Royalty Pharma Sub-Manager LLC

Item 5. Fees and Compensation

      A.    Our firm, or an affiliate of our firm, typically receives compensation directly or
            indirectly from our Clients in the form of an operating and personnel expense fee.

            Operating and Personnel Expense Fee

            The terms of our operating and personnel expense fees are disclosed in the
            governing agreements of our Clients. Such governing documents are referred to
            herein as “Governing Documents”. The operating and personnel expense fees are
            paid quarterly, some in advance, and are either a flat fee or determined on a cost-
            plus basis based on a Client’s costs recognized as expenses under United States
            generally accepted accounting principles, whether paid or unpaid, and whether
            operating or non-operating in nature.

            Performance Compensation

            The firm and an entity controlled by our CEO receives performance-based
            compensation from some of our Clients. The terms of our performance-based
            compensation are disclosed in the Governing Documents.

            Our fees are not negotiable.

      B.    We generally deduct the management fees and operating and personnel expense
            fees from Clients’ accounts directly or indirectly quarterly in advance.
            Performance-based compensation is paid to an affiliate of our firm concurrently
            with or shortly after distributions to the Investors in our Clients, provided that the
            conditions for payment of such performance-based compensation are met as
            described in our Clients’ Governing Documents.

            It is critical that Investors refer to their respective Governing Documents for a
            complete understanding of how we are compensated for our advisory services. The
            information contained herein is a summary only and is qualified in its entirety by
            the relevant Governing Documents.

      C.    Each Client generally bears its own organizational expenses, investment and
            trading expenses, accounting and administrative expenses and other operating
            expenses, to the extent permitted under its Governing Documents, including,
            without limitation, its direct or indirect portion of:

                  expenses incurred in connection with the offering of interests;

                  administrative and operating expenses;

                  independent valuation expenses;

   expenses incurred in providing any reporting to Investors or regulatory
    reporting, printing and mailing costs;

   third party research costs and expenses;

   administrative expenses (including any fee payable to an administrator, if
    appointed), government fees, taxes (if any);

   expenses incurred in connection with any meeting of Investors, including,
    without limitation, travel, meal and lodging expenses and ancillary
    activities related thereto;

   fees and expenses related to regulatory compliance burdens of certain of our
    Clients or any investment;

   any registration or filing fees relating to certain of our Clients;

   out-of-pocket costs and expenses incurred in analyzing, conducting due
    diligence, holding, developing, negotiating, structuring, acquiring and
    disposing of investments and prospective investments;

   expenses incurred in connection with investigating investment
    opportunities, developing business opportunities, developing business
    opportunities and monitoring portfolio investments (including attending
    medical and industry conferences);

   interest on and fees and expenses arising out of borrowings;

   costs of any litigation, directors & officers liability or other insurance and
    indemnification or extraordinary expense or liability relating to the affairs
    of our Clients or the entities in which they invest;

   expenses of liquidating our Clients or the entities in which they invest;

   any taxes, fees or other governmental charges levied against the our Clients
    or the entities in which they invest and all expenses incurred in connection
    with any tax audit, investigation, settlement or review of our Clients or the
    entities in which they invest; and

   legal and accounting fees and expenses and other expenses incurred by us
    or our affiliates on behalf of our Clients in connection with the preparation
    for, and conduct and closing, of any offering of additional interests.

     The nature of our investment strategy does not result in brokerage transactions and
     associated costs. However, for more information on our policies regarding
     brokerage transactions and costs, please see Item 9: Brokerage Practices.

D.   As the firm and some of its Clients, including Royalty Pharma Investments ICAV,
     Royalty Pharma Investments 2011 ICAV, Royalty Pharma Investments 2023
     ICAV, and Royalty Pharma Development Funding, LLC are indirect subsidiaries
     of other Clients, including RPI International Partners 2019, LP, RPI US Partners
     2019, LP, and RP plc, substantially all costs of the firm are ultimately borne by the
     Investors. In certain circumstances, the firm reimburses Royalty Pharma, LLC
     (“RP LLC”), an affiliated service company, for the cost of its services performed
     in connection with the management of the firm’s business providing investment
     management services to its Clients, including research, business development,
     treasury, finance, accounting, reporting, capital markets, audit, tax, legal,
     regulatory, compliance, administrative, corporate, investment relations, marketing,
     communications, strategy, analytics, data, information technology, software,
     systems management, data and cyber security, intellectual property, facilities
     management, general business operations and management, procurement, vendor
...

Item 7. Types of Clients

       Our Clients consist of RP plc and pooled investment vehicles that are excluded from the
       definition of “investment companies” under the Investment Company Act of 1940 (the
       “Investment Company Act”) as one of the following entities: (i) an entity primarily holding
       pharmaceutical receivables, (ii) an entity which is a majority owner thereof, or (iii) an entity
       whose owners of outstanding securities are exclusively qualified purchasers.

       This firm brochure is not an offer to invest in our Clients.

Item 8. Method of Analysis, Investment Strategies and Risk of Loss

      A.     Investment Strategies

             RPSM, on behalf of its Clients, directly or indirectly acquires or invests in revenue-
             producing royalty interests in marketed and late-stage development
             biopharmaceutical products. When purchasing an existing royalty, neither RPSM
             nor its Clients discover, develop, manufacture or market products. Instead, RPSM
             directly or indirectly provides liquidity to royalty owners, and assumes the future
             risks and rewards of ownership through the royalty interest. In the case of funding
             investments in the late-stages of clinical development, RPSM, on behalf of its
             Clients, provides funding in exchange for a synthetic royalty, monetize an existing
             royalty held by an innovator that has out-licensed a product candidate, or provide
             capital to an innovator to co-fund clinical development of a product candidate in
             exchange for a share of future product sales, if approved. RPSM also acquires other
             direct and indirect interests in biopharmaceutical products, such as the stock of
             relevant companies and contractual rights expressed as a percentage of the sales of
             a product. RPSM funds research and development in exchange for future royalties
             if the product or indication being funded is approved. Affiliates of RPSM have been
             working with innovators from academic institutions, research hospitals and not-for-
             profits through small and mid-cap biotechnology to leading global pharmaceutical
             companies since 1996.