To Our Shareholders

	For the first fiscal quarter ended September 30, 1991, Commodore
International Limited reported earnings of $5.3 million, or $0.16 per
share, on sales of $204.1 million.  This compares with earnings of $7.0
million, or $0.22 per share, and sales of $200.3 million in the year-ago
quarter.

	Net sales for the quarter increased 2% despite the adverse impact
of foreign currency fluctuations.  Unit sales of the Amiga product line
increased 40%, while the C64 experienced unit growth of 6%.  Both the
introduction of the new Professional PC line and the continuing roll-out
of the CDTV player contributed to revenue growth.

	Gross profit for the quarter declined due entirely to the
substantial adverse impact of foreign currency effects.  Operating
expenses were reduced by 9% versus the prior year.  These factors resulted
in net income for the quarter of $5.3 million.

	Subsequent to the end of the quarter, the Company formed a
consortium with several large Japanese industrial, trading, publishing,
and software concerns to promote and market CDTV players in Japan.

	We are pleased with the significant growth in sales of Amiga
products and the continued growth in demand for the C64 and Professional
PC lines.  Additionally, the Amiga line was recently enhanced with the
introduction of the Amiga 500+ with superior video capability and higher
performance.  The Amiga 500+ has been well received in the consumer
marketplace and is a strong complement to the highly popular Amiga 500.

Sincerely,

s/
Irving Gould
Chairman of the Board and
Chief Executive Officer




s/
Mehdi R. Ali
President


November 13, 1991



Commodore, CDTV and the Commodore logo are registered trademarks of
Commodore Elecronics Limited.  Amiga is a registered trademark of
Commodore-Amiga, Inc.