Mines & MoneySydney, Australia

October 17 2012

2FNV

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,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.

Forward-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”,“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 ofthe 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 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.

Cautionary Statement

3FNV

Franco-Nevada (FNV)

A gold focused royalty & stream

company. Listed on the TSX & NYSE with

a market capitalization of > $8 billion.*

Palm

arejo

Tasiast

Goldstrike

Growth � > 80% revenue growth in 2011

� World class discoveries

Yield � >1.0% yield

� Growing dividends

Low Risk � Royalty and stream model

� ~$1B cash and no debt

Detour

*As of October 5, 2012

4FNV

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%

Reduced Exposure to:

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

*Revenue royalties & streams

5FNV

FNV’s Close Correlation to Gold

Business model protects against rising operating and capital costs

R² = 0.92

$0

$500

$1,000

$1,500

$2,000

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

Go

ld P

rice

(U

SD

)

Franco-Nevada Share Price (USD)

Chart to Oct 5, 2012

6FNV

0%

40%

80%

120%

160%

200%

240%

280%

320%

360%

400%

2007 2008 2008 2008 2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012

FNV

GOLD

FNV IPO: Dec 2007

S&P/TSX Global Gold Index

Outperforming other Gold Investments

>30% compounded annual rate of returnincluding dividends

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

7FNV

FNV Assets

Revenue Royalties

Net Smelter Royalties (NSR)

Gross Overriding Royalties (GOR)

Streams

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

Profit Royalties

Net Profit Royalties (NPI)

All agreements share common components:• No cash calls beyond fixed stream payments

• Exposure to commodity prices and exploration upside

• No management involvement in operations

8FNV

Over 340 Assets*

209 mineral royalties and streams

135 producing Oil & Gas interests1

344 assets

ProducingAssets

Advanced Assets

ExplorationAssets

Oil & Gas Assets1

44 26 139 135Gold -US

-Canada-Australia-International

PGMs

Other Minerals

● Both organic and

acquisition near-term growth

● Exploration optionality at no cost to FNV

● Does not include 158 undeveloped oil & gas interests

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

9FNV

Key Producing Assets*

GOLD ASSETS PGMs

U.S. Australia Stillwater

Goldstrike Duketon Sudbury (3 mines)

Gold Quarry Henty Pandora

Marigold South Kalgoorlie

Mesquite Bronzewing Other

Hollister International Weyburn – oil

Canada 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 CASH

Hemlo Edikan ~$1 Billion

A diversified global gold portfolio

* See 2012 Annual Information Form for further detail

10FNV

2% NSR on Duketon – Regis Resources

Garden Well Processing Plant

Moolart Well Pit

~270,000hectares

An Australian success story

11FNV

Our Key Transaction Principles

Maximizes long term optionality and scale

Long-term secure tenure

Minimize potential for encroachments

Our first dollar is our last

Operators manage, not FNV

Exploration upside

Free our focus for future investments

12FNV

Big Wins

Goldstrike• Initial purchase price < $3 million• Expected royalties > $1 billion*

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

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

Goldstrike

Detour

Tasiast Africa

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

13FNV

Existing Royalties

Mine FinancingExploration Financing

Purchase of Existing Royalties

Exploration or Land Financing

Mine Financing

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

Transaction Categories

14FNV

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

Pal

mar

ejo

Tasi

ast

Royalty vs. Gold Stream

15FNV

Financing Instrument

Cash Burden Dilution of Shareholder’s

interest

EquityNone (other than dividends)

Dilution in all current and future assets plus discounts, fees, warrants

Royalty / Stream

Burden proportional to production and gold price

Asset specific

DebtInterest, principal,covenants, hedging, fees

Full upside potential of assets is retained

LOW

HIGH

Re

turn

Ris

k

Royalty/Stream Alternative

An alternative between equity and debt

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

Over $4B of Stream Transactions

0

200

400

600

800

1,000

1,200

US

$ M

illi

on

s

Franco-Nevada*

Other

17FNV

Why Operators use Royalty/Stream Financing

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

Versus Equity Versus Debt

Alternative when equity markets weak

One stop financing vs. large bank syndication

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

No commissions, discounts, or warrants

No restrictive covenants or hedging

Used in advance reduces equity overhang and discount

Less downside risk to operator

18FNV

Franco-Nevada has >$1 B capital to invest

Available Capital

Kevin McElligott

Managing Director – Australia

Phone: +61 8 6263 4425

Mobile: +61 417 964 926

mcelligott@franco-nevada.com

19FNV

The New Gold Equity Space

One in three investors have chosen new gold investment options

20FNV

1

2

4

8

16

32

64

DO

W/G

old

(Lo

garit

hmic

Sca

le)

Dow vs. Gold

Gold price and gold equities have much more upside

Homestake

Gold Fields

Do

me

Min

es

An

glo

Am

erica

n

Ne

wm

on

t

Pla

cer D

ev

elo

pm

en

t

Ke

rr-Ad

diso

n

Ca

mp

be

ll Re

d La

ke

Ha

rmo

ny

Ag

nico

-Ea

gle

He

mlo

Go

ldstrik

e

Pla

cer-D

om

eY

an

aco

cha

Kin

ross

Ya

ma

na

Source: Franco-Nevada and Exploration Insights

Equity market

? ?

Gold bull

market

Gold bull

market

Gold bull

market

Equity market Equity market Equity market

21FNV

Thank You for Your Interest