Etz Lavud Ltd. Reports the Results of the General Meeting of Shareholders.

PETACH TIKVA, Israel--(BUSINESS WIRE)--Oct. 10, 1999--

Etz Lavud Ltd. (ASE:ETZ) today reported results of the Extraordinary General Meeting of Shareholders held on September 30, 1999 (The Meeting)

1. The Meeting was held in accordance with Etz's Press Release of

August 25, 1999 and a notice of Extraordinary General Meeting of

Shareholders and Proxy Statement of September 3, 1999.

2. The following resolutions were approved in the Meeting:

2.1 The purchase by E.L. Advanced Sciences Industries Ltd. (a wholly

owned subsidiary of ETZ) of 381, 840 Common Shares of ETZ and

308,140 Class A Common Shares of ETZ held by the Yehudai Family,

in consideration for $ 7,405,693, representing a price of $12.424

per each Common share and a price of $8.638 per each Class A

Common Share.

2.2 The continuation of the full monthly compensation to Messers

Aryeh and Joseph Yehudai, during a 9 month period commencing upon

the conclusion of their active executive roles in ETZ, its

affiliates and subsidiaries, including salaries, social, fringe 

and all other benefits (excluding only bonuses) which they

received heretofore.

3. Following the Meeting, E.L. Advanced Sciences Industries Ltd.

paid to certain members of the Yehudai Family an amount of

$7,262,817. The said members of the Yehudai Family concluded

their active executive roles in Etz, its affiliates and

subsidiaries as well as resigning from the Board of Directors of

ETZ, its subsidiaries and affiliates. The remaining amount of

$142,876 will be paid to one member of the Yehudai family who has

not yet resigned and submitted its shares against the resignation

and submission of its shares, which is expected to be executed

within a few days.

Etz Lavud Ltd. thorough its subsidiaries and affiliates; produces or imports wood products; decorative and industrial laminates post formed furniture parts; printed and allied paper products; and computer peripherals. In addition, the company is engaged in real estate development in Israel.