Investor Presentaiton

• • Comprehensive Royalty Pharma approach and process Developed deep understanding of MorphoSys' capital needs Deployed full breadth of solutions; completed process in under 60 days Access to MorphoSys data/forecasts Execution • Sourcing • MorphoSys relationship built over 10+ years. Prior in-depth discussions with Constellation • Deep history in target TAS Tracking • Followed IL-23 class of medicines for years Diligence Engagement • Multiple Royalty Pharma teams. conducted diligence on each medicine ROYALTY PHARMA TA: therapeutic areas Increased frequency and depth of discussions as deal gained momentum 79

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