Formula Systems (1985) Ltd. — Earnings Release 2004

Feb 21, 2005

Formula Systems Announces Fourth Quarter and Year End Results on February 28[th] , 2005 and Hosts a Conference Call

Herzliya, Israel – February 21[st] , 2005 – Formula Systems (Nasdaq: FORTY), a leading provider of information technology products, solutions and services, will report its fourth quarter and year end results on Monday February 28[th] , 2005 before the market opening and host a conference call at 09:00 A.M Eastern Standard Time.

Conference Call Details:

Formula’s management will discuss the Fourth quarter and year end results and the Company outlook.

The conference call will be held on: Monday, February 28[th] , 2005 at 09:00 A.M. EST.

Interested parties are welcome to call the telephone numbers listed below, five to ten minutes prior to the start of the conference call:

Participants in the USA call: Toll free: 1-800-553-0329 Participants outside the US call: 1-612-332-0932

Post view (replay) Monday February 28[th] through Monday March 7[th] , 2005. US participants call: 1-800-475-6701 International participants call: 1-320-365-3844 Post view listeners use reservation number 771312.

About Formula

Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.

Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, dependence on strategic partners, integration of new business, successful implementation of Formula’s products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula’s Securities and Exchange Commission filings, including its most recent report on Form 20-F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.

Contact: Israel: Gad Goldstein, President, Formula Systems Ltd. +972-9-959-8800 USA: Dennis S. Dobson, for Formula Systems Ltd. (203) 255-7902