Mines & MoneyS d A t liSydney, AustraliaOctober 17 2012

Cautionary StatementForward-Looking StatementsThis presentation may contain certain information that may constitute “forward looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and UnitedStates Private Securities Litigation Reform Act 1995, respectively. Forward-looking statements 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, future demand for and prices of commodities, expectedmining sequences, business prospects and opportunities. 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”, “budget”, “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”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 may cause the actual results, performance orachievements 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 causeactual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive Franco-Nevada’s royalty and streamrevenue (gold, platinum group metals, copper, nickel, uranium, silver and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which Franco-Nevada generates revenue, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies; regulations and political oreconomic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located; influence of macro-economic developments; businessopportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to Franco-Nevada’s interests or any ofth ti i hi h F N d h ld lt t th i t t i t l ti ll d l t itti i f t t ti t h i l diffi lti f ththe properties in which Franco-Nevada holds a royalty, stream or other interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of theproperties in which 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 of developmentand 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 failuresor cave-ins, flooding and other natural disasters or civil unrest; and the integration of acquired assets. The forward looking statements contained in this presentation are based upon assumptionsmanagement believes to be reasonable, including, without limitation assumptions relating to: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by theowners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; nomaterial adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, streamor other interest; the accuracy of publicly disclosed expectations for the development of the underlying properties that are not yet in production; integration of acquired assets; and the absence of any otherfactors 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, asactual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Franco-Nevada cannot assure readers that actual results will be consistent with these forward looking statements. Accordingly, readers should not place undue reliance on forward looking statements due to theinherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please also refer to the “Risk Factors” section of our most recent Annual Information Form filedwith the Canadian securities regulatory authorities on SEDAR at www.sedar.com, our most recent Form 40-F filed with the Securities and Exchange Commission on EDGAR at www.sec.gov, as well as ourmost recent annual and interim MD&As. 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 themto reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Non-IFRS Measures

1. Adjusted EBITDA is defined by the Company as net income (loss) excluding income tax expense, finance income and costs, foreign exchange gains/losses, gains/losses on the sale of investments,

Non-IFRS MeasuresAdjusted 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”) andshould 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 flow fromoperations 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 this presentationor the Company’s current MD&A disclosure found on the Company’s website and filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com and with the Securities and ExchangeCommission on EDGAR at www.sec.gov.

2FNV

j y p y ( ) g p , , g g g , g ,income/losses from equity investees, depletion and depreciation and impairment charges related to royalties, streams, working interests and investments. See Non-IFRS Measures at the end of thispresentation.

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. See Non-IFRS Measures at the end of this presentation.

Franco‐Nevada (FNV)

A gold focused royalty & stream company Listed on the TSX & NYSE with ld

strike

company. Listed on the TSX & NYSE with a market capitalization of > $8 billion.*

Go

our

Growth > 80% revenue growth in 2011World class discoveries

Det

oTa

sias

t

Yield >1.0% yieldGrowing dividends

i k R lt d t d l

Palm

arej

oLow Risk Royalty and stream model~$1B cash and no debt

3FNV*As of October 5, 2012

Business Model Benefits

Gold ETF FNV Operators

Dividend Yield -0.4% >1% 0-2%

Leverage to Gold Price 1 >1 >1

Exploration & Expansion upside 0% 100% 100%Exploration & Expansion upside 0% 100% 100%

Reduced Exposure to:

Capital Costs 0% 0%* 100%Capital Costs 0% 0% 100%

Operating Costs 0% 0%* 100%

Environmental Costs 0% 0%* 100%

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

4FNV

p

*Revenue royalties & streams

FNV’s Close Correlation to Gold

$2,000

R² = 0.92$1,500

)

$1,000

old Price (USD

$500

Go

$0$0 $10 $20 $30 $40 $50 $60

Franco‐Nevada Share Price (USD)

Chart to Oct 5, 2012

5FNV

Business model protects against rising operating and capital costs

Outperforming other Gold Investments

320%

360%

400%

FNV

240%

280%

320%

GOLD

160%

200%GOLD

40%

80%

120%

FNV IPO: Dec 2007

S&P/TSX Global Gold Index

0%2007 2008 2008 2008 2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012

FNV and S&P/TSX Global Gold Index converted to USD. Chart to Oct 5, 2012

6FNV

>30% compounded annual rate of returnincluding dividends

FNV Assets

Revenue RoyaltiesNet Smelter Royalties (NSR)

Gross Overriding Royalties (GOR)

Streams Contract to purchase physical metal with ongoing fixed cost (~$400/oz)

Profit RoyaltiesNet Profit Royalties (NPI)

All agreements share common components:All agreements share common components:• No cash calls beyond fixed stream payments• Exposure to commodity prices and exploration upside

7FNV

• No management involvement in operations

Over 340 Assets*

ProducingAssets

Advanced Assets

ExplorationAssets

Oil & Gas Assets1

44 26 139 13544 26 139 135Gold -US ● Both organic and ● Exploration ● Does not

-Canada-Australia-International

PGMsOther Minerals

Both organic and acquisition near-term growth

poptionality at no cost to FNV

include 158 undeveloped oil & gas interests

209 mineral royalties and streams135 producing Oil & Gas interests1

8FNV

344 assets

* As at October 4, 20121 Does not include 158 undeveloped oil & gas interests

Key Producing Assets*

GOLD ASSETS PGMs

U.S. Australia Stillwater

Goldstrike Duketon Sudbury (3 mines)

Gold Quarry Henty Pandora

Marigold South Kalgoorlie

Mesquite Bronzewing OtherHollister International Weyburn – oil

Canada Tasiast Midale – oilCanada Tasiast Midale oil

Sudbury (3 mines) Palmarejo Edson – gas / ngl’s

Golden Highway (3 mines) MWS Mt. Keith - nickel

Musselwhite Ezulwini

Timmins West Cerro San Pedro CASHHemlo Edikan ~$1 Billion

9FNVA diversified global gold portfolio

* See 2012 Annual Information Form for further detail

2% NSR on Duketon – Regis Resources

Moolart Well Pit

Garden Well Processing Plant~270,000hectares

10FNVAn Australian success story

Our Key Transaction Principles

Long-term secure tenure

Mi i i t ti l f h tMinimize potential for encroachments

Our first dollar is our last

Operators manage, not FNV

Exploration upsidep o at o ups de

Free our focus for future investments

Maximizes long term optionality and scale

11FNV

Big Wins

Goldstrike• Initial purchase price < $3 million

E t d lti $1 billi *• Expected royalties > $1 billion*

DetourGoldstrike

e ou• Initial purchase price ~ $2 million loan• Expected royalties > $1 billion*

TasiastDetour

• Book value at IPO ~ $2.7 million• Expected royalties > $600 million*

12FNVTasiast Africa

* Please refer to cautionary statements and supportive information in FNV’s 2012 Annual Information Form. Expected royalties based on $1700/oz gold price

Transaction Categories

Existing Mine FinancingExploration

Purchase of Existing Royalties

Exploration or Land Financing

Mine Financing

Typically 1-3% NSR Equity placement % of gold productiongRoyalties

gpFinancing

Typically 1 3% NSR Equity placement with royalty option

% of gold production (“stream”)

Recent Examples Recent Examples Recent Examples

Cdn Malartic - $10 M Timmins 81- $4.0 M Cobre Panama- $1,000 M

Edikan - $35 M Dorato - $2.6 M Sudbury FNX - $400 M

Phoenix - $24 M Creso - $1.5 M Prosperity - $365 M

Lumina Royalty - $66 M MWS - $125 M

Palmarejo - $80 M

13FNV

Royalty vs. Gold Stream

Royalty Gold Stream

Smaller % of production Larger % of gold (as by-product)

Potential tax gain on sale Potential tax efficiency

Registered on title Mortgage on property

No inter-creditor issues Greater lending value for bankers

joPa

lmar

ej

Tasi

ast

14FNV

Royalty/Stream Alternative

Financing Instrument

Cash Burden Dilution of Shareholder’s

interest

EquityNone (other than dividends)

Dilution in all current and future assets plus discounts fees

LOW

plus discounts, fees, warrants

Royalty / Burden proportional to production and

Asset specific

eturn

Risk

Stream to production and gold price

Interest, principal, Full upside potential

Re

R

Debt, p p ,

covenants, hedging, fees

p pof assets is retained

HIGH

15FNV

An alternative between equity and debt

Over $4B of Stream Transactions

1,000

1,200

800

ons

Franco‐Nevada*

Other

400

600

US$ Milli

0

200

16FNV* Including Gold Wheaton transactions acquired by Franco-Nevada

Why Operators use Royalty/Stream Financing

Versus Equity Versus Debt

Alternative when equity markets One stop financing vs. large bank weak syndication

Less dilutive as asset specific Avoid commitment, advisor, standby, syndication fees and cash sweep yaccounts

No commissions, discounts, or warrants

No restrictive covenants or hedging

Used in advance reduces equity overhang and discount

Less downside risk to operator

Royalty/Steam financing now used in combination with equity and debt

17FNV

q y

Available Capital 

FrancoFranco--Nevada has >$1 B capital to investNevada has >$1 B capital to invest

Kevin McElligottKevin McElligott

ManagingManaging Director Director –– AustraliaAustralia

Phone: +61Phone: +61 8 8 6263 44256263 4425

Mobile: +61 417 964 926Mobile: +61 417 964 926

18FNV

Mobile: +61 417 964 926Mobile: +61 417 964 926

mcelligott@francomcelligott@franco--nevada.comnevada.com

The New Gold Equity SpaceRoyalty Co's$30 Billion

GOLD ETF's$150 Billion

GOLD Equities$400 Billion

19FNV

One in three investors have chosen new gold investment options

Dow vs. Gold

32

64Equity marketGold bull 

marketGold bull market

Gold bull market

Equity market Equity market Equity market

16

thm

ic S

cale

)

HomestakeGold Fields

A

Placer De v Ke

Campb Ha

Agnico‐E

PlaYanac oKinross

Yamana

4

8

/Gol

d (L

ogar

it Dom

e Mines

nglo American

New

mont

velopment

err‐Addison

bell Red Lake

armony

agle

He

Goldstrike

cer‐Dome

ocha

2

4

DO

W/ em

lo

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1

20FNVGold price and gold equities have much more upside

Source: Franco-Nevada and Exploration Insights

Thank You for Your Interest

21FNV