CASCADE BANK LAUNCHES NEW GENERATION ARCA CARDS

Armenpress
Feb 19 2007

YEREVAN, FEBRUARY 19, ARMENPRESS: Cascade Bank said it is launching
a new ArCa Card service in the market.

For the first time in Armenia, customers will be offered the ArCa
"smart" Card, a new generation of plastic cards.

This new card offers a higher level of security to provide greater
protection for the customer, larger memory to store more information
on a single card and greater physical durability, creating added value
for customers. "All Cascade Bank ATMs and POS Terminals are already
fitted to service the ArCa "Smart" Card", stated Levon Levonyan,
Chief Executive Office of Cascade Bank. "The first cards have been
issued today and I am happy to announce that there will be 20 per
cent promotional discount on the annual service fee for ArCa "smart"
and 50 per cent discount for other ArCa cards for customers applying
before 1 May 2007".

"This is a significant step forward for the market, will encourage
the use of cards rather than cash, and is another first for Cascade",
stated Jonathan Stark, Executive Director of Cascade Capital Holdings.

Cascade Bank is a partner with World Bank and KfW in domestic heating
and residential mortgage programs. In December 2006 Millennium
Challenge Account-Armenia exclusively selected Cascade Bank to handle
USD 236 million assistance program from the U.S. Government, to be
transferred directly into MCA’s account in Cascade Bank over the next
five years.

Cascade Bank is 100% owned by Cascade Capital Holdings, which in turn
is owned by the U.S. – based Cafesjian Family Foundation. Cascade
Capital Holdings’ other operating units include Cascade Bank Georgia,
Cascade Credit, Cascade Equity Managers, Cascade Insurance and
Cascade Investments.