Children of Armenia Fund Raises $2.3 Million for Model Cluster Project

New York — October 26, 2006 — Children of Armenia Fund (COAF) raised a record $2.3 million at its 2006 Save a Generation Awards Dinner, held Friday, October 20, at Cipriani 42nd Street in New York. The money raised will be used for the expansion of COAF’s Model Village program to a cluster of six villages in a disadvantaged rural region of Armenia.

COAF hosted more than 350 guests for the annual gala event. Jane Fonda, Oscar^®-winning actress and humanitarian, delivered the keynote address, and COAF honored Mr. George Pagoumian, a philanthropist who is an insurance industry giant. The event also recognized the accomplishments of two outstanding corporate leaders, Pierre Michel Fattouch and Eduardo Eurnekian, who have invested in several vital businesses in Armenia. Andrea Martin, Emmy^® and Tony^® award winner, was master of ceremonies.

The evening celebrated the success of COAF’s Karakert Model Village project, an integrated comprehensive approach for poverty reduction, which has resulted in a significant improvement in the quality of life for more than 1,200 children since its commencement two years ago.

“COAF has transformed a 5,000-person rural village by establishing sustainable health care, schooling, transportation, water and economic growth,” said Garo H. Armen, PhD, founder and chairman of COAF. “With the money raised from the gala, COAF can now move forward by executing a broader village revitalization program by targeting six villages, with a combined population of 17,000 – of whom 5,000 are children.”

The COAF annual awards dinners have raised more than $5 million since 2001, placing funding emphasis on the Model Village project, the first such program ever to be undertaken. The project has been recognized by international aid agencies, such as the United Nations Development Programme and the World Bank, as an exemplary template of sustainable development throughout the world.

About COAF

Founded in 2000, the Children of Armenia Fund is an independent, nonprofit, nongovernmental organization (501(c)(3). COAF seeks to reverse the impoverished conditions affecting significant numbers of Armenia’s children by revitalizing Armenia’s villages and implementing projects that provide immediate and sustainable benefits to children and youth.

CONTACTS: Sunny Uberoi, (212) 994-8206; or e-mail info@coafkids.org