from SC 13D
1 page
Exhibit 1 Joint Filing Agreement the Undersigned Hereby Agree That the Attached Statement on Schedule 13d Relating to the Ordinary Shares, Nis 1.00 Nominal Par Value Per Share of Formula Systems (1985) Ltd. Is Filed on Behalf of Each of Them. Date: September 26, 2006 Menorah Holdings Ltd. By: /S/Ari Kalman /S/Yoni Tal Name: Ari Kalman, Yoni Tal Title: C.E.O, C.I.O Menorah Insurance Company Ltd. By: /S/Ari Kalman /S/Yoni Tal Name: Ari Kalman, Yoni Tal Title: C.E.O, C.I.O Mivtachim Pension Funds Ltd. By: /S/ Oren El-On /S/Rami Armon Name: Oren El-On, Rami Armon Title: C.E.O, C.I.O Menorah Finance Ltd. By: /S/ Yehuda Ben Assayag /S/Yoni Tal Name: Yehuda Ben Assayag, Yoni Tal Title: C.E.O, Director Menorah Mivtachim Provident Funds Ltd. By: /S/ Hagit Levin /S/Yehuda Ben Assayag Name: Hagit Levin, Yehuda Ben Assayag Title: C.E.O, Director 18 <page> Menorah Mivtachim Mutual Funds Ltd. By: /S/Ronen Avigdor/S/Yehuda Ben Assayag Name: Ronen Avigdor, Yehuda Ben Assayag Title: C.E.O, Director 19
