Reservoir Media Confirms It Received A Non-Binding Proposal From Wesbild And Richmond Hill; Says The Company's Shareholders Do Not Need To Take Any Action At This Time

Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today confirmed it received an unsolicited, preliminary non-binding proposal from two of its 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.

The Reservoir Board of Directors (the "Board") has formed a Special Committee consisting of independent and disinterested directors of the Board to evaluate the proposal from Wesbild/Richmond, as well as the non-binding indication of interest from Irenic Capital Management, LP and any other alternatives available to the Company, and determine the course of action that is in the best interests of the Company and all of its shareholders.

There is no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed by Wesbild/Richmond or Irenic or any other transaction will be approved or completed. Reservoir does not intend to comment further or disclose any developments regarding the proposal unless and until it deems further disclosure is appropriate or required.

The Company's shareholders do not need to take any action at this time.