Bailard Sub-Advised Fund Wins Lipper Award

FOSTER CITY, CA, April 15, 2008 - Bailard, Inc. is proud to announce that the HighMark International Opportunities Fund, Class M, a mutual fund that it sub-advises, received the 2008 Lipper Fund Award for the Best International Multi-Cap Core Fund over the past five years. The award was earned based on the Lipper Ratings for Consistent Return for the five years ending December 31, 2007. The Fund was ranked #1 of 195 international multi-cap core funds for that time period.

"We are very pleased that a fund sub-advised by Bailard has received this highly coveted award," said Sonya Thadhani, Chief Investment Officer. "The international equity team at Bailard, led by Peter Hill, has produced an enviable track record. Recognition of their success highlights how experience and a passion for innovation can deliver intelligently designed products and solid, consistent results — core elements of Bailard’s investment mission.” The other members of the Bailard international equity team are Eric Leve, Anthony Craddock and Haim Lensky.

Bailard has served as sub-advisor to the HighMark International Opportunities Fund (formerly the Bailard International Equity Fund) since 2006, when Bailard formed an alliance with HighMark Capital Management (HCM). Three Bailard mutual funds were adopted by HCM in April 2006, at which time the HighMark International Opportunities Fund became the successor fund to the Bailard International Equity Fund, with Bailard retained as sub-advisor.

The Lipper Fund Awards in the United States are part of a global program of events held in 21 countries, to reward funds that in Lipper’s determination deliver consistently strong risk-adjusted performance relative to peers. According to Lipper, the winners are selected using the Lipper Leader Rating for Consistent Return over three, five and ten-year periods. For more information on Lipper Leaders, please visit www.lipperweb.com.

About Bailard

Bailard, Inc., founded in 1969, is an independent investment management firm based in Foster City, California. Bailard manages over $2 billion for institutional and high net worth investors, offering innovative investment solutions ranging from traditional investments to specialty products. Past performance is no indication of future results. For more information, visit www.bailard.com.

About HighMark Capital Management

San Francisco-based HighMark Capital Management, Inc., (HCM), is the wholly-owned investment management subsidiary of Union Bank of California, with over $22 billion in assets under management for individual and institutional investors worldwide. HCM is also the adviser to the HighMark Funds, with 22 individual funds and over $9 billion in assets.