HADERA, Israel, Dec. 12 /PRNewswire-FirstCall/ -- American Israeli Paper Mills Ltd. (ASE:AIP) (the "Company" or "AIPM") today reported that the Board of Directors of the Company declared a cash dividend in a total amount of NIS 50,001,850.09 million (approximately $10.8 million), or NIS 12.494 ($2.7114) per share. The dividend will be paid on January 10, 2006 to shareholders of record on December 28, 2005. The foregoing dollar value of the cash dividend is calculated based on the exchange rate in effect on December 12, 2005 of NIS 4.6080 to $1.00. The exact dollar payment per each share will be determined on the record date, based on the exchange rate on such date. In case of change in the issued share capital of the Company until the record date the dividend per share shall be adjusted accordingly. The ex-dividend date on the American Stock Exchange is December 23, 2005. The ex-dividend date on the Tel Aviv Stock Exchange is December 29, 2005. No Ordinary Share transfers between the Company's US and Israeli registers will be permitted from December 23, 2005 through and including December 29, 2005, in order to avoid any confusion that may result from the different ex-dividend dates on the American Stock Exchange and the Tel Aviv Stock Exchange. The temporary suspension of transfers between registers will not affect the trading of the Company's Ordinary Shares on either the American Stock Exchange or the Tel Aviv Stock Exchange. DATASOURCE: American Israeli Paper Mills Ltd. CONTACT: Philip Y. Sardoff. +1-908-686-7500, for American Israeli Paper Mills Ltd.

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