Investor Presentaiton

Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Synthetic royalty opportunity is underpenetrated >$260bn biopharma industry funding, 2017-2021 (1,2) Synthetic royalties - a recent innovation with significant Convertible Debt growth potential Multiple potential benefits Innovator retains operational control Synthetic royalties Licensing deals (upfront) Capital at scale Program and product specific ■ Lower cost of capital vs. equity ■ Flexible and creative structuring Non-dilutive to equity and preserves equity upside Independent validation of opportunity ☐ Preserves attractiveness to strategic acquirer ROYALTY PHARMA IPOS Synthetic royalties represented only ~2% of biopharma funding over past 5 years 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. Follow-on equity offerings 38

View entire presentation