Message FNV: TSX | NYSE from our CEO Approach to Climate Change ESG Ratings Resilience of Our Portfolio Our exposure to climate-related risks (described in detail in our TCFD disclosures Franco-Nevada in Appendix C to this ESG Report) is substantially mitigated by the diversification Rest of World of our royalty and stream portfolio. No one operator or asset contributed more Assets 9% than 18% of our total 2021 revenues, which mitigates operator-specific or 23% Canada & Central U.S. Making Responsible localized climate-related risks (e.g. reputational, acute physical and local America & 35% regulatory and legal risks). We also receive revenues from various commodity Mexico Investments PGM Commodity 24% Geography types produced in a multitude of jurisdictions, which mitigates risks impacting 6% Gold 58% broader regions and markets (e.g. chronic physical, country-wide regulatory and legal, and market risks). While we do have significant exposure to gold, broader Silver Guiding Principles 13% market and reputational climate-related risks which may impact the gold industry South America are further mitigated through our rigorous due diligence process geared toward 32% investing in best-in-class operators, many of whom have already set long-term Operators climate-related goals and commenced low-carbon transitions. First Certain mitigation factors are also inherent with our business model. For example, Cobre Panama Quantum as a royalty and stream company, we are a free cash flow business without direct 18% 18% Approach to exposure to operating, capital or closure costs. Other Climate Change Other Antapaccay 41% Glencore 46% Assets 9% Operator 9% • In the short and medium term, any climate-related cessation of production Guadalupe Barrick Candelaria Lundin at an operation in which we have a royalty or stream interest can be viewed 6% 9% 5% 9% Contributions as deferral of revenue for our company realizable upon re-commencement Antamina Teck of production. 7% Vale Coeur 7% Vale 5% 6% • Most of our assets are non-cost bearing. In the long term, other than an asset 5% becoming uneconomic, we are generally insulated from rising costs, including Employees those related to carbon pricing, associated with the transition to a low carbon economy. Governance Due to the breadth and diversification of our portfolio, our exposure to climate-related events, trends or sentiments adversely impacting a particular project or operator or more broadly adversely affecting a commodity type or jurisdiction is reduced. About this Climate risk exposure is further mitigated by factors inherent in our business portfolio, including those eliminating cost exposure ESG Report in respect of our assets, and our high standards and rigorous due diligence processes geared toward investing in best-in-class operators and operations. Appendices 35