According to Bloomberg, Comarch has signed a three-year contract with PGNiG for the delivery of Microsoft software (i.e. office software including Microsoft Office Professional Plus and Windows upgrades). The contract has a total gross value of PLN 37.8m. Our view:We expect a neutral market reaction to the news. Given the low margins on the delivery of third-party software (some 10% gross) we expect the contract to contribute no more than PLN 0.8m to Comarch’s annual EBIT in 2009-2011.