#1RESERVOIR INVESTOR PRESENTATION DECEMBER 2022#2Disclaimer Forward Looking Statements This presentation contains "forward-looking statements" for purposes of the safe harbor provisions under the U.S. Private securities litigation reform act of 1995, as amended. These forward-looking statements are generally identified by words such as "anticipate," "believe," continue," "could," "estimate," "expect," "intend," "may," "might," "seem," "seek," "future," "outlook," "model," "target," "goal," "plan," "possible," "potential," "predict," "project," "should," "strive," "would," "will" or words of similar meaning that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements may include, among other things, statements about future financial condition and results of operations, plans, objectives, strategies, beliefs, expectations and intentions with respect to, among other things, future opportunities for reservoir's business, growth initiatives and market opportunities, competitive landscape, prospective performance, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash and capital expenditures. Such forward-looking statements are based upon the current beliefs and expectations of reservoir's management and are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. Actual results, performance or achievements may differ materially, and potentially adversely, from any forward- looking statements and the assumptions on which these forward-looking statements are based. There can be no assurance that the information contained in this presentation is reflective of future results, performance and/or achievements to any degree. These forward-looking statements are provided for illustrative purposes only, and you are cautioned not to place undue reliance on these forward-looking statements as a guarantee, assurance or prediction of future results, performance and/or achievements as these forward-looking statements are based on estimates and assumptions, whether or not identified in this presentation, that are inherently subject to various significant risks, uncertainties, contingencies and other factors, many of which are difficult to predict and generally beyond the control of Reservoir. There may be additional risks and other factors that reservoir does not currently know or that Reservoir currently believes are immaterial that could also cause actual results, performance or achievements of Reservoir to differ from those contained in these forward-looking statements. Consequently, there can be no assurance that the actual results, performance and achievements anticipated in this presentation will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, reservoir. Additional information concerning these and other factors that may impact the business, prospects, financial condition and/or results of operations discussed in this presentation can be found in Reservoir's periodic reports or other filings with the SEC, which are available publicly on the sec's website at www.sec.gov. All information set forth in this presentation speaks only as of the date hereof or the date of such information, as applicable, and reservoir expressly disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation. These forward-looking statements should not be relied upon as representing Reservoir's assessments as of any date subsequent to the date of this presentation and, accordingly, undue reliance should not be placed upon these forward-looking statements. Financial Information; Non-GAAP Financial Measures This presentation contains unaudited financial information of reservoir. The unaudited financial information has been prepared on the same basis as Reservoir's audited financial statements and, in the opinion of reservoir's management, reflects all adjustments necessary for the fair presentation of the unaudited financial information. However, the unaudited financial information contained in this presentation is preliminary and may be subject to change. Accordingly, such financial information may be adjusted or may be presented differently in periodic reports or other filings filed by Reservoir with the SEC, and such differences may be material. In addition, past performance is not a guarantee or indication of future financial condition and/or results of operations and should not be relied upon for such reason. This presentation also includes certain financial information, such as EBITDA or Adjusted EBITDA, that has not been prepared in accordance with united states generally accepted accounting principles ("GAAP"). Reservoir's management uses these non-GAAP financial measures to evaluate Reservoir's operations, measure its performance and make strategic decisions. Reservoir believes that the use of these non-GAAP financial measures provides useful information to investors and others in understanding Reservoir's results of operations and trends in the same manner as reservoir's management and in evaluating Reservoir's financial measures as compared to the financial measures of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP financial measures are subject inherent limitations as they reflect the exercise of judgments by reservoir's management about which items are excluded or included in determining these non-GAAP financial measures and, therefore, should not be considered as a substitute for net income, operating income or any other operating performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to analyze Reservoir's business would have material limitations because the calculations are based on the subjective determination of reservoir's management regarding the nature and classification of events and circumstances that you may find significant. In addition, although other companies in Reservoir's industry may report measures titled EBITDA or Adjusted EBITDA or similar measures, such non-GAAP financial measures may be calculated differently from how reservoir calculates such non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider such non-GAAP financial measures alongside other financial performance measures and other financial results presented in accordance with GAAP. You should review Reservoir's audited and unaudited consolidated financial statements contained in its periodic reports or other filings with the SEC. 2 R#3Disclaimer Industry and Market Data The information in this presentation also includes information provided by third parties. None of Reservoir, its affiliates or any third parties that provide information to Reservoir or its affiliates, such as market research firms, guarantee the accuracy, completeness, timeliness or availability of any information or are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such information. While such information is believed to be reliable for the purposes of this Presentation, neither Reservoir nor any of its subsidiaries, stockholders, partners, members, affiliates, directors, officers, employees, advisers, representatives or agents makes any representation or warranty with respect to the accuracy of such information. No Offer or Solicitation This presentation is for informational purposes only and is neither an offer to sell or purchase, nor a solicitation of an offer to sell, purchase or subscribe for, nor a recommendation or advice regarding, any securities in any jurisdiction. This Presentation has not been approved or recommended by the U.S. Securities and Exchange Commission (the "SEC") or any other federal or state securities commission or securities regulatory authority or other regulatory body or authority, nor has any of these bodies or authorities passed upon the merits of, or the accuracy and adequacy of, any of the information contained in this presentation. Any representation to the contrary is a criminal offense. Trademarks, Service Marks and Trade Names Reservoir and its affiliates own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to imply a relationship with Reservoir or any of its affiliates, or an endorsement or sponsorship by or of Reservoir or any of its affiliates. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Reservoir, its affiliates or any third parties whose trademarks, service marks or trade names, as the case may be, are referenced herein will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor in these trademarks, service marks and trade names. Additional information with respect to Reservoir may be found in its filings with the SEC available at the SEC's website at www.sec.gov and on Reservoir's website at www.reservoir-media.com. 3 R#4First U.S.-Based Publicly Traded Independent Music Company Leading, diversified music publishing and recorded music business • Vast collection of iconic hits across genre, geography, and time period • Focused on acquiring catalogs with hit songs and building portfolio diversification • Investing in frontline songwriters and artists with potential for success Network of joint venture, administration and distribution partners worldwide ● Highly accomplished, respected and award-winning platform • Music Week Awards' Independent Publisher of the Year 2020 & 2022 Music Business Worldwide's The A&R Awards' Publisher of the Year 2019 & 2017 ● ● First female founded and led publicly traded music company in the U.S., led by Golnar Khosrowshahi • Billboard's Women In Music Executive of the Year 2022 Billboard's Most Powerful Women in Music 2017, 2018, 2019, & 2020 Billboard's Power List 2020 & 2022 Supported by a highly experienced team of music professionals with decades of experience at major music companies such as Universal, Warner, and Sony ● 18 Songwriter Hall of Fame inductions ● ¹ Trailing twelve month revenue ended 09-30-22 ● ● ● ● ● ● ● KEY FACTS NASDAQ: RSVR Market Cap: ~$500M Fiscal Year End: Mar 31st Shares Outstanding: 64M 140K+ Copyrights 36K+ master recordings Offices in NYC (HQ), LA, Nashville, London, Toronto, & Abu Dhabi REVENUE Recorded Music & Other¹ 29% Music Publishing¹ 71% R#5Compelling Investment Highlights Leading Independent Music Company With Proven Platform • $650m+ of invested capital since inception¹ $140m+ of that in futures spend with enhanced risk/return profile vs. traditional recorded music Proven M&A Platform Strong track record, trusted partner to artist community and caretaker of legacy assets ● ● • Deal pipeline includes 220+ potential targets worth over $2.1B as of 9-30-22 1 As of 09-30-22 2 Wall Street Research 3 Based on 80% of LTM as of 06-30-22 Net Publisher Share (NPS) and Net Label Share (NLS); Competitive Advantages & Value Enhancement Capabilities ● Value enhancement efforts lead to industry outgrowth Experienced creative team with stellar reputation among artists and key players in the music industry Evergreen Catalog & Contemporary Hits ● • 140K+ copyrights and 36K+ masters • 130+ active songwriters and frontline artists 89% of publishing & 100% of recording gross profit is Life of Copyright³ Growing Industry, Supported By Powerful Secular Tailwinds ● Supported by rise of digital, streaming, emerging markets, and expansion of emerging music monetization platforms Music industry projected to grow over 7% per year through 2030² Strong Growth & Operating Leverage Model Expected to outgrow music industry fundamentals, with projected FY2022-2025 CAGR of 12% on revenue • Significant operating leverage opportunity as scale 5 R#6Music 101 PERFORMING RIGHTS ORGANIZATIONS SESAC ascap $ SONGWRITERS CONSUMERS BMI DIGITAL SERVICES $ Spotify amazon music $ Music You Tube PLATFORMS Spotify amazon music MUSIC PUBLISHING You Tube Music THIRD PARTIES NETFLIX NBC R OCBS PELOTON PUBLISHER $ AT&T ● WALT DISNEY PICTURES • CATALOG FUTURES RECORDED MUSIC FOREIGN SUB-PUBLISHERS mushrom music publishing ROBA RECORD LABEL P₁₁ R FUJIPACIFIC MUSIC INC Budemusic $ RECORD LABELS > SONY MUSIC W WARNER MUSIC GROUP $ UNIVERSAL UNIVERSAL MUSIC GROUP ARTISTS ARTISTS 6 R#7History of Growth ROSTER SIGNINGS CATALOG ACQUISITIONS OFFICE OPENINGS 2010 DANJA TVT MUSIC PUBLISHING TVT 2 CHAINZ $1M JAMIE HARTMAN reverbmusic REVERB MUSIC & P&P SONGS 2014 LONDON $5M PHILLY GROOVE RECORDS FS MEDIA 2015 JOEY BADA$$ HANS ZIMMER $9M 2016 ALI TAMPOSI COMMODORES HOLLYWOOD LOS ANGELES $17M 2017 RVA BIG LIFE BIG LIFE MANAGEMENT $20M MIGOS 2018 J.I.D ISLEY BROTHERS $23M 2019 A BOOGIE WIT DA HOODIE Chrysalis CHRYSALIS RECORDS UW $32M MUSIC CITY NASHVILLE 2020 BEN HARPER $45M BL SHAPIRO BERNSTEIN 1ST 2005 HEARTS BLUFF $64M BOB CREWE PopArabia ABU DHABI 2021 JONI MITCHELL TommY BOYL TOMMY BOY RECORDS ALABAMA 2022 OAK FELDER $73M $108M HENRY JACKMAN REVENUE 7 R#8Music Publishing Segment Overview Music Publishing represented Reservoir's primary focus from its 2007 inception until its large-scale step towards building its Recorded Music business in 2019 with the acquisition of Chrysalis Records. Ex-USA 46% 140K+ COPYRIGHTS (I.E. Ownership Of Musical Composition) GEOGRAPHY² USA 54% No Musical Composition Accounts for > 2% OF REVENUE Synch 18% Other 10% Performance 20% MIX² Mechanical 4% 97% of Catalog has a Retention Date of > 10 YEARS with 89% for Life of Copyright¹ DIVERSIFIED BY.... Digital 49% Electronic 4% Rock 9% Hip Hop 9% Country 16% GENRE¹ Other 7% R&B 17% CATALOG EXAMPLES Legacy: • Joni Mitchell • The Isley Brothers • John Denver Billy Strayhorn • Commodores Pop 20% Film/TV 18% Active Songwriters: Offset (Migos) Ben Harper 2 Chainz Ali Tamposi Jamie Hartman ● ● ● ● ● ¹ Based on 80% of LTM Net Publisher Share (NPS) as of 06-30-22 2 Trailing twelve month revenue ended 09-30-22 1970s 11% 1980s 6% RELEASE DATE¹ Pre-60s 6% 1960s 9% 1990s 13% 2000s 28% 2010s - Today 28% 8 R#9Music Publishing Top 10 Songs by NPS¹ 3 5 9 Know Who You Bom Gocking TiTo Somebody Been Mela It's Your Thing The Isley Brothers It's Our Thing ← (SEN THE REST OF JOHNNY ESTHE EFFE STILLBEH EAGENTHALLE SURREALISTIC PILLOW "It's Your Thing" The Isley Brothers 2.0%, (1969) "Ring of Fire" Johnny Cash 0.9%, (1963) 2 "Somebody to Love" Jefferson Airplane 0.6%, (1967) 1 LTM Net Publisher Share (NPS) as of 06-30-22 6 10 ther and higher JACKIE WILSON higher STERED fani JACKIE WILSON USHER YEAH MADONNAPAPA DON'T PREACH "Higher & Higher" Jackie Wilson 1.2%, (1967) "Yeah!" Usher 0.7%, (2004) "Papa Don't Preach" Madonna 0.6%, (1986) 7 John BE COLLECTION VOLUME ONE Take Me Home Country Roads VOS "Take Me Home, Country Roads" John Denver 1.1%, (1971) "For the Love of You" The Isley Brothers 0.6%, (1975) 4 8 EVANESCENCE BRING ME TO LIFE "Bring Me To Life" DOM Evanescence 1.0%, (2003) RAY CHARLES "Georgia On My Georgia on my mind Mind" Ray Charles 0.6%, (1930) 1,012 Songs Account For 80% of LTM NPS with No Song Accounting For More Than 3% of LTM NPS 9 R#10Recorded Music Segment Overview Reservoir's first foray into the recorded music business initially was in 2012 with the acquisition of Philly Groove. Reservoir expanded its recorded music segment through the acquisition of Blue Raincoat (incl. Chrysalis Records) in 2019 and Tommy Boy Records in 2021. 36K+ SOUND RECORDING COPYRIGHTS (I.E. "Master" Recordings) Synch 12% Physical 15% 100% OWNERSHIP of Each Master Recording Typically REVENUE MIX² Neighboring Rights 8% Digital 65% No Master Recording Accounts for > 9% OF NET LABEL SHARE¹ USA 47% CATALOG EXAMPLES Legacy: De La Soul • Sinéad O'Connor Naughty by Nature • Generation X (Billy Idol) • The Delfonics GEOGRAPHY² Active Recording Artists: EX-USA 53% • Laura Marling Liz Phair ● ● ● ● Emeli Sandé William The Conqueror Lump ¹ Based on 80% of LTM Net Label Share (NLS) as of 06-30-22 2 Trailing twelve month revenue ended 09-30-22 10 R#11Recorded Music Top 10 Songs by NLS¹ 2 "Nothing Compares 2 U" Sinéad O'connor 3 "Jump Around" House of Pain 2.8%, (1992) 3.8%, (1990) 1 5 9 COOLIO "Gangsta's Paradise" GANGSTA'S PARADISE The Play Brothers NAKA MATE Y G Inby Resten Coolio 9.0%, (1995) "For the Love of You" The Isley Brothers 1.8%, (1985) "Between the Sheets" The Isley Brothers 1.5%, (1983) 1 LTM Net Label Share (NLS) as of 06-30-22 Sinead O'Connor 10 DEMAS COMPARES V 61 THE SPECIALS Chast Town Why? Friday Night Saturday Morning J.COLE MIDDLE CHILD "Ghost Town" The Specials 1.7%, (1981) "Middle Child" J. Cole 1.4%, (2019) 7 THE WATERBOYS HOUSE PAIN LAW "Dancing with Myself" Generation X 1.6%, (1981) 4 8 WHITEY FOR SINGS the blues ADVISORY ULTRAVOX VENNA 204 Recordings Account For 80%. of LTM NLS and 100% are Owned for the Life of the Copyright "What It's Like" Everlast 1.8%, (1998) "Vienna" Ultravox 1.6%, (1980) 11 R#12Growth Drivers 1 3 STRONG SECULAR TAILWINDS PROVEN M&A PLATFORM & NEW SIGNINGS Do 2 4 VALUE ENHANCEMENT INITIATIVES OPERATING LEVERAGE & CASH FLOW GENERATION 12 R#131 Music Industry: Strong Secular Tailwinds Rise of Digital & Availability of Streaming Digital Revenue CAGR: 13% (2010-20) 12% (2020-30) ✔ Tik Tok TRILLER Supernatural ROBLOX Expansion Of Emerging Music Monetization Platforms Source: Wall Street Research Growth Of Paid Streaming Subscribers Paid Subs CAGR: 49% (2010-20) 11% (2020-30) COPYRIGHT DIRECTIVE Music Modernization Act CRB Increased Government Intervention To curb piracy and improve monetization rates for content owners ♬ Growth Of Streaming In Emerging Markets EM to contribute 43% of streaming revenue by 2030 vs. 13% today Ša Recovery In Process Across Impacted Royalty Streams (Gym/Bars/Restaurants, Synch, Music Releases, Live Music) 13 R#141 Music Industry: Strong Growth Forecasted 55% 2010 INDUSTRY Publishing Recorded Music Paid Streaming Subs 1 Wall Street Research 25% 5% 15% $32B $8B $24B 8M DIGITAL 5% 19% 17% 2020 $48B $13B $35B 434M PERFORMANCE 59% CAGR 4% 5% 4% 49% SYNCH 4% 12% 2030 6% $115B $23B $92B 1.3B PHYSICAL & OTHER 79% CAGR 9% 6% 10% 11% 14 R#152 Value Enhancement Initiatives SYNCHRONIZATION DIGITAL LICENSING SETTLEMENTS SAMPLING, COVERS, INTERPOLATIONS, REMIXES EDUCATIONAL INITIATIVES VALUE ENHANCEMENT Placement of musical compositions into television, film, advertisements, gaming platforms, and toys Digital licensing partnerships with emerging music platforms and in-home fitness brands YouTube TikTok facebook Pi PELOTON ROBLOX Representation on industry boards advocating for creators generates settlements from past infringement and enables collaboration on mechanisms for future licensing Extract additional value from high-quality catalogs with proactive pitching Development of interactive university courses to enhance brand exposure Organic growth outpaces industry growth RSVR 4-Year Revenue CAGR¹ 15% Industry² 7% 1 Organic Revenue over Fiscal 2018-2022 2 Wall Street Research 15 R#162 Value Enhancement Examples & Industry Advocacy VOLVO "Lean On" Top Synch Highlights NISSAN "Jump Around" Since 1934 Hillshire Farm "Take Me Home, Country Roads" Totaling $3M Allstate "Non, Je Ne Regrette Rien" IN LICENSING EXTRADE "Day-O" Industry Advocate & Leader ELECTED BOARD SEATS SNMPA Music Publishers Canada Éditeurs de Musique au Canada SONGWRITERS AIMP ASSOCIATION OF INDEPENDENT MUSIC PUBLISHERS IMPF RECORDING ACADEMY MUSICARES MECHANICAL LICENSING COLLECTIVE Music Publishers Association $15M GENERATED IN SETTLEMENT PAYMENTS Over the Past Five Years (FY18-FY22) 16 R#173 Proven M&A Platform 281 New Deals Considered In FY2021 102 OFFERS MADE 36%¹ 71 DEALS INTO EXCLUSIVITY 25%¹ 66 DEALS CLOSED 1 23%¹ $650M+ CAPITAL DEPLOYED since inception² 1 Based on total offers made, deals into exclusivity, and deals closed as a percentage of new deals considered in FY2021, respectively 2 As of 09-30-22 88% of GROSS PROFIT & COST SYNERGIES FLOW to EBITDA³ 3 For the period FY18-FY22 4 IRR represents a net return on invested capital since inception (2007) by the majority shareholder marking the investment to market upon close of SPAC merger 220+ M&A TARGETS IN CURRENT PIPELINE AS OF 09-30-22 12% UNLEVERED IRR since 20074 Totaling $2.1B 17 R#183 Proven M&A Platform Date VALUE ENHANCEMENT LEADS TO BOUGHT-DOWN MULTIPLES Purchase Price NPS/NLS (At Close) Multiple (At Close) $5.5 $ 3.6 $3.2 $3.5 $4.3 $ 5.7 $2.5 $1.3 $0.9 $1.5 $0.6 $0.7 $ 0.4 $0.4 $0.4 $0.6 2021 $ 101.3 18.3 x 2020 $61.4 17.0 x 2020 $ 60.2 19.0 X 2019 $50.1 14.5 x 2014 $44.0 10.3 x 2015 $ 43.3 7.6 x 2018 $30.7 12.4 x 2020 $ 16.4 13.0 x 2012 $11.0 12.0 x 2010 $8.4 5.4 x 2017 $7.8 13.3 x 2021 $7.6 11.0 x 2021 $6.7 15.9 x 2020 $6.0 16.0 x 2018 $5.9 15.0 x 2020 $5.7 9.1 x Note: Reflects transactions of +$5M in value that are at least 12 months old as of 03-31-21 (two 2021 transactions included that have 12 months of earnings or pro-forma earnings) NPS/NLS (FY2022) $8.7 $3.9 $3.0 $6.9 $4.7 $4.8 $3.3 $0.8 $1.2 $2.2 $0.6 $0.6 $0.7 $ 0.5 $0.3 $0.7 Multiple (FY2022) 11.7 x 15.8 x 20.0 x 7.2 x 9.4 x 9.0 x 9.4 x 19.5 x 9.5 x 3.9 x 14.1 x 12.0 x 9.0 x 12.3 x 20.3 x 7.7 x 14.7x WEIGHTED AVERAGE ENTRY MULTIPLE 2.3x WEIGHTED AVERAGE REDUCTION IN MULTIPLE 18 P₁ R#193 New Roster Signings Advance funds to established songwriters who are then under exclusive contract to create music with the benefit of long- term ownership. $140M+ CAPITAL DEPLOYED¹ ALL SIGNIFICANT WRITER SIGNINGS HAVE POSITIVE IRR² 3 YEAR TYPICAL TERM CONTRACT 23.3% WEIGHTED AVERAGE IRR² 1 As of 09-30-22 2 Based on significant writer signings, which include investments of greater than $2M and are at least two years old as of 03-31-22 ● ● NOTABLE SIGNINGS Ali Tamposi Migos 2 Chainz Danja James Fauntleroy Jamie Hartman A Boogie Wit Da Hoodie • Joyner Lucas Justin Bieber Ed Sheeran ● PARTNERED WITH SONGWRITERS BEHIND HITS BY TODAY'S BIGGEST ARTISTS INCLUDING ● ● Ariana Grande Bruno Mars 19 R#203 New Roster Signings 2016 2017 2018 2012 2014 2011 2019 2018 2015 2019 2017 American female hit pop songwriter American hip hop trio with two #1 Billboard albums American 4x Grammy Award-winning songwriter and producer American rapper with one #1 Billboard album British 4x BMI & 2x Ivor Novello-winning songwriter American 2x Grammy Award-winning producer and songwriter American rapper with one #1 Billboard album American rapper with two #1 Billboard albums American rapper, singer, and actor American 2x Grammy Award-nominated rapper American 2x Grammy Award-winning songwriter and producer 1111 1 FY2021 figures as of 03-31-22, writer signings greater than two years old, and greater than $2M invested 2 IRRS based on actual performance to date and projected performance through TOTAL INVESTMENT $14.2M $9.9M $8.9M $7.3M $6.6M $6.5M $5.4M $3.3M $2.8M $2.3M $2.0M EXPECTED IRR 20.5% 33.6% 3.5% 25.7% 52.8% 9.4% 27.5% 27.4% 27.3% 13.6% 5.7% 140M+ TOTAL FUTURES SPEND TO DATE 23.3% IRR ON SIGNIFICANT WRITER SIGNINGS 20 R#214 Operating Leverage & Cash Flow Generation Core Infrastructure Provides Substantial Operating Leverage as the Business Grows Today REVENUE EXPENSES 1 For the period FY18-FY22 CORPORATE Leadership, Finance, and M&A THREE CORE OPERATING EXPENSES GROW FAR LESS THAN NEW REVENUE OPERATING LEVERAGE ADMINISTRATION Royalty Admin, Copyright, etc. Future VALUE ENHANCEMENT Synch, Marketing, A&R (relationship) > 88% of Acquired Gross Profit Should Fall to Adj. EBITDA¹ Asset light model Limited incremental expenses needed as new catalogs are added Tommy Boy acquisition. expanded platform in U.S. for Recorded Music 21 R#22Financials 22 R#23Q2 Fiscal Year 2023 Results 10% total revenue growth year-over-year ● Music Publishing revenue rose 9% year-over-year Recorded Music revenue increased 11% year-over- year $8 $22 Q2'FY22 Raised financial outlook for fiscal year 2023, representing double-digit growth for Revenue and Adjusted EBITDA REVENUE ($M) Publishing $9 $24 Q2'FY23 Recorded Music & Other Strengthened reputation as a well- respected caretaker of legacy assets: ● Catalog acquisitions of Louis Prima and Voice of Beirut Signed multiple publishing deals including KayGee of Naughty By Nature, Nick Lee and Brit Taylor Restated expectation to deploy $100+ million in strategic M&A in fiscal 2023 ADJUSTED EBITDA ($M) $12.7 Adj. EBITDA year-over- year growth of 1% Q2'FY22 $12.8 Q2'FY23 P₁ 23 R#24Strong Growth Track Record & Forecast - Raised Fiscal Year Outlook ($ in millions) REVENUE ADJUSTED EBITDA $63 $9 $54 FY2020 ■ Publishing Prior Fiscal 2023 Outlook REVENUE CAGR: 31% $80 $14 $66 $116 - $121 $44 - $47 FY2021 ■ Recorded Music & Other $108 $31 $77 FY2022 Current Fiscal 2023 Outlook $118 - $122 $45 - $47 ● Strength & Diversity of Catalog Growth (at mid-point) • Value Enhancement Success CORE DRIVERS ● 11% ● 11% Strong Execution in Futures Business Opportunistic, Accretive M&A R#25Improving Profitability $MM $35 FY2020 GROSS PROFIT $47 FY2021 $64 FY2022 Note: Excludes the effect of any non-cash stock-based compensation expense related to the current option plan. $MM $23 FY2020 ADJUSTED EBITDA $32 FY2021 $41 FY2022 25 R#26Solid Balance Sheet & Strong FCF Generator $MM ADJUSTED FREE CASH FLOW¹ $32 FY2020 $35 FY2021 1 Adjusted Free Cash Flow excludes cash flow used for acquisitions and signings $40 FY2022 BALANCE SHEET METRICS as of 09-30-22 TOTAL DEBT: CASH: NET DEBT: CAPACITY: $278M $18M $259M $67M R#27Strong Growth Outlook & Operating Leverage 14% CAGR $108 $160 Revenue 18% CAGR $41 $68 Adjusted EBIT DA ■FY 2022A ■FY 2025E 38% 43% Adj. EBITDA Margin ● Assumes $100M annual reinvestments in the business (except FY2022, where a total of $224M was deployed) Assumes reinvestments split into 75% M&A and 25% futures 27 R#28MYTRUCK Appendix ceveral 28 R#29Music Publishing 101 IP RIGHTS: Songs owned by publisher or songwriter Catalog previously released songs Futures = songwriters under active contract who are writing new songs ● PROTECTED ASPECT OF WORK: Notes & lyrics RESPONSIBILITY OF PUBLISHER: Monetization & Exploitation Catalog: identify high-quality legacy catalogs and acquire ownership interest in these catalogs ● ● = ● ● Futures: find songwriters to sign and develop, nurture their skills and pair them with likeminded collaborators; may either have ownership interest in copyright or perform services under an administration agreement Both: pitch songs for use in film, tv, advertising, videogames, and others; license the right to use the song; collect royalty fees for usage INCOME: Royalty income paid on every version of the song typically split between publisher (NPS) and songwriter (writer's share/royalties) KEY CASH FLOW METRICS Revenue / Gross Royalties (-) Writer Royalties = Net Publisher Share (NPS) (-) Operating Expenses (Artist & Repertoire, Licensing, G&A, Talent Expense) = EBITDA Amortization Advances Recoupments Capex 29 R#30Recorded Music 101 IP RIGHTS: • Collection of master recordings owned by a record label or performing artist PROTECTED ASPECT OF WORK: • Sound recording of a composition RESPONSIBILITY OF RECORD LABEL: Monetization & exploitation Identify songs and work with producers and artists to create, market and promote recordings. Manufacture and distribute physical product ● ● ● ● Pitch songs for use in film, TV, advertising, videogames and others; license the right to use the recording; collect royalty fees for usage Typically owns master recording outright INCOME: • Royalty income paid only on specific recording of a song Typically split between label (NLS) and performing artist (artist royalties) KEY CASH FLOW METRICS Revenue / Sales / Royalties (-) Artist Royalties (-) Manufacturing & Distribution Costs = Net Label Share (NLS) (-) Operating Expenses (Artist & Repertoire, Licensing, G&A, Talent Expense) = = EBITDA Amortization Advances Recoupments Capex 30 R#31RSVR Financial Model 101 REVENUE COST OF REVENUE GROSS PROFIT OPERATING EXPENSES EBITDA MUSIC PUBLISHING Revenue / Gross Royalties LESS: Writer Royalties Net Publisher Share (NPS) RECORDED MUSIC EBITDA Revenue / Sales / Royalties LESS: Artist Royalties LESS: Manufacturing/Distribution Costs Net Label Share (NLS) LESS: OpEx (A&R, Licensing, G&A, Talent Expense) INFRASTRUCTURE PROVIDES SUBSTANTIAL OPERATING LEVERAGE, ALLOWING US TO ACQUIRE THE GROSS PROFIT CONTRIBUTION OF ADDITIONAL CATALOGS WITHOUT INCREMENTAL EXPENSE 31 R#32Income Statement Highlights FISCAL YEAR END: March 31($ in M) Publishing Revenue Recorded & Other Revenue Total Revenue Percentage Growth YoY Net Publisher Share Net Label Share & Other Gross Profit Gross Margin Adj. EBITDA Adj. EBITDA Margin 2019A $43 $2 $45 40% $24 $2 $26 58% $19 32% Note: Excludes the effect of any non-cash stock-based compensation expense related to the current option plan 2020A $53 $9 $62 38% $28 $7 $35 56% $23 37% 2021A $66 $14 $80 29% $37 $10 $47 59% $32 40% 2022A $77 $31 $108 35% $42 $22 $64 59% $41 38% 32 R#33Cash Flow & Balance Sheet Highlights FISCAL YEAR END: March 31 ($ in M) Cash Flow Highlights Adj. EBITDA Recoupments Interest, W/C Changes & Other Cash From Operating (Adj. FCF) Acquisitions Advances & Other Cash From Investing Balance Sheet Highlights Ending Cash Ending Debt Net Debt Net Leverage Note: Advances moved from Operating to Investing cash flows for illustrative purposes 2019A $15 10 (13) $12 (32) (18) ($50) $9 105 $96 6.6 x 2020A $23 14 (5) $32 (108) (22) ($130) $58 176 $118 5.7 x 2021A $32 13 (9) $35 (119) (17) ($137) $9 213 $204 6.8 x 2022A $41 13 (14) $40 (197) (28) ($225) $18 276 $258 5.7 x 33 R#34Consolidated EBITDA Reconciliation FISCAL YEAR END: March 31 ($ in M) Net Income Adjustments Depreciation & Amortization Income Tax Expense / (Benefit) Interest Expense EBITDA Operating Adjustments Gain on Debt Extinguishment Benefit of Forgiven PPP Loan Exchange (Gain) / Loss Change in Fair Value of IR Swaps Non-cash Share-based Compensation Share of Earnings in Equity Affiliate Adjusted EBITDA 2019A $ 3.8 5.9 0.5 6.2 $ 16.4 0.0 0.0 (0.8) 2.8 0.0 (0.0) $18.3 Note: Excludes the effect of any non-cash stock-based compensation expense related to the current option plan 2020A $9.4 9.1 4.0 5.8 $28.3 (10.6) 0.0 0.1 5.6 0.0 (0.0) $ 23.2 2021A $9.3 14.1 2.1 9.0 $ 34.5 0.0 (0.6) 0.9 (3.0) 0.1 0.0 $31.9 2022A $13.1 19.0 4.3 10.9 $47.3 0.0 0.0 (0.3) (8.6) 2.9 0.0 $41.3 34 R#35IR Contacts Jackie Marcus or Alec Buchmelter Alpha IR Group [email protected] | 312-445-2870 35 R