Investor Presentaiton

Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth We are well positioned for the emerging macro environment 1 Inflation and recessionary risks Significant magnitude, duration and diversity of non-cyclical growth 2 . • 3 Biotech market pressure Expands universe of potential counterparties and royalty opportunities Strong historical financial performance in prior periods of dislocation · Increases attractiveness of royalties versus financing alternatives Benefit of efficient cost base without significant fixed expenses Potential consolidation could result in new M&A royalty opportunities Impact of higher rates on cost of funding 4 2.24% fixed-rate WAC; <1% increase expected through 2025 • Limited near-term refinancing needs with ~60% of debt due 2030+ • Commit to investment grade ratings enables depth of access & low cost Ability to maintain attractive returns Flexible investment process enables us to react quickly Asset prices adjust in rising rate environment, providing a natural hedge Aim to deliver consistent unlevered returns, enhanced with leverage ROYALTY PHARMA WAC: Weighted average coupon 98

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