January 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 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, 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 Corporation’s ongoing income and assets relating to determination of our PFIC status; no adverse development in respect of any significant property in which Franco-Nevada holds aroyalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; andthe 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 lookingstatements are not guarantees 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 reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties andassumptions, please refer to the “Risk Factors” section of our most recent Annual Information Form as well as our most recent Management’s Discussion and Analysis filed with the Canadiansecurities regulatory authorities on www.sedar.com and contained in Franco-Nevada’s most recent Annual Report on Form 40-F filed with the SEC on www.sec.gov. The forward lookingstatements 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 new information, estimates oropinions, future events or results or otherwise, 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 current MD&A disclosure found on the Company’s website and filed with Canadian securities regulatoryauthorities on SEDAR 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

Available CapitalWorking Cap2 = $0.7 BCredit line = $0.5 BNO DEBT

Free Cash FlowMargin3 > 80%

Dividend ~1.4%7 years of increases

$8.9 Billion1

Market Cap

TSX & NYSE ListedS&P/TSX & GDX

Top ShareholdersBlackRockFidelityT. Rowe Price

1. As at January 20, 2015.2. Working Capital at September 30, 2014 less $648 million Candelaria investment and $22 million equity investment in Lundin which closed November 2014.3. For Q3/2014 - Margin is defined by the Company as Adjusted EBITDA divided by Revenue

Board of DirectorsPierre Lassonde, Chair

David Harquail, CEO

Tom Albanese

Derek Evans

Graham Farquharson

Louis Gignac

Randall Oliphant

Hon. David R. Peterson

3

-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

The Gold Investment that Works

FNV and S&P/TSX Global Gold Index converted to USD. Chart to January 19, 2015.1. From IPO to January 19, 2015 – includes dividends.

CAGR1: 24%

4

Duketon

Our Business Principles

Long term optionality

MaximizeExploration upside

Security of tenure

Management time on new deals

MinimizeCost exposures

Potential for encroachments

Involvement in operations

Goldstrike Candelaria

5

Business Model Benefits

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%

~1.4%

Gold ETF0%

0%

1

0%

(0.4%)2

Operators100%

100%

>1

100%

0 - 3%

6

Diversified Portfolio of > 380 Assets

GOLD ASSETSU.S. Latin AmericaGoldstrike Candelaria

Gold Quarry Palmarejo

Marigold Cerro San Pedro

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 19, 2014 and 2014 Asset Handbook for further detail.1. Working Capital at September 30, 2014 less $648 million Candelaria investment and $22 million equity investment in Lundin which closed November 2014.

PGMStillwater

Sudbury

Pandora

OtherWeyburn – oil

Midale – oil

Edson – gas / ngl’s

Mt. Keith – nickel

Available Capital> $1.1 Billion1

7

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

2008 2009 2010 2011 2012 2013 2014

US$

/ s

hare

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2008 2009 2010 2011 2012 2013

US$

per

shar

e0

50

100

150

200

250

300

350

400

450

2008 2009 2010 2011 2012 2013

US$

Mill

ions

0

50

100

150

200

250

300

2008 2009 2010 2011 2012 2013

GEO

s (Ko

z)

Revenue

1. GEOs include our gold, platinum, palladium and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium and other minerals were converted to GEOs by dividing associated revenue, excluding settlement adjustments, by the average gold price for the period.

2. Adjusted Net Income is defined by the Company as net income (loss) excluding foreign exchange gains/losses, gains/losses on the sale of investments, impairment charges related to royalties, streams, working interests and investments, unusual non-recurring items, and the impact of taxes on all 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.

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

Dividend increased again in 2014

Dividends per share

Adj Net Income2

per share3Gold Equivalent

Ounces1

Track Record

9

US21%

Canada37%

Mexico16%

Australia5%

Rest of World21%

2014 Q3 Revenue Sources

By Commodity By Geography

78% Precious Metals79% from North America & Australia

Gold66%

PGMs12%

Other3%

Oil & Gas19%

9

January Sabodala Stream $135 million

February Fire Creek/Midas Royalties $35 million

March Increased Dividend +11%

April Cerro Moro Royalty $20 million

August Bought Deal Financing $500 million

August Karma Stream $75 million

November Candelaria Stream $648 million

Major 2014 Actions

>$ 900 million committed in 2014

10

Available Capital

Capital Resources

Working Capital1 $ 1,312 million

Marketable Securities1 39 million

Credit Facility1 (undrawn) 500 million

Candelaria Stream (Nov 3, 2014) (648 million)

Lundin Equity Investment2 (Nov 3, 2014) (22 million)

Total Available Capital $ >1.15 billion

NO DEBT

1. As at September 30, 20142. CAD$25 million investment converted to USD$22 million assuming a CAD/USD exchange rate of 1.12 11

By-product StreamsCobre Panama - First Quantum

Palmarejo - Coeur Mining

3rd Party RoyaltiesCerro Moro – Yamana Gold

Brucejack – Pretium Resources

Hardrock – Premier Gold Mines

Increasing Investment Options

Since 1985

3Gold Royalty/Streams to Fund Development

Golden Meadows – 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

12

Franco-Nevada Provides:

Why Own a Gold ETF?

1. At January 19, 2015; FNV and S&P/TSX Global Gold Index converted to USD

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

-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

FNV IPO: Dec 2007

13

Appendix – Non IFRS Measures

(expressed in millions, except per share amounts) Net Income (Loss)

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

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 Basic EPS

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

income tax

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

Twelve months ended

December 31,

2013 2012 $ 11.7 $ 102.6

2.3 (0.1)

9.9

(7.2)

30.8 7.6

83.3

74.1

0.3 - - (3.5)

- (2.5) $ 138.3 $ 171.0

146.8 143.1

$ 0.08 $ 0.72 0.02 -

0.07

(0.05)

0.20 0.04

0.57

0.52

- (0.02) - (0.02)

$ 0.94 $ 1.19

14

Growth in the Near-Term

* 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.

Category Asset Operator Royalty/Stream Additional Info1

Avg Proj Yr Prod1

Newly acquired assets:

• Sabodala• Kirkland Lake• Fire Creek/Midas• Karma• Candelaria• Cerro Moro

• Teranga Gold• Kirkland Lake Gold• Klondex Mines• True Gold Mining• Lundin Mining• Yamana Gold

• Ounce payment / 6% Stream• 2.5% NSR• Ounce payment / 2.5% NSR• Ounce payment / 4.875% Stream• 68% gold and silver Stream• 2% NSR*

• Producing• Producing• Producing• Construction• Producing• Construction

Decision 2014

• 250,000 oz• 140,000 oz• NA• ~100,000 oz• ~95,000 oz (GEOs)• 150,000 oz*

Ramping up: • Goldstrike• Subika• Rosemont (Duketon)

• Detour• Cobre Panama

• Barrick Gold• Newmont Mining• Regis Resources• Detour Gold• First Quantum

• NPI Payment (CaTS)• 2% NSR*• 2% NSR• 2% NSR• ~86% Au Stream

• Construction• Ramping up• “• “• 2018

• TBD• 550-590,000 oz*• 80,000 oz• 660,000 oz• ~100 Koz Au, ~1.8 Moz Ag

Permitting projects:

• Perama Hill• Rosemont• Golden Meadows• Agi Dagi/Camyurt

• Eldorado Gold• Augusta Resource• Midas Gold• Alamos Gold

• 2% NSR• 1.5% NSR• 1.7% NSR• 2% NSR*

• Pending Approval• “• Permitting Stage• “

• 110,000 oz• 220 Mlbs Cu, 4.7Mlbs Moly• 348,000 oz• 135,000 oz*

Feasibility stage:

• Tasiast (expansion)• Phoenix Gold• Brucejack• Hardrock• Monument Bay• Castle Mountain

• Kinross• Rubicon Minerals• Pretium Resources• Premier Gold Mines• Mega Precious Metals• Castle Mountain Mining

• 2% NSR• 1.5% NSR*• 1.2% NSR*• 3% NSR*• 2-3% NSR• 1-5% NSR

• Construction• 830,000 oz• 180,000 oz*• 321,500 oz*• TBD*• TBD• TBD

15