September 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 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”,“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 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 and resourcescontained 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 andmetallurgical 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. Theforward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of theproperties 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 of publicstatements 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;the Company’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 significantproperty in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet inproduction; integration of acquired assets; 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 looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements andinvestors are cautioned that forward looking statements are not guarantees of future performance. Franco-Nevada cannot assure investors that actual results will be consistent with theseforward looking statements. Accordingly, investors should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information withrespect to risks, uncertainties and assumptions, please refer to the “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securities regulatory authoritieson 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’sDiscussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and 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 MeasuresAdjusted Net Income, Adjusted EBITDA and Margin are intended to provide additional information only and do not have any standardized meaning under International Financial ReportingStandards (“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 necessarilyindicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures tovarious IFRS measures, please see the end of this presentation or the Company’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authoritieson 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 CapitalWorking Cap2 : $0.69 BCredit line : $0.75 BNO DEBT

Free Cash FlowMargin3 > 75%

Dividend ~2.0%8 years of increases$0.84 annualized

$6.6 Billion1

Market Cap ($US)

TSX & NYSE ListedS&P/TSX 60GDX index

Top ShareholdersBlackRockFidelityT. Rowe Price

1. As at Sept 9, 2015.2. Please see note 3 on slide 14; as at June 30, 20153. Please see note 2 on slide 14

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 and no debt

The Gold Investment that Works

4FNV and S&P/TSX Global Gold Index converted to USD. Chart to September 8, 2015.1. From IPO to September 8, 2015 – includes dividends.

>19% 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

Management time on new deals

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 142. Please see note 3 on slide 143. 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 Palmarejo

Marigold Cobre Panama

Fire Creek/Midas Cerro San Pedro

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; as at June 30, 2015

PGMStillwater

Sudbury

Pandora

OtherWeyburn – oil

Midale – oil

Edson – gas / ngl’s

Mt. Keith – nickel

Available Capital> $1.1 Billion1

Most diversified portfolio

Growth in Our Mineral Asset Pipeline

10

Producing Advanced Exploration

45 41 174

As at September 9th, 2015

Positive News in 2015Candelaria • 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 expanding exploration

Goldstrike • Barrick’s TCM ramp-up / South Arturo: 200 koz 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 permits received and construction decision

Phoenix • Rubicon’s first gold pour

Cerro Moro • Yamana construction decision

Sissingue • Perseus commencing construction Sept 2015

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 StreamsCobre Panama - First Quantum

Palmarejo - Coeur Mining

3rd Party RoyaltiesCerro Moro – Yamana Gold

Brucejack – Pretium Resources

Hardrock – Premier Gold Mines

New Investment Opportunities

11

Since 1985

3

Gold Royalty/Streams to Fund Development

Stibnite Gold – Midas Gold

Kirkland Lake – Kirkland Lake Gold

Karma – True Gold Mining

Royalty/Streams through M&A

Sabodala – Teranga Gold

Fire Creek/Midas – Klondex Mines

Candelaria – Lundin Mining

Since 2008

Since 2011

Since 2013

Expanding growth options

Available Capital

12

Capital Resources

Working Capital1,2 $ 688 million

Marketable Securities1 80 million

Credit Facility1,3 (undrawn) 750 million

Cobre Panama commitments (2015) (~325 million)

Other commitments (~32 million)

Total Available Capital $ >1.1 billion

1. As at June 30, 20152. See definition on Slide 143. Option for additional $250 million accordion facility

Liquid with NO DEBT

Franco‐Nevada Provides:

13At September 8, 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

14

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

Appendix – 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%