FNV TSX/NYSE

FNV TSX/NYSE | CORPORATE UPDATE | 10 • 2017

FNV TSX/NYSE 2

Cautionary StatementForward Looking StatementsThis presentation contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform 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 futurerevenues, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices ofcommodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward looking statements,as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources and gold equivalentounces will be realized. Such forward looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward looking statements can be identifiedby 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 negativevariations) 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 involveknown and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievementsexpressed or implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statements, including, without limitation: fluctuations in the prices ofthe primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican Pesoand any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies, and the enforcementthereof; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to theoperators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunitiesthat become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds aroyalty, stream or other interest; whether or not Franco-Nevada is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, asamended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technicalreports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual orunexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets. The forwardlooking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty,stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties;no material adverse change in the market price of the commodities that underlie the asset portfolio; Franco-Nevada’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing taxtreatment; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlyingproperties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there canbe no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements 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 and investors should not place undue reliance on forwardlooking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the “Risk Factors” section of Franco-Nevada’s most recent AnnualInformation Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-lookingstatements herein are made as of the date herein only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, exceptas required by applicable law.

Non-IFRS MeasuresAdjusted Net Income, Adjusted EBITDA and Margin are intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared inaccordance with International Financial Reporting Standards (“IFRS”). They do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other issuers.Management uses these measures to evaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operatingresults, and to supplement information in its financial statements. The Company also uses Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue andcontaining costs. Management believes that in addition to measures prepared in accordance with IFRS such as Net Income and Earnings per Share (“EPS”), our investors and analysts use these measures toevaluate the results of the underlying business of the Company, particularly since the excluded items are typically not included in guidance. While the adjustments to Net Income and EPS include items that are bothrecurring and non-recurring, management believes these measures are useful measures of the Company’s performance because they adjust for items which may not relate to or have a disproportionate effect onthe period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business, and/or are notnecessarily indicative of future operating results. For a reconciliation of these measures to various IFRS measures, please see the end of this presentation or the Company’s most recent Management’s Discussionand Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and with the SEC on www.sec.gov.This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction.

FNV TSX/NYSE

2008      2009          2010      2011 2012              2013          2014     2015     2016      2017

3

The Gold Investment that Works

FNV, S&P/TSX Global Gold Index converted to USD.

Chart and CAGR dated September 29, 2017.

FNV

Gold

S&P/TSX Global Gold Index

CAGR FNV

1 Yr. 18.6%

3 Yr. 19.8%

5 Yr. 7.8%

IPO 19.6%

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Total Returns Summary

Compounded annual total returns to September 29, 2017

Source: TD Securities; Bloomberg4

Compounded Annual Total Returns Summary 1-Year 2-Year 5-Year Since FNV

Inception

Franco-Nevada - US$ basis 11% 36% 7% 20%

Gold Bullion ETF - 4% 6% - 7% 4%

GDX - 14% 32% - 15 % - 6%

TSX 9% 13% 8% 4%

S&P 500 20% 18% 14% 8%

NASDAQ 25% 21% 17% 11%

Russell 22% 19% 14% 8%

FNV TSX/NYSE

Franco-Nevada Since IPO

Please see notes on Appendix slide – Non-IFRS Measures

GEOs1(000s)

G&A as % of Market Capitalization

Revenue(US$ millions)

Adjusted Net Income2(US$ per share)

Market Capitalization3(US$ billions)

Dividends & DRIP Paid(US$ millions)

0

50

100

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300

350

400

450

500

'08 '09 '10 '11 '12 '13 '14 '15 '160

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'08 '09 '10 '11 '12 '13 '14 '15 '160

2

4

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12

'08 '09 '10 '11 '12 '13 '14 '15 '16

0.00

0.20

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0.80

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'08 '09 '10 '11 '12 '13 '14 '15 '16

0

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'08 '09 '10 '11 '12 '13 '14 '15 '16

5

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

'08 '09 '10 '11 '12 '13 '14 '15 '16

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Dividends Paid

10 consecutive years of dividend increases1

~$800 M paid since IPO IPO investors now realizing 6.1% yield (U.S.) or

8.3% yield (CDN)2

(US

$ M

illio

ns)

0

20

40

60

80

100

120

140

160

180

2008 2009 2010 2011 2012 2013 2014 2015 2016

$157 Million in 2016 Highest in Global Gold Industry

1. With June 2017 declaration

2. New dividend on go forward basis

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Diversified Portfolio with 340 Assets

Producing Mineral 47Advanced Mineral 40Exploration Mineral 173 (not shown)Oil & Gas producing 61 (5 shown)Oil & Gas exploration 19 (not shown)

Total 340

* Count as of August 8, 2017

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0

10

20

30

40

50

60

70

2007 2016

Rese

rves

& R

esou

rces

2(M

oz)

+89%

+37%

+6%

P&P M&I Inf P&P M&I Inf

Organic Growth

Growth of the IPO Gold Assets

3. Includes estimates of Mineral Reserves & Resources made under JORC code and SAMREC code

Gold ounces1 at time of IPO

Gold ounces1 of same assets today

81. Ounces associated with FNV assets are not

FNV reserve ounces2. Mineral Resources are exclusive of

Mineral Reserves

2008‐201628 Moz produced

>$1.2 B of revenue to FNV from IPO Assets

FNV TSX/NYSE

since2011

since1985

Evolving Investment Opportunities

Existing 3rd Party Royalties• Cerro Moro – Yamana Gold• Brucejack – Pretium Resources• Hardrock – Premier Gold Mines

since2008

since2013

since2016

By-Product Funding • Palmarejo – Coeur Mining• Cobre Panama – First Quantum

Primary Product Funding• Kirkland Lake – Kirkland Lake Gold• Stibnite Gold – Midas Gold• Karma – True Gold Mining

M&A Funding• Sabodala – Teranga Gold• Fire Creek/Midas – Klondex Mines• Candelaria – Lundin Mining

Commodity Diversification • STACK Oil & Gas – Oklahoma• Midland Oil and Gas – Permian/Texas

since2015 Recapitalization • Antamina – Teck Resources

• Antapaccay – Glencore

9

post2017 Gold Project Financing • TBD

FNV TSX/NYSE

Recent Cornerstone Investments

Long Term Assets With Large Land Positions

AntaminaPeru

$610 M

Cobre PanamaPanama

$462 M → $1 B

CandelariaChile

$655 M

AntapaccayPeru

$500 M

10

FNV TSX/NYSE

Q2 2017 Revenue Sources

92% Precious Metals

11

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Recent Investments

Date Amount Asset InvestmentQ4 2016 $100M STACK, Oklahoma O&G royalties

Q1 2017 $110M Midland, Permian Basin O&G royalties

Q3 2017 $178M1 Cobre Panama Precious Metal Stream

1. Franco-Nevada plans to syndicate one third of this tranche of the Cobre Panama stream

Midland Basin, Texas

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Board of Directors

Pierre Lassonde ChairFranco-Nevada

David Harquail President & CEOFranco-Nevada

The Hon. David R. PetersonFormer Premier of Ontario

Tom AlbaneseFormer CEORio Tinto

Louis GignacFormer CEO Cambior

Randall OliphantFormer CEOBarrick Gold

Graham Farquharson PresidentStrathcona Mineral Services

Derek EvansCEO Pengrowth Energy

Dr. Catharine FarrowCEOTMAC Resources

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Available Capital

Debt Free Candelaria

Working Capital1,2 $681 M

Marketable Securities1 $107 M

Credit Facilities $1,100 M

Stack II Acquisition ($28 M)

Available Capital US$1.9 B

1. As at June 30, 2017

2. Please see notes on Appendix slide – Non-IFRS Measures

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PGMs7%

March Guidance

Cobre Panama

Actual Guidance

2015 2016 2017 2021GEOs1 360k 464k 470k – 500k 515k – 540k

Oil & Gas Revenue $28M $30M $35M – $45M $55M – $65M

1. Please see notes on Appendix slide – Non-IFRS Measures

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Business Model Benefits

FNV Provides Yield & More Upside Than a Gold ETF With Less Risk Than an Operator

Taca Taca

FNV TSX/NYSE

Why Own Franco-Nevada?

FNV Provides Yield & More Upside Than a Gold ETF With Less Risk Than an Operator

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

FNV

GoldS&P/TSX Global Gold Index

2008            2009           2010          2011           2012           2013          2014           2015           2016       2017

17FNV, S&P/TSX Global Gold Index converted to USD. Chart dated September 29, 2017.

FNV TSX/NYSE

1. GEOs include our gold, silver, 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, silver and other minerals are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The gold price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average for the month, quarter, or year in which the mineral was produced or sold.

2. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which exclude the following from net income and net income per share: foreign exchange gains/losses and other income/expenses; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; unusual non-recurring items; and the impact of income taxes on these items. Please refer to the Q2 2017 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2017 and 2016. For years 2010 through 2015, please refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted Net Income for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

3. Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which exclude the following from net income and net income per share: income tax expense/recovery; finance expenses; finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; and foreign exchange gains/losses and other income/expenses. Please refer to the Q2 2017 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2017 and 2016. For years 2010 through 2015, please refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted EBITDA for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

4. Margin is defined by the Company as Adjusted EBITDA divided by revenue. Please refer to the Q2 2017 MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2017 and 2016. For years 2010 through 2015, please refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted Net Income for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

5. The Company defines Working Capital as current assets less current liabilities.6. Fiscal years 2010 through 2017 were prepared in accordance with IFRS. Fiscal years 2008 and

2009 were prepared in accordance with Canadian GAAP

18

Appendix – Non-IFRS Measures

Gold Silver Platinum Palladium

Q2 2016 $1,259/oz $17.17/oz $1,004/oz $568/oz

Q2 2017 $1,257/oz $17.26/oz $940/oz $819/oz

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Tasiast

19

Appendix – Business Model Principles

Long Term Optionality

Goldstrike Detour

FNV TSX/NYSE

PROJECTS BEING ADVANCEDCobre Panama (Panama) • First Quantum reports project now 60% completeSubika/Ahafo (Ghana) • Newmont expects new underground production in 2017Candelaria (Chile) • Lundin expands underground reserves >75%Goldstrike (Nevada) • Barrick expects lowering of AISC and TCM ramp-upStillwater (Montana) • Blitz production has started and expected >50% by 2021Tasiast (Mauritania) • Kinross expects Phase 1 expansion by Q2/18, Phase 2 commences 2018Hollister (Nevada) • Klondex has begun miningSabodala (Senegal) • Teranga adds >400,000ozs to reservesCerro Moro (Argentina) • Yamana targets start-up in Q2/18Brucejack (British Columbia) • Pretium has declared commercial productionMusselwhite (Ontario) • Goldcorp’s infrastructure project targets 20% increase in productionSissingue (Côte d’Ivoire) • Perseus expects production in early 2018Castle Mountain(California) • NewCastle Gold increase resource to 4Moz.Hardrock (Ontario) • EA filed for potential 4.2Moz. LOM productionRosemont (Arizona) • Hudbay received Record of Decision and new feasibilityAgi Dagi/Camyurt (Turkey) • Alamos’ new feasibility LOM 1.3Moz. + PEA for Camyurt project

ADDING NEW OUNCESBald Mountain (Nevada) • Kinross doubles reserves to 2.1Moz. & RODMacassa (Ontario) • Kirkland Lake Gold increases reserves by 37%Hemlo (Ontario) • New Interlake and Deep C-Zone LOMMarigold (Nevada) • Silver Standard resource and potential fleet expansionsKarma (Burkina Faso) • Kao North expected to increase life by 2.5 yearsFire Creek/Midas (Nevada) • Klondex exploration success including step out interceptsSouth Arturo (Nevada) • Permitting El Nino underground below Phase 2 pitDetour (Ontario) • West Detour permits to extend LOM to 23 yearsIty (Côte d’Ivoire) • Construction start for CIL and Endeavour expects production 2019Duketon (Australia) • Regis adds new satellite deposits

20

Appendix – Positive Portfolio News

Producing

47

Advanced

40

Exploration

173

Mineral Assets