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ARTES declares cash dividend, appoints new board member

International Investment Bank (IIB), a globally focused Islamic investment bank based in the Kingdom of Bahrain, affirmed that the initial public offering (IPO) of ARTES on the Tunis Stock Market in early April 2008, was a tremendous success, with the offering being over-subscribed more than 11 times in Tunisia.

ARTES is the exclusive distributor of Renault, Nissan and Dacia in Tunisia.

IIB had earlier acquired an equity stake in ARTES through a pre-IPO private placement.

At the first Annual General Meeting (“AGM”) of ARTES (post IPO), held on June 2, 2008 in Tunis (Tunisia), the board of directors declared a dividend of TND0.8 ($0.7) per share to be distributed in July 2008. The cash dividend represents a yield of 6% over the current share price (TND11.6 per share) .

Additionally, during the AGM, Mr. Aabed Al-Zeera (Chief Executive Officer (“CEO”), IIB) was appointed as a member of the board of directors of ARTES. Mr. Moncef Mazabi (Chairman of ARTES) stated, “We look forward to a productive partnership with IIB and Mr. Al-Zeera and hope to leverage on his substantial experience for formulating our company’s strategy for the years to come.”

In return, Mr. Al-Zeera commented, “I look forward to my active involvement in overseeing the continuance of exceptional management of ARTES under the wise leadership Mr. Mzabi. This acquisition is an important milestone for IIB and demonstrates our commitment to provide a diversified portfolio of investments to our esteemed investors.”

Established in 1947 under the name “Renault Tunisie” and renamed ARTES after being acquired by a private group in 1997, ARTES is a vibrant group of four companies (including its subsidiaries and affiliates) with an experienced management team and the largest distribution network in Tunisia.

Leveraging on its huge brand appeal and customer attractiveness in Tunisia, Renault, which has a global tie-up with Nissan, plans to expand its presence in the market through ARTES by launching new and safer cars across all market segments (low-cost, mass market and luxury) in the years to come.