CES tenders for $125 million of 20%senior subordinated notes due 2003.

HACKENSACK, N.J.--(BUSINESS WIRE)--March 14, 1995--Card Establishment Services Inc. has commenced its previously announced tender offer for all of its outstanding 20% senior subordinated notes due Oct. 1, 2003.

The price to be paid for notes tendered in the offer will be computed using a yield to the first call date equal to a fixed spread of 50 basis points over the yield to maturity of the 4.75% U.S. Treasury Note due Sept. 30, 1998 determined at 2:00 p.m., EST, on April 7, 1995. The notes are first callable on Oct. 1, 1998, at a price of 103.75%.

The offer will be conditioned upon consent by holders of a majority in principal amount of the notes outstanding to eliminate certain covenants in the indenture relating to the notes. Holders who tender their notes will be required to provide such consents.

Chemical Securities Inc. will act as financial advisor to the company with respect to the offer. The information agent for the offer is Chemical Bank. Holders may obtain information relating to the offer by contacting the information agent at [phone] or [phone] (collect).

On March 9, 1995, CES' parent completed its merger with a subsidiary of First Data Corp.(R) (NYSE:FDC), a leading provider of high-quality, high-volume information processing and related services to the transaction card, payment instruments, teleservices, mutual fund, healthcare, receivables and information management industries. In 1994, First Data had net income of $208 million on revenue of $1.7 billion.

CONTACT: First Data Corp., Omaha, Neb.

Steve Preston, 402/222-5563 or,

Mark Steele, 402/222-8354