9 9 5 S C H E D U L E “ B ” N O N - G A A P F I N A N C I A L M E A S U R E S Cash Costs and Cash Costs per GEO Starting in Q4 2021, revenue from Franco-Nevada’s Energy assets are included in the calculation of GEOs. Similarly, the composit ion of Cash Costs and Cash Costs per GEO has been amended to include costs and GEOs related to Franco-Nevada’s Energy assets. Cash Costs and Cash Costs per GEO for compar ative periods have b een recalculated to conform with current presentation. Cash Costs and Cash Costs per GEO sold are non-GAAP financial measures. Cash Costs sold is defined by Franco-Nevada as total costs of sales less depletion and depreciation expense. Cash Costs per GEO sold are calculat ed by dividing Cash Costs by the number of GEOs sold in the period, excluding prepaid GEOs. Management uses Cash Costs and Cash Costs per GEO sold to evaluate Franco-Nevada’s ability to generate positive cash flow from its royalty, stream and working interests. Management and certain investors also use this information to evaluate Franco- Nevada’s performance relative to peers in th e mining industry who present this measure on a similar basis. Cash Costs and Cash Costs per GEO 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 Cash Costs and Cash Costs per GEO Sold For the three For the year months ended ended December 31, December 31, (expressed in millions, except per GEO amounts) 2021 2020 2021 2020 Total costs of sales $ 126.6 $ 114.2 $ 477.9 $ 399.8 Depletion and depreciation (78.2) (67.5) (299.6) (241.0) Cash Costs $ 48.4 $ 46.7 $ 178.3 $ 158.8 GEOs 182,543 162,533 728,237 573,347 Cash Costs per GEO sold $ 265 $ 287 $ 245 $ 277 Adjusted EBITDA and Adjusted EBITDA per share Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income (loss) and earnings (loss) per share (“EPS”): • Income tax expense/recovery; • Finance expenses; • Finance income; • Depletion and depreciation;