Message FNV: TSX | NYSE from our CEO APPENDIX FKPMG: Independent Limited Assurance Report ESG Ratings The nature, timing and extent of procedures performed depends on our professional judgment, including an assessment of the risks of material misstatement, whether due to fraud or error, and involves obtaining evidence about the Description of Implementation. DRAFT INDEPENDENT LIMITED ASSURANCE REPORT ASSURANCE APPROACH We planned and performed our procedures to obtain all of the evidence, information and explanations Franco-Nevada we considered necessary in order to form our conclusion as set out below. A limited assurance engagement consists of making inquiries, primarily of persons responsible for the preparation of the To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada”): Description of Implementation and applying analytical and other evidence gathering procedures, and evaluating the evidence obtained. Our procedures included: KPMG LLP We have undertaken a limited assurance engagement of the description of • Inquiries of those responsible for completing the activities to self-assess implementation of Franco- KPMG LLP Bay Adelaide Centre Nevada’s internally developed RGMP Policy; Bay Adelaide Centre implementation of Franco-Nevada’s Responsible Gold Mining Principles Policy Making Responsible 333 Bay Street, Suite 4600 333 Bay Street, Suite 4600 (“RGMP Policy”) presented in the table on pages 14 and 15 under the section Toronto, ON M5H 2S5 • Assessing the suitability and application of the criteria in respect of the Description of Implementation; Canada Toronto, ON M5H 2S5 Investments titled “Description of Implementation” of Franco-Nevada’s 2022 ESG Report • Reviewing relevant evidence and other documentation to support management’s statements; Tel 416-777-8500 Canada (the “Report”) as at December 31, 2021. Fax 416-777-8818 Tel 416-777-8500 • Inquiries with relevant staff at the corporate level to understand the data collection and reporting Fax 416-777-8818 processes for the Description of Implementation; and Other than as described in the preceding paragraph, which sets out the scope • Evaluation of the overall presentation of the Description of Implementation in the Report to determine INDEPENDENT LIMITED ASSURANCE REPORT of our engagement, we did not perform assurance procedures on the remaining whether the information presented is consistent with our overall knowledge of, and experience with, DRAFT INDEPENDENT LIMITED ASSURANCE REPORT Franco-Nevada’s RGMP Policy implementation. Guiding Principles information included in the Report, and accordingly, we do not express a DRAFT INDEPENDENT LIMITED ASSURANCE REPORT conclusion on this information. To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada”): The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada”): We have undertaken a limited assurance engagement of the description of implementation of Franco- obtained in a limited assurance engagement is substantially lower than the assurance that would have To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada”): SPECIFIC PURPOSE OF SUBJECT MATTER AND APPLICABLE CRITERIA Nevada’s Responsible Gold Mining Principles Policy (“RGMP Policy”) presented in the table on pages been obtained had a reasonable assurance engagement been performed. We have undertaken a limited assurance engagement of the description of There are no mandatory requirements for the preparation, publication or review 14 and 15 under the section titled “Description of Implementation” of Franco-Nevada’s 2022 ESG Report We have undertaken a limited assurance engagement of the description of implementation of Franco-Nevada’s Responsible Gold Mining Principles Policy (the “Report”) as at December 31, 2021. of management’s description of implementation of the RGMP Policy. As such, implementation of Franco-Nevada’s Responsible Gold Mining Principles Policy PRACTITIONER’S INDEPENDENCE, QUALITY CONTROL Operators (“RGMP Policy”) presented in the table on pages 14 and 15 under the section (“RGMP Policy”) presented in the table on pages 14 and 15 under the section We have complied with the relevant rules of professional conduct/code of ethics applicable to the practice Franco-Nevada has created and applied internally developed RGMP Policy titled “Description of Implementation” of Franco-Nevada’s 2022 ESG Report Other than as described in the preceding paragraph, which sets out the scope of our engagement, we titled “Description of Implementation” of Franco-Nevada’s 2022 ESG Report of public accounting and related to assurance engagements, issued by various professional accounting (the “Report”) as at December 31, 2021. Measures (the “Applicable Criteria”) which are listed in the table on pages 14 did not perform assurance procedures on the remaining information included in the Report, and (the “Report”) as at December 31, 2021. bodies, which are founded on fundamental principles of integrity, objectivity, professional competence accordingly, we do not express a conclusion on this information. and 15 of the Report. and due care, confidentiality and professional behaviour. Other than as described in the preceding paragraph, which sets out the scope Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance procedures on the remaining SPECIFIC PURPOSE OF SUBJECT MATTER AND APPLICABLE CRITERIA of our engagement, we did not perform assurance procedures on the remaining The firm applies International Standard on Quality Control 1 and accordingly maintains a comprehensive information included in the Report, and accordingly, we do not express a The Description of Implementation has been prepared in accordance with the There are no mandatory requirements for the preparation, publication or review of management’s system of quality control including documented policies and procedures regarding compliance with ethical Approach to information included in the Report, and accordingly, we do not express a conclusion on this information. description of implementation of the RGMP Policy. As such, Franco-Nevada has created and applied Applicable Criteria and as a result may not be suitable for another purpose. requirements, professional standards and applicable legal and regulatory requirements. conclusion on this information. Climate Change internally developed RGMP Policy Measures (the “Applicable Criteria”) which are listed in the table on SPECIFIC PURPOSE OF SUBJECT MATTER AND APPLICABLE CRITERIA pages 14 and 15 of the Report. SIGNIFICANT INHERENT LIMITATIONS SPECIFIC PURPOSE OF SUBJECT MATTER AND APPLICABLE CRITERIA There are no mandatory requirements for the preparation, publication or review MANAGEMENT’S RESPONSIBILITIES Non-financial information, such as the Description on Implementation, is subject to more inherent There are no mandatory requirements for the preparation, publication or review of management’s description of implementation of the RGMP Policy. As such, Management is responsible for the preparation and presentation of the The Description of Implementation has been prepared in accordance with the Applicable Criteria and as limitations than financial information, given the qualitative characteristics of the underlying subject matter of management’s description of implementation of the RGMP Policy. As such, Franco-Nevada has created and applied internally developed RGMP Policy a result may not be suitable for another purpose. and methods used for determining this information. The absence of a significant body of established Description of Implementation in accordance with the Applicable Criteria, Franco-Nevada has created and applied internally developed RGMP Policy Measures (the “Applicable Criteria”) which are listed in the table on pages 14 practice on which to draw allows for the selection of different but acceptable evaluation techniques, which Measures (the “Applicable Criteria”) which are listed in the table on pages 14 current as at the date of this report. Management is also responsible for and 15 of the Report. MANAGEMENT’S RESPONSIBILITIES can result in materially different measurements and can impact comparability. It is important to read and 15 of the Report. Contributions Management is responsible for the preparation and presentation of the Description of Implementation in determining Franco-Nevada’s objectives in respect of RGMP Policy Franco-Nevada’s internally developed RGMP Policy Measures presented in the table on pages 14 and 15 The Description of Implementation has been prepared in accordance with the of the Report. accordance with the Applicable Criteria, current as at the date of this report. Management is also The Description of Implementation has been prepared in accordance with the performance and reporting, and for establishing and maintaining appropriate Applicable Criteria and as a result may not be suitable for another purpose. responsible for determining Franco-Nevada’s objectives in respect of RGMP Policy performance and Applicable Criteria and as a result may not be suitable for another purpose. performance management and internal control system from which the reported CONCLUSION reporting, and for establishing and maintaining appropriate performance management and internal MANAGEMENT’S RESPONSIBILITIES Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. information is derived. control system from which the reported information is derived. MANAGEMENT’S RESPONSIBILITIES Management is responsible for the preparation and presentation of the Management is responsible for the preparation and presentation of the Description of Implementation in accordance with the Applicable Criteria, We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our PRACTIONER’S RESPONSIBILITIES AND PROFESSIONAL REQUIREMENTS Description of Implementation in accordance with the Applicable Criteria, current as at the date of this report. Management is also responsible for conclusion. Our responsibility is to express a limited assurance conclusion on the subject matter information based Employees current as at the date of this report. Management is also responsible for determining Franco-Nevada’s objectives in respect of RGMP Policy on evidence we have obtained. We conducted our limited assurance engagement in accordance with determining Franco-Nevada’s objectives in respect of RGMP Policy Based on the procedures performed and evidence obtained, nothing has come to our attention that performance and reporting, and for establishing and maintaining appropriate International Standard on Assurance Engagements 3000 Assurance Engagements Other than Audits or performance and reporting, and for establishing and maintaining appropriate causes us to believe that the Description of Implementation as described above and disclosed in the performance management and internal control system from which the reported Review of Historical Financial Information, issued by the International Auditing and Assurance Standards performance management and internal control system from which the reported Report as at December 31, 2021, has not been prepared and presented, in all material respect, in information is derived. Board. This standard requires that we plan and perform our engagement to obtain limited assurance, in information is derived. accordance with the Applicable Criteria, current as at the date of this report. accordance with the Applicable Criteria. Yours faithfully, Governance The nature, timing and extent of procedures performed depends on our professional judgment, including an assessment of the risks of material misstatement, whether due to fraud or error, and involves obtaining evidence about the Description of Implementation. ASSURANCE APPROACH We planned and performed our procedures to obtain all of the evidence, information and explanations © 2022 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member we considered necessary in order to form our conclusion as set out below. A limited assurance April 11, 2022 About this firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. engagement consists of making inquiries, primarily of persons responsible for the preparation of the Description of Implementation and applying analytical and other evidence gathering procedures, and ESG Report © 2022 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member evaluating the evidence obtained. Our procedures included: Appendices 118