Massimo De Palma joins Julius Baer Creval Private Banking as Portfolio Manager

Milan, January 13, 2004 - Massimo De Palma has joined Julius Baer Creval Private Banking portfolio management team.

De Palma, 41, from Genoa, has a degree in Business Management from the University of Parma. He has long standing expertise in this area, as for over 15 years he has been advising private clients and also worked with the BNP Paribas Group from 1995 to 2003.

As Portfolio Manager for Julius Baer Creval Private Banking, Massimo De Palma will hold a discretionary mandate, providing the best solutions regarding direct investment lines, multi-manager funds and tailor-made funds. He will collaborate with the Investment Committee of Julius Baer Ltd., Switzerland.

Julius Baer Creval Private Banking S.p.A. is a joint venture between the Julius Baer Group and the Credito Valtellinese banking Group, which combines the Julius Baer's long-standing expertise in the private client arena with the distribution network and administrative infrastructure of the Creval Group. Set up in November 2002, the company has started its private banking operations in May 2003, after approval obtained from Banca d'Italia.