I don't know that there is a correct formula. Exposure isn't present in vf_tonemap.c, but Reinhard's paper does talk about applying an initial gain to the image.
I kinda feel like it's a hack that shouldn't be needed. It adds yet another setting to tweak, but I guess it's helpful?
I don't use Reinhard or any of the others much except for testing. I've ended up just using a 3D LUT.
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