<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on August&nbsp;8, 2006<BR>
333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 17pt; margin-top: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B></DIV>


<DIV align="center" style="font-size: 11pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 0pt"><B>FORM S-8</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 13pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 0pt"><B>BUSINESS OBJECTS S.A.</B></DIV>

<DIV align="center" style="font-size: 8pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 8pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="center" valign="top"><B>Republic of France</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0355777</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="center" valign="top">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><B>157-159 rue Anatole France<BR>
92300 Levallois-Perret<BR>
France</B></DIV>

<DIV align="center" style="font-size: 8pt">(Address, including zip code, of Registrant&#146;s principal executive offices)</DIV>


<DIV align="center" style="font-size: 8pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>STOCK SUBSCRIPTION WARRANTS<BR>
FRENCH EMPLOYEE SAVINGS PLAN, as amended<BR>
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended<BR>
2001 STOCK INCENTIVE PLAN, as amended</B></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt">(Full titles of the Plans)</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 0pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 0pt"><B>James R. Tolonen<BR>
Chief Financial Officer<BR>
Business Objects S.A.<BR>
c/o Business Objects Americas<BR>
3030 Orchard Parkway<BR>
San Jose, California 95134<BR>
(408)&nbsp;953-6000</B></DIV>

<DIV align="center" style="font-size: 8pt">(Name, address, including zip code, and telephone number, including area code, of agent for
service)</DIV>


<DIV align="center" style="font-size: 8pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Copies to:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Susan J. Wolfe, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>John T. Sheridan, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Senior Vice President,
General</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Wilson Sonsini Goodrich &#038; Rosati</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Counsel and Secretary</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Professional Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Business Objects S.A.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>650 Page Mill Road</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>c/o Business Objects Americas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Palo Alto, CA 94304-1050</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>3030 Orchard Parkway</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(650)&nbsp;493-9300</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>San Jose, California 95134</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(408)&nbsp;953-6000</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10.5pt; margin-top: 6pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Per Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ordinary Shares, nominal value
<FONT face="'Times New Roman',times,serif">&#128;</FONT>0.10 per share (1):</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Stock Subscription Warrants</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">45,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$28.62(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,287,867.06</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$137.80</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">French Employee Savings Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">400,000 (4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$20.16(7)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$8,064,800.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$862.93</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">2004 International Employee Stock
Purchase Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">1,000,000 (5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$20.16(8)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$20,162,000.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$2,157.33</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">2001 Stock Incentive Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">7,500,000 (6)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$23.72(9)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$177,900,000.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$19,035.30</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:45px; text-indent:-15px"><B>Total Amount of Registration Fee</B></DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$22,193.37</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 6pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>American depositary shares evidenced by American depositary receipts that are
issuable upon deposit of the Ordinary Shares with The Bank of New York as Depositary
registered hereby have been registered pursuant to a separate Registration Statement on
Form F-6, filed on October&nbsp;15, 2003 (File No.&nbsp;333-109712).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement shall also cover any additional Ordinary Shares which
become issuable under the French Employee Savings Plan, the 2004 International Employee
Stock Purchase Plan, the 2001 Stock Incentive Plan, or the Stock Subscription Warrants
by reason of any stock dividend, stock split, capitalization of reserves, profits or
premiums or other similar transaction effected without the Registrant&#146;s receipt of
consideration which results in an increase in the number of the Registrant&#146;s issued and
outstanding Ordinary Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee, based on the actual price at which the
Ordinary Shares issuable pursuant to the Stock Subscription Warrants may be subscribed
(<FONT face="'Times New Roman',times,serif">&#128;</FONT>22.31 per share), as converted into U.S. dollars using the Noon Buying Rate
on June&nbsp;6, 2006 of $1.2828.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses relating to the
French Employee Savings Plan and this Registration Statement also relate to the
registration statements on Form S-8 with the following file numbers: 333-127373,
333-116870, 333-111089, 333-109275, 333-101105, 333-69376, 333-42670, 333-84341 and
333-42063.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses relating to 2004
International Employee Stock Purchase Plan and this Registration Statement also relate
to the registration statements on Form S-8 with the following file numbers: 333-127373
and 333-116870.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses relating to 2001
Stock Incentive Plan and this Registration Statement also relate to the registration
statements on Form S-8 with the following file numbers: 333-136410, 333-69376,
333-129434 and 333-109275.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) solely for the purpose of calculating the
registration fee, on the basis of $20.16 per share (85% of $23.72, which was the average
of the high and low prices of the Registrant&#146;s American depositary shares as reported on
the Nasdaq National Market on August&nbsp;1, 2006).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of $20.16 per share (85% of
$23.72, which was the average of the high and low prices of the Registrant&#146;s American
depositary shares as reported on the Nasdaq National Market on August&nbsp;1, 2006).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of $23.72 per share, which was the
August&nbsp;1, 2006.</TD>
</TR>

</TABLE>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"><U>Index to Exhibits</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="f22609exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f22609exv10w24.htm">EXHIBIT 10.24</A></TD></TR>
<TR><TD colspan="9"><A HREF="f22609exv10w52.htm">EXHIBIT 10.52</A></TD></TR>
<TR><TD colspan="9"><A HREF="f22609exv10w72.htm">EXHIBIT 10.72</A></TD></TR>
<TR><TD colspan="9"><A HREF="f22609exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS OBJECTS S.A.<BR>
REGISTRATION STATEMENT ON FORM S-8</B>
</DIV>

<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART II
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Explanatory Note</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is being filed for the purpose of registering the
Registrant&#146;s Ordinary Shares as set forth below.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Subscription Warrants</U><BR>
This Registration Statement will register an aggregate of 45,000 of the Registrant&#146;s
Ordinary Shares to be issued to Mr.&nbsp;Jean-Fran&#231;ois Heitz, a non-employee director, pursuant
to the exercise of stock subscription warrants, the &#147;Warrant Shares.&#148; Mr.&nbsp;Heitz is
entitled to subscribe to the Warrant Shares following his exercise of the stock
subscription warrants. Each stock subscription warrant is exercisable at a per share price
of <FONT face="'Times New Roman',times,serif">&#128;</FONT>22.31. The issuance of the stock subscription warrants was authorized by the
Registrant&#146;s shareholders pursuant to the fourteenth resolution of the Registrant&#146;s
ordinary and extraordinary meeting of shareholders on June&nbsp;7, 2006. The stock subscription
warrants were issued by the Registrant&#146;s Board of Directors, the &#147;Board,&#148; on July&nbsp;20, 2006
in favor of Mr.&nbsp;Heitz.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>French Employee Savings Plan</U><BR>
This Registration Statement will register an additional 400,000 of the Registrant&#146;s
Ordinary Shares that may be issued in favor of employees eligible to participate in the
Registrant&#146;s French Employee Savings Plan, as amended, as authorized by the Registrant&#146;s
shareholders pursuant to the sixteenth resolution of the Registrant&#146;s ordinary and
extraordinary meeting of shareholders on June&nbsp;7, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>2004 International Employee Stock Purchase Plan</U><BR>
This Registration Statement will register an additional 1,000,000 of the Registrant&#146;s
Ordinary Shares that may be issued to the 2004 Business Objects S.A. Employee Benefits
Trust under the Registrant&#146;s 2004 International Employee Stock Purchase Plan, as amended,
as authorized by the Registrant&#146;s shareholders pursuant to the seventeenth resolution of
the Registrant&#146;s ordinary and extraordinary meeting of shareholders on June&nbsp;7, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>2001 Stock Incentive Plan</U><BR>
This Registration Statement will register an additional 7,500,000 of the Registrant&#146;s
Ordinary Shares that may be issued under the 2001 Stock Incentive Plan, as amended, as
authorized by the Registrant&#146;s shareholders pursuant to the eighteenth resolution of the
Registrant&#146;s ordinary and extraordinary meeting of shareholders on June&nbsp;7, 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of Ordinary Shares to be registered hereunder in connection with the
Stock Subscription Warrants, the French Employee Savings Plan, the 2004 International Employee
Stock Purchase Plan and the 2001 Stock Incentive Plan is 8,945,000, the &#147;Plan Shares.&#148;
Notwithstanding the registration hereunder of the Plan Shares, the Board of the Registrant has
established a general limit on the total number of Ordinary Shares the Registrant may issue during
any given calendar year, the &#147;General Limit.&#148; The General Limit is 3% of the Registrant&#146;s share
capital as of December&nbsp;31 of the previous calendar year. The General Limit for 2006 is 2,859,112
Plan Shares.
</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents and information filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Registrant are incorporated herein by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the
fiscal year ended December&nbsp;31, 2005, filed with the Commission on March
16, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form 10-Q for the
quarter ended March&nbsp;31, 2006, filed with the Commission on May&nbsp;10, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed with
the Commission on each of January&nbsp;31, 2006, February&nbsp;1, 2006 (except
with respect to Item&nbsp;2.02), February&nbsp;8, 2006 (as amended on Form 8-K/A
filed on February&nbsp;9, 2006), February&nbsp;9, 2006, February&nbsp;10, 2006, March
7, 2006, March&nbsp;31, 2006, April&nbsp;6, 2006, April&nbsp;7, 2006, April&nbsp;26, 2006
(except with respect to Item&nbsp;2.02), May&nbsp;10, 2006, May&nbsp;16, 2006, June&nbsp;12,
2006, June&nbsp;13, 2006 and July&nbsp;26, 2006 (except with respect to Item
2.02); provided, however, that the Registrant does not incorporate by
reference any information contained in, or exhibits submitted with, the
Forms 8-K that was expressly furnished and not filed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Registrant&#146;s Ordinary Shares, nominal
value <FONT face="'Times New Roman',times,serif">&#128;</FONT>0.10 per share, contained in the Registrant&#146;s Registration
Statement on Form 8-A (File No.&nbsp;0-24720).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the filing
of a post-effective amendment which indicates that all securities offered under this Registration
Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement from the date of filing of such
documents. Any statement contained in a document incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which also is, or is deemed
to be, incorporated by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute part
of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification and liability of the Registrant&#146;s directors and Officers (as defined
below) are governed by French law.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French law generally limits the ability of a French company to indemnify its (i)&nbsp;directors, as
well as (ii)&nbsp;its chief executive officer (<I>Directeur G&#233;n&#233;ral</I>) and (iii)&nbsp;its deputy chief executive
officers (<I>Directeurs G&#233;n&#233;raux D&#233;l&#233;gu&#233;s</I>), (ii)&nbsp;and (iii)&nbsp;collectively or individually named the
&#147;Officer(s)&#148;, against their liabilities. However, if a director or an Officer is sued by a third
party and ultimately prevails in the litigation on all counts, but is nevertheless required to bear
attorneys&#146; fees and costs, the company may in specified circumstances reimburse those fees and
costs, to the extent permitted by the laws and regulations in effect, under an indemnification
arrangement with the director or the Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to French law, any indemnification arrangement between the Registrant and any of its
directors or Officers must be approved by the Registrant&#146;s shareholders. The Registrant has
entered into indemnification agreements with its current directors and Officers pursuant to which
the Registrant is obligated to purchase directors and officers liability insurance for all of its
directors and Officers, each a &#147;Beneficiary&#148;, under which each Beneficiary is indemnified for any
costs, damages or losses related to any litigation, suit, proceeding or claim, each a &#147;Claim&#148;,
(including reasonable expenses, taxes, costs and fees related to the defense of such Claim) against
such Beneficiary by reason of his position as a director or Officer of the Registrant, except in
the case of any costs, damages or losses resulting from any gross or willful misconduct, fraudulent
misrepresentation or breach of criminal laws and regulations by the Beneficiary. The Registrant&#146;s
current form of indemnification agreement was approved by the Registrant&#146;s board of directors on
March&nbsp;31, 2004 and by the Registrant&#146;s shareholders on June&nbsp;10, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The French Commercial Code does not prohibit a company from purchasing directors and officers
insurance for all or part of the members of its management. Under French law, a company is
responsible to third parties for the consequences of the decisions of its directors or Officers,
such as violations of the laws and regulations applicable to French commercial companies, breaches
of a company&#146;s articles of association or mismanagement. If those decisions qualify as
mismanagement for instance, the relevant director or Officer may be required to fully or partly
indemnify the company. In addition, under French law, the directors and Officers are liable
individually or jointly, as the case may be, to the company or to third parties to the same extent.
The Registrant has purchased directors and officers liability insurance for all of its directors
and Officers, which is currently in effect. The coverage provided pursuant to such policy complies
with the terms of the indemnification agreement described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exhibits.</B>
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1 (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, as amended and restated on October&nbsp;15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit&nbsp;A to Deposit Agreement).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP as to the validity of the Ordinary
Shares that may be issued.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended June&nbsp;7, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.25 (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2001 Stock Incentive Plan, as amended July&nbsp;20, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.52
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan, as amended June&nbsp;7, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.72
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Subscription Warrant Agreement for Jean-Fran&#231;ois Heitz.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Shearman &#038; Sterling LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; margin-left: 5%; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="5%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="91"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;1 to The Bank of New York&#146;s registration
statement on Form F-6 filed with the Commission on October&nbsp;15, 2003 (File No.
333-109712).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.25 of the Registrant&#146;s Current Report
on Form 8-K filed with the Commission on July&nbsp;26, 2006.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.</B>&nbsp;<B>Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to the information in the
Registration Statement;
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by Registrant pursuant to Section&nbsp;13
or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San Jose, California, on August&nbsp;7, 2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BUSINESS OBJECTS S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John G. Schwarz
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John G. Schwarz,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>KNOW ALL PERSONS BY THESE PRESENTS</I>, that each person whose signature appears below constitutes
and appoints John G. Schwarz and James R. Tolonen and each of them, acting individually, as his
attorney-in-fact, with full power of substitution, for him and in any and all capacities, to sign
any and all amendments to this Registration Statement on this Form S-8 (including any
post-effective amendments thereto) and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or
cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on
Form S-8 has been signed on August&nbsp;7, 2006, by the following persons in the capacities indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ John G. Schwarz
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John G. Schwarz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer and
Director (Principal Executive
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ James R. Tolonen
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James R. Tolonen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Financial Officer and
Senior Group Vice President
(Principal Financial and
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Bernard Liautaud
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bernard Liautaud</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bernard Charl&#232;s</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Jean-Fran&#231;ois Heitz
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jean-Fran&#231;ois Heitz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gerald Held
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerald Held</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Kurt J. Lauk
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kurt J. Lauk</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Carl S. Pascarella
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carl S. Pascarella</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Peterschmidt
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Peterschmidt</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Arnold N. Silverman
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arnold N. Silverman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 7, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "<U>Index to Exhibits</U>" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Index to Exhibits</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1 (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, as amended and restated on October&nbsp;15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit&nbsp;A to Deposit Agreement).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP as to the validity of the Ordinary
 Shares that may be issued.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> French Employee Savings Plan, as amended June&nbsp;7, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.25 (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 2001 Stock Incentive Plan, as amended July&nbsp;20, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.52
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 2004 International Employee Stock Purchase Plan, as amended June&nbsp;7, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.72
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Stock Subscription Warrant Agreement for Jean-Fran&#231;ois Heitz.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Consent of Shearman &#038; Sterling LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Powers of Attorney (included on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;1 to The Bank of New York&#146;s registration
statement on Form F-6 filed with the Commission on October&nbsp;15, 2003 (File No.
333-109712).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.25 of the Registrant&#146;s Current Report
on Form 8-K filed with the Commission on July&nbsp;26, 2006.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "f22609sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 65460}]
{"company-data": {"conformed-name": "BUSINESS OBJECTS S.A.", "cik": "0000928753", "assigned-sic": "7372", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-136418", "film-number": "061014093"}, "business-address": {"street1": "BUSINESS OBJECTS AMERICAS", "street2": "3030 ORCHARD PARKWAY", "city": "SAN JOSE", "state": "CA", "zip": "95134", "phone": "4089536000"}, "mail-address": {"street1": "BUSINESS OBJECTS AMERICAS", "street2": "3030 ORCHARD PARKWAY", "city": "SAN JOSE", "state": "CA", "zip": "95134"}, "former-company": {"former-conformed-name": "BUSINESS OBJECTS SA", "date-changed": "19940822"}}
sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 8, 2006
333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
BUSINESS OBJECTS S.A.
(Exact name of Registrant as specified in its charter)
Republic of France
98-0355777
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
157-159 rue Anatole France
92300 Levallois-Perret
France
(Address, including zip code, of Registrant's principal executive offices)
STOCK SUBSCRIPTION WARRANTS
FRENCH EMPLOYEE SAVINGS PLAN, as amended
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended
2001 STOCK INCENTIVE PLAN, as amended
(Full titles of the Plans)
James R. Tolonen
Chief Financial Officer
Business Objects S.A.
c/o Business Objects Americas
3030 Orchard Parkway
San Jose, California 95134
(408) 953-6000
(Name, address, including zip code, and telephone number, including area code, of agent for
service)
Copies to:
Susan J. Wolfe, Esq.
John T. Sheridan, Esq.
Senior Vice President,
General
Wilson Sonsini Goodrich & Rosati
Counsel and Secretary
Professional Corporation
Business Objects S.A.
650 Page Mill Road
c/o Business Objects Americas
Palo Alto, CA 94304-1050
3030 Orchard Parkway
(650) 493-9300
San Jose, California 95134
(408) 953-6000
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
Amount to be
Offering Price
Aggregate
Registration
to be Registered
Registered (2)
Per Share
Offering Price
Fee
Ordinary Shares, nominal value
€
0.10 per share (1):
Stock Subscription Warrants
45,000
$28.62(3)
$1,287,867.06
$137.80
French Employee Savings Plan
400,000 (4)
$20.16(7)
$8,064,800.00
$862.93
2004 International Employee Stock
Purchase Plan
1,000,000 (5)
$20.16(8)
$20,162,000.00
$2,157.33
2001 Stock Incentive Plan
7,500,000 (6)
$23.72(9)
$177,900,000.00
$19,035.30
Total Amount of Registration Fee
$22,193.37
(1)
American depositary shares evidenced by American depositary receipts that are
issuable upon deposit of the Ordinary Shares with The Bank of New York as Depositary
registered hereby have been registered pursuant to a separate Registration Statement on
Form F-6, filed on October 15, 2003 (File No. 333-109712).
(2)
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities
Act"), this Registration Statement shall also cover any additional Ordinary Shares which
become issuable under the French Employee Savings Plan, the 2004 International Employee
Stock Purchase Plan, the 2001 Stock Incentive Plan, or the Stock Subscription Warrants
by reason of any stock dividend, stock split, capitalization of reserves, profits or
premiums or other similar transaction effected without the Registrant's receipt of
consideration which results in an increase in the number of the Registrant's issued and
outstanding Ordinary Shares.
(3)
Estimated in accordance with Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee, based on the actual price at which the
Ordinary Shares issuable pursuant to the Stock Subscription Warrants may be subscribed
(
€
22.31 per share), as converted into U.S. dollars using the Noon Buying Rate
on June 6, 2006 of $1.2828.
(4)
Pursuant to Rule 429 under the Securities Act, the prospectuses relating to the
French Employee Savings Plan and this Registration Statement also relate to the
registration statements on Form S-8 with the following file numbers: 333-127373,
333-116870, 333-111089, 333-109275, 333-101105, 333-69376, 333-42670, 333-84341 and
333-42063.
(5)
Pursuant to Rule 429 under the Securities Act, the prospectuses relating to 2004
International Employee Stock Purchase Plan and this Registration Statement also relate
to the registration statements on Form S-8 with the following file numbers: 333-127373
and 333-116870.
(6)
Pursuant to Rule 429 under the Securities Act, the prospectuses relating to 2001
Stock Incentive Plan and this Registration Statement also relate to the registration
statements on Form S-8 with the following file numbers: 333-136410, 333-69376,
333-129434 and 333-109275.
(7)
Estimated in accordance with Rule 457(h) solely for the purpose of calculating the
registration fee, on the basis of $20.16 per share (85% of $23.72, which was the average
of the high and low prices of the Registrant's American depositary shares as reported on
the Nasdaq National Market on August 1, 2006).
(8)
Estimated in accordance with Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of $20.16 per share (85% of
$23.72, which was the average of the high and low prices of the Registrant's American
depositary shares as reported on the Nasdaq National Market on August 1, 2006).
(9)
Estimated in accordance with Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of $23.72 per share, which was the
August 1, 2006.
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
SIGNATURES
POWER OF ATTORNEY
Index to Exhibits
EXHIBIT 5.1
EXHIBIT 10.24
EXHIBIT 10.52
EXHIBIT 10.72
EXHIBIT 23.1
Table of Contents
BUSINESS OBJECTS S.A.
REGISTRATION STATEMENT ON FORM S-8
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Explanatory Note
This Registration Statement on Form S-8 is being filed for the purpose of registering the
Registrant's Ordinary Shares as set forth below.
1.
Stock Subscription Warrants
This Registration Statement will register an aggregate of 45,000 of the Registrant's
Ordinary Shares to be issued to Mr. Jean-François Heitz, a non-employee director, pursuant
to the exercise of stock subscription warrants, the "Warrant Shares." Mr. Heitz is
entitled to subscribe to the Warrant Shares following his exercise of the stock
subscription warrants. Each stock subscription warrant is exercisable at a per share price
of
€
22.31. The issuance of the stock subscription warrants was authorized by the
Registrant's shareholders pursuant to the fourteenth resolution of the Registrant's
ordinary and extraordinary meeting of shareholders on June 7, 2006. The stock subscription
warrants were issued by the Registrant's Board of Directors, the "Board," on July 20, 2006
in favor of Mr. Heitz.
2.
French Employee Savings Plan
This Registration Statement will register an additional 400,000 of the Registrant's
Ordinary Shares that may be issued in favor of employees eligible to participate in the
Registrant's French Employee Savings Plan, as amended, as authorized by the Registrant's
shareholders pursuant to the sixteenth resolution of the Registrant's ordinary and
extraordinary meeting of shareholders on June 7, 2006.
3.
2004 International Employee Stock Purchase Plan
This Registration Statement will register an additional 1,000,000 of the Registrant's
Ordinary Shares that may be issued to the 2004 Business Objects S.A. Employee Benefits
Trust under the Registrant's 2004 International Employee Stock Purchase Plan, as amended,
as authorized by the Registrant's shareholders pursuant to the seventeenth resolution of
the Registrant's ordinary and extraordinary meeting of shareholders on June 7, 2006.
4.
2001 Stock Incentive Plan
This Registration Statement will register an additional 7,500,000 of the Registrant's
Ordinary Shares that may be issued under the 2001 Stock Incentive Plan, as amended, as
authorized by the Registrant's shareholders pursuant to the eighteenth resolution of the
Registrant's ordinary and extraordinary meeting of shareholders on June 7, 2006.
The aggregate number of Ordinary Shares to be registered hereunder in connection with the
Stock Subscription Warrants, the French Employee Savings Plan, the 2004 International Employee
Stock Purchase Plan and the 2001 Stock Incentive Plan is 8,945,000, the "Plan Shares."
Notwithstanding the registration hereunder of the Plan Shares, the Board of the Registrant has
established a general limit on the total number of Ordinary Shares the Registrant may issue during
any given calendar year, the "General Limit." The General Limit is 3% of the Registrant's share
capital as of December 31 of the previous calendar year. The General Limit for 2006 is 2,859,112
Plan Shares.
1
Table of Contents
Item 3.
Incorporation of Documents by Reference.
The following documents and information filed with the Securities and Exchange Commission (the
"Commission") by the Registrant are incorporated herein by reference:
1.
The Registrant's Annual Report on Form 10-K for the
fiscal year ended December 31, 2005, filed with the Commission on March
16, 2006.
2.
The Registrant's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2006, filed with the Commission on May 10, 2006.
3.
The Registrant's Current Reports on Form 8-K filed with
the Commission on each of January 31, 2006, February 1, 2006 (except
with respect to Item 2.02), February 8, 2006 (as amended on Form 8-K/A
filed on February 9, 2006), February 9, 2006, February 10, 2006, March
7, 2006, March 31, 2006, April 6, 2006, April 7, 2006, April 26, 2006
(except with respect to Item 2.02), May 10, 2006, May 16, 2006, June 12,
2006, June 13, 2006 and July 26, 2006 (except with respect to Item
2.02); provided, however, that the Registrant does not incorporate by
reference any information contained in, or exhibits submitted with, the
Forms 8-K that was expressly furnished and not filed.
4.
The description of Registrant's Ordinary Shares, nominal
value
€
0.10 per share, contained in the Registrant's Registration
Statement on Form 8-A (File No. 0-24720).
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing
of a post-effective amendment which indicates that all securities offered under this Registration
Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement from the date of filing of such
documents. Any statement contained in a document incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which also is, or is deemed
to be, incorporated by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute part
of this Registration Statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
None.
Item 6.
Indemnification of Directors and Officers.
The indemnification and liability of the Registrant's directors and Officers (as defined
below) are governed by French law.
2
Table of Contents
French law generally limits the ability of a French company to indemnify its (i) directors, as
well as (ii) its chief executive officer (
Directeur Général
) and (iii) its deputy chief executive
officers (
Directeurs Généraux Délégués
), (ii) and (iii) collectively or individually named the
"Officer(s)", against their liabilities. However, if a director or an Officer is sued by a third
party and ultimately prevails in the litigation on all counts, but is nevertheless required to bear
attorneys' fees and costs, the company may in specified circumstances reimburse those fees and
costs, to the extent permitted by the laws and regulations in effect, under an indemnification
arrangement with the director or the Officer.
Pursuant to French law, any indemnification arrangement between the Registrant and any of its
directors or Officers must be approved by the Registrant's shareholders. The Registrant has
entered into indemnification agreements with its current directors and Officers pursuant to which
the Registrant is obligated to purchase directors and officers liability insurance for all of its
directors and Officers, each a "Beneficiary", under which each Beneficiary is indemnified for any
costs, damages or losses related to any litigation, suit, proceeding or claim, each a "Claim",
(including reasonable expenses, taxes, costs and fees related to the defense of such Claim) against
such Beneficiary by reason of his position as a director or Officer of the Registrant, except in
the case of any costs, damages or losses resulting from any gross or willful misconduct, fraudulent
misrepresentation or breach of criminal laws and regulations by the Beneficiary. The Registrant's
current form of indemnification agreement was approved by the Registrant's board of directors on
March 31, 2004 and by the Registrant's shareholders on June 10, 2004.
The French Commercial Code does not prohibit a company from purchasing directors and officers
insurance for all or part of the members of its management. Under French law, a company is
responsible to third parties for the consequences of the decisions of its directors or Officers,
such as violations of the laws and regulations applicable to French commercial companies, breaches
of a company's articles of association or mismanagement. If those decisions qualify as
mismanagement for instance, the relevant director or Officer may be required to fully or partly
indemnify the company. In addition, under French law, the directors and Officers are liable
individually or jointly, as the case may be, to the company or to third parties to the same extent.
The Registrant has purchased directors and officers liability insurance for all of its directors
and Officers, which is currently in effect. The coverage provided pursuant to such policy complies
with the terms of the indemnification agreement described above.
Item 7.
Exemption from Registration Claimed.
Not applicable.
3
Table of Contents
Item 8.
Exhibits.
Exhibit
Number
Description of Document
4.1 (1)
Form of Deposit Agreement, as amended and restated on October 15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit A to Deposit Agreement).
5.1
Opinion of Shearman & Sterling LLP as to the validity of the Ordinary
Shares that may be issued.
10.24
French Employee Savings Plan, as amended June 7, 2006.
10.25 (2)
2001 Stock Incentive Plan, as amended July 20, 2006.
10.52
2004 International Employee Stock Purchase Plan, as amended June 7, 2006.
10.72
Stock Subscription Warrant Agreement for Jean-François Heitz.
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.2
Consent of Shearman & Sterling LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included on signature page).
(1)
Incorporated by reference to Exhibit 1 to The Bank of New York's registration
statement on Form F-6 filed with the Commission on October 15, 2003 (File No.
333-109712).
(2)
Incorporated by reference to Exhibit 10.25 of the Registrant's Current Report
on Form 8-K filed with the Commission on July 26, 2006.
Item 9.
Undertakings.
(a)     The undersigned Registrant hereby undertakes:
(1)     To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i)     to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)     to reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement;
(iii)     to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to the information in the
Registration Statement;
4
Table of Contents
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration
Statement.
(2)     That, for the purpose of determining any liability under the Securities Act, each
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3)     To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b)     The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(c)     Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San Jose, California, on August 7, 2006.
BUSINESS OBJECTS S.A.
By:
/s/ John G. Schwarz
John G. Schwarz,
Chief Executive Officer
6
Table of Contents
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature appears below constitutes
and appoints John G. Schwarz and James R. Tolonen and each of them, acting individually, as his
attorney-in-fact, with full power of substitution, for him and in any and all capacities, to sign
any and all amendments to this Registration Statement on this Form S-8 (including any
post-effective amendments thereto) and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on
Form S-8 has been signed on August 7, 2006, by the following persons in the capacities indicated.
Signature
Title
Date
/s/ John G. Schwarz
John G. Schwarz
Chief Executive Officer and
Director (Principal Executive
Officer)
August 7, 2006
/s/ James R. Tolonen
James R. Tolonen
Chief Financial Officer and
Senior Group Vice President
(Principal Financial and
Accounting Officer)
August 7, 2006
/s/ Bernard Liautaud
Bernard Liautaud
Chairman of the Board of Directors
August 7, 2006
Bernard Charlès
Director
/s/ Jean-François Heitz
Jean-François Heitz
Director
August 7, 2006
/s/ Gerald Held
Gerald Held
Director
August 7, 2006
/s/ Kurt J. Lauk
Kurt J. Lauk
Director
August 7, 2006
/s/ Carl S. Pascarella
Carl S. Pascarella
Director
August 7, 2006
/s/ David Peterschmidt
David Peterschmidt
Director
August 7, 2006
/s/ Arnold N. Silverman
Arnold N. Silverman
Director
August 7, 2006
7
Table of Contents
Index to Exhibits
Exhibit
Number
Description of Document
4.1 (1)
Form of Deposit Agreement, as amended and restated on October 15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit A to Deposit Agreement).
5.1
Opinion of Shearman & Sterling LLP as to the validity of the Ordinary
 Shares that may be issued.
10.24
French Employee Savings Plan, as amended June 7, 2006.
10.25 (3)
2001 Stock Incentive Plan, as amended July 20, 2006.
10.52
2004 International Employee Stock Purchase Plan, as amended June 7, 2006.
10.72
Stock Subscription Warrant Agreement for Jean-François Heitz.
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.2
Consent of Shearman & Sterling LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included on signature page).
(1)
Incorporated by reference to Exhibit 1 to The Bank of New York's registration
statement on Form F-6 filed with the Commission on October 15, 2003 (File No.
333-109712).
(2)
Incorporated by reference to Exhibit 10.25 of the Registrant's Current Report
on Form 8-K filed with the Commission on July 26, 2006.