1

A Gold Focused Royalty Company

December 2010

2

Cautionary StatementForward-Looking StatementsThis Presentation contains forward-looking statements which may include but are not limited to statements with respect to future events or future performancemanagements expectations regarding Franco-Nevadarsquos growth results of operations estimated future revenues costs and timing of acquiring new royalties equity andother resource related interests requirements for additional capital mineral reserve and resources estimates production costs and revenue future demand for andprices of commodities expected mining sequences business prospects and opportunities All statements other than statements of historical fact are forward-lookingstatements In addition the words ldquoplans rdquoexpectedrdquo ldquoexpectationrdquo ldquoestimaterdquo ldquoprojectionsrdquo and similar expressions identify forward-looking statements The forward-looking statements contained in this Presentation are based upon assumptions management believes to be reasonable including without limitation the ongoingoperation of the properties by the owners or operators of such properties in a manner consistent with past practice the accuracy of public statements and disclosuresmade by the owners or operators of such underlying properties no material adverse change in the market price of the commodities and any other factors that causeactions events or results to differ from those anticipated estimated or intended However there can be no assurance that forward-looking statements will prove to beaccurate as actual results and future events could differ materially from those anticipated in such statements Franco-Nevada cannot assure investors that actual resultswill be consistent with these forward-looking statements and readers are cautioned that forward-looking statements are not guarantees of future performanceAccordingly readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein These risks uncertainties and other factorsinclude but are not limited to general business and economic conditions fluctuations in the prices of the primary commodities that drive the Companyrsquos royalty revenue(gold platinum group metals copper nickel oil and gas) fluctuations in the value of the Canadian and Australian dollar and any other currency in which the Companygenerates revenue relative to the US dollar changes in national and local government legislation including taxation policies regulations and political or economicdevelopments in any of the countries where the company holds interests in mineral or oil and gas properties influence of macroeconomic developments businessopportunities that become available to or are pursued by us access to debt and equity capital litigation title disputes related to our interests or any of the underlyingproperties operating or technical difficulties risks and hazards associated with the business of development and mining including but not limited to unusual orunexpected operating difficulties financial stress and other natural disasters or civil unrest For additional information with respect to risks uncertainties andassumptions please also refer to the ldquoRisk Factorsrdquo section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities onwwwsedarcom as well as our Annual and interim MDampA The forward-looking statements herein are made as of the date of this Presentation only and Franco-Nevadadoes not assume any obligation to update or revise them to reflect new information estimates or opinions future events or results or otherwise except as required byapplicable lawNon-GAAP MeasuresRoyalty Revenue Free Cash-Flow EBITDA Margin and Adjusted Net Income are intended to provide additional information only and do not have any standardizedmeaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP Definitionsand reconciliations to GAAP can be found in our financial disclosures These measures are not necessarily indicative of operating profit or cash flow from operations asdetermined under GAAP Other companies may calculate these measures differently The following notes are standardized for the attached presentation

(1) Royalty Revenue is defined by the Company as cash received or receivable from operating royalty assets earned during the period(2) Free Cash Flow is defined by the Company as operating income plus depletion and depreciation non-cash charges and any impairment of investments and royalty interests(3) Margin is defined as Free Cash Flow as a percentage of Royalty Revenue(4) Adjusted Net Income is defined by the Company as net income excluding impairment charges related to royalties working interests and investments fair value changes for royalties

accounted for as derivative assets foreign currency gainslosses gainslosses on sale of investments and the impact of taxes on all these items See Reconciliation of Non-GAAP Measures in the Appendix for calculation

(5) Includes fair value gains on derivative assets

3

000

050

100

150

200

250

Franco-Nevada

Dec 2007 IPO of new Franco-Nevada for $126B (C$1520sh)

Since IPO Franco-Nevada has delivered

gt100 share price increase gt$377m of Free Cash Flow(2)

gt$75m in dividends paidgt300 royalty interests$670m in liquidity $40B in market cap

As at November 1 2010

FNV

SampP TSX

4

Franco-Nevada

A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America

Gold ETF Royalties OperatorsYield 0 ~1 0-1

Leverage to Gold Price 1 gt1 gt1

Exploration amp Expansion Upside 0 100 100

Exposure to Opex Capex amp Environmental Costs (NSR) 0 0 100

Franco-Nevada provides more leverage and upside than a gold ETF with less risk than an operator

5

gt25 MINERAL OPERATIONS

Growing Pipeline of Mineral Royalties

114 oil amp gas royalties and 184 undeveloped oil amp gas interests not shown

6

Quality Operators

Core Operators

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

Up and Comers

Palmarejo

MesquiteCerro San Pedro

HollowayHislopHolt

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour ndash Detour Gold

2

Cautionary StatementForward-Looking StatementsThis Presentation contains forward-looking statements which may include but are not limited to statements with respect to future events or future performancemanagements expectations regarding Franco-Nevadarsquos growth results of operations estimated future revenues costs and timing of acquiring new royalties equity andother resource related interests requirements for additional capital mineral reserve and resources estimates production costs and revenue future demand for andprices of commodities expected mining sequences business prospects and opportunities All statements other than statements of historical fact are forward-lookingstatements In addition the words ldquoplans rdquoexpectedrdquo ldquoexpectationrdquo ldquoestimaterdquo ldquoprojectionsrdquo and similar expressions identify forward-looking statements The forward-looking statements contained in this Presentation are based upon assumptions management believes to be reasonable including without limitation the ongoingoperation of the properties by the owners or operators of such properties in a manner consistent with past practice the accuracy of public statements and disclosuresmade by the owners or operators of such underlying properties no material adverse change in the market price of the commodities and any other factors that causeactions events or results to differ from those anticipated estimated or intended However there can be no assurance that forward-looking statements will prove to beaccurate as actual results and future events could differ materially from those anticipated in such statements Franco-Nevada cannot assure investors that actual resultswill be consistent with these forward-looking statements and readers are cautioned that forward-looking statements are not guarantees of future performanceAccordingly readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein These risks uncertainties and other factorsinclude but are not limited to general business and economic conditions fluctuations in the prices of the primary commodities that drive the Companyrsquos royalty revenue(gold platinum group metals copper nickel oil and gas) fluctuations in the value of the Canadian and Australian dollar and any other currency in which the Companygenerates revenue relative to the US dollar changes in national and local government legislation including taxation policies regulations and political or economicdevelopments in any of the countries where the company holds interests in mineral or oil and gas properties influence of macroeconomic developments businessopportunities that become available to or are pursued by us access to debt and equity capital litigation title disputes related to our interests or any of the underlyingproperties operating or technical difficulties risks and hazards associated with the business of development and mining including but not limited to unusual orunexpected operating difficulties financial stress and other natural disasters or civil unrest For additional information with respect to risks uncertainties andassumptions please also refer to the ldquoRisk Factorsrdquo section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities onwwwsedarcom as well as our Annual and interim MDampA The forward-looking statements herein are made as of the date of this Presentation only and Franco-Nevadadoes not assume any obligation to update or revise them to reflect new information estimates or opinions future events or results or otherwise except as required byapplicable lawNon-GAAP MeasuresRoyalty Revenue Free Cash-Flow EBITDA Margin and Adjusted Net Income are intended to provide additional information only and do not have any standardizedmeaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP Definitionsand reconciliations to GAAP can be found in our financial disclosures These measures are not necessarily indicative of operating profit or cash flow from operations asdetermined under GAAP Other companies may calculate these measures differently The following notes are standardized for the attached presentation

(1) Royalty Revenue is defined by the Company as cash received or receivable from operating royalty assets earned during the period(2) Free Cash Flow is defined by the Company as operating income plus depletion and depreciation non-cash charges and any impairment of investments and royalty interests(3) Margin is defined as Free Cash Flow as a percentage of Royalty Revenue(4) Adjusted Net Income is defined by the Company as net income excluding impairment charges related to royalties working interests and investments fair value changes for royalties

accounted for as derivative assets foreign currency gainslosses gainslosses on sale of investments and the impact of taxes on all these items See Reconciliation of Non-GAAP Measures in the Appendix for calculation

(5) Includes fair value gains on derivative assets

3

000

050

100

150

200

250

Franco-Nevada

Dec 2007 IPO of new Franco-Nevada for $126B (C$1520sh)

Since IPO Franco-Nevada has delivered

gt100 share price increase gt$377m of Free Cash Flow(2)

gt$75m in dividends paidgt300 royalty interests$670m in liquidity $40B in market cap

As at November 1 2010

FNV

SampP TSX

4

Franco-Nevada

A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America

Gold ETF Royalties OperatorsYield 0 ~1 0-1

Leverage to Gold Price 1 gt1 gt1

Exploration amp Expansion Upside 0 100 100

Exposure to Opex Capex amp Environmental Costs (NSR) 0 0 100

Franco-Nevada provides more leverage and upside than a gold ETF with less risk than an operator

5

gt25 MINERAL OPERATIONS

Growing Pipeline of Mineral Royalties

114 oil amp gas royalties and 184 undeveloped oil amp gas interests not shown

6

Quality Operators

Core Operators

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

Up and Comers

Palmarejo

MesquiteCerro San Pedro

HollowayHislopHolt

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour ndash Detour Gold

3

000

050

100

150

200

250

Franco-Nevada

Dec 2007 IPO of new Franco-Nevada for $126B (C$1520sh)

Since IPO Franco-Nevada has delivered

gt100 share price increase gt$377m of Free Cash Flow(2)

gt$75m in dividends paidgt300 royalty interests$670m in liquidity $40B in market cap

As at November 1 2010

FNV

SampP TSX

4

Franco-Nevada

A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America

Gold ETF Royalties OperatorsYield 0 ~1 0-1

Leverage to Gold Price 1 gt1 gt1

Exploration amp Expansion Upside 0 100 100

Exposure to Opex Capex amp Environmental Costs (NSR) 0 0 100

Franco-Nevada provides more leverage and upside than a gold ETF with less risk than an operator

5

gt25 MINERAL OPERATIONS

Growing Pipeline of Mineral Royalties

114 oil amp gas royalties and 184 undeveloped oil amp gas interests not shown

6

Quality Operators

Core Operators

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

Up and Comers

Palmarejo

MesquiteCerro San Pedro

HollowayHislopHolt

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour ndash Detour Gold

4

Franco-Nevada

A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America

Gold ETF Royalties OperatorsYield 0 ~1 0-1

Leverage to Gold Price 1 gt1 gt1

Exploration amp Expansion Upside 0 100 100

Exposure to Opex Capex amp Environmental Costs (NSR) 0 0 100

Franco-Nevada provides more leverage and upside than a gold ETF with less risk than an operator

5

gt25 MINERAL OPERATIONS

Growing Pipeline of Mineral Royalties

114 oil amp gas royalties and 184 undeveloped oil amp gas interests not shown

6

Quality Operators

Core Operators

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

Up and Comers

Palmarejo

MesquiteCerro San Pedro

HollowayHislopHolt

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour ndash Detour Gold

5

gt25 MINERAL OPERATIONS

Growing Pipeline of Mineral Royalties

114 oil amp gas royalties and 184 undeveloped oil amp gas interests not shown

6

Quality Operators

Core Operators

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

Up and Comers

Palmarejo

MesquiteCerro San Pedro

HollowayHislopHolt

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour ndash Detour Gold

6

Quality Operators

Core Operators

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

Up and Comers

Palmarejo

MesquiteCerro San Pedro

HollowayHislopHolt

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour ndash Detour Gold

7

Secure amp Diverse Revenue

By Country By Royalty

Royalty Revenue - 9 Months to September 30 2010

95 of revenue from North America amp 22 of revenue protected by minimum guarantees

8

0

10

20

30

40

50

60

($ millions)

Royalty Revenue(1) by Composition

Diversified Portfolio with Growing Precious Metals Component50 Growth in Gold Royalty Revenue Q3 2010 vs Q3 2009

83 of Royalty Revenue in Q3 2010 was Precious Metals

Gold

Q4Q3

83 Precious Metals

20102008 2009Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Oil + Gasamp Other

PGM

Guidance for strong Q4

9

Key Long Life Assets

bull Management expectation based on current public information provided by operatorsbull See Appendix for references amp assumptions

2010 2015 2020 2025 2030 2035 2040+

- Major royalty revenue ~10 years- Stock pile revenue potential ~20 years

- New layback potential ~ 20 years

- Guadalupe discovery gt 10 years

- Existing reserves gt 25 years

- Existing reserves 11 years- Weyburn potential gt 40 years

- Existing resources gt 20 years

- Expanding reserves gt 20 years

- Expanding reserves gt 15 years

10

A Long Life Portfolio with Growing Value

11

Major Growth

Tasiast Mine 2 NSR - Mauritania

Kinross acquisition of Red Back valued at $71 B

Royalty becomes payable in 2011

Possible expansion up to 15 Moz in future years

New Kinross Plan TBD

Based on TD Equity Research September 16 2010 Based on Kinross September 9 2010 Presentation Range of potential resources of 350-425 mt grading 15 -18 gt at $1200oz In-situ value based on upper end of range with no recovery rate applied

Annual Production Indicative Annual NSR Payments ($1200oz)

2010 (286 koz) $0

201113 (346 koz) $8m

Mid-term (10Moz) $24m

Long-term (15Moz) $36m

Undiscounted in-situ royalty value gt500m

8

0

10

20

30

40

50

60

($ millions)

Royalty Revenue(1) by Composition

Diversified Portfolio with Growing Precious Metals Component50 Growth in Gold Royalty Revenue Q3 2010 vs Q3 2009

83 of Royalty Revenue in Q3 2010 was Precious Metals

Gold

Q4Q3

83 Precious Metals

20102008 2009Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Oil + Gasamp Other

PGM

Guidance for strong Q4

9

Key Long Life Assets

bull Management expectation based on current public information provided by operatorsbull See Appendix for references amp assumptions

2010 2015 2020 2025 2030 2035 2040+

- Major royalty revenue ~10 years- Stock pile revenue potential ~20 years

- New layback potential ~ 20 years

- Guadalupe discovery gt 10 years

- Existing reserves gt 25 years

- Existing reserves 11 years- Weyburn potential gt 40 years

- Existing resources gt 20 years

- Expanding reserves gt 20 years

- Expanding reserves gt 15 years

10

A Long Life Portfolio with Growing Value

11

Major Growth

Tasiast Mine 2 NSR - Mauritania

Kinross acquisition of Red Back valued at $71 B

Royalty becomes payable in 2011

Possible expansion up to 15 Moz in future years

New Kinross Plan TBD

Based on TD Equity Research September 16 2010 Based on Kinross September 9 2010 Presentation Range of potential resources of 350-425 mt grading 15 -18 gt at $1200oz In-situ value based on upper end of range with no recovery rate applied

Annual Production Indicative Annual NSR Payments ($1200oz)

2010 (286 koz) $0

201113 (346 koz) $8m

Mid-term (10Moz) $24m

Long-term (15Moz) $36m

Undiscounted in-situ royalty value gt500m

9

Key Long Life Assets

bull Management expectation based on current public information provided by operatorsbull See Appendix for references amp assumptions

2010 2015 2020 2025 2030 2035 2040+

- Major royalty revenue ~10 years- Stock pile revenue potential ~20 years

- New layback potential ~ 20 years

- Guadalupe discovery gt 10 years

- Existing reserves gt 25 years

- Existing reserves 11 years- Weyburn potential gt 40 years

- Existing resources gt 20 years

- Expanding reserves gt 20 years

- Expanding reserves gt 15 years

10

A Long Life Portfolio with Growing Value

11

Major Growth

Tasiast Mine 2 NSR - Mauritania

Kinross acquisition of Red Back valued at $71 B

Royalty becomes payable in 2011

Possible expansion up to 15 Moz in future years

New Kinross Plan TBD

Based on TD Equity Research September 16 2010 Based on Kinross September 9 2010 Presentation Range of potential resources of 350-425 mt grading 15 -18 gt at $1200oz In-situ value based on upper end of range with no recovery rate applied

Annual Production Indicative Annual NSR Payments ($1200oz)

2010 (286 koz) $0

201113 (346 koz) $8m

Mid-term (10Moz) $24m

Long-term (15Moz) $36m

Undiscounted in-situ royalty value gt500m

10

A Long Life Portfolio with Growing Value

11

Major Growth

Tasiast Mine 2 NSR - Mauritania

Kinross acquisition of Red Back valued at $71 B

Royalty becomes payable in 2011

Possible expansion up to 15 Moz in future years

New Kinross Plan TBD

Based on TD Equity Research September 16 2010 Based on Kinross September 9 2010 Presentation Range of potential resources of 350-425 mt grading 15 -18 gt at $1200oz In-situ value based on upper end of range with no recovery rate applied

Annual Production Indicative Annual NSR Payments ($1200oz)

2010 (286 koz) $0

201113 (346 koz) $8m

Mid-term (10Moz) $24m

Long-term (15Moz) $36m

Undiscounted in-situ royalty value gt500m

11

Major Growth

Tasiast Mine 2 NSR - Mauritania

Kinross acquisition of Red Back valued at $71 B

Royalty becomes payable in 2011

Possible expansion up to 15 Moz in future years

New Kinross Plan TBD

Based on TD Equity Research September 16 2010 Based on Kinross September 9 2010 Presentation Range of potential resources of 350-425 mt grading 15 -18 gt at $1200oz In-situ value based on upper end of range with no recovery rate applied

Annual Production Indicative Annual NSR Payments ($1200oz)

2010 (286 koz) $0

201113 (346 koz) $8m

Mid-term (10Moz) $24m

Long-term (15Moz) $36m

Undiscounted in-situ royalty value gt500m

12

Major Growth

Detour Gold has started with long lead capital orders

Total M+I project resources ~18 Moz

Potential incremental annual revenue gt$15m

Opportunity to expand from 55 to 90 ktpdcould lead to further royalty revenue growth

Detour Lake 2 NSR- Canada

Based on press release dated May 25 2010 Based on Detour feasibility study production of 649koz at $1200oz Based on Detour Gold lsquos May 25 2010 Press Release with MampI resources of 18 Moz at $1200oz No recovery rate applied

Undiscounted in-situ royalty value gt$425m

13

Additional Growth

Category Royalty Operator

New mines bull Duketon (2)bull Lounge Lizard (2)bull Red October (175)

bull Regis Resourcesbull Kagara Ltdbull Saracen

Project restarts bull Falcondo (41 equity)bull Holt-McDermott (up to 10)

bull Xstratabull St Andrew Goldfields

Royalties reaching hurdles bull Subika (2)bull Ity (1)

bull Newmont Miningbull La Mancha

NPIrsquos pending payout bull Hemlo (50)bull Musselwhite (5)bull Pandora Platinum (5)

bull Barrick Goldbull Goldcorpbull Anglo PlatinumLonmin

Permitting projects bull Rosemont (15)bull Perama Hill (2)

bull Augusta Resourcesbull Eldorado Gold

Pre-feasibility stage bull Sandman (05 ndash 5)bull Garden Well (2)bull Goldfields (2)bull Courageous Lake (1)bull Gurupi (1)bull Mara Rosa (1)bull Agi Dagi (2)bull Kizitepe (15 ndash 25)

bull NewmontFronteer Goldbull Regis Resourcesbull Brigus Goldbull Seabridge Goldbull Jaguar Miningbull Amarillo Goldbull Alamos Goldbull Ariana

Note Certain royalties do not cover the entire property See Annual Information Form for further details

14

Potential Gold Royalty Growth

Note 2010E represents management estimate of additional gold revenue in 2010 at current gold prices Asset estimates reflect potential revenue for upcoming advanced assets at full capacity and assumes top ranges for operator or analyst projections and $1200oz gold

Up to $150m Incremental gold revenue

$40‐$50m PGM amp other revenues

15

Continued Financial Strength

Capital Resources September 2010(US Millions)

December 2009(US Millions)

Working Capital $640 $531

Marketable Securities $31 $76

Available Credit Facility $175 $150

Total Available Capital $846 $757

Plus additional capacity from gt$160M per year in Free Cash Flow(2)

No debt or hedges

Note Cash flow estimate based on recent commodity prices and operatorrsquos production guidance

16

Exploration Success on Franco-Nevada Lands

Royalty Millions of Ounces

Franco Royalty

Undiscounted in-situ value at $1200 gold price

Tasiast Kinross mid range resource projection ndash September 2010

21 2 $500m

Detour Detour Gold M+I resource ndash May 2010

18 2 $425m

Duketon Regis Resources ndash addition of Garden Well ndash October 2010

3‐5 2 $100m

Subika Newmont expansion project ndash February 2010

7‐9 2 $200m

Gold Quarry Newmont Greater GQ layback ndash May 2010

TBD TBD TBD

Courageous Lake Seabridge Gold ndash resource preliminary assessment

10 1 $120m

Other resource growth

Bald Mountain Marigold Hemlo Musselwhite Sandman Gurupi Goldfields Mara Rosa Agi Dagi Kizitepe

TBD Various

Operator projections of ldquopotentialrdquo resources in all reported resource categories Franco-Nevada royalty may not cover 100 of property

Exploration success is the major source of value creation

17

Franco-Nevada

Major discoveries on royalty lands

91 Free Cash Flow Margins

gt$670m in Capital for Further Deals

gt$33m of Annual Dividends

Track Record of Value Accretion

Gol

dstr

ike

Palm

arej

oG

old

Qua

rry

18

----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick

Cerro San Pedro ‐ New Gold Mesquite ndash New Gold

Marigold ‐ Goldcorp

Robinson ndash Quadra FNX

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMarigold ‐ Goldcorp

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

14

Potential Gold Royalty Growth

Note 2010E represents management estimate of additional gold revenue in 2010 at current gold prices Asset estimates reflect potential revenue for upcoming advanced assets at full capacity and assumes top ranges for operator or analyst projections and $1200oz gold

Up to $150m Incremental gold revenue

$40‐$50m PGM amp other revenues

15

Continued Financial Strength

Capital Resources September 2010(US Millions)

December 2009(US Millions)

Working Capital $640 $531

Marketable Securities $31 $76

Available Credit Facility $175 $150

Total Available Capital $846 $757

Plus additional capacity from gt$160M per year in Free Cash Flow(2)

No debt or hedges

Note Cash flow estimate based on recent commodity prices and operatorrsquos production guidance

16

Exploration Success on Franco-Nevada Lands

Royalty Millions of Ounces

Franco Royalty

Undiscounted in-situ value at $1200 gold price

Tasiast Kinross mid range resource projection ndash September 2010

21 2 $500m

Detour Detour Gold M+I resource ndash May 2010

18 2 $425m

Duketon Regis Resources ndash addition of Garden Well ndash October 2010

3‐5 2 $100m

Subika Newmont expansion project ndash February 2010

7‐9 2 $200m

Gold Quarry Newmont Greater GQ layback ndash May 2010

TBD TBD TBD

Courageous Lake Seabridge Gold ndash resource preliminary assessment

10 1 $120m

Other resource growth

Bald Mountain Marigold Hemlo Musselwhite Sandman Gurupi Goldfields Mara Rosa Agi Dagi Kizitepe

TBD Various

Operator projections of ldquopotentialrdquo resources in all reported resource categories Franco-Nevada royalty may not cover 100 of property

Exploration success is the major source of value creation

17

Franco-Nevada

Major discoveries on royalty lands

91 Free Cash Flow Margins

gt$670m in Capital for Further Deals

gt$33m of Annual Dividends

Track Record of Value Accretion

Gol

dstr

ike

Palm

arej

oG

old

Qua

rry

18

----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick

Cerro San Pedro ‐ New Gold Mesquite ndash New Gold

Marigold ‐ Goldcorp

Robinson ndash Quadra FNX

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMarigold ‐ Goldcorp

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

15

Continued Financial Strength

Capital Resources September 2010(US Millions)

December 2009(US Millions)

Working Capital $640 $531

Marketable Securities $31 $76

Available Credit Facility $175 $150

Total Available Capital $846 $757

Plus additional capacity from gt$160M per year in Free Cash Flow(2)

No debt or hedges

Note Cash flow estimate based on recent commodity prices and operatorrsquos production guidance

16

Exploration Success on Franco-Nevada Lands

Royalty Millions of Ounces

Franco Royalty

Undiscounted in-situ value at $1200 gold price

Tasiast Kinross mid range resource projection ndash September 2010

21 2 $500m

Detour Detour Gold M+I resource ndash May 2010

18 2 $425m

Duketon Regis Resources ndash addition of Garden Well ndash October 2010

3‐5 2 $100m

Subika Newmont expansion project ndash February 2010

7‐9 2 $200m

Gold Quarry Newmont Greater GQ layback ndash May 2010

TBD TBD TBD

Courageous Lake Seabridge Gold ndash resource preliminary assessment

10 1 $120m

Other resource growth

Bald Mountain Marigold Hemlo Musselwhite Sandman Gurupi Goldfields Mara Rosa Agi Dagi Kizitepe

TBD Various

Operator projections of ldquopotentialrdquo resources in all reported resource categories Franco-Nevada royalty may not cover 100 of property

Exploration success is the major source of value creation

17

Franco-Nevada

Major discoveries on royalty lands

91 Free Cash Flow Margins

gt$670m in Capital for Further Deals

gt$33m of Annual Dividends

Track Record of Value Accretion

Gol

dstr

ike

Palm

arej

oG

old

Qua

rry

18

----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick

Cerro San Pedro ‐ New Gold Mesquite ndash New Gold

Marigold ‐ Goldcorp

Robinson ndash Quadra FNX

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMarigold ‐ Goldcorp

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

16

Exploration Success on Franco-Nevada Lands

Royalty Millions of Ounces

Franco Royalty

Undiscounted in-situ value at $1200 gold price

Tasiast Kinross mid range resource projection ndash September 2010

21 2 $500m

Detour Detour Gold M+I resource ndash May 2010

18 2 $425m

Duketon Regis Resources ndash addition of Garden Well ndash October 2010

3‐5 2 $100m

Subika Newmont expansion project ndash February 2010

7‐9 2 $200m

Gold Quarry Newmont Greater GQ layback ndash May 2010

TBD TBD TBD

Courageous Lake Seabridge Gold ndash resource preliminary assessment

10 1 $120m

Other resource growth

Bald Mountain Marigold Hemlo Musselwhite Sandman Gurupi Goldfields Mara Rosa Agi Dagi Kizitepe

TBD Various

Operator projections of ldquopotentialrdquo resources in all reported resource categories Franco-Nevada royalty may not cover 100 of property

Exploration success is the major source of value creation

17

Franco-Nevada

Major discoveries on royalty lands

91 Free Cash Flow Margins

gt$670m in Capital for Further Deals

gt$33m of Annual Dividends

Track Record of Value Accretion

Gol

dstr

ike

Palm

arej

oG

old

Qua

rry

18

----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick

Cerro San Pedro ‐ New Gold Mesquite ndash New Gold

Marigold ‐ Goldcorp

Robinson ndash Quadra FNX

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMarigold ‐ Goldcorp

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

17

Franco-Nevada

Major discoveries on royalty lands

91 Free Cash Flow Margins

gt$670m in Capital for Further Deals

gt$33m of Annual Dividends

Track Record of Value Accretion

Gol

dstr

ike

Palm

arej

oG

old

Qua

rry

18

----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick

Cerro San Pedro ‐ New Gold Mesquite ndash New Gold

Marigold ‐ Goldcorp

Robinson ndash Quadra FNX

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMarigold ‐ Goldcorp

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

18

----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick

Cerro San Pedro ‐ New Gold Mesquite ndash New Gold

Marigold ‐ Goldcorp

Robinson ndash Quadra FNX

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMarigold ‐ Goldcorp

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

19

Dow vs Gold

Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

20

Third Quarter Record Results

(US $ millions except per share and )

Q3 lsquo10 Q3 rsquo09 Change

Total Revenue(5) $522 $411 27

Net Income 180 123 46

Earnings per share $016 $011 45

Cash Flow from Operating Activities 407 412 (1)

Royalty Revenue(1) 490 364 35

Gold Royalty Revenue 382 255 50

Free Cash Flow(2) 446 325 37

Free Cash Flow(2) per share $039 $029 34

Margin(3) 91 89 2

Adjusted Net Income(4) $148 $73 103

Adjusted Net Income(4) Per Share $013 $007 86

Shares Outstanding 1145 1121 2

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

21

Track Record of Transactions since IPO

gt95 of capital deployed into gold assets

Mines with top operators large land positions and exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 729 Gold Newmont Nevada

$80m Palmarejo 50 Gold Coeur drsquoAlene Mexico

$58m Subika 2 Gold Newmont Ghana

$20m Marigold 25-5 Gold Goldcorp Nevada

A$20m Mt Keith 0375 Nickel BHP Australia

$350m Prosperity 22 Gold Taseko Canada

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

22

Appendix ndash Asset Life Assumptions amp References

Goldstrike - Barrick 2009 Annual Report December 2009 reserve of 122 moz and 2009 production of 136 mozimplies mine life of 9 years Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035 (wwwbarrickcom)

Gold Quarry ndash Newmont Investor Day Presentation from May 27 2010 Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019 (wwwnewmontcom)

Palmarejo - Coeur drsquoAlene Mines Palmarejo Technical Report January 2010 States mine life of 13 years (wwwcoeurcom)

Stillwater ndash Stillwater press release dating February 25 2010 Reserve of 206 moz at December 31 2009 and 2009 production rate of 530 koz Implies mine life gt25 yrs (wwwstillwaterminingcom)

Oil amp Gas ndash Oil amp Gas Reserve Report by GLJ Petroleum Consultants Ltd (wwwfranco-nevadacom)

Falcondo ndash Xstrata Nickel October 2009 reports a reserve of 742 Mt grading 129 Ni Press release from Xstrata Nickel dated October 12 2010 indicates capacity at 50 of approximately 14000 tonnes of Ni per annum or implied full capacity of 28000 tonnes of Ni per annum Implies gt20 yr mine life

Tasiast ndash September 22 2010 Denver Gold Forum Presentation by Kinross Estimate 425m tonnes of ore and processing of 60ktpd Implies mine life of +19 years (wwwkinrosscom)

Detour - May 25 2010 Feasibility Study for Detour Lake describes16 year mine plan (wwwdetourgoldcom)

Franco-Nevada does not operate or explore but relies on others Because it is not an operator it must rely on decisions made by others decisions on which it has little or no influence It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these operators

23

Franco-Nevada Directors

(1) Member of the Audit and Risk Committee(2) Member of the Compensation and Corporate Governance Committee

Position with Franco-Nevada Current or Past Major Experience

Pierre Lassonde Director Chairman Chairman World Gold Council Vice-Chairman Director and President Newmont Mining Co-CEO and Co-Founder Old Franco-Nevada

David Harquail Director President amp CEO Executive VP Newmont Mining President amp MD Newmont Capital SVP Old Franco-Nevada

Derek Evans(1) Director President amp CEO Pengrowth Energy Trust CEO Focus Energy Trust Renaissance Energy Limited

Graham Farquharson(2) Director President Strathcona Mineral Services Ltd Board Member Placer Dome and Cambior Inc

Louis Gignac(1) Director President G Mining Services Inc President and CEO Cambior Inc

Randall Oliphant(1) Director Executive Chairman New Gold Inc CEO Barrick Gold Corporation

Hon David R Peterson(2) Director Partner and Chairman Cassels Brock amp Blackwell LLP Twentieth Premier of Ontario Board Member Old Franco-Nevada

24

Franco-Nevada Team

Title Canada David Harquail President amp CEO Sandip Rana Chief Financial Officer Jacqueline Jones Chief Legal Officer amp Corporate Secretary Geoff Waterman Chief Operating Officer Paul Brink SVP Business Development Petra Decher VP Finance amp Assistant Secretary Philip Wilson VP Technical Sharon Dowdall VP Special Projects Jason OrsquoConnell Director Business Development Debbie McEnaney Controller Donna Andrejek Corporate amp Contract Administrator Cindy Smith Land Analyst Lena Miller Senior Accountant Candida Hayden Office Manager ndash Executive Assistant

US Stephen Alfers Chief of US Operations Steven Aaker SVP Acquisitions Jeff Jenkins Director of Finance ‐ US Operations Edward Jackson Director of Mineral Lands Katie Griffith Land Administrator

Australia Kevin McElligott Managing Director

25

0

50

100

150

200

250

FNV vs SampPTSX since IPO

IPO $13B

Financing$260m

Financing$313m

Gold Quarry $103m

Palmarejo$75m

AhafoMarigoldMt Keith

$100mOffer ForIRC $675m

December 20 2007IPO issue price C$1520sh

Prosperity$350m

FNV

SampP

26

Appendix - Franco-Nevada Corporation

Capital Structure(2)

Shares Outstanding 11448m

Warrants C$32sh March 2012 575m

Warrants C$75sh June 2017 575m

Options and Other (avg C$1798sh) 287m

12884m

Share Price Range(1) C$3548-C$2537

Market Capitalization(2) $40B

Working Capital + Marketable Investments(3) $6704m

Available Credit Facilities $175m

Debt or Hedges Nil

2010 Dividends (Indicative) (4) $35m

Management Ownership (3) 50(66 diluted)

(1) Previous 52 weeks(2) As at November 1 2010(3) As at September 30 2010 (4) $CAN$US = 100

Analyst CoverageBMO Capital Markets David Haughton

BOAMerrill Lynch Mike Jalonen

CIBC Capital Markets Cosmos Chiu

Credit Suisse Anita Soni

GMP Securities Craig West

National Bank Financial Tanya Jakusconek

Paradigm Capital Don MacLean

RBC Capital Markets Stephen Walker

Scotia Capital David Christie

TD Securities Greg Barnes

UBS Securities Brian MacArthur

Wellington West Paolo Lostritto

Major ShareholdersFidelity US

Invesco Trimark Canada

T Rowe Price US

Blackrock Europe

Oppenheimer US

• A Gold Focused Royalty Company
• Cautionary Statement
• Franco-Nevada
• Franco-Nevada
• Growing Pipeline of Mineral Royalties
• Quality Operators
• Secure amp Diverse Revenue
• Royalty Revenue(1) by Composition
• Key Long Life Assets
• A Long Life Portfolio with Growing Value
• Major Growth
• Major Growth
• Additional Growth
• Potential Gold Royalty Growth
• Continued Financial Strength
• Exploration Success on Franco-Nevada Lands
• Franco-Nevada
• ----------THANK YOU----------
• Dow vs Gold
• Third Quarter Record Results
• Track Record of Transactions since IPO
• Appendix ndash Asset Life Assumptions amp References
• Franco-Nevada Directors
• Franco-Nevada Team
• FNV vs SampPTSX since IPO
• Appendix - Franco-Nevada Corporation

24

Franco-Nevada Team

Title Canada David Harquail President amp CEO Sandip Rana Chief Financial Officer Jacqueline Jones Chief Legal Officer amp Corporate Secretary Geoff Waterman Chief Operating Officer Paul Brink SVP Business Development Petra Decher VP Finance amp Assistant Secretary Philip Wilson VP Technical Sharon Dowdall VP Special Projects Jason OrsquoConnell Director Business Development Debbie McEnaney Controller Donna Andrejek Corporate amp Contract Administrator Cindy Smith Land Analyst Lena Miller Senior Accountant Candida Hayden Office Manager ndash Executive Assistant

US Stephen Alfers Chief of US Operations Steven Aaker SVP Acquisitions Jeff Jenkins Director of Finance ‐ US Operations Edward Jackson Director of Mineral Lands Katie Griffith Land Administrator

Australia Kevin McElligott Managing Director

25

0

50

100

150

200

250

FNV vs SampPTSX since IPO

IPO $13B

Financing$260m

Financing$313m

Gold Quarry $103m

Palmarejo$75m

AhafoMarigoldMt Keith

$100mOffer ForIRC $675m

December 20 2007IPO issue price C$1520sh

Prosperity$350m

FNV

SampP

26

Appendix - Franco-Nevada Corporation

Capital Structure(2)

Shares Outstanding 11448m

Warrants C$32sh March 2012 575m

Warrants C$75sh June 2017 575m

Options and Other (avg C$1798sh) 287m

12884m

Share Price Range(1) C$3548-C$2537

Market Capitalization(2) $40B

Working Capital + Marketable Investments(3) $6704m

Available Credit Facilities $175m

Debt or Hedges Nil

2010 Dividends (Indicative) (4) $35m

Management Ownership (3) 50(66 diluted)

(1) Previous 52 weeks(2) As at November 1 2010(3) As at September 30 2010 (4) $CAN$US = 100

Analyst CoverageBMO Capital Markets David Haughton

BOAMerrill Lynch Mike Jalonen

CIBC Capital Markets Cosmos Chiu

Credit Suisse Anita Soni

GMP Securities Craig West

National Bank Financial Tanya Jakusconek

Paradigm Capital Don MacLean

RBC Capital Markets Stephen Walker

Scotia Capital David Christie

TD Securities Greg Barnes

UBS Securities Brian MacArthur

Wellington West Paolo Lostritto

Major ShareholdersFidelity US

Invesco Trimark Canada

T Rowe Price US

Blackrock Europe

Oppenheimer US

• A Gold Focused Royalty Company
• Cautionary Statement
• Franco-Nevada
• Franco-Nevada
• Growing Pipeline of Mineral Royalties
• Quality Operators
• Secure amp Diverse Revenue
• Royalty Revenue(1) by Composition
• Key Long Life Assets
• A Long Life Portfolio with Growing Value
• Major Growth
• Major Growth
• Additional Growth
• Potential Gold Royalty Growth
• Continued Financial Strength
• Exploration Success on Franco-Nevada Lands
• Franco-Nevada
• ----------THANK YOU----------
• Dow vs Gold
• Third Quarter Record Results
• Track Record of Transactions since IPO
• Appendix ndash Asset Life Assumptions amp References
• Franco-Nevada Directors
• Franco-Nevada Team
• FNV vs SampPTSX since IPO
• Appendix - Franco-Nevada Corporation

25

0

50

100

150

200

250

FNV vs SampPTSX since IPO

IPO $13B

Financing$260m

Financing$313m

Gold Quarry $103m

Palmarejo$75m

AhafoMarigoldMt Keith

$100mOffer ForIRC $675m

December 20 2007IPO issue price C$1520sh

Prosperity$350m

FNV

SampP

26

Appendix - Franco-Nevada Corporation

Capital Structure(2)

Shares Outstanding 11448m

Warrants C$32sh March 2012 575m

Warrants C$75sh June 2017 575m

Options and Other (avg C$1798sh) 287m

12884m

Share Price Range(1) C$3548-C$2537

Market Capitalization(2) $40B

Working Capital + Marketable Investments(3) $6704m

Available Credit Facilities $175m

Debt or Hedges Nil

2010 Dividends (Indicative) (4) $35m

Management Ownership (3) 50(66 diluted)

(1) Previous 52 weeks(2) As at November 1 2010(3) As at September 30 2010 (4) $CAN$US = 100

Analyst CoverageBMO Capital Markets David Haughton

BOAMerrill Lynch Mike Jalonen

CIBC Capital Markets Cosmos Chiu

Credit Suisse Anita Soni

GMP Securities Craig West

National Bank Financial Tanya Jakusconek

Paradigm Capital Don MacLean

RBC Capital Markets Stephen Walker

Scotia Capital David Christie

TD Securities Greg Barnes

UBS Securities Brian MacArthur

Wellington West Paolo Lostritto

Major ShareholdersFidelity US

Invesco Trimark Canada

T Rowe Price US

Blackrock Europe

Oppenheimer US

• A Gold Focused Royalty Company
• Cautionary Statement
• Franco-Nevada
• Franco-Nevada
• Growing Pipeline of Mineral Royalties
• Quality Operators
• Secure amp Diverse Revenue
• Royalty Revenue(1) by Composition
• Key Long Life Assets
• A Long Life Portfolio with Growing Value
• Major Growth
• Major Growth
• Additional Growth
• Potential Gold Royalty Growth
• Continued Financial Strength
• Exploration Success on Franco-Nevada Lands
• Franco-Nevada
• ----------THANK YOU----------
• Dow vs Gold
• Third Quarter Record Results
• Track Record of Transactions since IPO
• Appendix ndash Asset Life Assumptions amp References
• Franco-Nevada Directors
• Franco-Nevada Team
• FNV vs SampPTSX since IPO
• Appendix - Franco-Nevada Corporation

26

Appendix - Franco-Nevada Corporation

Capital Structure(2)

Shares Outstanding 11448m

Warrants C$32sh March 2012 575m

Warrants C$75sh June 2017 575m

Options and Other (avg C$1798sh) 287m

12884m

Share Price Range(1) C$3548-C$2537

Market Capitalization(2) $40B

Working Capital + Marketable Investments(3) $6704m

Available Credit Facilities $175m

Debt or Hedges Nil

2010 Dividends (Indicative) (4) $35m

Management Ownership (3) 50(66 diluted)

(1) Previous 52 weeks(2) As at November 1 2010(3) As at September 30 2010 (4) $CAN$US = 100

Analyst CoverageBMO Capital Markets David Haughton

BOAMerrill Lynch Mike Jalonen

CIBC Capital Markets Cosmos Chiu

Credit Suisse Anita Soni

GMP Securities Craig West

National Bank Financial Tanya Jakusconek

Paradigm Capital Don MacLean

RBC Capital Markets Stephen Walker

Scotia Capital David Christie

TD Securities Greg Barnes

UBS Securities Brian MacArthur

Wellington West Paolo Lostritto

Major ShareholdersFidelity US

Invesco Trimark Canada

T Rowe Price US

Blackrock Europe

Oppenheimer US

• A Gold Focused Royalty Company
• Cautionary Statement
• Franco-Nevada
• Franco-Nevada
• Growing Pipeline of Mineral Royalties
• Quality Operators
• Secure amp Diverse Revenue
• Royalty Revenue(1) by Composition
• Key Long Life Assets
• A Long Life Portfolio with Growing Value
• Major Growth
• Major Growth
• Additional Growth
• Potential Gold Royalty Growth
• Continued Financial Strength
• Exploration Success on Franco-Nevada Lands
• Franco-Nevada
• ----------THANK YOU----------
• Dow vs Gold
• Third Quarter Record Results
• Track Record of Transactions since IPO
• Appendix ndash Asset Life Assumptions amp References
• Franco-Nevada Directors
• Franco-Nevada Team
• FNV vs SampPTSX since IPO
• Appendix - Franco-Nevada Corporation