Hadera,Israel, 05 July 2006--PR/Newswire-FirstCall/ -- As previously announced on 22 June 2006, American Israeli Paper Mills Ltd. (AMEX:AIP) declared a cash dividend in the amount of NIS 24.85 per share payable on 18 July 2006 to shareholders of record on 05 July 2006. The exact dollar payout was to be based on the rate of exchange of the NIS in relation to the US Dollar in effect on 05 July 2006, the record date, and has now been determined to be USD 5.6761 per share before tax. The Income Tax law of the State of Israel requires a deduction of 20% from the dividend payment.


Source: American Israeli Paper Mills Ltd.