San Francisco (April 26, 2000) The Walden International ("WI) is pleased to announce the successful initial public offering of one of its portfolio companies, Elan Microelectronics Corp. ("Elan"). The shares were traded on April 12, 2000 on the Over-the-Counter market of the Taiwan Stock Exchange at a listing price of NT$74 per share. However, the average pre-IPO bidding price was NT$191.64 per share. The Yuanta Securities underwrote the offering.

Elan was established in 1994 and specializes in the design of ICs for consumer appliances, telecommunications equipment, micro-controllers, PC peripherals and memory storage devices. Currently, Elan is one of the few IC design houses in Taiwan that has multiple lines of products. The company's main telecommunications products, including automatic telephone dialing ICs, caller ID display ICs and call waiting ICs, all have good potential in the market.

Elan achieved a record year in fiscal year 1999. For the twelve months ended November 30, 1999, Elan reported revenues of NT$3.40 billion (US$107.37 million), an increase of 100% compared to NT$1.70 billion (US$53.69 million) in the comparable period in 1998 while net income rose to a record of NT$661.00 million (US$20.87 million), an increase of 120% compared to NT$301.00 million (US$9.51 million) in the comparable period in 1998.

WI is an international venture capital group with almost over US$1 billion in funds under management. WI's international network of investment professionals are located in the United States, Singapore, Hong Kong, Taiwan, Malaysia, the People's Republic of China, Philippines, Vietnam, Indonesia, India, and Australia.