Irv Bailey Elected to NASBIC Board of Governors

Louisville, KY (November 20,2002) – Chrysalis Ventures, Kentucky’s largest venture capital firm and a leading source of equity capital for young growth companies in the Southeast and Midwest, announced today that one of its managing directors, Irving W. Bailey, II, has been elected to the board of governors of the National Association of Small Business Investment Companies (NASBIC). Mr. Bailey, the former chairman and CEO of Providian, will assume this responsibility effective immediately and will serve a two-year term.

According to Mr. Bailey, “I am delighted to join NASBIC’s board of governors and look forward to representing our region and firm in this forum. NASBIC is an important voice for the venture capital industry. Joining the board provides an important opportunity to help guide the evolution of the industry through a period of dynamic change.”

NASBIC is the professional association for the SBIC industry and the oldest continuously operating organization of venture capitalists in the world. Formed just months after the passage of the Small Business Investment Act of 1958, NASBIC has played a pivotal role in promoting the growth and vitality of the industry for more than 40 years.

NASBIC plays a vital role in working closely with both federal legislators and the Small Business Association (SBA) on policy and operating issues effecting SBICs. It has vigorously campaigned for and attained the requisite federal laws, regulations, policies and low-cost capital that support SBICs and their ability to invest long-term debt and equity venture capital in new and growing small businesses.

Mr. Bailey joins the 30-member board of governors, elected annually by their peers, which establishes NASBIC’s policies, priorities and working agendas. These governors are active industry executives who represent the various types and sizes of SBICs throughout the country.

Prior to joining Chrysalis Ventures as a managing director in July 2001, Mr. Bailey had co-invested with the firm since 1998. From 1988 until its 1997 sale to Aegon NV, Mr. Bailey served as chairman and CEO of Providian Corp., a Fortune 200 company and one of the region’s largest publicly traded companies. He presently serves as chairman of Aegon US Corporation, and as director of Computer Sciences Corporation (CSC), High Speed Access Corporation (HSAC), Confluent, Inc. and Zoom Culture, Inc.

About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is Kentucky’s largest venture capital firm and a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage and growth-stage companies in the business services, information technology, media and entertainment, telecommunications, financial services and healthcare sectors. For more information, please visit www.chrysalisventures.com.

About NASBIC
Founded in 1958, NASBIC, the National Association of Small Business Investment Companies, is the professional association for the Small Business Investment Company (SBIC) industry and the oldest continuously operating organization of venture capitalists in the world. For more information, please visit www.nasbic.com.