Investor Presentaiton

Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Synthetic royalty market has room for significant growth Biopharma funding sources (1,2) (2017 to 2021) Synthetic royalty opportunity (Cumulative next 5 years (3)) >$260bn ~$4bn ~2% penetration Total capital Synthetic royalties >$450bn Total capital Opportunity to capture significant share of this growing market ~$18bn 4% ~$36bn 8% Illustrative synthetic royalty penetration rates (Royalty Pharma + others) ROYALTY PHARMA Source: Dealogic, Biomedtracker, internal estimates, Evaluate. 1. Includes capital raised through initial public offerings (IPOs), follow-on offerings, equity linked issuances and upfronts from licensing deals. 2. Royalty funding includes upfront investment consideration, including acquisitions of synthetic royalties and associated equity investments. 3. Estimated capital needs for today's unprofitable biopharmas based on Visible Alpha, Dealogic, internal estimates. 39

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