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wholemessage='<FONT FACE="Tahoma, Arial" SIZE=2><P><SPAN CLASS=newssmall>May 17, 2010</SPAN><BR><a class=news href="/press/2010/forty051710.htm">Formula Systems Reports First Quarter Results for 2010</a><P><SPAN CLASS=newssmall>May 13, 2010</SPAN><BR><a class=news href="/press/2010/spns051310.htm">SAPIENS REPORTS 11% REVENUE GROWTH IN Q1 2010; In April 2010 Sapiens completed the acquisition of Harcase, a provider of insurance software for the P&C market</a><P><SPAN CLASS=newssmall>April 26, 2010</SPAN><BR><A class=news HREF="/press/2010/magic042610.htm">Magic Software Reports Strong Results for Q1 2010: Revenues of $19.7M; Net Income More than Doubles to $2.1M (Non-GAAP) and $1.9M (GAAP)</A><P><SPAN CLASS=newssmall>March 22, 2010</SPAN><BR><A class=news HREF="/press/2010/forty032210.htm">Formula Systems Reports Fourth Quarter and Fiscal Year 2009 Results; Annual Net Income Increased by 61% to $19.1 million; Following the results, the Company will distribute a dividend of $1.47 per share </A><P><SPAN CLASS=newssmall>March 10, 2010</SPAN><BR><A class=news HREF="/press/2010/spns031010.htm">Sapiens Reports Strong Q4 net Profit in 2009; Non Gaap 2009 Annual Operating Profit of $6.53 million</A><P><SPAN CLASS=newssmall>February 10, 2010</SPAN><BR><A class=news HREF="/press/2010/magic021010.htm">Magic Software Reports Q4 and Full Year 2009 Results: Annual Net Profits Increased to $6.2 million along with Improved Operations </A><P><SPAN CLASS=newssmall>November 18, 2009</SPAN><BR><A class=news HREF="/press/2009/forty111809.htm">Formula Systems Reports Third Quarter Results</A><P><SPAN CLASS=newssmall>November 11, 2009</SPAN><BR><A class=news HREF="/press/2009/spns111209.htm">Sapiens Reports Strong Q3 2009 Results</A><P><SPAN CLASS=newssmall>November 4, 2009</SPAN><BR><A class=news HREF="/press/2009/magic110409.htm">Magic Software Reports Results for the Third Quarter of 2009</A><P><SPAN CLASS=newssmall>October 22, 2009</SPAN><BR><A class=news HREF="/press/2009/forty102209.htm">Formula Systems Announces the Sale of its Subsidiary nextSource</A><P><SPAN CLASS=newssmall>August 25, 2009</SPAN><BR><A class=news HREF="/press/2009/forty082509.htm">Formula Systems Reports Second Quarter Results</A><P><SPAN CLASS=newssmall>August 20, 2009</SPAN><BR><A class=news HREF="/press/2009/spns082009.htm">Sapiens Reports Strong Q2 2009 Results</A><P><SPAN CLASS=newssmall>August 4, 2009</SPAN><BR><A class=news HREF="/press/2009/magic080409.htm">Magic Software Reports Results for the Second Quarter 2009</A><P><SPAN CLASS=newssmall>July 6, 2009</SPAN><BR><A class=news HREF="/press/2009/forty070609.htm">Formula Announces Filing of Draft Prospectus in Israel</A><P><SPAN CLASS=newssmall>May 26, 2009</SPAN><BR><A class=news HREF="/press/2009/magic052609.htm">Magic Software Announces Two New Contract Wins in Eastern Europe </A><P><SPAN CLASS=newssmall>May 19, 2009</SPAN><BR><A class=news HREF="/press/2009/forty051909.htm">Formula Systems Reports First Quarter Results</A><P><SPAN CLASS=newssmall>May 18, 2009</SPAN><BR><A class=news HREF="/press/2009/spns051809.htm">Sapiens Reports Strong Q1 2009 Results</A><P><SPAN CLASS=newssmall>May 11, 2009</SPAN><BR><A class=news HREF="/press/2009/magic051109.htm">Magic Software Reports Results for the First Quarter 2009</A><P><SPAN CLASS=newssmall>March 30, 2009</SPAN><BR><A class=news HREF="/press/2009/forty033009.htm">Formula Systems Reports Fourth Quarter and Fiscal Year 2008 Results</A><P><SPAN CLASS=newssmall>March 3, 2009</SPAN><BR><A class=news HREF="/press/2009/spns030409.htm">Sapiens Reports Strong Q4 2008 Performance with Increased Net Income and Sales Growth</A><P><SPAN CLASS=newssmall>February 18, 2009</SPAN><BR><A class=news HREF="/press/2009/magic022809.htm">Magic Software Reports Record 2008 Results: Net Profit Quadruples on Increased Sales</A>';

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