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 with attractive benefits as compared to other market alternatives.

Team

Music Team

Jason Somerville

Portfolio Manager and Senior Managing Director

Kin Cheng

Managing Director

Jason Kleve

Managing Director

Dave Bakula

Managing Director

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“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).

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence. Mr. Cheng has a B.A in Economics from the University of California.

Jason Kleve joined Courage Music as a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 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. At Courage Music, Mr. Kleve manages investment qualification and underwriting. Mr. Kleve has a B.A in Applied Social Statistics from the University of Minnesota.

Dave Bakula joined Courage Music as a Managing Director in 2021. He is a music industry business analyst with over 25 years of experience. Prior to Courage Music, Mr. Bakula was a Senior Vice President at Nielsen Music, the world’s largest provider of music sales data. During his 12 years at Nielsen, he founded and managed the company’s analytical consulting practice, whose clients include music labels, distributors, publishers and industry consortiums. He also managed the development of the company’s award-winning Music Connect platform, which is the primary resource used by the music industry for performance analysis. Previously, Mr. Bakula served as Vice President of Business Analysis at Universal Music Group (“UMG”), the world’s largest music company. At UMG, he developed the company’s industry-leading digital research practice in the nascent years of the digital music revolution. At Courage Music, Mr. Bakula manages investment monitoring and its proprietary business analytics platform. Mr. Bakula has a B.A in Sociology and Political Science from the University of Minnesota and an MBA in Predictive Analytics from Ohio University.

Rylan Soref

Assistant Managing Director

Blake Rowlinson

Associate

Erin Anderson

Data Analytics Consultant

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He 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 manages seller-partner relations and performance optimization initiatives. Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s 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. At Courage Music, Mr. Rowlinson is responsible for financial analysis and assists with all aspects of the Team’s activities. Mr. Rowlinson earned a B.A. in Economics from Yale University.

Erin Anderson joined Courage Music as a Data Analytics Consultant in 2020. Prior to working with Courage Music, Ms. Anderson practiced law at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. As a consultant to Courage Music, Ms. Anderson assists with data analytics and the operation of its proprietary business analytics platform. Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Senior Advisors

Sam Chappell

Senior Advisor for Christian Music

David Fisher

Senior Advisor At-Large

Manu Kaushish

Senior Advisor for India

Jaeson Ma

Senior Advisor for Asia

Sam Chappell is a Christian music executive with over 30 years of experience. He owns and operates 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.

David Fisher is a music executive with 25 years of experience. He is the co-founder and CEO of Songs for Film & TV, a music services agency specializing in music supervision, production and curation that has secured 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 artist 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.

Manu 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 he founded in 2015. Previously, he served as Senior Vice President of New Media for Eros Entertainment, one of the largest Indian “Bollywood” companies. Prior to Eros, 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.

Jaeson Ma is an Asian entertainment executive with over 10 years of experience. He is the co-founder and co-owner of Triller as well as numerous entertainment companies focused on the Asian entertainment 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.

Robert Morelli

Senior Advisor At-Large

Daniel Oakley

Senior Advisor At-Large

David Zierler

Senior Advisor At-Large

Robert Morelli is a music executive with over 30 years of experience. He owns and operates Cool Is Forever Consulting, a recording artist and record label advisory firm he founded in 2020 after his retirement from Sony Music Entertainment. At Sony, Mr. Morelli served as President of RED Distribution for 12 years, which he built into the leading distributor of independent record labels. He also served as President of RED Music Label Group for two years. Prior to Sony, Mr. Morelli served as Executive Vice President and General Manager of Sony BMG and Vice President Label Management at BMG, following roles at RCA Records and PolyGram Records. He started his music career in record stores, first as an employee and later as an owner and operator. Mr. Morelli is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Daniel Oakley is a music executive with over 15 years of experience. Most recently, he oversaw Experience Marketing for industry and creator experiences at Spotify, where he served in that role since 2017 (pre-IPO). In 2012, Mr. Oakley was engaged by Jimmy Iovine and Trent Reznor to lead partnership efforts for what would become Beats Music. After the $3 billion Beats Music acquisition by Apple, he oversaw Global Lifestyle Marketing for the company and led content partnership strategy and the marketing rollout for the launch of Apple Music and Beats 1 Radio in 112 countries. Mr. Oakley previously worked at Sony Music, where he leveraged new technologies and social media to connect artists with fans. He has maintained various other marketing, management and production roles throughout his career. Mr. Oakley is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

David Zierler is a music executive with over 20 years of experience. He owns and operates Handwritten Records, an independent label and distribution services company he founded in 2017. The company’s artist roster includes The Velveteins, Magic Bronson, tiny deaths, Jean Dawson, Nightshifts and KiNG MALA. Previously, Mr. Zierler served as the President of Ingrooves Music Group where he worked with notable independent labels such as Fat Possum Records, Dualtone, Rostrum Records, Hopeless Records and was instrumental in launching Grand Jury Music, a label partnership between Fat Possum and Ingrooves. Mr. Zierler is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.