Business Description

Our Company Reservoir Media, Inc., together with its wholly-owned subsidiaries (the “ Company ”, “ we ”, “ our ”, “ us ” and “ Reservoir ”), is one of the world’s leading independent music companies. We operate a music publishing business, a recorded music business, and a management business. We have two reportable segments—Music Publishing and Recorded Music. We represent copyrights and master recordings dating back as far as the early 1900s through today, with hundreds of #1 releases worldwide. Our growth has been partially based on Music Publishing and Recorded Music catalog acquisitions as well as a strategic expansion of our writer and artist rosters. Our Music Publishing business contributed approximately $117 million to our revenues for the year ended March 31, 2026, representing approximately 66% of our revenues. The publishing catalog includes historic compositions written and performed by greats like Joni Mitchell, Miles Davis, The Isley Brothers, Sonny Rollins, and Louis Prima. We also represent contemporary writer-performers such as Snoop Dogg, Sheryl Crow, and Killer Mike. Our roster of active songwriters, including Ali Tamposi, Jamie Hartman, Oak Felder, and Steph Jones, has contributed to hit songs performed by the likes of Ariana Grande, Sabrina Carpenter, SZA, Dua Lipa and more. Our Recorded Music business contributed approximately $52 million to our revenues for the year ended March 31, 2026, representing approximately 29% of our revenues. The Recorded Music business includes Chrysalis Records LTD (“ Chrysalis Records ”), Tommy Boy Music (“ Tommy Boy ”) and Reservoir Recordings, which markets and distributes a variety of the Company’s recorded assets, including labels such as Philly Groove Records, Amherst Records, AVCO Records, Jamdown Records, Off Road Records, Easy Street Records and New State Music. Together this label division represents recordings by artists including De La Soul, Queen Latifah, The Delfonics, Sinéad O’Connor, Coolio, Louis Prima and The Spinners, among others. Recent Developments On March 4, 2026, we announced that the Company’s Board of Directors (the “ Board ”) formed a special committee of independent and disinterested directors of the Board (the “ Special Committee ”) to evaluate (i) an unsolicited, non-binding, and conditional indication of interest received on February 12, 2026, from the Company’s shareholder, Irenic Capital Management LP (“ Irenic ”), pursuant to which Irenic proposes to acquire all of the Company’s outstanding equity at a price of between $10.00 and $11.00 per share in cash, and (ii) an unsolicited, preliminary non-binding proposal received on March 3, 2026 from two of the Company’s shareholders, Richmond Hill Investment Co. LP (“ Richmond Hill ”) and Wesbild, Inc. (“ Wesbild ” and, together with Richmond Hill, “ Wesbild/Richmond ”), pursuant to which Wesbild/Richmond proposes to acquire all of the outstanding shares of common stock of the Company that are not already owned by Wesbild/Richmond at a price of $10.50 per share in cash (together, the “ Proposals ”). On May 1, 2026, we announced that the Special Committee engaged Morgan Stanley & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel in connection with the Special Committee’s evaluation of the Proposals. There can be no assurance that any definitive agreement will result from either of the Proposals or that any transaction will be consummated with Irenic, Richmond Hill, Wesbild or any other party. Our History Established in 2007, we are an active music company that owns and administers rights, and our strategy has been to scale our business through both strategic catalog acquisitions and long-term ownership of rights. In 2010, we acquired TVT Music Publishing, which included rap, hip – hop and pop music of the 1990s and 2000s. We then acquired Philly Groove Records, which included our first recorded music assets and additional publishing hits, including the Delfonics’ “Ready or Not Here I Come (Can’t Hide From Love),” which has been covered by artists ranging from The Fugees to Missy Elliot. 3 Table of Contents In 2012, we acquired Reverb Music and its roster of active songwriters, diversifying holdings in the United Kingdom (“ U.K. ”) and adding film and television music. We also acquired the FS Media collection of catalogs in 2014, adding the catalogs of Sheryl Crow, John Denver, Billy Strayhorn, Evanescence and Creed, among others.…