1 Appendices Transparency & Guiding Principles Climate Action Diversity, Inclusion & Well-Being Good Governance & Shareholder Alignment Community Contributions Responsible Capital Allocation I am pleased to share our ESG Report, which describes the progress we and our partners have made on environmental, social and governance (“ESG”) issues and on our expanded commitments to sustainability. As a royalty and streaming company, we do not operate mines, develop projects or conduct exploration. Our ESG efforts fall into two categories: those relating to the operators, operations and local communities, where we deploy capital for acquisitions and those applicable to our corporate operations, including to our management, directors, and suppliers. Investment Focus Our shareholders expect us, and we are committed, to allocate capital to responsible operators that provide safe workplaces for their workforce, limit the environmental impacts of their projects and provide net benefits for their communities. We evaluate environmental and community impacts along with the technical aspects of operations during our due diligence for potential opportunities. We also seek to negotiate operator commitments to conduct operations in accordance with best operating and sustainability practices and to provide transparent reporting on their operations. Our principal ESG-related focuses when making acquisitions are as follows: • Health and safety track records, including evaluating each project’s safety performance statistics. • Carbon footprints and climate-related commitments, plans, targets and initiatives and, when available, an assessment of emissions-related metrics, such as carbon intensity. • Water risk, use and discharge and, to the extent applicable, a review of water consumption and water intensity performance indicators. • The design of planned or existing waste and tailings storage facilities and commitments from operators to implement and maintain international tailings standards. • The impact on biodiversity and ecosystems through project lifecycle, including preliminary assessments of impacts, life of project “no-net-loss” commitments, and rehabilitation and reclamation. You will see these project-specific priorities described in detail in this ESG Report, including disclosure relating to how the operators of our principal assets have performed in each category. Our second investment-oriented effort is partnering with our operators on initiatives to benefit the communities where our royalty and stream assets are located. In 2022, we increased our funding of community contributions and made several new commitments. Corporate Focus We are committed to responsible governance practices to ensure integrity in our dealings, compliance with our undertakings and alignment with our shareholders. Our Board and management team are substantial shareholders of the company, currently holding more than US$200 million in stock, and we treat shareholder funds as our own, with industry-leading low G&A, even relative to Gold ETF fees. We seek to maintain a safe and supportive environment for our team members and remove barriers and promote diversity and inclusion within our company, our communities, and in our industry. We actively seek out diverse candidates in our hiring processes and have adopted objective diversity targets for our Board of Directors and senior management. We also seek to promote diversity in the mining industry. We have made a number of donations in furtherance of our BlackNorth Initiative pledge and, in 2022, expanded the number of Franco-Nevada Diversity Scholarship awards. General Focus Climate action is an important priority for our company that relates to both our investments and our own corporate operations. We are committed to consider the decarbonization efforts and net-zero alignment of operators and operations when making investment decisions and to achieve net-zero emissions by 2050 with respect to our own corporate operations. Our climate-related plans and commitments have been formalized in our recently adopted Climate Action Policy, which is described in this ESG Report. We are also committed to providing transparency in all ESG matters relating to our business. In this ESG Report, we have measured, disclosed and attributed to our Scope 3 reporting, proportional greenhouse gas emissions from our royalty and stream interests. We have also provided disclosure aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and the Sustainability Accounting Standards Board (SASB) framework, and first-time disclosure aligned with the Global Reporting Initiative (GRI) standards. We continue to rank highly with leading ESG rating agencies, which is demonstrative of our ongoing dedication to fulfilling our investment and corporate commitments and to increasing transparency in our ESG disclosure. Thank you for your continued support of Franco-Nevada. We look forward to speaking with many of you over the coming months. Message from our CEO Paul Brink, President & CEO Paul Brink President & CEO