 000-29299

3.1         Articles of Incorporation of the Registrant as amended to
            date-incorporated by reference to Exhibit 3.1 to Registrant's
            Form 10-SB, File No. 000-29299

3.2         Bylaws-incorporated by reference to Exhibit 3.2 to the
            Registrant's Form 10-SB, File No. 000-29299

4           Rights of Holders of Series A Convertible Preferred Stock-see
            Article 3 of Articles of Incorporation (Exhibit 3.1)

10.1        Subscription Agreement and Letter of Investment Intent, dated April
            27, 1999, from Ismail Kurdi, accepted by CorVu Corporation, to
            Purchase 150,000 Shares of Common Stock and Warrants to Purchase
            150,000 Shares of Common Stock of CorVu Corporation, including
            Warrant to Ismail Kurdi to Purchase 150,000 Shares of Common Stock
            of CorVu Corporation-incorporated by reference to Exhibit 10.1 to
            Registrant's Form 10-SB, File No. 000-29299

10.2        Subscription Agreement and Letter of Investment Intent, dated June
            30, 1999, from Ismail Kurdi, accepted by CorVu Corporation, to
            Purchase 125,000 Shares of Common Stock and Warrants to Purchase
            125,000 Shares of Common Stock of CorVu Corporation, including
            Warrant to Ismail Kurdi to Purchase 125,000 Shares of Common Stock
            of CorVu Corporation-incorporated by reference to Exhibit 10.2 to
            Registrant's Form 10-SB, File No. 000-29299

10.3        Subscription Agreement and Letter of Investment Intent, dated June
            30, 1999, from Ismail Kurdi to Subscribe for 395,000 Shares of
            Common Stock of CorVu Corporation in full satisfaction and payment
            of cash advances-incorporated by reference to Exhibit 10.3 to
            Registrant's Form 10-SB, File No. 000-29299

10.4*       Employment Agreement between Registrant and Justin MacIntosh, dated
            July 1, 1999-incorporated by reference to Exhibit 10.4 to
            Registrant's Form 10-SB, File No. 000-29299

10.5*       Employment Agreement between Registrant and David C. Carlson, dated
            July 15, 1996 and amended July 20, 1999-incorporated by reference to
            Exhibit 10.5 to Registrant's Form 10-SB, File No. 000-29299

10.6*       Employment Agreement between Registrant and Alan M. Missroon, dated
            January 2, 1997-incorporated by reference to Exhibit 10.6 to
            Registrant's Form 10-SB, File No. 000-29299

10.7        Sublease Agreement between Arcadia Financial Ltd. and CorVu North
            America for premises at 3400 West 66th Street, Edina, Minnesota; and
            Consent to Subletting of Premises, given by Landlord United
            Properties Investment Company-incorporated by reference to Exhibit
            10.7 to Registrant's Form 10-SB, File No. 000-29299

10.8        Commercial Lease between Viestall Pty. and CorVu Australasia Pty.
            Ltd., dated April 15, 1999, for the premises at Level 4, 1 James
            Place, North Sydney-incorporated by reference to Exhibit 10.8 to
            Registrant's Form 10-SB, File No. 000-


                                       52
<Page>


            29299

10.9        Underlease between Michael John Haynes, Raymond John Evans, Terrance
            Guy Hawker and CorVu PLC and CorVu Corporation for premises at
            Craven House, 40 Uxbridge Road, London W5-incorporated by reference
            to Exhibit 10.9 to Registrant's Form 10-SB, File No. 000-29299

10.10       Loan Agreement between CorVu Australasia Pty Ltd, CorVu North
            America, Inc., CorVu PLC and Integral Business Finance Pty.
            Limited-incorporated by reference to Exhibit 10.10 to Registrant's
            Form 10-SB, File No. 000-29299

10.11       Specific and Floating Charge / Deed of Charge between CorVu
            Australasia Pty Ltd. and Integral Business Finance Pty.
            Limited-incorporated by reference to Exhibit 10.11 to Registrant's
            Form 10-SB, File No. 000-29299

10.12       Letter Agreement between CorVu Corporation and Jon Adams Financial
            Co., L.L.P., dated 12 May, 1999, as amended October 27,
            1999-incorporated by reference to Exhibit 10.12 to Registrant's Form
            10-SB, File No. 000-29299

10.13       Bridge Loan Agreement dated as of November 15, 1999 between CorVu
            Corporation and Gildea Management Company - The Network Funds,
            including Subordinated Unsecured Convertible Promissory Note for
            $250,000, and Warrant for up to 250,000 Shares of Common Stock of
            CorVu Corporation, both as of November 15, 1999-incorporated by
            reference to Exhibit 10.13 to Registrant's Form 10-SB, File No.
            000-29299

10.14       Bridge Loan Agreement dated as of November 15, 1999 between CorVu
            Corporation and Calton, Inc., including Subordinated Unsecured
            Convertible Promissory Note for $250,000, and Warrant for up to
            250,000 Shares of Common Stock of CorVu Corporation, both as of
            November 15, 1999-incorporated by reference to Exhibit 10.14 to
            Registrant's Form 10-SB, File No. 000-29299

10.15*      CorVu Corporation 1996 Stock Option Plan, as amended through
            November 30, 1999 and approved by the shareholders at their meeting
            on January 13, 2000-incorporated by reference to Exhibit 10.15 to
            Registrant's Form 10-SB, File No. 000-29299

10.16*      Minnesota American, Inc. 1993 Stock Incentive Plan as amended and
            approved by the shareholders at their meeting on January 30,
            1996-incorporated by reference to Exhibit 10.16 to Registrant's Form
            10-SB, File No. 000-29299

10.18*      Amendment to Employment Agreement between CorVu Corporation and
            Justin MacIntosh, dated January 1, 2001

21          Subsidiaries of the Registrant-incorporated by reference to Exhibit
            22 to Registrant's Form 10-SB, File No. 000-29299

23.1        Consent of Independent Auditors - KPMG LLP

23.2        Consent of Independent Auditors - Virchow, Krause & Company, LLP

24          Power of Attorney (contained on Signature Page of this Form 10-KSB)

</Table>

*  Indicates a management contract or compensatory plan or arrangement required
   to be filed as an exhibit to this Form 10-KSB.


                                       53