Olympic Cascade Financial Corporation Reports Compliance Plan Accepted by The American Stock Exchange.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 23, 2003

Olympic Cascade Financial Corporation (AMEX: OLY and CHX: OLY) previously reported that in February 2003 the Company had received a letter from The American Stock Exchange indicating that it was not in compliance with certain listing standards relating to (1) shareholders' equity of less than $2.0 million and losses from continuing operations and/or net losses in two out of its three most recent fiscal years, and (2) the requirement to have and maintain an audit committee comprised of at least three independent directors.

In March 2003, the Company submitted a plan of compliance to the Exchange.

On May 19, 2003 the Exchange notified the Company that it has accepted the Company's plan of compliance and granted the Company an extension of time to August 5, 2004 to satisfy the financial standards, and an extension of time to July 18, 2003 to comply with the independent audit committee requirement. The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company's common stock being delisted from The American Stock Exchange.

Olympic Cascade Financial Corporation is a holding company for National Securities Corporation. National, based in Seattle, WA, conducts a full service national brokerage and investment banking business.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. This press release may contain certain statements of a forward-looking nature relating to future events or future business performance. Any such statements that refer to the Company's estimated or anticipated future results or other non-historical facts are forward-looking and reflect the Company's current perspective of existing trends and information. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, risks and uncertainties detailed in the Company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.