BUSINESS OBJECTS Announces the Final Terms of the Net Share Settled Convertible Bond Issue (hereafter the 'ORNANE' or the 'Bonds') For a Total Nominal Amount of EUR 450 Million

Regulatory News: NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN This press release does not constitute an offering of securities in the United States or in another jurisdiction. The Bonds (and underlying shares) may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation S of the Securities Act of 1933 as amended (the "Securities Act”)) in the absence of registration or an exemption from the registration obligation pursuant to the Securities Act. Business Objects S.A. does not intend to register the Bond offering in whole or in part in the United States or to conduct a public offering in the United States. Following the success of the net share settled convertible bond issue ("ORNANE”), BUSINESS OBJECTS (Nasdaq: BOBJ; Euronext Paris ISIN code FR0004026250 – BOB), the world’s leading provider of business intelligence solutions, set the final terms of the ORNANE issuance with a maturity date of January 1st, 2027 ("the Bonds”) for a total nominal amount of €450 million, represented by 10,676,156 ORNANE with a nominal value per Bond of €42.15 equating to a 50% premium over the Reference Price of €28.10 per share, defined as the volume-weighted average share price of the Company’s share traded on Compartment A of the Eurolist by Euronext™ market from the opening of trading on May 3, 2007 until 2 p.m. (Paris time), at which time the final terms of the Bonds were finalized. The Bonds will have an annual interest rate of 2.25% of the nominal and will be redeemed in cash on January 1st, 2027 (or on the first Business Day or the following day if this date is not a Business Day), at par. The Bonds issue will allow the Company to benefit from the favorable market conditions in order to strengthen its balance sheet and diversify its sources of capital. The net proceeds, estimated to be €441.5 million, will be used for general corporate purposes of the Company and, in particular, for the purchase of treasury shares and for the financing of its external growth via targeted acquisitions. Since January 1st, 2005, the Company has acquired or announced its intent to acquire nine companies or their assets to facilitate its business. The Company anticipates that it will continue to make targeted acquisitions of companies or products and that a portion of the proceeds will be used to accomplish these objectives. This press release does not constitute a subscription offer, and the ORNANE offer will not constitute any public offering in any country other than France, in the conditions indicated hereafter. In France, the Bonds will be offered first to qualified investors (within the meaning of article L. 411-2 of the Monetary and Financial Code) and then to the public who will be granted a period of three Trading Days to subscribe. UBS Investment Bank is acting as Sole Bookrunner of the offering. About Business Objects Business Objects is the world's leading business intelligence software company, with more than 43,000 customers worldwide, including over 80 percent of the Fortune 500. Business Objects helps organizations of all sizes create a trusted foundation for decision making, gain better insight into their business, and optimize performance. The company's innovative business intelligence suite, BusinessObjects™ XI, offers the business intelligence industry's most advanced and complete solution for performance management, planning, reporting, query and analysis, and enterprise information management. BusinessObjects XI includes the award-winning Crystal line of reporting and data visualization software. Business Objects has also built the industry's strongest and most diverse partner community, and offers consulting and education services to help customers effectively deploy their business intelligence projects. Business Objects has two headquarters, one in San Jose, California, the other in Paris, France. Business Objects shares are listed on both the Nasdaq (BOBJ) and Euronext Paris (ISIN : FR0004026250 – BOB) stock markets. Further information on Business Objects can be found on the Company’s website: www.businessobjects.com. Business Objects and the Business Objects logo, BusinessObjects, WebIntelligence, Crystal Reports, Intelligent Question, Xcelsius, and Desktop Intelligence are trademarks or registered trademarks of Business Objects S.A. or its affiliated companies in the United States and/or other countries. All other names mentioned herein may be trademarks of their respective owners. FINAL KEY TERMS AND CONDITIONS OF THE NET SHARE SETTLED CONVERTIBLE BONDS ( THE”ORNANE” OR THE "BONDS”) Issuer of the Bonds Business Objects (the « Company »), listed on Eurolist by EuronextTM under ISIN Code FR0004026250 Business Sector 9537 Software Offering size and number of Bonds to be issued – Gross Proceeds €450 million represented by 10,676,156 Bonds. Nominal value of each Bond 42.15 euros per Bond equating to a conversion premium of 50% over the Reference Price of €28.10, defined as the volume-weighted average share price of the Company’s shares traded on Compartment A of Eurolist by EuronextTM from the opening of trading on May 3, 2007 until 2 p.m. (Paris Time), the time of pricing of the offering. Issue Price of the Bonds At par, or €42.15 payable in full on the settlement date of the Bonds. Issuance date and Settlement date for the Bonds Expected to be May 11, 2007 Maturity and average life of the Bonds 19 years and 8 months from the settlement date of the Bonds to the date of redemption at maturity. Annual Interest 2.25% per annum, payable in arrear on January 1st of each year (or the first Business Day following this date if it is not a Business Day), and for the first time on January 1st, 2008 (or the first Business Day following this date if it is not a Business Day). Gross yield to maturity 2.25% (as at the settlement date of the Bonds provided no exercise of Conversion Right and no early redemption). Maturity date of the Bonds Unless the Bonds have been subject to early redemption, or have been subject to the exercise of the Conversion Right, the Bonds will be redeemed in full in cash on January 1st, 2027 (or the following Business Day if that day is not a Business Day). Early redemption at the Company’s option Possible: - for all or part of the Bonds repurchased either on the market, through a private sale or through a tender offering at any moment and without price limitation; - for all of the Bonds outstanding starting from May 11, 2012 until the end of the seventh Business Day preceding the maturity date, in cash, at par plus interest accrued from the last Interest Payment Date (as defined in the Note d’Opération) preceding the date of early redemption through the date of final redemption, but only if the product of (i) the applicable Conversion Ratio (as defined hereafter); and (ii) the VWAP Price of the Company’s shares (as defined in the Note d’Opération), exceeds 125% of the nominal value of the Bonds, on each of the 10 consecutive Trading Days during which the shares are traded, as selected by the Company from among the 20 consecutive Trading Days preceding the date of publication giving notice of such early redemption. - for all of the Bonds outstanding, if less than 10% of the Bonds issued remain outstanding, in cash, at par plus interest accrued from the last Interest Payment Date preceding the date of early redemption until the date of effective redemption. Early redemption at the option of Bondholders Possible, in cash: - upon a Change of Control of the Company (as defined in the Note d’Opération), or - On May 11, 2012, May 11, 2017 or May 11, 2022, upon notification to the Paying Agent made not less than 30 calendar days or more than 60 calendar days before the chosen redemption date. Events of Default The Bonds will be subject to acceleration upon the occurrence of any of the events of default provided in the Prospectus approved by the AMF. Exercise of the Conversion Right Bondholders shall have the right, at any time from the second anniversary of the issuance of the Bonds (May 11, 2009) or during any Year Two Exercise Period (as defined in the Note d’Opération) and until the end of the seventh Business Day immediately preceding May 11, 2022, to exercise the Conversion Right upon the occurrence of any of the events provided in the Note d’Opération. Independently of whether any of the events provided in the Note d’Opération occur, the Bondholders may exercise the Conversion Right from May 11, 2022 and until the end of the seventh Business Day immediately preceding the reimbursement (or earlier in case of early redemption). In the event of exercise, the rights of each Bondholder to receive an amount in cash and new and/or existing shares, will be based on a ratio of ONE Company share for ONE Bond (the "Conversion Ratio”), subject to possible adjustments of the Conversion Ratio in order to maintain Bondholders’ rights which are described in the Note d’Opération. Settlement of the exercise of the Conversion Right In the event of the exercise of the Conversion Right, the Company will pay to the Bondholders, for each Bond for which the Conversion Right is exercised, a "Settlement Amount” (as defined in the Note d’Opération) approximately equal to the value of a share (prior to eventual adjustments of the Conversion Ratio), whose amount granted to Bondholders will approximately be determined and divided as follows : - if the Settlement Amount is less than the nominal value per Bond, the holder will receive the full Settlement Amount in cash - if the Settlement Amount is more than the nominal value per Bond, the holder will receive the Settlement Amount partly in cash (amounting to the nominal value, i.e. €42.15) and for the balance partly in shares. Rank The Bonds and the interest thereon constitute direct, general, unconditional, unsubordinated and unsecured Bonds of the Company, and rank equally amongst themselves and pari passu with all other present and future unsecured and unsubordinated debts and guarantees of the Company (except for those which have a preference provided for by law). Negative Pledge For so long as any of the Bonds remain outstanding, the Company will not grant any mortgage on any of its present or future real property interests, nor any pledge on its goodwill, in each case for the benefit of any other bonds that are quoted, or capable of being quoted, on a regulated or similar market, without granting the same security to the Bondholders and ensuring that the Bonds have the same ranking. Lead manager and sole bookrunner UBS Limited. Subscription Agreement UBS Limited will subscribe the subscription of the Bonds pursuant to the final conditions set by a subscription agreement which will be concluded with the Company as of this date. Absence of pre-emptive subscription rights and priority subscription period The Bonds will be issued without pre-emptive subscription rights or a priority subscription period for shareholders. The pre-emptive subscription rights of shareholders have been waived by the Twenty-Second Resolution adopted by the extraordinary shareholders’ meeting of the Company on June 7, 2006. Offering period The offering with institutional investors has been made on May 3, 2007. Subject to the approval by the AMF, the offering to retail investors will be open from May 4, 2007 to May 8, 2007 until 5:00 p.m. Paris time. Listing of the Bonds Application has been made to list the Bonds on the Eurolist by EuronextTM market with effect from May 11, 2007 (ISIN Code FR0010470245). Listing of the Shares The Company’s shares are listed on Eurolist by Euronext™ (ISIN Code FR0004026250). If and when shares are to be issued upon exercise of the Conversion Right, application will be made to list such shares on Eurolist by Euronext™. The new shares to be issued upon the exercise of the Conversion Right will also be listed upon their issuance date in the form of American Depositary Shares on the Nasdaq Global Select Market in the United States. Rights relating to new shares to be issued upon exercise of the Conversion Right Shares to be issued upon exercise of the Conversion Right will be entirely fungible with the Company’s existing shares from the issuance date. Rights relating to existing shares delivered upon exercise of the Conversion Right Existing shares delivered upon exercise of the Conversion Right, shall be existing ordinary shares that are fungible with other outstanding shares upon their delivery date. Clearing Euroclear France, Euroclear Bank S.A./N.V. and/or Clearstream Banking S.A., Luxembourg. Paying Agent BNP Paribas Securities Services will be the Paying Agent (responsible for administration of payment of interest, reimbursement of securities due, exercise of the Conversion Right,…). Rating The Company has not requested that the Bonds be rated. Share price As of May 2, 2007, the closing share price was €28.23 on Eurolist by EuronextTM. Use of proceeds The Bonds issue will allow the Company to benefit from the favorable market conditions in order to strengthen its balance sheet and diversify its sources of capital. The net proceeds, estimated to be €441.5 million, will be used for general corporate purposes of the Company and, in particular, for the purchase of treasury shares and for the financing of its external growth via targeted acquisitions. Since January 1st, 2005, the Company has acquired or announced its intent to acquire nine companies or their assets to facilitate its business. The Company anticipates that it will continue to make targeted acquisitions of companies or products and that a portion of the proceeds will be used to accomplish these objectives. Applicable Law French Law. Availability of the Prospectus The Prospectus which consists of: (i) the reference document of the Company filed with the AMF on April 6, 2007 under Number D. 07-0285; (ii) the consolidated financial statements and the Auditors’ reports on the consolidated financial statements for the years ended December 31, 2004 and December 31, 2005 as presented in the Company’s reference documents registered with the AMF respectively on April 26, 2005 under Number R. 05-0049 and on April 24, 2006 under Number R. 06-0038; and (iii) this Note d’Opération (which contains the summary of the Prospectus), which will be submitted for approval to the AMF this day, is available at no cost from the Company headquarters, and on the websites of the Company (www.france.businessobjects.com) and the AMF (www.amf-france.org). Notice The AMF draws the public’s attention to the innovative nature of bonds with an option for reimbursement in cash and in new or existing shares. Consequently, even though the ORNANE are regulated by Articles L. 228-91 et seq. of the French Commercial Code, investors should have sufficient knowledge of and experience with the financial sector and business in order to evaluate the advantages and risks involved in investing in this type of financial instrument. Notice Business Objects draws the public’s attention to the risk factors relative to the Company and to the Bonds described in the Prospectus. No communication nor information relative to the issuance of the Bonds by Business Objects may be distributed to the public in a country whose jurisdiction requires a registration or approval. No action has been taken nor will be taken outside of France, in any country whose jurisdiction requires such procedures. The issuance or the subscription of the Bonds in other jurisdictions may also be subject to specific legal or regulatory restrictions: Business Objects is not responsible for the violation by any person of these restrictions. This press release does not constitute and could not be considered as constituting any public offering, subscription offer, or solicitation of the public’s interest for a public offering in a country other than France. This press release is promotional in nature and is not a Prospectus pursuant to the European Parliament and Counsel Directive 2003/71/CE of November 4, 2003 (as implemented by each of the Member states of the European Economic Area (the "Member States")), (the "Prospectus Directive"). For those Member States other than France that have implemented the Prospectus Directive, no action has been taken nor will be taken in order to allow a public offering of Bonds making necessary the publication of a Prospectus in one or another of the Member Sates. Consequently, the Bonds may be offered in the Member States only: (a) to legal entities authorized or registered to operate as traders on financial markets as well as legal entities whose exclusive corporate purpose is the investment of securities; (b) to any legal entity fulfilling at least two out of three of the following criteria: (1) an average staff count of at least 250 employees for the last fiscal year; (2) a balance sheet total greater than €43 million, and (3) a net annual turnover greater than €50 million, as indicated in the last financial statements or annual consolidated financial statements of the company, or; (c) for circumstances not requiring the publication by Business Objects of a Prospectus pursuant to article 3(2) of the Prospectus Directive. This press release does not constitute an offering of securities in the United States or in another jurisdiction. The Bonds (and underlying shares) may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation S of the Securities Act of 1933 as amended (the "Securities Act”)) in the absence of registration or an exemption from the registration obligation pursuant to the Securities Act. Business Objects S.A. does not intend to register the Bond offering in whole or in part in the United States or to conduct a public offering in the United States. This press release is only directed at persons who (i) live outside of the United Kingdom (ii) have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order”), (iii) are persons falling within article 49(2)(a) to (d) of the Financial Promotion Order or (iv) are persons to whom invitations, offers or agreements aiming for the subscription, purchase or acquisition of securities (pursuant to Section 21 of the FSMA) may be communicated (these persons together being designated as "Qualified Persons”). This press release is only directed at Qualified Persons and may not be used or claimed by persons who are not qualified. Any investment or investment activity to which this press release relates is available only to Qualified Persons and may only be engaged in by Qualified Persons. The distribution of this press release in certain countries may constitute a violation of the legal dispositions in force. In particular, the information contained in this press release does not constitute any offer of securities in the United States, Canada, Australia or Japan. UBS Limited (or any person acting on its behalf) may, without being required to, starting from the disclosure of the finalized terms and conditions of the present transaction, and as permitted by applicable legislation and regulations (and notably, the Regulation n° 2273/2003 of the EU Commission dated December 22, 2003), effect transactions with a view to stabilizing the market price of the Bonds and/or the underlying shares. Any such transaction, if implemented, may be discontinued at any time, and must be discontinued no later than 30 calendar days beginning from May 3, 2007, pursuant to Article 8.5 of the Regulation n° 2273/2003 of the EU Commission dated December 22, 2003. These transactions would principally be intended to stabilize, support or influence the market price of the Bonds and/or the underlying shares. Any such transaction may affect the price of the Company’s shares and Bonds and may result in a market price higher than the price otherwise prevaling. UBS Limited will inform the public pursuant to Article 631-10 of the Réglement général of the Autorité des marchés financiers. UBS Limited is acting exclusively as adviser to the Company in connection with the transaction and will not be responsible to any other person for providing protections afforded to its customers or for providing advice in relation to the transaction or any other matters referred to in this press release. This press release may not be published or distributed in the United States, Canada, Australia or Japan.