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Technology Stocks : Formula Systems : FORTY -- Ignore unavailable to you. Want to Upgrade?

To: Josef Svejk who wrote (18)	3/2/1998 8:16:00 AM
From: ERM	Read Replies (1) \| Respond to of 141

Happy to humbly oblige. Again, all credit to Merrill Lynch. I should point out that the Forsoft, Tiltan, and Tri-D Store entities were not listed on ML's 11/18/97 report, but were included on the list in their 1/28/98 report. Also, in the 11/18/97 report FORTY's ownership in Sintec was listed as 39.4%, and in the 1/28/98 report it had climbed to 46%. Crystal, Wiztec, and Forsoft are NASDAQ stocks, while the other four public companies are listed on "TASE". I assume that's an Israeli exchange. Listed Securities: Crystal, Millenium bug with Ernst & Young, 28.1% FORTY ownership Wiztec, cable TV software, 42.6% FORTY ownership (20% Cinn Bell) Nikuv, Financial & logistic systems, 59.1% FORTY ownership Applicom, Enterprise Resource software, 42.1% FORTY ownership Sintec, Integrated software/hardware, 46% FORTY ownership FCT (formerly Elitec), software distribution, 71.5% FORTY ownership Forsoft, no ML description, 90.5% FORTY ownership Unlisted Securities: Transtech, runway lighting for Cooper Industries, 60% ownership Intersystems, Airport terminal displays, 100% ownership ESI, artificial intelligence, 60% ownership Malchi, artificial intelligence, 40% ownership Analytic Mgt., large data management, 72% ownership Main Control, configuration tracking, 18% ownership Tiltan, no ML description, 47% ownership Tri-D Store, no ML description, 20% ownership

To: Josef Svejk who wrote (18)	3/2/1998 8:57:00 AM
From: ERM	Read Replies (1) \| Respond to of 141

After I posted my last message, I revisited the FORTY web site. I certainly can understand your confusion over their corporate structure. Six companies are listed on the web site as subsidiaries which do not appear on the ML report: Open Systems Technology, Ltd., ComSoft Technologies, Ltd., TCS Telecom Solutions, SHC, Argotech, and Hydrocom Control. Tri-D Store, listed on the ML report is nowhere to be found. Sintec has its own section of the web site where it lists 6 subsidiaries and/or divisions. I need to do some more digging and welcome anyone's clarification on this.