SC TO-C

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE TO

TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) or 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934

Business Objects S.A.

(Name of Subject Company (Issuer))

SAP AG

(Offeror)

(Names of Filing Persons (Identifying Status as Offeror, Issuer or Other Person))

American depositary shares, each representing one ordinary share
(Title of Class of Securities)

12328X107
(CUSIP Number of Class of Securities)

Michael Junge
General Counsel
SAP AG
Dietmar-Hopp-Allee 16
D-69190 Walldorf
Federal Republic of Germany
+49 6227 74 7474
(Name, Address, and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Filing Persons)

Copy to:

A. Peter Harwich
Eric S. Shube
Allen & Overy LLP
1221 Avenue of the Americas
New York, NY 10020
USA
+1 212 610 6300

CALCULATION OF FILING FEE:

Transaction valuation	Amount of filing fee
Not Applicable*	Not Applicable*

*  A filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the commencement of a tender offer.

o Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid:	Not applicable
Form or Registration No.:	Not applicable
Filing Party:	Not applicable
Date Filed:	Not applicable

þ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

þ third-party tender offer subject to Rule 14d-1.

o issuer tender offer subject to Rule 13e-4.

o going-private transaction subject to Rule 13e-3.

o amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: o

TABLE OF CONTENTS

Exhibit (a)(5)(A)

Exhibit (a)(5)(B)

SCHEDULE TO

     This Tender Offer Statement on Schedule TO is being filed by SAP AG, an Aktiengesellschaft organized under the laws of Germany, pursuant to General Instruction D to Schedule TO.

ITEM 12. EXHIBITS

     (a)(5)(A) Press release issued by SAP AG and Business Objects S.A. dated October 7, 2007.

     (a)(5)(B) Ad hoc disclosure issued by SAP AG dated October 7, 2007.

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
(a)(5)(A)	Press release issued by SAP AG and Business Objects S.A. dated October 7, 2007.
(a)(5)(B)	Ad hoc disclosure issued by SAP AG dated October 7, 2007.

EX-99.(A)(5)(A)

Exhibit (a)(5)(A)

FOR IMMEDIATE RELEASE
October 7, 2007

SAP to Acquire Business Objects in Friendly Takeover;
Combined Companies to Accelerate Leadership for Business User
Applications

SAP and Business Objects to offer the industry’s most comprehensive portfolio of business
performance and optimization solutions for Business Users for companies of all sizes

     WALLDORF, Germany and PARIS, France— October 7, 2007 — SAP AG (NYSE: SAP) and Business Objects S.A. (Nasdaq:BOBJ) (Euronext Paris ISIN code: FR0004026250 – BOB) today announced that the companies have reached an agreement that will bring together two of the information technology industry’s leaders, resulting in an unmatched offering for Business Users, enabling timely and accurate decision-making. Under the terms and conditions of the tender offer agreement, SAP will make a cash offer of € 42.00 per ordinary share and for American Depositary Shares (ADS) at the US$ equivalent based on the EUR/US$ exchange rate as of the settlement of the tender offers. The transaction volume taking into account the transaction costs will be slightly above€ 4.8 billion. The Business Objects board of directors has approved the tender offer agreement between the two companies and anticipates recommending the offer to its shareholders subject to fulfillment of certain regulatory requirements.

     Together, SAP and Business Objects intend to offer high-value solutions for process- and business-oriented professionals. The solutions will be designed to enable companies to strengthen decision processes, increase customer value and create sustainable competitive advantage through real-time, multi-dimensional business intelligence. SAP and Business Objects believe that customers will gain significant business benefits through the combination of new, innovative offerings of enterprise-wide business intelligence solutions along with embedded analytics in transactional applications. Additionally, the joint partner ecosystems will

SAP to Acquire Business Objects in Friendly Takeover Page 2

be fueled by the industry’s most powerful business process platform providing customers with the best enterprise information management platform available for SAP and non-SAP environments.

     SAP is the world’s leading provider of business software with more than 41,200 customers in more than 120 countries running SAP applications—from distinct solutions addressing the needs of small and midsize enterprises to suite offerings for global organizations. A key component of SAP’s growth strategy is to significantly increase its revenues from new products including addressing the growing demands of Business Users.

     “We are highly committed to the next generation of applications serving Business Users,” said Henning Kagermann, CEO of SAP AG. “The combination of SAP and Business Objects in their respective domains will benefit customers, prospects, partners, employees and shareholders. At SAP, we are excited about the prospect of having Business Objects join the SAP Group.”

     “The acquisition of Business Objects is in keeping with SAP’s stated strategy to double our addressable market by 2010 as announced in 2005,” said Kagermann. “SAP will accelerate its growth in the Business User segment, while complementing the company’s successful organic growth strategy. With the delivery of the first business process platform; the rapid adoption of our enterprise SOA platform, SAP NetWeaver; and the successful launch of the first complete on-demand business solution for midsized companies, SAP Business ByDesign, SAP can now take the opportunity to focus on the industry’s next high-growth opportunity, by accelerating and enhancing our efforts for the Business User category,” Kagermann, said.

     Headquartered in Paris, France Business Objects is widely recognized as the pioneer of the business intelligence (BI) software category. Today, Business Objects is the world’s leading BI software company with solutions spanning the information discovery and delivery, information management, analysis and performance management categories for more than 44,000 customers around the globe.

     “Business Objects helps companies transform the way they work through the use of intelligent information,” said Bernard Liautaud, Chairman and Founder of Business Objects. “The combination of Business Objects and SAP means that we can truly amplify the reach of Business Intelligence – from the C-suite to Main Street. John Schwarz and I are excited to see the innovation and hard work of our employees and partners validated and soon extended by the portfolio, domain expertise and presence of SAP.”

SAP to Acquire Business Objects in Friendly Takeover Page 3

     Transaction expected to be accretive to SAP’s earnings per share on a U.S. GAAP basis in 2009 and beyond

     SAP and Business Objects plan to exploit additional revenue opportunities and leverage potential synergies. Additional details regarding specific product, go-to-market and other executional details will be provided after the transaction is complete. Neither company intends to undertake significant restructuring as a result of the transaction.

     The closing of the transaction is expected within the first quarter of 2008. On that basis SAP expects the transaction to be accretive to SAP’s earnings per share on a U.S. GAAP basis in 2009 and beyond; however, due to acquisition-related one-time effects in 2008 SAP expects the transaction to be dilutive by mid single digits € cents to SAP’s 2008 earnings per share on a U.S. GAAP basis.

Business Objects to Operate Stand-Alone; Companies to Share Executives, Resources

     The two companies announced that Business Objects will operate as a stand-alone business as part of the SAP Group. Business Objects customers will continue to benefit from open, broad and integrated business intelligence solutions — independent of databases and applications – while also gaining the advantage of application alignment for business analytics. Business Objects will significantly enhance its Business Intelligence portfolio scope and capacity with SAP people, know-how and networks.

     SAP said that the expertise and solutions from Business Objects would be complementary to offerings SAP already provides for Business Users — including, for example, category leadership in Governance, Risk and Compliance; business intelligence in the SAP platform; as well as corporate performance management capabilities – including those recently added through tuck-in acquisitions from OutlookSoft and Pilot Software.

     When the transaction is complete, John Schwarz will continue as the CEO of the Business Objects entity and is expected to become a member of the SAP Executive Board. Doug Merritt, Corporate Officer, Business User, SAP, will then join the Business Objects entity and report to John Schwarz. Subject to the closing, SAP’s Supervisory Board intends to propose to elect Business Object founder Bernard Liautaud to the SAP Supervisory board at the company’s

SAP to Acquire Business Objects in Friendly Takeover Page 4

next shareholders meeting. Until that time, Liautaud will have an advisory role to Henning Kagermann on aspects of strategy and integration.

Tender Offer Details and Disclosure Information

     The transaction is to take the form of a tender offer under French law and a parallel tender offer under US law for all Business Objects shares and all American Depositary Shares representing Business Objects ordinary shares (the “ADS”), as well as all convertible bonds issued by Business Objects (the “Convertible Bonds”) and all warrants issued by Business Objects (the “Warrants”). The price to be offered per convertible bond will be € 50.65. Under the terms and conditions of the tender offer agreement, SAP will make a cash offer of € 42.00 per ordinary share and for American Depositary Shares (ADS) at the US$ equivalent based on the EUR/US$ exchange rate as of the settlement of the tender offers.

     The offers will only be opened for acceptances once the French stock exchange authority, the Autorité des marchés financiers (AMF), and the French Finance Ministry have granted their respective clearances. The offers will be subject to the following conditions: (i) Business Objects securities tendered in the offers represent at least 50.01 % of all voting rights on a fully diluted basis and (ii) receipt of EU and US antitrust approvals.

     The complete offer documents in accordance with French and US law will be submitted, together with further details of the offer, to the French financial services authority and the US Securities and Exchange Commission (SEC).

     Goldman Sachs acts as financial advisor to Business Objects; Deutsche Bank Securities Inc. acts as financial advisor to SAP.

Additional Information

     The tender offer for the outstanding ordinary shares, the Convertible Bonds and the warrants of Business Objects has not yet commenced. This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any Business Objects securities. The solicitation and the offer to buy ordinary shares of Business Objects, the Convertible Bonds and the warrants will be made only pursuant to an offer to purchase and related materials that SAP and its subsidiary intend to file with the SEC on Schedule TO.

SAP to Acquire Business Objects in Friendly Takeover Page 5

Business Objects also intends to file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer.

     Business Objects stockholders and other investors should read the Tender Offer Statement on Schedule TO, the Schedule 14D-9 as well as the Note d’Information and the Note en Réponse to be filed by SAP carefully because these documents will contain important information, including the terms and conditions of the tender offer.

     Business Objects stockholders and other investors will be able to obtain copies of these tender offer materials and any other documents filed with the AMF from the AMF’s website (amf-france.org) or with the SEC at the SEC’s website at www.sec.gov, in both cases without charge. Materials filed by SAP may be obtained for free at SAP’s web site, www.sap.com. Materials filed by Business Objects may be obtained for free at Business Objects’ web site, www.businessobjects.com.

     Stockholders and other investors are urged to read carefully all tender offer materials prior to making any decisions with respect to the tender offer.

Press Conferences in Frankfurt and Paris

     SAP and Business Objects senior management will host parallel joint press conferences in two locations to discuss the transaction:

     in Frankfurt on Monday, October 8^th at 3pm CET, 9am EST, and 6am PST (location: Japan-Center, Conference Center, 1st floor, Taunustor 2, 60311 Frankfurt am Main, Germany, http://www.taunustor.de/); dial in number: +1 480 629-9564 (US), +44 207 190 1596 (UK), +49 695 8999 0701 (Germany). Replay number: +1 303 590-3030 (US), +44 207 154 2833 (UK); Replay passcode: 3792655. The Frankfurt press conference will be webcast at www.sap.com/press,

     in Paris on Monday, October 8^th at 3pm CET, 9am EST, and 6am PST (location: Hotel de Meurice, Paris); dial in number: +1 334 323 6201 (US), +44 207 162 0025 (UK), +33 17099 3208 (France). The Paris press conference will be webcast at http://wcc.webeventservices.com/view/wl/r.htm?e=95765&s=1&k=7CFDD62292014C7EA5B7220DD5D79C66&cb=genesys

SAP to Acquire Business Objects in Friendly Takeover Page 6

Investor and Financial Analyst Conference Call

     The press conferences will be followed by a joint investor and financial analyst conference call at 4 pm CET, 10 am EST and 7 am PST (Dial in number: +1 480 293-1744 (US), +44 207 190 1232 (UK), +49 695 8999 0706 (Germany)). Replay number: +1 303 590-3030 (US), +44 207 154 2833 (UK), Replay passcode: 3792656.

     The financial analyst conference call will be webcast at www.sap.com/investor

About SAP

SAP is the world’s leading provider of business software*. More than 41,200 customers in more than 120 countries run SAP® applications—from distinct solutions addressing the needs of small and midsize enterprises to suite offerings for global organizations. Powered by the SAP NetWeaver® platform to drive innovation and enable business change, SAP software helps enterprises of all sizes around the world improve customer relationships, enhance partner collaboration and create efficiencies across their supply chains and business operations. SAP solution portfolios support the unique business processes of more than 25 industries, including high tech, retail, financial services, healthcare and the public sector. With subsidiaries in more than 50 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE under the symbol “SAP.” (Additional information at <http://www.sap.com>)

About Business Objects

Business Objects has been a pioneer in business intelligence (BI) since the dawn of the category. Today, as the world’s leading BI software company, Business Objects transforms the way the world works through intelligent information. The company helps illuminate understanding and decision-making at more than 44,000 organizations around the globe. Through a combination of innovative technology, global consulting and education services, and the industry’s strongest and most diverse partner network, Business Objects enables companies of all sizes to make transformative business decisions based on intelligent, accurate, and timely information. Business Objects has dual headquarters in San Jose, Calif., and Paris, France. The company’s stock is traded on both the Nasdaq (BOBJ) and Euronext Paris (ISIN: FR0004026250 — BOB) stock exchanges. More information about Business Objects can be found at www.businessobjects.com.

Forward-Looking Statements

This release contains forward-looking statements that involve risks and uncertainties concerning the parties’ ability to close the transaction and the expected closing date of the transaction, the anticipated recommendation by the Business Objects Board of the transaction to shareholders, the anticipated benefits and synergies of the proposed transaction, anticipated future combined operations, products and services, and the anticipated role of Business Objects, its key executives and its employees within SAP following the closing of the transaction. Actual events or results may differ materially from those described in this release due to a number of risks and uncertainties. These potential risks and uncertainties include, among others, the outcome of regulatory reviews of the proposed transaction, the ability of the parties to complete the transaction (including SAP’s ability to tender successfully for at least 50.01% of all voting rights on a fully diluted basis), the impact on minority shareholders who do not tender into the offer, the failure to retain key Business Objects employees, customer and partner uncertainty regarding the anticipated benefits of the transaction, the failure of SAP and Business Objects to achieve the anticipated synergies of the proposed transaction and other risks detailed in Business Objects’ SEC filings, including those discussed in Business Objects’ quarterly report on Form 10-Q for the quarter ended June 30, 2007, which is on file with the SEC and available at the SEC’s website at www.sec.gov. Business Objects is not obligated to update these forward-looking statements to reflect events or circumstances after the date of this document.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Statements regarding the expected date of closing of the tender offer, and expected integration, growth and improved customer service benefits are forward-looking statements and are subject to risks and uncertainties including among others: uncertainties as to the timing of the tender offer, the satisfaction of closing conditions, including the receipt of regulatory approvals, whether certain industry segments will grow as anticipated, the competitive environment among providers of software

SAP to Acquire Business Objects in Friendly Takeover Page 7

solutions, and difficulties encountered in integrating companies and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

# # #

For more information, press only:

Herbert Heitmann, SAP, +49 (6227) 7-61137, herbert.heitmann@sap.com, CET
Christoph Liedtke, SAP, +49 6227 7-50383, christoph.liedtke@sap.com, CET
Frank Hartmann, SAP, +49 (6227) 7-42548, f.hartmann@sap.com, CET
Marge Breya, Business Objects, +1 408 953-6092, marge.breya@businessobjects.com, PST
Philippe Laguerre, Business Objects, +1 33 (1) 41 25 38 15, plaguerre@businessobjects.com, EST

For more information, financial analysts only:

Stefan Gruber, SAP, +49 (6227) 7-44872, investor@sap.com, CET
Martin Cohen, SAP, +1 (212) 653-9619, investor@sap.com, EST
Edouard Lasalle, Business Objects, +33 (1) 41 25 24 33, edouard.lassalle@businessobjects.com, CET
Nina Camara, Business Objects, +1 (408) 953-6138, nina.camara@businessobjects.com, PST

Note to Editors

Broadcast-standard video content about SAP is available at www.thenewsmarket.com/sap. Registration on the site and video is free to the media.

(*) SAP defines business software as comprising enterprise resource planning and related applications such as supply chain management,  customer relationship management, product life-cycle management and supplier relationship management.

Copyright© 2007 SAP AG. All rights reserved.

SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

EX-99.(A)(5)(B)

Exhibit (a)(5)(B)

SAP AG: AGREEMENT ON FRIENDLY TAKEOVER OF BUSINESS OBJECTS S.A. BY SAP AG / OFFER PRICE 42.00 EUR PER SHARE
(AD HOC NEWS)

Walldorf/Germany — October 07, 2007 — SAP AG and Business Objects S.A. have, with the approval of the supervisory board of SAP AG and the board of directors (conseil d’administration) of Business Objects S.A., today concluded an agreement (the “Tender Offer Agreement”) regarding the friendly takeover of Business Objects S.A. by SAP AG supported by the board of directors of Business Objects S.A.. The takeover is to take the form of a tender offer under French law and a parallel tender offer under US law aiming at the acquisition of all Business Objects S.A. shares and all American Depositary Shares representing shares in Business Objects S.A. (the “ADS”), as well as all convertible bonds issued by Business Objects S.A. (the “Convertible Bonds”) and all warrants issued by Business Objects S.A. (the “Warrants”). Under the terms and conditions of the tender offer agreement, SAP will make a cash offer of € 42.00 per ordinary share and for American Depositary Shares (ADS) at the US$ equivalent based on the EUR/US$ exchange rate as of the settlement of the tender offers.

The board of directors of Business Objects S.A. anticipates recommending the offer to its shareholders subject to the fulfillment of certain regulatory requirements. The transaction volume taking into account the transaction costs will be slightly above EUR 4.8 billion . SAP AG will finance the transaction with available cash and borrowed funds.

The acceptance period will only begin once the French stock exchange authority, the Autorité des marchés financiers (AMF), and the French Finance Ministry have granted their respective approvals. The tender offer will be subject to (a) a minimum level of acceptances of 50.01% of the voting rights on a fully diluted basis and (b) to the clearance by the E.U. and U.S. antitrust authorities. The closing of the transaction is expected within the first quarter of 2008. On that basis, SAP expects the transaction to be accretive to SAP’s earnings per share on a U.S. GAAP basis in 2009 and beyond; however, due to acquisition-related one-time effects in 2008, SAP expects the transaction to be dilutive by mid single digits EUR cents to SAP’s 2008 earnings per share on a U.S. GAAP basis.

Together, SAP and Business Objects intend to offer high-value solutions for process- and business-oriented professionals. The solutions will be designed to enable companies to strengthen decision processes, increase customer value and create sustainable competitive advantage through real-time, multi-dimensional business intelligence.

Business Objects S.A. is a stock corporation incorporated under the laws of France (société anonyme), whose shares are listed on Euronext Paris and whose ADS are listed on NASDAQ; the Convertible Bonds are also listed on Euronext.

The complete offer documents in accordance with French and US law will be submitted, together with further details of the offer, to the French stock exchange authority, the Autorité des Marchés Financiers (AMF) and the US Securities Exchange Commission (SEC), and will be published following approval.

Stockholders of Business Objects are strongly encouraged to read the Note d’ Information as well as the Tender Offer Statement on Schedule TO to be filed by SAP when it becomes available because it will contain important information about the tender offer. Stockholders of Business Objects are strongly encouraged to read the Note en Réponse as well as the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by Business Objects when it becomes available because it will contain important information about the tender offer. Investors may obtain the Note d’ Information, the Tender Offer Statement on Schedule TO, the Note en Réponse, the Solicitation/Recommendation Statement on Schedule 14D-9 and any other documents filed with the AMF or the SEC for free at the AMF’s website (www.amf-france.org) or the SEC’s website (www.sec.gov). Materials filed by SAP may be obtained for free at SAP’s website, www.sap.com. Materials filed by Business Objects may be obtained for free at Business Objects’s website, www.businessobjects.com.

Forward-looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,”

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“plan,” “project,” “predict,” “should” and “will” and similar expressions are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Statements regarding the expected date of closing of the tender offer, and expected integration, growth and improved customer service benefits are forward-looking statements and are subject to risks and uncertainties including among others: uncertainties as to the timing of the tender offer, the satisfaction of closing conditions, including the receipt of regulatory approvals, whether certain industry segments will grow as anticipated, the competitive environment among providers of software solutions, and difficulties encountered in integrating companies and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

This release contains forward-looking statements that involve risks and uncertainties concerning the parties’ ability to close the transaction and the expected closing date of the transaction, the anticipated recommendation by the Business Objects Board of the transaction to shareholders, the anticipated benefits and synergies of the proposed transaction, anticipated future combined operations, products and services, and the anticipated role of Business Objects, its key executives and its employees within SAP following the closing of the transaction. Actual events or results may differ materially from those described in this release due to a number of risks and uncertainties. These potential risks and uncertainties include, among others, the outcome of regulatory reviews of the proposed transaction, the ability of the parties to complete the transaction (including SAP’s ability to tender successfully for at least 50.01% of all voting rights on a fully diluted basis), the impact on minority shareholders who do not tender into the offer, the failure to retain key Business Objects employees, customer and partner uncertainty regarding the anticipated benefits of the transaction, the failure of SAP and Business Objects to achieve the anticipated synergies of the proposed transaction and other risks detailed in Business Objects’ SEC filings, including those discussed in Business Objects’ quarterly report on Form 10-Q for the quarter ended June 30, 2007, which is on file with the SEC and available at the SEC’s website at www.sec.gov. Business Objects is not obligated to update these forward-looking statements to reflect events or circumstances after the date of this document.

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