FORMULA SYSTEMS 1985 LTD

Ticker: FORTY CUSIP: 346414105 Class: COM

Ativo Capital Management LLC's Holding History (CIK: 0001423065)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015
Shares 21,492 Value ($000) $601 Avg Close — Range —
Q4 2014
Shares 21,493 Value ($000) $475 Avg Close — Range —
Q3 2014
Shares 21,493 Value ($000) $552 Avg Close — Range —
Q2 2014
Shares 21,492 Value ($000) $619 Avg Close — Range —
Q1 2014
Shares 21,650 Value ($000) $658 Avg Close — Range —
Q4 2013
Shares 21,650 Value ($000) $543 Avg Close — Range —
Q3 2013
Shares 20,045 Value ($000) $503 Avg Close — Range —
Q2 2013
Shares 12,463 Value ($000) $271 Avg Close — Range —