HADERA, Israel, July 5 /PRNewswire-FirstCall/ -- As previously announced on June 22, 2006, American Israeli Paper Mills Ltd. (AMEX:AIP) declared a cash dividend in the amount of NIS 24.85 per share payable on July 18, 2006 to shareholders of record on July 5, 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 July 5, 2006, the record date, and has now been determined to be $5.6761 per share before tax. The Income Tax law of the State of Israel requires a deduction of 20 percent from the dividend payment.

Source: American Israeli Paper Mills Ltd.