August 30, 2002 * Global Trust Bank Ties up with Avenues

ResAvenue is proud to announce the GLOBAL TRUST BANK- AVENUES tie-up whereby GTB iBank Net Banking customers will now be able to pay for ResAvenue appointed merchants goods and services by directly debiting their GTB Net Banking accounts. Global Trust Bank is a technology driven bank with its vision set for the future and is one of the fastest growing banks in India.

About Global Trust Bank
Global Trust Bank is a technology driven bank with its vision set for the future. The Bank, with a very strong Top Management Team (Ranked # 2 by Business World, Oct 2000 and the # 1 Best Bank by Financial Express -Bank Survey Feb 2001), is managed by Professional Bankers. The Bank has been creating records of sorts, even before it started operations. At the end of 35 months the total business exceeded Rs.43.02 billion, making Global Trust one of the fastest growing banks in India

About ResAvenue
Established in the year 2001and headquartered in Mumbai, India, ResAvenue provides turnkey e-commerce solutions to hundreds of e-merchants across India. ResAvenue is the preferred Indian payment-processing service for e-commerce, providing server-based payment solutions, enabling merchants to process secure transactions in real time, 24 hours a day. The company's service is powered by proprietary technology that integrates online payment processing, fraud control, financial reporting and tracking. ResAvenue's Payment Solutions process credit cards and net banking transactions and work with any business model, including Internet call centers and retail. ResAvenue has also formed strategic alliances with leading financial institutions and technology partners to deliver the most comprehensive online authorisation and processing services available to Indian eMerchants. ResAvenue, today provides turnkey e-commerce solutions to more than five hundred e-merchants across India including major portals belonging to Union Ministry of Information Technology, I.L. & F.S., Baidyanath Group, Vakils, Kalnirnay, Oxford Book Store, IndiaInfo.com and the Shree SiddhiVinayak Ganapati Temple Trust. ResAvenue's secure, complete and leading-edge payment services maximize growth at every stage of a merchant's business lifecycle. For more information about ResAvenue, visit the company on the World Wide Web at www.CCAvenue.com or call (022)-26000816/46 and 26491524.