Breakwater Provides Follow-On Financing into L&L Broadcasting Growth capital fund backs Portland-based radio broadcasting company

in successful acquisition of five radio stations in Columbia, South Carolina. Los Angeles, CA, USA, December !, " #$ -- Breakwater Investment Management, LLC ("Breakwater") is pleased to announce that it has provided follow-on ac uisition financing to portfolio compan! L"L Broadcasting, LLC ("L"L"), out of its Breakwater #tructured $rowth %pportunities &und' Based in Los (ngeles, Breakwater is a private investment firm that speciali)es in direct investments in leading middle market growth *usinesses' Breakwater first provided ac uisition capital to L"L in Ma! +,-. in its successful /+- million platform ac uisition of 0riad Broadcasting, consisting of thirt!-two radio stations in si1 separate markets' &ollowing the spin-off of si1 stations in the &argo market, L"L successfull! ac uired a si1-station cluster in 2ackson, Mississippi in #eptem*er +,-.' L"L has now successfull! ac uired a further cluster of five radio stations in Colum*ia, #outh Carolina from 3M& Media for /--'million, partl! through follow-on ac uisition capital provided *! Breakwater' "4e are e1tremel! pleased to have *rought the Colum*ia 3M& Media cluster into the L"L footprint," said radio veteran Larr! 4ilson, Chairman at L"L' "4ith a heritage market leader like 445M, 60he Big 5M,6 there is untold potential for growth' %nce again, we greatl! appreciate the effort and fle1i*ilit! of Breakwater in helping to facilitate the ac uisition of this important radio station cluster, which is the second largest in the region'" "L"L is headed *! a trul! world-class management team, with an e1ceptional track record in ac uiring and operating radio *roadcast assets," said #aif Mansour, founder and Managing 7artner at Breakwater' "4e are delighted to *e a financial sponsor in L"L6s ac uisition of this important #outh Carolina cluster' 4e look forward to continuing to support Larr! 4ilson and his outstanding team in ma1imi)ing the value of L"L6s assets and developing the compan! into the ne1t growth leader with a national footprint'8 7rior to L"L, Larr! 4ilson founded Citadel Communications in -9:;, starting with onl! two radio stations' In +,,-, Citadel Communications was sold to &orstmann Little with over +,, stations for /+'- *illion' Larr! and his team are now looking to repeat their previous remarka*le success under the L"L platform' Abo%t Breakwater &nvestment 'anagement, LLC( Breakwater Investment Management is a private investment firm that speciali)es in direct investments in lower middle market growth *usinesses' 0he firm serves as $eneral 7artner of Breakwater #tructured $rowth %pportunities &und, L7, a /-,, million open-ended private investment partnership organi)ed in (ugust +,,: under 5elaware law' 0he &und<s investment o*=ective is to generate *oth current income and capital appreciation through secured de*t investments accompanied with e uit! participation rights, primaril! in growth-oriented companies across a variet! of industries' 0o learn more a*out Breakwater, visit http>??www'*reakwaterfund'com or call (;+;) @@@-;,,, Contact( Ailar! (dams Breakwater Investment Management, LLC -999 (venue of the #tars, #uite .;., Los (ngeles, C( 9,,B@

;+;-@@@-;,,, =amesCenglishwordfactor!'com http>??www'*reakwaterfunds'com