Reservoir Investor Presentation Deck

4 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

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