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2016 Asset Handbook TSX / NYSE

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2016 Asset Handbook TSX / NYSE 2016 Asset Handbook TSX / NYSE Franco-Nevada Corporation’s 2016 Asset Handbook is intended to assist investors and analysts in their understanding of our business and portfolio of assets. Franco-Nevada Corporation is the leading gold royalty and streaming company with the largest and most diversified portfolio of assets. The Company’s business model provides investors with gold price and exploration optionality with less exposure to operating risks. Franco-Nevada has no net debt and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Since its IPO, Franco-Nevada’s share price has outperformed the gold price and all relevant gold equity benchmarks. Franco-Nevada is the gold investment that works. Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as of March 9, 2016. More current information may be available in our subsequent disclosure and our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. Also, the description and depiction of our business and assets have been simplified for presentation purposes. This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our Annual Information Form (“AIF”) and our Annual Report on Form 40-F available at www.sedar.com and www.sec.gov, respectively, and on our web site at www.franco-nevada.com. This Asset Handbook has not been prepared in connection with the sale of securities, and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction. FNV TSX NYSE The Gold Investment that WORKS Overview Reserves and Resources REUs Assets Additional Info Left Hand PAGEs Page 1 Overview Reserves and Resources REUs Assets Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Franco-Nevada Overview Our Business Model Overview Overview Our Performance Overview Global Assets Map Asset Portfolio and Revenue Tables Overview Overview Revenue and Adjusted EBITDA Mineral Reserves & Resources Mineral Reserves Mineral Reserves Mineral Reserves Historical Growth in Gold Equivalent Ounces & Resources & Resources & Resources Gold Mineral Reserves Gold Mineral Resources Silver, PGM and Other Minerals Reserves and Resources & Resources & Resources Mineral Reserves Mineral Reserves Royalty Equivalent Units (REUs) Royalties & Streams Explained Royalty Equivalent Units (“REUs”) Explained REUs REUs REUs Precious Metals REUs REUs REUs Other Minerals REUs Oil & Gas Franco-Nevada Assets Precious Metals United States Assets Assets Assets Canada Latin America Assets Rest ofAssets World Other Minerals Mineral Exploration Assets Oil & Gas Assets Oil & Gas Exploration Assets Additional Information Asset Counts, Mine Life Index, Acreage Information Information Information Additional Additional Historical Highlights / FAQs Additional Corporate, Management Organization Glossary Technical & Third Party Information Additional Additional Information Information Cautionary Statements Board of Directors Corporate Information Overview Reserves and Resources REUs Assets Additional Info Left Hand PAGEs Page 1 Overview Reserves and Resources REUs Assets Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Mineral Assets Oil & Gas Assets Producing Advanced Exploration Producing Exploration 46 40 176 59 19 Precious Metals • Potentially producing • Exploration Our Business Model Other Minerals within 5 years optionality Overview Overview Overview Overview Franco-Nevada Corporation is the leading gold-focused royalty and streaming company. We do not operate mines, Overview develop properties or conduct exploration. Instead, we own and continue to grow a large, diversified portfolio of royalties and streamsMineral that: Assets Oil & Gas Assets Producing Advanced Exploration Producing Exploration MAXIMIZE MINIMIZE RISK OF: GOLD ETF FNV OPERATORS 46 40 Exploration upside 176 Cost59 exposures 19 Capital Costs 0% 0%* 100% Security of tenure Potential for encroachments Operating & Other Costs 0% 0%* 100% Precious Metals • Potentially producing • Exploration Mineral Reserves Mineral Reserves Mineral Reserves Management time on new deals Involvement in operations Other Minerals within 5 years optionality & Resources & Resources & Resources BENEFIT OF: GOLD ETF FNV OPERATORS Royalties and streams expose Franco-Nevada to the exploration and price optionality inherent with geologicallyLeverage to Gold Price 1 >1 >1 favourable properties. They can often be registered on title to a property or in a secure fashion with less Exploration & Expansion 0% 100% 100% exposure to government resource nationalisation. They are not subject to operating or capital cash calls, making & Resources this a free cash flow business. Franco-Nevada can provide yield along with more upside than a gold ETF with Dividend Yield -0.4% >1% 0 - 3% & Resources Mineral Reserves less risk than an operating company. Mineral Reserves * Revenue royalties and streams MAXIMIZE MINIMIZE RISK OF: GOLD ETF FNV OPERATORS Exploration upside Cost exposures Capital Costs 0% 0%* 100% Security of tenure Potential for encroachments Operating & Other Costs 0% 0%* 100% Management time on new deals Involvement in operations BENEFIT OF: GOLD ETF FNV OPERATORS REUs REUs REUs Leverage to Gold Price 1 >1 >1 Exploration & Expansion 0% REUs 100% 100% REUs Dividend Yield -0.4% >1% 0 - 3% * Revenue royalties and streams Our track record Since our IPO in December 2007, Franco-Nevada’s share price has outperformed both gold and other gold equities. Over those eight years our margins have remained high, our overhead has remained low and our effective tax rate has remained stable. The Company has been able to increase dividends in each of the past eight years. Assets Assets Assets CompoundedCompounded Annual Annual Growth Growth Rates Rates (CAGR) Performance to(CAGR) December 31, 2015 Assets Assets 1 Year CAGR 2 Year CAGR 5 Year CAGR 8 Year CAGR 20.0% 16.3% 15.9% 10.0% 7.8% 3.0% 0.0% -10.0% -5.6% -6.1% -5.5% Information Information -12.1% Information Additional Additional -14.0% Additional -20.0% -20.2% -30.0% -25.5% -26.1% Franco-Nevada Gold Bullion S&P/TSX Global Gold Index Additional Additional Information Information 2 FNV TSX NYSE The Gold Investment that WORKS Overview Reserves and Resources REUs Assets Additional Info Left Hand PAGEs Page 1 Overview Reserves and Resources REUs Assets Additional Info Right Hand PAGES REMOVE 4 lowest Titles BACK OF TABs & KEYLINE REMOVE KEYLINE BEFORE FINAL BEFORE FINAL Overview Overview Overview Overview Overview Royalties The majority of mineral properties have government or private royalties associated with them. Private royalties are generally created by the original property owners, prospectors or exploration companies that sell their property rights to a more senior company capable of developing and operating a mine on the property. A royalty allows the seller to retain some exploration and price upside while the operating company only pays if ore is actually mined. The most common royalties are a simple percentage of the value of the future production from the property, Mineral Reserves Mineral Reserves typically 1% to 5%. Often these are stated as a percentage of the net value the operatingMineral Reserves company receives for & Resources & Resources its concentrated product when it is processed at a smelter, hence the term “2% net& Resources smelter return royalty” or “2% NSR royalty.” There are other forms of royalties such as profit-related royalties or fixed-rate royalties but these are not a major part of Franco-Nevada’s focus or portfolio. Royalty rights are often registered on the title of the property or mineral rights. In addition, registered royalties & Resources & Resources have strong tenure and, in jurisdictions where recognized, will generally survive an operating company Mineral Reserves Mineral Reserves reorganization. The majority of Franco-Nevada’s royalties have been acquired from the past owners of mineral properties but we also actively create royalties in return for mine financing. Streams Streams are metal purchase agreements that provide, in exchange for an upfront payment, the right to purchase all or a portion of the gold or silver from a mine at a preset price. While streams have similar exploration and price optionality to royalties, they differ from royalties because of the ongoing cash payment required to purchase the physical metal. REUs REUs REUs Additional Information REUs REUs “Royalties and Streams Explained”, found on page 20 of this Asset Handbook provides further detail on the various forms of our interests including an example of the economics of a NSR versus a stream versus a profit or working interest. Business Model Advantages 1. This business is truly a free cash flow business. We are effectively free of the need to directly fund unscheduled mining capital expenditures and other costs. 2. Typically, we participate
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