3 3 1 Board Committees Audit and Risk Committee All members of the ARC are (and have been) “independent” and “financially literate” (as defined in National Instrument 52-110 – Audit Committees ) Ms. Maki and Mr. Oliphant have been determined by the Board in its business judgment to each be a “financial expert” Jennifer Maki (1) Chair Tom Albanese Randall Oliphant Elliott Pew (2) Notes (1) Ms. Maki was appointed Chair of the ARC as of March 11, 2021. (2) Mr. Pew was appointed a member of the ARC as of March 11, 2021. Prior thereto, he served as a member of the CESGC. During 2021, the composition of the Committees was refreshed. Effective as of March 11, 2021, Ms. Maki was appointed the Chair of the ARC succeeding Mr. Oliphant, Mr. Pew was appointed to the ARC and Mr. Evans ceased to be a member of the ARC and was appointed to the CESGC. The ARC has been established to assist the Boar d in fulfilling its oversight and evaluation of: t he quality and integrity of the financial statements of the Corporation; t he compliance by the Corporation with legal and regulatory requirements in respect of financial disclosure; t he qualification, independence and performance of the Corporation’s independent auditors; t he performance of the Chief Financial Officer; and risk management oversight, including climate-related risks. Specifically, with respect to the independent auditors, the ARC is directly responsible for the appointment, compensation, retention (and termination) and oversight of the work of the independent auditor (including oversight of the resolution of any disagreements between management and the independent auditor regarding financial reporting). The Corporation’s Audit and Risk Committee Charter also addresses the ARC’s responsibilities relating to risk management (including climate-related risks). A copy of the Corporation’s Audit and Risk Committee Charter and additional disclosure relating to the ARC are set out in the Corporation’s most recent Annual Information Form and Form 40-F which are available on SE DAR at www.sedar.com and on EDGAR at www.sec.gov, respectively, and are also av ailable on the Corporation’s website at www.franco-nevada.com.