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| 1.1    | English      translation of the Memorandum of Association as amended on July      23, 2003 |
|-----------------------|--------------------------------------------------------------------------------------------|

| 1.2    | Articles      of Association as amended on January 15,2001* |
|-----------------------|-------------------------------------------------------------|

| 4.1    | Cooperation      agreement dated August 10, 1999, between ForSoft Ltd. and      the Registrant (English summary accompanied by Hebrew original)** |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2    | Agreement      dated June 12, 2003, among the Registrant, the owners of all      of the issued and outstanding common stock of IntraComp Group Incorporated*** |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3    | Agreement      dated January 11, 2001 among the Registrant, the Israel Mezzanine      Fund L.P., The Israel Mezzanine Fund, The Jordan (Bermuda)      Investment Company Ltd.* |
|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4    | Amendment      dated August 7, 2003 to agreement among the Registrant, the      Israel Mezzanine Fund L.P., The Israel Mezzanine Fund and The Jordan      (Bermuda) Investment Company Ltd. dated January 11,  2001+ |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5    | Share      Purchase Agreement dated March 30, 2004, among the Registrant      and four institutional investors in connection with a $5      million private placement**** |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6    | Registration      Rights Agreement dated March 30, 2004, among the Registrant      and four institutional investors in connection with a $5      million private placement**** |
|-----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7    | Share      Exchange Agreement dated October 13, 2002 among the Registrant,      Formula Systems (1985) and certain shareholders of Liraz      Systems Ltd.*** |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8    | The      1996 Share Option Plan--Part One, as amended on January 28, 1997,      December 5, 1999, December 18, 2000, December 26, 2000 and August      6, 2003***** |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9    | Agreement      dated January 1, 1996 among the Registrant and Argotec Ltd.****** |
|-----------------------|----------------------------------------------------------------------------------|

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| 4.12    Form of      Indemnification Letter dated July 2003 between the Registrant      and certain office holders+ 4.13    Summary      of credit line Letter Agreement between the Registrant and Bank      Leumi Le'Israel Ltd.+ 8         List      of Subsidiaries***** 10.1    Consent      of Ziv Haft certified public accountants (Isr.) BDO member firm.+ 12.1    Certification      of the Chief Executive Officer pursuant to ss.302 of the      Sarbanes-Oxley Act. 12.2    Certification      of the Chief Financial Officer pursuant to ss.302 of the      Sarbanes-Oxley Act. 13.1    Certification      of the Chief Executive Officer pursuant to 18 U.S.C. ss.1350, as      adopted pursuant to ss.906 of the Sarbanes-Oxley Act. 13.2    Certification      of the Chief Financial Officer pursuant to 18 U.S.C. ss.1350, as      adopted pursuant to ss.906 of the Sarbanes-Oxley Act. ------------------ |
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|   | BLUEPHOENIX      SOLUTIONS LTD.                                                                                                                                                                         |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (Registrant)                                                                                                                                                                                  |
|   | By:      /s/ Varda      Sagiv                          Varda      SagivChief      Financial Officer |

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| 1.1    English      translation of the Memorandum of Association as amended on July      23, 2003 1.2    Articles of      Association as amended on January 15, 2001* 4.1    Cooperation      agreement dated August 10, 1999, between ForSoft Ltd. and      the Registrant (English summary accompanied by Hebrew original)** 4.2    Agreement dated      June 12, 2003, among the Registrant, the owners of all      of the issued and outstanding common stock of IntraComp Group Incorporated*** 4.3    Agreement dated      January 11, 2001 among the Registrant, the Israel Mezzanine      Fund L.P., The Israel Mezzanine Fund, The Jordan (Bermuda)      Investment Company Ltd.* 4.4    Amendment dated      August 7, 2003 to agreement among the Registrant, the      Israel Mezzanine Fund L.P., The Israel Mezzanine Fund and The Jordan      (Bermuda) Investment Company Ltd. dated January 11, 2001+ 4.5    Share      Purchase Agreement dated March 30, 2004, among the Registrant      and four institutional investors in connection with a $5      million private placement**** 4.6    Registration      Rights Agreement dated March 30, 2004, among the Registrant      and four institutional investors in connection with a $5      million private placement**** 4.7    Share      Exchange Agreement dated October 13, 2002 among the Registrant,      Formula Systems (1985) and certain shareholders of Liraz      Systems Ltd.*** 4.8    The      1996 Share Option Plan--Part One, as amended on January 28, 1997,      December 5, 1999, December 18, 2000, December 26, 2000 and August      6, 2003***** 4.9    Agreement dated      January 1, 1996 among the Registrant and Argotec Ltd.****** 4.10   Form of      voting agreement dated September 30, 1996 between Argotec Ltd.      and each of Dan Goldstein and Gad Goldstein****** 4.11   English      translation of Loan Agreement between Liraz Systems Ltd. and      Arie Kilman dated April 2000 as amended by the Addendum dated April      2002+  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.12    Form of      Indemnification Letter dated July 2003 between the Registrant      and certain office holders+ 4.13    Summary      of credit line Letter Agreement between the Registrant and Bank      Leumi Le'Israel Ltd.+ 8              List of Subsidiaries***** 10.1    Consent      of Ziv Haft certified public accountants (Isr.) BDO member firm+ 12.1    Certification      of the Chief Executive Officer pursuant to ss.302 of the      Sarbanes-Oxley Act 12.2    Certification      of the Chief Financial Officer pursuant to ss.302 of the      Sarbanes-Oxley Act 13.1    Certification      of the Chief Executive Officer pursuant to 18 U.S.C. ss.1350, as      adopted pursuant to ss.906 of the Sarbanes-Oxley Act 13.2    Certification      of the Chief Financial Officer pursuant to 18 U.S.C. ss.1350, as      adopted pursuant to ss.906 of the Sarbanes-Oxley Act ------------------ |
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