CASCADE INSURANCE INCREASES SHARE CAPITAL, LAUNCHES 24 HOUR CALL CENTER

ARMENPRESS
Dec 10 2007

YEREVAN, DECEMBER 10, ARMENPRESS: Successfully wrapping up its third
year of operation Cascade Insurance ICJSC increased its paid up share
capital to 618,640,000 AMD (over USD 2 Million), maintaining a leading
position in the local Insurance market.

"In three years since its foundation Cascade Insurance has
established itself as a major participant in the vibrant and expanding
Armenian insurance market. This additional capital injection further
demonstrates the shareholders’ commitment to the continued growth and
success of the company," stated Jonathan Stark, CEO of Cascade Capital
Holdings. Cascade Capital Holdings owns 65% of Cascade Insurance.

The operation of the company is regulated by the Central Bank
of Armenia. "Recently there were many changes in the insurance
industry. We find development trends positive and the role of
Central Bank indispensable to the insurance market. Their guidance
and leadership direct the companies in the right path of growth,
attested by emergence of larger capitalized insurance companies. This
investment brings Cascade Insurance to the forefront of the insurance
market in terms of paid up share capital," acknowledged Garnik Tonoyan,
General Manager of Cascade Insurance.

To better serve its customers Cascade Insurance launched Armenia’s
first 24-hour, 7-day per week Customer Service Call Center on December
1, 2007.

Cascade Insurance Customers can contact the call center representatives
by dialing 0 800 55 555 at no charge to the caller. Now more than
7,000 Cascade Insurance customers can call the Call Center any time
of the day to get answers to all their questions regarding medical
insurance. They can also inquire about a pending claim or file a new
claim and the Call Center representatives will advise on the proper
course of action.

The European Bank for Reconstruction and Development (EBRD) is a 35%
shareholder of Cascade Insurance. Cascade Capital Holdings (CCH)
is 100% owned by the Cafesjian Family Foundation. Cascade Capital
Holdings’ other companies include Cascade Bank, Cascade Credit and
Cascade Investments.