October 2015

FNV TSX/NYSE

Cautionary StatementForward 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 Litigation Reform Act of1995, 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 ofoperations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and pricesof commodities, expected mining sequences, business prospects and opportunities and the Antamina silver stream and its expected benefits. 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 can be given thatthe estimates will be realized. Such forward looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward lookingstatements 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” betaken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause 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 forward looking statements. A number of factors could cause actual events or results todiffer materially from any forward looking statement, including, without limitation: fluctuations in the prices of the primary 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 and Australian dollar, Mexican peso and any other currency in which revenue is generated, relative to theU.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countrieswhere properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds aroyalty, stream or other interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or arepursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, streamor other interest; whether or not the Company is determined to have PFIC status; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development,permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; actual mineral content may differ from the reserves andresources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; 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 and metallurgical conditions,slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets and risks relating to the Antamina silverstream acquisition and its completion. The forward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: theongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy ofpublic statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; theCompany’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; no adverse development in respect of any significant property in whichFranco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquiredassets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward lookingstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are notguarantees of future performance. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly, investors should not place undue relianceon forward 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 of our mostrecent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and contained in our most recent form 40-F filed with the Securities and Exchange Commission(the “SEC”) on www.sec.gov) as well as our most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and with the SEC onwww.sec.gov. The forward looking statements herein are made as of the date of this presentation only and Franco-Nevada does not assume any obligation to update or revise them to reflect newinformation, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Phil Wilson, CEng, Vice President, Technical of Franco-Nevada and a qualified person under National Instrument NI 43-101 has approved the written disclosure in this presentation on behalf of Franco-Nevada.

Non-IFRS MeasuresAdjusted Net Income, Adjusted EBITDA and Margin 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 of operating profit or cash flowfrom operations as determined under IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures to various IFRS measures, please see the end of thispresentation or the Company’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and with the SEC on 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

3

Available Capital2~ US$800 Million

Free Cash FlowMargin3 > 75%Overhead/mkt cap <0.3%

Dividend ~1.6%8 years of increases$0.84 annualizedAristocrat Index

$7.9 Billion1

Market Cap ($US)

FNV on TSX & NYSES&P/TSX 60GDX

Top ShareholdersBlackRockFidelityT. Rowe Price

1. As at October 20, 2015.2. Refer to slide 12 for details3. Please see note 2 on slide 28

Board of DirectorsPierre Lassonde, Chair

David Harquail, CEO

Tom Albanese

Derek Evans

Graham Farquharson

Dr. Catharine Farrow

Louis Gignac

Randall Oliphant

Hon. David R. Peterson

Free cash flow

The Gold Investment that Works

4FNV and S&P/TSX Global Gold Index converted to USD. Chart to October 20, 2015.1. From IPO to October 20, 2015 – includes dividends.

~22% CAGR1 since IPO-100%

-50%

0%

50%

100%

150%

200%

250%

300%

2008 2009 2010 2011 2012 2013 2014 2015

FNV

GOLD

FNV IPO: Dec 2007

S&P/TSX Global Gold Index

Duketon

Our Business Principles

5

Long term optionality

MaximizeExploration upside

Security of tenure

Focus on new investments

MinimizeCost exposures

Potential for encroachments

Involvement in operations

Goldstrike Candelaria

Business Model Benefits

6

Risk of:Capital Costs

Operating & Other Costs

Benefit of:Leverage to Gold Price

Exploration & Expansion

Dividend Yield

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

1. Revenue royalties & streams.2. Source: SPDR® Gold Trust.

FNV0%1

0%1

>1

100%

~2.0%

Gold ETF0%

0%

1

0%

(0.4%)2

Operators100%

100%

>1

100%

0 - 2%

Franco‐Nevada since IPO

7

Revenue(US$ millions)

Producing Mineral Assets3

Adjusted Net Income1

(US$ per share)

1. Please see note 1 on slide 282. Please see note 3 on slide 283. As at December 31

Market Capitalization3

(US$ billions)Working Capital2

(US$ millions)Dividends

(US$ per share)

2015 Q2 Revenue Sources

8

By Commodity By Geography

88% Precious Metals82% from Americas

~400 Assets

9

GOLD ASSETSU.S. Latin AmericaGoldstrike Candelaria

Gold Quarry Antamina

Marigold Palmarejo

Fire Creek/Midas Cobre Panama

Canada Rest of WorldDetour MWS

Sudbury Sabodala

Golden Highway Tasiast

Musselwhite Subika

Timmins West Karma

Kirkland Lake Duketon

See our Annual Information Form filed on www.sedar.com on March 25, 2015 and 2015 Asset Handbook for further detail.1. Please refer to breakdown on slide 12

PGMStillwater

Sudbury

Pandora

OtherWeyburn – oil

Midale – oil

Edson – gas / ngl’s

Mt. Keith – nickel

Available Capital~ $800 Million1

Most diversified portfolio

Positive Portfolio News in 2015

10

Producing Advanced Exploration

46 41 174As at October 20, 2015

Candelaria • Lundin’s new mine plan: 26% increase in GEOs 2016-1019

Timmins West • Lakeshore Gold’s new 144 GAP zone discovery

Duketon • Regis’ new discoveries at Baneygo & Tooheys Well

Macassa • Kirkland Lake’s production growth & exploration success

Fire Creek/Midas • Klondex’s exploration success & 2015 production increase

Marigold • Silver Standard exploration success & Valmy claims

Goldstrike • Barrick’s TCM ramp-up / South Arturo: production in 2016

Karma • True Gold on track for 2016 start-up

Guadalupe • Coeur now producing and has expanded reserves

Sabodala • Teranga’s Gora production in Q4

Brucejack • Pretium’s $540 million construction financing

Phoenix • Rubicon’s first gold pour

Cerro Moro • Yamana construction decision

Sissingue • Perseus commencing construction

Ity • Endeavour Mining acquistition

Hardrock • Centerra’s $300 million investment

Monument Bay • Yamana acquired the asset

16 new exploration

royalties with Noront

transaction

Adding new

ounces

Projects being

advanced

New stronger

sponsorship

By-product streamsPalmarejo – Coeur MiningCobre Panama – First Quantum

Existing 3rd party royalties

Cerro Moro – Yamana GoldBrucejack – Pretium ResourcesHardrock – Premier Gold Mines

New Investment Opportunities

11

Since 1985

3

Primary product funding

Kirkland Lake – Kirkland Lake GoldStibnite Gold – Midas GoldKarma – True Gold Mining

M&A fundingSabodala – Teranga GoldFire Creek/Midas – Klondex MinesCandelaria – Lundin Mining

Since 2008

Since 2011

Since 2013

RefinancingAntamina – Teck Resources*Since

2015

* See Appendix Slides

Capital Available Post Transaction

12

Capital Resources

Working Capital1 $ 688 million

Marketable Securities1 80 million

Credit Facility (including accordion) 1,000 million

Antamina Funding (610 million)

Cobre Panama commitments (2015)2 (330-340 million)

Other 2015 commitments (~15 million)

Total Available Capital $ ~ 800 million

1. As at June 30, 20152. Expect initial funding of $330-340 million in October

Plus Ongoing Cash Flow

Franco‐Nevada Provides:

13At October 20, 2015; FNV and S&P/TSX Global Gold Index converted to USD

Gold exposure at a discount

Growth – organic and acquisitions

Dividends vs. ETF fees

FNV IPO: Dec 2007

Why own a gold ETF?

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

2008 2009 2010 2011 2012 2013 2014 2015

FNV

GOLD

S&P/TSX Global Gold Index

Q&A

14

Cautionary Note Regarding Mineral Reserve and Resource EstimatesThis 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. 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. 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 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. 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.

October 2015 Antamina Investment

15

Antamina:• Established mine with 14 years of

operating history

• 8th largest copper mine in the world

• One of the lowest cost operations globally

• Wholly owned mining infrastructure, including the concentrate pipeline and port facilities

• Ownership:• Teck - 22.50%• BHP Billiton Plc - 33.75%• Glencore Plc - 33.75%• Mitsubishi Corporation - 10.00%

Transaction Overview

16

• US$610 stream on Teck’s 22.50% share of silver produced at Antamina• Silver payability in concentrates are fixed at 90% • FNV will make ongoing payments of 5% of the spot silver price per ounce delivered• Stream reduces by one-third after 86 million ounces delivered (currently forecast to be ~30 years)

• Stream applies to all existing claims and concessions owned by Antamina

Antamina open pit

Structure Overview

17

• Structured in Canada: Stream funded by a Canadian subsidiary of FNV

• Dual Obligation: Joint and several obligation between:• Teck Resources Ltd. (Teck parent company)• The single purpose, debt-free entity holding Teck’s direct interest in Antamina

• Conventional Stream: Stream deliveries are an absolute obligation of the sellers and are not contingent on the project cash flow

Antamina tailings facility, truck-shop, mill and waste dumps

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

Antamina

Cananea

Grasberg

El Teniente

Los Pelambres

Escondida

Radomiro Tom

ic

Norilsk

Collahuasi

Chuquicamata

Los Bronces

Morenci

Kansanshi

Polish Copper

Andina

2014 C1 Cash Cost ($/lb)

Top‐Tier Copper Asset

18Source: BMO Capital Markets

Amongst the lowest cost of the major copper mines

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

Cumulative Production

Antamina

More Than US$6.5 Billion Invested

19

• Approximately 150,000 tpd processing facility; large scale operating efficiencies

• 302 km pipeline with capacity of 2.5 - 3.0 million tonnes per year of concentrate

• Thickener and dewatering facilities at the port, along with concentrate storage, ship loader and water treatment facilities

• 100%-owned downstream infrastructure• No 3rd party payments for concentrate shipment via pipeline or for port access

Concentrate Pipeline Port Facilities at Huarmey

1. Source: BMO Capital Markets, 2014 production and cost data

OreAs of December 31, 2014 Mt Cu Zn Ag Cu Zn Ag

(%) (%) (g/t) (000 t) (000 t) (000 oz )

Proven Reserves 210 1.02 0.80 11.2 2,142 1,680 75,620

Probable Reserves 437 0.90 1.07 10.4 3,933 4,676 146,121

Total Mineral Reserves 647 0.94 0.98 10.7 6,082 6,341 222,580

Measured and Indicated Resources 1,136 0.89 0.82 10.6 10,110 9,315 387,152

Inferred Resources 1,280 0.84 0.66 11.4 10,752 8,448 469,151

Grade Contained Metal

A High Grade Orebody

20

• Antamina has 1,136 million tonnes of M&I resources and 1,280 million tonnes of Inferred resources1

• Total M&I resources are sufficient to support over 20 years of open pit mining

• Historically a high rate of Inferred resources have converted to M&I resources• Including similar conversion of Inferred resources, could support mining for 30 – 40 years

1. Source: Glencore Statement of Resources & Reserves as at December 31, 2014. See slide 27 for full details2. Rows and columns may not add up due to rounding

1,2

• Beyond the open pit scenarios being studied, there are existing high grade copper resources at depth

• Underground expansion potential may be amenable to bulk mining methods, extending possible mine life beyond 40 years

Underground Potential Within Resource Model

21Source: Franco-Nevada generated section

Representative cross-section of the Antamina block model

Underground Potential Beyond Resource Model

22

• Drill intercepts extend ore-grade mineralization more than 575 meters below the block model (total mineralized depth of 1,250 m below depth of the pit)

Source: Teck Resources

Resource limit of Block Model

Resource limit of Block Model

Regional Target Potential

23

• Stream agreement covers entire >700km2 concession

• Regional land package hosts multiple large scale geological targets

• A large scale skarn, potentially similar to Antamina, is located 10km from the mine

• There are broad regional mineralized Cu-Au and Cu-Mo anomalies – both with associated silver

View looking south from pit with camp and fresh water dam on the right

A Cornerstone Investment For Franco‐Nevada

24

• Stream agreement effective July 1st, 2015:• Silver is delivered to FNV 45 days after quarter-end• Silver contained in concentrate shipments from Q3/2015 will be recognized as silver sold in Q4/2015• 900,000 to 1,100,000 ounces of silver (12,300 to 15,000 GEOs)1 expected to be sold in 2015

• Forecast average annual stream ounces of:• 2.8 to 3.2 million ounces of silver (38,200 to 43,600 GEOs)1

• 2016 & 2017 deliveries are expected to be above average

1. Based on $1,100/oz gold and $15.00/oz silver

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2009 2010 2011 2012 2013 2014 Forecastedaverage to FNV

million ou

nces Ag

Historical silver production assuming a 22.5% interest and 90% payability

Pro‐Forma 2015 Commodity Revenue Split

251. Assumes six month 2015 actual annualized for full year and full year revenue assumed for Antamina

Precious Metals >90%1

Transaction Checks All Boxes

26

.

Immediate Cash Flow • One quarter of silver production expected in Q4/2015

Accretive • GEOs, revenue, cash flow and EPS

Low cost operation • One of the lowest cost major Cu producers`

Optionality • Long life exposure to multiple cycles

• Resource, exploration and expansion upside

Notes:1. Source: Glencore Statement of Resources & Reserves as at December 31, 2014. Mineral Resources and Reserves are estimated in accordance with the JORC Code.2. Contained metals were calculated by Phil Wilson, CEng, Vice President, Technical of Franco-Nevada and a qualified person under National Instrument NI 43-101.3. Columns and rows may not add up due to rounding. 4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 5. Zinc is not recovered from Copper Ores and molybdenum is not usually recovered from Copper-Zinc Ores or from Copper Ores with high bismuth.6. Mineral Reserve cut-off grades are based on the following metal price assumptions (as disclosed in Teck’s Annual Information Form dated March 2, 2015):

Antamina Mineral Reserves & Resources

27

28

1. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which excludes the following from net income and net income per share: foreign exchange gains/losses and other income/expenses; gains/losses on the sale of investments; impairment charges related to royalty, stream and working interests and investments; unusual non-recurring items; and the impact of income taxes on these items. See the following appendix for non-IFRS reconciliation.

2. Margin is defined by the Company as Adjusted EBITDA divided by revenue. See the following appendix for non-IFRS reconciliation.

3. Working Capital is a Non-IFRS financial measure. The Company defines Working Capital as current assets less current liabilities.

Three months ended

December 31, Twelve months ended

December 31, (expressed in millions, except per share amounts) 2014 2013 2014 2013 Net Income (Loss) $ 1.2 $ (80.6) $ 106.7 $ 11.7

Foreign exchange (gains)/losses and other (Income)/expenses, net of income tax 1.1 0.5

1.6

2.3

Mark-to-market changes on derivatives, net of income tax 0.1 1.7

(1.1)

9.9

Impairment of royalty, stream and working interests, net of income tax 29.4 83.3

29.5

83.3

Impairment of investments, net of income tax 0.4 25.6 0.4 30.8 Indexation adjustment (0.6) - 0.4 - Credit facility costs written off, net of income tax - - - 0.3

Adjusted Net Income $ 31.6 $ 30.5 $ 137.5 $ 138.3 Basic Weighted Average Shares Outstanding 156.2 147.1 150.5 146.8 Basic EPS $ 0.01 $ (0.55) $ 0.71 $ 0.08

Foreign exchange(gains)/losses and other (income)/expenses, net of income tax 0.01 0.01

0.01

0.02

Mark-to-market changes on derivatives, net of income tax - 0.01

-

0.07

Impairment of royalty, stream and working interests, net of income tax 0.19 0.57

0.20

0.57

Impairment of investments, net of income tax - 0.17 - 0.20 Indexation adjustment (0.01) - (0.01) -

Adjusted Net Income per share $ 0.20 $ 0.21 $ 0.91 $ 0.94

Non IFRS Measures 

Three months ended

June 30, Six months ended

June 30,

(in millions, except per share amounts and margin) 2015 2014 2015 2014 Net Income (Loss) $ 21.6 $ 36.9 $ 40.8 $ 72.3

Income tax expense 11.3 12.7 20.3 27.1 Finance costs 0.5 0.4 0.9 0.8 Finance income (1.1) (1.1) (1.9) (1.8) Depletion and depreciation 49.1 39.6 100.8 75.7 Non-cash costs of sales 2.2 - 3.3 - Impairment of royalty, stream and

working interests - -

0.1

-

Foreign exchange (gains)/losses and other (income)/expenses (1.4) (1.3)

1.2

(2.1)

Adjusted EBITDA $ 82.2 $ 87.2 $ 165.5 $ 172.0 Basic Weighted Average Shares Outstanding 156.7 146.8

156.7

147.3

Adjusted EBITDA per share $ 0.53 $ 0.59 $ 1.06 $ 1.17 Adjusted EBITDA $ 82.2 $ 87.2 $ 165.5 $ 172.0

Revenue 109.4 107.7 218.6 211.8 Margin 75.1% 81.0% 75.9% 81.2%