BTR Capital Management, Inc.

BTR combines a top-down sector-allocation process with bottom-up fundamental analysis. Value is the common thread running through all of our securities purchases — value in relation to carefully researched company prospects. We prefer stocks which are underowned, attempting to purchase those which we believe investors will accumulate in the future as the value of those stocks and their improving fundamentals become recognized.

Equity investments typically are evaluated on the following criteria:

	Valuation/Downside protection
	Sector/Theme fit
	Superior cash-flow returns on invested capital
	Quality of management
	Predictability
	Strong financial health
	Is there a catalyst for change — either in company fundamentals or investor perceptions

We believe that the combination of thematic sector selection and our disciplined value-based approach to stock selection provides BTR's clients with the opportunity for superior risk-adjusted returns.

An in-depth report detailing our investment process is available upon request.