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.

The bonds are series A bonds and will be converted to 106,050 series H ordinary bearer shares. The company's Management Board has provided notice to the National Court Register concerning the increased share capital in accordance with the procedures and timeframe stipulated in Pt. 10.16 of the Conditions of Bond Issue.
Following the above-mentioned conversion of series A bonds to shares, ComArch S.A.'s share capital will consist of:

1. 883,600 series A inscribed preference shares,
2. 56,400 series A ordinary bearer shares,
3. 883,600 series B inscribed preference shares,
4. 56,400 series B ordinary bearer shares,
5. 3,008,000 series C ordinary bearer shares,
6. 1,200,000 series D ordinary bearer shares,
7. 638,600 series E ordinary bearer shares,
8. 125,787 series G ordinary bearer shares,
9. 102,708 series G3 ordinary bearer shares, and
10. 370,300 series H ordinary bearer shares

Following the conversion, the company's share capital will amount to 7,325,395 PLN and will be divided into 7,325,395 shares that will entitle shareholders to 14,394,195 votes at the company's annual general meetings. The above-mentioned series H shares will constitute 5,06% of ComArch S.A.'s share capital and will entitle shareholders to 2,57% votes at the company's AGM. The amount of series A convertible bonds that will remain following the above-mentioned conversion to series H shares will be 1398.

ComArch S.A.'s Management Board states that the conversion of bonds to shares will bear a positive influence on the company's performance as it will decrease the company's financial expenditure.