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Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash flow producing assets. Our top line business model provides investors with gold price optionality while limiting exposure to cost inflation. Our high margins and exposure to exploration success have allowed us to outperform in both bull and bear markets. Our tag-line is “Franco-Nevada is the gold investment that works” and we are committed to ensuring it does work, for our shareholders, our operating partners and our communities. Combining a lower-risk gold investment with a strong balance sheet, progressive dividends and exposure to exploration optionality is the right mix to appeal to investors seeking to hedge market instability. Over the 14 years since our initial public offering, our shareholders have realized a share price appreciation of over 860% and a compounded annual growth rate of greater than 18%. Our objective is to sustain our dividend in almost any gold price environment and for it to be progressive. We have increased dividends for the fourteenth consecutive year and cumulative dividends now exceed US$1.73 billion. At year-end, our market capitalization exceeded US$26 billion, ranking Franco-Nevada among the largest gold companies in the world. We work to build long-term alignment with our operating partners, knowing we are only successful if they are. This win-win approach and the natural flexibility of royalties and streams has proven to be an effective financing tool for the cyclical resource sector. Our approach is to provide low-cost financing to the industry, to act as stable and supportive partners through the cycle and to share in the upside of a property. Our shareholders rely on us to allocate capital to responsible mining operations. As a result, attention to ESG is a core part of our transaction due diligence and we encourage our operators to adopt responsible operating principles as established by the World Gold Council or otherwise. Our goal is to achieve at least 40% diverse representation between the Board and senior management as a group by 2025 and we actively promote diversity and inclusion in our workforce. Our work with operators to develop and fund programs to benefit communities continues to expand. We have a unique approach to the royalty and streaming business that is born from experiencing many industry cycles. We avoid long-term debt to ensure strong capital availability at all times. Our Board and management have some of the best technical skills in the industry as evidenced by their success in asset selection. We are significant owners of the Company which is essential to our “thinking like owners”, keeping G&A low and treating shareholder funds as our own. Our investment objective is to increase our net asset value and cash flow per share, not just to make the Company larger. Our focus is growing our gold expo - sure. This includes financing gold mines and acquiring gold royalties, but increasingly through acquiring by-product precious metal streams from base metal mines. When good opportunities present themselves, we also invest in other resources outside of precious metals. This strategy adds to our cash flow growth, asset diversity and exposure to resource sector optionality. We don’t control when good assets come to market but seek to balance the portfolio exposure over time. DEAR STAKEHOLDERS