Q3 2014 Financial ResultsConference CallNovember 6, 2014

Cautionary Statement

2

Forward-Looking StatementsThis presentation contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the U.S. Private Securities LitigationReform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costsand revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating toreserves and resources and gold equivalent ounces are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance canbe given that the estimates will be realized. Such forward looking statements reflect management’s current beliefs and are based on information currently available to management. Often, butnot always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”,“intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions“may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which maycause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking statements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of theprimary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian andAustralian dollar, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting andlicensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or otherinterest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in theownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access todebt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or notthe Corporation is determined to have PFIC status; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties inwhich Franco-Nevada holds a royalty, stream or other interest; rate and timing of production differences from resource estimates; risks and hazards associated with the business ofdevelopment and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological andmetallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets. Theforward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of theproperties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of publicstatements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio;the Corporation’s ongoing income and assets relating to determination of our PFIC status; no adverse development in respect of any significant property in which Franco-Nevada holds aroyalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; andthe absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward lookingstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward lookingstatements are not guarantees of future performance. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements. Accordingly,investors should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties andassumptions, please refer to the “Risk Factors” section of our most recent Annual Information Form as well as our most recent Management’s Discussion and Analysis filed with the Canadiansecurities regulatory authorities on www.sedar.com and contained in Franco-Nevada’s most recent Annual Report on Form 40-F filed with the SEC on www.sec.gov. The forward lookingstatements herein are made as of the date of this presentation only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates oropinions, future events or results or otherwise, except as required by applicable law.

Non-IFRS MeasuresAdjusted Net Income, Adjusted EBITDA and Margin are intended to provide additional information only and do not have any standardized meaning under International Financial ReportingStandards (“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarilyindicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures tovarious IFRS measures, please see the end of this presentation or the Company’s current MD&A disclosure found on the Company’s website and filed with Canadian securities regulatoryauthorities on SEDAR at www.sedar.com and with the Securities and Exchange Commission on EDGAR at www.sec.gov.This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction

January Sabodala Stream Financing $135 million

February Fire Creek/Midas Transaction $35 million

March Increased Dividend +11%

April Cerro Moro Royalty $20 million

August Bought Deal Financing $500 million

August Karma Stream Deal $75 million

November Candelaria Transaction $648 million

Summary: 2014 YTD

3

>$ 900 million committed in 2014

Gold Price & GEOs Realized

4

Average Gold price:significant volatility during quarter and down 3.5% YoY

GEOs1 realized: +23.6% YoY

1. Please see definition on slide 7

 1,240 1,250 1,260 1,270 1,280 1,290 1,300 1,310 1,320 1,330 1,340

Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014

Average Gold Price ($/oz)

$1289/oz$1328/oz $1272/oz $1294/oz $1282/oz

 30,000

 35,000

 40,000

 45,000

 50,000

 55,000

 60,000

 65,000

 70,000

 75,000

Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014

Gold Eq

uivalent Oucne

s

64,73465,83656,683

GOLD

PGMother

70,07169,741

GEOs1: Q3 2013 to Q3 2014

51. Please see definition on slide 7

6

Revenue Performance

Overall Revenue: benefitted from higher GEOs due to recent transactions

Oil & Gas net revenue: -8.1% YoY due to decreasing oil price

 50.0

 60.0

 70.0

 80.0

 90.0

 100.0

 110.0

 120.0

Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014

Revenu

e (m

illions)

$107.7$104.1$100.0$98.8 $107.6

 5.0

 10.0

 15.0

 20.0

 25.0

 30.0

Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014

Oil&

Gas Reven

ue (m

illions)

$23.7$18.7$12.6$22.3 $20.5

Financial Overview

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1. GEOs include our gold, platinum, palladium and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium and other minerals were converted to GEOs by dividing associated revenue, excluding settlement adjustments, by the average gold price for the period. For Q3 2014, the average commodity prices were as follows: $1,282/oz gold (2013 - $1,328/oz); $1,434/ozplatinum (2013 - $1,451/oz) and $863/oz palladium (2013 - $723/oz)

2. Adjusted EBITDA is defined by the Company as net income (loss) excluding income tax expense/recovery, finance income and expenses, foreign exchange gains/losses, gains/losses on the sale of investments, depletion and depreciation, non-cash costs of sales and impairment charges related to royalties, streams, working interests and investments. See Non-IFRS Measures at the end of this presentation.

3. 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.

4. Margin is defined by the Company as Adjusted EBITDA divided by Revenue. See Non-IFRS Measures at the end of this presentation.

($ millions except per share) Q3 2014 Q3 2013 YTD 2014 YTD 2013

Gold Equivalent Ounces1 70,071 56,683 200,641 171,661

Revenue $107.6 $98.8 $319.4 $300.9Operating Income $46.6 $48.0 $142.9 $144.4

Adjusted EBITDA2$88.7 $80.3 $260.7 $245.2

Adjusted EBITDA2 per share $0.59 $0.55 $1.75 $1.67

Net Income $33.2 $35.3 $105.5 $92.3Net Income per share $0.22 $0.24 $0.71 $0.63Adjusted Net Income3

$34.5 $35.3 $104.8 $107.8Adjusted Net Income3 per share $0.23 $0.24 $0.71 $0.74

Margin482.4% 81.3% 81.6% 81.5%

A High Margin and Scalable Business

1. Please see definition on slide 72. Quarterly average based on London PM Fix3. Fixed costs include corporate administration and business development4. Variable costs include costs of stream sales, production taxes and oil & gas operating costs

8

‐40

‐20

 ‐

 20

 40

 60

 80

 100

 120

 140

Q3/08 Q3/09 Q3/10 Q3/11 Q3/12 Q3/13 Q3/14

Millions $

$925/oz$925/oz

81.3%82.1%81.4%78.2%75.3%85.8%

$1655/oz $1328/oz$1700/oz$1227/oz$960/oz$871/oz

82.4%

$1282/oz

Margin1

Revenue

Au price2

Fixed Costs3

Variable Costs4

2014 Q3 Revenue Sources

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By Commodity By Geography

78% Precious Metals79% from North America & Australia

Adjusted Net Income1: Q3 2013 to Q3 2014

101. Please see definition on slide 7

Previous Guidance

Updated Guidance

Pre-Candelaria GEOs 245,000 - 265,000 260,000 - 270,0001

With Candelaria GEOs - 280,000 - 300,0001,2

Oil & Gas Revenue $70 - $80 million3 No Change3

1 Assuming: $1,225/oz Au, $1,275/oz Pt and $775/oz Pd for remainder of 2014

2 Candelaria expected attributable ounces from July 1 to Dec 31 of 35,000-40,000 GEOs of which the Company expects to be able to sell and book in revenue 20,000-30,000 GEOs. Assumes a 65:1 silver:gold ratio

3 Assuming: $80/bbl WTI oil with similar differentials to prior year for balance of 2014

2014 Guidance Update

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Available Capital

12

More Investment Opportunities Due to:• Tight equity and project lending markets• Commodity price volatility

Capital ResourcesWorking Capital1 $ 1,312 million

Marketable Securities1 39 million

Credit Facility1 (undrawn) 500 million

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

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

Total Available Capital $ >1.15 billion

NO DEBT

1. As at September 30, 2014

2. CAD$25 million investment converted to USD$22 million assuming a CAD/USD exchange rate of 1.12

Q&A

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Appendix – Non IFRS Measures

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Three months ended

September 30, Nine months ended

September 30, (expressed in millions, except per share amounts) 2014 2013 2014 2013 Net Income $ 33.2 $ 35.3 $ 105.5 $ 92.3

Income tax expense 13.0 13.4 40.1 39.4 Finance costs 0.4 0.2 1.2 1.3 Finance income (1.2) (0.8) (3.0) (2.5) Depletion and depreciation 38.5 32.3 114.2 94.9 Non-cash costs of sales 3.4 - 3.4 - Impairment of royalty interests 0.2 - 0.2 - Impairment of investments - - - 5.9 Foreign exchange (gains)/losses and

other (income)/expenses 1.2 (0.1)

(0.9)

13.9

Adjusted EBITDA $ 88.7 $ 80.3 $ 260.7 $ 245.2 Basic Weighted Average Shares Outstanding 151.1 146.9

148.6

146.8

Adjusted EBITDA per share $ 0.59 $ 0.55 $ 1.75 $ 1.67 g )Adjusted EBITDA $ 88.7 $ 80.3 $ 260.7 $ 245.2 Revenue 107.6 98.8 319.4 300.9 Margin 82.4% 81.3% 81.6% 81.5%

Net Income $ 33.2 $ 35.3 $ 105.5 $ 92.3 Foreign exchange (gains)/losses and other

(Income)/expenses, net of income tax 0.5 (0.3)

0.5

1.7 Mark-to-market changes on derivatives, net of

income tax 0.7 0.3

(1.3)

8.3

Impairment of royalty interests, net of income tax 0.1 - 0.1 - Impairment of investments, net of income tax - 4.0 - 5.2 Credit facility costs written off, net of income tax - - - 0.3

Adjusted Net Income $ 34.5 $ 31.9 $ 104.8 $ 107.8 Basic Weighted Average Shares Outstanding 151.1 146.9 148.6 146.8 Basic EPS $ 0.22 $ 0.24 $ 0.71 $ 0.63

Foreign exchange(gains)/losses and other (income)/expenses, net of income tax - (0.1)

0.01

0.01

Mark-to-market changes on derivatives, net of income tax 0.01 0.1

(0.01)

0.06

Impairment of royalty interests, net of income tax - Impairment of investments, net of income tax - - - 0.04

Adjusted Net Income per share $ 0.23 $ 0.24 $ 0.71 $ 0.74