Primary Wave Music IP Fund 4, LP

Primary Wave - Kobalt

Primary Wave KB Holdings, LP (together with its group companies, Primary Wave), intends to acquire substantially all of the interest units of Kobalt Music Group Topco L.P. (together with its subsidiaries, Kobalt) from Francisco Partners Management, L.P. (together with its affiliated funds, Francisco Partners) (the Acquisition). Primary Wave is a US-based music acquisition, publishing and estate management company engaged in acquiring, managing and commercialising music rights and related intellectual property. Kobalt is a digital royalty collection and music publishing administration company, servicing artists and other constituents in the music industry. Kobalt’s main business activities relate to the provision of music publishing administration services, to third-party music rights holders.