Bailard Debuts Emerging Life Sciences Fund

FOSTER CITY, CA, July 7, 2006 - Bailard, Inc. announced today the first and final June 30th close of its Emerging Life Sciences Fund I, L.P. with over $40 million in firm committed capital. The fund, Bailard’s most recent offering, will invest in small, emerging life-sciences companies, which present a highly specialized opportunity to bring a private equity approach to the public markets. The fund will be managed by Selena Chaisson, M.D. who joined the firm in September of 2005. Dr. Chaisson, who earned an MBA and MD from Stanford University, has worked for well-known industry names such as Tiger Management and SAC.

“In today’s public markets, many smaller healthcare companies are largely ignored by institutional investors and trade below their intrinsic values. I believe there is tremendous potential return for both private and public equity investors that are willing to engage in the intensive fundamental research necessary to find tomorrow’s winners,” said Dr. Chaisson.

The fund’s portfolio will be concentrated and will likely consist of fewer than 20 holdings, including a limited number of PIPE transactions. The fund has a maximum duration of 5 years and will draw down the committed capital as investments are identified. Capital distributions could begin soon after the end of the fund’s two-year investment window.

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: Diana Dessonville at Bailard, Inc. (650) 571-5800 or ddessonville@bailard.com.