This compilation contains:
Ultima
Ultima II: The Revenge of the Enchantress
Exodus: Ultima III
The FM Towns version has re-vamped graphics: overworld and towns look on par with Ultima IV, while the detail in the dungeon graphics is close to the level of the fifth game (as opposed to simple vector lines in the other versions). It also has CD-quality music and new intros for each one of the games.