Investor Reports

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:

In accordance with Art.100, Act 1 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. sets the following dates of periodical financial report publication in 2006:

In accordance with Art. 160, Act 4 of the Act dated 29 July 2005 concerning trade of financial instruments (Law Gazette Nr. 183, pos. 1485), the company hereby conveys information received on 27.01.2006 regarding the sale of ComArch S.A. shares:

In accordance with Art 34, Act 1, Pt 4 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 that on 25 January 2006 by Resolution Nr 31/2006, the Management Board of the Warsaw Stock Exchange decided to float as of 02 February 2006 125,787 of ComArch Series G ordinary bearer shares on the stock exchange.

We inform that the Investor Report sent on 24.01.06 was incorrectly numbered.

On 30 December 2005, ComArch SA received an agreement signed by Budostal-2 SA with headquarters in Cracow for the completion of the 2nd investment stage in the Special Economic Zone in Cracow, which entails construction of a complex of buildings to be used for IT system production works.

ComArch SA received today a signed amendment to a multi-purpose loan line agreement with Fortis Bank Polska SA, with headquarters in Warsaw.