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Richard Frank, CEO of Darby Overseas Investments, Ltd., has agreed to become Chair of the Board of Directors for the Latin American Venture Capital Association (LAVCA). Mr. Frank replaces Everett J. Santos, CEO of the AIG-GE Capital Latin American Infrastructure Fund.

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Washington, D.C., March 24, 2004 — Richard Frank, CEO of Darby Overseas Investments, Ltd., has agreed to become Chair of the Board of Directors for the Latin American Venture Capital Association (LAVCA). Mr. Frank replaces Everett J. Santos, CEO of the AIG-GE Capital Latin American Infrastructure Fund.

“Latin America offers tremendous investment opportunities that can be realized through an improved climate,” said Mr. Frank. “LAVCA is an important young organization that helps achieve that goal. Darby is deeply committed to the region, and I see LAVCA as a valuable resource for investors, policy makers, and others interested in improving the investment climate. That’s why I’m delighted to serve as LAVCA’s new Chairman, and look forward to working with the organization and its members over the coming year.”

Mr. Frank’s tenure as Chair is timed to begin with LAVCA’s upcoming policy seminar for investors and policymakers on March 27th in Lima, Peru. The seminar is held yearly in conjunction with the Annual Meeting of the Inter-American Development Bank.

“Our seminar provides the perfect opportunity to announce Richard Frank’s chairmanship within a circle of committed peers,” said LAVCA Executive Director Christina Kappaz. “Mr. Frank is a major force within the industry and his leadership will certainly enhance LAVCA’s ability to advocate for and serve the industry.”

Darby joins LAVCA as one of the most active fund managers in the region. Established in 1994 by Nicholas F. Brady, former Secretary of the U.S. Treasury, Darby sponsors and manages funds for institutional investors and high net-worth individuals that invest in Latin American private equity (including specialized financial services and technology funds), emerging markets mezzanine finance transactions in Latin America and in Asia, and global emerging markets and high yield fixed income securities. DLAMF, launched in 1999, is the first mezzanine finance fund in Latin America. For more information on Darby please visit www.darbyoverseas.com.

LAVCA’s mission is to promote the growth of the venture capital and private equity industry in Latin America through research, education, networking, best practices, and the advocacy of sound public policy. LAVCA serves a core membership of venture capital and private equity firms that invest in young, emerging companies. For more information please visit www.lavca.org.