Investor Reports

Pursuant to Art 34, Act 1, Pt 2 of the Regulation issued by the Minister of Finance on 19 October 2005 concerning current and periodical information pertaining to companies traded on the stock exchange, ComArch S.A. informs that received Resolution Nr 88/2006 dated 03.04.2006 of the Management Board of the Warsaw Stock Exchange concerning the suspension and exclusion from stock exchange trade of 293 ComArch S.A. series A bonds.

Pursuant to Art 5, Act 1, Pt 3 of the order issued by the Minister of Finance on 19 October 2005 concerning current and periodical information pertaining to companies traded on the stock exchange, ComArch S.A. informs that the National Depository for Securities (KDPW) has cleared the conversion of 118 ComArch SA series A bonds to series H ordinary bearer shares.

In accordance with Art 5, Act 1, Pt 3 of the order issued by the Minister of Finance on 19 October 2005 concerning current and periodical information pertaining to companies traded on the stock exchange, ComArch S.A. informs that the Company signed an investment loan agreement on 28.03.2006 with Kredyt Bank S.A. with headquarters in Warsaw for the financing of the second construction stage of office buildings in the Special Economic Zone in Krakow.

ComArch SA received information on 28.03.2005 that with Resolution Nr 145/06 dated 28.03.2006, the Management Board of the National Depository for Securities, Poland (KDPW) decided to assimilate 543,025 shares of the company, marked with the code PLCOMAR00095 (series H shares) with 5,085,187 shares of the company, marked with the code PLCOMAR00012

The National Depository for Securities, Poland (KDPW) has accepted ComArch S.A.\'s motion on the basis of Art. 40, Act 2 and Art. 2, Act 1 of its Regulations and

Pursuant to Art 34, Act 1, Pt 4 of the order issued by the Minister of Finance on 19 October 2005 concerning current and periodical information pertaining to companies traded on the stock exchange, ComArch S.A. informs that on 27 March 2006 by Resolution Nr 80/2006, the Management Board of the Warsaw Stock Exchange declared that pursuant to Art 19, Act 1 and 2 of the Stock Exchange Regulations, there are 543,025 ComArch SA series H shares with nominal value of 1 PLN each.

With Resolution Nr 128/06, the National Depository for Securities, Poland (KDPW) accepted ComArch S.A.\'s motion on the basis of Art. 40, Act 2 and Art. 2, Act 1 of its Regulations and registered 543,025 series H ordinary bearer shares at the nominal value of 1 PLN each at the National Depository for Securities as of 20 March 2006.

Pursuant to Art 5, Act 1, Pt 10 and Art 16, Act 3 of the order issued by the Minister of Finance on 19 October 2005 concerning current and periodical information pertaining to companies traded on the stock exchange, ComArch S.A. informs of statements received between 07 - 10 March 2006 regarding the conversion of 497 bonds to ComArch SA bearer shares, with nominal value of 10,000 PLN each and total nominal value of 4,970,000 PLN.