THEODORE J. COBURN'S BIOGRAPHY & RESUME Spanning twenty-five years of investment banking and capital markets experience, Ted’s work has included corporate finance, merger & acquisitions, developmental stage finance and growth capital, global capital markets and equity underwriting, and securities marketing and distribution. Additionally, Ted has played an active role in the mutual fund industry, developing various mutual fund products in conjunction with major mutual fund complexes in the late 1980’s, creating and managing an extensive retail distribution system for closed-end mutual funds during that same time period, and in having served for a number of years as a board member for several mutual funds and complexes. Ted was recently named as the chairperson for the Allianz Global Investors (PIMCO) mutual fund complex. Having established Coburn Capital Group in 2003, Ted’s range of activities include corporate finance and merger and acquisition advisory services; real estate development of multi-family residential properties as a partner in Triton Real Estate Partners; and as exclusive advisor to an institutional asset management company for its Qualified Plan Asset Management practice. Beginning his Wall Street career as an associate in the corporate finance department of Kidder, Peabody & Co. in 1978, Ted’s first clients included James River Corporation and Gulf & Western (Paramount). At the request of Kidder’s chairman, Ted shifted his responsibilities to the Syndicate Department, the predecessor operating area to today’s Capital Markets Groups. Given the increased level of volatility in both debt and equity markets at that time, Ted became part of a new generation of capital markets professionals, ushering in new approaches to underwriting, distribution and risk mitigation that became central to his capital markets career. Continuing in the development of these approaches, Ted joined Becker, Paribas in 1981, where he concentrated on new issue equities and derivative products, with a special emphasis on working with emerging growth companies. Ted joined Merrill Lynch Capital Markets Group in 1983, when Merrill acquired Becker, Paribas. As one of three senior members of the Capital Markets Group, Ted oversaw some of the firm’s most visible public underwritings, contributing to Merrill’s climb in the ranks to become the global leader in managed offerings of public equity securities. Ted wrote the position paper upon which Merrill built its Capital Markets platform, which became the template for the investment banking community. This included the initiation of the concept of global traunches for large US equity offerings and product and industry specialization in serving prospective corporate issuers of equity and derivative securities. Ted stepped up to the challenge presented to him by Prudential Securities in 1986 to build out a global capital markets platform. Joining as a Senior Vice President and the youngest member of the firm’s Board of Directors, Ted was to hire over fifty professionals worldwide, developing on-the-ground operations in Toronto, London and Hong Kong. In addition to his work on the various British privatizations (British Telecom, British Air and British Gas), Ted orchestrated two of the most complicated global offerings of that time, for Hong Kong Telecom and Phillips Electronics N.V. Ted oversaw the Closed-End Mutual Fund Commitment Committee for Prudential, which led to transactions for, among others: Wellington Management, Black Rock Financial Management (then Blackstone), MFS Financial Management, Prudential Financial and Nicholas-Applegate Capital Management. Working to build out the retail distribution efforts of Prudential Securities, the firm became the perennial leader in the distribution of closed-end investment products. In 1991 Ted joined a former colleague and ex-partner of Kidder, Peabody, Haig Brown, to form the investment banking boutique, Brown, Coburn & Co. Providing a full range of investment banking services to small to mid-capitalization growth companies (both public and private), Ted and Haig worked on an ongoing field of assignments including mergers and acquisitions advisory work, private placements of debt and equity, financial and business advisory consulting, and initial public offering advisory work. It was at this time that Ted also developed his mutual fund directorship practice, joining the boards of two mutual fund complexes. Joining NASDAQ in 2002, Ted spearheaded the firm’s listing activities, overseeing the Domestic Corporate Client Group. Serving over 3800 listed companies, Ted directed a field force of 125 professionals and staff. As part of his responsibilities, Ted coordinated efforts in the development and implementation of NASDAQ’s Market Intelligence Desk (“MID”), which was comprised of a team of professionals providing ongoing market-based information and analysis to NASDAQ-listed clientele. The MID had over one hundred different data feeds and generated over 3000 calls weekly to listed companies with a like number of email correspondence. Ted left NASDAQ in 2003 when a new CEO was brought in, who built out his own team in the process. Ted has served as a director for a variety of public and private companies through his work with Brown, Coburn & Co. and now with Coburn Capital Group. He currently serves as a director for Intellicom Solutions Inc. and Christian Purchasing Network. Additionally, Ted serves as the Chairman of the Board of Trustees for the Allianz Global Investors (PIMCO) mutual fund complex (approximately 45 funds); and as a director or trustee for the Nicholas-Applegate Fund, and the Bramwell Funds. In addition to Ted’s investment banking and capital markets activities, he has historically maintained an active interest in the not-for-profit community, devoting a substantial amount of his time during the 1990’s to working in various social services settings with “at-risk” youth. Entering the Harvard Divinity School and the Harvard Graduate School of Education as a full-time student in 1991, Ted earned a Master of Divinity and a Master of Counseling Psychology. His academic and research interests focused on adolescent moral and spiritual development, with a particular interest in the body of research centered on psycho-socio developmental resilience. In addition to his direct counseling work with adolescents, Ted was part of the founding team of one of the first state-appointed Charter Schools in Massachusetts as well as a Harvard-based intervention and after school program that is rapidly being brought to scale in the Boston public school system as well as in certain schools within the New York City public school system. Ted received his BS from the University of Virginia and an MBA from Columbia University. In addition to his Master of Divinity and Master of Counseling Psychology from Harvard University, Ted received a Certificate of Advanced Studies in Cognitive Development. BACKROUND RESUME
PROFESSIONAL EXPERIENCE Coburn Capital Group, New York, NY 2003 – Present A boutique investment bank with four principal activities. Building upon the previous work of Brown, Coburn & Co., the firm provides a full range of corporate finance and merger and acquisition advisory services with a particular focus on emerging and mid-capitalization companies, private and public. As part of its corporate finance practice, the firm is actively involved in Triton Real Estate Partners, whose business is principally in real estate development of multi-family residential properties. The firm also serves as the exclusive advisor to an institutional asset management company for its qualified pension asset management business in serving various public pension funds. Finally, the firm is actively involved in the mutual fund business, with Theodore J. Coburn serving as a board member to a number of funds and as chairperson for the Allianz Global Investors fund complex. The NASDAQ Stock Market, Inc., New York, NY 2002– 2003 Senior Vice President Head of Domestic Corporate Client Group NASDAQ is the world’s largest electronic stock market serving over 3800 listed companies. Developed and implemented strategic plan for the Corporate Client Group that serves the listed clientele, which led directly to improved operating performance while significantly reducing operating expenses and headcount. Developed key company-wide marketing strategy. • Reporting to the Vice Chairman of NASDAQ and managing a team of 100-to-125 professionals and staff, designed and implemented full relationship management and new business development program for the Corporate Client Group. Program included performance-based operating measures, accountability standards and compensation plan; extensive sales and presentation training; the development of management structure. • Repositioned the marketing strategy for NASDAQ and for the Corporate Client Group around a unified corporate-wide theme based upon the quality of the NASDAQ market. • Management and execution of strategic plan resulted in significantly reduced attrition rate of listed companies to competing exchange (41% fewer companies representing 80% less lost market capitalization) while generating a thirty percent reduction in operating expenses. Headcount -- which at beginning of tenure stood at 125 and was projected to grow to 145 -- was reduced to 100. Revenues and operating expenses for the Corporate Client Group were approximately $175 mm and $130 mm respectively. • Development and implementation of NASDAQ’s Market Intelligence Desk (“MID”), which was comprised of a team of professionals providing ongoing market-based information and analysis to NASDAQ-listed clientele. The MID had over one hundred different data feeds and generated over 3000 calls to listed companies and like number of email correspondence. • One of principal architects to NASDAQ’s strategic planning process, comprised of the four business leaders of NASDAQ’s key divisions, as well as supporting professionals. Brown, Coburn & Co., New York, NY / Boston, MA 1991 – 2002 Partner Provided a full range of investment banking services to small to mid-capitalization growth companies (both public and private). Services included mergers and acquisitions advisory, private placements of debt and equity, financial and business advisory, initial public offering advisory. Actively served as leading independent director for two mutual fund complexes. • Advised numerous early stage companies on private financing and corporate structuring, which included a number of private financings of seed rounds, venture capital funding and debt placements. Client companies were from a range of sectors including technology, information technology, specialty retail, media, international, oil and gas exploration, financial services. Size of companies served ranged from start-up capital to $750mm public market capitalization. • Provided merger and acquisition advisory services to several companies, both private and public, leading to a number of completed transactions or to other financing alternatives. • Developed strategic plans for several early stage companies with respect to strategic business and operating goals and objectives, board development, financing and tactical implementation. • Principal independent negotiator for mutual fund complex regarding change of structure for two of its closed-end mutual funds and as leading independent director to another mutual fund complex that aggressively expanded its family of funds. • Provided initial public offering advisory services to approximately twelve companies, which led to three initial public offerings. • Provided corporate restructuring services to six-to-eight public and private companies, including two in bankruptcy and one for a large privately-held Central American-based coffee company. Prudential Securities, Inc., New York, NY 1986 - 1991 Senior Vice President, Member of the Board of Directors, Chairman of Equity Commitment Committee Reported to the President of Prudential Capital Markets, developed and implemented strategic plan for newly launched Global Equity Transactions Group, which was responsible for all underwritten equity offerings globally, including those for closed-end mutual funds. As part of execution of plan, hired approximately 75 professionals of 100 plus member team worldwide. Also designed and developed stock special services activities, which included 144 sales desk, share repurchase programs and selected block trading activities. Led group to consistently be among top five-to-seven underwriters globally of equity securities. • Large managed global transactions included Hong Kong Telecom public offering (most complex offering at its time); PolyGram spin out from Phillips N.V.; British Gas and British Air privatizations. • Managed global organization, which included offices in Toronto, London and Hong Kong. • Oversaw Closed-End Fund Commitment Committee, which led to transactions for, among others, Putnam, Black Rock, MMS, Nicholas-Applegate and Van Kampen. • Built leading distribution system for closed-end funds and REIT’s and consistently led underwriting league tables. Merrill Lynch Capital Markets, New York, NY 1983 - 1986 Managing Director, Co-Head of the Equity Commitment Committee Reporting to the Managing Director of Capital Markets, one of three senior individuals in the Equity Capital Markets Group responsible for the global equity underwriting function. Worked with full range of corporate clients, both domestic and international, on complete array of equity financings including privatizations and other global offerings; and convertible, secondary and initial public offerings. Originated concept of the “Capital Markets Group,” executing strategic plan for Merrill Lynch, which with its investment banking and industry orientation has become the virtual standard globally for investment banks. • Largest lead and co-lead manager of publicly underwritten equities globally. • Initiated concept of global traunches for large US offerings, which became standard approach for investment banking community. • Initiated concept of junior co-managers for large offerings of REIT’s and closed-end funds, which became standard approach for investment banking community. • Actively worked as member of the team to build the retail distribution network for all new issue equity, REIT’s, and closed-end funds. • Developed largest convertible securities practice among underwriters. Becker Paribas, Inc., New York, NY 1981 - 1983 Vice President -- Corporate Syndicate Senior officer in the Corporate Syndicate, working on all forms of public offerings worldwide. Developed expertise in new issue common equity and derivative product markets. Special emphasis on working with emerging growth companies. Kidder, Peabody & Co., New York, NY 1978 - 1981 Associate – Corporate Finance and Syndicate Worked on full range of corporate finance activities including mergers & acquisitions, private placements, strategic consulting, public offerings of debt and equity, valuations and fairness opinions, project financing. BOARD MEMBERSHIPS Allianz Global Investors (PIMCO): Multi-Manager Series Chairman of the Board of Trustees (since 1991 of merged funds) Nicholas-Applegate Fund, Inc. Director (since 1987) Bramwell Funds, Inc. Director (since 2003) Ramtron International Corp. Director (since 2005) Harvard Rally Project Director (since 1997) Chamber Dance Project Trustee (since 1999) All Souls Unitarian Universalist Assoc. Trustee (since 2003) EDUCATION Harvard University Graduate School of Education, Cambridge, MA 1996 Certificate of Advanced Study in Human Development and Psychology Harvard University Divinity School, Cambridge, MA 1994 Master of Divinity Harvard University Graduate School of Education, Cambridge, MA 1993 M. Ed. in Counseling Psychology Columbia University Graduate School of Business, New York, NY 1978 MBA, Beta Gamma Sigma (Phi Beta Kappa analogous) University of Virginia, Charlottesville, VA 1975 B.S. Economics and Finance SOCIAL SERVICES In addition to the twenty-five years of work in financial services, from 1991 to 1999 I was actively engaged in work within the social services community. This included, among other things, the work cited below and, as well, a full-time program of study at the Harvard Divinity School and Harvard University Graduate School of Education. Research interests centered on the field of adolescent resilience and intervention programs for at-risk youth. HARVARD GRADUATE SCHOOL OF EDUCATION, Cambridge, MA 1996-1999 Education Associate, Department of Human Development and Psychology FEDERATED DORCHESTER NEIGHBORHOOD HOUSING, INC., Boston, MA 1994-1999 Consultant, Advisor, Treasurer and Member of the Board of Trustees NEIGHBORHOOD HOUSE CHARTER SCHOOL, Boston, MA 1994-1996 Educational and Financial Advisor, Treasurer and Member of the Board of Directors BOSTON UNIVERSITY, Boston, MA 1994-1995 Consultant and Advisor