Additional Information Non-GAAP Financial Measures w vie er Adjusted EBITDA and Adjusted EBITDA per Share Management uses Adjusted EBITDA and Adjusted EBITDA per share to v O evaluate the underlying operating performance of Franco-Nevada as a Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial whole for the reporting periods presented, to assist with the planning and measures, which is defined by Franco-Nevada by excluding the following forecasting of future operating results, and to supplement information from net income (loss) and earnings (loss) per share (“EPS”): in its financial statements. Management believes that in addition to • Income tax expense/recovery; measures prepared in accordance with IFRS such as net income and EPS, our investors and analysts use Adjusted EBITDA and Adjusted EBITDA per • Finance expenses; share to evaluate the results of the underlying business of Franco-Nevada, • Finance income; particularly since the excluded items are typically not included in our guidance, with the exception of depletion and depreciation expense. • Depletion and depreciation; While the adjustments to net income and EPS in these measures include • Impairment charges and reversals related to royalty, stream and items that are both recurring and non-recurring, management believes working interests; that Adjusted EBITDA and Adjusted EBITDA per share are useful measures etals • Impairment of investments; of Franco-Nevada’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which • Gains/losses on sale of royalty, stream and working interests; they are recognized, impact the comparability of our core operating ecious M • Gains/losses on investments; results from period to period, are not always reflective of the underlying r operating performance of our business and/or are not necessarily P • Foreign exchange gains/losses and other income/expenses; and indicative of future operating results. Adjusted EBITDA and Adjusted • Unusual non-recurring items. EBITDA per share are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Reconciliation of Net Income to Adjusted EBITDA For the year ended December 31, ssets (expressed in millions, except per share amounts) 2022 2021 Net income $ 700.6 $ 733.7 ersified A Income tax expense 133.1 124.1 iv Finance expenses 3.2 3.6 D Finance income (12.6) (3.7) Depletion and depreciation 286.2 299.6 Impairment reversals – (68.0) Foreign exchange (gain) loss and other (income) expenses (3.6) 3.0 Adjusted EBITDA $ 1,106.9 $ 1,092.3 Basic weighted average shares outstanding 191.5 191.1 Basic earnings per share $ 3.66 $ 3.84 es Income tax expense 0.70 0.65 v eser Finance expenses 0.02 0.02 al R Finance income (0.07) (0.02) Depletion and depreciation 1.49 1.57 iner Impairment reversals – (0.36) Foreign exchange (gain) loss and other (income) expenses (0.02) 0.02 es and M Adjusted EBITDA per share $ 5.78 $ 5.72 c esour al R iner M tion orma nf dditional I A 128 Franco-Nevada Corporation TSX / NYSE: FNV