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.

The bonds will be redeemed within 30 days from the date of the second call, at a price set in accordance with point 8.3.4 of the above-mentioned Conditions of Bond Issue.