Jay Butler

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Profile

Jay Butler is a Senior Portfolio Manager at SDR and is one of SDR’s shareholders.
He joined the Company in April of 2002 with over 8 years of experience in the financial services industry.
Before joining SDR, Mr. Butler was with the U.S.
Trust Company of New York as a Vice President and Portfolio Manager with the Campbell, Cowperthwait division.
During his years at Campbell, Cowperthwait, Mr. Butler managed high net worth and institutional client accounts.
He also performed and led research on a variety of industries (including consumer, media/Internet, networking equipment and semiconductors), represented the division and its products as its sole employee on the West Coast.
Additionally, he maintained the division’s compliance with the Performance Presentation Standards of the Association of Investment Management and Research.
Before joining Campbell, Cowperthwait, Mr. Butler also served as a Senior Auditor in the Audit Division of U.S.
Trust.

Former positions of Jay Butler

Companies	Position	End
SDR Capital Management, Inc. SDR Capital Management, Inc. Investment ManagersFinance SDR's goal is to obtain long-term capital appreciation in growth-oriented and value-oriented companies across all sectors of the U.S. economy, with some emphasis on international stocks through ADRs. The portfolio management team invests in long positions and may use option hedging and other defensive investment strategies. They do not employ margin, and in difficult environments may hold a meaningful percentage of cash/cash equivalents to protect investors.	Analyst-Equity	15/05/2005

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Private companies	1
SDR Capital Management, Inc. SDR Capital Management, Inc. Investment ManagersFinance SDR's goal is to obtain long-term capital appreciation in growth-oriented and value-oriented companies across all sectors of the U.S. economy, with some emphasis on international stocks through ADRs. The portfolio management team invests in long positions and may use option hedging and other defensive investment strategies. They do not employ margin, and in difficult environments may hold a meaningful percentage of cash/cash equivalents to protect investors.	Finance