Investor Reports

In relation to the fact that as of 28 February 2006 the average closing price of ComArch SA shares on the Warsaw Stock Exchange over the past 31 quotations had been higher than the price conversion by 30.7%, and in accordance with Pt 8.3.1 of the Conditions of Bond Issue that constitute an attachment to the company\'s Management Board resolution dated 09 April 2002 concerning floatation of company\'s shares on the basis of the Annual General Meeting resolution dated 27 February 2002 (published in Chapter 10, point 4 of the Conversion of Bonds to Series H shares Prospectus), ComArch S.A. hereby issues the second call for anticipated redemption of bonds by Bondholders.

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 a statement received on 01 March 2006 regarding the conversion of 490 bonds to ComArch SA bearer shares, with nominal value of 10,000 PLN each and total nominal value of 4,900,000 PLN.

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 a statement received on 28 February 2006 regarding the conversion of 606 bonds to ComArch SA bearer shares, with nominal value of 10,000 PLN each and total nominal value of 6,060,000 PLN.

In relation to the fact that the average closing price of ComArch SA shares on the Warsaw Stock Exchange over the past 31 quotations has been higher than the price conversion by 30.7%, and in accordance with Pt 8.3.1 of the Conditions of Bond Issue that constitute an attachment to the company\'s Management Board resolution dated 09 April 2002 concerning floatation of company\'s shares on the basis of the Annual General Meeting resolution dated 27 February 2002 (published in Chapter 10, point 4 of the Conversion of Bonds to Series H shares Prospectus), ComArch S.A. hereby issues the first call for anticipated redemption of bonds by Bondholders.

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 on 22 and 23 February 2006 regarding the conversion of 1510 bonds to ComArch SA bearer shares, with nominal value of 10,000 PLN each and total nominal value of 15,100,000 PLN.

In accordance with Art. 56, Act 1, Pt. 1 of the Act concerning public tenders, the terms of introducing and trading financial instruments on the stock market as well as public companies, the company hereby informs:

Pursuant to Art. 70, Pt. 1 of the Act dated 29 July 2005 concerning public tenders, the terms of introducing and trading financial instruments on the stock market as well as public companies (Journal of Laws No. 184, pos. 1539), the company hereby conveys information received on 07.02.2006 regarding the purchase of ComArch S.A. shares by BZ WBK AIB Asset Management SA with headquarters in Poznan.

In accordance with Art. 160, Act 4 of the Act dated 29 July 2005 concerning trade of financial instruments (Journal of Laws No. 183, pos. 1538), the company hereby conveys information received on 03.02.2006 regarding the sale of ComArch S.A. shares: