Pursuant to Art. 70, sec. 1 of the Act concerning public tenders, the terms for introducing and trading financial instruments on the stock exchange, as well as public companies (Journal of Laws No. 184, pos. 1539), the Management Board of Comarch S.A. hereby presents the following information, regarding a change of a shareholder holding shares that entitle it to more than 10 % of the votes at the Comarch SA AGM due to transformation of Arka BZ WBK funds:

“Pursuant to Art. 69, sec 1, pt 1 in relation to art. 87, sec. 1, pt 2 of the Act dated the 29th of July, 2005, concerning public tenders, the terms for introducing and trading financial instruments on the stock exchange, as well as public companies (Journal of Laws No. 184, pos. 1539 with subsequent changes), BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych Spółka Akcyjna, on behalf of Arka BZ WBK Open Investment Fund (hereinafter referred to as the “Fund”) states that, as a result of the transformation of Arka BZ WBK Shares Open Investment Fund, Arka BZ WBK Development of New Europe Open Investment Fund, Arka BZ WBK Stable Growth Open Investment Fund, Arka BZ WBK Balanced Open Investment Fund, Arka BZ WBK Energy Open Investment Fund, Arka BZ WBK Bonds Open Investment Fund and Arka BZ WBK Capital Protection Open Investment Fund (hereinafter referred to as the “Funds”) into sub funds of 
Arka BZ WBK Open Investment Fund, made on the 26th of November, 2010, the Fund holds shares entitling it to more than a 5 % and 10 % share of the total number of votes at Comarch S.A.’s General Shareholders’ Meeting.

The Fund was established on the day of the transformation and therefore had held no Comarch SA shares before this transformation. 
On the 26th of November, 2010, the Fund held 1,814,612 Comarch S.A. shares which constituted 22.54% of the company's share capital. This gave 1,814,612 or a 12.06% share of the total votes at Comarch S.A.'s General Shareholders’ Meeting. As of the date of the transformation, the shares held by the transformed Funds are included in the Fund’s assets.

Within the next 12 months, both an increase and decrease in the share of the funds managed by BZ WBK Towarzystwo Funduszy Inwestycyjnych S.A. in Comarch S.A.’s share capital is possible. Potential decisions regarding purchase or disposal of shares will depend upon the company’s overall situation, assessment of this situation and market conditions. The value of assets managed by BZ WBK Towarzystwo Funduszy Inwestycyjnych S.A. will also have an influence on purchase or disposal decision making.

At the same time, BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A.  stated that pursuant to art. 46, sec. 1, pt 1) of the Act on investment funds dated the 27th of May, 2004 (Journal of Laws No. 146, pos. 1546, and subsequent changes), it authorized BZ WBK AIB Asset Management S.A. to manage investment portfolioes of investment funds. In relation to this authorization, BZ WBK AIB Asset Management S.A. is also obliged to inform of any above-mentioned purchases.”