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Project Results In Four Fold Increase In Capacity Capability And
Increases Quality Of Customer Service

Bracknell, UK (5th May, 2004) - Magic Software Enterprises (Nasdaq: MGIC), a leading provider of state-of-the-art business integration and development technology, announced today that the Magic eDeveloper-based Hermes cargo management system has been successfully implemented at Icelandair Cargo as part of a $400,000 project.

The system, implemented by Magic Software, has dramatically improved Icelandair Cargo’s capacity for cargo handling without increasing its workforce and has significantly strengthened customer service through the provision of robust cargo management controls and secured tracking and verification capabilities.

“We needed to streamline our cargo handling process and we wanted to work with a partner experienced at implementing solutions for the air cargo handling sector,” said Helgi Bjornsson, Director of Finance. “Magic Software and the Hermes solution have more than met our requirements and we estimate that the Hermes solution will help us handle at least a four-fold increase in capacity without requiring additional manpower.”

Already in use by a number of cargo handlers worldwide including Menzies World Cargo, Europe’s fastest growing independent cargo handling company, Hermes is a comprehensive solution for cargo handling and inventory control designed to increase a company’s productivity and efficiency.

The Hermes system has helped Icelandair Cargo absorb an increase in cargo within its existing resource. It transported 26% more tons in February than in February last year and for the first two months of the year there has been a 21% increase compared to the same period in 2003.

Icelandair Cargo, is an international company headquartered Reykjavik with its main operational hub at Keflavik airport, in addition to operations in New York and Liege covering multiple European and American routes. It required a cargo management solution to help automate its cargo handling process and provide seamless integration with its internal legacy systems, customer applications and Iceland’s Customs’ system.


“Icelandair Cargo were looking for a proven solution that could be implemented quickly and that would provide 100% fit with their requirements,” said Regev Yativ, Managing Director of Magic EMEA. “Hermes is already successfully helping some of the most successful cargo handling companies manage their operations and our ability to rapidly tailor Hermes has given Icelandair Cargo a strong solution. Hermes represents an innovative cargo management solution for both independent cargo handlers and airlines who handle their own cargo operations.”

Using Hermes, Icelandair Cargo also plan to improve customer service by automatically notifying customers on cargo availability, providing automated charging and improving the level of reporting. Key features of Hermes include:

• Ability to manage the building-up and break-down of ULDs (Unit Loading Devices) increases efficiency and reduces errors
• Remote scanning/input at point of loading for automated build-up of flights/manifesting reduces resources
• Comprehensive automated messaging to CARGO-IMP standards (the international standard for cargo handling)
• Full integration with Customs delivers automatic reporting resulting in rapid clearance of cargo
• Remote scanning/input at point of offloading/break bulk for verification of manifests provides immediate management information
• Comprehensive scanning/verification of inbound, break bulk, etc.
• Comprehensive financial package for all aspects of charging, collecting fees, etc.


About Icelandair Cargo
Icelandair Cargo, an international company with its headquarters in Reykjavik, an office at Keflavik airport and operations in New York is a wholly owned subsidiary of Icelandair which in turn is the international trading name and wholly owned subsidiary of The Flugleidir Group. Earlier this month The Flugleidir Group announced its second best result in the company’s 67 year history with pre-tax profit for 2003 of $18.3 million.
http://www.icelandair.com/


About Magic Software Enterprises
Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq: FORTY), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries including the UK. http://www.magicsoftware.com/.

Formula Systems is an international information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and producing computer-based solutions.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company’s most recent annual report and other filings with the Securities and Exchange Commission.

Company Contact:
Andy Peart
Magic Software Enterprises UK Ltd
01344 667000
andy_peart@magicsoftware.com

Media Contact:
Sara Claridge
Marylebone Media Relations Ltd
01344 876558
sara@marylebone.co.uk


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