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Investor Presentaiton

GAAP to non-GAAP reconciliation - Adjusted Cash Flow $ in millions Net cash provided by operating activities (GAAP) Adjustments: Proceeds from available for sales debt securities Distributions from equity method investees - investing Distributions to non-controlling interests Investments in equity method investees Contributions from non-controlling interests - R&D Adjusted Cash Flow (non-GAAP)(1) FY 2021 2,018 FY 2020 2,035 63 3 1 15 (480) (544) (35) (40) 7 8 1,573 1,477 Amounts may not add due to rounding 113 ROYALTY PHARMA (1) Refer to slide 114 for definitions. Refer to Royalty Pharma's Current Reports on Form 8-K filed with the SEC on February 15, 2022 and May 5, 2022 for additional discussion.

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