Completed assignment of 51% share of Julius Baer Creval Private Banking SpA from Credito Valtellinese to Julius Baer Holding

Milan, June 4, 2003 - 51% of the share capital of the Julius Baer Creval Private Banking S.p.A, for a total amount of € 13.5 million, has been transferred today from the Credito Valtellinese Scrl to Zurich-based Julius Baer Holding Ltd.

As a consequence, the share capital of Julius Baer Creval Private Banking S.p.A will not be held by the Creval Group only.

Based in Milan, the Julius Baer Creval Private Banking S.p.A is a joint venture set up following an agreement between the Julius Baer Group and the Credito Valtellinese banking Group. The new company will be involved in the private banking sector, offering high-quality services to the Italian market.