STATUTE OF THE COMARCH SPÓLKA AKCYJNA COMPANY
The unified text set forth with the resolution of the Supervisory Board of the Company No. 1/6/2005 of 8 June 2005, after entering the changes into the register of the Company with the decision of the Court of 23 June 2005.

CHAPTER I
GENERAL


Article 1
1. The Company operates under the firm of ComArch Spólka Akcyjna.
2. The Company may use an abbreviated firm name of the following wording: ComArch S.A.
3. The Company may use the firm jointly with a distinguishing graphic sign.


Article 2
The city of Krakow is the office of the Company.


Article 3
1. Duration of the Company is unlimited.
2. The Company operates on the basis of the Commerical Companies' Code and provisions of these Statute.


Article 4
The subject matter of activities of the Company is:
1) Technical and scientific advising in the scope of computer and telecommunications hardware, systems and networks,
2) Intermediation in the scope of purchase and installation of hardware for computer and telecommunications network systems,
3) Organisation of promotion for hardware, computer and telecommunications systems and networks and organisation of training in this scope,
4) Producing subassemblies and software, hardware, computer and telecommunications systems and networks and other IT hardware,
5) Activities in the scope of tele-IT and IT,
6) Commercial activities, production, construction, trade and services in the scope of IT and telecommunications,
7) Leasing services,
8) Research and development work,
9) Services related to real estate properties.


Article 5
1. The Company operates in the territory of the Republic of Poland and abroad.
2. In the area of its operations, the Company may open, establish and manage plants, branches and affiliated units, establish companies and join other companies.


Article 6
The announcements required by the law shall be published in Monitor Sadowy i Gospodarczy.


CHAPTER II
INITIAL CAPITAL


Article 7
1. The initial capital of the Company is not more than PLN 7,655,095.00 (say: seven million six hundred and fifty five thousand ninety five Polish Zloty) and is divided into not more than 7,655,095 (say: seven million six hundred and fifty five thousand ninety five) shares, including: 1,767,200 (one million seven hundred and sixty seven thousand two hundred) preferential registered shares for the nominal value of PLN 1.00 each and not more than 5,887,895 (five million eight hundred and eighty seven thousand eight hundred and ninety five) regular bearer's shares for the nominal value of PLN 1.00 PLN each, including:
1) 883,600 registered preferential shares in Series A,
2) 56,400 regular bearer's shares in Series A,
3) 883,600 registered preferential shares in Series B,
4) 56,400 regular bearer's shares in Series B,
5) 3,008,000 regular bearer's shares in Series C,
6) 1,200,000 regular bearer's shares in Series D,
7) 638,600 regular bearer's shares in Series E,
8) 125,787 regular bearer's shares in Series G,
9) 102,708 regular bearer's shares in Series G3,
10) Not more than 700,000 regular bearer's shares in Series H.
2. Registered shares in Series A and B are preferential for vote so that 5 votes in the General Meeting corresponds with each share."


Article 8
1. Conversion of registered shares into bearer's shares is allowed. In case of conversion of registered shares into bearer's shares, they lose all and any preferences.
2. Conversion of bearer's shares into registered shares is not allowed.
3. Conversion of registered shares into bearer's shares is done by the Management on request of a shareholder owning these shares. Registered shares are subject to conversion into bearer's shares on principles in force in public trading in securities in the given calendar year, in the first and fourth dates set forth by the National Deposit of Securities in Warsaw for conversion of securities.
4. In case of disposing of registered preferential shares for the benefit of persons who are not shareholders of the Company, specific rights for voting in the General Meeting related to it expire on 18 March 1998.
5. Disposing registered shares requires consent of the Management provided in writing. In case of refusal of disposing, the Management, within 2 months of filing with the Company of the intention of assigning shares, appoints the purchaser and price of shares. Price of shares may not be lower than average stock exchange price from the three recent months preceding the month of filing, provided that shares of the Company are in stock exchange trading. Otherwise, price of shares may not be lower than the book value per share as of the last balance sheet date. Price is due within one month of the date of resolution of the Management indicating the purchaser of shares.


Article 9
1. The initial capital may be increased or reduced by virtue of a resolution of the General Meeting.
2. Covering the increased initial capital may be done with cash, contributing non-cash contributions, dividend due for the shareholder as well as transferring reserve funds or part of supplementary capital to this capital.
3. In the period by 29 June 2007, the Management is authorised to increase the initial capital by the amount of PLN 1,100,000.00 (say: one million one hundred thousand Polish Zloty) (the target capital).
4. The Management may execute the authorisation referred to in Para 3 by way of one or several consecutive increases in the initial capital within the limits set forth in Para 3.
5. Within the target capital, the Management of the Company may issue shares only in conversion for cash contributions and may not issue preferential shares or allocate personal rights for the shareholder, referred to in Article 354 of the Commerical Companies' Code.
6. The Management, with consent of the Supervisory Board, may exclude or limit collection right related to each increase in the initial capital within the limits of the target capital.
7. In the scope of all the issues related to increasing the initial capital within the target capital, in particular on determining the issue price, obtaining consent of the Supervisory Board is required.


Article 10
Except for preferential shares, each share assigns the right for 1 vote in the General Meeting.


Article 11
The Company may issue bonds, including also bonds convertible into shares and bonds with the priority right.


Article 12
Shares may be redeemed on conditions set forth in the Commerical Companies' Code.


CHAPTER III


Article 13
The bodies of the Company are:
- The General Meeting,
- The Supervisory Board,
- The Management.


General Meeting


Article 14
1. There are ordinary and extraordinary General Meetings.
2. The Management convenes the Ordinary General Meeting by the end of every June at the latest.
3. The Management of the Company Extraordinary convenes the General Meeting on its own initiative or on a written application of the Supervisory Board or on the application of a shareholder or shareholder representing at least 1/10 part of the initial capital.
4. The Supervisory Board convenes the General Meeting:
1) In case when the Management did not convene the Ordinary General Meeting within the period set forth in the law,
2) If, despite the filed application referred to in the agreement in Para 3, the Management of the Company did not convene the Extraordinary General Meeting within 2 weeks of the date of filing the application by the Supervisory Board.
3) A shareholder or shareholder representing at least 1/10 part of the initial capital may demand including specific issues in the agenda of the nearest General Meeting. Such a demand shall be filed with the Management in writing one month before the proposed date of the General Meeting at the latest.
4) Meetings are held in the office of the Company.


Article 15
Competencies of the General Meeting include:
1) Examining and approving of financial statements and reports of the Management on activities of the Company for the previous period,
2) Passing resolutions on allocating profit or covering loss,
3) Voting acceptance for members of the Company's bodies on execution of their duties,
4) Passing resolutions on issuing bonds convertible into shares and bonds with priority right,
5) Making decisions on claims for repairing damage inflicted in establishing the Company or enforcing management or supervision,
6) Passing resolutions on disposing or leasing the company or its organised part and assigning limited proprietary interest on them,
7) Making decisions on merging or liquidating the company and appointing the official receiver,
8) Selecting and dismissing the Supervisory Board and defining its remuneration,
8a) Appointing and dismissing members of the Management,
8b) Defining principles and regulations for remunerating members of the Management, provided that this competency may be passed on in part or in entirety to the Supervisory Board,
9) Passing resolutions on changes in the Statute, including increase or reduction in the initial capital and resolutions on significant changes in the subject matter of activities of the Company,
10) Deciding about the regulations and agenda of the General Meeting,
11) Establishing and liquidating reserve capitals,
12) Passing other resolutions referred to in the Commerical Companies' Code.


Article 16
1. Resolutions of the General Meeting are passed with the absolute majority of votes recorded irrespective of the number of present shareholders, unless anything to the contrary follows from the absolute regulations of the law in force.
2. With maintaining the appropriate regulations of the law, a significant change in the subject matter of the company may be passed without the obligation of buying out shares. A resolution of the General Meeting must be passed with the majority of 2/3 votes in presence of persons representing at least half of the initial capital.
3. Acquiring and disposing real estate properties or shares in real estate properties to not require a resolution of the General Meeting. If this is the case, only obtaining consent of the Supervisory Board is required.
4. Concluding an agreement with a sub-issuer, referred to in Article 433 Para 3 of the Commerical Companies' Code, does not require a resolution of the General Meeting. If this is the case, only obtaining consent of the Supervisory Board is required.


SUPERVISORY BOARD


Article 17
1. The Supervisory Board is composed of 3-7 persons appointed by the General Meeting.
2. Members of the Supervisory Board are appointed for the period of the common term of service of three years.


Article 18
1. The Supervisory Board shall appoint from among its members the Chairperson, the Deputy Chairperson, and also the Secretary of the Board, as needed.
2. Resolutions of the Supervisory Board are passed with majority of present votes. In case of the equal number of votes, the vote of the Chairperson is decisive.
3. Any resolution of the Board is passed valid if all members of the Board have been invited to its session and more than half of members of the Board participate in the session, including the Chairperson or the Deputy Chairperson of the Board. Resolutions of the Supervisory Board may be also passed off session by way of a written voting, if all members of the Supervisory Board express consent in writing for passing a resolution in this mode. Any session of the Supervisory Board may also be held with means of direct remote communication, such as a telephone, a fax, electronic mail or using the Internet in any other way, tele-conference and other telecommunications means. Resolutions passed in such a session shall be valid when all members of the Supervisory Board have been notified of the contents of the draft resolution and have received the minutes signed by every participating member of the Supervisory Board. If this is the case, it is assumed that the place of the session and of preparing the minutes is the place of stay of the Chairperson of the Supervisory Board or of the Deputy Chairperson, if the session is held under his/her chairmanship.
4. Members of the Board execute their duties in person.
5. Members of the Supervisory Board may participate in passing resolutions of the Supervisory Board by casting their votes in writing through another member of the Supervisory Board.
6. Passing resolutions by the Supervisory Board in the mode referred to in Paras 3 and 5 is not allowed in cases referred to in Article 388 Para 4 of the Commerical Companies' Code, i.e.: appointment of the Chairperson and of the Deputy Chairperson of the Supervisory Board, appointment and dismissal and suspension members of the Management in their duties.
7. Members of the Board are remunerated for their activities following the principles set forth by the General Meeting.
8. Organisation of the Supervisory Board and the procedure for executing its activities are defined by the regulations set forth by the General Meeting.


Article 19
1. The Supervisory Board enforces continuous supervision over activities of the Company.
2. Apart from the issues reserved with provisions of these Statute, specific competencies of the Supervisory Board include:
a) Assessment of the annual financial statement.
b) Assessment of the Management report on activities of the Company and Management conclusions on allocating profit or covering losses,
c) Filing a written report with the General Meeting on results of the activities referred to in Clauses 1. and 2.
d) Supervising execution of General Meeting resolutions by the Management.
e) Selecting the entity authorised for auditing the financial statement of the Company.
f) Suspending, on important reasons, selected or all members of the Management in their duties and delegating members of the Supervisory Board for the period not longer than 3 months for temporary execution of activities of those members of the Management who have been dismissed, who resigned or who cannot execute their duties on other reasons.
g) Expressing consent for increase in the initial capital within the target capital.
h) (Omitted).
i) Expressing consent for conclusion with a sub-issuer of the agreement referred to in Article 433 Para 3 of the Commerical Companies' Code.
3. In order to execute its duties, the Supervisory Board is entitled to auditing all documents of the Company, to demand statements and explanations from the Management and employees and to revise the equity of the Company.


THE MANAGEMENT OF THE COMPANY


Article 20
1. The Management is composed of 2 to 8 persons appointed and dismissed by the General Meeting.
2. Members of the Management are appointed for the period of the common term of service of three years.
3. The Management may appoint proxies.
4. To make statements on behalf of the Company and to represent the Company in Court and off Court, the following are authorised: President of the Management single-handedly or two members of the Management acting jointly or one member of the Management acting jointly with a proxy.


Article 21
In the agreements between the Company and members of the Management and in disputes with them, the Company is represented by the Supervisory Board or by a plenipotentiary appointed with a resolution of the General Meeting. The Supervisory Board may authorise by way of a resolutions, one or more members of the Supervisory Board to execute such legal actions.


Article 22
The Management determines the in-house organisation of the Company.


CHAPTER IV
ACCOUNTING OF THE COMPANY


Article 23
1. The Company manages its accounting pursuant to the regulations in force.
2. Calendar year is the accounting year of the Company.


Article 24
The financial statement and the report on activities of the Company shall be prepared by the Management and submitted to supervisory authorities within 3 months after the end of the accounting year.


Article 25
1. The Company establishes the following capitals and funds:
a) The initial capital,
b) The supplementary capital,
c) The reserve capital,
d) The Company's Fund for Welfare Allowances.
2. The Company may establish and dissolve other capitals and funds with a resolution of the General Meeting, in the beginning and during the accounting year.
3. Net profit of the Company may be allocated for:
a) A write-off for the supplementary capital,
b) A write-off for replenishing reserve capitals,
c) Dividend for shareholders,
d) Other purposes set forth with a resolution of the General Meeting
4. The Ordinary General Meeting determines the dividend date and the date for payment of dividend.


CHAPTER V
FINAL PROVISIONS


Article 26
In issues not settled with the Statute, regulations of the Commerical Companies' Code shall apply.