Michael De Marsche

PRESS RELEASE Cafesjian Museum Foundation 3 Tamanian Street, Suite 31 Yerevan 0009, Armenia

USA Contact: Mr. John Waters 612-359-8991 john.waters@glcenterprises.com

Armenia Contact: Ms. Madlene Minassian 374 10 56-72-62

Minneapolis, MN/Yerevan, Armenia August 15, 2007

The Cafesjian Museum Foundation Announces Michael De Marsche as New Executive Director of the Gerard L. Cafesjian Center for the Arts and Museum of Art

The Cafesjian Museum Foundation is pleased to announce that Michael De Marsche has accepted the position of Executive Director of the Gerard L. Cafesjian Center for the Arts and Museum of Art, currently under construction in Yerevan, Armenia.

`I couldn't be happier with the hiring of Mr. De Marsche,' said Gerard L. Cafesjian, businessman, philanthropist and museum founder. `He is an experienced professional with the talent, skills, experience and enthusiasm to lead this project to success.'

As President and CEO of the Colorado Springs Fine Arts Center, De Marsche established a new vision and led the campaign to fund and construct a new, 48,000 square-foot building that opened last week. During his four-year tenure; annual attendance rose from 20,000 to over 120,000; membership increased from 3,000 to over 10,000; and $1.2 million was raised to construct FAC MODERN, an 8,000 square-foot gallery in downtown Colorado Springs.

De Marsche previously served as the founding Director of the Jule Collins Smith Museum of Art at Auburn University where he oversaw a $14 million project culminating in the construction of a 40,000 square foot museum building.

The Cafesjian Center for the Arts and Museum of Art `will be a monumental achievement, not only for Armenia,' De Marsche told the Colorado Springs Gazette. `It will be one of the great museums of Eastern Europe.'

The Cafesjian Museum Foundation of Armenia was co-founded in April of 2002 by the Republic of Armenia and the Cafesjian Museum Foundation of America for the purpose of developing a world class international museum of art and a cultural center in Yerevan, Armenia.

For further information on the Cafesjian Museum Foundation call RA: (37410) 56-72-62, USA (612) 359-8991; email mamin@cmf.am; or visit www.cmf.am