Banking Update

30 November 2011

Artisan (UK) plc

("Artisan" or the "Company")

Banking update

As previously announced, Artisan's banking facilities expired on 1 July 2011, at which time the Company's lender granted a 3 month extension and then a further 2 month extension to those facilities in order to provide additional time to complete a required valuation exercise and conclude the negotiation and documentation of the new facility.

This process is still ongoing and accordingly the lender has agreed to extend the facilities by a further 2 months in order to complete the process of entering into the new facility.

The valuation work and a security review have been completed and we are well advanced in negotiating new terms. Our lender remains supportive of the Company and the negotiations are proceeding in a cooperative and positive manner.

Whilst the Directors are confident that new facilities can be agreed, it is now expected that this would require an injection of new equity or similar.

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