Energy Assets w vie er Franco-Nevada has owned and invested in energy assets since inception. Our energy investments v O have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy revenue was 25% of Franco-Nevada’s overall revenue in 2022. Major Producing Assets as at April 12, 2023 The scale of the energy sector along with its many participants has provided access to a diverse set of operators and a broad range of royalty United States opportunities. Until 2016, Franco-Nevada’s focus was primarily on the Western Marcellus Range Resources Canadian Sedimentary Basin. Starting in late 2016, we added exposure Haynesville Rockcliff Energy/Various to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware SCOOP/STACK Continental Resources/Various etals basins in Texas due to their attractive economics, favourable regulatory Permian Basin Various environment and access to market. We subsequently shifted our focus to Canada ecious M natural gas, adding royalty assets in the Marcellus shale in Appalachia in r P 2019, and in the Haynesville shale in East Texas in late 2020. Weyburn Unit Whitecap Resources In 2021, Franco-Nevada updated the methodology used to account for Orion Strathcona Resources undrilled inventory locations for our shale assets in the U.S. The locations are now based on third-party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations. Relative to our prior methodology, these estimates do not include all hydrocarbon-bearing formations at depth and future well locations are typically constrained to shorter distances away from existing wells. ssets Our energy investments have allowed us to be opportunistic through ersified A iv the commodity cycles, adding growth and diversity to our portfolio. D 104 Franco-Nevada Corporation TSX / NYSE: FNV