Bailard, Inc.

Bailard is an independent investment management firm founded in 1969. Bailard’s capabilities range from global equities and global fixed income to alternative assets including real estate and hedge funds. The firm uses separate account management, private funds and mutual funds as the vehicles for implementing a global balanced approach to investing. Bailard offers institutional investors and private clients intelligent, proprietary investment strategies and products; a history of stability, responsiveness, and discipline that brings strong, consistent results; and unmatched personal service. With 45 employees, Bailard serves nearly 500 clients and is located in Foster City, California. As of 9/30/05, the firm had over $1.6 billion under management (approximately 20% institutional/80% high net worth).