Pursuant to Rule 13d-1(k)(1)(iii) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agrees that IDB DEVELOPMENT CORPORATION LTD.(“IDB”) may file as necessary on behalf of the undersigned with the Securities and Exchange Commission a Schedule 13G or Schedule 13D and any amendments thereto in respect of shares of FORMULA SYSTEMS (1985) LTD. purchased, owned or sold from time to time by the undersigned.
IDB is hereby authorized to file a copy of this letter as an exhibit to said Schedule 13D or Schedule 13G or any amendments thereto.
Very truly yours,
/s/ Eduardo Sergio Elsztain
EDUARDO SERGIO ELSZTAIN
Agreed:
/s/ Sholem Lapidot /s/ Aaron Kaufman
IDB DEVELOPMENT CORPORATION LTD.
By: Sholem Lapidot, Aaron Kaufman
Title: CEO; VP & General Counsel
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