<SEC-DOCUMENT>0001213900-24-055222.txt : 20240624
<SEC-HEADER>0001213900-24-055222.hdr.sgml : 20240624
<ACCEPTANCE-DATETIME>20240624160733
ACCESSION NUMBER:		0001213900-24-055222
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20240624
FILED AS OF DATE:		20240624
DATE AS OF CHANGE:		20240624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGIC SOFTWARE ENTERPRISES LTD
		CENTRAL INDEX KEY:			0000876779
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				330477418
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19415
		FILM NUMBER:		241064347

	BUSINESS ADDRESS:	
		STREET 1:		YAHADUT CANADA 1 ST.
		CITY:			OR YEHUDA ISRAEL
		STATE:			L3
		ZIP:			6037501
		BUSINESS PHONE:		972-3-538-9474

	MAIL ADDRESS:	
		STREET 1:		YAHADUT CANADA 1 ST.
		CITY:			OR YEHUDA ISRAEL
		STATE:			L3
		ZIP:			6037501
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0208386-6k_magic.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of June 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 0-19415&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAGIC SOFTWARE ENTERPRISES LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 Yahadut Canada Street, Or-Yehuda, Israel 6037501</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 54pt"><B>Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 20-F&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&#9744;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report on Form 6-K of MAGIC SOFTWARE ENTERPRISES
Ltd. consists of the following documents, which are attached hereto and incorporated by reference herein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 99.1</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%"><A HREF="ea020838601ex99-1_magic.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of 2024 Annual and Special General Meeting of Shareholders to be held on July 31, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea020838601ex99-2_magic.htm">Form of Proxy Card.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAGIC SOFTWARE ENTERPRISES LTD.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-align: left; width: 36%">(Registrant)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Asaf Berenstin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asaf Berenstin, CFO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June 24, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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  <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT NUMBER</B></FONT></TD>
  <TD STYLE="width: 1%"></TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 90%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION</B></FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea020838601ex99-1_magic.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of 2024 Annual and Special General Meeting of Shareholders to be held on July 31, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea020838601ex99-2_magic.htm">Form of Proxy Card.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea020838601ex99-1_magic.htm
<DESCRIPTION>NOTICE OF 2024 ANNUAL AND SPECIAL GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 31, 2024
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAGIC SOFTWARE ENTERPRISES LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1 Yahadut Canada Street, Or Yehuda 6037501, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF 2024 ANNUAL AND SPECIAL GENERAL MEETING
OF SHAREHOLDERS<BR>
TO BE HELD ON JULY 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June 24, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Magic Software Enterprises Ltd. Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">We cordially invite you to
attend the 2024 Annual and Special General Meeting of Shareholders, or the Meeting, of Magic Software Enterprises Ltd., or the Company,
to be held at 10:00&nbsp;a.m. (Israel time) on Wednesday, July 31, 2024, at our offices at 1 Yahadut Canada Street, Or Yehuda 6037501,
Israel. At the Meeting, shareholders will be asked to approve the following proposals, as further detailed in the attached proxy statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 1.  To re-elect Mr.
Guy Bernstein, nominee to the Company&rsquo;s Board of Directors, or the Board, to serve as a director of the Company until the next annual
general meeting of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 2. To re-elect Ms. Naamit
Salomon, nominee to the Company&rsquo;s Board of Directors, to serve as a director of the Company until the next annual general meeting
of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 3. To re-elect Mr. Avi
Zakay, nominee to the Company&rsquo;s Board of Directors, to serve as a director of the Company until the next annual general meeting
of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 4. To re-elect Mr. Sami
Totah, an independent director, to serve as a director on the Board of Directors until the next annual general meeting of shareholders
of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 5. To replace Kost Forer Gabbay &amp; Kasierer,
registered public accounting firm, a member of Ernst &amp; Young Global, and appoint, in its stead, of Ziv Haft Certified Public Accountants,
a member firm of BDO International Limited, or BDO Israel, as the Company&rsquo;s independent auditor for the year ending December 31,
2024, and that the Company&rsquo;s Board of Directors, with power of delegation to the audit committee thereof, be, and hereby is, authorized
to determine the remuneration of BDO Israel, in accordance with the volume and nature of such firm&rsquo;s services.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">In addition, our auditor&rsquo;s
report and consolidated financial statements for the year ended December&nbsp;31, 2023 will be reviewed and discussed at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>The Board of Directors recommends
that you vote in favor of all of the proposals, which are described in the attached Proxy Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Shareholders of record at the
close of business on Monday, June 28, 2024 are entitled to notice of and to vote at the Meeting. If you are a shareholder of record, you
can vote either by completing and mailing in your proxy card in the enclosed envelope or by attending the meeting and voting in person.
If voting by mail, the proxy must be received by our transfer agent by 11:59 p.m. Eastern time on July 30, 2024, or at our registered
office at least six hours prior to the time of the Meeting (i.e., 4:00 a.m., Israel time on Wednesday, July 31, 2024) to be validly included
in the tally of ordinary shares voted at the Meeting. If you attend the Meeting, you may vote in person and your proxy will not be used.
Detailed proxy voting instructions are provided both in the proxy statement for the Meeting and on the enclosed proxy card. Beneficial
owners who hold their shares through members of the Tel Aviv Stock Exchange, or TASE, may either vote their shares in person at the Meeting
by presenting a certificate signed by a member of the TASE which complies with the Israel Companies Regulations (Proof of Ownership for
Voting in General Meetings)-2000 as proof of ownership of the shares, or send such certificate along with a duly executed proxy to the
Company at 1 Yahadut Canada Street, Or Yehuda, 6037501, Israel, Attention: Corporate Secretary, or via email to: aberenstein@magicsoftware.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">In accordance with the Israeli
Companies Law and the regulations thereunder, any shareholder of the Company holding (i) at least 1% of the outstanding voting rights
of the Company for the Meeting may submit to the Company a proposed additional agenda item for the Meeting, or (ii) holding at least 5%
of the voting rights of the Company for the Meeting may submit to the Company a proposed director candidate to be considered for election
at the Meeting. Any such request should be sent to the Company&rsquo;s offices at Terminal Center, 1 Yahadut Canada Street, Or Yehuda,
6037501, Israel, Attention: Chief Financial Officer, email: ir@magicsoftware.com, no later than June 29, 2024. To the extent that there
are any additional agenda items or director candidates that the Board of Directors determines to add as a result of any such submission,
the Company will publish an updated notice and proxy card with respect to the Meeting, no later than July 2, 2024, to be furnished to
the Securities and Exchange Commission under cover of a Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 40%">Sincerely,</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><I>/s/ </I>Asaf Berenstin</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Asaf Berenstin</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAGIC SOFTWARE ENTERPRISES LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1 Yahadut Canada Street, Or Yehuda 6037501, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+972-3-538-9480</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2024 ANNUAL AND SPECIAL GENERAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">This Proxy Statement is being
furnished in connection with the solicitation of proxies on behalf of the Board of Directors of Magic Software Enterprises Ltd., referred
to as Magic Software or the Company, to be voted at the 2024 Annual and Special General Meeting of Shareholders of Magic Software, or
the Meeting, and at any adjournment thereof, pursuant to the accompanying Notice of 2024 Annual and Special General Meeting of Shareholders.
The Meeting will be held at 10:00&nbsp;a.m. (Israel time) on July 31, 2024, at our offices at 1&nbsp;Yahadut Canada Street, Or Yehuda
6037501, Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">This Proxy Statement, the attached
Notice of 2024 Annual and Special General Meeting of Shareholders and the enclosed proxy card are being distributed to shareholders on
or about June 26, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Purposes of the Annual General Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">At the Meeting, shareholders
will be asked to vote upon the following matters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 1. To re-elect Mr. Guy
Bernstein, nominee to the Company&rsquo;s Board of Directors, to serve as a director of the Company until the next annual general meeting
of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 2. To re-elect Ms. Naamit
Salomon, nominee to the Company&rsquo;s Board of Directors, to serve as a director of the Company until the next annual general meeting
of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 3. To re-elect Mr. Avi
Zakay, nominee to the Company&rsquo;s Board of Directors, to serve as a director of the Company until the next annual general meeting
of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 4. To re-elect Mr. Sami
Totah, an independent director, to serve as a director of the Company until the next annual general meeting of shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 5. To replace Kost Forer Gabbay &amp; Kasierer,
registered public accounting firm, a member of Ernst &amp; Young Global, and appoint, in its stead, of Ziv Haft Certified Public Accountants,
a member firm of BDO International Limited, or BDO Israel, as the Company&rsquo;s independent auditor for the year ending December 31,
2024, and that the Company&rsquo;s Board of Directors, with power of delegation to the audit committee thereof, be, and hereby is, authorized
to determine the remuneration of BDO Israel, in accordance with the volume and nature of such firm&rsquo;s services.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">In addition, our auditor&rsquo;s
report and consolidated financial statements for the year ended December&nbsp;31, 2023 will be reviewed and discussed at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recommendation of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>Our Board of Directors recommends
a vote FOR re-election of each of the nominees listed in this Proxy Statement and FOR each of the other proposals set forth in this Proxy
Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proxy Procedure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Only holders of record of our
ordinary shares, par value of NIS 0.1 per share, or ordinary shares, as of the close of business on Tuesday, June 28, 2024 are entitled
to notice of, and to vote in person or by proxy at the Meeting. As of June 1, 2024, there were 49,099,305 outstanding ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Voting in Person.&nbsp;</I></B>If your shares are registered
directly in your name with our transfer agent (i.e., you are a &ldquo;registered shareholder&rdquo;), you may attend and vote in person
at the Meeting. If you are a beneficial owner of shares registered in the name of your broker, bank, trustee or nominee (i.e., your shares
are held in &ldquo;street name&rdquo;), you are also invited to attend the Meeting; however, to vote in person at the Meeting as a beneficial
owner, you must first obtain a &ldquo;legal proxy&rdquo; from your broker, bank, trustee or nominee authorizing you to do so.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Voting by Mail. </I></B>You may submit your proxy by
mail by completing, signing and mailing the enclosed proxy card in the enclosed, postage-paid envelope, or, for shares held in street
name, by submitting voting instructions to your broker, bank trustee or nominee in accordance with the directions provided to you. If
you submit a proxy card or voting instruction form but do not provide voting instructions, or if such voting instructions are not in
accordance with the directions provided on a proxy card or voting instruction form, such shares will be voted &ldquo;FOR&rdquo; each
of the nominees for director and &ldquo;FOR&rdquo; each proposal for which the Board of Directors recommends a vote &ldquo;FOR&rdquo;.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -18pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B><I>&#9679;</I></B></TD><TD STYLE="text-align: justify"><B><I>Voting Electronically. </I></B>Shareholders in &ldquo;street
name&rdquo; whose shares are held through Members of the TASE may also vote their shares electronically via the electronic voting system
of the Israel Securities Authority, which vote shall be cast no later than July 31, 2024 at 4:00&nbsp;a.m. Israeli time (six&nbsp;hours
before the Meeting time). You may receive guidance on the use of the electronic voting system from the TASE member through which you
hold your shares. Shareholders holding in &ldquo;street name&rdquo; on Nasdaq should be able to vote online at www.proxyvote.com by using
the control number and following the instructions provided to them by their brokers.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">If voting by virtue of a &ldquo;legal
proxy&rdquo; or by mail, the proxy must be received by our transfer agent or at our registered office in Israel at least six hours prior
to the designated time for the Meeting (that is, by 4:00 a.m. (Israel time) on Wednesday, July 31, 2024) to be validly included in the
tally of ordinary shares voted at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Change or Revocation of Proxy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">If you are a registered shareholder,
you may change your vote at any time prior to the exercise of authority granted in the proxy by delivering a written notice of revocation
to our Corporate Secretary, by granting a new proxy bearing a later date, or by attending the Meeting and voting in person. Attendance
at the Meeting will not cause your previously granted proxy to be revoked unless you specifically so request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">If your shares are held in
&ldquo;street name,&rdquo; you may change your vote by submitting new voting instructions to your broker, bank, trustee or nominee or,
if you have obtained a legal proxy from your broker, bank, trustee or nominee giving you the right to vote your shares, by attending the
Meeting and voting in person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Quorum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">A quorum of shareholders is
necessary to transact business at the Meeting. The presence of two shareholders, holding at least 25% of our voting rights, represented
in person or by proxy at the Meeting, will constitute a quorum. If there is not a legal quorum within half an hour of the scheduled time
of the Meeting, the Meeting will be adjourned to the same&nbsp;day in the following week at the same time and place or to any other time
and place as the chairman of the board of directors may determine with the consent of a majority of the voting power represented at the
Meeting, in person or by proxy, and voting on the question of adjournment. At the reconvened Meeting, the presence of at least two shareholders
represented in person or by proxy, will constitute a quorum. This notice shall serve as notice of such reconvened meeting if no quorum
is present at the original date and time; no further notice of the reconvened meeting will be given to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Abstentions and broker non-votes
will be counted towards the quorum. Generally, broker non-votes occur when shares held by a broker for a beneficial owner are not voted
with respect to a particular proposal because (i)&nbsp;the broker has not received voting instructions from the beneficial owner and (ii)&nbsp;the
broker lacks discretionary voting power to vote such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Unsigned or unreturned proxies,
including those not returned by banks, brokers, or other record holders, will not be counted for quorum or voting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Majority Vote Standard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Each ordinary share entitles
the holder to one vote. An affirmative vote of the holders of a majority of the ordinary shares represented at the Meeting, in person
or by proxy, entitled to vote and voting thereon, is required to approve each of the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">In tabulating the voting results
for any particular proposal, shares that constitute broker non-votes and abstentions are not considered votes cast on that proposal. Thus,
broker non-votes will not affect the outcome of any of the matters being voted on at the Meeting. Unsigned or unreturned proxies, including
those not returned by banks, brokers, or other record holders, will not be counted for voting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">We have received indications
from our principal shareholder, Formula Systems (1985)&nbsp;Ltd., or Formula Systems, which holds approximately 46.7% of our issued and
outstanding ordinary shares, that it presently intends to vote for all of the nominees for director and in favor of the other proposals
to be acted upon at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost of Soliciting Votes for the Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">We will bear the cost of soliciting
proxies from our shareholders. Proxies will be solicited by mail and may also be solicited in person, by telephone or electronic communication,
by our directors, officers and employees. We will reimburse brokerage houses and other custodians, nominees and fiduciaries for their
expenses in accordance with the regulations of the Securities and Exchange Commission, or the SEC, concerning the sending of proxies and
proxy material to the beneficial owners of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Voting Results of the Annual General Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">We will publish the final results
in a Report of Foreign Private Issuer on Form&nbsp;6-K, or Form 6-K, furnished to the SEC promptly following the Meeting. You may obtain
a copy of the Form&nbsp;6-K by reviewing our SEC filings through the SEC&rsquo;s EDGAR filing system at&nbsp;<I>www.sec.gov</I>, through
the Tel-Aviv Stock Exchange filing system at&nbsp;<I>www.tase.co.il</I>, or through the Israeli Securities Authority filing system at&nbsp;<I>http://www.magna.isa.gov.il/</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Security Ownership of Certain Beneficial Owners
and Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">The following table sets forth
certain information as of June 1, 2024 regarding the beneficial ownership by (i)&nbsp;all shareholders known to us to beneficially own
5% or more of our outstanding ordinary shares, (ii)&nbsp;each director and executive officer; and (iii)&nbsp;all directors and executive
officers as a group:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><B>Number of <BR> Ordinary <BR> Shares <BR> Beneficially <BR> Owned<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><B>Percentage&nbsp;of<BR> Ownership<FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Formula Systems (1985)&nbsp;Ltd. <FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">22,933,809</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">46.71</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Harel Insurance Investments &amp; Financial Services Ltd. <FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,255,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.70</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Clal Insurance Enterprises Holdings Ltd <FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,420,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.97</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">The Phoenix Holdings Ltd. <SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,461,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.01</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Guy Bernstein</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Asaf Berenstin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ron Ettlinger</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Naamit Salomon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sagi Schliesser</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Avi Zakay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Arik Kilman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Arik Faingold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Yakov Tsaroya</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Hanan Shahaf</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Yuval Baruch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">All directors and executive officers as a group (12 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Less than 1%</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Beneficial ownership is determined in accordance with the
rules of the Securities and Exchange Commission, or SEC, and generally includes voting or investment power with respect to securities.
Ordinary shares underlying options currently exercisable or exercisable within 60&nbsp;days of the date of this table are deemed outstanding
for computing the percentage beneficial ownership of the person holding such securities but are not deemed outstanding for computing
the percentage of any other person. Except as indicated by footnote, and subject to community property laws where applicable, the persons
named in the table above have sole voting and investment power with respect to all ordinary shares shown as beneficially owned by them.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The percentages shown are based on 49,099,305 ordinary shares
issued and outstanding as of June 1, 2024.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Based on Amendment No. 19 to Schedule 13D filed by Formula
Systems (1985) Ltd., or Formula Systems, with the SEC on May 23, 2022. Asseco Poland S.A., or Asseco, holds 3,915,601 ordinary shares,
representing 25.6% of the outstanding ordinary shares, of Formula Systems, as reported in Asseco&rsquo;s Amendment No. 5 to its beneficial
ownership statement on Schedule 13D filed with the SEC on December 7, 2022. Asseco may therefore be deemed to be the indirect beneficial
owner of the aggregate 22,933,809 ordinary shares of our company held directly by Formula Systems. The address of Formula Systems is
1 Yahadut Canada Street, Or-Yehuda, Israel. The address of Asseco is&nbsp;35-322 Rzeszow, ul.Olchowa 14, Poland.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Based on Amendment No. 5 to the beneficial ownership report
on Schedule 13G filed by Harel Insurance Investments&nbsp;&amp; Financial Services Ltd., or Harel Insurance, on January 30, 2024. Harel
Insurance is a publicly held Israeli company. All of the <FONT STYLE="background-color: white">5,255,936 </FONT>ordinary shares beneficially
owned by Harel Insurance are held for members of the public through, among others, provident funds and/or mutual funds and/or pension
funds and/or insurance policies and/or exchange traded funds, which are managed by subsidiaries of Harel Insurance, each of which subsidiaries
operates under independent management and makes independent voting and investment decisions.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Based on Amendment No. 5 to the beneficial ownership report
on Schedule 13G filed by Clal Insurance Enterprises Holdings Ltd., or Clal, on February 13, 2023, reflecting its holdings as of December
31, 2022. Clal is a publicly held Israeli company. All 3,420,060 ordinary shares beneficially owned by Clal are held for members of the
public through, among others, provident funds and/or mutual funds and/or pension funds and/or insurance policies and/or exchange traded
funds, which are managed by subsidiaries of Clal, each of which subsidiaries operates under independent management and makes independent
voting and investment decisions.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Based on the beneficial ownership report on Schedule 13G
filed on May 1, 2024. The address of the Phoenix Holdings Ltd. is Derech Hashalom 53, Givataim, 53454, Israel.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDITIONAL INFORMATION REGARDING OUR BOARD,
CORPORATE GOVERNANCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND COMPENSATION OF OUR OFFICERS AND DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Item 6.B of our Annual Report
on Form 20-F for the year ended December 31, 2023, or the 2023 Form 20-F, contains information regarding compensation paid to our directors
and certain officers (including our five most highly compensated officers) in, or with respect to December 31, 2023. Item 6.C of our 2023
Form 20-F contains additional information regarding our Board, its committees and our corporate governance practices. We encourage you
to review those items of our 2023 Form 20-F&mdash; which we incorporate by reference herein&mdash; to obtain additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Diversity of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Diversity Matrix (as of December 31,
2023) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">The following table presents
certain diversity information with respect to our Board in a format mandated by the Nasdaq Stock Market, on which our ordinary shares
are listed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center">Board Diversity Matrix for Magic Software Enterprises Ltd.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">(as of 12/31/2023)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">Country of Principal Executive Offices</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">Israel</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">Foreign Private Issuer</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">Yes</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">Disclosure Prohibited Under Home Country Law</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">No</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">Total Number of Directors</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 2pt; white-space: nowrap; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">Female</TD>
    <TD STYLE="padding: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">Male</TD>
    <TD STYLE="padding: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center">Non-Binary</TD>
    <TD STYLE="padding: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2pt; white-space: nowrap; border-bottom: black 1.5pt solid; border-right: black 1pt solid; text-align: center">Did Not Disclose Gender</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid"><B>Part I: Gender Identity</B></TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">Directors</TD>
    <TD STYLE="padding: 2pt; text-align: center">1</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-align: center">5</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; text-align: center">-</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">-</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid"><B>Part II: Demographic Background</B></TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">Underrepresented Individual in Home Country Jurisdiction</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">0</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid">LGBTQ+</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-right: black 1pt solid; text-align: center">0</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 2pt; border-left: black 1pt solid; border-bottom: black 1pt solid">Did Not Disclose Demographic Background</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1. RE-ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Proposals&nbsp;1, 2 and 3 on the Proxy Card)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Background</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Our articles of association
provide for a board of directors consisting of such number of directors as is determined from time to time by a general meeting of shareholders,
but in any case not less than three and no more than 11&nbsp;directors. Our Board of Directors is currently composed of four ordinary/non-external
directors, and two external directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Pursuant to our articles of
association, our directors who are not external directors are elected at our annual general meetings of shareholders, which are required
to be held at least once during every calendar year and not more than 15&nbsp;months after the last preceding meeting. Except for our
external directors (as described below), our directors are elected by a vote of the holders of a majority of the voting power represented
and voting at such meeting and hold office until the next annual general meeting of shareholders following the annual meeting at which
they were appointed. Directors (other than external directors) may be removed earlier from office by resolution passed at a general meeting
of our shareholders. Our Board of Directors may temporarily fill vacancies on the board until the next annual general meeting of shareholders,
provided that the total number of directors does not exceed the maximum number permitted under our articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">We are exempt from the Nasdaq
Listing Rules requirement regarding the process for the nomination of directors; instead, we follow Israeli law and practice in accordance
with which directors are nominated by the Board elected by the shareholders, unless otherwise provided in a company&rsquo;s articles of
association. Our articles of association do not provide otherwise. Our practice has been that our director nominees are presented in our&nbsp;proxy
statement&nbsp;for election at our annual general meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">At the Meeting, shareholders
are being asked to elect four directors who are not external directors (three incumbent directors proposed for re-election in this Proposals
1, 2 and 3, and another one independent director appointed by the Board of Directors initially in October 2023 being proposed for re-election
in Proposal 4, to hold office until our next annual general meeting of shareholders or until their successors are elected and qualified.
All of the nominees for re-election pursuant to Proposals 1, 2 and 3 consisting of Mr.&nbsp;Guy Bernstein, Ms. Naamit Salomon and Mr.&nbsp;Avi
Zakay, are current directors who were elected to serve in such capacity by our shareholders at our 2023 Annual General Meeting of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">As required by Israeli law,
each of the director nominees named above has declared in writing that: (i)&nbsp;he or she possesses the requisite skills and expertise,
as well as sufficient time, to perform his/her duties as a director of our company; (ii)&nbsp;he or she has not been convicted by a conclusive
judgment for one of the following offenses less than five&nbsp;years prior to the date of the declaration: (a)&nbsp;an offense under Sections
290 to 297, 392, 415, 418 to 420 and 422-428 of the Penal Law,&nbsp;5737-1977, or under Sections 52C, 52D, 53(a)&nbsp;or 54 of the Israeli
Securities Law,&nbsp;5728-1968; (b)&nbsp;by a court outside Israel for bribery, deceit, an offense by a manager of a corporate body or
an offense involving misuse of inside information; and (c)&nbsp;for any other offense in respect of which a court holds that, due to the
substance, gravity or circumstances of such offense, such person is not fit to serve as director in a public company; (iii)&nbsp;he or
she is not subject to a court or committee decision in an administrative enforcement proceeding pursuant to Section&nbsp;226A of the Israeli
Companies Law, that prohibits him or her from serving as a director; and (iv)&nbsp;he or she has not been declared bankrupt or incompetent.
Such declarations are available for review at our registered office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">If re-elected at the Meeting,
we will pay each of Ms. Salomon and Mr.&nbsp;Zakay compensation in the amount equal to the amount paid to our external directors, as provided
in the regulations adopted under the Israeli Companies Law. Mr.&nbsp;Bernstein does not receive any compensation for his role as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Set forth below is information
about each nominee, including age, position(s)&nbsp;held with our company, principal occupation, business history and other directorships
held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B><I>Guy Bernstein (55)</I></B>&nbsp;has
served as our chief executive officer since April&nbsp;2010 and has served as a director of our company since January&nbsp;2007 and served
as the chairman of our board of directors from April&nbsp;2008 to April&nbsp;2010. Mr.&nbsp;Bernstein has served as the chief executive
officer of Formula Systems, our parent company, since January&nbsp;2008. From December&nbsp;2006 to November&nbsp;2010, Mr.&nbsp;Bernstein
served as a director and the chief executive officer of Emblaze Ltd. or Emblaze, our former controlling shareholder. Mr.&nbsp;Bernstein
also serves as the chairman of the board of directors of Sapiens International Corporation N.V., or Sapiens, and is the chairman of the
board of directors of Matrix IT Ltd., both of which are subsidiaries of Formula Systems. From April&nbsp;2004 to December&nbsp;2006, Mr.&nbsp;Bernstein
served as the chief financial officer of Emblaze and he has served as a director of Emblaze since April&nbsp;2004. Prior to that and from
1999, Mr.&nbsp;Bernstein served as our chief financial and operations officer. Prior to joining our company, Mr.&nbsp;Bernstein was senior
manager at Kost Forer Gabbay&nbsp;&amp; Kasierer, a member of Ernst&amp; Young Global, from 1994 to 1997. Mr.&nbsp;Bernstein holds a B.A.
degree in accounting and economics from College of Management Academic Studies and is a certified public accountant (CPA) in Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B><I>Naamit Salomon (59)</I></B><I>&nbsp;</I>has
served as director of our company since March&nbsp;2003. Since January&nbsp;2010, Ms.&nbsp;Salomon has served as a partner in an investment
company. Ms. Salomon also serves as a director of Sapiens, which is part of the Formula group. Ms. Salomon served as the chief financial
officer of Formula Systems from August&nbsp;1997 until December&nbsp;2009. From 1990 through August&nbsp;1997, Ms. Salomon served as the
controller of two large privately held companies in the Formula group. Ms. Salomon holds a B.A. degree in Economics and Business Administration
from Ben Gurion University and an LL.M. degree from Bar-Ilan University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B><I>Avi Zakay (45)</I></B>&nbsp;has
served as director of our company since February&nbsp;2018. Mr.&nbsp;Zakay has been the sales manager of the Volkswagen dealership and
showroom in Rishon Letzion (Champion Motors) since 2014. In 2013, he served as the sales manager of the showroom of Mitsubishi&nbsp;Motors
in Netanya, and from 2007 to 2013, he served as a sales manager of BMW and Mercedes-Benz in Tel Aviv. Mr.&nbsp;Zakay holds a B.A. degree
in Business Administration and studied for an M.B.A. degree, both from Michlala Le-minhal&nbsp;College in&nbsp;Tel-Aviv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">For details about beneficial
ownership of our shares held by any of these nominees, see the section above titled &ldquo;Security Ownership of Certain Beneficial Owners
and Management.&rdquo; We are not aware of any reason why any of these nominees, if elected, would be unable or unwilling to serve as
a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Proposed Resolutions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">It is proposed that at the Meeting, the
following resolutions be adopted pursuant to Proposal 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&ldquo;RESOLVED, that the reelection
of Mr. Guy Bernstein as a director of the Company, to serve until our next annual general meeting of shareholders and until his successor
is duly elected and qualified, be, and hereby is, approved in all respects.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&ldquo;RESOLVED, that the reelection
of Ms. Naamit Salomon as a director of the Company, to serve until our next annual general meeting of shareholders and until her successor
is duly elected and qualified, be, and hereby is, approved in all respects.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&ldquo;RESOLVED, that the reelection
of Mr. Avi Zakay as a director of the Company, to serve until our next annual general meeting of shareholders and until his successor
is duly elected and qualified, be, and hereby is, approved in all respects.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Required Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Under the Israeli Companies
Law, the affirmative vote of the holders of a majority of the ordinary shares represented at the Meeting, in person or by proxy, entitled
to vote and voting on the matter (excluding abstentions and broker non-votes), is required to re-elect as directors each of the nominees
named above.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Recommendation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>The Board of Directors recommends
a vote &ldquo;FOR&rdquo; the re-election of each of the nominees named above.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 4. RE-ELECTION OF INDEPENDENT DIRECTOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Proposal&nbsp;4 on the Proxy Card)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Background</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">As described in Proposals 1,
2 and 3, our articles of association provide for a board of directors consisting of such number of directors as is determined from time
to time by a general meeting of shareholders, but in any case not less than three and no more than 11&nbsp;directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Biographical information for
Mr. Totah is set forth immediately below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B><I>Sammi Totah (67) </I></B><FONT STYLE="background-color: #F7FBFF">has
been a General Partner at Viola Growth, </FONT>a private equity firm investing in the hi-tech arena, for the last 15 years. He is a seasoned
executive with over 25 years of international management leadership in the IT industry. He has extensive knowledge and execution experience
in overseeing very large IT projects, and has built an extensive global network with customers, partners, investors and executives. From
2002 to 2008, he served as an active chairman in several leading startup companies, defining long-term strategy and assisting in company
scale-up. He has served <FONT STYLE="background-color: #F7FBFF">as a board member in ECtel (NASDAQ: ECTX) and Pilat Media (AIM: PGB)</FONT>.
Mr. Totah formerly served <FONT STYLE="background-color: white">as Senior Vice President of Operations (COO) at Amdocs (NYSE:DOX), Israel&rsquo;s
largest software company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Leading up to the upcoming
Meeting, our Board of Directors has once again confirmed that Mr. Totah qualifies as a &ldquo;non-affiliated&rdquo; director, as defined
under the Israeli Companies Law, and as an &ldquo;independent director&rdquo; under the Nasdaq Listing Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">At the Meeting, shareholders
are being asked to re-elect Mr. Totah pursuant to this Proposal 4, to hold office until our next annual general meeting of shareholders
or until his successor is elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">As required by Israeli law,
Mr. Totah has declared in writing that: (i)&nbsp;he possesses the requisite skills and expertise, as well as sufficient time, to perform
his duties as a director of our company; (ii)&nbsp;he has not been convicted by a conclusive judgment for one of the following offenses
less than five&nbsp;years prior to the date of the declaration: (a)&nbsp;an offense under Sections 290 to 297, 392, 415, 418 to 420 and
422-428 of the Penal Law,&nbsp;5737-1977, or under Sections 52C, 52D, 53(a)&nbsp;or 54 of the Israeli Securities Law,&nbsp;5728-1968;
(b)&nbsp;by a court outside Israel for bribery, deceit, an offense by a manager of a corporate body or an offense involving misuse of
inside information; and (c)&nbsp;for any other offense in respect of which a court holds that, due to the substance, gravity or circumstances
of such offense, he is not fit to serve as director in a public company; (iii)&nbsp;he is not subject to a court or committee decision
in an administrative enforcement proceeding pursuant to Section&nbsp;226A of the Israeli Companies Law, that prohibits him from serving
as a director; and (iv)&nbsp;he has not been declared bankrupt or incompetent. Such declaration is available for review at our registered
office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">If re-elected at the Meeting,
we will pay Mr. Totah compensation in the amount equal to the amount paid to our external directors, as provided in the regulations adopted
under the Israeli Companies Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Proposed Resolution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">It is proposed that at the
Meeting, the following resolution be adopted pursuant to Proposal 4:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&ldquo;RESOLVED, that the reelection
of Mr. Sami Totah as a director of the Company, to serve until our next annual general meeting of shareholders and until his successor
is duly elected and qualified, be, and hereby is, approved in all respects.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Required Vote</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">Under the Israeli Companies
Law, the affirmative vote of the holders of a majority of the ordinary shares represented at the Meeting, in person or by proxy, entitled
to vote and voting on the matter (excluding abstentions and broker non-votes), is required to re-elect Mr. Totah as a director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Recommendation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"><B>The Board of Directors recommends
a vote &ldquo;FOR&rdquo; the re-election of Mr. Sami Totah.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 5. REPLACEMENT OF CURRENT INDEPENDENT
AUDITOR WITH NEW<BR>
INDEPENDENT AUDITOR FOR FISCAL YEAR ENDING DECEMBER 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Proposal 5 on the Proxy Card)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Israeli
Companies Law, 5759-1999, as amended, or the Companies Law, a company&rsquo;s independent auditor is responsible for auditing, and
giving an opinion on, the company&rsquo;s annual financial statements. The Companies Law states that the auditor must be appointed
by the shareholders at a general meeting of shareholders. Usually, at each annual general meeting of shareholders, the shareholders
must vote to re-appoint the auditor to audit the annual financial statements and to serve for a term that extends until the
following annual general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our current independent auditor,
Kost Forer Gabbay &amp; Kasierer, registered public accounting firm, a member of Ernst &amp; Young Global, which we refer to as EY Israel
or the current auditor, has served as our independent auditor since 1984, and was mostly recently re-appointed at our annual general meeting
of shareholders held on May 13, 2024 to audit our consolidated financial statements for the year ended December 31, 2023 and to serve
for the period until our next annual general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While we are an Israeli company,
we are also part of the group of companies of Asseco Poland S.A. or Asseco, our controlling shareholder under the Companies Law, which
is a publicly-traded Polish company whose shares are listed on the Warsaw Stock Exchange. Due to its public listing in Poland, Asseco
is subject to European Union, or EU, rules that regulate the auditors of public-interest companies, as defined under EU Accounting Directive
2013/34/EU, which includes companies listed on European exchanges. EU Directive 2014/56/EU, which became effective on June 17, 2016, established
mandatory auditor firm rotation at least once every ten years, as a means towards improving the quality of practices related to the audit
of publicly-traded companies. The permitted duration of an audit engagement is calculated under the rule from the date of the first financial
year covered in the initial audit engagement letter. Under the applicable directive and regulations, member states of the EU may establish
shorter rotation periods or may allow publicly-traded companies to extend their audit engagement under certain circumstances. To date,
Polish law has implemented the general auditor EU directive with respect to the required replacement of a public-traded company&rsquo;s
auditor firm at least once every ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In light of the applicability
of the EU auditor rotation directive to Magic as a controlled company of Asseco, we are required to rotate our auditor once every ten
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Given that requirement, on
June 13, 2024, the audit committee of the Board met and determined that it is appropriate and in the best interest of the Company, and
recommended to the Board that our shareholders be requested to approve, the replacement of EY Israel with Ziv Haft Certified Public Accountants,
a member firm of BDO International Limited, which we refer to as BDO Israel or the new auditor. At that meeting, the committee approved,
and submitted to the Board for approval, BDO Israel&rsquo;s replacement of EY Israel as our new auditor, and BDO Israel&rsquo;s appointment
to audit our financial statements for the year ending December 31, 2024, and to serve as our independent auditor for the period from the
Meeting until our next annual general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The audit committee&rsquo;s
recommendation to appoint BDO Israel specifically was based upon the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Quality, Consistency and Efficiency. Asseco, which is our
controlling shareholder, has appointed BDO and its affiliated firms to audit its consolidated financial statements, such that our choice
of BDO Israel will contribute towards the maintenance of audit quality, consistency and efficiency across our group;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Quality of Audit Policies and Procedures. The audit committee
felt assured by BDO Israel&rsquo;s commitment to the quality of audit and the efforts that will be dedicated by it to our audit process,
including, among other items, the policies, processes, and procedures implemented by the new auditor firm for supervising and controlling
audit quality;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Expertise of the Audit Team. BDO Israel&rsquo;s expertise,
capabilities, and qualifications are proportional to the size, nature of activity, and scope of our operations, and appropriate for treating
the risks inherent in our activities, as BDO Israel is one of the five largest accounting firms in Israel that services many public companies,
including those with a significant size that is comparable to that of our company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Understanding of Our Field of Activity. BDO Israel has the
ability to understand our industry, including to identify significant risks and issues as part of its audit process, and to provide an
appropriate and adequate response to any identified risks and issues, taking into account our industry and our status as a public company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Reasonable Proposed Remuneration. The compensation proposed
for BDO Israel&rsquo;s services was deemed by our audit committee to be suitable and appropriate based upon the scope and complexity
of the audit of our company&rsquo;s financial statements; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Auditor Independence. Our management has inquired, and our
audit committee has verified, various aspects of the independence of BDO Israel, and has determined that BDO Israel&rsquo;s independence
from our company, as well as its policies and processes that it implements for ensuring adherence to the rules of independence, are appropriate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June 13, 2024, the Board
accepted that recommendation of the audit committee and resolved that it is in the best interests of the Company, subject to the approval
of the Company&rsquo;s shareholders at the Meeting, to replace the current auditor and to appoint the new auditor to audit the Company&rsquo;s
financial statements for the fiscal year ending December 31, 2024, and to serve until the next annual general meeting of the shareholders
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The shareholders shall be also
requested at the Meeting to authorize the Board (subject to the approval by the Audit Committee) to fix the compensation of our independent
auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is proposed that the following
resolution be adopted at the Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;RESOLVED, that the appointment of&nbsp;
Ziv Haft Certified Public Accountants, a member firm of BDO International Limited, or BDO Israel, as the Company&rsquo;s independent public
auditors for the fiscal year ending December 31, 2024, be, and it hereby is, approved, and that the Board be, and it hereby is, authorized,
with power of delegation to the Audit Committee, to fix the compensation of such independent public auditors in accordance with the volume
and nature of their services.&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The affirmative vote of the
holders of a simple majority of the voting power represented at the Meeting in person or by proxy and voting on this matter is necessary
for the approval of the foregoing resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>SEC-Mandated Disclosures for Non-Renewal of Current Auditor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As described above, the proposed replacement of
our auditor was entirely a result of our required compliance, as an affiliated company of Asseco, with the EU directive mandating auditor
rotations every ten years. As such, our proposed replacement of EY Israel did not result from any disagreement between EY Israel and our
Company and was agreed upon by both parties. On the contrary, we would like to thank EY Israel for the high-quality audit, support and
professional handling of our audits throughout its terms of service as our independent auditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EY Israel&rsquo;s report on our consolidated financial
statements for each of the past two years (the years ended December 31, 2023 and 2022) did not contain an adverse opinion or a disclaimer
of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EY Israel&rsquo;s report on the effectiveness of internal
control over financial reporting dated May 13, 2024 expressed an adverse opinion on the effectiveness of the Company&rsquo;s internal control
over the financial reporting as of December 31, 2023 as a result of material weakness. As of December 31, 2023 we did not retain complete
documentation as evidence for performing certain (i) business processes controls (including automated and IT-dependent manual) (ii) sufficiently
precise management review controls and (iii) evidence to demonstrate completeness and accuracy of information prepared by entity (&ldquo;IPE&rdquo;).
As a result, the Company could not monitor and oversee the completion of its assessment of the design and operating effectiveness of internal
control over financial reporting in a timely manner. There were no disagreements with EY Israel about this self-identified material weakness.
Furthermore, EY Israel&rsquo;s report on the effectiveness of internal control over financial reporting dated May 11, 2023 expressed an adverse
opinion on the effectiveness of the Company&rsquo;s internal control over the financial reporting as of December 31, 2022 as a result of material
weakness. As of December 31, 2022, we did not have adequate trained resources to retain sufficient and precise documentation as evidence
for performing business processes controls (including automated and IT-dependent manual), management review controls, and evidence to
demonstrate completeness and accuracy of information prepared by entity (&ldquo;IPE&rdquo;). As a result, the Company could not monitor
and oversee the completion of its assessment of the design and operating effectiveness of internal control over financial reporting in
a timely manner. There were no disagreements with EY Israel about this self-identified material weakness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition to not having
any disagreements with our current auditor during the years ended December 31, 2023 and 2022, and in the interim period from the start
of 2024 to the current time, we have also not had any of the following events occur between us and our current auditor during those periods
of time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(A) our current auditor having advised us that
information has come to its attention that has led it to no longer be able to rely on our management&rsquo;s representations, or that
has made it unwilling to be associated with the financial statements prepared by our management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(B) (1) our current auditor having advised us
of the need to expand significantly the scope of its audit, or that information has come to its attention that if further investigated
may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(i) materially impact the fairness or reliability
of either: a previously issued audit report or the underlying financial statements; or the financial statements issued or to be issued
covering the fiscal period(s) subsequent to the date of the most recent financial statements covered by an audit report (including information
that may prevent it from rendering an unqualified audit report on those financial statements); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(ii) cause it to be unwilling to rely on our management&rsquo;s
representations or be associated with our financial statements; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(2) due to the current auditor&rsquo;s dismissal,
or for any other reason, the current auditor did not so expand the scope of its audit or conduct such further investigation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(C)&nbsp; (1) The current auditor&rsquo;s having
advised us that information has come to its attention that it has concluded materially impacts the fairness or reliability of either (i)
a previously issued audit report or the underlying financial statements, or (ii) the financial statements issued or to be issued covering
the fiscal periods subsequent to the date of the most recent financial statements covered by an audit report (including information that,
unless resolved to the current auditor&rsquo;s satisfaction, would prevent it from rendering an unqualified audit report on those financial
statements); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(2)
Due to the current auditor&rsquo;s dismissal, or for any other reason, the issue has not been resolved to the current auditor&rsquo;s
satisfaction prior to its dismissal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to our prospective engagement
of BDO Israel, we (including anyone on our behalf) have not consulted BDO Israel regarding: either (i) the application of accounting principles
to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on our financial statements,
or (ii) any matter that was either the subject of a disagreement with EY Israel or a reportable event (as described above with respect
to EY Israel).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As is required under the
rules of the SEC, we have provided to EY Israel a copy of the disclosures we are making in this part of Proposal 5 (under the heading
&ldquo;<B><I>SEC-Mandated Disclosures for Non-Renewal of Current Auditor</I></B>&rdquo;) and have requested that EY Israel furnish to
us a letter addressed to the SEC stating whether it agrees with the statements made by us in this Proposal 5 and, if not, stating the
respects in which it does not agree. That letter is attached as <U>Appendix A</U> to this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Companies Law</I>-<I>Mandated Procedures
for Change of Auditor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Companies Law, when
the non-renewal&nbsp;of the term of an auditor of a public company (or the replacement of such auditor), is brought for approval of a
company&rsquo;s shareholders, that auditor must be given reasonable opportunity to present its position regarding such non-renewal to
the company&rsquo;s audit committee, in addition to being invited to present its position at the meeting of shareholders. Our current
auditor has been afforded the opportunity to present its position to the audit committee of our Board and to the Meeting regarding the
non-renewal&nbsp;of its term, and has waived such right in accordance with Sections 162(b) and 164(a) of the Companies Law, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">BDO Israel has advised the
Company that the firm does not have any direct or indirect financial interest in the Company and has not had any such interest in the
Company during the past three fiscal years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Auditor Fees in Last Two Fiscal Years</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">For
a summary of the fees for professional services (consisting of audit fees, and tax and other fees) rendered to us by EY Israel for the
years ended December 31, 2022 and 2023, please see Item 16C. &ldquo;Principal Accountant Fees and Services&rdquo; of our </FONT>annual
report on Form 20-F for the year ended December 31, 2023<FONT STYLE="background-color: white">, which we filed with the SEC on May 13,
2024, which information is incorporated by reference in this Proposal 5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proposed Resolutions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board recommends that the
shareholders of the Company adopt the following resolutions at the Meeting pursuant to Proposal 3:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;RESOLVED, that Kost Forer Gabbay
&amp; Kasierer, registered public accounting firm, a member of Ernst &amp; Young Global, be, and hereby is, replaced, and Ziv Haft Certified
Public Accountants, a member firm of BDO International Limited, be, and hereby is, appointed as the Company&rsquo;s independent auditor
for the fiscal year ending December&nbsp;31, 2024, and for the additional period until the next annual general meeting of the shareholders
of the Company; and be it</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;FURTHER RESOLVED, that the Company&rsquo;s
Board of Directors, with power of delegation to the audit committee thereof, be, and hereby is, authorized to determine the remuneration
of Ziv Haft Certified Public Accountants, a member firm of BDO International Limited, i<FONT STYLE="background-color: white">n accordance
with the volume and nature of such firm&rsquo;s services</FONT>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Required Majority</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The approval of Proposal
5 requires the affirmative vote of the holders of a majority of the voting power represented at the Meeting in person or by proxy and
voting thereon (which excludes abstentions and broker non-votes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The Board unanimously
recommends that shareholders vote &ldquo;FOR&rdquo; the replacement of our current auditor and the appointment of our new auditor pursuant
to Proposal 5.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REVIEW AND DISCUSSION OF AUDITOR&rsquo;S REPORT
AND<BR>
CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">At the Meeting, our auditor&rsquo;s
report and consolidated financial statements for the year ended December&nbsp;31, 2023 will be presented. We will hold a discussion with
respect to the financial statements at the Meeting. This item will not involve a vote of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">The 2023 Form 20-F, including
the auditor&rsquo;s report and our audited consolidated financial statements for the year ended December&nbsp;31, 2023, which was filed
with the SEC on May&nbsp;13, 2024, is available on our website at <I>www.magicsoftware.com</I> or through the EDGAR website of the SEC
at <I>www.sec.gov</I>. Shareholders may receive a hard copy of the annual report on Form&nbsp;20-F containing the consolidated financial
statements free of charge upon request. None of the auditor&rsquo;s report, consolidated financial statements, the Form&nbsp;20-F or the
contents of our website form part of the proxy solicitation material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 18pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 40%">By Order of the Board of Directors,</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify">/s/ Asaf Berenstin</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Asaf Berenstin</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: June 24, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt"><IMG SRC="ex99-1_001.jpg" ALT=""></TD>
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Kost Forer Gabbay &amp; Kasierer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">144 Menachem Begin St.<BR>
    Tel-Aviv 6492102, Israel<B>&nbsp;</B></P></TD>
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +972-3-6232525<BR>
    Fax:+972-3-5622555</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ey.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">June 24,
2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Office of the Chief Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: -1.1pt">Securities and Exchange Commission I
00 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 26.55pt; margin-bottom: 0pt; text-indent: 0.05pt">Washington, D.C. 20549 Ladies
and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Kost Forer Gabbay &amp; Kasierer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.9pt; margin-bottom: 0pt; text-indent: 0.1pt">144 Menachem Begin St. Tel-Aviv 6492102,
Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 64.9pt; margin-bottom: 0pt; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2pt">We have read the
statements under the heading <I>&ldquo;SEC-Mandated Disclosures.for Non-Renewal of Current Auditor&rdquo; </I>included in Exhibit No. 99.l
in the Report of Foreign Private Issuer on Form 6-K of Magic Software Enterprises Ltd. to be furnished to the Securities and Exchange
Commission on June 24, 2024, and are in agreement with the statements contained therein as they relate to our firm. We have no basis to
agree or disagree with other statements of the registrant contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    </FONT>Kost, Forer, Gabbay &amp; Kasierer</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KOST, FORER, GABBAY &amp; KASIERER</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Member of EY Global</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Tel Aviv, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea020838601ex99-2_magic.htm
<DESCRIPTION>FORM OF PROXY CARD
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2024 ANNUAL AND SPECIAL GENERAL MEETING OF SHAREHOLDERS
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAGIC SOFTWARE ENTERPRISES LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please date, sign and mail</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>your proxy card in the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>envelope provided as soon </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as possible.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please detach along perforated line and mail
in the envelope provided.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 75%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo;
EACH OF PROPOSALS 1 THORUIGH 5. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK
INK AS SHOWN HERE <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in">(1)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">To re-elect Guy Berenstin for a term expiring at the Company&rsquo;s 2025 Annual General Meeting of Shareholders.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FOR</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">AGAINST</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">ABSTAIN</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 26%; text-align: justify">GUY BERENSTIN</TD><TD>&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">To re-elect Naamit Salomon for a term expiring at the Company&rsquo;s 2025 Annual General Meeting of Shareholders.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FOR</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">AGAINST</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">ABSTAIN</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 26%; text-align: justify">NAAMIT SALOMON</TD><TD>&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">To re-elect Avi Zakay for a term expiring at the Company&rsquo;s
2025 Annual General Meeting of Shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FOR</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">AGAINST</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">ABSTAIN</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 26%; text-align: justify">AVI ZAKAY</TD><TD>&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(4)</TD>
    <TD STYLE="text-align: justify">To re-elect Mr. Sami Totah as an unaffiliated director (as defined under the Israeli Companies Law) and an &nbsp;&nbsp;independent director (as defined under the Nasdaq Listing Rules) for a term expiring at the Company&rsquo;s 2025 Annual General Meeting of Shareholders.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FOR</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">AGAINST</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">ABSTAIN</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 26%; text-align: justify">SAMI TOTAH</TD><TD>&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(5)</TD>
    <TD STYLE="text-align: justify">To replace Kost Forer Gabbay &amp; Kasierer, registered public accounting firm, a member of Ernst &amp; Young Global, and appoint, in its stead, Ziv Haft Certified Public Accountants, a member firm of BDO International Limited (&ldquo;BDO Israel&rdquo;), as the Company&rsquo;s independent auditor for the year ending December 31, 2024, and to authorize the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;), with the right to delegate such authority to the audit committee of the Board, to fix BDO Israel&rsquo;s compensation in accordance with the nature of its services. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT> FOR</TD>
    <TD STYLE="width: 34%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT> AGAINST</TD>
    <TD STYLE="width: 33%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT> ABSTAIN</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To change the address on your account, please
check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on
the account may not be submitted via this method. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature of Shareholder _________ Date ______ Signature of Shareholder
_________Date ______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note: Please sign exactly as your name or names
appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee
or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer,
giving full title as such. If signer is a partnership, please sign in partnership name by authorized person.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
