Yom-Tov Samia, President and COO of the Baran Group Ltd., Announced That He Ends His Term of Office; Baran Group Ltd. Reports Second Quarter 2003 Financial Results

Business Wire, August 29, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 29, 2003

Mr. Yom-Tov Samia, the President and COO of the Baran Group, Ltd. (NASDAQ, TASE: BRAN), announced on Monday, 8.25.2003, to the Company's Board of Directors that he ends his term of office with the Company, following coordination with the Company's Chairman of the Board.

1. The due date of Mr. Yom-Tov Samia's end of assignment shall be at the end of the year of 2003, following three years of major contribution to the Company.

Until the abovementioned due date, the re-organization process of the divisions and subsidiaries within the Company, which has been initiated and led by Mr. Yom-Tov Samia, will be completed, as well as, the assimilation process of the Company's penetration into new fields, such as water desalination, natural gas transportation and transportation infrastructure.

It has been concluded, that until the abovementioned due date, Mr. Yom-Tov Samia will transfer his responsibilities to Senior Executive Managers and to the Company's CEO.

2. The Baran Group Ltd. announced its results of operations for the second quarter ended June 30, 2003.

The Board of Directors of Baran Group Ltd. has confirmed the financial statements of the three months ended June 30, 2003. The financial statements reflect decrease in the overall results of Baran Group due to the accomplishment of few large-scale projects. (see "Subsequent Events")

The full Financial Statements for the quarter may be reviewed at: http://www.sec.gov/Archives/edgar/data/1177328/000117891303000528/ d30254.htm (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.)