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wholemessage='<FONT FACE="Tahoma, Arial" SIZE=2><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><P><SPAN CLASS=newssmall>November 25, 2008</SPAN><BR><A class=news HREF="../../press/2008/forty112508.htm">Formula Systems Reports Third Quarter 2008 Results</A><P><SPAN CLASS=newssmall>November 19, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns111908.htm">Sapiens Announces Q3 2008 Results with Net Income for the First Time After Several Years of Net Losses</A><P><SPAN CLASS=newssmall>November 10, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic111008.htm">Magic Software Reports Strong Q3 2008 Results with Continued Revenue Momentum and Increased Profits</A><P><SPAN CLASS=newssmall>August 25, 2008</SPAN><BR><A class=news HREF="../../press/2008/forty082508.htm">Formula Systems Reports Second Quarter Results</A><P><SPAN CLASS=newssmall>August 18, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns081808.htm">Sapiens Announces Appointment of Industry Veteran Eyal Ben-Chelouche to Board of Directors</A><P><SPAN CLASS=newssmall>August 13, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns081308.htm">Sapiens Announces Q2 2008 Results</A><P><SPAN CLASS=newssmall>August 7, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic080708.htm">Momentum Building for Magic Software: Record Revenues of $16 Million and Net Income of $1.7 Million for Q2 2008 </A><P><SPAN CLASS=newssmall>August 6, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns080608.htm">Sapiens Announces Launch of Microsoft based Technology Platform and Estimates $2 Million to $3 Million Revenues from the Product in the First Year</A><P><SPAN CLASS=newssmall>May 30, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns060408.htm">Sapiens, Millbrook and IBM to offer on demand Business Intelligence to Small and Mid-Sized Insurance Carriers</A><P><SPAN CLASS=newssmall>May 27, 2008</SPAN><BR><A class=news HREF="../../press/2008/forty052708.htm">Formula Systems Reports First Quarter Results</A><P><SPAN CLASS=newssmall>May 21, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic052108.htm">Magic Software Reports Financial Results for Q1 2008</A><P><SPAN CLASS=newssmall>May 20, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic052008.htm">Magic Software outperforms the industry with its new, revolutionary Rich Internet Application Platform</A><P><SPAN CLASS=newssmall>May 20, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns052008.htm">Sapiens Announces Q1 2008 Results</A><P><SPAN CLASS=newssmall>April 1, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns040108.htm">Sapiens Forms Partnership with CGI Providing Carriers a Complete Insurance Administration Suite with CGI’s Ratabase&reg; Rating Solution</A><P><SPAN CLASS=newssmall>March 17, 2008</SPAN><BR><A class=news HREF="../../press/2008/forty031708.htm">Formula Systems Reports Fourth Quarter and Fiscal Year 2007 Results</A><P><SPAN CLASS=newssmall>March 13, 2008</SPAN><BR><A class=news HREF="../../press/2008/spns031208.htm">Sapiens Announces Q4 2007 and Year-End Results</A><P><SPAN CLASS=newssmall>Februaury 28, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic022808.htm">Magic Software Reports Record Q4 Revenues: 5th Consecutive Quarter of Top Line Growth, 4th Consecutive Quarter of Profitability Yield Profit for Full-Year 2007</A><P><SPAN CLASS=newssmall>Februaury 20, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic022008.htm">Magic Software Announces a One-Week Postponement in the Publication of its 2007 Q4 and Full Year Earnings Release</A><P><SPAN CLASS=newssmall>Februaury 19, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic021908.htm">Magic Software Unveils a New Roadmap for its Application Platform Technology</A><P><P><SPAN CLASS=newssmall>Februaury 4, 2008</SPAN><BR><A class=news HREF="../../press/2008/magic020408.htm">Magic Software to Report 2007 Fourth Quarter and Full Year Financial Results</A><P><SPAN CLASS=newssmall>January 22, 2008</SPAN><BR><A class=news HREF="../../press/2008/forty012208.htm">Formula Systems announces the appointment of Guy Bernstein as Chief Executive Officer of Formula Systems replacing Gad Goldstein</A><P><SPAN CLASS=newssmall>December 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns120907.htm">Sapiens Reports Payment of the Second Installment of the Principal of the Debentures</A><P><SPAN CLASS=newssmall>November 28, 2007</SPAN><BR><A class=news HREF="../../press/2007/forty112807.htm">Formula Systems Reports Third Quarter Results</A><P><SPAN CLASS=newssmall>November 8, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns111407.htm">Sapiens Announces Q3 2007 Results</A><P><SPAN CLASS=newssmall>November 8, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic110807-q3.htm">Magic Software Reports Record Revenues for Q3 2007</A><P><SPAN CLASS=newssmall>November 8, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic110807.htm">Magic Software Announces Guy Bernstein to Replace David Assia as Chairman of the Board</A><P><SPAN CLASS=newssmall>October 15, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic101507.htm">Magic Software Builds for the Future With Major Integration Software Grant to Penn State University</A><P><SPAN CLASS=newssmall>September 25, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns092507.htm">Sapiens Forms Alliance with CDS Business Mapping to Help Carriers Streamline their Underwriting Operations</A><P><SPAN CLASS=newssmall>August 30, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns083007.htm">Sapiens and Cognos Team up</A><P><SPAN CLASS=newssmall>August 28, 2007</SPAN><BR><A class=news HREF="../../press/2007/forty083007.htm">Formula Systems Reports Record Second Quarter Results</A><P><SPAN CLASS=newssmall>August 23, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns082307.htm">Sapiens Announces Q2 2007 Results</A><P><SPAN CLASS=newssmall>August 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic080907a.htm">Magic Software Reports Second Quarter Results</A><P><SPAN CLASS=newssmall>August 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic080907.htm">Magic Software Appoints Two New Members to its Board of Directors</A><P><SPAN CLASS=newssmall>July 30, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic073007a.htm">Magic Software Signs Omega Business Solutions as its 200th SAP Business One Partner</A><P><SPAN CLASS=newssmall>July 30, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic073007.htm">Magic Software Enterprises To Report Second Quarter of 2007 Results Conference Call Scheduled for Thursday, August 9th at 11:00am EDT</A><P><SPAN CLASS=newssmall>July 26, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic072607.htm">Magic Software Appoints David Zigdon as its Chief Financial Officer</A><P><SPAN CLASS=newssmall>July 26, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns072507.htm">Sapiens Releases Version 3.0 of Sapiens INSIGHT&trade; for Policy</A><P><SPAN CLASS=newssmall>June 27, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns062707.htm">Sapiens: ACORD Compliant Reinsurance XML Project Successfully Completed</A><P><SPAN CLASS=newssmall>June 26, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic062607.htm">Magic Software Subsidiary Signs Initial $1.3 Million Agreement with KLM Cargo</A><P><SPAN CLASS=newssmall>June 20, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic062007.htm">Leading Industry Analyst Positions Magic Software in Visionaries Quadrant in Four Quadrant Reports on Application Infrastructure</A><P><SPAN CLASS=newssmall>June 19, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns061907.htm">Sapiens Signs Agreements with Santam – A Leading South African Insurance Carrier</A><P><SPAN CLASS=newssmall>June 17, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns061707.htm">Roni Giladi Appointed as Chief Financial Officer of Sapiens</A><P><SPAN CLASS=newssmall>June 15, 2007</SPAN><BR><A class=news HREF="../../press/2007/forty061507.htm">Formula Enters into Agreement to Sell its Entire Holdings in BluePhoenix Solutions Ltd. for Consideration of Over $64 Million</A><P><SPAN CLASS=newssmall>June 13, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns061307.htm">Sapiens Announces Further Repayment of Debt to Israeli Institutional Investors</A><P><SPAN CLASS=newssmall>June 12, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns061207.htm">Sapiens Announces Repayment of Debt to Israeli Institutional Investors</A><P><SPAN CLASS=newssmall>June 11, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx061107.htm">BluePhoenix Solutions Achieves IBM Advanced PartnerWorld Designation</A><P><SPAN CLASS=newssmall>June 10, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns061007.htm">Sapiens Announces Completion of $20 Million Private Placement Led by Global Institutional Investors</A><P><SPAN CLASS=newssmall>May 29, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx052907.htm">Major North American Retail Chain to Significantly Reduce Operational Costs and Maintenance Fees with BluePhoenix’s Value Driven Legacy Modernization</A><P><SPAN CLASS=newssmall>May 28, 2007</SPAN><BR><A class=news HREF="../../press/2007/forty052807.htm">Formula Systems Reports First Quarter Results</A><P><SPAN CLASS=newssmall>May 24, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic052407.htm">Magic Software Achieves IBM Business Partner SOA Specialty Designation</A><P><SPAN CLASS=newssmall>May 16, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx051607.htm">BluePhoenix Teams With Oracle on Modernization Solutions; Joins Oracle Modernization Alliance</A><P><SPAN CLASS=newssmall>May 16, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic051607.htm">Leading Car Rental Firm Signs Agreement With Magic Software for the Development of its Operational Systems Using Magic’s Service-Oriented Technology</A><P><SPAN CLASS=newssmall>May 16, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns051607.htm">Sapiens Announces Q1 2007 Results</A><P><SPAN CLASS=newssmall>May 14, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic051407.htm">Magic Software Announces First Quarter Results</A><P><SPAN CLASS=newssmall>May 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns050907.htm">Sapiens Releases Version 3.5 of Sapiens INSIGHT for Reinsurance</A><P><SPAN CLASS=newssmall>May 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx050907b.htm">BluePhoenix Solutions Announces Key Strategic Acquisition of St. Petersburg, Russia Off Shore Facility</A><P><SPAN CLASS=newssmall>May 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx050907a.htm">BluePhoenix Solutions Names Varda Sagiv as Chief Financial Officer; Iris Yahal to Serve as Executive Strategic Advisor</A><P><SPAN CLASS=newssmall>May 9, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx050907.htm">Bluephoenix Solutions Reports Q1 Record Revenues of $20 Millio & $2 Million Non-GAAP Net Income</A><P><SPAN CLASS=newssmall>May 2, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx050207.htm">BluePhoenix Provides Toyota with Significant Value-Driven Solutions: Better Technology for Vehicle Pricing and Greater Ordering Flexibility for Customers</A><P><SPAN CLASS=newssmall>May 1, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic050107.htm">Leading Medical Center Chooses Magic Software’s iBOLT for Major Integration Project with SAP-based Information System</A><P><SPAN CLASS=newssmall>May 1, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx050107.htm">BluePhoenix Solutions Announces First Quarter Results on May 9th, 2007 and Hosts a Conference Call</A><P><SPAN CLASS=newssmall>April 18, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx041807.htm">Leading Financial Services Firm Increases Operational Efficiency and Cuts Costs of Multi-platform Environment with BluePhoenix’s Legacy Modernization</A><P><SPAN CLASS=newssmall>April 17, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic041707.htm">Magic Software Introduces iBOLT Special Edition for SAP R/3</A><P><SPAN CLASS=newssmall>March 20, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic032007.htm">Magic Software Appoints Eitan Naor as President & CEO</A><P><SPAN CLASS=newssmall>March 19, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx031907.htm">Volvofinans Selects BluePhoenix Value-Driven Modernization Solution to Accelerate Delivery of Credit Card Application Features for Customers, Reduce TCO by 40%</A><P><SPAN CLASS=newssmall>March 19, 2007</SPAN><BR><A class=news HREF="../../press/2007/forty031907.htm">Formula Systems Reports Fourth Quarter and Fiscal Year 2006 Results</A><P><SPAN CLASS=newssmall>March 6, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx030607.htm">BluePhoenix Announces Successful Completion of Strategic Legacy Modernization Project for Leading European Insurance and Banking Organization</A><P><SPAN CLASS=newssmall>March 1, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns030107.htm">Sapiens Announces Q4 2006 and Year-end Results</A><P><SPAN CLASS=newssmall>Febuary 26, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic022607.htm">Magic Software Returns to Profitability Reports Results for Fourth Quarter and Fiscal Year 2006</A><P><SPAN CLASS=newssmall>Febuary 20, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic022007.htm">Magic Software Named a "Strong Performer in Integration-Centric BPM Market" by Independent Research Firm</A><P><SPAN CLASS=newssmall>Febuary 20, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx022007.htm">BluePhoenix Reports Impressive Results for Danish Commerce Agency Platform Migration Project</A><P><SPAN CLASS=newssmall>Febuary 14, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic021407.htm">Magic Software Introduces Three Editions of eDeveloper Product Targeting Different Developer Needs</A><P><SPAN CLASS=newssmall>Febuary 12, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx021207.htm">BluePhoenix Solutions Reports Record Fourth Quarter and Fiscal Year 2006 Results</A><P><SPAN CLASS=newssmall>Febuary 6, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns020607.htm">Rami Doron Appointed as Chief Operating Officer of Sapiens</A><P><SPAN CLASS=newssmall>Febuary 5, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx020507.htm">BluePhoenix Solutions Announces Fourth Quarter and Year End Results on February 12th, 2007 and Hosts a Conference Call</A><P><SPAN CLASS=newssmall>January 31, 2007</SPAN><BR><A class=news HREF="../../press/2007/bphx013107.htm">BluePhoenix Selected for Major Platform Migration Project for Scandinavian Distributor GDC A/S;</A><P><SPAN CLASS=newssmall>January 30, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic013007.htm">Magic Software Strengthens Board of Directors with New Appointments</A><P><SPAN CLASS=newssmall>January 24, 2007</SPAN><BR><A class=news HREF="../../press/2007/magic012407.htm">Magic Software Wins SAPs Quality Excellence Award for iBOLT Special Edition for SAP&reg; Business One</A><P><SPAN CLASS=newssmall>January 4, 2007</SPAN><BR><A class=news HREF="../../press/2007/spns120407.htm">Sapiens Reports Changes in Board of Directors</A><P><SPAN CLASS=newssmall>December 26, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty122606.htm">Formula Systems Reports Expected Payment of the Full Amount of the Formula Vision Debt on December 31st, 2006</A><P><SPAN CLASS=newssmall>December 21, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic122106.htm">Magic Software Enters US$2.5 Million Agreement with Farm Mutual Reinsurance Plan</A><P><SPAN CLASS=newssmall>December 18, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx121806.htm">BluePhoenix Solutions Completes Platform Migration for the Port of Felixstowe, Largest Container Port Facility in the UK</A><P><SPAN CLASS=newssmall>December 14, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty121406.htm">Formula Systems (1985) Ltd. Announces Additional Details for ADS Holders Relating to the Spin-Off of Formula Vision Technologies (F.V.T.) Ltd.</A><P><SPAN CLASS=newssmall>December 14, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic121406.htm">Magic Software Introduces JDE Connect™ for Oracle JD Edwards Business Process Improvement</A><P><SPAN CLASS=newssmall>December 13, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx121306.htm">BluePhoenix Solutions to Acquire the Activities of Codestream - Key Competitor in Database Migrations</A><P><SPAN CLASS=newssmall>November 30, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns113006.htm">Sapiens Announces Payment of the First Installment of the Principal of the Debentures in Circulation</A><P><SPAN CLASS=newssmall>November 30, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty113006.htm">Formula Systems Reports Third Quarter 2006</A><P><SPAN CLASS=newssmall>November 20, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty112006.htm">Results of Extraordinary Shareholder Meeting and Completion Of FIMGold Sale Of Its Shareholdings In Formula Systems To Emblaze</A><P><SPAN CLASS=newssmall>November 19, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns111906.htm">Sapiens Continues Trend of Improved Results</A><P><SPAN CLASS=newssmall>November 14, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns111406.htm">Sapiens Launches Rules-based Billing Solution in North America for Property & Casualty Insurers</A><P><SPAN CLASS=newssmall>November 9, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic110906.htm">Magic Software Reports Third Quarter Financial Results</A><P><SPAN CLASS=newssmall>November 8, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic110806.htm">Magic Software Enterprises To Report Third Quarter 2006 Results</A><P><SPAN CLASS=newssmall>November 6, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx110606.htm">Swiss Kanton Solothurn Selects BluePhoenix to Migrate Core Business Process Application from PowerBuilder to Java</A><P><SPAN CLASS=newssmall>October 30, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx103106.htm">BluePhoenix Solutions Announces Third Quarter Results on November 7th , 2006 and Hosts a Conference Call</A><P><SPAN CLASS=newssmall>October 26, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic102906.htm">Magic Software Enterprises Announces Comprehensive Global Restructuring Plan Intended to Improve the Company’s Profitability</A><P><SPAN CLASS=newssmall>October 3, 2006</SPAN><BR><A class=news HREF="../../press/2006/FTS100306.htm">FTS Creates New OSS/BSS Sector, Business Control Layer; Launches First Business Control Layer Product</A><P><SPAN CLASS=newssmall>September 25, 2006</SPAN><BR><A class=news HREF="../../press/2006/FTS092506.htm">Formula Telecom Solutions Becomes FTS as Part of Re-brand</A><P><SPAN CLASS=newssmall>September 18, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty091806.htm">Formula Systems (1985) Ltd. Plans to Spin Off Shares of Formula Vision Technologies (F.V.T.) Ltd. to Formula Shareholders;</A><P><SPAN CLASS=newssmall>September 18, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx091806.htm">BluePhoenix Announces New Redevelopment Solution for Converting COBOL Applications to Java, C# at Gartner Application Development Summit </A><P><SPAN CLASS=newssmall>September 12, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty091706.htm">Formula Systems (1985) Ltd. Announces a Change of Control in the Company </A><P><SPAN CLASS=newssmall>September 6, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx090606.htm">BluePhoenix Selected for Major Modernization Project of Vehicle Distribution System</A><P><SPAN CLASS=newssmall>August 24, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty082406.htm">Formula Systems Reports Second Quarter 2006</A><P><SPAN CLASS=newssmall>August 17, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic081706.htm">Magic Software Reports Second Quarter Results</A><P><SPAN CLASS=newssmall>August 14, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx081406.htm">BluePhoenix Selected to Migrate Mission Critical IRIS Core Banking Application to J2EE for Rural Servicios Informaticos</A><P><SPAN CLASS=newssmall>August 7, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns080806.htm">Sapiens Announces Q2 2006 Results</A><P><SPAN CLASS=newssmall>August 3, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns080306.htm">Synergy Insurance Services Holdings Limited Awards Sapiens a $15 Million Contract to Implement Sapiens Insight™ for Property & Casualty</A><P><SPAN CLASS=newssmall>July 19, 2006</SPAN><BR><A class=news HREF="../../press/2006/FIS071906.htm">Delta Lloyd Life awards FIS Software multi-million Euro contract to implement new policy administration system</A><P><SPAN CLASS=newssmall>July 17, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic071706.htm">Magic Software Enterprises Establishes an OEM Agreement with IBM for the DB2 Express Database System</A><P><SPAN CLASS=newssmall>July 13, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic071306.htm">Magic Software Announces the Conclusion of its Highly Successful eDeveloper V10 Introduction Program</A><P><SPAN CLASS=newssmall>July 10, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx071006.htm">Desjardins General Insurance Group Chooses BluePhoenix to Deliver Multi-Million Dollar Platform and Database Migration Project</A><P><SPAN CLASS=newssmall>June 27, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx062706.htm">BluePhoenix Participates in IBM Cyprus Euro-Zone Conversion Event</A><P><SPAN CLASS=newssmall>June 13, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic061306.htm">Magic Software Enterprises sells CRM activity to eContact</A><P><SPAN CLASS=newssmall>May 25, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty060606.htm">Formula Systems Reports First Quarter 2006</A><P><SPAN CLASS=newssmall>May 22, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic052206.htm">Magic Software Announces First Quarter Results with Software License Sales Increasing 30% Compared to Fourth Quarter of 2005 and 70% Increase in iBOLT License Sales</A><P><SPAN CLASS=newssmall>May 11, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx051106.htm">BluePhoenix Solutions Reports Record Results for the First Quarter of 2006</A><P><SPAN CLASS=newssmall>May 10, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns051106.htm">Sapiens Announces Q1 2006 Results</A><P><SPAN CLASS=newssmall>April 26, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns042606.htm">Sapiens Insight™ Solution Selected by Major European Insurance Company to Transform its Commercial Lines</A><P><SPAN CLASS=newssmall>April 24, 2006</SPAN><BR><A class=news HREF="../../press/2006/gigaspaces042406.htm">GigaSpaces Collaborates with Sun for Sun’s Next-Generation Trading Initiative</A><P><SPAN CLASS=newssmall>April 11, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic041106.htm">Israeli Ministry of Agriculture Enforces Government Rules with Magic’s iBOLT</A><P><SPAN CLASS=newssmall>March 27, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic032706.htm">Magic Software Announces Support for IBM’s i5/OS V5R4 (iSeries)</A><P><SPAN CLASS=newssmall>March 26, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx032606.htm">BluePhoenix Solutions announced the Completion of a $3 Million Follow-on Financing</A><P><SPAN CLASS=newssmall>March 22, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx032206.htm">BluePhoenix and Maraton Complete Platform Migration of Critical Application for Rural Servicios Informáticos</A><P><SPAN CLASS=newssmall>March 13, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic031306.htm">Magic Software Announces The Release of eDeveloper V10</A><P><SPAN CLASS=newssmall>March 7, 2006</SPAN><BR><A class=news HREF="../../press/2006/fts-telecom030706.htm">Formula Telecom Solutions, Ltd Establishes a Chinese Joint Venture with a Local Company</A><P><SPAN CLASS=newssmall>March 2, 2006</SPAN><BR><A class=news HREF="../../press/2006/forty030206.htm">Formula Systems Reports Fourth Quarter and Year end 2005 results</A><P><SPAN CLASS=newssmall>March 1, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx030106.htm">BluePhoenix Announces Completion of IMS DB to Relational Database Application Migration Project for Prominent Swiss Bank</A><P><SPAN CLASS=newssmall>Febuary 23, 2006</SPAN><BR><A class=news HREF="../../press/2006/spns022806.htm">Sapiens Announces Q4 2005 and Year-End Results</A><P><SPAN CLASS=newssmall>Febuary 16, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic021606.htm">Magic Software Reports Fourth Quarter and Full Year 2005 Financial Results</A><P><SPAN CLASS=newssmall>Febuary 15, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx021506.htm">BluePhoenix Solutions Reports Record Results in Second Half of FY 2005</A><P><SPAN CLASS=newssmall>Febuary 12, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic021206.htm">Magic Software Receives Industry Recognition By SAP and Leading Industry Analyst</A><P><SPAN CLASS=newssmall>Febuary 9, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx020906.htm">BluePhoenix Solutions Ltd. Announces Succesful Completion of an Underwritten Public Offering in Israel</A><P><SPAN CLASS=newssmall>Febuary 2, 2006</SPAN><BR><A class=news HREF="../../press/2006/bphx020406.htm">BluePhoenix Teams with Temenos on Next International Banking Solution</A><P><SPAN CLASS=newssmall>Febuary 2, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic020106.htm">Magic Software Delivers iBOLT Special Edition Integration Solution for SAP<sup>&reg;</sup>Business One 2005</A><P><SPAN CLASS=newssmall>January 30, 2006</SPAN><BR><A class=news HREF="../../press/2006/fts-telecom013006.htm">Formula Telecom Solutions Presents its Business Control and Charging Foundation at 3GSM Barcelona</A><P><SPAN CLASS=newssmall>January 26, 2006</SPAN><BR><A class=news HREF="../../press/2006/sintec013006.htm">SintecMedia To Show New Features In OnAir at NAB2006</A><P><SPAN CLASS=newssmall>January 26, 2006</SPAN><BR><A class=news HREF="../../press/2006/magic012606.htm">Israel’s Leading Bank Implements Money Laundering Prevention using Magic Software</A><P><SPAN CLASS=newssmall>January 24, 2006</SPAN><BR><A class=news HREF="../../press/2006/fts012406.htm">Camtel Selects Formula Telecom Solutions’ Leap Nextgen Rating, Billing and Customer Care Platform</A><P><SPAN CLASS=newssmall>January 23, 2006</SPAN><BR><A class=news HREF="../../press/2006/gigaspaces012306.htm">Virgin Mobile Selects GigaSpaces as a Strategic Middleware Provider</A><P><SPAN CLASS=newssmall>January 20, 2006</SPAN><BR><A class=news HREF="../../press/2006/blue012006.htm">BluePhoenix Solutions Ltd. Board Approves of Filing of a Draft Prospectus with the Israeli Securities Authority</A><P><SPAN CLASS=newssmall>January 19, 2006</SPAN><BR><A class=news HREF="../../press/2006/blue011906.htm">T-Systems and BluePhoenix signed a Master Agreement for IDMS to DB2 Migrations</A><P><SPAN CLASS=newssmall>January 17, 2006</SPAN><BR><A class=news HREF="../../press/2006/blue011706.htm">BluePhoenix Selected for Multi-Million Modernization Project for Israel Local Authorities Data Processing Center</A><P><SPAN CLASS=newssmall>January 15, 2006</SPAN><BR><A class=news HREF="press/2006/transtech011706.htm">3i invests $15m in Transtech</A>'

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