The Comptoir d'Investissement et Financement - SICAF
                 (CIF-SICAF) was incorporated in 1994, when the business climate
              was favourable to stock exchange investments. Its aim was to help
           expand stock market transactions, boost investment and implement new         business projects. CIF-SICAF manages a portofolio of securities in a dynamic       maner by selecting safe listed stocks and shares and making investments at the      best financial opportunity. With a capital of TND 10 million, CIF-SICAF expanded its    operations into other sectors of financial market. It is now in a position to : - Assist in   designing and establishing small and medium-sized businesses. - Help existing firms   with financial, technical and economic studies and offer them legal advice and logistics   support. CIF-SICAF is set to play a leading part, since it is scheduled to centralize the   management of all the group's portofolios and equity holdings. While optimizing the    profitability of the HAMROUNI Group, this initiative should ensure its financial     integration and soudness.