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

company in successfu l $30 million acquisition of eight radio stations in San Antonio, Texas. Los Angeles, CA, February 06, 2014 -- Breakwater Investment Management, LLC ("Br eakwater") is pleased to announce that it has provided follow-on acquisition fin ancing to portfolio company L&L Broadcasting, LLC ("L&L"), out of its Breakwater Structured Growth Opportunities Fund. Based in Los Angeles, Breakwater is a pri vate investment firm that specializes in direct investments in leading middle ma rket growth businesses. L&L has successfully acquired a cluster of eight radio stations located in and a round San Antonio, Texas from Border Media Business Trust, LP ("Border Media") f or $30 million, partly through the follow-on acquisition financing provided by B reakwater. The radio stations purchased from Border Media include KJXK, KLEY, KS AH-AM, KSAH-FM, KTFM, KTSA, KZDC, and KHHL. "We have acquired a great cluster of radio stations located in a beautiful marke t that are operated by a very talented group of people," said radio veteran Larr y Wilson, Chairman at L&L. "We greatly appreciate the assistance and flexibility of Breakwater in helping to facilitate this acquisition. We are excited to add these radio stations to our growing company and look forward to continuing to de velop L&L into the next growth leader with a national footprint." Breakwater first provided capital to L&L in May 2013 in its successful $21 milli on platform acquisition of Triad Broadcasting, consisting of thirty-two radio st ations in six separate markets. Following the spin-off of six stations in the Fa rgo market, L&L went on to acquire a further six stations in Jackson, Mississipp i and five stations in Columbia, South Carolina. The purchase of the San Antonio cluster now brings the total number of stations owned by L&L to forty-three. "We are delighted to be a financial sponsor in L&L's acquisition of this importa nt San Antonio cluster," said Saif Mansour, Founding Partner at Breakwater. "Lar ry Wilson and his management team represent the best in broadcasting, with an ex ceptional track record in acquiring and operating radio broadcasting assets. We look forward to the possibility of providing further acquisition capital for fut ure targeted opportunities." Prior to L&L, Larry Wilson founded Citadel Communications in 1984, starting with only two radio stations. In 2001, Citadel Communications was sold to Forstmann Little with over 200 stations for $2.1 billion. Larry and his team are now looki ng to repeat their previous remarkable success under the L&L platform. About Breakwater Investment Management, LLC: Breakwater Investment Management is a private investment firm that specializes i n direct investments in lower middle market growth businesses. The firm serves a s General Partner of Breakwater Structured Growth Opportunities Fund, LP, a $250 million open-ended private investment partnership organized in August 2008 unde r Delaware law. The Fund s investment objective is to generate both current income a nd capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety o f industries. To learn more about Breakwater, visit http://www.breakwaterfund.com or call (424 ) 777-4000. Contact: Hilary Adams Breakwater Investment Management

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