#1RESERVOIR INVESTOR PRESENTATION AUGUST 2023#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 to 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 2017 & 2019 • 18 Songwriters Hall of Fame inductions ● 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; Inducted into the Hall of Fame in 2023 ● Billboard's Power List 2020, 2022, 2023 • Supported by a highly experienced team of music professionals with decades of experience at major music companies such as Universal, Warner, and Sony 1 Trailing twelve-month revenue ended 06-30-23 ● ● ● KEY FACTS NASDAQ: RSVR Market Cap: $389M (at 06/30/23) Fiscal Year End: Mar 31st Shares Outstanding: 65M • 150K+ Copyrights • 36K+ master recordings • Offices in NYC (HQ), LA, Nashville, London, Toronto, & Abu Dhabi REVENUE Recorded Music & Other¹ 30% Music Publishing¹ 70% 4 R#5Compelling Investment Highlights Leading Independent Music Company With Proven Platform • $901M of invested capital since inception ¹ ● $742M of that amount in acquisitions of catalogs and companies • $159M of that amount in futures spend with enhanced risk/return profile vs. traditional catalog music Proven M&A Platform ● • Strong track record, trusted partner to artist community and caretaker of legacy assets • Deal pipeline includes 250+ potential targets worth over $2.0B+ as of 06-30-23 1 As of 06-30-23 2 Wall Street Research 3 Based on 80% of LTM as of 03/31/23 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 • 150K+ copyrights and 36K+ masters • 130+ active songwriters and frontline artists • 90% 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 • Significant operating leverage opportunity as company scales 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 S PELOTON PUBLISHER AT&T ● WALT DISNEY PICTURES • CATALOG FUTURES RECORDED MUSIC FOREIGN SUB-PUBLISHERS mushrom music publishing ROBA RECORD LABEL P₁ R FUJIPACIFIC MUSIC INC Bujdemusic $ RECORD LABELS SONY MUSIC W WARNER MUSIC GROUP UNIVERSAL MUSIC GROUP o↓ $ UNIVERSAL ARTISTS ARTISTS 6 R#7History of Growth 2007 2014 2015 2016 ROSTER SIGNINGS CATALOG ACQUISITIONS OFFICE OPENINGS DANJA 2 CHAINZ NYC TVT MUSIC reverbmusic PUBLISHING TVT REVERB MUSIC & P&P SONGS PHILLY GROOVE RECORDS JAMIE HARTMAN JOEY BADA$$ ALI TAMPOSI LONDON TORONTO $5M FS MEDIA HANS ZIMMER $9M COMMODORES $17M 2017 IRVA MIGOS BIG LIFE BIG LIFE MANAGEMENT HOLLYWOOD LOS ANGELES $20M 2018 $23M J.I.D ISLEY BROTHERS A BOOGIE WIT DA HOODIE 2019 $32M LIV Chrysalis MUSIC CITY NASHVILLE 2020 $ CHRYSALIS SHAPIRO RECORDS BERNSTEIN 17 BEN HARPER $45M RTS BLUFF TH 2005 HEARTS BLUFF BOB CREWE PopArabia ABU DHABI 2021 JONI MITCHELL Tommy BOY $64M 2022 TOMMY BOY $73M RECORDS ALABAMA $108M OAK FELDER 2023 $122 NICK LEE HENRY JACKMAN SONNY ROLLINS 7 REVENUE 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 40% 150K+ COPYRIGHTS (I.E. Ownership Of Musical Composition) GEOGRAPHY² USA 60% No Musical Composition Accounts for > 3% OF NPS Synch 17% Other 4% Performance 20% MIX² Mechanical 5% 97% of Catalog has a Retention Date of > 10 YEARS with 90% for Life of Copyright¹ DIVERSIFIED BY.... Digital 54% Electronic 3% Rock 9% Hip Hop 9% Country 15% GENRE¹ Other 6% R&B 17% CATALOG EXAMPLES Legacy: • Joni Mitchell • The Isley Brothers • John Denver • Billy Strayhorn Commodores Pop 21% Film/TV 20% Active Songwriters: Offset (Migos) Ali Tamposi ● ● • 2 Chainz Oak Felder • Jamie Hartman 1 Based on 80% of LTM Net Publisher Share (NPS) as of 12-31-22 ² Trailing twelve-month revenue ended 06-30-23 1970s 11% 1980s 6% RELEASE DATE¹ Pre-60s 1960s 6% 7% 1990s 13% 2000s 28% 2010s - Today 29% 8 R#9Music Publishing Top 10 Songs by NPS1 3 5 1now Who You Been SockingIt Bosebody Been Mosala It's Your Thing The Isley Brothers It's Our Thing higher and h and higher JACKIE WILSON Sant JACKIE WILSON "It's Your Thing" The Isley Brothers 2.2%, (1969) DOM "Higher & Higher" Jackie Wilson 0.8%, (1967) RAY CHARLES "Georgia On Georgia on my mind My Mind" Ray Charles 0.5%, (1930) 1 LTM Net Publisher Share (NPS) as of 12-31-22 16 John Denver 8) VOLUME ONE Take Me Home Country Roads USHER YEAH RAMMES "Take Me Home, Country Roads" John Denver 1.1%, (1971) "Yeah!" Usher 0.7%, (2004) "Disco Inferno" The Trammps 0.5%, (1976) 7 LABELLE PADY MARMATA DE "voulez-vous coucher avec moi ce soir EVANESCENCE 2523355 BRING ME TO LIFE "Lady Marmalade" Labelle 0.9%, (1974) "Bring Me To Life" Evanescence 0.62%, (2003) 4 8 IDE THE BEST DE JOHNNY PERSE IN THE TRUE "Ring of Fire" Johnny Cash 0.8%, (1963) "Gimme More" Britney Spears 0.6%, (2007) 1,114 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) 100% OWNERSHIP of Each Master Recording Typically Physical 22% REVENUE MIX² Neighboring Rights 9% Synch 5% Digital 64% No Master Recording Accounts for > 6% OF NET LABEL SHARE¹ USA 55% Legacy: • De La Soul CATALOG EXAMPLES . Sinéad O'Connor Naughty by Nature Generation X (Billy Idol) • The Delfonics ● GEOGRAPHY² Active Recording Artists: EX-USA 45% • Ben Harper ● ● ● ● ¹ Based on 80% of LTM Net Label Share (NLS) as of 12-31-22 excluding "Gangsta's Paradise" 2 Trailing twelve-month revenue ended 06-30-23 Laura Marling Liz Phair Emeli Sandé William The Conqueror 10 R#11Recorded Music Top 10 Songs by NLS1 2 "Jump Around” House of Pain 5.2%, (1992) 3 1 5 9 COOLIO "Gangsta's Paradise" GANGSTA'S PARADISE Sinead O'Connor THE WATERBOYS THE WHOLEOF Coolio 13.3%, (1995) "Nothing Compares 2 U" Sinéad O'Connor 1.9%, (1990) "The Whole of the Moon" The Waterboys 1.2%, (1985) 1 LTM Net Label Share (NLS) as of 12-31-22 6 10 CABALL Gen Years Atter A Space Je Eime HOUSE PAIN H "I'd Love To Change The World" Ten Years After 1.9%, (1971) "Dancing with Myself" Generation X 1.1%, (1981) 7 naughty HIP HOP NATURE HOORAY “Hip Hop Hooray" Naughty By Nature 2.6%, (1992) DE LA SOUL "The Magic Number" De La Soul 1.8%, (1989) 4 8 WHITEY FOR SiNgs the blues THE HUMPTY ADVISORY DANCE digital underground ∞ www 234 Recordings Account For 80% of LTM NLS and 100% are Owned for the Life of the Copyright "What It's Like" Everlast 2.2%, (1998) "The Humpty Dance" Digital Underground 1.4%, (1989) 11 P₁ R#12Growth Drivers 1 3 STRONG SECULAR TAILWINDS PROVEN M&A PLATFORM & NEW SIGNINGS 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) ✔ TikTok 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 酒店 Recovery In Process Across Impacted Royalty Streams (Gym/Bars/Restaurants, Synch, Music Releases, Live Music) P₁ 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. 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 5-Year Revenue CAGR ¹ 1 13% Industry² 7% 1 Organic Revenue over Fiscal 2018-2023 2 Wall Street Research 15 R#162 Value Enhancement Examples & Industry Advocacy SHAD "Bring Me To Life" 1 Fiscal 2023 Top Synch Highlights ¹ PRINGLES "The Best" airbnb "Luna Mezzo Mare" Totaling $1.3 M "Jump Around" "The Magic Number" NISSAN IN LICENSING Industry Advocate & Leader ELECTED BOARD SEATS SNMPA AIMP ASSOCIATION OF INDEPENDENT MUSIC PUBLISHERS Music Publishers Canada Éditeurs de Musique au Canada SONGWRITERS FAME MLC IMPF RECORDING ACADEMY MUSICARES MECHANICAL LICENSING COLLECTIVE Music Publishers Association $13M GENERATED IN SETTLEMENT PAYMENTS Over the Past Five Years (FY19-FY23) P₁ 16 R#173 Proven M&A Platform 232 New Deals Considered In FY2023 97 OFFERS MADE 42% 60 DEALS INTO EXCLUSIVITY 26% 55 DEALS CLOSED 24% $742 M CAPITAL DEPLOYED since inception ¹ 91% of GROSS PROFIT & COST SYNERGIES FLOW to EBITDA² 1 As of 06-30-23 2 For the period FY18-FY23 3 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 250+ M&A TARGETS IN CURRENT PIPELINE AS OF 06-30-23 12% UNLEVERED IRR since 20073 Totaling $2.0B+ 17 R#183 Proven M&A Platform Date 2021 2020 2020 2019 2014 2018 2021 2020 2021 2012 2021 2022 2010 2017 2021 2020 VALUE ENHANCEMENT LEADS TO BOUGHT-DOWN MULTIPLES Purchase Price $ 101.3 $61.4 $ 60.2 $50.1 $44.0 $ 30.7 $16.8 $ 16.4 $13.7 $11.0 $9.5 $9.4 $8.4 $7.8 $6.7 $6.0 NPS/NLS (At Close) $5.5 $3.6 $3.2 $3.5 $4.3 $2.5 $1.0 $1.3 $0.8 $0.9 $ 0.6 $ 0.6 $1.5 $0.6 $0.4 $0.4 Multiple (At Close) 18.3 x 17.0 x 18.8 x 14.5 x 10.3 x 12.4 x 17.1 x 13.0 x 18.1 x 12.0 x 16.1 x 16.8 x 5.4 X 13.3 x 15.9 x 16.0 x Note: Reflects transactions of +$6M in value that are at least 12 months old as of 03-31-23 and did not contain young assets expected to decay at closing NPS/NLS (FY2023) $9.0 $4.2 $2.9 $7.6 $4.5 $ 3.7 $1.2 $1.2 $0.8 $1.0 $ 0.6 $0.7 $2.2 $0.6 $0.6 $0.5 Multiple (FY2023) 11.2 x 14.8 x 20.7 x 6.6 X 9.8 x 8.3 x 14.5 x 13.1 x 17.1 x 11.6 x 14.7 x 12.9 x 3.7 X 13.7 x 11.0 x 11.6 x 15.7x WEIGHTED AVERAGE ENTRY MULTIPLE 3.2x WEIGHTED AVERAGE REDUCTION IN MULTIPLE 18 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. $159M+ CAPITAL DEPLOYED¹ ALL SIGNIFICANT WRITER SIGNINGS HAVE POSITIVE IRR² 3 YEAR TYPICAL TERM CONTRACT 20.2% WEIGHTED AVERAGE IRR² 1 As of 06-30-23 2 Based on significant writer signings, which include investments of greater than $2.5M and as of 03-31-23 • 2 Chainz Danja ● NOTABLE SIGNINGS Ali Tamposi Migos 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 P₁ R#203 New Roster Signings Date FUTURES BASED INVESTMENTS LEAD TO HIGH IRR Multiple (FY2023) Advances $14.2 $13.7 $9.0 $8.9 $8.3 $6.6 $6.5 $4.8 $3.3 $3.1 $3.0 $2.8 $2.5 $2.5 Recouped (FY2023) NPS/NLS (FY2023) 50% 82% 71% 35% 88% 73% 100% 29% 100% 0% 35% 70% 32% 55% 2016 2017 2019 2018 2012 2014 2011 2019 2018 2021 2020 2015 2021 2020 As of 03-31-23, writer and artist signings with more than $2.5M invested IRRS based on actual performance to date and projected performance through end of deal 2011 deal for $6.5m recouped and futures created during deal were purchased 2018 deal for $8.9m includes reverting NPS, added pro-forma above, to be coming into the deal in the coming years 2021 deal for $3.1m is a masters net profit-based deal 2019 deal for $9.0m, 2012 deal for $8.3m, 2019 deal for $4.8m, and 2021 deal for $2.5m are all new or amended deals in Fiscal 2023 $0.6 $0.6 $0.2 $0.3 $0.3 $0.4 $0.0 $0.1 $ 0.0 N/A $0.1 $0.1 $0.1 $0.1 12.1 x 3.8 x 11.4 x 20.4 x 3.2 x 4.3 x N/A 23.0 x 0.0 X N/A 30.1 x 13.8 x 14.5 x 12.3 x IRR 12.7% 33.6% 20.1% 2.2% 27.1% 50.3% 0.8% 10.5% 36.3% 37.3% 3.2% 18.5% 12.1% 9.5% 9.8x EFFECTIVE CURRENT MULTIPLE 20.2% 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-FY23 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) > 91% 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 P₁ R#22Financials 22 R#23Q1 Fiscal Year 2024 Results 31% total revenue growth year-over-year ● Music Publishing revenue rose 26% year-over-year Recorded Music revenue increased 37% year-over- year $8 $16 Q1'FY23 Reiterated financial outlook for fiscal year 2024, including 6% growth for Revenue Publishing and 9% growth for Adjusted EBITDA REVENUE ($M) $11 $21 Q1'FY24 Recorded Music & Other Strengthened reputation as a well-respected caretaker of legacy assets: Catalog acquisitions of The Spinners and Greg Kihn • Acquired Saudi Arabian hip-hop label Mashrex ● Signed multiple publishing deals including Paul Cauthen Jonah Summerfield ADJUSTED EBITDA ($M) $7 Adj. EBITDA year-over- year growth of 36% Q1'FY23 $10 Q1'FY24 23 R#24Strong Growth Track Record & Forecast - Reiterated Fiscal Year 2024 Outlook ($ in millions) REVENUE ADJUSTED EBITDA $80 $14 $66 FY2021 REVENUE CAGR: 15% $108 $31 $77 FY2022 Publishing Recorded Music & Other Current Fiscal 2024 Outlook $127 - $132 $38 $84 $122 $49- $52 FY2023 ● ● Growth (at mid-point) Strength & Diversity of Catalog 6% CORE DRIVERS Value Enhancement Success 9% • Strong Execution in Futures Business • Opportunistic, Accretive M&A 24 R#25Improving Profitability $MM $47 FY2021 GROSS PROFIT $64 FY2022 $74 FY2023 Note: Excludes the effect of any non-cash stock-based compensation expense related to the current stock incentive plan. $MM $32 FY2021 ADJUSTED EBITDA $41 FY2022 $46 FY2023 25 R#26Solid Balance Sheet & Strong FCF Generator $MM ADJUSTED FREE CASH FLOW ¹ $35 FY2021 $40 FY2022 1 Adjusted Free Cash Flow excludes cash flow used for acquisitions and signings $54 FY2023 BALANCE SHEET METRICS as of 6-30-23 TOTAL DEBT: CASH: NET DEBT: CAPACITY: $326M $12M $314M $118M P₁ 26 R#27Strong Growth Outlook & Operating Leverage 6% Growth $122 $129 Revenue 9% Growth $46 $50 Adjusted EBITDA ■FY 2023A ■FY 2024E 38% 39% Adj. EBITDA Margin • Assumes $28M of reinvestments into new deals for Fiscal 2024 • Assumes a mix of publishing and recorded catalog acquisitions, as well as futures 27 R#28Appendix 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 like minded 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 ● ● ● INCOME: Royalty income paid only on specific recording of a song Typically split between label (NLS) and performing artist (artist royalties) ● 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 ● 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% 2023A $84 $38 $122 13% $45 $29 $74 61% $46 38% 32 R#33Cash Flow & Balance Sheet Highlights FISCAL YEAR END: March 31 ($ 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 Note: Advances moved from Operating to Investing cash flows for illustrative purposes 2019A $15 10 (13) $12 (32) (18) ($50) $9 105 $96 2020A $23 14 (5) $32 (108) (22) ($130) $58 176 $118 2021A $32 13 (9) $35 (119) (17) ($137) $9 213 $204 2022A $41 13 (14) $40 (197) (28) ($225) $18 276 $258 2023A $46 13 (5) $54 (72) (23) ($95) $15 312 $297 33 R#34Consolidated EBITDA Reconciliation FISCAL YEAR END: March 31 ($ in M) Net Income Adjustments Depreciation & Amortization Income Tax Expense / (Benefit) Interest Expense EBITDA Operating Adjustments Gain / Loss 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 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 2023A $2.8 22.1 5.6 14.8 $45.2 0.9 0.0 (0.3) (2.8) 3.2 0.0 $46.3 34 R#35IR Contacts Jackie Marcus Alpha IR Group [email protected] | 312-445-2870 35 R