Accountability for Sustainability- and Climate - Related Matters Senior management is responsible for the day - to - day management of sustainability - and climate - related risks and opportunities, with leadership provided by the Chief Executive Officer and executive responsibility held by the Chief Legal Officer. Management provides regular, and at a minimum quarterly, updates to the Board and relevant Committees on sustainability and climate - related matters. Sustainability performance, including progress against climate - related goals, is a defined component of executive performance evaluation and compensation, reinforcing accountability and alignment with the company’s long - term sustainability objectives. For further details as to this corporate goal and its subcomponents, please see the diagram below. ESG Objectives for Evaluating Management ESG Due Diligence ESG due diligence is important to Franco-Nevada's long-term strategy and success ESG Rankings and Other Considerations ESG rankings and other considerations recognize management’s efforts with respect to ESG ESG due diligence will evaluate whether appropriate ESG due diligence was conducted in connection with new investments and whether material ESG issues that subsequently arise were reasonably foreseeable at the time of investment. Management performance is assessed using both backward - looking and forward - looking criteria. ESG rankings will help inform the CSC's evaluation of management’s performance on ESG issues. Other considerations include progress made against 2030 corporate emissions reduction targets. * Board and Committees have oversight over ESG and climate-related risks and opportunities. † Chief Executive Officer has responsibility for leadership on ESG and climate-related matters. ◊ Chief Legal Officer has executive responsibility over ESG and climate-related matters. Board and Management Engagement The Board of Directors provides oversight of Franco - Nevada’s strategic approach to sustainability - and climate - related risks and opportunities, with the full Board remaining actively engaged on these matters. Oversight is exercised through regular interaction with senior management and through established governance and risk - oversight processes. The Board and its Committees meet with senior management at each regularly scheduled Board and Committee meeting throughout the year (i.e. at a minimum, once per quarter) to review strategy, investment opportunities, enterprise risk management and exposures, including sustainability - and climate - related considerations. Sustainability - and climate - related risks and opportunities are also assessed throughout the year in the context of capital allocation and investment due diligence. Where potentially materially adverse sustainability - or climate - related matters are identified, including, by way of example, significant community or government opposition, or material environmental risks such as those relating to tailings management, such matters are escalated to the Board, as well as the board of directors of any subsidiary that is party to a transaction, for review. In these circumstances, and on a number of occasions, Franco - Nevada has elected not to proceed with potential investments where such risks were determined to be unacceptable. Business Development Team Chief Investment Officer Finance Team Chief Financial Officer Chief Executive Officer † Board of Directors* Legal Team Chief Legal Officer ◊ Compensation and Sustainability Committee* Nominating and Governance Committee* Audit and Risk Committee* Franco-Nevada Corporation 55