On May 21, 2024, the Board of Directors of Formula Systems (1985) Ltd. appointed Mr. Itay Meroz as a member of the Board, effective immediately. Mr. Meroz succeeds Ohad Melnik, who was not re-elected at the Company?s recent annual general meeting of shareholders, which took place on May 9, 2024. Mr. Meroz has been determined by the Board to be an independent director in accordance with the listing rules of the Nasdaq Stock Market and to furthermore meet the independence criteria of the Securities and Exchange Commission for membership on the audit committee and compensation committee of the Board.

He will serve on those Board committees effective immediately. Itay Meroz is an experienced executive manager, with a significant financial background. From 2021 to the current time, Mr. Merez serves as the chief executive officer of Skyter Technologies, an online media company.

From 2012 to 2021, Mr. Meroz served as the chief executive officer of WhiteSmoke Software, an ad-tech company listed on the Tel Aviv Stock Exchange, after having served as its chief financial officer from 2009 through 2012. Earlier in his career, he served as the Controller of Versaware Tech from 2001 to 2002. Mr. Meroz started his professional career in 1997 at Ernst & Young Israel, where he remained until 2001, in which role he managed an audit team that audited corporate clients listed on the TASE, including in respect of U.S. GAAP-based financial statements.

Mr. Merox holds a B. A in Business and Accounting from Hamichlala Leminhal and was a certified public accountant (CPA).