Investor Reports

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 statements received on 22 and 23 February 2006 regarding the conversion of 1510 bonds to ComArch SA bearer shares, with nominal value of 10,000 PLN each and total nominal value of 15,100,000 PLN.

In accordance with Art. 56, Act 1, Pt. 1 of the Act concerning public tenders, the terms of introducing and trading financial instruments on the stock market as well as public companies, the company hereby informs:

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.