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Scitex Corporation Announces Key Appointments to Board of Directors

Press release from the issuing company

TEL AVIV, Israel, June 18 -- Scitex Corporation Ltd. announced today that Avi Fischer, Vice Chairman of IDB Holdings Ltd., has joined Scitex's board of directors, and Ami Erel, CEO of Discount Investments Corporation, has joined the Scitex's board and been elected chairman. Mr. Fischer replaces Leon Recanati who resigned last month, and Mr. Erel replaces Meir Shannie. In addition, Shay Livnat, CEO of Zoe holdings (a private investment company with holdings in several hi-tech companies) has joined Scitex's board. The appointments effective immediately, come as a result of the recent changes in ownership with IDB Holdings, which controls Scitex's principal shareholders, Clal Electronics Industries Ltd. and Discount Investments Corporation Ltd. Messrs. Fischer, Erel, and Livnat were appointed by the Board and will hold office until the next annual meeting of Scitex, expected by year-end. Avi Fischer, Deputy Chairman of IDB Holdings and now member of Scitex Corporation's board commented: "I am confident that Scitex Corporation will continue to be a leading force in the digital printing ink jet industry with long term prospects for growth. In this new board role I will work with the management team to establish and deliver on a strategy to maximize this company's growth potential." Ami Erel, CEO of Discount Investments Corporation and now chairman of Scitex's board of directors stated: "I am confident in Scitex's strong management and committed to provide the best possible value to the benefit of our shareholders." Mr. Erel concluded: "We appreciate Meir Shannie's extensive contribution and would like to thank him for the leadership and guidance he has provided Scitex as its Chairman during more than two years of service."