September 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 ofFranco-Nevada’s most recent Annual Information Form as well as Franco-Nevada’s most recent annual Management’s Discussion and Analysis filed with the Canadian securities regulatoryauthorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward looking statements herein are made as ofthe date of this presentation 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 orotherwise, except as 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.

This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction

A Gold Focused Royalty/Stream Company

1

Available Capital$8.2 Billion1

Working Cap2 = $1.3 BCredit line = $0.5 B

Market Cap

TSX & NYSE Listed No Debt

Free Cash Flow

TSX & NYSE ListedS&P/TSX & GDX indices

Free Cash FlowMargin3 > 80%Top Shareholders

BlackRockDividend ~1.5%

7 years of increasesFidelityT. Rowe Price

31. As at September 11, 20142. Working Capital at June 30, 2014 plus $500 million equity raise less 4% commission completed in August 20143. For Q2/2014 - Margin is defined by the Company as Adjusted EBITDA divided by Revenue

The Gold Investment that Works300%

CAGR1: 23%250%

300%

FNV

150%

200%

100%GOLD

0%

50%

-50% FNV IPO: Dec 2007

S&P/TSX Global Gold Index

4FNV and S&P/TSX Global Gold Index converted to USD. Chart to September 11, 2014

1. From IPO to September 11, 2014 – includes dividends

-100%2008 2009 2010 2011 2012 2013 2014

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:Capital Costs

FNV0%*

Gold ETF0%

Operators100%Capital Costs

Operating & Other Costs

0%

0%*

0%

0%

100%

100%

Benefit of:Leverage to Gold Price >11 >1

Exploration & Expansion

Dividend Yield

100%

~1.5%

0%

(0.4%)2

100%

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

1. Revenue royalties & streams

2. Source: SPDR® Gold Trust

Diversified Portfolio of > 380 Assets

GOLD ASSETSU.S. AustraliaG ld t ik D k t

PGMStillwater

S dbGoldstrike Duketon

Gold Quarry Henty

Marigold Rest of World

Sudbury

Pandora

Fire Creek/Midas Cobre Panama

Canada Palmarejo

Detour MWS

OtherWeyburn – oil

Mid l ilDetour MWS

Sudbury Sabodala

Golden Highway Tasiast

Midale – oil

Edson – gas / ngl’s

Mt. Keith – nickel

Musselwhite Subika

Timmins West Cerro San Pedro

Kirkland Lake Edikan

Available Capital> $1 8 Billion

7

Kirkland Lake d a

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

> $1.8 Billion

Track Record

450

Revenue50

Producing mineral assets

0.80

Dividends per share

1.40

Adj Net Income1

per share2

300

350

400

ons 30

35

40

45

ties 0.50

0.60

0.70

are

0 80

1.00

1.20

are

100

150

200

250

US$

 Millio

10

15

20

25

# of Royalt

0.20

0.30

0.40

US$

 / sha

0.40

0.60

0.80

US$

 per sh

0

50

100

2008 2009 2010 2011 2012 20130

5

10

2008 2009 2010 2011 2012 20130.00

0.10

2008 2009 2010 2011 2012 20130.00

0.20

2008 2009 2010 2011 2012 2013

Dividend increased again for 2014

8

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 Q2 Revenue Sources

By Commodity By Geography

Oil & Gas22%

US16%Rest of

World20%

Gold 61%

Other Minerals

4%

CanadaMexico

Australia5%

PGMs13%

42%17%

74% Precious Metals; Strong Quarter for O&G

9

g80% from North America & Australia

New Growth Opportunities

3 d P t R ltiCerro Moro – Yamana Gold

1 3rd Party Royalties Brucejack – Pretium Resources

Hardrock – Premier Gold Mines1

By-product StreamsCobre Panama - First Quantum

Palmarejo - Coeur Mining2

Gold Royalty/Streams Golden Meadows – Midas Gold

Kirkland Lake - Kirkland Lake Gold3 y y

to Fund Acquisitions or Development

Sabodala – Teranga Gold

Fire Creek/Midas – Klondex Mines

Karma – True Gold Mining

3

Karma True Gold Mining

10

New Royalty/Streaming Innovations

Unique alignment with operators • eg - gold/copper linkage at Cobre Panama

Ongoing payment as % of gold price• eg - Sabodala; Karma

Syndicating riskSyndicating risk• eg – Karma with Sandstorm Gold

Fixed ounce development funding• eg - Sabodala; Karma; Klondex

Fixed Ounce Payments Royalty/Stream Ounces

11

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Available Capital

Capital ResourcesWorking Capital1 $ 816 million

Marketable Securities1 50 million

Equity Raise2 480 million

Credit Facility1 (undrawn) 500 million

Total Available Capital >$ 1.8 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

12

y p y

1. As at June 30th, 2014

2. $500 million equity raise less 4% commission completed in August 2014

What Differentiates Franco-Nevada?

OUR BOARD• Highly experienced in capital investments • Own >$250 million in shares

OUR EXECUTIVES• Focused only on FNV, no other boards• Lower G&A than comparablesOwn >$250 million in shares • Lower G&A than comparables• Active with deals and new innovations

SETTING THE BAR

OUR BUSINESS MODEL• Focused on exploration upside

OUR PORTFOLIO• Largest portfolio by number & type

(> 380 ro alties streams NPIs )• No long term debt• Sustainable and progressive dividends

(> 380 royalties, streams, NPIs...)• Most diversified by commodity

(Gold, PGM, O&G)• Most exploration optionality

13

Most exploration optionality (>11 million acres)

Franco-Nevada Provides:

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

300%

FNV

Why Own a Gold ETF?

150%

200%

50%

100%GOLD

-50%

0%

FNV IPO: Dec 2007

S&P/TSX Global Gold Index

14At Sept 11, 2014; FNV and S&P/TSX Global Gold Index converted to USD

-100%2008 2009 2010 2011 2012 2013 2014

Gold Index

Appendix – Non IFRS Measures

(expressed in millions, except per share amounts)

Net Income (Loss)

Twelve months ended December 31,

2013 2012 $ 11.7 $ 102.6 ( )

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

income tax Impairment of investments, net of income tax Impairment of royalty, stream and working

i t t t f i t

$ $ 2.3 (0.1)

9.9

(7.2)

30.8 7.6

83 3

74 1

interests, net of income tax Credit facility costs written off, net of income tax Foreign withholding taxes Withholding tax reversal

Adjusted Net Income Basic Weighted Average Shares Outstanding

83.3 74.1 0.3 - - (3.5) - (2.5)

$ 138.3 $ 171.0 146 8 143 1 Basic Weighted Average Shares Outstanding

Basic EPS

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

income tax

146.8 143.1

$ 0.08 $ 0.72 0.02 -

0.07

(0.05)

Impairment of investments, net of income tax Impairment of royalty, stream and working

interests, net of income tax Foreign withholding taxes Withholding tax reversal

Adjusted Net Income per share

0.20 0.04

0.57

0.52

- (0.02) - (0.02)

$ 0 94 $ 1 19

15

Adjusted Net Income per share $ 0.94 $ 1.19

Growth in the Near-Term1Category Asset Operator Royalty Additional

Info1Avg Proj Yr Prod1

Newly acquired assets:

• Sabodala• Macassa • Fire Creek/Midas

• Teranga Gold• Kirkland Lake Gold• Klondex Mines

• Ounce payment / 6% Stream• 2.5% NSR• Ounce payment / 2.5% NSR

• Producing• Producing• Producing

• 250,000 oz• 140,000 oz• NA

• Karma• Cerro Moro

• True Gold Mining• Yamana Gold

p y• Ounce payment / 4.875% Stream• 2% NSR*

g• Construction• Construction

Decision 2014

• ~100,000 oz• 150,000 oz*

Ramping up: • Subika • Newmont Mining • 2% NSR* • Ramping up • 550-590,000 oz*p g p• Rosemont (Duketon)

• Detour• Cobre Panama

g• Regis Resources• Detour Gold• First Quantum

• 2% NSR• 2% NSR• ~86% Au Stream

p g p• “• “• 2018

• 80,000 oz• 660,000 oz• ~100 Koz Au, ~1.8 Moz Ag

Permitting • Perama Hill • Eldorado Gold • 2% NSR • Pending Approval • 110 000 ozPermitting projects:

Perama Hill• Rosemont• Golden Meadows

Eldorado Gold• Augusta Resource• Midas Gold

2% NSR• 1.5% NSR• 1.7% NSR

Pending Approval• “• Permitting Stage

110,000 oz• 220 Mlbs Cu, 4.7Mlbs Moly• 348,000 oz

Feasibility stage:

• Tasiast (expansion)• Phoenix Gold

• Kinross• Rubicon Minerals

• 2% NSR• 1 5% NSR*

• 830,000 oz• 180 000 oz*stage: • 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

16* 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.