May 2014

Cautionary StatementForward-Looking StatementsForward Looking StatementsThis presentation contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the U.S. Private Securities LitigationReform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costsand revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating toreserves and resources and gold equivalent ounces are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance canbe given that the estimates will be realized. Such forward looking statements reflect management’s current beliefs and are based on information currently available to management. Often, butnot always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”,not always, forward looking statements can be identified by the use of words such as plans , expects , is expected , budgets , scheduled , estimates , forecasts , predicts , projects ,“intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions“may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which maycause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking statements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of theprimary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian andAustralian dollar, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting andlicensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or otherinterest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in theownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access todebt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or notthe Corporation is determined to have PFIC status; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties inwhich Franco-Nevada holds a royalty, stream or other interest; rate and timing of production differences from resource estimates; risks and hazards associated with the business ofdevelopment and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological andmetallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; and the integration of acquired assets. The forward looking statements contained in this

t ti b d ti t b li t b bl i l di ith t li it ti th i ti f th ti i hi h F N d h ldpresentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds aroyalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the ownersor operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Corporation’s ongoing income and assetsrelating to determination of its PFIC status; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy ofpublicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that couldcause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward looking statements will prove to be accurate, asactual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are not guarantees of futureperformance Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements Accordingly investors should not place undue reliance onperformance. Franco Nevada cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly, investors should not place undue reliance onforward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the “Risk Factors” section ofour most recent Annual Information Form as well as our most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com andcontained in Franco-Nevada’s most recent Annual Report on Form 40-F filed with the SEC on www.sec.gov. The forward looking statements herein are made as of the date of thispresentation only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, exceptas required by applicable law.

Non-IFRS MeasuresAdj t d N t I d Adj t d EBITDA i t d d t id dditi l i f ti l d d t h t d di d i d I t ti l Fi i l R ti St d d

2

Adjusted Net Income and Adjusted EBITDA are intended to provide additional information only and do not have any standardized meaning under International Financial Reporting Standards(“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative ofoperating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures to various IFRSmeasures, please see the end of this presentation or the Company’s current MD&A disclosure found on the Company’s website and filed with Canadian securities regulatory authorities onSEDAR at www.sedar.com and with the Securities and Exchange Commission on EDGAR at www.sec.gov.

A Gold Focused Royalty/Stream Company

1

Free Cash Flow $7.3 Billion3

Margin > 80%1

No Debt

Market Cap

TSX & NYSE Li t dNo Debt

$770 Million2

TSX & NYSE ListedS&P/TSX & GDX indices

$770 MillionWorking Capital Top Shareholders

BlackRockDividend

~ 1.6%FidelityT. Rowe Price

31. For Q1/2014 - Margin is defined by the Company as Adjusted EBITDA divided by Revenue2. As at March 31st, 20143. As at May 6th, 2014

Management & Directors

ManagementDavid HarquailSandip Rana

President & CEOChief Financial Officerp

Lloyd HongGeoff WatermanPaul Brink

Chief Legal OfficerChief Operating OfficerSVP Business DevelopmentPaul Brink SVP, Business Development

DirectorsPierre Lassonde Chairman

& C ODavid HarquailTom AlbaneseDerek Evans

President & CEOFormer CEO of Rio Tinto plcCEO, Pengrowth Energy Corporation

Graham FarquharsonLouis GignacRandall Oliphant

President, Strathcona Mineral Services President, G Mining Services Inc.Executive Chairman New Gold Inc

4

Randall OliphantHon. David R. Peterson

Executive Chairman, New Gold Inc.Former Premier of Ontario

Our Business Principles

Palmarejo DuketonGoldstrike

Maximize MinimizeExploration upside

Security of tenure

Cost exposures

Potential for encroachments

L t ti lit

Mgm’t time on new deals Involvement in operations

5

Long term optionality

Business Model Benefits

Risk of: Gold ETF FNV OperatorsCapital Costs 0% 0%* 100%Capital Costs 0% 0% 100%

Operating & Other Costs 0% 0%* 100%

Benefit of:Leverage to Gold Price 1 >1 >1

Exploration & Expansion 0% 100% 100%

Dividend Yield -0.4% ~1.5% 0 - 3%

FNV provides yield and more upside than a gold ETF with less risk than an operator

6

gold ETF with less risk than an operator

*Revenue royalties & streams

Outperforming Other Gold Investments300%

250%

300%

FNV

150%

200%

50%

100%GOLD

0%

50%

FNV IPO:

-100%

-50%

2008 2009 2010 2011 2012 2013 2014

FNV IPO: Dec 2007 S&P/TSX Global

Gold Index

7

2008 2009 2010 2011 2012 2013 2014

FNV and S&P/TSX Global Gold Index converted to USD. Chart to May 6th, 2014

More Highly Correlated to Gold Price

S&P/TSX Global Gold Index R² = 0.002

$60

$70

450

500

$50

300

350

400

($U

S)

ld I

nd

ex

$30

$40

200

250

300

co-N

evad

a (

SX

Glo

bal

Go

l

Franco-Nevada R² = 0.79$20

100

150

200

Fran

S&

P/

TS

$0

$10

0

50

$500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 $2,100

8Chart from December 31st, 2007 to May 6th, 2014

$500 $ 00 $ 00 $ , 00 $ ,300 $ ,500 $ , 00 $ , 00 $ , 00Gold Price (USD)

A Diversified Global Gold Portfolio

GOLD ASSETS PGMsU.S. Australia Stillwater

Goldstrike Duketon Sudbury

Gold Quarry Henty Pandora

Marigold Rest of Worldg

Fire Creek/Midas Cobre Panama OtherCanada Palmarejo Weyburn – oil

Detour MWS Midale – oil

Sudbury Sabodala/OJVG Edson – gas / ngl’s

Golden Highway Tasiast Mt. Keith – nickelg y

Musselwhite Subika

Timmins West Cerro San Pedro Available CapitalEdik

9

Kirkland Lake Edikan ~$1.3 Billion

See our Annual Information Form filed on www.sedar.com on March 19, 2014 and 2014 Asset Handbook for further detail

Over 370 Assets1

Mineral Assets Oil & Gas AssetsProducing Advanced ExplorationProducing Advanced p

47 36 153 137Gold -US

-Canada-Australia-Rest of World

Potentially producing within 5 years

Exploration optionality

Does not include 160 undeveloped oil Rest of World

PGMsOther Minerals

y& gas interests

Majority of assets are royaltiesOnly 7 stream agreements

10

Only 7 stream agreements

1 As at May 6th, 2014

Track Record

RevenueAdj Net Income1

per share2Producing

mineral royaltiesDividends per

share

350

400

450

1.00

1.20

1.40

0.60

0.70

0.80

35

40

45

50

150

200

250

300

US$

 Millions

0.60

0.80

US$

 per share

0.30

0.40

0.50

US$

 / share

20

25

30

# of Royaltie

s0

50

100

150

0.00

0.20

0.40

0.00

0.10

0.20

0

5

10

15

2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 20132008 2009 2010 2011 2012 2013

11

1. Adjusted Net Income is defined by the Corporation as net income (loss) excluding foreign exchange gains/losses, gains/losses on sale of investments, impairment charges related to royalties, streams, working interests and investments, unusual non-recurring items, and the impact of taxes on these items. Adjusted Net Income per share is Adjusted Net Income divided by the weighted average number of shares outstanding for the period. See Non-IFRS Measures at the end of this presentation for 2013 reconciliation. For a reconciliation for 2008 through 2012 to various IFRS and Canadian GAAP measures, please refer to the MD&A for the respective years available on our website and on SEDAR.

2. Fiscal years 2010 through 2013 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP.

2014 Q1 Revenue Sources

By Commodity By Geography

US21%

Rest of World22%

Other Minerals

3%

Oil & Gas18%

Canada

Australia5%

Gold

PGMs12%

3%

Canada35%Mexico

17%

Gold 67%

79% Precious Metals

12

78% from North America & Australia

Success of IPO Assets

70

Ounces of same assets after >$894 million in revenue

Ounces at time of IPO

50

60

moz)

40

50

& Resou

rces (m

+1

02

%

65%

20

30

ld Reserves &

&P

M&

I P&

P: +

M&

I: +

6

11%

0

10

2007 2013

Go P& M

Inf

Inf:

+

2007 2013

13Notes: For a breakdown of Mineral Reserves and Resources by category and additional information relating to Mineral Reserves and Resources, calculated in

accordance with National Instrument 43-101 or Applicable Foreign Code, see pages 21-27 of Franco-Nevada’s 2013 AIF.Refer to slide 21 for “Cautionary Note Regarding Mineral Reserve and Resource Estimates”

Optionality: Big Wins

Goldstrike• Original purchase price < $3 million

• Royalties paid to date >$700 million

Detour (2% of ounces)( )• Original purchase price ~ $2 million loan• Over 20 Moz M&I Resources

• Measured (115 M tonnes @ 1.29g/t); Indicated (498 M tonnes @ 0.98g/t)

Tasiast (2% of ounces)• Book value at IPO ~ $2.7 million• Over 14 Moz M&I Resources

M d (88 M t @ 0 90 /t) I di t d (262 M t @ 1 40 /t)

14

• Measured (88 M tonnes @ 0.90 g/t); Indicated (262 M tonnes @ 1.40g/t)

Notes: For a breakdown of Mineral Reserves and Resources by category and additional information relating to Mineral Reserves and Resources, calculated in accordance with National Instrument 43-101 or Applicable Foreign Code, see pages 21-27 of Franco-Nevada’s 2013 AIF.Refer to slide 21 for “Cautionary Note Regarding Mineral Reserve and Resource Estimates”

Organic Growth Potential

Cobre PanamaE t l j t d li i• Expect larger project and earlier expansion

PermittingR t N P it P Hill G ld• Rosemont, New Prosperity, Perama Hill, Golden

Meadows, Castle Mountain...

E iExpansion• Subika, Detour, Tasiast…

ExplorationExploration• Agi Dagi, Hardrock, Monument Bay...

15

Acquisition Growth Since 2011P i M lPrecious Metals• Cobre Panama (First Quantum)

• Gold Wheaton (KGHM, AngloGold, Gold One)

S b d l & OJVG• Sabodala & OJVG (Teranga Gold)

• Macassa & Kirkland Main Break (Kirkland Lake)

• Timmins West (Lake Shore Gold)

Brucejack (P ti R )• Brucejack (Pretium Resources)

• Fire Creek & Midas (Klondex Mines)

• Edikan (Perseus Mining)

• Phoenix Gold Project (R bi Mi l )• Phoenix Gold Project (Rubicon Minerals)

• Barrick Royalty Portfolio (20 royalties)

• Golden Meadows (Midas Gold)

• Cerro Moro (Yamana Gold)• Cerro Moro (Yamana Gold)

• Canadian Malartic (Osisko Mining)

Oil & Gas / Other

16

• Weyburn Unit (Cenovus Energy)

• Lumina Royalty Corp. (Teck, Lumina Copper)

Available Capital

Capital ResourcesWorking Capital1 $ 770 million

Marketable Securities1 38 million

Credit Facility1 (undrawn) 500 million

Acquisitions (Cerro Moro) (20 million)

Total Available Capital $ ~1.3 billion

M I t t O t iti D t

NO DEBT

More Investment Opportunities Due to:• Tight equity and project lending markets• Commodity price volatility

17

y p y

1 As at March 31st, 2014

11% Quarterly Dividend Increase

0.80

0.90 140Per Share Total Paid

0 50

0.60

0.70

are

80

100

120

ons

0.30

0.40

0.50

US$

 / sh

40

60

80

US$

 millio

0.00

0.10

0.20

2008 2009 2010 2011 2012 2013 2014 E0

20

2008 2009 2010 2011 2012 2013 2014 E

Increased to $0.20 per Quarter in Q2 20147th C ti Y f Di id d I

2008 2009 2010 2011 2012 2013 2014 E 2008 2009 2010 2011 2012 2013 2014 E

18

7th Consecutive Year of Dividend Increases

Franco-Nevada Provides:

Gold exposure at a discountGrowth – organic and acquisitionsGrowth organic and acquisitions Yield – pay dividends vs. ETF fees 250%

300%

FNV

Why Own a Gold ETF?

150%

200%

Gold ETF?

50%

100%GOLD

-50%

0%

FNV IPO: Dec 2007

S&P/TSX Global Gold Index

19At May 6th, 2014; FNV and S&P/TSX Global Gold Index converted to USD

-100%2008 2009 2010 2011 2012 2013 2014

Gold Index

Q&A

Cautionary Note Regarding Mineral Reserve and Resource Estimatesy g gThis presentation has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and reserve estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and resource information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should also understand that “inferred mineral resources” have a great amount of

20

mineralization in mineral deposits that do not constitute reserves by U.S. standards in documents filed with the SEC. U.S. investors should also understand that inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Corporation in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. In addition to NI 43-101, a number of resource and reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code (as such terms are defined in NI 43-101), which differ from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions of the Corporation’s mineral properties set forth herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Appendix – Non IFRS Measures

Three months ended December 31,

Twelve months ended December 31,

(expressed in millions, except per share amounts) 2013 2012 2013 2012 Net Income (Loss) $ (80.6) $ (33.1) $ 11.7 $ 102.6

Foreign exchange (gain) loss net of income tax 0 5 (0 5) 2 3 (0 1) Foreign exchange (gain) loss, net of income tax 0.5 (0.5) 2.3 (0.1) Mark-to-market changes on warrants, net of

income tax 1.7 1.4

9.9

(7.2)

Impairment of investments, net of income tax 25.6 7.6 30.8 7.6 Impairment of royalty, stream and working

interests, net of income tax 83.3 74.1

83.3

74.1

Credit facility costs written off, net of income tax - 0.3 - Foreign withholding taxes - - - (3.5) Withholding tax reversal - (2.5) - (2.5)

Adjusted Net Income $ 30.5 $ 47.0 $ 138.3 $ 171.0 Basic Weighted Average Shares Outstanding 147.1 145.3 146.8 143.1 Basic EPS $ (0.55) $ (0.23) $ 0.08 $ 0.72

Foreign exchange (gain) loss, net of income tax 0.01 - 0.02 - Mark-to-market changes on derivatives, net of

income tax 0.01 0.01

0.07

(0.05)

Impairment of investments, net of income tax 0.17 0.05 0.20 0.04 Impairment of investments, net of income tax 0.17 0.05 0.20 0.04 Impairment of royalty, stream and working

interests, net of income tax

0.57 0.51

0.57

0.52

Foreign withholding taxes - - - (0.02) Withholding tax reversal - (0.02) - (0.02)

Adjusted Net Income per share $ 0.21 $ 0.32 $ 0.94 $ 1.19

21

Growth in the Near-Term

Category Asset Operator Royalty Additional Info1 Avg Proj Yr Prod1

Ramping up or starting:

• Subika• Rosemont (Duketon)

• Peculiar Knob

• Newmont Mining• Regis Resources• Arrium Limited

• 2% NSR*• 2% NSR• Production payment

• Ramping up• “• “

• 550-590 oz*• 80,000 oz• 3.6 million tonnes per year

• Detour• Macassa • Cobre Panama

• Detour Gold• Kirkland Lake Gold• First Quantum

• 2% NSR• 2.5% NSR• ~86% Au Stream

• “• “• 2018

• 660,000 oz• 2,200 tonnes per day• ~100 Koz Au, ~1.8 Moz Ag

NPI’s now at • Musselwhite • Goldcorp • 5% NPI • 265,000 ozpayout • Macassa

• Hemlo• Kirkland Lake Gold• Barrick Gold

• 20% NPI*• 50% NPI*

• 100,000 oz*• 25,000 oz*

Permitting projects:

• Perama Hill• Rosemont

• Eldorado Gold• Augusta Resources

• 2% NSR• 1.5% NSR

• Pending Approval• “

• 110,000 oz• 220 Mlbs Cu, 4.7Mlbs Moly

• New Prosperity• Golden Meadows

g• Taseko Mines• Midas Gold

• 22% Au Stream• 1.7% NSR

• “• Permitting Stage

, y• 300,000 oz• 348,000 oz

Feasibility stage: • Tasiast (expansion)• Phoenix Gold

• Kinross• Rubicon Minerals

• 2% NSR• 1 5% NSR*

• 830,000 oz• 180 000 oz*• Phoenix Gold

• Brucejack• Agi Dagi/Camyurt• Hardrock• Monument Bay

• Rubicon Minerals• Pretium Resources• Alamos Gold• Premier Gold Mines• Mega Precious Metals

• 1.5% NSR• 1.2% NSR*• 2% NSR*• 3% NSR*• 2-3% NSR

• 180,000 oz• 321,500 oz*• 135,000 oz*• TBD*• TBD

22* Certain royalties do not cover the entire resource or are rounded. See 2013 Annual Information Form and 2014 Asset Handbook for further details.1 Dates and average projected annual production based on operator guidance.

Franco-Nevada CorporationAnalyst CoverageCapital Structure (March 31, 2014)

Major Shareholders

231. Previous 52 weeks as of May 6th, 20142. As of March 31, 20143. Based on quarterly dividend of $0.20/share starting in Q2 2014