RESEARCH OVERVIEW Manatron, Inc. NASDAQ: MANA

Coverage Initiated:  07-16-2003 Current Rating:  6 Current 12 - 18 Month Price Target: $9.25 Upgraded from $12.00 on 07-15-04 Reduced Price target From $13.50 to $9.25 on 12-23-05

$30.00

Purchase Manatron Initial Coverage Report 07-16-03

Purchase MANA Earnings Update 09-25-03

$15.00

Purchase MANA Earnings Update 03-22-04

$15.00

$15.00

Purchase MANA Fiscal '04 Earnings Update 07-15-04

$20.00

Purchase MANA  Earning Update 03-31-05

The Company's business is primarily focused on providing software and services to enable local governments in North America to completely, fairly and efficiently assess and collect property and other taxes from its citizens. The Company's software manages the entire property life cycle, which includes deed recording, mapping, assessment, tax billing and collection, tax sales and e-government. The Company's revenues are generated from software license fees, hardware sales, forms and supply sales, and various related professional services such as software support, data conversions, installation, training, project management, hardware maintenance, forms processing and printing. The Company's revenues are also generated from appraisal services, which include mass real estate appraisals, revaluations and other appraisal-related consultative work.

EDGEWATER RESEARCH PARTNERS LLC DISCLAIMER STATEMENT The information contained in this report has been written by David Lavigne of EdgeWater Research Partners LLC ("Edgewater") and has been derived from sources considered reliable, but cannot be guaranteed by us.  Edgewater and Lavigne are not aware of any material conflict of interest known at the time of the publication of this report.  Financial projections and estimates herein represent our independent analysis based upon information in conjunction with the Company's publicly available financial statements.  Edgewater and Lavigne may maintain positions in the securities referenced, which may change at any time without notice. Edgewater does not receive fees, warrants or any other compensation from issuers in connection with its research.  It does however, encourage issuers and it representatives to subscribe to Edgewater's research, and from time to time, issuers and or their representatives may also purchase individual copies of Edgewater's research products. Edgewater and Lavigne may own options, rights or warrants to purchase any of the securities of the Company.  This report is for informational purposes only and is not to be construed as specific investment advice or recommendations, nor as an offer to sell or a solicitation of an offer to buy any securities.  The securities referenced are speculative in nature and may not be suitable for your specific investment objective.  For specific investment advice or recommendations, please consult with your investment representative.

Issuer Purchase Disclosure MANA  purchased 250 individual "MANA Initial Coverage" research reports at $30 each. On 04-15-04, MANA purchased 50 12-31-03 Earnings Updates at $10 each.  On 08-05-04, MANA purchased 40  07-15-04 updates @ $10 each. On 04-08-05, MANA purchased 25 03-31-05 earnings Updates for $20 each.  In August 2005, MANA paid a fee of $7500 to attend EdgeWaters "Fall 2005 Micro/Small Cap Conference for Investment Professionals". There have been no additional purchases since that time.