Michelle Foss Named President and Chief Operating Officer of Bailard Private Real Estate Vehicles

FOSTER CITY, CA, June 30, 2005 - Bailard, Inc., a leading San Francisco Bay area investment management firm, announced that Senior Vice President of Real Estate, Michelle Foss, CFA, has been appointed to the position of President and Chief Operating Officer of the firm’s two private real estate vehicles.

In this role, Ms. Foss will head the Bailard Real Estate Team under the leadership of the firm’s chairman, Thomas E. Bailard. Her responsibilities include portfolio management, investment analysis, and recommending potential acquisitions and dispositions.

Michelle joined Bailard’s real estate team in 2000, following a five-year tenure with the Prudential Realty Group. Michelle holds the Chartered Financial Analyst (CFA) designation, as well as an MBA from the Haas School of Business, University of California, Berkeley.

About Bailard

Founded in 1969, Bailard offers innovative investment solutions for the unique needs of institutional and individual investors. From traditional investments to specialty products, Bailard puts its experience and passion for innovation to work in pursuit of intelligently designed products; solid, consistent results; and ever greater value for its clients. For more information, visit www.bailard.com.

Contact: Public Relations at Bailard, Inc. (650) 571-5800 or pr@bailard.com