Disclaimer

The past performance results presented herein do not guarantee and are not indicative of future results. There can be no assurance that these or comparable returns will be achieved from investments made by the Courage Special Situations Master Fund, L.P. (“Master Fund”), either individually or in the aggregate. All returns shown have been calculated on a consistent basis and assume a theoretical continuous investment in Class A interests of the Master Fund’s domestic feeder fund through March 31, 2010, which are charged a 1% annual management fee and 20% annual incentive allocation, and Class B interests of the Master Fund’s domestic feeder from and after April 1, 2010, which are charged a 1.25% annual management fee and 20% annual incentive allocation. All returns reflect the reinvestment of dividends and interest and the deduction of all fees, expenses and incentive allocation. Beginning March 2008, all returns presented reflect returns for a ‘‘new issue eligible’’ investor. Allocation of new issues to new issue eligible investors may result in returns to such investors that are higher than the returns to “new issue ineligible” investors. Investors should be aware that, when the Funds have been able to achieve positive returns, it has done so partially due to various hedging strategies, such as the “short” selling of securities and the selling and buying of options of underlying securities and commodities and futures contracts. The performance data listed above for the domestic feeder fund was developed internally by the fund itself and such performance numbers are unaudited. It is possible that performance goals of the fund may not be achieved and that an investor could lose all or a significant portion of its investment. Portfolio position data reflects holdings of the Master Fund.

Disclaimer

The past performance results presented herein do not guarantee and are not indicative of future results. There can be no assurance that these or comparable returns will be achieved from investments made by the Courage Credit Opportunities Fund II, L.P. (the “Credit Fund II”), either individually or in the aggregate. All returns shown have been calculated on a consistent basis and assume a theoretical continuous investment in Credit Fund II. All returns reflect the reinvestment of dividends and interest and the deduction of all fees, expenses and incentive allocation. The performance data listed above was developed internally by the fund itself and such performance numbers are unaudited. It is possible that performance goals of the fund may not be achieved and that an investor could lose all or a significant portion of its investment.

Disclaimer

The past performance results presented herein do not guarantee and are not indicative of future results. There can be no assurance that these or comparable returns will be achieved from investments made by the Courage Long Short Opportunity Fund, L.P. (the “Long Short”), either individually or in the aggregate. All returns shown have been calculated on a consistent basis and assume a theoretical continuous investment in Long Short. All returns reflect the reinvestment of dividends and interest and the deduction of all fees, expenses and incentive allocation. The performance data listed above was developed internally by the fund itself and such performance numbers are unaudited. It is possible that performance goals of the fund may not be achieved and that an investor could lose all or a significant portion of its investment.

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Courage Music

Overview

The Courage Music strategy seeks to generate high current returns and deliver capital appreciation by focusing on the acquisition and aggregation of selected music rights. The team utilizes its industry and investment expertise to seek to identify and secure attractive investments from within carefully selected target markets. The strategy employs highly innovative transaction structures and a long-term partnership approach to provide our seller-partners will attractive benefits as compared to other market alternatives.

Team

Courage Music Team

Jason Somerville

Portfolio Manager and Senior Managing Director

Rick Myers

Managing Director

Jason Kleve

Managing Director

Rylan Soref

Assistant Managing Director

Jason Somerville is a Senior Managing Director of Courage Capital Management, LLC  and the Portfolio Manager of Courage Music Royalty Fund, L.P. and Courage Music Partners II, L.P. (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value. Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Mr. Myers is a Managing Director of Courage Capital, joining the firm in February 2018. Myers participates in the sourcing and due diligence of acquisition targets. Previously Mr. Myers was President of Alister Group, LLC, a corporate advisory firm specializing in media and entertainment. From 2011 to 2016 Mr. Myers was CEO of 12South Financial, a business management company focused on media and entertainment clients. Before founding 12South, Mr. Myers served as VP, Corporate Controller/Program Management Officer for Integrity Music. He also owned and operated Solomon Financial, Inc., a Nashville based accounting firm focused on media and entertainment clients. Mr. Myers helped form Pioneer Music Group, a record label owned by Pioneer Electronics. Mr. Myers is a certified public account and a veteran of the U.S. Army, where he served for five years. Mr. Myers earned a BBA in accounting from Belmont University.

Mr. Kleve joined Courage as a Managing Director in 2019.  Mr. Kleve is a statistician with 26 years of music industry experience. Prior to Courage, he provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”) where he founded the Business Analysis department (2002) and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. Mr. Kleve assists in the due diligence of the Fund’s acquisition targets and develops projections for the Fund’s acquisition targets, investment portfolio, and the music industry as a whole. Mr. Kleve has a B.A in Applied Social Statistics from the University of Minnesota (1993).

Mr. Soref joined Courage as a Managing Director in 2019. Mr. Soref is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref works on business development efforts and oversees performance optimization opportunities. Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison (2008).

Blake Rowlinson

Associate

Mr. Rowlinson joined Courage as an Associate in 2019. Previously, Mr. Rowlinson was with Wells Fargo Securities, where he was an analyst in the Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. Mr. Rowlinson earned a B.A. in Economics from Yale University in 2017. He will focus on financial analysis relating to investment underwriting and will provide additional transaction support

Senior Advisors

Maximo Aguirre

Senior Advisor for Latin Music

Sam Chappell

Senior Advisor for Christian Music

Mike Coleman

Senior Advisor for Christian Music

Eddie DeGarmo

Senior Advisor for Christian Music

Mr. Aguirre is a Latin music executive with over 40 years of experience as record producer, manager, executive, promoter and music publisher. He serves as the President of Maximo Aguirre Music Publishing and Pacific Latin Copyright, which he founded in 1992 and 1994, respectively. Previously, he started WEA Latina in 1987, the first Latin music division of Warner Music Group. He also started the first Latin music division of BMG in 1983. Mr. Aguirre is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Latin music.

Mr. Chappell is a Christian music executive with over 30 years of experience. He serves as President of Chappell Entertainment, which he founded in 2011. From 2014 to 2016 he served as President of 40 Deep Management, which managed numerous Christian recording artists including Lecrae, Andy Mineo, and Trip Lee. Previously, he served as President of Integrity Music, then the largest independent Christian music company. Mr. Chappell started his career in business affairs for Gaither Music, and also later served as President of 40 Records, a division of Gotee Records. Mr. Chappell is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Christian music.

Mr. Coleman is a Christian music executive with over 30 years of experience. He served as Chairman and Chief Executive Officer of Integrity Media from 1987 until its sale in 2011. During this period, he built Integrity Media into the largest independent Christian music company, which accounted for over one-third of the global praise and worship Christian music market. Prior to 1987, he served as President of several different organizations in the Christian communications industry. Mr. Coleman is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Christian music.

Mr. DeGarmo is a Christian music recording artist, songwriter, producer and business executive with over 30 years of experience. Most recently, he served as President of Capitol CMG Publishing, the largest Christian music publisher. Previously, he co-founded ForeFront Records, where he developed multi-platinum selling and Grammy-winning recording artists. Mr. DeGarmo started in Christian music as a recording artist and songwriter as part of rock duo DeGarmo & Key, which was a pioneer in Contemporary Christian music and was recently inducted into the Gospel Music Hall of Fame. Mr. DeGarmo is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Christian music.

David, Fisher

Senior Advisor At-Large

Manu Kaushish

Senior Advisor for Indian Music

Jaeson Ma

Senior Advisor for Asian Music

Ron Spaulding

Senior Advisor At-Large

Mr. Fisher is a music executive with 25 years of experience. Most recently, he is the founder and CEO of Songs for Film & T.V., a music services agency specializing in music supervision, production and curation, securing thousands of placements in advertising, film, television and video games for clients such as Audi, Comcast, Disney, Google, and Pepsi. As an artist, Mr. Fisher had record deals with Interscope, Geffen Records and Big Machine Records. He released three major label records under the names Big Blue Hearts and Fisher Stevenson and was a songwriter for Bluewater Music in Nashville. Represented by CAA and William Morris, Mr. Fisher toured supporting artists such as Taylor Swift, Carrie Underwood, Lady Antebellum, Chris Isaak and Lyle Lovett. Mr. Fisher is a Senior Advisor to the Fund and exclusively assists it with the development of opportunistic investment opportunities.

Mr. Kaushish is an Indian entertainment and technology executive with over 20 years of experience. He serves as CEO of Nirvana Digital, a digital distribution platform focused on Indian film and music content. From 2007 to 2011 he serves as Senior Vice President of New Media for Eros Entertainment, one of the largest Indian “Bollywood” companies. Previously, he founded Divine Arts, which he built into one of the largest aggregators and distributors of Indian film and music content. Mr. Kaushish is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in India.m

Mr. Ma is an Asian entertainment executive with 10 years of experience. He is the co-founder of numerous entertainment companies focused on the Asian market, including East West Artists, Stampede Ventures, and 88rising. He is a senior advisor to Tencent Music Entertainment and KKBox, two of the largest music streaming platforms in Asia. During his career, he has advised and/or raised capital for transactions worth over $1 billion. Mr. Ma is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Asia.

Mr. Spaulding is a music executive with over 29 years of experience. He serves as CEO of Spaulding Enterprises which provides consulting expertise and interim executive leadership to entertainment companies. Previously, he served as the Senior Vice President of Sales for Capitol Music Group and the President of Fontana Distribution at Universal Music Group. Prior, Mr. Spaulding held positions as Executive Vice President and General Manager of Asylum/EastWest Records, Senior Vice President of Sales at WEA, and Senior Vice President of Sales at Elektra Entertainment Group at Warner Music Group, as well as Vice President of Sales for Priority Records. Mr. Spaulding is a Senior Advisor to the Fund and exclusively assists it with the development of opportunistic investment opportunities.

Brandon Squar

Senior Advisor At-Large

Mr. Squar is a music executive with over 25 years of experience.  He most recently served as Executive Vice President, Global Digital Strategy and Sales at the Alternative Distribution Alliance (Warner Music Group) working with independent recording artists and record labels on digital strategy to optimize performance. He has worked on campaigns for many artists and labels over his career including but not limited to: 88rising, Anderson .Paak, blink-182, BMG, Coldplay, Ciara, Epitaph Records, Macklemore, Maroon 5, and Nettwerk Records.  Mr. Squar was named a Billboard Magazine Digital Power Player in 2017 and 2018.  Mr. Squar is a Senior Advisor to the Fund and assists it with its digital distribution strategy and the development of opportunistic investment opportunities.