附件(C)(2)(B)待审查的初稿和重要修订项目Alpha补充讨论材料2022年7月28日

这些材料由Evercore Group L.L.C.(“Evercore”)为阿尔法(“本公司”)董事会特别委员会准备，并直接向其交付该等材料，不得用于 或依赖于具体预期以外的任何目的。这些材料基于由公司和/或其他潜在交易参与者或代表公司和/或其他潜在交易参与者提供的信息，这些信息来自公共来源或由 Evercore以其他方式审阅。Evercore不承担独立调查或核实此类信息的责任，并依赖此类信息在所有实质性方面都是完整和准确的。在该等资料包括由本公司管理层及/或其他潜在交易参与者编制或审阅或从公开来源取得的对未来财务表现的估计 及预测的范围内，Evercore假设该等估计及预测已根据反映该等管理层目前可得的最佳估计及判断(或就从公开来源获得的估计及预测而言，代表合理估计)的基准而合理地编制。对于该等信息的准确性或完整性，不作任何明示或暗示的陈述或 保证，本文中包含的任何内容都不是、也不应被视为关于过去、现在或未来的陈述。这些材料是为熟悉公司业务和事务的特定人士而设计的。这些材料不是为评价提供唯一依据，不应被视为关于以下方面的建议, 任何交易或 其他事项。这些材料由Evercore开发并归Evercore所有，专门为公司董事会特别委员会的利益和内部使用而准备。这些材料补充了Evercore于2022年7月25日为董事会特别委员会准备的《Alpha项目讨论材料》，该材料是Evercore于该日提交给特别委员会的，与这些材料(有时称为7月25日演示)中所述的拟议交易有关。这些材料没有重申7月25日演示文稿中提出的所有假设和限制条件，必须与该演示文稿一起阅读。这些材料是在保密的基础上编写的，用于公司董事会特别委员会评估7月25日演示文稿中描述的潜在交易，而不是为了公开披露或根据州或联邦证券法进行备案，未经Evercore事先书面同意，不得复制、传播、引用或引用全部或部分材料。这些材料不构成出售或购买任何证券的要约或邀约，也不是Evercore(或任何关联公司)为任何交易提供或安排任何融资或购买与此相关的任何证券的承诺。Evercore不承担更新或以其他方式修改这些材料的义务。这些材料可能不反映Evercore及其附属公司其他业务领域的其他专业人员已知的信息。Evercore及其附属公司不提供法律、会计或税务建议。 , 本文中包含的任何有关税务事项的声明既不是Evercore或其关联公司撰写的，也不是有意使用的，任何纳税人都不能用来逃避可能对该纳税人施加的税收处罚。每个人都应根据自己的具体情况，就本文所述交易或事项的影响向独立顾问寻求法律、会计和税务建议。

有待审查的初稿和重大修订补充讨论材料定价敏感性概述◼Evercore利用了7月25日演示文稿中提供的资产净值分析，并纳入了以下价格敏感度：2022E 2023E 2024E 2025E 2026E之后WTI($/Bbl) $98.13$85.47$78.40$73.77$70.54$70.54截至7月20日的带状定价，2022年HHUB(美元/MMBtu)7.80 5.69 4.77 4.56 4.44 4.44 WTI(美元/桶)$102.55$90.08$78.91$72.34$66.60$66.60共识定价截至2022年7月20日HHUB(美元/MMBtu)6.28 5.10 4.20 3.88 3.49 3.49截至7月20日带状定价，2022年WTI(美元/桶)$103.13$90.47$83.4$78.77$75.54$75.54+$5.00/桶和+0.75/MMBtu HHUB(美元/桶)8.55 6.44 5.52 5.31 5.19 5.19 WTI(美元/桶)$93.13$80.47$73.40$68.77$65.54$65.54条带 截至7月20日的定价，2022(5.00美元)/桶和(0.75美元)/MMBtu HHUB(美元/MMBtu)7.05 4.94 4.02 3.81 3.69 3.69 1

有待审查的初稿和重大修订补充 讨论材料阿尔法独立的资产净值财务敏感度摘要和贴现现金流分析每股指标价格说明基于阿尔法资产净值模型的资产级开发预测▪承担阿尔法资产净值模型的资产级开发预测 水务公司单独估值并计入E&P价值；截至2022年7月20日的特许权使用费$55.02$77.22按资产净值扣除商业净资产净值；按储备类别应用的各种折扣率；基于阿尔法资产净值模型的资产级开发预测▪ ；水公司单独估值并计入E&P价值；特许权使用费$47.75$66.48，截至2022年7月20日，商业NCI从资产净值中扣除 ；按储备类别应用的各种折扣率；7/1/2022年生效日期▪基于阿尔法资产净值模型的资产级发展预测，负担阿尔法资产净值G&A模型和税收；水公司单独估值，添加到E&P 价值；截至2022年7月20日的特许权使用费$65.91$91.90商业NCI从资产净值中扣除；按储备应用的各种折扣率+5.00美元/bbl|+0.75美元/MMBtu类别；7/1/2022年生效日期▪基于阿尔法资产净值模型资产水平 承担阿尔法资产净值模型G&A和税费的开发预测；单独估值并计入E&P价值的水公司；截至2022年7月20日的特许权使用费$44.27$62.62商业净利润从资产净值中扣除； 准备金适用的各种贴现率-5.00美元/bbl|-0.75美元/MMBtu类别；7/1/2022年基于阿尔法合并财务的生效日期▪；截至2022年阿尔法财务预测的资产负债表预测$66.52$90.73 6/30/2022；9.0%-10.0%的WACC；1.5%-2.5%的永久增长率； 截至7月20日的带状定价为4.0x-5.5倍, 2022年最终息税前利润退出倍数；2022年7/1/2022年估值日期▪基于阿尔法合并财务；截至阿尔法财务预测的资产负债表预测$56.41$80.06/2022年6/30；9.0%-10.0% WACC；1.5%-2.5%的永久增长率；截至2022年7月20日的共识定价4.0x-5.5倍；2022年7/1/2022年基于阿尔法合并财务的估值日期▪；截至2022年6月30日阿尔法财务预测的资产负债表预测；9.0%-10.0%WACC；1.5%-2.5%的永久增长率；截至2022年7月20日条带定价的4.0x-5.5倍$77.16$113.05终端息税前利润退出倍数；7/1/2022年估值日期+5.00美元/桶|+0.75美元/MMBtu Alpha财务预测 基于阿尔法合并财务的▪；截至2022年7月20日条带定价的预测资产负债表$52.49$76.24；9.0%-10.0%WACC；1.5%-2.5%的永久增长率；4.0x-5.5x-$5.00/bbl|-$0.75/MMBtu终端EBITDAX退出 倍；估值日期2022年7月1日当前股价(22年7月20日)：66.51美元建议对价(22年6月14日)：70.00 2来源：Alpha公司模型、Alpha资产净值模型、公司文件、截至2022年7月20日的事实集市场数据注：未结合7月25日演示文稿中总结的其他财务分析准备敏感度分析 ，这些敏感度应与该演示文稿中总结的所有财务分析一起阅读，包括资产净值和折现现金流分析

有待审查和重大修订的初步草案讨论材料(百万美元)开发敏感性假设◼Evercore利用以下假设构建了一个开发敏感性方案：a加速开发均匀分布在阿尔法的四个主要资产区域；b开发敏感性2023年为巴肯、阿纳达科、二叠纪和粉河作业区的每个资产增加两个增量钻井平台，2024年和2025年每个区域增加一个钻井平台。回到2026年及以后公司提供的节奏所有其他假设已在7月25日演示文稿中介绍的材料中进行了讨论 演示文稿中介绍的开发敏感度569 566 600 600 524 516 513 499 77 110 500 500 453 58 58 81 430 66 128 66 400 109 400 109 109 109 305 305 91 84 73 74 300 300 98 84 75 49 30 30 30 79 200 67 277 275 252 249 221 100 100 196 159--2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Bakken Anadarko PRB二叠纪Bakken Anadarko PRB二叠纪来源：Alpha NAV Model 3操作井Spud操作井Spud

有待审查和重大修订的讨论材料(以百万美元为单位)发展敏感性假设(续)生产概况(MBOED)EBITDAX 565 558 600$10,000$9,024$8,996 524$8,713$8,539 448 531 515$7,500 396$8,270$8,243$8,126$8,041 474 400 435 396$4,571$5,571$5,571$5,571$5,071 $2,000$2，8H 2022 2023 E 4,331$2,325 E 2025 E 2022 2023E 2024E 2025 E$3,747$3,767,000$3,575$3,363$5,593$449$3,500$205$3,995$3,071$5,000$3,071$5,000$2,000$3,311$3,311$3,311$1,000美元2,747美元2H 2022 2023E 2024E 2025 E$5,767,000$3,575$3,363$5,593$449$3,205$205$4,946$3,071$5,000$3,071$3,071$3,694$2,000$3,311$1,000$2,747$2H 2022 2023E 2024E 2025E$3,767,000$3,575$3,363$5,593$449$3,205$205$3,946$3,071$3,071 $2,694$2,000$3,311$1,000$2,325$2H 2022 2023E 2024E 2024$3,767$3,767,000$3,575$3,363$5,593$449$3,205$205$3,495$3,946$3,071$自由现金流$3,946$3,071$5，2022 2023E 2024E 2025E 2026E 2H 2022 2023E 2024E 2025E 2025E 2026E NAV(发展敏感度)NAV(7月25日演示)来源：Alpha 财务预测；阿尔法净资产净值模型注：按2022年7月20日定价1.水务资本支出不包括在资产净值预测中；2022-2026年预测，不包括二叠纪水务资本支出，平均每年水务资本支出在3,000万美元至4,500万美元之间 4

有待审查和重大修订的初步草案 讨论材料(以百万美元为单位，每股金额除外)阿尔法资产净值摘要-截至2022年7月20日的资产定价报告7/25/22开发敏感区低高低高PDP北$8,480$9,080$8,480$9,080南6,217 6,752 6,217 6,752 PRB 1,276 1,368 1,276 1,368二叠纪3,180 3,468 3,180 3,468 TMRC 269 294 294总计PDP$19,421$20,962$19,421$20,217962技术PUD北$4,284$5,018$4,357$5,091南2,102 2,555 2,168 2,625 PRB 1,019 1,443 1,113 1,552 二叠系2,981 3,780 3,183 3,996技术PUD储量$10,387$12,795$10,822$13,264探测北$813$1,193$868$1,257南1,076 1,527 1,527 1,114 1,576 PRB 620 893 953 617探测$2,902$4,187 3,061$4388 POSS北区$4$47$1$47南区376 575 399 607 PRB 310 548 351 607二叠纪313 413 324 434 POSS储量$1,003$1,583$1,075$1,695总储量$33,713$39,528$34,379$40,310 E&P总资产水平价值$33,713$39,528$34,379$40,310 1减：对冲 (862)(843)(862)(843)(843)(843)(843)(843)(843)(843)(843)(843)(843)(843)(843)(843)加：水务公司1,426 2,211 1,426 2,211加：来自能源创新的投资资本100 100 100 2366)(1,935)(2,393)(1,961)3少：现金税(5,905)(4,924)(6,067)(5,066)4少：矿产 非控股权益(292)(254)(296)(258)少：资产报废债务(63)(77)(63)(77)企业价值25,750美元33,807美元26,224美元34,416少：净债务(5,778)(5,778)隐含股权价值19,972美元28，028美元20,446美元28, 稀释股份(百万)363.0 363.0每股隐含权益价值$55.02$77.22$56.33$78.9来源：阿尔法资产净值模型；FactSet截至7/20/22的市场数据1.假设套期保值持有至到期并以5%-8%的折扣计算2.G&A贴现率基于准备金类别的加权平均贴现率与总准备金的比率(15.0%-19.1%)3.现金税收贴现率基于准备金类别的加权平均贴现率除以现金流的PV-0(13.8%-17.5%)4.TMRC合并在资产净值中；NCI代表FNV在与TMRC现金流相关的未来价值中所占的份额

待审查和重大修订补充讨论材料大盘股同行与盆地重叠-交易分析1阿尔法市值截至7/20/22(美元B)$25$379$118$62$38 423 126 65 43 TEV截至7/20/22(美元B)3.8x 4.4x 3.3x 4.0x 4.2x EV/‘22E EBITDAX EV/’23E EBITDAX 4.0x 5.1x 3.7x 4.0x 4.1x价格/‘22E CFPS 3.7x 4.2x 4。8x 4.2 x价格/‘23E CFPS 3.7x 6.1x 4.6x 4.3x FCF收益率’22E 13%14%17%13%17%FCF收益率‘23E 13%11%14%13%16%净债务/’22E EBITDAX 0.7x 0.4x 0.2x 0.5x信用 评级Baa3/BBB-Aa2/AA-A3/A-A3/A-Baa3/BBB LTM相对性价比250%接受私人要约200%150%128%103%67%59%50%48%--%(50%)7/20/21 9/18/21 11/18/21 1/18/22 3/20/22 5/20/22 7/20/22阿尔法COP DVN EOG XOM来源： 截至2022年7月20日的FactSet数据1.按70.00美元计算的阿尔法指标出价6

初稿待审阅和重大修订补充 讨论材料大写与盆地重叠同行-面积图巴肯阿纳达科二叠纪粉河盆地阿尔法康菲石油德文EOG埃克森7

有待审查的初稿和重大修订 补充讨论材料(百万美元，拟议交易的说明性来源和用途说明性现金使用来源和用途现金1 3手头现金$1,544非HAMM家族普通股$4,429 2阿尔法信贷安排2,500交易手续费和支出25新债发行410总来源$4,454总使用金额4,454预计净债务信用指标预计现状4,179美元现有债务6,331 4 2023E EBITDAX$6,331 4 2023E EBITDAX 7,554 7,554信贷安排2,500新债发行410净债务4,768美元9,221预计债务9,241 4交易前现金净债务/2022E EBITDAX 1.1x 4现金净变化(1,544)净债务/2023E EBITDAX 0.6 1.2 Pro 形式现金$20净债务/已探明储量(美元/boe)$2.90$5.60预计净债务$9,221净债务/PDP储量(美元/boe)5.35 10.34净债务/净产量(美元/boed)12,091 23,387债务/股权26%36%债务/总资本21%27%来源： 公司备案和Alpha Management 1.截至2012年6月30日的现金余额加上在条带定价方案下产生的自由现金流2022年第三季度2.假设目前从阿尔法信贷安排提取的5500万美元将在交易完成前偿还 日期3。基于6330万股已发行股票，每股发行价为70.00美元4.EBITDAX基于剥离定价方案8

有待审查的初稿和重大修订 附录

待审阅的初稿和重大修订 补充详细信息

有待审查的初步草案和重大修订 阿尔法资产净值假设的补充详细概述◼估值假设生效日期为2022年7月1日(即资产净值现金流的起点)◼预计产量和现金流基于阿尔法于2022年6月28日提供的阿尔法资产净值模型，并向前滚动至2022年7月1日阿尔法向PDP提供更新的生效日期，剩余位置和钻探节奏作为此次前滚的一部分？根据Evercore对阿尔法资产净值模型◼中提供的类型曲线区域的审查而选定的折现率 在阿尔法资产净值模型中提供的对冲组合截至2022年5月24日的◼G&A假设是基于公司在阿尔法资产净值模型中提供的预测每阿尔法管理层， G&A假设为1.5美元/BOE，每年最多3.5亿美元。并在2045年阿纳达科盆地钻井平台全部利用完成后减少50%2021年年末现金税假设净资本化成本为167亿美元，2021年年末联邦政府和俄克拉荷马州NOL余额分别为12亿美元和31亿美元，分别前滚至2022年7月1日和2022年7月1日◼现金税贴现率基于适用于未贴现现金流的加权平均的现金税贴现率 基于Alpha提供的截至2022年6月30日余额的◼类净债务◼完全稀释后的流通股，基于Alpha提供的股份计数截至2022年5月24日◼水务公司作为独立实体进行估值包括所有资本支出 ◼完全合并的TMRC，扣除与FNV在风险◼峰会中的经济权益相关的非控股权益，截至2022年6月30日的投资资本(包括投资于Ekona Power的资本) 9

Preliminary Draft Subject to Review and Significant Revision Supplemental Detail ($ in millions, except per share amounts) Alpha NAV Summary – Strip Pricing as of July 20, 2022 Asset Reserves Discount Rate Selected Range Area (MBoe) 0% 5% 8% 10% 12% 15% 20% 25% 30% 35% Low High Discount Rates PDP North 528,478 $13,468 $10,243 $9,080 $8,480 $7,980 $7,365 $6,590 $6,015 $5,567 $5,207 $8,480 $9,080 South 467,975 11,292 7,848 6,752 6,217 5,785 5,271 4,646 4,197 3,857 3,587 6,217 6,752 PRB 71,344 2,051 1,549 1,368 1,276 1,199 1,104 985 897 829 774 1,276 1,368 Permian 145,917 5,884 4,057 3,468 3,180 2,946 2,668 2,331 2,089 1,906 1,762 3,180 3,468 TMRC 16,371 516 346 294 269 249 226 198 178 163 152 269 294 Total PDP 1,230,085 $33,212 $24,042 $20,962 $19,421 $18,158 $16,635 $14,750 $13,376 $12,322 $11,481 $19,421 $20,962 Technical PUD North 607,743 $12,008 $7,839 $6,371 $5,628 $5,018 $4,284 $3,391 $2,762 $2,298 $1,944 $4,284 $5,018 South 406,336 8,806 4,641 3,484 2,958 2,555 2,102 1,596 1,267 1,038 871 2,102 2,555 PRB 437,466 9,575 3,865 2,448 1,860 1,443 1,019 616 401 277 200 1,019 1,443 Permian 476,130 14,406 7,465 5,433 4,498 3,780 2,981 2,108 1,563 1,201 949 2,981 3,780 Technical PUD Reserves 1,927,675 $44,796 $23,810 $17,736 $14,944 $12,795 $10,387 $7,712 $5,993 $4,813 $3,963 $10,387 $12,795 PROB North 343,976 $5,929 $3,119 $2,256 $1,853 $1,541 $1,193 $813 $577 $424 $319 $813 $1,193 South 582,826 10,354 4,396 2,980 2,392 1,969 1,527 1,076 806 630 508 1,076 1,527 PRB 231,160 4,664 2,346 1,680 1,377 1,147 893 620 451 340 263 620 893 Permian 124,011 3,366 1,594 1,113 902 744 574 394 284 212 162 394 574 PROB Reserves 1,281,974 $24,313 $11,454 $8,029 $6,524 $5,402 $4,187 $2,902 $2,119 $1,606 $1,252 $2,902 $4,187 POSS North 159,781 $2,713 $982 $557 $384 $264 $147 $47 $4 $-- $-- $4 $47 South 556,192 9,911 3,733 2,313 1,743 1,346 949 575 376 259 187 376 575 PRB 805,764 15,225 5,171 2,988 2,145 1,576 1,030 548 310 182 106 310 548 Permian 345,542 8,070 2,641 1,539 1,132 867 621 413 313 256 219 313 413 POSS Reserves 1,867,279 $35,918 $12,527 $7,397 $5,403 $4,052 $2,748 $1,583 $1,003 $697 $512 $1,003 $1,583 Total Reserves 6,307,012 $138,240 $71,833 $54,125 $46,293 $40,407 $33,956 $26,948 $22,491 $19,439 $17,208 $33,713 $39,528 Total E&P Asset-Level Value $138,240 $71,833 $54,125 $46,293 $40,407 $33,956 $26,948 $22,491 $19,439 $17,208 $33,713 $39,528 1 Less: Hedges (862) (843) Plus: Value of WaterCo 1,426 2,211 Plus: Invested Capital from Energy Innovations 100 100 2 Less: G&A (2,366) (1,935) 3 Less: Cash Taxes (5,905) (4,924) Less: Minerals Non-Controlling Interest⁴ (292) (254) Less: Asset Retirement Obligation (63) (77) Enterprise Value $25,750 $33,807 Less: Net Debt (5,778) Implied Equity Value $19,972 $28,028 / Fully Diluted Shares (millions) 363.0 Implied Equity Value per Share $55.02 $77.22 Source: Alpha NAV Model; FactSet market data as of 7/20/22 1. Assumes hedges held to expiration and discounted at 5-8% 2. G&A discount rates based on the weighted average discount rates of reserve categories by total reserves (14.2%-18.0%) 3. Cash tax discount rates based on the weighted average discount rates of reserve categories by PV-0 of cash flows (13.6%-17.3%) 4. TMRC consolidated in NAV; NCI represents FNV’s share of future value associated with TMRC cash flows 10

Preliminary Draft Subject to Review and Significant Revision Supplemental Detail ($ in millions, except per share amounts) Alpha NAV Summary – Strip Pricing +$5.00 / Bbl and +$0.75 / MMBtu Asset Reserves Discount Rate Selected Range Area (MBoe) 0% 5% 8% 10% 12% 15% 20% 25% 30% 35% Low High Discount Rates PDP North 528,478 $15,547 $11,657 $10,276 $9,569 $8,982 $8,264 $7,364 $6,700 $6,186 $5,774 $9,569 $10,276 South 467,975 13,041 8,968 7,684 7,058 6,555 5,958 5,234 4,717 4,325 4,015 7,058 7,684 PRB 71,344 2,340 1,747 1,536 1,429 1,340 1,231 1,094 994 916 853 1,429 1,536 Permian 145,917 6,482 4,436 3,782 3,462 3,204 2,898 2,526 2,261 2,060 1,902 3,462 3,782 TMRC 16,371 577 384 326 298 276 250 219 197 180 167 298 326 Total PDP 1,230,085 $37,987 $27,192 $23,604 $21,817 $20,356 $18,601 $16,438 $14,868 $13,667 $12,712 $21,817 $23,604 Technical PUD North 607,743 $14,425 $9,426 $7,679 $6,796 $6,071 $5,200 $4,139 $3,389 $2,835 $2,413 $5,200 $6,071 South 406,336 10,403 5,541 4,186 3,567 3,092 2,558 1,958 1,566 1,292 1,092 2,558 3,092 PRB 437,466 11,385 4,695 3,016 2,314 1,813 1,301 808 540 383 283 1,301 1,813 Permian 476,130 16,372 8,557 6,261 5,202 4,388 3,479 2,482 1,855 1,438 1,146 3,479 4,388 Technical PUD Reserves 1,927,675 $52,585 $28,219 $21,142 $17,880 $15,364 $12,538 $9,387 $7,351 $5,948 $4,933 $12,538 $15,364 PROB North 343,976 $7,338 $3,932 $2,881 $2,388 $2,004 $1,573 $1,097 $798 $600 $463 $1,097 $1,573 South 582,826 12,774 5,425 3,670 2,942 2,418 1,872 1,317 988 774 626 1,317 1,872 PRB 231,160 5,588 2,847 2,055 1,694 1,419 1,114 784 580 445 351 784 1,114 Permian 124,011 3,881 1,858 1,308 1,065 884 687 479 352 268 209 479 687 PROB Reserves 1,281,974 $29,581 $14,061 $9,914 $8,088 $6,725 $5,246 $3,678 $2,718 $2,087 $1,649 $3,678 $5,246 POSS North 159,781 $3,392 $1,307 $783 $565 $411 $258 $118 $52 $19 $3 $52 $118 South 556,192 12,127 4,665 2,924 2,219 1,724 1,227 755 501 352 258 501 755 PRB 805,764 18,604 6,501 3,831 2,789 2,081 1,395 778 468 296 194 468 778 Permian 345,542 9,486 3,118 1,818 1,336 1,021 729 482 363 297 254 363 482 POSS Reserves 1,867,279 $43,609 $15,592 $9,356 $6,909 $5,238 $3,609 $2,133 $1,384 $963 $708 $1,384 $2,133 Total Reserves 6,307,012 $163,762 $85,064 $64,016 $54,695 $47,683 $39,994 $31,636 $26,321 $22,665 $20,002 $39,417 $46,348 Total E&P Asset-Level Value $163,762 $85,064 $64,016 $54,695 $47,683 $39,994 $31,636 $26,321 $22,665 $20,002 $39,417 $46,348 1 Less: Hedges (1,168) (1,140) Plus: Value of WaterCo 1,426 2,211 Plus: Invested Capital from Energy Innovations 100 100 2 Less: G&A (2,366) (1,935) 3 Less: Cash Taxes (7,317) (6,091) Less: Minerals Non-Controlling Interest⁴ (324) (282) Less: Asset Retirement Obligation (63) (77) Enterprise Value $29,703 $39,136 Less: Net Debt (5,778) Implied Equity Value $23,925 $33,358 / Fully Diluted Shares (millions) 363.0 Implied Equity Value per Share $65.91 $91.90 Source: Alpha NAV Model; FactSet market data as of 7/20/22 1. Assumes hedges held to expiration and discounted at 5-8% 2. G&A discount rates based on the weighted average discount rates of reserve categories by total reserves (14.2%-18.0%) 3. Cash tax discount rates based on the weighted average discount rates of reserve categories by PV-0 of cash flows (13.7%-17.4%) 4. TMRC consolidated in NAV; NCI represents FNV’s share of future value associated with TMRC cash flows 11

Preliminary Draft Subject to Review and Significant Revision Supplemental Detail ($ in millions, except per share amounts) Alpha NAV Summary – Strip Pricing -$5.00 / Bbl and -$0.75 / MMBtu Asset Reserves Discount Rate Selected Range Area (MBoe) 0% 5% 8% 10% 12% 15% 20% 25% 30% 35% Low High Discount Rates PDP North 528,478 $11,390 $8,829 $7,883 $7,391 $6,978 $6,467 $5,816 $5,329 $4,948 $4,639 $7,391 $7,883 South 467,975 9,543 6,728 5,821 5,376 5,014 4,584 4,057 3,678 3,388 3,159 5,376 5,821 PRB 71,344 1,762 1,351 1,200 1,123 1,058 978 876 801 742 694 1,123 1,200 Permian 145,917 5,286 3,677 3,154 2,897 2,688 2,439 2,135 1,917 1,752 1,621 2,897 3,154 TMRC 16,371 456 307 261 240 222 202 178 160 147 137 240 261 Total PDP 1,230,085 $28,438 $20,891 $18,321 $17,026 $15,960 $14,668 $13,062 $11,885 $10,976 $10,250 $17,026 $18,321 Technical PUD North 607,743 $9,610 $6,256 $5,065 $4,461 $3,964 $3,368 $2,643 $2,134 $1,760 $1,476 $3,368 $3,964 South 406,336 7,209 3,741 2,783 2,349 2,017 1,647 1,235 968 784 650 1,647 2,017 PRB 437,466 7,765 3,035 1,880 1,406 1,072 738 425 263 171 116 738 1,072 Permian 476,130 12,441 6,373 4,605 3,794 3,173 2,484 1,735 1,270 964 752 2,484 3,173 Technical PUD Reserves 1,927,675 $37,025 $19,406 $14,333 $12,009 $10,226 $8,236 $6,038 $4,635 $3,679 $2,994 $8,236 $10,226 PROB North 343,976 $4,531 $2,308 $1,632 $1,319 $1,079 $813 $528 $356 $247 $175 $528 $813 South 582,826 7,933 3,366 2,289 1,843 1,521 1,183 835 625 486 389 835 1,183 PRB 231,160 3,741 1,845 1,304 1,060 875 672 455 322 236 176 455 672 Permian 124,011 2,851 1,329 919 739 605 460 309 217 157 115 309 460 PROB Reserves 1,281,974 $19,057 $8,849 $6,145 $4,960 $4,079 $3,128 $2,127 $1,520 $1,126 $855 $2,127 $3,128 POSS North 159,781 $2,037 $658 $332 $203 $117 $37 $-- $-- $-- $-- $-- $-- South 556,192 7,694 2,801 1,703 1,267 967 670 395 250 167 115 250 395 PRB 805,764 11,846 3,840 2,144 1,500 1,071 666 317 153 67 19 153 317 Permian 345,542 6,655 2,164 1,260 928 712 513 345 263 216 185 263 345 POSS Reserves 1,867,279 $28,231 $9,464 $5,439 $3,898 $2,867 $1,887 $1,057 $666 $450 $320 $666 $1,057 Total Reserves 6,307,012 $112,752 $58,609 $44,237 $37,894 $33,132 $27,919 $22,284 $18,706 $16,231 $14,418 $28,054 $32,732 Total E&P Asset-Level Value $112,752 $58,609 $44,237 $37,894 $33,132 $27,919 $22,284 $18,706 $16,231 $14,418 $28,054 $32,732 1 Less: Hedges (557) (546) Plus: Value of WaterCo 1,426 2,211 Plus: Invested Capital from Energy Innovations 100 100 2 Less: G&A (2,366) (1,935) 3 Less: Cash Taxes (4,487) (3,753) Less: Minerals Non-Controlling Interest⁴ (259) (226) Less: Asset Retirement Obligation (63) (77) Enterprise Value $21,847 $28,506 Less: Net Debt (5,778) Implied Equity Value $16,069 $22,728 / Fully Diluted Shares (millions) 363.0 Implied Equity Value per Share $44.27 $62.62 Source: Alpha NAV Model; FactSet market data as of 7/20/22 1. Assumes hedges held to expiration and discounted at 5-8% 2. G&A discount rates based on the weighted average discount rates of reserve categories by total reserves (14.2%-18.0%) 3. Cash tax discount rates based on the weighted average discount rates of reserve categories by PV-0 of cash flows (13.5%-17.1%) 4. TMRC consolidated in NAV; NCI represents FNV’s share of future value associated with TMRC cash flows 12

Preliminary Draft Subject to Review and Significant Revision ($ in millions, except per share values) Supplemental Detail Alpha Discounted Cash Flow Analysis – Strip Pricing as of July 20, 2022 For Years Ending December 31, LTM EBITDAX Perpetuity 2H 2022E 2023E 2024E 2025E 2026E Multiple Growth EBITDAX $4,257 $7,714 $7,392 $7,180 $7,236 $7,236 $7,236 Less: Tax Depreciation and Amortization (1,588) (2,864) (2,232) (1,964) (1,696) (3,729) EBIT $2,670 $4,849 $5,160 $5,215 $5,540 $3,506 1 Less: Taxes (133) (572) (1,290) (1,304) (1,385) (877) EBIAT $2,536 $4,277 $3,870 $3,912 $4,155 $2,630 Plus: Tax Depreciation and Amortization 1,588 2,864 2,232 1,964 1,696 3,729 Less: Change in Working Capital (314) (71) 105 (3) 58 -- Less: Capital Expenditures (1,588) (3,493) (3,291) (3,536) (3,729) (3,729) Unlevered Free Cash Flow $2,222 $3,578 $2,916 $2,336 $2,180 $2,630 EBITDAX Multiple / Perpetuity Growth Rate 4.8x 2.0% Implied Terminal Value $34,370 $35,064 PV of Terminal Value @ 9.5% Discount Rate 22,846 23,308 11,168 11,168 Plus: PV of Unlevered Free Cash Flow @ 9.5% Discount Rate Implied Enterprise Value $34,014 $34,476 Less: Net Debt as of 6/30/22 ($5,778) ($5,778) Implied Equity Value $28,236 $28,698 Fully Diluted Shares Outstanding (mm) 363.0 363.0 Implied Equity Value per Share $77.78 $79.06 Exit Multiple Sensitivity Perpetuity Growth Rate Sensitivity WACC Terminal Exit Multiple WACC Perpetuity Growth Rate 3.25x 4.00x 4.75x 5.50x 6.25x 1.0% 1.5% 2.0% 2.5% 3.0% 8.50% $60.24 $70.59 $80.95 $91.31 $101.66 8.50% $82.28 $87.06 $92.57 $99.01 $106.61 9.00% 59.06 69.20 79.35 89.49 99.64 9.00% 76.55 80.65 85.33 90.73 97.03 9.50% 57.91 67.85 77.78 87.72 97.66 9.50% 71.50 75.04 79.06 83.64 88.94 10.00% 56.79 66.52 76.26 85.99 95.73 10.00% 67.02 70.10 73.57 77.50 82.00 10.50% 55.69 65.23 74.76 84.30 93.84 10.50% 63.01 65.71 68.74 72.13 75.99 Implied Perpetuity Growth Rate Sensitivity Implied Exit Multiple Sensitivity WACC Terminal Exit Multiple WACC Perpetuity Growth Rate 3.25x 4.00x 4.75x 5.50x 6.25x 1.0% 1.5% 2.0% 2.5% 3.0% 4.5% (4.4%) (2.8%) (1.7%) (0.9%) (0.3%) 4.5% 10.4x 12.1x 14.5x 18.2x 24.2x 7.0% (2.1%) (0.5%) 0.6% 1.4% 2.1% 7.0% 6.1 6.6 7.3 8.1 9.1 9.5% 0.2% 1.8% 3.0% 3.8% 4.5% 9.5% 4.3 4.5 4.8 5.2 5.6 12.0% 2.5% 4.2% 5.3% 6.2% 6.8% 12.0% 3.3 3.5 3.6 3.8 4.0 14.5% 4.8% 6.5% 7.7% 8.6% 9.2% 14.5% 2.7 2.8 2.9 3.0 3.2 13 Source: Alpha Financial Projections 1. 25% tax rate based upon long term effective rate in NAV model

Preliminary Draft Subject to Review and Significant Revision ($ in millions, except per share values) Supplemental Detail Alpha Discounted Cash Flow Analysis – Strip Pricing +$5.00 / Bbl and +$0.75 / MMBtu For Years Ending December 31, LTM EBITDAX Perpetuity 2H 2022E 2023E 2024E 2025E 2026E Multiple Growth EBITDAX $4,500 $8,276 $8,034 $7,937 $8,040 $8,040 $8,040 Less: Tax Depreciation and Amortization (1,588) (2,864) (2,232) (1,964) (1,696) (3,729) EBIT $2,913 $5,411 $5,802 $5,973 $6,343 $4,310 1 Less: Taxes (146) (761) (1,450) (1,493) (1,586) (1,078) EBIAT $2,767 $4,650 $4,351 $4,480 $4,758 $3,233 Plus: Tax Depreciation and Amortization 1,588 2,864 2,232 1,964 1,696 3,729 Less: Change in Working Capital (285) (138) 106 (6) 62 -- Less: Capital Expenditures (1,588) (3,493) (3,291) (3,536) (3,729) (3,729) Unlevered Free Cash Flow $2,482 $3,884 $3,398 $2,902 $2,786 $3,233 EBITDAX Multiple / Perpetuity Growth Rate 4.8x 2.0% Implied Terminal Value $38,188 $43,103 PV of Terminal Value @ 9.5% Discount Rate 25,384 28,651 12,956 12,956 Plus: PV of Unlevered Free Cash Flow @ 9.5% Discount Rate Implied Enterprise Value $38,340 $41,607 Less: Net Debt as of 6/30/22 ($5,778) ($5,778) Implied Equity Value $32,562 $35,829 Fully Diluted Shares Outstanding (mm) 363.0 363.0 Implied Equity Value per Share $89.70 $98.70 Exit Multiple Sensitivity Perpetuity Growth Rate Sensitivity WACC Terminal Exit Multiple WACC Perpetuity Growth Rate 3.25x 4.00x 4.75x 5.50x 6.25x 1.0% 1.5% 2.0% 2.5% 3.0% 8.50% $70.25 $81.76 $93.27 $104.77 $116.28 8.50% $102.65 $108.52 $115.30 $123.21 $132.56 9.00% 68.92 80.19 91.46 102.73 114.01 9.00% 95.62 100.65 106.41 113.05 120.79 9.50% 67.62 78.66 89.70 100.74 111.78 9.50% 89.42 93.77 98.70 104.34 110.84 10.00% 66.35 77.16 87.98 98.80 109.61 10.00% 83.91 87.70 91.96 96.80 102.32 10.50% 65.10 75.70 86.30 96.90 107.50 10.50% 78.99 82.31 86.03 90.20 94.94 Implied Perpetuity Growth Rate Sensitivity Implied Exit Multiple Sensitivity WACC Terminal Exit Multiple WACC Perpetuity Growth Rate 3.25x 4.00x 4.75x 5.50x 6.25x 1.0% 1.5% 2.0% 2.5% 3.0% 4.5% (5.6%) (3.8%) (2.6%) (1.7%) (1.0%) 4.5% 11.5x 13.4x 16.1x 20.1x 26.8x 7.0% (3.3%) (1.5%) (0.3%) 0.7% 1.4% 7.0% 6.7 7.3 8.0 8.9 10.1 9.5% 4.7 5.0 5.4 5.7 6.2 9.5% (1.1%) 0.8% 2.1% 3.0% 3.7% 12.0% 1.2% 3.1% 4.4% 5.4% 6.1% 12.0% 3.7 3.8 4.0 4.2 4.5 14.5% 3.5% 5.4% 6.7% 7.7% 8.5% 14.5% 3.0 3.1 3.2 3.4 3.5 14 Source: Alpha Financial Projections 1. 25% tax rate based upon long term effective rate in NAV model

Preliminary Draft Subject to Review and Significant Revision ($ in millions, except per share values) Supplemental Detail Alpha Discounted Cash Flow Analysis – Strip Pricing -$5.00 / Bbl and -$0.75 / MMBtu For Years Ending December 31, LTM EBITDAX Perpetuity 2H 2022E 2023E 2024E 2025E 2026E Multiple Growth EBITDAX $4,014 $7,144 $6,749 $6,422 $6,432 $6,432 $6,432 Less: Tax Depreciation and Amortization (1,588) (2,864) (2,232) (1,964) (1,696) (3,729) EBIT $2,426 $4,280 $4,517 $4,458 $4,736 $2,703 1 Less: Taxes (121) (381) (1,129) (1,114) (1,184) (676) EBIAT $2,305 $3,899 $3,388 $3,343 $3,552 $2,027 Plus: Tax Depreciation and Amortization 1,588 2,864 2,232 1,964 1,696 3,729 Less: Change in Working Capital (343) (3) 105 (1) 55 -- Less: Capital Expenditures (1,588) (3,493) (3,291) (3,536) (3,729) (3,729) Unlevered Free Cash Flow $1,962 $3,267 $2,434 $1,771 $1,574 $2,027 EBITDAX Multiple / Perpetuity Growth Rate 4.8x 2.0% Implied Terminal Value $30,551 $27,026 PV of Terminal Value @ 9.5% Discount Rate 20,308 17,964 9,375 9,375 Plus: PV of Unlevered Free Cash Flow @ 9.5% Discount Rate Implied Enterprise Value $29,683 $27,340 Less: Net Debt as of 6/30/22 ($5,778) ($5,778) Implied Equity Value $23,905 $21,561 Fully Diluted Shares Outstanding (mm) 363.0 363.0 Implied Equity Value per Share $65.85 $59.40 Exit Multiple Sensitivity Perpetuity Growth Rate Sensitivity WACC Terminal Exit Multiple WACC Perpetuity Growth Rate 3.25x 4.00x 4.75x 5.50x 6.25x 1.0% 1.5% 2.0% 2.5% 3.0% 8.50% $50.21 $59.41 $68.62 $77.82 $87.03 8.50% $61.89 $65.58 $69.83 $74.79 $80.65 9.00% 49.19 58.20 67.22 76.24 85.25 9.00% 57.47 60.63 64.24 68.40 73.26 9.50% 48.19 57.02 65.85 74.69 83.52 9.50% 53.58 56.30 59.40 62.93 67.01 10.00% 47.21 55.87 64.52 73.17 81.83 10.00% 50.11 52.49 55.16 58.19 61.66 10.50% 46.26 54.74 63.22 71.70 80.17 10.50% 47.02 49.10 51.43 54.05 57.02 Implied Perpetuity Growth Rate Sensitivity Implied Exit Multiple Sensitivity WACC Terminal Exit Multiple WACC Perpetuity Growth Rate 3.25x 4.00x 4.75x 5.50x 6.25x 1.0% 1.5% 2.0% 2.5% 3.0% 4.5% (2.8%) (1.5%) (0.6%) 0.0% 0.6% 4.5% 9.0x 10.5x 12.6x 15.8x 21.0x 7.0% (0.5%) 0.8% 1.8% 2.4% 3.0% 7.0% 5.3 5.7 6.3 7.0 7.9 9.5% 3.7 3.9 4.2 4.5 4.8 9.5% 1.8% 3.2% 4.1% 4.8% 5.4% 12.0% 4.2% 5.5% 6.5% 7.2% 7.8% 12.0% 2.9 3.0 3.2 3.3 3.5 14.5% 6.5% 7.9% 8.9% 9.6% 10.2% 14.5% 2.3 2.4 2.5 2.6 2.7 15 Source: Alpha Financial Projections 1. 25% tax rate based upon long term effective rate in NAV model

Preliminary Draft Subject to Review and Significant Revision Supplemental Detail ($ in millions, except per share amounts) Alpha NAV Summary – Strip Pricing Asset Reserves Discount Rate Selected Range Area (MBoe) 0% 5% 8% 10% 12% 15% 20% 25% 30% 35% Low High Discount Rates PDP North 528,478 $13,468 $10,243 $9,080 $8,480 $7,980 $7,365 $6,590 $6,015 $5,567 $5,207 $8,480 $9,080 South 467,975 11,292 7,848 6,752 6,217 5,785 5,271 4,646 4,197 3,857 3,587 6,217 6,752 PRB 71,344 2,051 1,549 1,368 1,276 1,199 1,104 985 897 829 774 1,276 1,368 Permian 145,917 5,884 4,057 3,468 3,180 2,946 2,668 2,331 2,089 1,906 1,762 3,180 3,468 TMRC 16,371 516 346 294 269 249 226 198 178 163 152 269 294 Total PDP 1,230,085 $33,212 $24,042 $20,962 $19,421 $18,158 $16,635 $14,750 $13,376 $12,322 $11,481 $19,421 $20,962 Technical PUD North 607,743 $12,008 $7,839 $6,371 $5,628 $5,018 $4,284 $3,391 $2,762 $2,298 $1,944 $4,284 $5,018 South 406,336 8,806 4,641 3,484 2,958 2,555 2,102 1,596 1,267 1,038 871 2,102 2,555 PRB 437,466 9,575 3,865 2,448 1,860 1,443 1,019 616 401 277 200 1,019 1,443 Permian 476,130 14,406 7,465 5,433 4,498 3,780 2,981 2,108 1,563 1,201 949 2,981 3,780 Technical PUD Reserves 1,927,675 $44,796 $23,810 $17,736 $14,944 $12,795 $10,387 $7,712 $5,993 $4,813 $3,963 $10,387 $12,795 PROB North 343,976 $5,929 $3,119 $2,256 $1,853 $1,541 $1,193 $813 $577 $424 $319 $813 $1,193 South 582,826 10,354 4,396 2,980 2,392 1,969 1,527 1,076 806 630 508 1,076 1,527 PRB 231,160 4,664 2,346 1,680 1,377 1,147 893 620 451 340 263 620 893 Permian 124,011 3,366 1,594 1,113 902 744 574 394 284 212 162 394 574 PROB Reserves 1,281,974 $24,313 $11,454 $8,029 $6,524 $5,402 $4,187 $2,902 $2,119 $1,606 $1,252 $2,902 $4,187 POSS North 159,781 $2,713 $982 $557 $384 $264 $147 $47 $4 $-- $-- $4 $47 South 556,192 9,911 3,733 2,313 1,743 1,346 949 575 376 259 187 376 575 PRB 805,764 15,225 5,171 2,988 2,145 1,576 1,030 548 310 182 106 310 548 Permian 345,542 8,070 2,641 1,539 1,132 867 621 413 313 256 219 313 413 POSS Reserves 1,867,279 $35,918 $12,527 $7,397 $5,403 $4,052 $2,748 $1,583 $1,003 $697 $512 $1,003 $1,583 Total Reserves 6,307,012 $138,240 $71,833 $54,125 $46,293 $40,407 $33,956 $26,948 $22,491 $19,439 $17,208 $33,713 $39,528 Total E&P Asset-Level Value $138,240 $71,833 $54,125 $46,293 $40,407 $33,956 $26,948 $22,491 $19,439 $17,208 $33,713 $39,528 1 Less: Hedges (862) (843) Plus: Value of WaterCo 1,426 2,211 Plus: Invested Capital from Energy Innovations 100 100 2 Less: G&A (2,366) (1,935) 3 Less: Cash Taxes (5,905) (4,924) Less: Minerals Non-Controlling Interest⁴ (292) (254) Less: Asset Retirement Obligation (63) (77) Enterprise Value $25,750 $33,807 Less: Net Debt (5,778) Implied Equity Value $19,972 $28,028 / Fully Diluted Shares (millions) 363.0 Implied Equity Value per Share $55.02 $77.22 Source: Alpha NAV Model; FactSet market data as of 7/20/22 1. Assumes hedges held to expiration and discounted at 5-8% 2. G&A discount rates based on the weighted average discount rates of reserve categories by total reserves (14.2%-18.0%) 3. Cash tax discount rates based on the weighted average discount rates of reserve categories by PV-0 of cash flows (13.6%-17.3%) 4. TMRC consolidated in NAV; NCI represents FNV’s share of future value associated with TMRC cash flows 16

Preliminary Draft Subject to Review and Significant Revision Supplemental Detail ($ in millions, except per share amounts) Development Sensitivity – Strip Pricing Asset Reserves Discount Rate Selected Range Area (MBoe) 0% 5% 8% 10% 12% 15% 20% 25% 30% 35% Low High Discount Rates PDP North 528,478 $13,468 $10,243 $9,080 $8,480 $7,980 $7,365 $6,590 $6,015 $5,567 $5,207 $8,480 $9,080 South 467,975 11,292 7,848 6,752 6,217 5,785 5,271 4,646 4,197 3,857 3,587 6,217 6,752 PRB 71,344 2,051 1,549 1,368 1,276 1,199 1,104 985 897 829 774 1,276 1,368 Permian 145,917 5,884 4,057 3,468 3,180 2,946 2,668 2,331 2,089 1,906 1,762 3,180 3,468 TMRC 16,371 516 346 294 269 249 226 198 178 163 152 269 294 Total PDP 1,230,085 $33,212 $24,042 $20,962 $19,421 $18,158 $16,635 $14,750 $13,376 $12,322 $11,481 $19,421 $20,962 Technical PUD North 607,743 $12,016 $7,896 $6,439 $5,700 $5,091 $4,357 $3,461 $2,826 $2,356 $1,996 $4,357 $5,091 South 406,336 8,832 4,710 3,558 3,031 2,625 2,168 1,653 1,316 1,079 906 2,168 2,625 PRB 437,466 9,642 4,005 2,580 1,981 1,552 1,113 688 456 320 234 1,113 1,552 Permian 476,130 14,456 7,670 5,655 4,720 3,996 3,183 2,283 1,710 1,324 1,051 3,183 3,996 Technical PUD Reserves 1,927,675 $44,946 $24,281 $18,231 $15,431 $13,264 $10,822 $8,085 $6,309 $5,079 $4,187 $10,822 $13,264 PROB North 343,976 $5,957 $3,187 $2,328 $1,924 $1,610 $1,257 $868 $624 $463 $352 $868 $1,257 South 582,826 10,388 4,466 3,047 2,454 2,026 1,576 1,114 836 653 525 1,114 1,576 PRB 231,160 4,680 2,402 1,738 1,432 1,198 938 653 475 356 273 653 938 Permian 124,011 3,376 1,654 1,173 957 795 617 425 307 229 174 425 617 PROB Reserves 1,281,974 $24,402 $11,709 $8,285 $6,768 $5,629 $4,388 $3,061 $2,243 $1,701 $1,324 $3,061 $4,388 POSS North 159,781 $2,711 $996 $569 $393 $271 $152 $47 $1 $-- $-- $1 $47 South 556,192 9,935 3,805 2,380 1,803 1,399 993 607 399 276 198 399 607 PRB 805,764 15,273 5,322 3,124 2,266 1,682 1,116 607 351 209 125 351 607 Permian 345,542 8,223 2,763 1,629 1,203 923 660 434 324 262 223 324 434 POSS Reserves 1,867,279 $36,142 $12,885 $7,701 $5,666 $4,275 $2,921 $1,695 $1,075 $748 $546 $1,075 $1,695 Total Reserves 6,307,012 $138,702 $72,917 $55,180 $47,286 $41,327 $34,765 $27,591 $23,003 $19,850 $17,538 $34,379 $40,310 Total E&P Asset-Level Value $138,702 $72,917 $55,180 $47,286 $41,327 $34,765 $27,591 $23,003 $19,850 $17,538 $34,379 $40,310 1 Less: Hedges (862) (843) Plus: Value of WaterCo 1,426 2,211 Plus: Invested Capital from Energy Innovations 100 100 2 Less: G&A (2,393) (1,961) 3 Less: Cash Taxes (6,067) (5,066) Less: Minerals Non-Controlling Interest⁴ (296) (258) Less: Asset Retirement Obligation (63) (77) Enterprise Value $26,224 $34,416 Less: Net Debt (5,778) Implied Equity Value $20,446 $28,638 / Fully Diluted Shares (millions) 363.0 Implied Equity Value per Share $56.33 $78.90 Source: Alpha NAV Model; FactSet market data as of 7/20/22 1. Assumes hedges held to expiration and discounted at 5-8% 2. G&A discount rates based on the weighted average discount rates of reserve categories by total reserves (14.2%-18.0%) 3. Cash tax discount rates based on the weighted average discount rates of reserve categories by PV-0 of cash flows (13.7%-17.3%) 4. TMRC consolidated in NAV; NCI represents FNV’s share of future value associated with TMRC cash flows 17