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 Exploration upside Cost exposures Capital Costs 0% 0%* 100% 46 40 176 59 19 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 at the revenue line of operations and are not directly impacted by cost inflation. This allows our margins to fully benefit from rising commodity prices. Assets Assets Assets 3. Our business is high margin with low overheads enabling us to generate cash through the entire commodity cycle. Assets Assets 4. Our many assets provide exploration optionality by covering over 38,000 square kilometres of geologically prospective lands without any direct carrying, exploration or development costs.

Mineral Assets Oil & Gas Assets

Producing Advanced Exploration Producing Exploration

46 40 176 59 19 Precious Metals • Potentially producing • Exploration Other Minerals within 5 years optionality Information Information Information Additional Additional Additional 5. Our business is scalable allowing the acquisition of more interests than an operating company can effectively manage. A more diversified portfolio reduces overall risk. 6. Management has the benefit to be able to focus on growth as we do not have responsibility Additional Additional Information Information for day-to-day operational or development decisions.

Franco-Nevada Corporation 2016 Asset Handbook 3 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 Leverage to Gold Price 1 >1 >1 Exploration & Expansion 0% 100% 100% Dividend Yield -0.4% >1% 0 - 3%

* Revenue royalties and streams 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

Our Performance Overview Overview Overview Overview Overview

GEOs GEOs GEOs Revenue Revenue Revenue Adjusted Adjusted Adjusted G&A G&A G&A Market CapMarket CapMarket Cap Dividends DividendsPer Share DividendsPer Share Per Share Gold Equivalent Revenue NetAdjusted incomeNet incomeNet income Per SharePer SharePer Share Ounces (US$ millions) Net Income1 (000s) Per Share (US$ per share) 400 400 400 $500 $500 $500 $1.40 $1.40 $1.40 $30 $30 $30 $9 $9 $9 $0.90 $0.90 $0.90 Mineral Reserves Mineral Reserves Mineral Reserves & Resources & Resources & Resources $450 $450 $450 350 350 350 $8 $8 $8 $0.80 $0.80 $0.80 $1.20 $1.20 $1.20 $25 $25 $25 $400 $400 $400 $7 $7 $7 $0.70 $0.70 $0.70 300 300 300 $350 $350 $350 $1.00 $1.00 $1.00 $20 $20 $20 $6 $6 $6 $0.60 $0.60 $0.60 & Resources 250 250 250 & Resources $300 $300 $300 Mineral Reserves $ .80 $ .80 $ .80 Mineral Reserves $5 $5 $5 $0.50 $0.50 $0.50 200 200 200 $250 $250 $250 $15 $15 $15

$ .60 $ .60 $ .60 $4 $4 $4 $0.40 $0.40 $0.40 150 150 150 $200 $200 $200 $10 $10 $10 $3 $3 $3 $0.30 $0.30 $0.30 $150 $150 $150 $ .40 $ .40 $ .40 100 100 100 $2 $2 $2 $0.20 $0.20 $0.20 $100 $100 $100 $5 $5 $5 50 50 50 $ .20 $ .20 $ .20 $50 $50 $50 $1 $1 $1 $0.10 $0.10 $0.10 REUs REUs REUs 0 0 0 $0 $0 $0 $.00 $.00 $.00 $0 $0 $0 $0 $0 $0 $0.00 $0.00 $0.00 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08 ‘13‘11‘09 ‘14‘12‘10 ‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 REUs REUs

GEOs GEOs GEOs Revenue Revenue Revenue Adjusted Adjusted Adjusted G&A G&A G&A Market CapMarket CapMarket Cap Dividends DividendsPer Share DividendsPer Share Per Share Net incomeNet incomeNet income G&A Market Dividends Per SharePer Share Per Share (US$ millions) Capitalization5 Per Share (US$ billions) (US$ per share)

400 400 400 $500 $500 $500 $1.40 $1.40 $1.40 $30 $30 $30 $9 $9 $9 $0.90 $0.90 $0.90

$450 $450 $450 350 350 350 $8 $8 $8 $0.80 $0.80 $0.80 $1.20 $1.20 $1.20 $25 $25 $25 Assets Assets $400 $400 $400 Assets $7 $7 $7 $0.70 $0.70 $0.70 300 300 300 $350 $350 $350 $1.00 $1.00 $1.00 $20 $20 $20 $6 $6 $6 $0.60 $0.60 $0.60 Assets 250 250 250 Assets $300 $300 $300 $ .80 $ .80 $ .80 $5 $5 $5 $0.50 $0.50 $0.50 200 200 200 $250 $250 $250 $15 $15 $15

0 0 0 $0 $0 $0 $.00 $.00 $.00 $0 $0 $0 $0 $0 $0 $0.00 $0.00 $0.00 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘12‘10‘08‘13‘11‘09‘14‘12‘10‘15‘13‘11 ‘14‘12 ‘15‘13 ‘14 ‘15 Additional Additional Information Information

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Continued Growth Overview Overview Overview

3 3 3 3 3 3 3 3 Overview Overview 2015 2014 2013 2012 2011 2010 2009 2008 US$ millions (except per share) $ $ $ $ $ $ $ $ Revenue $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating Income $ 53.5 $ 156.7 $ 80.3 $ 147.0 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net Income (Loss) $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8 ) $ 62.7 $ 80.9 $ 40.3 Basic Earnings (Loss) per share $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05 ) $ 0.55 $ 0.76 $ 0.41 Adjusted Net Income 1 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income 1 per share $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 Mineral Reserves Mineral Reserves Adjusted EBITDA 2 $ 339.3 $ 356.9 $ 322.5 $ 347.8 $ 327.3 $Mineral Reserves 180.0 $ 119.4 $ 127.2 & Resources & Resources Adjusted EBITDA 2 per share $ 2.16 $ 2.37 $ 2.20 $ 2.43 $ 2.61 & Resources $ 1.58 $ 1.12 $ 1.30 Dividends and DRIP Paid $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends Paid per share $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 Working Capital 4 $ 253.9 $ 8 677. $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 & Resources & Resources Debt $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Mineral Reserves Mineral Reserves Total Shareholders’ Equity $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B Market Capitalization 5 $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B

1 Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which excludes the following from net income and earnings per share: foreign exchange gains/losses and other income/expenses; gains/losses on the sale of investments; impairment charges related to royalty, stream and working interests and investments; unusual non-recurring items; and the impact of income taxes on these items. 2 Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which excludes the following from net income and earnings per share: income tax expense/recovery; finance expenses and finance income; foreign exchange gains/losses and other income/expenses; gains/losses on the sale of investments; impairment charges related to royalty, stream and working interests and investments; depletion and depreciation; and non-cash costs of sales. 3 Fiscal years 2010 through 2015 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. 4 Working Capital is a Non-IFRS financial measure. The Company defines Working Capital as current assets less current liabilities. Note that Working Capital does not include proceeds REUs REUs REUs from the bought deal financing of $884.3 million completed February 19, 2016. 5 As at December 31. REUs REUs

300% FNV Outperforming both 250% Gold Equities and Gold Itself 200% (Chart to March 4, 2016) Assets Assets Assets 150% Assets Assets 100%

Gold Price 50%

0% S&P/TSX Global FNV IPO: Dec 2007 Gold Index Information Information Information -50% Additional Additional Additional

Note: FNV and S&P/TSX Global Gold Index converted to USD. -100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Additional Additional Information Information

Franco-Nevada Corporation 2016 Asset Handbook 5 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 Global Assets Overview Overview Overview Producing Mineral Assets Advanced Mineral Assets Oil & Gas Arctic Gas Exploration Assets not shown

Courageous Lake Mineral Reserves Mineral Reserves Mineral Reserves

Dublin Gulch & Resources & Resources & Resources (Eagle) Goldfields Brucejack Ring of Fire/Black Thor Monument Bay Edson Timmins West New Prosperity Weyburn Phoenix Hardrock Detour Lake & Resources & Resources Midale Mineral Reserves Mineral Reserves Stillwater Canadian Malartic Hemlo Stibnite Gold Musselwhite East Timmins Sudbury Kirkland Lake Nevada Perama Hill Agi Dagi Kiziltepe Castle Mountain Mesquite Rosemont REUs REUs Palmarejo/Guadalupe REUs Cerro San Pedro

REUs REUs Falcondo Tasiast Nevada (inset) South Arturo (Dee) Sabodala Karma Pinson Midas Sandman Hollister Cobre Panama Sissingue EaglePicher Goldstrike Subika Marigold Gold Quarry Ity Edikan Fire Creek Bald Mountain Robinson Gurupi Assets Assets Sterling AntaminaAssets Volcan Antapaccay Assets Assets

Mt Keith Wiluna/Matilda Candelaria Taca Taca Pandora Bronzewing Osborne Cooke 4 Relincho MWS Glenburgh Duketon Admiral Hill Red October Peculiar Knob San Jorge Flying Fox Edna May Information Information Information Calcatreu Additional Additional Additional Aphrodite East Location 45 Commodore South Kalgoorlie Coal Lake Cowan Bullabulling Cerro Moro Additional Additional Information Information Henty 6 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 Producing Mineral Assets Advanced Mineral Assets Oil & Gas Arctic Gas Exploration Assets not shown

Courageous LakeMineral Reserves Mineral Reserves Mineral Reserves

REUs REUs Falcondo Tasiast Nevada (inset) South Arturo (Dee) Sabodala Pinson Karma Midas Sandman Hollister Cobre Panama Sissingue EaglePicher Goldstrike Subika Marigold Gold Quarry Ity Edikan Fire Creek Bald Mountain Robinson Gurupi Assets Assets Sterling Assets Antamina Volcan Antapaccay Assets Assets

Mt Keith Wiluna/Matilda Candelaria Taca Taca Pandora Bronzewing Osborne Cooke 4 Relincho MWS Glenburgh Duketon Admiral Hill Red October Peculiar Knob San Jorge Flying Fox Edna May Information Information Information Calcatreu Additional Additional Additional Aphrodite East Location 45 Commodore South Kalgoorlie Coal Lake Cowan Bullabulling Cerro Moro Additional Additional Information Information Henty Franco-Nevada Corporation 2016 Asset Handbook 7 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

Asset Portfolio Overview Overview Overview Overview Overview 2015 Revenue 2015 Revenue 2015 Revenue By By By Geography Commodity Type Mineral Reserves Mineral Reserves Mineral Reserves & Resources & Resources & Resources & Resources & Resources Mineral Reserves Mineral Reserves US-18%US-18%US-18% Gold-76%Gold-76%Gold-76% Revenue-based-29%Revenue-based-29%Revenue-based-29% Canada-22%Canada-22%Canada-22% Silver-8%Silver-8%Silver-8% Streams-58%Streams-58%Streams-58% Latin America-40%Latin America-40%Latin America-40% PGM-8%PGM-8%PGM-8% Profit-based-7%Profit-based-7%Profit-based-7% Rest of World-20%Rest of RestWorld-20% of World-20% Oil & Gas-6%Oil & Gas-6%Oil & Gas-6% WorkingWorking interests/Working interests/ interests/ other-6%other-6% Other Minerals-2%Other Minerals-2%Other Minerals-2% other-6% REUs REUs REUs REUs REUs Franco-Nevada Asset Tabulation at March 10, 2016

Precious Other Oil & Metals Minerals Gas TOTAL Producing 40 6 59 105 Advanced 34 6 – 40 Exploration 138 38 19 195 Assets Assets TOTAL 212 Assets 50 78 340 Assets Assets

Abbreviated Definitions “NSR” Net Smelter Return Royalty “E” “Exploration” represents assets on early stage exploration properties that are “GR” Gross Royalty speculative and are expected to require more than five years to generate “ORR” Overriding Royalty revenue, if ever, or are currently not active. “FH” Freehold or Lessor Royalty 1 Does not cover all the Mineral Reserves or Mineral Resources reported for “NPI” Net Profits Interest the property by the operator. “NRI” Net Royalty Interest 2 Percentage varies depending on the claim block of the property. “WI” Working Interest 3 Provides for minimum or advance payments. Information Information “P” “Producing” assets are those that have generated revenue from steady-state Information Additional Additional 4 Percentage variesAdditional depending on the commodity price or value of ore. operations to Franco-Nevada or are expected to in the next year. 5 Payable after operator recovers defined exploration and development expenses. “A” “Advanced” are assets on projects that in management’s view have a 6 These revenue numbers are before the deduction of the purchase cost per ounce. reasonable possibility of generating steady-state revenue to Franco-Nevada in the next five years or includes properties under development, permitting, feasibility or advanced exploration. Additional Additional Information Information

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Revenue ($ millions) Asset Operator Interest and % 2015 2014 2013 Notes

Precious Metals (Gold unless noted)

UNITED STATES Goldstrike Barrick Gold Corporation NSR 2-4%, NPI 2.4-6% $ 23.4 $ 21.9 $ 21.2 1, 2, P Stillwater Stillwater Mining Company NSR 5% PGM 15.6 22.1 18.0 1, P Gold Quarry Newmont Mining NSR 7.29% 13.1 14.3 20.7 1, 3, P Mineral Reserves Mineral Reserves Marigold Silver Standard Resources NSR 1.75-5%, GR 0.5-4% 6.0 Mineral Reserves 7.0 8.8 1, 2, 3, 4, P

& Resources & Resources Fire Creek/Midas Klondex Mines Ltd. NSR 2.5%, Fixed to 2018 8.7& Resources 8.4 – 3, Px2 Bald Mountain Kinross Gold Corporation NSR/GR 0.875-5% 8.2 6.7 3.8 1, 2, 3, 4, P Mesquite New Gold Inc. NSR 0.5-2% 2.1 1.7 2.3 2, P Other (9 assets) 0.4 0.7 2.3 Px2, Ax7 CANADA Sudbury KGHM International Ltd. Stream 50% PGM & Gold 23.2 36.3 44.7 1, 6, Px2 & Resources & Resources Detour Lake Detour Gold Corporation NSR 2% 11.7 11.2 5.9 P Mineral Reserves Mineral Reserves East Timmins Kirkland Lake Gold Inc. NSR 2-15% 10.1 11.5 12.5 3, 4, Px3, A Musselwhite Goldcorp Inc. NPI 5% 5.4 4.6 3.7 5, P Hemlo Barrick Gold Corporation NSR 3%, NPI 50% 5.0 9.6 3.1 1, 5, P Kirkland Lake Kirkland Lake Gold Inc. NSR 2.5-5.5%, NPI 20% 4.6 4.8 0.6 2, 3, P Timmins West Lake Shore Gold Corp. NSR 2.25% 3.7 4.0 3.2 P Canadian Malartic Yamana/Agnico Eagle GR 1.5% 1.6 1.2 1.4 P Other (8 assets) 0.1 0.4 1.6 Ax8 LATIN AMERICA Antapaccay Glencore plc Stream (indexed) – – – 6, P Antamina Teck Resources Limited Stream 22.5% Silver 14.4 – – 6, P REUs REUs REUs Candelaria Lundin Mining Corporation Stream 68% Gold & Silver 101.6 23.9 – 6, P Palmarejo Coeur Mining, Inc. Stream 50% Gold & Silver 59.6 66.6 83.5 3, 6, P Cerro San Pedro New Gold Inc. GR 1.95% 2.9 2.0 3.3 1, P REUs REUs Cobre Panama First Quantum Minerals Stream (indexed) – – – A Other (5 assets) 1.2 1.3 1.3 Ax5

REST OF WORLD MWS AngloGold Ashanti Limited Stream 25% 26.2 30.5 35.7 6, P Sabodala Teranga Gold Corporation Stream 6%, Fixed to 2019 28.3 26.3 – 3, P Subika Newmont Mining NSR 2% 4.3 9.0 14.4 1, P Tasiast Kinross Gold Corporation NSR 2% 5.0 7.1 6.6 P Karma True Gold Mining Inc. Stream 4.875%, Fixed to 75koz – – – 6, A Duketon Regis Resources Ltd. NSR 2% 6.7 7.1 7.9 1, P Edikan Perseus Mining Limited NSR 1.5% 3.7 3.4 4.1 P Cooke 4 Sibanye Gold Limited Stream 7% 4.2 5.0 3.5 6, P Other (18 assets) 4.5 6.2 7.4 Px7; Ax11

E Assets Assets Assets Mineral Exploration (138 assets) – – – $ 405.5 $ 354.8 $ 321.5 Assets Assets Other Minerals

Other Minerals (12 assets) $ 10.1 $ 13.7 $ 12.4 Px6, Ax6 Mineral Exploration (38 assets) – – – E $ 10.1 $ 13.7 $ 12.4

Oil & Gas

Weyburn Unit Cenovus Energy Inc. NRI 11.71%, ORR 0.44%, WI 2.56% $ 21.1 $ 57.8 $ 50.7 Px3 Midale Unit Apache Canada Ltd. ORR 1.14%, WI 1.59% 1.8 3.4 3.6 Px2 Edson Canadian Natural Resources ORR 15% 1.7 4.8 4.3 P Other (53 assets) 3.4 7.9 8.4 Px53 Information Information Information Additional Additional Additional Oil & Gas Exploration (19 assets) – – – E $ 28.0 $ 73.9 $ 67.0

Revenue $ 443.6 $ 442.4 $ 400.9 Additional Additional Information Information

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Revenue Overview Overview Overview

2015 2014 2013 2012 2011 $ millions % $ millions % $ millions % $ millions % $ millions % Overview Overview Commodity Gold & Silver $ 372.2 84% $ 304.3 69% $ 269.9 67% $ 320.6 75% $ 306.8 75% PGM 33.3 8% 50.5 11% 51.6 13% 60.7 14% 63.9 16% Other Minerals 10.1 2% 13.7 3% 12.4 3% 4.8 1% 5.6 1% Oil & Gas 28.0 6% 73.9 17% 67.0 17% 40.9 10% 34.9 8% $ 443.6 100% $ 442.4 100% $ 400.9 100% $ 427.0 100% $ 411.2 100%

Geography United States $ 78.1 18% $ 83.4 19% $ 77.9 19% $ 120.0 28% $ 111.6 28% Mineral Reserves Mineral Reserves Mineral Reserves Canada 97.0 22% 157.5 36% 143.9 36% 130.2 31% 107.7 26% & Resources & Resources & Resources Latin America 179.7 40% 93.7 21% 88.2 22% 102.8 24% 107.8 26% Rest of World 88.8 20% 107.8 24% 90.9 23% 74.0 17% 84.1 20% $ 443.6 100% $ 442.4 100% $ 400.9 100% $ 427.0 100% $ 411.2 100%

Type & Resources Revenue-based royalties $ 127.7& Resources 29% $ 156.9 36% $ 169.0 42% $ 179.0 42% $ 152.3 37% Stream-based 188.6 43% 167.3 42% 190.9 45% 216.1 53% Mineral Reserves Mineral Reserves 257.6 58% Profit-based royalties 32.1 7% 61.2 14% 42.7 11% 41.8 10% 30.8 7% Working interests/other 26.2 6% 35.7 7% 21.9 5% 15.3 3% 12.0 3% $ 443.6 100% $ 442.4 100% $ 400.9 100% $ 427.0 100% $ 411.2 100%

Adjusted EBITDA1 2015 2014 2013 2012 2011 REUs REUs $ millions % $ millions % $ millionsREUs % $ millions % $ millions % Commodity REUs REUs Gold & Silver $ 281.2 83% $ 242.0 68% $ 216.2 67% $ 265.3 76% $ 243.0 74% PGM 25.3 7% 39.1 11% 38.1 12% 46.6 14% 50.1 15% Other Minerals 9.7 3% 13.3 4% 11.7 4% 4.5 1% 5.3 2% Oil & Gas 23.1 7% 62.5 17% 56.5 17% 31.4 9% 28.9 9% $ 339.3 100% $ 356.9 100% $ 322.5 100% $ 347.8 100% $ 327.31 100%

Geography United States $ 72.4 21% $ 77.5 22% $ 71.6 22% $ 108.1 31% $ 100.4 31% Canada 80.5 24% 130.7 37% 115.5 36% 102.6 30% 85.3 26% Latin America 117.6 35% 62.1 17% 60.0 19% 75.4 21% 76.4 23% Rest of World 68.8 20% 86.6 24% 75.4 23% 61.7 18% 65.2 20% $ 339.3 100% $ 356.9 100% $ 322.5 100% $ 347.8 100% $ 327.3 100%

Assets Assets Assets Type Revenue-based royalties $ 120.6 36% $ 144.7 41% $ 150.4 47% $ 160.9 46% $ 137.5 42% Stream-based 160.6 47% 124.3 35% 109.7 34% 137.2 39% 151.9 46% Assets Assets Profit-based royalties 30.2 9% 53.7 15% 36.7 11% 37.8 11% 27.9 9% Working interests/other 27.9 8% 34.2 9% 25.7 8% 11.9 4% 10.0 3% $ 339.3 100% $ 356.9 100% $ 322.5 100% $ 347.8 100% $ 327.3 100%

1 As defined on page 5 of this Asset Handbook. Adjusted EBITDA is a non-IFRS financial measure, which excludes the following from net income: income tax expense/recovery; finance income and costs; foreign exchange gains/losses; gains/losses on the sale of investments; income/losses from equity investees; impairment charges related to royalty, stream and working interests and investments; non-cash costs of sales and depletion and depreciation. Management believes that Adjusted EBITDA is a valuable indicator of the Company’s ability to generate liquidity from operating cash flow to (i) fund working capital needs; (ii) service working interest capital requirements; (iii) fund acquisitions and commitments; and (iv) fund dividend payments. Management uses Adjusted EBITDA for this purpose and other internal purposes. Management’s internal budgets and forecasts do not reflect potential impairment charges, fair value changes or foreign currency translation gains or losses. Consequently, the presentation of this non-IFRS financial measure enables investors and analysts to better understand the underlying operating performance of our business through the eyes of management. Adjusted EBITDA may be used by investors and Information Information Information Additional Additional analysts for valuation purposes. Management periodically evaluates the components of this non-IFRS financialAdditional measure based on an internal assessment of performance metrics that it believes is useful for evaluating the operating performance of our business and a review of the non-IFRS measures used by analysts and other royalty/stream companies. Adjusted EBITDA is intended to provide additional information to investors and analysts, does not have any standardized meaning under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate Adjusted Additional Additional

Information Information EBITDA differently. See “Non-IFRS Financial Measures - Reconciliation” in our Annual MD&A for additional information.

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2016 Overview Overview AssetOverview Handbook Overview Overview

Mineral Reserves & Resources Mineral Reserves Mineral Reserves Mineral Reserves

Historical Growth& Resources in Gold Equivalent Ounces & Resources & Resources Gold Mineral Reserves Gold Mineral Resources Silver, PGM and Other Minerals Reserves and Resources & Resources & Resources Mineral Reserves Mineral Reserves REUs REUs REUs REUs REUs Assets Assets Assets Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

Franco-Nevada Corporation 2016 Asset Handbook 11 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

Historical Growth in Gold Equivalent Ounces Overview Overview Overview

This section of the Asset Handbook provides a tabulation of the Mineral Reserves and Mineral Resources as Overview publicly reported by the operators of assets in which Franco-Nevada has an interest. However, these do not Overview represent Franco-Nevada’s Mineral Reserves or Mineral Resources as Franco-Nevada’s property interests do not always cover the entire area of the publicly reported figures. Secondly, Franco-Nevada’s percentage interest can vary within the property. Finally, the form of Franco-Nevada’s interest varies by property such as whether it is a revenue royalty, profit royalty or stream interest each having different economics. In the next section of the Asset Handbook, Franco-Nevada has defined Royalty Equivalent Units (“REUs”) to help provide analysts and investors with a more comparable and representative understanding of Franco-Nevada’s assets. For this section, management believes that an indication of the growth associated with its asset portfolio can Mineral Reserves Mineral Reserves Mineral Reserves

be provided by tabulating the total publicly reported Mineral Reserves and Mineral Resources on the properties & Resources & Resources & Resources on which Franco-Nevada has interests. This tabulation involves the least number of assumptions, estimates or adjustments by the Company. On the opposite page is an illustration of the annual growth of total gold equivalent ounces associated with Franco-Nevada’s portfolio of assets. These totals have been shown in reference to the 2007 estimate and are broken out by the broader Mineral Reserves and Mineral Resources categories. Management & Resources estimates that approximately 80% of the growth of gold equivalent ounces associated with its asset portfolio has & Resources Mineral Reserves come from new acquisitions and approximately 20% from exploration success and commodity price impacts. Mineral Reserves In 2015, gold Mineral Reserves associated with Franco-Nevada’s portfolio decreased for the first time in our eight year history. Continued weakness in gold prices coupled with a decrease in exploration efforts by some of the operators led to year over year declines at many of the assets. Gold Mineral Resources decreased in both the Measured and Indicated categories and Inferred categories mostly due to the continued impact of more conservative estimation parameters by the operators. However, during 2015 and in early 2016 Franco-Nevada made two significant acquisitions including our first 100% silver stream on the Antamina mine. When converting silver in gold equivalent assuming $1,200 per ounce gold and $15 per ounce silver there was a modest increase to the gold equivalent Mineral Reserves year over year. REUs REUs REUs Franco-Nevada estimates that overall gold equivalent Proven & Probable Reserves (only converting silver, not PGM) associated withREUs the assets in which Franco-Nevada has an interest increased by approximately 0.2 million REUs ounces, gold equivalent Measured & Indicated Resources decreased by approximately 7.2 million ounces and gold equivalent Inferred Mineral Resources decreased by approximately 8.4 million ounces. In the table below, Franco-Nevada has broken down the net impact relative to 2014 gold equivalent Mineral Reserves and gold equivalent Mineral Resources that the new acquisitions and miscellaneous factors had on the gold equivalent Mineral Reserves and gold equivalent Mineral Resources associated with the assets in its portfolio. All figures are based on operators’ publicly disclosed information known to Franco-Nevada as at February 29, 2016. The numbers are for gold and silver only and do not reflect the Mineral Reserves and Mineral Resources relating to our PGM, copper or nickel interests. Gold ounces for the New Prosperity project have not been historically included in the totals due to uncertainty related to permitting and this project continues to be Assets Assets excluded from the current tabulations. Assets

P&P P&P M&I M&I Inferred Inferred Assets Reserve Reserve Resource 1 Resource 1 Resource Resource Assets Change Change Change Change Change Change (000 ounces) (% to P&P) (000 ounces) (% to M&I) (000 ounces) (% to Inferred)

New Acquisitions +4,819 + 4.2% +3,681 +4.1% +6,676 +10.9% Other Impacts -4,647 - 4.1% -10,890 - 12.0% -15,037 -24.5% Overall +172 + 0.1% -7,209 -7.9% -8,361 -13.6%

1 M&I Resource excludes P&P Reserve Information Information Information Additional Additional Additional Additional Additional Information Information

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Gold Equivalent Reserve Ounces associated Overview Overview with Franco-Nevada’s Assets

400% $2,000 P&P Au P&P Au Eq 350% $1,750 Gold ($/oz) 300% $1,500 Mineral Reserves Mineral Reserves Mineral Reserves & Resources & Resources & Resources 250% $1,250

200% $1,000 Reserve Growth & Resources & Resources 150% $750 Gold Price ($/oz) Mineral Reserves Mineral Reserves

100% $500

50% $250

0% $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 REUs REUs REUs See following tables and accompanying notes for detailed breakdown of Mineral Reserves and Mineral Resources. See “Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates”. REUs REUs

Gold Equivalent Resource Ounces (exclusive of Reserve) associated with Franco-Nevada’s Assets

400% $2,000 M&I Au M&I Au Eq 350% $1,750 Inf Au Inf Au Eq 300% $1,500 Assets Assets Assets Gold ($/oz) 250% $1,250 Assets Assets

200% $1,000 Gold Price ($/oz) Resource Growth 150% $750

100% $500

50% $250 Information Information Information Additional Additional Additional 0% $0 2007 2008 2009 2010 2011 2012 2013 2014 2015

See following tables and accompanying notes for detailed breakdown of Mineral Reserves and Mineral Resources.

Additional Additional See “Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates”. Information Information

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Gold Mineral Reserves Overview Overview Overview

Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Overview Overview Gold - UNITED STATES Goldstrike 1,4,5,6 60,663 3.31 6,457 13,362 4.85 2,082 74,025 3.59 8,539 Gold Quarry 1,7 not available not available not available Marigold 1,8,9 – – – 140,300 0.45 2,040 140,300 0.45 2,040 Midas/Fire Creek 3,10,11,12 181 41.83 243 318 14.09 144 498 24.14 387 Bald Mountain 1,13,14,15 13,525 0.98 426 35,558 0.63 716 49,083 0.72 1,142 Mesquite 16,17 8,473 0.51 139 75,807 0.56 1,353 84,280 0.55 1,492 Stibnite 3,18,19 – – – 88,964 1.60 4,578 88,964 1.60 4,578 Castle Mountain – – – – – – – – – Hollister 20,21 101 20.62 67 161 19.97 104 262 20.29 171

Pinson 1,3,22,23,24 5,717Mineral Reserves 0.91 168 1,056 5.19 176 6,856 1.56 344 Mineral Reserves Mineral Reserves Robinson 25,26,27 110,513 0.15 533 8,860 0.12 34 119,374 0.15 576 Sandman & Resources – – – – – – – – –& Resources & Resources South Arturo (Dee) 1,28,29,30 507 6.86 112 1,642 5.24 277 2,148 5.62 388 Gold - CANADA Detour Lake 31,32,33 91,000 1.25 3,659 423,400 0.94 12,736 514,400 0.99 16,395 East Timmins - Hislop 34 – – – 280 5.16 46 280 5.16 46 East Timmins - Holloway 35 – – – 233 5.35 40 233 5.35 40 & Resources & Resources East Timmins - Holt 36 1,452 4.26 199 2,414 5.05 392 3,866 4.75 591 Mineral Reserves Mineral Reserves East Timmins - Taylor 37 – – – 774 6.27 156 774 6.27 156 Sudbury 1,38,39 – – – 486 1.01 16 486 1.01 16 Musselwhite 40 2,870 7.20 670 5,000 6.57 1,060 7,880 6.80 1,720 Hemlo 1,41,42,43 1,016 2.76 90 12,175 2.11 827 13,191 2.16 917 Kirkland Lake 44,45,46 808 15.86 412 1,545 21.16 1,051 2,354 19.33 1,463 Timmins West 47,48 – – – 3,691 4.30 510 3,691 4.30 510 Canadian Malartic 1,49,50 54,892 0.97 1,720 166,640 1.12 6,004 221,532 1.08 7,726 Brucejack 1,51,52 3,500 12.44 1,400 13,000 14.59 6,100 16,500 14.14 7,500 Hardrock – – – – – – – – – Phoenix – – – – – – – – – Courageous Lake 53,54 12,000 2.41 1,000 79,000 2.17 5,500 91,000 2.20 6,500 Dublin Gulch (Eagle) 55,56 – – – 91,600 0.78 2,301 91,600 0.78 2,301 Goldfields 57,58 1,228 1.90 75 21,105 1.39 945 22,333 1.42 1,020 REUs REUs Monument Bay REUs – – – – – – – – – Gold - LATIN AMERICA REUs REUs Antapaccay 59 194,000 0.13 811 353,000 0.10 1,135 547,000 0.11 1,946 Candelaria 1,60,61,62 425,027 0.12 1,700 30,156 0.21 200 455,183 0.13 1,900 Palmarejo 63,64,65 – – – 5,299 2.56 436 5,299 2.56 436 Cerro San Pedro 1,66 289 0.35 3 748 0.41 10 1,038 0.40 13 Cobre Panama 1,67,68,69 345,600 0.10 1,122 2,837,000 0.06 5,819 3,182,600 0.07 6,941 Cerro Moro 70,71 – – – 1,954 11.38 715 1,954 11.38 715 Calcatreu – – – – – – – – – Gurupi 72,73 – – – 63,757 1.14 2,328 63,757 1.14 2,328 San Jorge – – – – – – – – – Taca Taca – – – – – – – – – Volcan – – – – – – – – – Gold - AUSTRALIA Duketon 1,74,75,76 9,800 1.02 321 49,500 1.06 1,686 59,000 1.06 2,006 Henty 77,78 290 5.00 47 138 5.80 26 428 5.40 73 Assets Assets Aphrodite Assets – – – – – – – – – Bronzewing – – – – – – – – – Bullabulling – – – – – – – – – Edna May 1,79,80 – – – 9,380 1.09 329 9,380 1.09 329 Assets Assets Glenburgh – – – – – – – – – Red October 81,82 – – – 225 5.94 43 225 5.94 43 South Kalgoorlie 1,83,84 131 2.20 9 1,035 3.17 105 1,166 3.06 115 Wiluna 85 175 1.90 11 2,296 1.80 132 2,471 1.80 143 Gold - REST OF WORLD MWS 86,87 126,330 0.21 860 173,000 0.24 1,330 299,330 0.23 2,190 Sabodala 88,89,90 21,220 1.00 680 38,110 1.60 1,960 59,340 1.38 2,640 Subika 1,3,91,92 49,700 1.25 1,990 65,500 2.21 4,650 115,200 1.79 6,640 Tasiast 93 37,575 1.30 1,575 120,569 1.90 7,337 158,144 1.80 8,952 Edikan 94,95 44,500 1.20 1,656 16,800 1.30 690 61,300 1.20 2,345 Cooke 4 96,97 3,700 4.37 520 1,100 4.64 164 4,900 4.35 685 Karma 98,99 – – – 33,200 0.89 949 33,200 0.89 949 Agi Dagi – – – – – – – – – Information Information ITY 100,101 Information – – – 30,225 1.65 1,602 30,225 1.65 1,602 Additional Additional Additional Perama Hill 102,103 2,477 4.44 354 7,220 2.68 621 9,697 3.13 975 Sissingue 104,105 3,400 2.85 312 2,100 1.70 115 5,500 2.43 429 Total Gold Mineral Reserves 29,340 81,569 110,950 Additional Additional Information Information

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Gold Mineral Resources - Inclusive of Reserves Overview Overview Overview

Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Overview Overview GOLD - UNITED STATES Goldstrike 1,2,138 62,865 3.52 7,115 20,383 4.90 3,210 10,325 1,694 8.26 450 Gold Quarry 1,139 not available not available not available Marigold 1,140,141 – – – 301,700 0.46 4,450 4,450 38,800 0.44 550 Midas/Fire Creek 3,142,143,144 470 28.26 427 997 14.09 452 879 1,743 11.41 640 Bald Mountain 1,2,145,146 47,811 0.87 1,342 173,744 0.63 3,498 4,840 21,348 0.50 345 Mesquite 2,147,148 13,068 0.47 199 126,331 0.52 2,124 2,323 4,858 0.37 59 Stibnite 149,150 – – – 104,505 1.63 5,465 5,465 25,168 1.32 1,066 Castle Mountain 151,152,153 17,400 0.86 480 202,500 0.57 3,711 4,191 40,800 0.58 760 Hollister 154,155 166 38.37 205 280 31.33 282 487 433 16.76 233

Mineral Reserves Mineral Reserves Pinson 1,3,156,157 19,223 1.21 746 4,130 2.54 338 1,085 1,080 4.88 169 Mineral Reserves Robinson 158,159,160 317,942 0.18 1,840 40,173 0.15 194 2,072 11,942 0.18 69 & Resources & Resources & Resources Sandman 1,2,3,161 – – – 1,200 1.30 50 50 1,000 1.87 60 South Arturo (Dee) 1,2,162,163 563 6.35 115 1,848 4.80 285 400 22 2.39 2 Gold - CANADA Detour Lake 2,164 108,800 1.26 4,415 526,100 0.94 15,866 20,281 42,300 0.82 1,121 East Timmins - Hislop 2,165 – – – 1,263 4.26 173 173 690 4.15 92 East Timmins - Holloway 2,166 310 4.72 47 715 4.79 110 157 2,479 4.88 389 & Resources & Resources East Timmins - Holt 2,167 5,154 4.06 672 6,275 4.35 877 1,548 7,866 4.67 1,181 Mineral Reserves Mineral Reserves East Timmins - Taylor 2,168,169,170 – – – 26,655 1.91 1,633 1,633 2,755 4.26 377 Sudbury 1,171,172 1,732 0.08 4 11,240 0.07 25 29 4,594 0.16 24 Musselwhite 2,173 3,100 7.12 710 6,600 6.46 1,370 2,070 5,930 5.82 1,110 Hemlo 1,2,174 1,262 2.88 117 54,675 1.28 2,251 2,368 3,160 3.01 306 Kirkland Lake 175,176,177 1,811 14.75 859 5,622 16.13 2,915 3,775 4,292 11.47 1,583 Timmins West 178,179,180 – – – 6,963 4.97 1,114 1,114 8,818 5.67 1,607 Canadian Malartic 1,2,181,182 58,396 0.99 1,868 188,798 1.17 7,104 8,976 8,988 1.47 426 Brucejack 1,183,184 4,400 12.02 1,700 15,900 15.65 8,000 9,600 9,900 17.91 5,700 Hardrock 185,186 4,060 1.07 140 93,600 1.66 4,996 5,136 26,820 3.32 2,860 Phoenix 187,188 – – – 492 6.70 106 106 1,519 6.29 307 Courageous Lake 189,190 13,401 2.53 1,090 93,914 2.28 6,884 7,974 53,227 2.29 3,914 Dublin Gulch (Eagle) 191,192 – – – 133,669 0.69 2,979 2,979 17,464 0.56 315 Goldfields 193,194 858 2.04 56 20,002 1.51 971 1,027 4,564 1.54 226 REUs REUs REUs Monument Bay 195 – – – 36,581 1.52 1,787 1,787 41,946 1.32 1,781 Gold - LATIN AMERICA REUs REUs Antapaccay 196 207,000 0.13 851 735,000 0.09 2,206 3,057 245,000 0.10 788 Candelaria 1,197,198,199 560,417 0.13 2,400 83,195 0.19 500 2,900 82,677 0.23 600 Palmarejo 2,200 – – – 10,288 2.25 743 743 644 3.14 65 Cerro San Pedro 1,201 289 0.35 3 748 0.41 10 13 – – – Cobre Panama 1,202,203,204 336,000 0.10 1,080 3,358,000 0.06 6,373 7,453 1,051,000 0.03 1,135 Cerro Moro 2,205 – – – 5,275 5.62 953 953 4,427 1.96 279 Calcatreu 206 – – – 8,000 2.63 676 676 3,400 2.07 226 Gurupi 207,208 46,027 0.73 1,076 95,979 0.79 2,444 3,519 7,719 0.67 165 San Jorge 209,210 79,518 0.22 584 104,091 0.19 626 1,211 11,235 0.16 59 Taca Taca 211,212,213 – – – 2,408,000 0.10 7,630 7,630 938,000 0.06 1,700 Volcan 214,215 – – – – – – – 18,600 0.85 510 Gold - AUSTRALIA Duketon 1,216,217,218 11,100 1.03 369 133,200 0.95 4,077 4,446 31,600 0.96 971 Henty 219,220 976 4.80 150 556 4.90 88 238 284 4.80 44 Assets Assets Assets Aphrodite 221,222 – – – 16,390 1.71 899 899 12,350 1.25 498 Bronzewing 223,224 – – – 700 2.18 49 49 – – – Bullabulling 1,225 – – – 68,570 0.99 2,185 2,185 23,080 1.20 893 Edna May 1,226,227 – – – 22,720 0.95 696 696 4,360 1.81 254 Assets Assets Glenburgh 228,229 2,900 1.94 181 4,600 1.57 232 413 13,900 1.32 591 Red October 1,230,231 9 6.91 2 4,011 2.18 281 283 3,215 1.73 179 South Kalgoorlie 1,232,233 789 3.16 80 15,505 2.44 1,215 1,295 13,576 2.28 997 Wiluna 234 200 2.18 14 7,400 1.79 425 439 5,300 1.67 285 Gold - REST OF WORLD MWS 235 129,790 0.22 900 173,300 0.24 1,330 2,230 15,170 0.30 150 Sabodala 236,237,238 25,011 1.15 926 60,362 1.81 3,516 4,442 15,254 1.92 944 Subika 1,2,3,239,240 50,400 1.24 2,010 96,600 2.10 6,530 8,540 20,100 2.86 1,850 Tasiast 2,241 46,739 1.18 1,774 203,660 1.62 10,583 12,397 10,834 1.60 547 Edikan 242,243 74,400 1.10 2,629 77,300 1.06 2,637 5,265 62,000 1.01 2,018 Cooke 4 244,245 5,000 5.80 932 7,900 6.57 1,668 2,600 2,600 6.48 542 Karma 246,247,248 – – – 75,170 1.08 2,621 2,621 65,200 1.13 2,362 Agi Dagi 1,249,250,251 – – – 107,773 0.64 2,203 2,203 19,551 0.53 330 Information Information Information Additional Additional Additional ITY 252,253,254 27,322 1.36 1,191 31,801 1.69 1,729 2,920 9,682 1.47 458 Perama Hill 255,256 3,064 4.30 424 9,375 3.18 958 1,382 8,766 1.96 554 Sissingue 257,258 4,800 2.38 368 11,000 1.46 518 877 1,200 1.64 63 Total Gold Mineral Resources 42,090 149,820 191,875 47,779

Additional Additional *Total excludes New Prosperity Information Information

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Reserves & Resources Overview Overview Overview

Silver Mineral Reserves Overview Overview Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Silver Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Antapaccay 106 194,000 1.56 9,730 353,000 1.37 15,548 547,000 1.44 25,279 Antamina 1,107 191,000 10.97 67,356 407,000 10.46 136,833 598,000 10.64 204,543 Candelaria 1,108,109,110 425,027 1.98 27,000 29,976 3.11 3,000 455,004 2.12 31,000 Cobre Panama 1,111,112,113 345,600 1.33 14,791 2,837,000 1.36 123,612 3,182,500 1.35 138,402 Cerro San Pedro 114 289 9.70 90 748 13.70 329 1,038 12.60 419 Cerro Moro 115,116 – – – 1,954 648.22 40,723 1,954 648.22 40,723 Fire Creek 3,117,118,119 181 263.53 1,530 318 196.72 2,008 498 220.94 3,538

Total Silver Mineral Reserves Mineral Reserves 120,496 322,053 443,904 Mineral Reserves Mineral Reserves & Resources & Resources & Resources Silver Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Silver Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Antapaccay 259 207,000 1.57 10,469 735,000 1.95 46,120 56,512 245,000 2.14 16,863 & Resources & Resources Antamina 1,260 256,000 10.59 87,193 841,000 10.79 291,704 378,916 1,273,000 11.10 454,225 Mineral Reserves Mineral Reserves Candelaria 1,261,262,263 560,417 2.16 39,000 83,195 4.11 11,000 50,000 82,677 6.02 16,000 Cobre Panama 1,264,265,266 336,000 1.35 14,584 3,358,000 1.32 142,062 156,646 1,051,000 1.08 36,449 Cerro San Pedro 1,267 289 9.70 90 748 13.70 329 419 – – – Cerro Moro 268 – – – 5,275 359.89 61,036 61,036 4,427 101.28 14,415 Fire Creek 269,270,271 470 279.21 4,220 997 182.21 5,843 10,063 1,743 79.65 4,464 Total Silver Mineral Resources 155,555 558,094 713,592 542,417

PGM Mineral Reserves Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz REUs REUs Sudbury 1,120,121 REUs – – – 486 7.18 112 486 7.18 112 Stillwater 1,3,122 5,594 17.46 3,140 38,766 15.31 19,086 44,359 15.58 22,226 Pandora 1,123,124,125 2,195 3.81 244 13,902 4.14 1,951 16,098 4.09 2,195 REUs REUs Total PGM Mineral Reserves 3,384 21,149 24,533

PGM Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Sudbury 1,272,273 1,732 0.36 20 11,240 0.39 141 161 4,594 0.99 146 Stillwater 1,2,3 5,594 17.46 3,140 38,766 15.31 19,086 22,226 – – – Pandora 1,274,275 24,634 4.80 3,902 140,732 4.61 20,732 24,634 23,171 4.73 3,415 Total PGM Mineral Resources 7,062 39,959 47,021 3,561

Copper Mineral Reserves Assets Assets Assets Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs 000s % Mlbs Assets Assets Osborne 126,127 2,660 0.94% 55 2,590 1.47% 84 5,250 1.21% 139 Rosemont 3,128,129 279,479 0.46% 2,834 325,796 0.42% 3,017 605,276 0.44% 5,851 Relincho 130,131 435,300 0.38% 3,647 803,800 0.37% 6,557 1,239,100 0.37% 10,203 Taca Taca – – – – – – – – – Robinson 132,133 110,513 0.42% 1,023 8,860 0.28% 55 119,373 0.41% 1,078 Vizcachitas – – – – – – – – – Total Copper Mineral Reserves 7,560 9,712 17,272

Copper Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s % Mlbs 000s % Mlbs Mlbs 000s % Mlbs Information Information Information Additional Additional Osborne 276,277 6,500 Additional 1.31% 187 5,470 1.43% 172 359 5,840 1.37% 177 Rosemont 3,278,279 342,914 0.43% 3,232 548,572 0.37% 4,450 7,682 126,733 0.40% 1,112 Relincho 2,280 515,200 0.36% 4,122 1,120,900 0.36% 8,933 13,056 610,800 0.38% 5,117 Taca Taca 281,282,283 – – – 2,165,000 0.44% 21,150 21,150 921,000 0.37% 7,550 Robinson 284,285 317,943 0.47% 3,294 40,173 0.34% 301 3,596 11,942 0.38% 100 Vizcachitas 286,287 – – – 1,038,000 0.37% 8,539 8,539 318,000 0.34% 2,415 Additional Additional Information Information Total Copper Mineral Resources 10,836 43,546 54,382 16,471

16 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

Reserves & Resources Overview Overview Overview

Nickel Mineral Reserves Overview Overview Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Nickel Notes 000s % Mlbs 000s % Mlbs 000s % Mlbs Mt Keith 134,135 49,600 0.59% 648 4,100 0.50% 45 53,700 0.59% 693 Falcondo 136,137 44,900 1.28% 1,267 26,300 1.36% 789 71,200 1.31% 2,056 Total Nickel Mineral Reserves 1,915 834 2,750

Nickel Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Mineral Reserves Mineral Reserves Mineral Reserves Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained

& Resources & Resources Nickel Notes 000s % Mlbs 000s % Mlbs Mlbs 000s % Mlbs & Resources Mt Keith 288,289 174,700 0.50% 1,926 107,000 0.50% 1,179 3,105 35,000 0.50% 386 Falcondo 290,291 40,500 1.42% 1,268 31,100 1.53% 1,049 2,307 4,900 1.40% 151 Total Nickel Mineral Resources 3,194 2,228 5,413 537

45 Assumptions used include C$1,350 (US$1,200) per ounce of gold & Resources & Resources Notes 46 Cut-off grades of 0.22 opt and 0.18 opt are used for Reserve and Resource calculations respectively, depending on the location and economics of the block Mineral Reserves Mineral Reserves • All Mineral Reserves and Resources have been calculated in accordance with acceptable foreign codes, including CIM, SEC, JORC, or SAMREC guidelines 47 Mineral Reserves are based on a long-term gold price of $1,100/oz and a cut-off grade of 2.6 g/t 48 As of December 31, 2014 • Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability 49 Mineral Reserves and Mineral Resources converted to 100% basis from Yamana’s 50% interest • Unless otherwise noted, Mineral Reserves and Resources are reported as of December 31, 2015 50 Mineral Reserves estimated using $1,150/oz Au, cut-off grades range from 0.345 to 0.351 g/t Au • Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves 51 As of June 19, 2014 • Contained ounces do not take into account recovery losses 52 Calculated at a C$180/t cut-off assuming $1,100/oz Au, $17/oz Ag, C$/US$ exchange rate = 0.92 53 As of July 24, 2012 • Information based on publicly disclosed information as of February 28, 2016 54 Waste to ore cut-offs determined using $1,244/oz Au and pit limit based on a C$20.10 per tonne cut-off • Rows and columns may not add up due to rounding 55 As of May 29, 2015 • Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources 56 Mineral Reserves estimated using $1,200/oz Au have a great amount of uncertainty as their existence and whether they can be mined legally 57 As of October 6, 2011 58 Mineral Reserves assumes an economic cut-off grade of 0.72 g/t Au or economically. It cannot be assumed that all or any part of the Inferred Resources will ever be 59 Mineral Reserves calculated using $2.95/lb Cu, $1100 Au and $15.00/oz Ag upgraded to a higher category. See “Cautionary Note Regarding Mineral and Oil and Gas Reserve 60 As of June 30, 2015 Estimates”. 61 Mineral Reserves assume $2.75/lb Cu, $1,000/oz Au and Chilean Peso/US$ 550; Open pit and underground for the Candaleria property use cut-off grades of 0.23% Cu and 0.7% Cu, respectively REUs REUs REUs 1 Royalty does not cover entire property or cover all known Mineral Reserves and Resources 62 Mineral Reserves for the Ojos property are reported at cut-off grades of 0.76% and 0.73% Cu, respectively 2 Mineral Resources shown by operator as exclusive of Mineral Reserves. The Company’s QP determined the 63 Guadalupe Mineral Reserves are assumed to be entirely Probable and assume $1,250/oz Au and $17.50/oz Ag inclusive Mineral Resources by adding the exclusive Measured and Indicated Mineral Resources to the Proven and 64 Palmarejo Mineral Reserves are assumed to be entirely Probable and assume $1,150/oz Au and $15.50/oz Ag 65 Independencia Oeste Mineral Reserves are assumed entirely Probable and assume $1250/oz Au and $17.50/oz REUs REUs Probable Reserves 3 Mineral Reserves and Resources are reported by the operator in non-metric units. The Company’s QP calculated 66 Mineral Reserves assumes $1,200/oz Au and $15.00/oz Ag and a lower cut-off of $6.00/t the metric conversion using 1opt=34.286 g/t, 1 short ton = 0.9018 metric tonnes, 1 oz = 31.1035 g 67 As of June 30, 2015 4 Mineral Reserves are calculated using an assumed gold price of $1,000 per ounce for 2016 through 2020 and 68 Mineral Reserves estimated using a $3.00/lb Cu, $1,200/oz Au, $16/oz Ag and $13.50/lb Mo $1,200/oz from 2021 onwards 69 The sum of each of the Proven and Probable Reserves has been calculated by the Company’s QP 5 Mineral Reserve estimates incorporate current and/or expected mine plans and cost levels at each property 70 Mineral Reserves are estimated using $950/oz Au and $18.00/oz Ag 6 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 71 Open Pit cut-off at 3.4 g/t AuEq and underground cut-off at 6.2 g/t AuEq 7 In accordance with certain provisions of the royalty agreement, Franco is not able to disclose Mineral Reserves 72 As of January 31, 2011 and Resources for Gold Quarry 73 Mineral Reserves assumes a gold price of $1,066/oz 8 Mineral Reserves are calculated using a gold price of $1,100/oz 74 As of March 31, 2015 9 Mineral Reserves assume a cut-off of 0.065 g/t payable gold grade 75 Mineral Reserves are reported inclusive of ROM stockpiles at cut-off grade of 0.4 g/t. cut-off grades vary by 10 Mineral Reserves for Fire Creek and Midas assume $1,000/oz gold, $15.83/oz silver oxidation and lithology domains 11 Mineral Reserve for Fire Creek has effective date of June 30, 2015; Midas uses an effective date of May 31, 2015 76 Mineral Reserves based on A$1,400/oz 12 Fire Creek Mineral Reserves uses a cut-off of 0.312 Au opt and an incremental cut-off of 0.115 Au opt; Midas 77 As of February 28, 2014, a further 21,000 oz gold was depleted from Mineral Reserve between February 2014 and Mineral Reserves uses cut-off of 0.282 Au opt and an incremental cut-off of 0.067 Au opt; June 2014 13 Mineral Reserves per Barrick Gold and are calculated using an assumed gold price of $1,000/oz for 2016 through 78 Estimated at a 3.8 g/t gold cut-off using a gold price of A$1,450/oz 2020 and $1,200/oz from 2021 onwards 79 As of December 31, 2014 14 Mineral Reserve estimates incorporate current and/or epected mine plans and cost levels at each property 80 Mineral Reserves are calculated at a 0.5 g/t Au cut-off based on A$1350/oz Au 15 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 81 As of June 30, 2015 16 Mineral Reserves calculated using $1,200/oz Au 82 Red October assumes a cut-off of 3.0 g/t using A$1,500/oz Au 83 As of June 30, 2015 Assets Assets Assets 17 Mineral Reserves reported at a cut-off of 0.21 g/t Au for oxide & transition reserves, and 0.41 g/t Au for sulphide reserves 84 Mineral Reserves based on A$1,500/oz Au 18 Mineral Reserves assumes: $1,350/oz Au, $22.50 Ag, $4.50/lb Sb 85 Mineral Reserves as of October 2015 19 As of December 15, 2014 86 As of December 31, 2014 20 As of June 2012, depleted to September 30, 2012 87 Mineral Reserves estimated using 0.19 g/t Au cut-off and ZAR 398,452/kg Au Assets Assets 21 Mineral Reserves assumes $1,400/oz Au and a cut-off of 0.25 oz/ton 88 Mineral Reserves cut-off grades for range from are 0.35 g/t to 0.63 g/t Au for oxide and 0.42 g/t to 0.73 g/t Au for 22 As of June 30, 2014 fresh based on a $1,100/oz gold price 23 Oxide and sulfide Mineral Reserves have been estimated at a cut-off grade of 0.23 oz/ton and 0.22 oz/ton 89 Mineral Reserves cut-off grades for Sabodala 0.45 g/t for oxide and 0.55 g/t for fresh based on a $1,100/oz gold respectively using a gold price of $1,300/oz price 24 Open pit Mineral Reserves based on a 0.0064 oz/ton internal cyanide soluble gold cut-off at $1,250/oz Au 90 Underground Reserves cut-off grades ranged from 2.3-2.6 g/t based on $1,200/oz gold price 25 As of December 31, 2014 91 Mineral Reserves assumes $1,200/oz Au 26 Mineral Reserves assume US$3.08/lb Cu, US$1200/oz Au 92 Ahafo Underground is partially developed with on-going studies being completed prior to a production decision. 27 Mineral Reserves reported in kilograms; Company’s QP converted to ounces Cut-off grade utilized in 2015 Mineral Reserves not less than 0.076 oz/t 28 Mineral Reserves are calculated using an assumed gold price of $1,000/oz for 2016 through 2020 and $1,200/oz 93 Mineral Reserves assume $1,200/oz Au from 2021 onwards 94 As of June 30, 2015 29 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 95 Variable cut-off based on recovery: Oxide 0.35 - 0.4g/t, transition 0.50 - 0.65 g/t and fresh 0.45 - 0.55 g/t 30 Mineral Resources converted to 100% basis from Barrick’s 60% attributable share 96 As of December 31, 2014 31 Mineral Reserves reported using $1,000/oz Au and US$/C$ exchange rate of 1.10 and a cut-off of 0.5 g/t Au 97 The Mineral Reserves are based on a gold price of ZAR 420,000 / kg 32 Only measured and Indicated LG fines scheduled in the mine plan were reported as probable reserves and are 98 As of December 17, 2013 based on a 0.4 g/t cut-off 99 Mineral Reserves assumes a $1,250/oz gold price. Cut-off grades (COG) vary by pit: GG1 - 0.19 g/t; GG2 - 33 Mineral reserves included an average mining dilution of 5.3% from 2016 to 2018 and 4% for 2018+, at a diluting 0.23 g/t; Kao - 0.32 g/t; Rambo - 0.20 g/t; Nami - 0.20 g/t grade of 0.20g/t Au. Mining ore loss of 5% also included. 100 As of July 31, 2015 34 Mineral Reserves estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 3.00 g/t Au 101 Assumes $1150/oz Au Information Information Information 102 Mineral Reserves assume a gold price of $1,250/oz and cut-off grade of 0.8g/t Additional Additional Additional 35 Mineral Reserves estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 4.11 g/t Au 36 Mineral Reserves estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 3.02 g/t Au 103 As of December 31, 2014 37 Mineral Reserves assume $1,250/oz Au and a stope by stope cut-off grade of 3.48 g/t 104 Mineral Resources as of June 30, 2015 38 As of December 31, 2014 105 Assumes variable cut-off grades based on recovery; Oxide 0.6. g/t, transition 0.8 g/t, granite-porphyry 0.8 g/t 39 Mineral Reserves estimated using $3.08/lb Cu, $8.50/lb Ni, $1,700/oz Pt, $800/oz Pd and $1,200/oz Au and sediment 1.0 g/t 40 Mineral Reserves are calculated using $1,100/oz Au 106 Mineral Reserves calculated using $2.948/lb Cu, $1100 Au and $15.00/oz Ag 41 Mineral Reserves are calculated using an assumed gold price of $1,000/oz for 2016 through 2020 and $1,200/oz 107 Mineral Reserves and Resources estimates were prepared using long-term metal prices of: US$2.96/lb copper, from 2021 onwards and long-term average exchange rates of C$1.31/US$ US$0.99/lb zinc, US$11.91/lb molybdenum and US$21.34/oz silver Additional Additional 42 Mineral Reserve estimates incorporate current and/or expected mine plans and cost levels at each property 108 As of June 30, 2015 Information Information 43 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 109 Mineral Reserves have been calculated using metal prices of $2.75/lb Cu, $1,000/oz Au and for the open pit and 44 As of December 31, 2014 underground for the Candaleria property are reported at cut-off grades of 0.23% Cu and 0.7% Cu, respectively Franco-Nevada Corporation 2016 Asset Handbook 17 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

110 Mineral Reserves for the Santos and Alpacarossa mines are reported at cut-off grades of 0.76% and 0.73% Cu, 198 Open pit Mineral Resources are reported within a conceptual pit shell based on metal prices of $3.16/lb Cu and respectively $1,000/oz Au and are reported at a 0.2% Cu cut- off 111 As of June 30, 2015 199 Underground Mineral Resources are reported at a cut-off grade of 0.6% Cu Overview Overview 112 Mineral Reserves estimated using a $3.00/lb Cu, $1,200/oz Au, $16/oz Overview Ag and $13.50/lb Mo 200 Mineral Resources are assumed to be entirely Indicated 113 The sum of each of the Proven and Probable Reserves has been calculated by the Company’s QP 201 Mineral Resources assumes $1,300/oz Au and $17.00/oz Ag 114 Mineral Reserves assumes $1,200/oz Au and $15.00/oz Ag and a lower cut-off of $6.00/t 202 As of June 2015 115 Mineral Reserves are estimated using $950/oz Au and $18.00/oz Ag 203 Mineral Resource use a cut-off grade of 0.15% Cu 116 Open Pit cut-off at 3.4 g/t AuEq and underground cut-off at 6.2 g/t AuEq 204 The sum of contained metal in the Measured and Indicated Mineral Resources has been calculated by the 117 Mineral Reserves for Fire Creek and Midas assume $1,000/oz Au, $15.83/oz Ag company QP 118 Mineral Reserves for Fire Creek has effective date of June 30, 2015; Midas uses an effective date of May 31, 2015 205 1.0 g/t AuEq cut-off Overview Overview 119 Fire Creek Mineral Reserves uses a cut-off of 0.312 Au opt and an incremental cut-off of 0.115 Au opt; Midas 206 Metal prices used were $12.50/oz Ag & $650/oz Au Mineral Reserves uses cut-off of 0.282 Au opt and an incremental cut-off of 0.067 Au opt; 207 As of July 30, 2012 120 As of December 31, 2014 208 Mineral Resources assumes a cut-off of 0.33 g/t 121 Mineral Reserves estimated using $3.08/lb Cu, $8.50/lb Ni, $1,700/oz Pt, $800/oz Pd and $1,200/oz Au 209 As of March 1, 2012 122 The cut-off grade used ranges from 0.2 to 0.3 troy ounces of palladium and platinum per ton for Stillwater Mine 210 Mineral Resources assume $1.50/lb Cu and a 0.30% Cu cut-off and is 0.2 troy ounces of palladium and platinum per ton for the East Boulder Mine 211 As of October 30, 2012 123 As of September 30, 2015 based on Lonmin plc disclosure 212 Assumes a 0.3% CuEq cut-off for sulphides; 0.2 g/t Au cut-off for oxides 124 Mineral Reserves calculated from Lonmin plc 41.00% attributable interest 213 CuEq calculated using $2.00/lb Cu, $800/oz Au, $12.00/lb Mo 125 For determination of pay limits the following commodity prices per ounce was used: Pt - $1,536; Pd - $842; 214 As of October 2008 Rh - $2,224; Au - $1,128 215 Mineral Resources assume 0.5 g/t Au cut-off on the Ojo de Agua deposit only 126 As of December 31, 2012 216 As of March 31, 2015 127 Mineral Reserves reported at a cut-off of 0.35% CuEq for Osborne open pit extension and 1.5% CuEq for Osborne 217 Mineral Resources are reported inclusive of ROM stockpiles at cut-off grade of 0.4 g/t underground and 1.4% CuEq for Kulthor underground where CuEq = Cu(%) + Au(g/t) *0.6 218 Mineral Resources based on A$2,000/oz 128 As of July 17, 2012 219 As of February 28, 2014

129 Mineral Reserves assumes $2.50/lb Cu, $15.00/lb Mo and $20/oz Ag Mineral Reserves 220 Estimated at a 2.0 g/t Au cut-off using a gold price of A$1,450 Mineral Reserves Mineral Reserves 130 Mineral Reserves assumes $2.80/lb Cu, $13.70/lb Mo 221 As of January 29, 2016 131 As of December 31, 2014 & Resources 222 Mineral Resources assume a cut-off of 0.5 g/t Au for potential open pit and 3.0 g/t Au for underground & Resources & Resources 132 As of December 31, 2014 223 As of Feb 23, 2015 133 Mineral Reserves assume $3.60/lb Cu, $1200/oz Au 224 Mineral Resources reported at a 1.5 g/t cut-off 134 As of June 30, 2015 225 Mineral Resources reported at an 0.5 g/t Au cut-off 135 Mineral Reserves calculated at variable cut-off grade between 0.35% and 0.40 % Ni and ≥0.18% Ni recoverable 226 As of December 2014 136 Mineral Reserves assume a cut-off grade of 1.2% Ni 227 Assumes a 0.4 g/t Au cut-off for open pit, 3.0 g/t Au cut-off for underground using A$1,800/oz Au 137 As of December 31, 2013 228 As of June 30, 2015 138 Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its 229 Mineral Resources assumes a 0.5 g/t Au cut-off grade maturity and ore types at each property 230 As of June 30, 2015 & Resources & Resources 139 In accordance with certain provisions of the royalty agreement, Franco is not able to disclose Mineral Reserves 231 Red October Mineral Resources assumes a cut-off of 2.0 g/t Au, whereas Saracen reports the natural grade and Resources for Gold Quarry distribution above background for Thin Lizzy, Crimson Belle and Butcherwell deposits was at a grade of 0.8 g/t, Mineral Reserves Mineral Reserves 140 Mineral Resources are calculated using a gold price of $1,400/oz 232 As of June 30, 2015 141 Mineral Resources based on an optimized pit shell at a a cut-off of 0.065 g/t payable gold 233 Cut-off grades have been selected based on the style of mineralisation, depth from surface and the most probable 142 Mineral Reserves for Fire Creek and Midas assume $1,200/oz Au, $19.00/oz Ag extraction techniques 143 Mineral Reserves for Fire Creek has effective date of June 30, 2015; Midas uses an effective date of May 31, 2015 234 Matilda Mineral Resources as of January 2016 144 Fire Creek’s mineral resources uses cut-off grade of 1.126 AuEq opt-feet and a diluted AuEq cut-off grade of 235 As of December 31, 2014 0.256 opt. Midas’ mineral resources uses cut-off grade of 0.99 AuEq opt-feet and a diluted AuEq cut-off grade of 236 Open pit: oxide Mineral Resources use a cut-off grade of 0.35 g/t Au (Gora at 0.48 g/t Au); transition and fresh rock 0.225 opt. Mineral Resources use a cut-off grade of 0.40 g/t Au (Gora at 0.55 g/t Au) 145 Mineral Resources per Barrick Gold 237 Underground Mineral Resources are estimated at a cut-off grade of 2.00 g/t Au. 146 Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its 238 Mineral Resources are estimated using a gold price of US$1,450/oz maturity and ore types at each property 239 Mineral Resources assume a gold price of $1,400/oz Au 147 Mineral Resources calculated using $1,300/oz Au 240 Ahafo Underground is currently undeveloped 148 Mineral Resources reported at a cut-off of 0.12g/t Au for oxide and transition Resources, and 0.24 g/t Au for 241 Mineral Resources assume $1,400/oz Au sulphide Resources 242 As of June 30, 2015 149 Open pit sulfide Mineral Resources are reported at a cut-off grade of 0.75 g/t Au and open pit oxide Mineral 243 Mineral Resources estimated at a cut-off of 0.4 g/t Resources are reported at a cut-off grade of 0.45 g/t Au 244 As of December 31, 2014 150 As of September 10, 2014 245 The Mineral Reserves are based on a gold price of ZAR 460,000 / kg REUs REUs 151 As of December 2, 2015 REUs 246 As of December 17, 2013 152 Mineral Resources are stated at a cut-off grade of 0.20 g/t Au. 247 Mineral Resources estimates were based on a gold price of $1,557/oz 153 Mineral Resources are contained within an optimised pit shell, generated using a gold price of US$1,100/oz Au. 248 Cut-off grades of 0.20 g/t Au for oxide material in all deposits, 0.22 g/t Au for transition material in all deposits and 154 As of June 2012 depleted to September 30, 2012 the sulphide material at Rambo and Nami, and at 0.5 g/t Au for the remaining sulphide material at GG1, GG2, Kao REUs REUs 155 Mineral Resources reported based on a 0.15 oz/ton cut-off and North Kao. 156 Open pit Mineral Resources as of December 31, 2013; Underground Mineral Resources as of July 1, 2014 249 As of December 31, 2014 - no breakout of Measured & Indicated 157 Mineral Resources assumes a 0.22 oz/ton gold cut-off (underground) and a 0.010 oz/ton gold cut-off (open pit) 250 Mineral Resources for Agi Dagi are estimated using: $1,400/oz Au; $24.00/oz Ag; and 0.20 g/t Au cut-off 158 As of December 31, 2014 251 Mineral Resources for Camyurt are estimated using: $1,400/oz Au; $24.00/oz Ag; and 0.20 g/t Au cut-off 159 Mineral Resources assume US$4.20/lb Cu, US$1700/oz Au 252 As of July 2015 160 Mineral Resources reported in kilograms; Company’s QP converted to ounces 253 Assumes $1500/oz Au 161 Mineral Resources reported at gold price of $1,400/oz Au 254 Cut-off ranges from 0.0 - 0.8 g/t Au 162 Mineral Resources converted to 100% basis from Barrick’s 60% attributable share 255 Mineral Resources assumes a cut-off grade of 0.5 g/t 163 Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its 256 As of December 31, 2014 maturity and ore types at each property 257 Mineral Reserves as of June 30, 2015 164 Mineral Resources reported using $1,200/oz Au and US$/C$ exchange rate of 1.10 and a cut-off of 0.5 g/t Au 258 Mineral Resources calculated at a cut-off of 0.6 g/t Au 165 Mineral Resources estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 2.5 g/t 259 Mineral Reserves calculated using $3.10/lb Cu, $1,100 Au and $15.00/oz Ag 166 Mineral Resources estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 2.5 g/t 260 Mineral Reserve and Resource estimates were prepared using long-term metal prices of: US$2.96/lb copper, 167 Mineral Resources estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 2.5 g/t US$0.99/lb zinc, US$11.91/lb molybdenum and US$21.34/oz silver 168 Mineral Resources for Taylor as at December 31, 2014 and a cut-off grade of 3.00 g/t 261 As of June 30, 2015 169 Mineral Resources for Aquarius are as of the 2012-2013 John Reddick Report & SRK Mining Study 262 Open pit Mineral Resources are reported within a conceptual pit shell based on metal prices of $3.16/lb Cu and 170 Mineral Resources for Clavos Project JV represent 40%, as per the option agreement with Sage Gold calculated $1,000/oz Au and are reported at a 0.2% Cu cut-off as of October 23, 2012 RPA Technical Report 263 Underground Mineral Resources are reported at a cut-off grade of 0.6% Cu 171 As of December 31, 2014 264 As of June 2015 172 Mineral Resources estimated using $4.20/lb Cu, $11.00/lb Ni, $1,900/oz Pt, $700/oz Pd and $1,700/oz Au 265 Mineral Resources use a cut-off grade of 0.15% Cu Assets Assets 173 Mineral Resources are calculated using $1,300 /oz Au Assets 266 The sum of contained metal in the Measured and Indicated Mineral Resources has been calculated by the 174 Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its company QP maturity and ore types at each property 267 Mineral Resources assumes $1,300/oz Au and $17.00/oz Ag 175 KLG Mineral Resources as of December 31, 2014; estimated at cut-off grades between 0.18-0.22 oz/ton and do 268 1.0 g/t AuEq cut-off not include Mineral Reserves 269 Mineral Reserves for Fire Creek and Midas assume $1,200/oz Au, $19.00/oz Ag Assets Assets 176 Amalgamated Kirkland assumes $1,200/oz Au at a cut-off grade of 2.5 g/t 270 Mineral Reserves for Fire Creek has effective date of June 30, 2015; Midas uses an effective date of May 31, 2015 177 Amalgamated Kirkland Mineral Resource converted to 100% basis from Yamana’s 50% attributable share 271 Fire Creek’s Mineral Resources uses cut-off grade of 1.126 AuEq opt-feet and a diluted AuEq cut-off grade of 178 Mineral Resources at Timmins West Mine are based on a long-term gold price of $1,100/oz and a cut-off grade 0.256 opt. Midas’ Mineral Resources uses cut-off grade of 0.99 AuEq opt-feet and a diluted AuEq cut-off grade of of 1.5 g/t as at December 31, 2014 0.225 opt. 179 Mineral Resources at Gold River are based on a long-term gold price of $1,200/oz and a cut-off grade of 2.0 g/t 272 As of December 31, 2014 as at March 18, 2014 273 Mineral Resources estimated using $4.20/lb Cu, $11.00/lb Ni, $1,900/oz Pt, $700/oz Pd and $1,700/oz Au 180 Mineral Resources at 144 GAP are based on a long-term gold price of $1,100/oz and a cut-off grade of 2.6 g/t 274 As of September 30, 2015 based on Lonmin plc disclosure as at February 8, 2016 275 Mineral Resources calculated from Lonmin plc 41.00% attributable interest 181 Mineral Reserves and Mineral Resources converted to 100% basis from Yamana’s 50% interest 276 As of December 31, 2012 182 Mineral Resources assume $1150/oz Au, cut-off indide the pit ranges from 0.34g/t to 0.40 g/t and outside of the 277 Mineral Resources reported at a cut-off of 0.5% CuEq for Osborne open pit and 1.2% CuEq for Osborne and pit is 1.0 g/t Kulthor underground where CuEq = Cu(%) + Au(g/t) *0.6 183 Valley of the Kings as of December 19, 2013; West Zone as of November 20, 2012 278 As of July 17, 2012 184 Mineral Resources estimated at a 5.0 g/t Aueq cut-off & 53:1 Ag:Au value ratio 279 Mineral Resources cut-off: Oxides 0.10% CuEq; Sulfide 0.15% CuEq; and mixed 0.3% CuEq (CuEq based on 185 Based on Technical Report on the Trans-Canada Property; Effective February 5, 2015 $2.50/lb Cu, $15/lb Mo & $20/oz Ag) 186 Premier’s 50% interest converted to 100% 280 As of December 31, 2014 187 As of January 6, 2016 281 As of October 30, 2012 188 Assumes a cut-off grade of 4.0 g/t based on $1,125/oz Au 282 Assumes a 0.3% CuEq cut-off for sulphides; 0.2 g/t gold cut-off for oxides 283 CuEq calculated using $2.00/lb Cu, $800/oz Au, $12.00/lb Mo Information Information 189 As of September 5, 2012 for the FAT deposit and March 11, 2014 forInformation the Walsh Lake deposit Additional Additional 190 Mineral Resources at FAT deposit assumes a cut-off of 0.83 g/t Au and at Additional Walsh Lake deposit assume a cut-off 284 As of December 31, 2014 grade of 0.60 g/t Au 285 Mineral Resources assume $4.20/lb Cu, $1700/oz Au 191 As of May 29, 2015 286 As of December 13, 2013 192 Mineral Resources estimated at a cut-off grade of 0.2 g/t and constrained within a $1,500 pit optimization shell 287 Mineral Resources estimated using a cut-off of 0.3% CuEq where CuEq (%) = CuT (%) + 4.95 x Mo (%) where 193 As of October 6, 2011 4.95 represents the Mo/Cu price ratio 194 Mineral Resources assumes a cut-off grade of 0.50 g/t 288 As of June 30, 2015 195 Assumes $1,200 Au, 0.4 and 0.7 g/t cut-off for open pit cut-off and 4.0 g/t Au cut-off for underground 289 Mineral Resources calculated at variable a cut-off grade between 0.35% and 0.40 % Ni 290 Mineral Resources assumes a cut-off grade of 1.2% Ni Additional Additional 196 Mineral Reserves calculated using $3.10/lb Cu, $1100/oz Au and $15.00/oz Ag Information Information 197 As of June 30, 2015 291 As of December 31, 2013

18 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

2016 Overview Overview Overview Asset Handbook Overview Overview Mineral Reserves Mineral Reserves Mineral Reserves & Resources & Resources & 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 Assets Assets Assets Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Royalties & Streams Explained Overview Overview Overview

Royalties are ongoing economic interests in the production or future production from a property and, depending on their terms Overview and the laws applicable to the royalty and the project, in general share the following characteristics: Overview • They are not subject to cash calls to fund exploration, development, capital, environmental or closure costs and so are lower risk in this respect than an operating interest. • They provide exposure to the upside of commodity price, reserve and production increases. • In some cases, they provide an interest on any major discoveries made on a property which has resulted in significant value creation for Franco-Nevada. • They do not involve operational or development management so a large and diversified portfolio can be assembled without the need for significant corporate overheads. Mineral Reserves Mineral Reserves Mineral Reserves

The two most common royalty types are: & Resources & Resources & Resources REVENUE-BASED ROYALTIES are based on the value of the production or net proceeds received by the operator with defined deductions as specified by the royalty contract. Some forms of revenue-based royalties in the mining and oil & gas industries are: “NSR” Net Smelter Return Royalty “ORR” Overriding Royalty “GR” Gross Royalty “FH” Freehold or Lessor Royalty & Resources & Resources Mineral Reserves PROFIT-BASED INTEREST ROYALTIES are based on the operating profit as defined in the royalty contract. Often, royalty payments Mineral Reserves only begin after the operator has recovered its capital costs. The net profits interest royalty (“NPI”) is the most common form of these royalties. Similar to an NPI, a net royalty interest (“NRI”) is paid net of operating and capital costs. In addition to royalties, Franco-Nevada holds stream and working interests: STREAMS are metal purchase agreements that provide, in exchange for an upfront deposit, the right to purchase all or a portion of one or more metals produced from a mine at a preset price. Streams are particularly well suited to co-product production providing significant value for by-product precious metal production. Streams are not royalties because they are not an interest in land and there is an ongoing cash payment required to purchase the physical metal. REUs REUs WORKING INTEREST (“WI”) holders have an ownership position in the property and operation and hence are liable for REUs cash calls on their share of capital, operating and environmental costs usually in proportion to their ownership percentage. Working interests are not considered to be royalties because of their ongoing funding requirements although, for profitable REUs REUs operations, they can be economically similar in their calculations to NPIs.

An example of the financial impact of each different structure is provided below.

Economics of NSR vs. Stream vs. NPI The following is an example of the impact that commodity prices and cost assumptions have on the various structures that Franco-Nevada currently has in place. The examples assume: • Gold price of $1,200/oz • Stream interest has a predetermined ongoing cost of $400/oz • All-in operating and sustaining capital costs of $801/oz for a developed NPI/WI (1) Assets Assets • 4% NSR, NPI or stream Assets NSR Stream Developed NPI/WI Assets Realized price ($/oz) $1,200 $1,200 $1,200 Assets Applicable Costs ($/oz) – $400 $801 1 Margin for calculation ($/oz) $1,200 $800 $399 NSR, Stream or NPI % 4% 4% 4% Revenue to FNV ($/oz) $48 $32 $16 NSR equivalent 100% 67% 33% Alternatively - Ounces required to equal a 1% NSR 1.00 oz 1.50 oz 3.00 oz

(1) For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s (“Barrick”) 2015 all-in sustaining cash cost measure, as Barrick represents the largest gold company by production and reserves, as well as being the operator of two assets on which Franco-Nevada has NPI interests. Excluded from the all-in sustaining measure are general and administrative costs as Franco-Nevada also has Information Information such costs which have not been reflected in the applicable cost for NSRs or streams. Information Additional Additional Additional CONCLUSION: Based on the above economics, a comparable percentage NSR is three times more valuable than an equivalent Developed NPI or WI and 50% more valuable than a stream interest. With changes to the gold price, the NPI or WI would demonstrate the most leverage while the NSR would provide the most down side protection. The stream provides commodity

price leverage similar to a low cost operating company withAdditional more certainty as to future costs. Additional Information Information

20 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

Royalty Equivalent Units (“REUs”) Explained Overview Overview Overview

In the previous section, Mineral Reserves and Mineral Resources for assets in which Franco-Nevada has an interest were Overview Overview tabulated based on the publicly disclosed reports of each operator for each property on a 100% basis. This form of tabulation provides an overall indication of the growth of Mineral Reserves or Mineral Resources on projects within Franco-Nevada’s portfolio. However, the tabulation does not provide a specific measure for Franco-Nevada’s interest in such Mineral Reserves and Mineral Resources for the following reasons: • Not all of Franco-Nevada’s assets cover the entire property associated with the operator’s publicly reported figures and Franco-Nevada is not in a position to report separate Mineral Reserve and Mineral Resource figures for those properties. • As demonstrated on the previous pages, royalty and stream interests have different economics than an operator has for its stated Mineral Reserves and Mineral Resources. In addition, the economics differ between NSR, NPI and stream

Mineral Reserves Mineral Reserves interests and by property and would need to be factored to be comparable to each other orMineral Reserves to an operator’s interest.

& Resources & Resources • Directly attributing specific Mineral Reserves and Mineral Resources to Franco-Nevada& Resources may not be appropriate if the operators are not in turn deducting royalty and stream interests from their own publicly reported numbers and may lead to two companies quoting the same Mineral Reserves and Mineral Resources.

Franco-Nevada’s most common royalty interest is a simple percentage of the commodity produced by an operator from a property. A 2% NSR royalty on a gold property is typical. For this example, attributing 2% of the gold property ounces to & Resources & Resources Franco-Nevada can provide a view of the potential value realization to Franco-Nevada. NSR royalties are subject to minor Mineral Reserves Mineral Reserves transportation, refining and other deductions often approximating $5 per ounce that is generally seen as not material to overall valuations. Effectively, multiplying the number of attributable royalty ounces times the assumed average future gold price can provide a rough approximation of the potential undiscounted pre-tax cash flow to Franco-Nevada from that asset before metallurgical recoveries. By contrast, the valuation of Mineral Reserves and Mineral Resources from an operator’s perspective requires more significant assumptions including, but not limited to, an operator’s future operating, capital and other carrying and closure costs.

Franco-Nevada is providing guidance to analysts and investors on how the Company estimates the Royalty Equivalent Units (REUs) on a broad range of its assets. The objective of an REU for any property is that it should be a reasonable comparison to a calculation of the number of attributable NSR royalty ounces that Franco-Nevada might have with a typical straight REUs REUs REUs forward gold royalty covering all of the reported operator Mineral Reserves and Mineral Resources. The use of REUs provides a common basis of comparison between different asset types and royalty property coverages. To achieve comparable REU figures,

REUs REUs guidance and adjustments are required from Franco-Nevada management in the following circumstances:

1. The royalty or stream property does not cover all the operator reported Mineral Reserves or Mineral Resources. Franco-Nevada’s management will provide its best approximation for each asset as to the appropriate percentage of Mineral Resources and Mineral Reserves that should be factored to estimate the equivalent REUs.

2. A stream interest with an associated ongoing cost per ounce. The number of attributable stream ounces will be factored to make them economically equivalent to an NSR ounce. In the example demonstrated in the previous section, for a $1,200 gold price and a $400 cost per ounce, the stream ounces are factored by 67% to become comparable to NSR equivalent ounces of REUs. The factor depends on cost per ounce or % margin written in the agreement. Assets Assets Assets 3. An NPI royalty. An NPI is subject to the operating and capital costs specific to each asset. For planning purposes, Franco-Nevada’s management generates its own internal mine life projections for each of its assets in order to determine its own reasonable Assets Assets estimates. Franco-Nevada management has provided its best approximation as to the economically equivalent NSR rate using a $1,200 gold price assumption.

4. An asset producing PGM or silver. The number of attributable silver, platinum or palladium ounces are converted into gold equivalent ounces using pricing assumptions of $15 per ounce silver, $900 per ounce platinum and $500 per ounce palladium. In addition, NSR deductions are more material for certain PGM assets subject to NSR deductions such as Stillwater. For Stillwater’s REU calculation, 10-12% of the ounces have been deducted to reflect the higher NSR deduction for that asset compared to typical gold NSR assets.

5. Base metal assets. Information Information Information Additional Additional Additional These REUs are calculated similar to precious metals but are done so in units of attributable copper or nickel net of NSR realization charges as these deductions are more material than for gold operations. The objective again is to provide an REU to which an assumption of future commodity prices can be applied to estimate an undiscounted pre-tax cash flow to Franco-Nevada before metallurgical recoveries. Additional Additional Information Information

Franco-Nevada Corporation 2016 Asset Handbook 21 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 In the Asset section of this Asset Handbook, Franco-Nevada has provided details on assets that include summary figures for the Mineral Reserves (P&P Reserves), Mineral Resources (M&I Resources inclusive of Mineral Reserves) and Inferred Mineral Resources associated with each asset profiled.

Franco-Nevada management has also provided the related P&P REUs, M&I REUs and INF REUs for each of those assets and the key guidance and assumptions that were required to derive those REUs.

For oil & gas assets, Franco-Nevada receives a technical report from an independent consultant that estimates undiscounted and discounted cash flows for assets with Proven and Probable Reserves. These are tabulated at the end of this section. Mineral Reserves Mineral Reserves Mineral Reserves Subject to the cautionary statements in the Asset Handbook, our AIF and& Resources Form 40-F regarding forward looking & Resources & Resources information Mineral Reserves and Resource estimates and the use of technical and third party information, Franco-Nevada believes that REUs provide a useful alternative for analysts and investors to understand its assets. Readers are reminded that the REUs are prepared by management of Franco-Nevada and have not been reviewed or endorsed by the operators of the projects. & Resources & Resources Mineral Reserves REU by Resource CategoryREU by Resource CategoryREUM&I by REU Resource by location Category (inclusiveM&IMineral Reserves REU ofby P&P)location (inclusiveM&I REU byof P&P)locationM&I REU (inclusive by type (inclusiveof P&P)M&I REU of P&P) by type (inclusiveM&I REU of P&P) by type (inclusive of P&P)

REUs M&I REUs M&I REUs By Mineral Resource By Location By Type Category (inclusive of P&P) (inclusive of P&P) REUs REUs REUs REUs REUs

P&P P&P P&P United States United States United StatesNSR NSR NSR M&I M&I M&I Canada Canada Canada Stream Stream Stream Inf Inf Inf Latin America Latin America Latin AmericaNPI NPI NPI Assets Assets Assets Australia Australia Australia Assets RestAssets of World Rest of World Rest of World Information Information Information Additional Additional Additional Additional Additional Information Information

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Precious Metals REUs 1,2 Overview Overview Overview

Asset Type P&P REUs M&I REUs 3 Inf REUs (000s) (000s) (000s) Overview Overview PRECIOUS METALS - UNITED STATES Goldstrike NSR/NPI 184 222 10 Stillwater NSR 455 455 – Gold Quarry NSR 45 45 – Marigold NSR 59 129 16 Midas/Fire Creek NSR 24 39 17 Bald Mountain NSR 18 140 11 Mesquite NSR 26 40 1 Stibnite NSR 78 93 18 Castle Mountain NSR – 84 15 Hollister NSR 5 15 7 Mineral Reserves Mineral Reserves Robinson NSR 1 Mineral Reserves 5 0

& Resources & Resources Sandman NSR & Resources – 1 1 South Arturo (Dee) NSR 14 14 0 PRECIOUS METALS - CANADA Sudbury Stream 40 60 54 Detour Lake NSR 328 406 22 East Timmins - Hislop NSR 2 7 4 East Timmins - Holloway NSR 2 9 23 & Resources & Resources East Timmins - Holt NSR 53 139 106 Mineral Reserves Mineral Reserves East Timmins - Taylor NSR 2 16 4 Musselwhite NPI 29 34 18 Hemlo NSR/NPI 36 93 12 Kirkland Lake NSR 37 93 38 Timmins West NSR 11 25 36 Canadian Malartic NSR 12 14 1 Brucejack NSR 84 109 68 Hardrock NSR – 154 86 Phoenix NSR – 2 6 Courageous Lake NSR 66 81 40 Dublin Gulch (Eagle) NSR 46 60 6 Goldfields NSR 20 21 5 Monument Bay NSR – 44 53 REUs REUs REUs PRECIOUS METALS - LATIN AMERICA Antapaccay Stream 655 885 145 REUs REUs Antamina Stream 349 647 642 Candelaria Stream 580 972 142 Palmarejo Stream 87 182 11 Cerro San Pedro NSR 0 0 – Cobre Panama Stream 3,403 3,657 547 Cerro Moro NSR 24 34 9 Calcatreu NSR – 17 6 Gurupi NSR 23 35 2 San Jorge NSR 5 91 4 Taca Taca NSR – 82 18 Volcan NSR – – 2 PRECIOUS METALS - AUSTRALIA Duketon NSR 39 87 19 Henty NSR 1 2 0 Aphrodite NSR – 22 12 Assets Assets Assets Bronzewing NSR – 1 – Bullabulling NSR – 11 4 Edna May NSR 0 0 0 Glenburgh NPI – 2 3 Assets Assets Red October NSR 1 3 2 South Kalgoorlie NSR 1 21 16 Wiluna NSR – 11 14 PRECIOUS METALS - REST OF WORLD MWS Stream 147 147 - Sabodala Stream 156 243 45 Subika NSR 102 120 32 Tasiast NSR 179 248 11 Edikan NSR 35 79 30 Cooke 4 Stream 32 121 25 Karma Stream 78 143 92 Agi Dagi NSR – 44 6 ITY NSR 7 7 – Information Information Information Pandora NPI 33 369 51 Additional Additional Additional Perama Hill NSR 20 28 11 Sissingue NSR 2 4 0 Total Precious Metals REUs 7,639 10,968 2,585 1 For information regarding calculation of each REU, please refer to the individual asset writeups. We have assumed $1,200/oz Au, $15/oz Ag, $900/oz Pt and $500/oz Pd

Additional Additional for our calculations Information Information 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 M&I REUs include P&P REUs Franco-Nevada Corporation 2016 Asset Handbook 23 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

Other Minerals REUs Overview Overview Overview

4 Overview Overview Asset Type P&P REUs M&I REUs Inf REUs (M lbs) (M lbs) (M lbs) Copper REUs 1,2,3 Osborne NSR 2 2 – Rosemont NSR 75 98 14 Relincho NSR 107 143 65 Taca Taca NSR – 194 69 Robinson NSR 2 7 0 Vizcachitas NSR – 37 10

Total Copper REUs 186 482 159 Mineral Reserves Mineral Reserves Mineral Reserves 1 For information regarding calculation of each REU, please refer to the individual asset writeups 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to & Resources estimate metal produced & Resources & Resources 3 Assumes NSR deductions of 15% 4 M&I REUs include P&P REUs

Asset Type P&P REUs M&I REUs 4 Inf REUs (M lbs) (M lbs) (M lbs) & Resources Nickel REUs 1,2,3 & Resources Mineral Reserves Mt Keith Mineral Reserves NSR/NPI 2 11 1 Falcondo NPI 17 19 1

Total Nickel REUs 19 30 3

1 For information regarding calculation of each REU, please refer to the individual asset writeups 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 Assumes NSR deductions of 30% 4 M&I REUs include P&P REUs REUs REUs REUs Oil & Gas REUs REUs

Franco-Nevada does not calculate REUs for its oil & gas assets, instead GLJ Petroleum Consultants Ltd. (“GLJ”) was engaged by Franco-Nevada to evaluate the crude oil and natural gas reserves of its Oil & Gas Assets’ producing properties and the value of future net revenue attributable to such reserves. GLJ has prepared a report (the “GLJ Report”) in accordance with the requirements of NI 51-101. The GLJ Report has an effective date of December 31, 2015. The GLJ Report was prepared using assumptions and methodology guidelines outlined in the COGE Handbook. All evaluations of future revenue contained in the GLJ Report are, where applicable, after the deduction of royalties, development costs, production costs and well abandonment costs of all wells to which reserves have Assets Assets Assets been attributed, but before consideration of indirect costs such as general and administrative, overhead recovery and other miscellaneous expenses. The estimated future net revenues contained in the following tables do not Assets necessarily represent the fair marketAssets value of the reserves. There is no assurance that the forecast price and cost assumptions contained in the GLJ Report will be attained and variances could be material. The recovery and reserves estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. Information Information Information Additional Additional Additional Additional Additional Information Information

24 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 Reserves Data The following table sets forth a summary of the crude oil & natural gas reserves and the value of future net revenue of Franco-Nevada as at December 31, 2015 as evaluated by GLJ in the GLJ Report using forecast prices and costs. Some of the tables may not add due to rounding.

Light & Heavy Conventional Total Oil RESERVES CATEGORY Medium Oil Oil Natural Gas NGLs Equivalent Gross Net Gross Net Gross Net Gross Net Gross Net (Mbbl) (Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (Mbbl) (Mbbl) (Mboe) (Mboe) Mineral Reserves Mineral Reserves Mineral Reserves

& Resources & Resources Proved & Resources Producing 16,085 15,319 – 7 1 5.453 178 320 16,262 16,554 Developed Non-Producing 419 358 – – – – – – 419 358 Undeveloped 3,772 3,547 – – – – – – 3,772 3,547 Total Proved 20,276 19,224 – 7 1 5,453 178 320 20,453 20,459 Total Probable 7,317 6,736 – 3 – 1.886 59 113 7,376 7,167 & Resources & Resources Total Proved Plus Probable 27,593 25,960 – 10 1 7,339 237 433 27,830 27,626 Mineral Reserves Mineral Reserves The following table set forth the net present value of future net revenue attributable to the reserves categories referred to above, before deducting future income tax expenses, calculated without discount and using a discount rate of 0%, 5% and 10%.

Net Present Values of Future Net Revenue Before Income Taxes Discounted At (%/year) RESERVES CATEGORY 0% 5% 10% (C$000) Proved Producing $ 576,647 $ 410,286 $ 306,775 REUs REUs REUs Developed Non-Producing 24,087 14,568 9,473 Undeveloped 124,017 58,366 24,920

REUs REUs Total Proved 724,751 483,221 341,168 Total Probable 415,462 214,189 125,325 Total Proved Plus Probable $ 1,140,213 $ 697,409 $ 466,493

The following table sets forth the net present value of future net revenue attributable to the proved, probable and proved plus probable reserves, by major and other producing assets, before deducting future income tax expenses, calculated without discount and using a discount rate of 0%, 5% and 10%. Columns may not add due to rounding.

Net Present Values of Future Net Revenue Before Income Taxes Discounted At (%/year) RESERVES CATEGORY 0% 5% 10% Assets Assets Assets (C$000) Proved Weyburn $ 640,919 $ 427,014 $ 298,867 Midale 25,013 14,056 9,524 Assets Assets Edson 16,869 13,137 10,732 Other 41,950 29,014 22,045 Total Proved 724,751 483,221 341,168

Probable Weyburn $ 376,043 $ 195,205 $ 114,057 Midale 13,079 5,798 3,272 Edson 7,705 4,648 3,098 Other 18,635 8,537 4,898 Total Probable 415,462 214,188 125,325

Proved + Probable Weyburn $ 1,016,962 $ 622,219 $ 412,924 Information Information Information Additional Additional Additional Midale 38,092 19,854 12,796 Edson 24,574 17,785 13,830 Other 60,585 37,551 26,943 Total Proved + Probable $ 1,140,213 $ 697,409 $ 466,493 Additional Additional

Information Information See “Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates” and “Oil & Gas Information Advisory”.

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Asset Index by Category Overview Overview Overview

Precious Metals Other Minerals Oil & Gas Overview Overview United States Latin America Osborne (Cu, Au) 71 Oil & Gas Assets 83 Goldstrike 29 Antapaccay 51 Mt Keith (Ni) 72 Weyburn Unit (Oil) 84 Stillwater 30 Antamina 52 Rosemont (Cu, Mo, Ag) 73 Midale Unit (Oil) 85 Gold Quarry 31 Candelaria 53 Relincho (Cu, Mo) 74 Edson (Gas/NGL) 86 Marigold 32 Palmarejo/Guadalupe 54 Taca Taca (Cu, Au, Mo) 75 Other Producing Oil & Gas Fire Creek/Midas 33 Cerro San Pedro 55 Ring of Fire - Black Thor Assets 87 (Cr, Other) Oil & Gas Exploration Bald Mountain 34 Cobre PanamaMineral Reserves 56 76 Mineral Reserves Mineral Reserves Assets 88 Mesquite 35 Cerro& Resources Moro 57 Flying Fox (Ni) 77 & Resources & Resources South Arturo (Dee) 36 Gurupi 58 Robinson (Cu, Au) 77 Hollister 37 Calcatreu 58 Commodore (Coal) 77 Stibnite Gold 37 San Jorge 58 Peculiar Knob (Fe) 78 Falcondo (Ni) 78 & Resources & Resources Castle Mountain 37 Volcan 58 Mineral Reserves Mineral Reserves Sterling 38 EaglePicher (De) 78 Sandman 38 Rest of World Pinson 38 MWS 59 Mineral Exploration Sabodala 60 United States 79 Subika Canada 61 Canada 80 Tasiast Sudbury 39 62 Latin America 81 Karma Detour Lake 40 63 Australia 81 East Timmins 41 Duketon 64 REUs REUs REUs Rest of World 82 Musselwhite 42 Edikan 65

REUs REUs Hemlo 43 Cooke 4 66 Kirkland Lake 44 Ity 67 Timmins West 45 South Kalgoorlie 67 Canadian Malartic 46 Red October 67 Brucejack 47 Pandora 68 Hardrock 48 Lake Cowan 68 Dublin Gulch (Eagle) 49 Henty 68 Phoenix 49 Perama Hill 68 Courageous Lake 49 Agi Dagi 69 Goldfields 50 Wiluna/Matilda 69 Assets Assets Assets Monument Bay 50 Bullabulling 69 New Prosperity 50 Bronzewing 70 Assets Assets Sissingue 70 Aphrodite 70 Information Information Information Additional Additional Additional Additional Additional Information Information

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Franco-Nevada Assets Precious Metals United States Assets Assets Assets Canada Latin America Assets Assets Rest of World Other Minerals Mineral Exploration Assets Oil & Gas Assets Oil & Gas Exploration Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Alphabetical Asset Index Overview Overview Overview

Agi Dagi 69 Mesquite 35 Mineral Exploration Assets can The description and depiction Overview Antamina 52 Midale Unit (Oil) 85 be found tabulatedOverview on pages of our assets in this Asset 79, 80, 81 and 82. Handbook has been simplified Antapaccay 51 Monument Bay 50 for presentation purposes. Aphrodite 70 Mt Keith (Ni) 72 Oil & Gas Exploration Assets More current information may Bald Mountain 34 Musselwhite 42 can be found on page 88. be available in our subsequent disclosure and on our web site. Bronzewing MWS 70 59 Mineral Reserves and Resources Brucejack 47 New Prosperity 50 information for 2013 and 2014 Bullabulling 69 Oil & Gas Assets 83 is provided for comparative Calcatreu 58 Oil & Gas Exploration purposes only. For a detailed Mineral Reserves Mineral Reserves Mineral Reserves Assets 88 breakdown of the 2013 and & Resources & Resources & Resources Canadian Malartic 46 2014 Mineral Reserves and Candelaria 53 Osborne (Cu, Au) 71 Resources, please refer to Castle Mountain 37 Other Producing Oil & Gas our AIF for the years ended Assets 87 December 31, 2013 Cerro Moro 57 and December 31, 2014, & Resources Palmarejo/Guadalupe 54 & Resources Cerro San Pedro 55 respectively available on Mineral Reserves Pandora 68 Mineral Reserves Cobre Panama 56 SEDAR at www.sedar.com. Peculiar Knob (Fe) 78 Commodore (Coal) 77 Perama Hill 68 Cooke 4 66 Phoenix 49 Courageous Lake 49 Pinson 38 Detour Lake 40 Red October 67 Dublin Gulch (Eagle) 49 Relincho (Cu, Mo) 74 Duketon 64 Ring of Fire - Black Thor REUs REUs EaglePicher (De) 78 REUs (Cr, Other) 76 East Timmins 41 Robinson (Cu, Au) 77 REUs Edikan 65 REUs Rosemont (Cu, Mo, Ag) 73 Edson (Gas/NGL) 86 Sabodala 60 Falcondo (Ni) 78 San Jorge 58 Fire Creek/Midas 33 Sandman 38 Flying Fox (Ni) 77 Sissingue 70 Gold Quarry 31 South Arturo (Dee) 36 Goldfields 50 South Kalgoorlie 67 Goldstrike 29 Sterling 38 Gurupi 58 Stibnite Gold 37 Assets Assets Hardrock 48 Assets Stillwater 30 Hemlo 43 Subika 61 Henty 68 Assets Sudbury PGM 39 Assets Hollister 37 Taca Taca (Cu, Au, Mo) 75 Ity 67 Tasiast 62 Karma 63 Timmins West 45 Kirkland Lake 44 Volcan 58 Lake Cowan 68 Weyburn Unit (Oil) 84 Marigold 32 Wiluna/Matilda 69 Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS GOLDSTRIKE Location: NEVADA Goldstrike United States Overview Overview Overview Operator: BARRICK GOLD CORPORATION Royalty: NSR: 2-4% / NPI: 2.4-6%

2015 2014 2013 Franco-Nevada holds royalties covering the Overview Overview majority of the Goldstrike complex operated Total NSR Revenue to FNV ($ million) $ 11.8 $ 11.5 $ 13.8 by Barrick Gold Corporation (“Barrick”). Total NPI Revenue to FNV ($ million) 11.6 10.4 7.4 The Goldstrike complex is located on the Carlin Total Revenue to FNV ($ million) $ 23.4 $ 21.9 $ 21.2 Trend, about 60 km northwest of the town of P&P Reserves (koz Au)1 8,539 9,614 10,707 Elko, Nevada. The Goldstrike complex includes M&I Resource (koz Au)1 10,325 11,283 12,930 the open-pit Betze-Post mine, as well as the Inferred Resource (koz Au)1 450 590 482 underground operations of Meikle and Rodeo immediately to the P&P REUs (000s)2 184 212 251 north. Mining activity commenced on the property in 1976 and, since M&I REUs (000s)1, 2 222 249 303 1987, has been operated by Barrick. Franco-Nevada holds NSR (2-4%) Inf REUs (000s)2 10 13 11

Mineral Reserves Mineral Reserves and NPI (2.4-6%) royalties at Goldstrike covering the majority of the 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Reserves

& Resources & Resources reported Mineral Reserves and Mineral Resources. Included is low Mineral Resource category; all M&I categories are inclusive of Mineral Reserves & Resources grade ore that has been stockpiled for later processing. The royalties 2 For REU calculation, FNV management estimates 67% (65% estimated in 2014; 74% estimated in 2013) of the Mineral Reserves and Mineral Resources are subject vary depending on the claim blocks, as shown in the figure. As a to our royalty interests and estimates an average REU rate of 3.21% (3.4% in 2014; result, royalty payments can vary substantially on a quarterly basis, 3.18% in 2013) is applicable depending on mine sequencing and waste stripping. The timing of capital investments can also impact the timing of the payment & Resources & Resources of profit royalties. Mineral Reserves Mineral Reserves Goldstrike is a mature mining operation but remains one of Barrick’s five core mines. Franco-Nevada’s NPI and NSR royalty payments both increased in 2015 versus 2014. The royalty payments benefitted in 2015 from a 17% increase to gold production to 1,053,000 ounces while the NPI payments were aided by reduced all-in sustaining costs primarily the result of lower cash costs combined with a decrease in mine-site sustaining capital expenditures. Barrick expects Goldstrike to produce between 975,000-1,075,000 ounces in 2016 at an all-in sustaining cost of $780-850 per ounce. Production forecast is REUs REUs REUs essentially unchanged from 2015 while expected all-in sustaining costs is higher due to increased sustaining capital expenditures.

REUs REUs The new thiosulfate processing method (“TCM”), which does not use cyanide, achieved commercial production in July 2015 and will enable Goldstrike to accelerate production from about 4 million stockpiled ounces. Throughput and recoveries continue to improve with ongoing adjustments. The TCM circuit is expected to achieve throughput of approximately 11,000 tonnes per day by the third quarter of 2016, Extension 5% NPI in line with its design capacity. 4% NSR Goldstrike Underground Mine Meikle/Rodeo Gold Bug Royal 5% NPI 3% NSR 4% NSR Assets Assets Assets ASSET HIGHLIGHTS: Assets Assets • Proven long life established operation Bazza Strip Goldstrike 2% NSR Open Pit Mine with world class operator N 2.4% NPI SJ 6% NPI 1 Mile Post • TCM circuit achieved commercial 5% NPI 4% NSR Corbett Bazza production in July 2015; design 2% NSR 2% NSR capacity expected Q3/2016 Goldstrike 5% NPI Pandora 4% NSR • 2016 expected to be impacted by 2% NSR increased sustaining capital spend Rodeo Creek 4% NSR • Profit royalties are more levered Weimer Above 4600’ SPLC 4% NSR Lease Goldstrike Information Information Information 6% NPI Additional Additional Additional to gold prices Mine Additional Additional Information Information

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PRECIOUS METALS STILLWATER LOCATION: MONTANA Stillwater United States Overview Overview Overview OPERATOR: STILLWATER MINING COMPANY ROYALTY: NSR: 5%

2015 2014 2013 Stillwater Mining Company (“Stillwater”) owns Overview Overview and operates the Stillwater mine and the Revenue to Franco-Nevada ($ million) $ 15.6 $ 22.1 $ 18.0 East Boulder mine in Montana (together, the P&P Reserves (koz PGM)1 22,226 22,226 22,064 “Stillwater Complex”). Production began in M&I Resource (koz PGM)1 22,226 22,226 22,064 1986 at the Stillwater mine and in 2002 at the Inferred Resource (koz PGM)1 – – – East Boulder mine. Both are PGM mines with P&P REUs (000s)2, 3 455 638 519 the majority of production being palladium. M&I REUs (000s)1, 3 455 638 519 Franco-Nevada has a 5% NSR royalty on all commercially recoverable Inf REUs (000s)2, 3 – – – metals produced from 813 of the 995 claims that cover the Stillwater 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Complex. The amount of the royalty is reduced by permissible “onward Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

processing” deductions, which have averaged 10-12%Mineral Reserves of revenue 2 For REU calculation, FNV management estimates 91% of the Mineral Reserves and Mineral Reserves Mineral Reserves Mineral Resources are subject to our royalty interest over the last several years. & Resources & Resources & Resources 3 Given more significant smelting and refining charges, FNV management estimates Based on Franco-Nevada’s estimates, the NSR royalty currently an average REU rate of 4.60% is applicable (assuming 11% for charges) and PGM ounces converted into REU equivalent assuming $900/ounce Pt and $500/ounce Pd covers 80-85% of the Stillwater Mineral Reserves and Mineral ($1,200/ounce Pt and $750/ounce Pd in 2014; $1,400/ounce Pt and $725/ounce Pd Resources and 100% of the East Boulder Mineral Reserves and in 2013) Mineral Resources. Historically, because of reliance on near-shaft & Resources & Resources stopes in the Stillwater mine, production has been sourced Mineral Reserves Mineral Reserves disproportionately from non-Franco-Nevada royalty ground. However, in recent years, the percentage of Stillwater Complex production subject to Franco-Nevada’s royalty has increased. In 2015, Stillwater produced 520,800 ounces of PGM, a slight increase year over year and within its guidance range of 520,000-535,000 ounces of PGM. For 2016, Stillwater expects to produce between 515,000-535,000 ounces of PGM. Based on existing Mineral Reserves, the Stillwater Complex is estimated to support a 35-40 mine life. Despite the weakness in PGM prices, Stillwater brought the Graham Creek project online in 2015 and continues to advance the Blitz project REUs REUs REUs which are both on Franco-Nevada royalty ground. The Blitz project, located east of the Stillwater mine, is progressing well. Stillwater REUs REUs expects first production from Blitz in 2018 which is expected to contribute 150,000-200,000 PGM ounces per year upon full ramp up. The Blitz project is also expected to be Stillwater’s lowest cost ASSET HIGHLIGHTS: production. Stillwater estimates that only ~11 miles of a 28 mile strike length has been developed on the property in total. • Steady PGM producer in Montana - revenue impacted by weakness in PGM prices • Advancing the Blitz project • Current Mineral Reserves support 35 to 40 year mine life Assets Assets East BoulderAssets Stillwater Complex Portal Site (Plan View) Franco-Nevada Royalty Land Dry Fork Creek SweetgrassStillwater Co. Co. 5% NSR Stillwater N Mill Site Assets Assets East Boulder River East 1 Mile Boulder Adit Source: Stillwater Mining Co. Lewis Gulch Limit of Franco- (2002 Annual Report) Claims Nevada Camp Franco- Royalty Lake Nevada Royalty

Stillwater River Boulder River County line

Sweetgrass Co. West Fork Stillwater

Park Co.

Stillwater Complex Information Information Information (Long Section) Proven and Probable Additional Additional East BoulderAdditional Mine Graham Creek PGM Reserve Areas Stillwater Mine

Blitz

Exagerrated Vertical 2:1 Additional Additional Information Information

Non-Royalty mill area

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PRECIOUS METALS GOLD QUARRY Location: NEVADA Gold Quarry United States Overview Overview Overview Operator: NEWMONT MINING CORPORATION Royalty: NSR: 7.29%

2015 2014 2013 The Gold Quarry operation is part of Newmont Overview Overview Mining Corporation’s (“Newmont”) Carlin Revenue to Franco-Nevada ($ million) $ 13.1 $ 14.3 $ 20.7 operations in north-central Nevada. It is a large P&P Reserves (koz Au)1 NA NA NA open-pit mine that has been in production since M&I Resource (koz Au)1 NA NA NA 1985 supplying ore as part of an integrated Inferred Resource (koz Au)1 NA NA NA mining and processing complex with P&P REUs (000s)3 45 56 113 different mines supplying variable M&I REUs (000s)2, 3 45 56 113 ore types and grades to a variety of processing facilities situated Inf REUs (000s)3 – – – throughout the complex. Newmont has significant milling and roasting 1 Newmont does not disclose Mineral Reserves and Mineral Resources for individual processing infrastructure immediately east of the Gold Quarry pit. assets in Nevada

Mineral Reserves Mineral Reserves Newmont currently reports Mineral Reserves and production numbers 2 M&I categories are inclusive of Mineral Reserves Mineral Reserves 3 For REU calculation, FNV management assumes we receive annually the minimum & Resources & Resources by area and does not publicly quote separate Gold Quarry numbers. & Resources royalty provision of 11,250 ounces for 4 years for P&P and M&I (11,250 ounces for Franco-Nevada’s royalty interest covers only a portion of the Gold 5 years for 2014; 11,250 ounces for 10 years for 2013) Quarry property as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production or on different annual minimum royalty payment obligations tied to Mineral Reserves and stockpiles & Resources & Resources attributed to the Gold Quarry royalty property. In 2015, Franco-Nevada Mineral Reserves Mineral Reserves received 11,250 ounces based on the minimum royalty provisions and expects similar figures in 2016. ASSET HIGHLIGHTS: • Guaranteed minimum annual payment obligations • Registered on private lands • Adjacent to Newmont’s milling and roasting infrastructure REUs REUs REUs REUs REUs

7.29% NSR Assets Assets Assets Assets Assets N 7.29% NSR 0.5 Mile

Gold Quarry West Wall Layback Open Pit

Gold Quarry Information Information Information Additional Additional Additional Mine

Potential Greater Gold Quarry Expansion Additional Additional Information Information

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PRECIOUS METALS MARIGOLD LOCATION: NEVADA Marigold United States Overview Overview Overview Operator: SILVER STANDARD RESOURCES INC. Royalty: NSR: 1.75-5% / GR: 0.5-4%

2015 2014 2013 The Marigold mine, operated by Silver Overview Overview Standard Resources Inc. (“Silver Standard”) Revenue to Franco-Nevada ($ million) $ 6.0 $ 7.0 $ 8.8 is located approximately 64 km southeast of P&P Reserves (koz Au)1 2,040 2,200 4,167 Winnemucca, Nevada on the Battle Mountain- M&I Resource (koz Au)1 4,450 4,040 4,641 Eureka Trend. Silver Standard purchased the Inferred Resource (koz Au)1 550 260 324 mine from joint venture partners Goldcorp Inc. P&P REUs (000s)2 59 64 110 (“Goldcorp”) (66.7%) and Barrick (33.3%) in M&I REUs (000s)1, 2 129 117 123 2014. The mine has been in continuous production since 1988 and Inf REUs (000s)2 16 8 9 is a large run-of-mine heap leach operation with several open-pits. 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Franco-Nevada has various royalties on the operation (1.75-5% NSR Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

and 0.5-4% GR), as shown in the schematic, togetherMineral Reserves covering almost 2 For REU calculation, FNV management estimates 100% of the Marigold Mineral Mineral Reserves Mineral Reserves Reserves and Mineral Resources are subject to our royalty interest and estimates all of the current Mineral Reserve base. Franco-Nevada’s& Resources original & Resources & Resources an average REU rate of 2.9% (2.64% in 2013) is applicable royalties were acquired in connection with its IPO and, in December 2009, additional royalties covering alternate sections were added.

Each full section covers one square mile. R42E R43E In 2015, Marigold produced 207,006 ounces, a record for the 19 5% NSR & Resources & Resources Marigold mine since it began operating in 1988, exceeding the Mineral Reserves Mineral Reserves original guidance provided for the year of 160,000-175,000 ounces. On October 6, 2015, Marigold passed a major milestone with the production of its three millionth ounce. For 2016, Silver Standard 30 29 anticipates another strong year from Marigold and expects to 1.75% NSR 5% NSR produce between 190,000-200,000 ounces. Valmy

Silver Standard continues to explore the Marigold property. Recent 31 32 33 exploration drilling at Marigold identified a new mineralized center 5% NSR 1.75% NSR 5% NSR outside the current Mineral Resource envelope called the HideOut area, with intercepted grades higher than the Mineral Reserves cut-off T34N grades. In addition, Silver Standard acquired the Valmy property from T33N REUs REUs REUs 1 6 5 5 North Newmont in 2015 which surrounds portions of the Marigold mine 5% NSR Deposit N to the east, south and west.

REUs REUs 2.5%-4% GR* 5% NSR 1 Mile

7 8 9 10 5% NSR 5% NSR 8 North 5% NSR Deposit Terry Zone North Deposit 1.75% NSR

13 18 17 5% NSR 2.5%-4% GR* 5% NSR

Terry Zone Pit Marigold Mine 24 19 20 0.5%-1.5% GR* 2.5%-4% GR* 2.5%-4% GR* East Hill *December 2009 Red Dot Acquisition Deposit East Deposit Assets Assets Assets Mackay Deposit

25 30 2.5%- 28 4% GR* 5% NSR 3% NSR* Assets Assets Target Target 2 Pit Deposit

36 31 32 34 1.75% NSR 5% NSR 3% NSR* 3% NSR* Basalt Pit T33N T32N 6 Schematic Antler Representation 1.75% NSR Only ASSET HIGHLIGHTS: Pit • New, focused operator in Silver Standard Information Information Information Additional Additional • Record production in 2015 Additional • Proven long life established operation in favourable mining jurisdiction Additional Additional Information Information

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PRECIOUS METALS FIRE CREEK/MIDAS LOCATION: NEVADA Fire Creek/Midas United States Overview Overview Overview OPERATOR: KLONDEX MINES LTD. ROYALTY: FIXED GOLD DELIVERIES / NSR: 2.5%

2015 2014 2013 In February 2014, Franco-Nevada assisted Overview Overview Klondex Mines Ltd. (“Klondex”) in the Revenue to Franco-Nevada ($ million) $ 8.7 $ 8.4 $ – acquisition of the Midas mine and milling P&P Reserves (koz Au)1 387 374 30 facility located in Nevada from Newmont. M&I Resource (koz Au)1 879 947 330 Klondex purchased the Midas mill to provide Inferred Resource (koz Au)1 640 650 441 it with processing capacity for its Fire Creek P&P REUs (000s)2, 3 24 32 38 ores, which are located 180 km south M&I REUs (000s)1, 2, 3 39 54 46 (via highway and roadways) of Midas, while providing the option Inf REUs (000s)2, 3 17 16 11 to potentially extend mine life at Midas. 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Franco-Nevada paid $35 million for a prepaid gold purchase Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates the remaining prepaid gold Mineral Reserves arrangement for 38,250 ounces of gold to be delivered by December 31, purchase ounces of 24,000 and 100% of the remaining Mineral Reserves & & Resources & Resources & Resources 2018 and a 2.5% NSR royalty on the Fire Creek and Midas properties Mineral Resources at Fire Creek and Midas are subject to the 2.5% NSR commencing in 2019. Under the terms of the agreement, prepaid 3 Silver has been converted to gold equivalent assuming $1,200/oz gold and $15/oz gold purchase deliveries began in June 2014 and will be made at silver for the REU calculation the end of each month until 38,250 ounces have been delivered. The remaining deliveries based on the prepaid gold purchased & Resources & Resources arrangement is 8,000 ounces in each of 2016, 2017 and 2018. Mineral Reserves Mineral Reserves Klondex produced 105,893 ounces of gold and 1.605 million ounces of silver in 2015, an increase of 23% and 17.5% respectively over Fire Creek Royalty Area 2014. For 2016, Klondex expects to increase production to a range 2.5% NSR of 145,000-150,000 gold equivalent ounces with approximately two thirds expected from Fire Creek and one third from Midas. Fee Lands The Fire Creek property is located in north central Nevada, at the Unpatented Mining Claims cross-section of the Northern Nevada Rift and the Battle Mountain Fire Creek deposits Trend and is a high-grade epithermal gold deposit. The property consists of a combination of private fee land and U.S. Bureau of Outline of REUs REUs REUs Land Management (“BLM”) land for a total area of approximately Area of 2 Interest 45 km plus an area of interest in adjacent townships along strike (AOI) N

REUs REUs with mineralization. In February 2016, Klondex announced that it had 0 1 received BLM approval for the Environmental Assessment at Fire Miles Creek. The approval by the BLM will allow Klondex to construct a new waste rock storage facility and expand other infrastructure. Midas was discovered and constructed by Franco-Nevada’s predecessor company prior to its combination with Newmont. Midas has remaining Mineral Resources with numerous targets for Mineral Resource expansion. The property position extends over private fee land and BLM land for a total area of 137 km2 with an area of interest surrounding the property. Midas Royalty Area 2.5% NSR

Royalty covered areas

Plus Area of Interest Assets Assets Assets (AOI) (not shown)

Midas Town Assets Assets N 0 1

Miles

Plan of Operations Information Information Information ASSET HIGHLIGHTS: Additional Additional Additional • Fixed gold payments • Trailing 2.5% NSR royalty on two properties

Additional Additional • BLM approval for the Environmental Assessment Information Information at Fire Creek allows for expanded infrastructure

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PRECIOUS METALS BALD MOUNTAIN LOCATION: NEVADA Bald Mountain United States Overview Overview Overview OPERATOR: KINROSS GOLD CORPORATION ROYALTY: NSR/GR: 0.875-5%

2015 2014 2013 The Bald Mountain mine lies within the Overview Overview Southern Ruby Mountains of northeastern Revenue to Franco-Nevada ($ million) $ 8.2 $ 6.7 $ 3.8 Nevada, approximately 110 km southeast of P&P Reserves (koz Au)1 1,142 1,361 2,460 Elko. Ore is sourced from multiple open pits M&I Resource (koz Au)1 4,840 5,521 6,039 over an estimated 600 km2 property with Inferred Resource (koz Au)1 345 461 758 processing at multiple conventional heap P&P REUs (000s)2 18 40 72 leaching facilities. Bald Mountain is the largest M&I REUs (000s)1, 2 140 125 145 mine site by area in the U.S. It stretches 40 km north to south and Inf REUs (000s)2 11 9 15 15 km east to west and is divided in three zones: North Zone, South 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Zone and JV Zone. Kinross Gold Corporation (“Kinross”) purchased Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

the operation from Barrick at the end of 2015 whichMineral Reserves included 2 For REU calculation, FNV management estimates 77% (74% in 2014; 74% in 2013) Mineral Reserves Mineral Reserves of Mineral Reserves and 92% (65% in 2014; 65% in 2013) of Mineral Resources 100% of the North and South Zones while forming& Resources a 50/50 & Resources & Resources (exclusive of Mineral Reserves) are subject to our royalty interest and estimates exploration joint venture partnership with Barrick on the JV Zone. an average REU rate of 2.10% (3.97% in 2014; 3.97% in 2013) is applicable to Mineral Reserves and 3.56% (3.12% in 2014; 3.12% in 2013) for Mineral Resources Franco-Nevada’s Bald Mountain royalties cover a significant portion (exclusive of Mineral Reserves) of the Bald Mountain property. Franco-Nevada holds various revenue royalties on the property depending on the claim groups, ranging from & Resources & Resources 0.875% to 5% NSR/GR. A detailed map of our royalties is shown in the Mineral Reserves Mineral Reserves schematic. Bald Mountain produced 191,000 ounces of gold in 2015. Kinross does not provide production guidance for individual assets. 1%-5% Bald Mountain represents a high-quality brownfield opportunity and GR is expected to be a key aspect of Kinross’ 2016 exploration program. Royale Kinross stated that it will focus on upgrading and adding to the North Block existing estimated mineral resource base with priority within the

1%-5% GR North Duke footprint of the active mining areas in extensions to known deposits. LJ Ridge

2/3 South Banghart Duke Poker 1 South Flats 5 4% REUs REUs REUs Ridge NSR* 4% NSR* RBM Galaxy Rat

REUs REUs Top 0.875 Sage Flats to Bida 1.75% 4% NSR Belmont NSR 2.418% NSR Horseshoe 4% NSR Saga

4% 4% N 4% NSR NSR* NSR* 1 Mile Assets Assets Assets

4% NSR*

Lux/Vantage Assets Assets Targets

4% NSR* ASSET HIGHLIGHTS: North 4% NSR Block • Proven established long life operation South Block • Focused new operator in Kinross South Block

• Ongoing exploration on large Bald property package Yankee Mountain Targets Mine

4% NSR* Excluded from Royalty Information Information Information * Subject to possible reduction Additional Additional Additional by third-party royalty Additional Additional Information Information

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PRECIOUS METALS MESQUITE LOCATION: CALIFORNIA Mesquite United States Overview Overview Overview OPERATOR: NEW GOLD INC. ROYALTY: NSR: 0.5-2%

2015 2014 2013 Mesquite is a gold operation located in south- Overview Overview east California, approximately 70 km northwest Revenue to Franco-Nevada ($ million) $ 2.1 $ 1.7 $ 2.3 of Yuma, Arizona and 230 km east of San Diego, P&P Reserves (koz Au)1 1,492 1,679 2,460 California. The mine is an open-pit, run-of-mine, M&I Resource (koz Au)1 2,323 2,921 6,039 heap leach operation. It was originally started Inferred Resource (koz Au)1 59 70 758 in 1986 and then re-started in January 2008 P&P REUs (000s)2 26 29 72 by Western Goldfields Inc., a predecessor M&I REUs (000s)1, 2 40 50 145 company of New Gold Inc. (“New Gold”). Franco-Nevada holds Inf REUs (000s)2 1 1 15 royalties on the entire Mesquite mine property that range from 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by a 0.5% to a 2% NSR, depending on the claim block, as shown on Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves the schematic. 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average & Resources & Resources & Resources Gold production at Mesquite increased over 25% in 2015 to 134,900 REU rate of 1.72% (1.7% in 2014; 1.56% in 2013) is applicable ounces from 106,670 ounces in 2014. Production benefitted from increased ore tonnes placed on the leach pad as well as accelerated recoveries from the leach pad expansion. These improvements resulted in annual production which exceeded its original guidance & Resources & Resources range of 110,000-120,000 ounces of gold. For 2016, New Gold Mineral Reserves Mineral Reserves expects production at Mesquite to remain in line with 2015 production with anticipated production of 130,000-140,000 ounces. 2017 production is expected to increase to over 150,000 ounces as the grade mined is expected to increase. REUs REUs REUs REUs REUs

ASSET HIGHLIGHTS: Assets Assets Assets • 2015 production exceeded Big Chief Rainbow guidance Brownie 0.5% Assets Assets NSR • Similar production levels expected in 2016 compared 1% NSR with 2015 $500 • Further increase expected Gold Pit in 2017 Vista

N 2% NSR

1 Mile Mesquite Mine Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS SOUTH ARTURO (DEE) LOCATION: NEVADA South Arturo (Dee) United States Overview Overview Overview OPERATOR: BARRICK GOLD CORPORATION/PREMIER GOLD MINES LIMITED ROYALTY: GR: 4-9% WITH AMR

2015 2014 2013 The South Arturo project consists of a series Overview Overview of sediment hosted Carlin-style gold deposits Revenue to Franco-Nevada ($ million) $ 0.2 $ 0.2 $ 0.2 adjacent to and including the former Dee gold P&P Reserves (koz Au)1 388 403 1,678 mine, 60 km northwest of Elko, Nevada. The M&I Resource (koz Au)1 400 2945 4,078 project is being advanced by a joint venture Inferred Resource (koz Au)1 2 210 367 between Barrick (60%) and Premier Gold Mines P&P REUs (000s)2 14 15 60 Limited (“Premier”) (40%). Premier purchased M&I REUs (000s)1, 2 14 106 147 its interest in the property in 2015 from Goldcorp. Franco-Nevada Inf REUs (000s)2 0 8 13 holds a sliding scale gross royalty (4-9%) on production from the 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Dee claims. The royalty agreement includes an annual minimum Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

royalty which currently totals $200,000 per yearMineral Reserves which will be 2 For REU calculation, FNV management estimates 90% of Mineral Reserves & Mineral Mineral Reserves Mineral Reserves

credited against any future production royalty& Resources payments. To date Resources are subject to our royalty interest and estimates an average REU rate of & Resources & Resources Franco-Nevada has received close to $3.0 million dollars in annual 4.0% is applicable royalty payments which will be credited against any future production. Barrick commenced construction of an open pit at the South Arturo project in 2015. Premier estimates that Phase 2 of the project will & Resources & Resources yield approximately 225,000 ounces of gold in 2016 on a 100% Mineral Reserves Mineral Reserves basis. Barrick is also assessing potential development options for the Phase 1 & 3 deposits that are host to historic Mineral Resource estimates. The bulk of the ore will be processed through Barrick’s Goldstrike refractory facilities. REUs REUs REUs REUs REUs

Dee Dee 4-9% GR 4-9% GR N N

1 Mile 1 Mile ASSET HIGHLIGHTS:

Storm Storm Assets Assets • Initial Phase 2 productionUnderground expectedAssets Underground in 2016 Deposit Deposit • Potential larger project to follow Assets Assets Deep Deep • Exploration indicates potential forNorth North Target Target underground mine Historic South Historic South Dee Arturo Dee Arturo Pit Deposit Pit Deposit

Excluded Dee Project Excluded Dee Project Information Information from Royalty Information from Royalty Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS Other United States United States Overview Overview Overview Precious Metals Assets

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Hollister HOLLISTER LOCATION: NEVADA OPERATOR: CARLIN RESOURCES, LLC Hollister is an underground mine located at ROYALTY: NSR: 3-5% the northern end of the Carlin Trend in the Ivanhoe Mining District, Elko County, Nevada, approximately 121 km east-northeast of For REU calculation, FNV management estimates 100% of the Mineral Winnemucca, Nevada. Franco-Nevada holds Reserves and Mineral Resources are subject to our royalty interest and a 3-5% NSR royalty on approximately 28 km2 estimates an average REU rate of 3.0% is applicable

Mineral Reserves Mineral Reserves of the Hollister project as well as a sliding Mineral Reserves

& Resources & Resources scale NSR, which is subject to gold price and production thresholds & Resources and is capped at $3.5 million. The mine was operated by Great Basin Gold Limited until it was acquired in April 2013 by Waterton Global Resources Management (“Waterton”) through a bankruptcy proceeding. In November 2013, mining was suspended with Waterton stating it intended to focus on resource definition drilling to enhance & Resources & Resources asset value and extend the mine life. There was no timeline Mineral Reserves Mineral Reserves given for the evaluation. In November 2014, Waterton changed the name of the local operating company to Carlin Resources, LLC.

Stibnite Gold (Golden Meadows) STIBNITE GOLD (GOLDEN MEADOWS) LOCATION: IDAHO OPERATOR: MIDAS GOLD CORP. In May 2013, Midas Gold Corp. (“Midas Gold”) ROYALTY: NSR: 1.7% agreed to sell to Franco-Nevada a newly created 1.7% NSR on the future gold production from Midas Gold’s Stibnite project in Idaho For REU calculation, FNV management estimates 100% of the Mineral REUs REUs REUs for $15.0 million. The agreement is subject to Reserves and Mineral Resources are subject to our royalty interest and an option by Midas Gold to re-acquire one-third estimates an REU rate of 1.7% is applicable

REUs REUs of the royalty for $9.0 million which expires on May 9, 2016. The Stibnite project is located near the historic mining town of Stibnite, Idaho, about 153 km northeast of Boise, Idaho and is one of the highest grade open-pit deposits in the U.S. Midas Gold has consolidated 107 km2 of unpatented and patented claims. On December 15, 2014, Midas Gold announced the results of an independent pre-feasibility study on the Stibnite project. The study envisages three open-pit mines along with the retreatment of historical tailings supplying a common processing plant. The Stibnite project is expected to have a 12 year mine life with annual gold production of 337,000 ounces per year. Midas Gold continues to engage stakeholders and complete environmental baseline Assets Assets Assets studies and in February 2016 announced its intention to raise up to C$55.2 million to advance the project. Assets Assets Castle Mountain CASTLE MOUNTAIN LOCATION: CALIFORNIA OPERATOR: NEWCASTLE GOLD LTD. Franco-Nevada holds NSR royalties that range ROYALTY: NSR: 1-5% from 1% to 5% on claims covering the Castle Mountain mining property in the historic Hart Mining District, located in San Bernardino For REU calculation, FNV management estimates 100% of Mineral County, California, 90 km south of Las Vegas, Reserves & Mineral Resources are subject to our royalty interest and Nevada. NewCastle Gold Ltd. (“NewCastle”) estimates an average REU rate of 2.0% is applicable is currently evaluating reopening the Castle Mountain mine. The Castle Mountain land holdings total 30 km2, which includes patented claims (5 km2), and unpatented claims Information Information Information Additional Additional Additional (25 km2). The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold over a 10 year mine life with residual mining through 2004. NewCastle completed a preliminary economic assessment in April 2014. Additional Additional Information Information

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PRECIOUS METALS Other United States United States Overview Overview Precious Metals AssetsOverview

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Sterling STERLING LOCATION: NEVADA OPERATOR: IMPERIAL METALS CORPORATION Sterling is an underground gold operation ROYALTY: NSR: 0.25% located 185 km northwest of Las Vegas, Nevada near Beatty, Nevada and is operated by Imperial Metals Corporation (“Imperial FNV management has not included Sterling in REU estimates Metals”). Franco-Nevada holds 1/8th of a 2% NSR, or an effective 0.25% NSR royalty on

approximately 272 lode Mineral Reserves mining claims with Mineral Reserves Mineral Reserves

a small minimum advance royalty. Sterling underground& Resources mining & Resources & Resources operations were terminated at the end of May 2015. Imperial Metals is working on permitting for an open-pit mine and expanded leach pad which remains pending. & Resources & Resources Mineral Reserves Mineral Reserves Sandman SANDMAN LOCATION: NEVADA OPERATOR: NEWMONT MINING CORPORATION The Sandman project is an advanced ROYALTY: NSR: 0.5674-5% exploration project operated by Newmont, located approximately 22 km west of Winnemucca, Nevada. Franco-Nevada’s For REU calculation, FNV management estimates 100% of Mineral royalties on the Sandman project consist of: Reserves & Mineral Resources are subject to our royalty interest and (1) a 0.5674% NSR on the first 200,000 ounces estimates an average REU rate of 1.5% is applicable of gold produced from the royalty lands; and REUs REUs (2) a 5% NSR royalty on production from the 27REUs km2 of subleased private lands, payable only after the initial 300,000 ounces of gold

REUs REUs have been produced. The Sandman project covers approximately 100 km2 and consists of mining claims and checkerboard fee lands. Franco-Nevada’s two royalties are on a portion of the project that covers a total of approximately 27 km2 of private lands under a mining sublease and approximately 10 km2 included in some 114 unpatented mining claims.

Pinson PINSON LOCATION: NEVADA OPERATOR: ATNA RESOURCES LTD. AND BARRICK GOLD CORPORATION The Pinson project is located near Winnemucca, ROYALTY: NSR: 1-2% Assets Assets Nevada, at the intersectionAssets of the Getchell Gold Belt and the Battle Mountain-Eureka Trend, in the heart of the Nevada Gold Province. FNV management has not included Pinson in REU estimates Assets Assets Pinson is south of Barrick and Newmont’s Getchell/Turquoise Ridge mine and 13 km from Newmont’s Twin Creeks mine complex. Franco-Nevada holds a 1-2% NSR royalty on approximately 20 sections and a smaller royalty on another half section of checkerboard land in the area covering portions of the Pinson and Getchell properties in Nevada. The Pinson mine produced 985,000 ounces of gold from 1980 through 1999 by open-pit mining. In June 2014, Atna Resources Ltd. commenced test mining operations at the Pinson underground mine but all of the ore mined in 2014 originated from the Ogee zone, which is not subject to Franco-Nevada’s royalty. Due to a lack of Information Information Information Additional Additional developed working faces and the working capitalAdditional needed for further development, the Pinson mine was placed on care and maintenance during 2015. Additional Additional Information Information

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PRECIOUS METALS SUDBURY LOCATION: ONTARIO Sudbury Canada Overview Overview Overview OPERATOR: KGHM INTERNATIONAL LTD. STREAM: 50% PRECIOUS METAL STREAM

2015 2014 2013 Franco-Nevada acquired three precious metals Overview Overview streams in the Sudbury basin of Ontario with PGM Revenue to Franco-Nevada ($ million) $ 17.7 $ 28.4 $ 33.1 its acquisition of Gold Wheaton Gold Corp. Gold Revenue to Franco-Nevada ($ million) $ 5.5 $ 7.9 $ 11.6 (“Gold Wheaton”) on March 14, 2011. PGM P&P Reserves (koz PGM)1 112 290 290 Franco-Nevada is entitled to purchase 50% PGM M&I Resource (koz PGM)1 161 480 480 of the precious metals contained in ore PGM Inferred Resource (koz PGM)1 146 60 60 produced from the footwall portions of three Gold P&P Reserves (koz Au)1 16 40 40 separate mines and makes ongoing payments equal to the lesser of Gold M&I Resource (koz Au)1 29 80 80 1 $420 per ounce of payable gold (subject to an inflation adjustment Gold Inferred Resource (koz Au) 24 20 20 of 1% per year which commenced July 2011) and the then prevailing P&P REUs (000s)2 40 86 78 1, 2 Mineral Reserves Mineral Reserves spot price for gold. At the time of acquisition by Franco-Nevada, the M&I REUs (000s) 60 147 133 Mineral Reserves 2 & Resources & Resources mines were operated by Quadra FNX Mining Ltd. (“Quadra FNX”) which Inf REUs (000s) 54 22 20 & Resources was acquired by KGHM International Ltd. (“KGHM”) in March 2012. 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by The three mines are the operating Levack (Morrison deposit) mine Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Includes Mineral Reserves and Mineral Resources which are the sum for the Levack and the Podolsky and McCreedy West mines which are both currently (Morrison deposit), McCreedy West Mine and Podolsky Mine on care and maintenance. The footwall deposits are primarily rich in 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and palladium followed by platinum and gold. KGHM does not have Mineral Resources are subject to our 50% stream interest to which a 66.6% (69% & Resources & Resources processing facilities in Sudbury and sells the ore to third parties for in 2013) factor has been applied to estimate REUs. Note that this stream interest Mineral Reserves Mineral Reserves is calculated based on contained ounces in ore as there are no losses associated processing. The stream is calculated based on contained precious to metallurgical recoveries in the calculation of the REU. FNV management has metals in the delivered ore rather than payable metals. 2015 PGM converted all precious metals into REU equivalent gold assuming $900/ounce Pt, revenue was negatively impacted by the decrease in PGM prices. $500/ounce Pd and $1,200/ounce Au ($1,200/ounce Pt, $750/ounce Pd and $1,200/ ounce Au in 2014; $1,300/ounce Pt, $725/ounce Pd and $1,400/ounce Au in 2013) Levack (Morrison deposit): The stream agreement applies to the Levack (Morrison deposit) which has been in production since 2007 and is the main source of revenue from the Sudbury stream agreements. In late 2011, Quadra FNX and Xstrata Nickel entered into a life of mine agreement which allowed Quadra FNX to utilize the neighbouring underground infrastructure of Xstrata Nickel’s Craig mine. A new ramp REUs REUs REUs driven from the 4900 foot level of the Craig shaft allowed access to the 5040 foot level for diamond drilling and potential Mineral Reserve

REUs REUs and Mineral Resource expansion. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West ceased mining of the precious metal-rich ores in the PM deposit in 2011. Glencore plc (“Glencore”) cancelled its off-take contract for nickel ores in 2014 and the mine has now been placed on care and maintenance. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which has been in operation since 2008. Podolsky was put on care and maintenance in the third quarter of 2013.

Podolsky Assets Assets Assets

ASSET HIGHLIGHTS: Levack N 0 5 Assets Assets (Morrison Coleman • Ongoing high grade Deposit) Km production at Levack Strathcona McCreedy Mill (Morrison) West Nickel Rim South • Exploration drilling continues to test potential at depth

Sudbury Igneous Complex SUDBURY Chelmsford Formation Clarabelle Mill Onaping & Onwatin Formations Smelter Current and Former Mines Information Information Information Additional Additional Additional Mill Copper Cliff Smelter Creighton

Totten Additional Additional Information Information

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PRECIOUS METALS DETOUR LAKE LOCATION: ONTARIO / QUEBEC Detour Lake Canada Overview Overview Overview OPERATOR: DETOUR GOLD CORPORATION ROYALTY: NSR: 2%

2015 2014 2013 Franco-Nevada has a 2% NSR royalty that 2 Overview Overview covers an area of 140 km of the Abitibi Revenue to Franco-Nevada ($ million) $ 11.7 $ 11.2 $ 5.9 greenstone belt located 185 km northeast of Detour Lake P&P Reserves (koz Au)1 16,395 14,941 15,549 Cochrane, Ontario including the Detour Lake Detour Lake M&I Resource (koz Au)1 20,281 19,806 20,415 mine. Placer Dome Inc. operated a mine on Detour Lake Inferred Resource (koz Au)1 1,121 562 564 the property from 1983 through 1999 during P&P REUs (000s)2 328 299 311 which time approximately 1.8 million ounces M&I REUs (000s)1, 2 406 396 408 of gold are estimated to have been produced. Inf REUs (000s) 2 22 11 11 Detour Gold Corporation (“Detour”) constructed the current mine 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by from 2010 to 2013 and is the current operator. The Detour Lake mine Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves produced 232,287 ounces of gold in 2013 (partial year), 456,634 Mineral Resources are subject to our royalty interest and estimates a REU rate of & Resources & Resources & Resources ounces of gold in 2014 and 505,558 ounces of gold in 2015. Detour 2.0% is applicable expects to produce between 540,000-590,000 ounces in 2016. In January 2016, Detour provided a new life of mine plan for the Detour Lake mine. The revised plan assumes a longer mine life of 23 years versus 20 years previously (net of depletion for 2014 and 2015) & Resources & Resources while average yearly production is relatively unchanged at 655,000 Mineral Reserves Mineral Reserves ounces of gold versus 665,000 ounces of gold previously. The updated mine plan includes the addition of West Detour (formerly Block A which was consolidated with the purchase of Trade Winds Ventures Inc.) which provides a second feed source to smooth production. The West Detour pit has an ~10 year mine life, will have shared equipment between Detour Lake and West Detour pits and the West Detour pit will provide long-term storage for tailings and waste. The updated mine plan included an updated Mineral Reserve estimate which increased from 14.957 million ounces of gold as at the end of 2014 to 16.395 million ounces of gold as at the end of 2015. The updated Mineral REUs REUs REUs Reserve estimate included the first Mineral Reserve for the West Detour project of 1.529 million ounces of gold. REUs REUs

ASSET HIGHLIGHTS: • Expected to produce 540,000 - 590,000 ounces in 2016 • Updated life of mine plan provided in January 2016 • Longer mine life than previously expected with inclusion of West Detour pit (previously referred to Block A) Assets Assets • Expansion potential at higherAssets gold prices

Gowest Property Assets Assets West Detour A Mine Property

B D

Detour Sunday Lake Gold Deformation Zone Project C Ontario Quebec Information Information Information Additional Additional Additional Detour Lake Lower Detour Lake Deformation Zone E Royalty Area Other Quebec N royalty claims 2% NSR O 2.5 5 not shown Additional Additional Information Information 0.5-1% NSR Kilometres

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PRECIOUS METALS EAST TIMMINS LOCATION: ONTARIO East Timmins Canada Overview Overview Overview OPERATOR: KIRKLAND LAKE GOLD INC. ROYALTY: NSR: 0.25-15%

2015 2014 2013 Franco-Nevada has multiple NSR royalties Overview Overview ranging from 0.25 to 15% over the Destor- Revenue to Franco-Nevada ($ million) $ 10.1 $ 11.5 $ 12.5 Porcupine mineral trend just east of Timmins, P&P Reserves (koz Au)1 833 833 669 Ontario spread over more than 120 km and M&I Resource (koz Au)1 3,511 3,511 3,588 estimated to cover over 340 km2. Kirkland Lake Inferred Resource (koz Au)1 2,039 2,039 1,160 Gold Inc. (“KLG”) acquired St Andrew Goldfields P&P REUs (000s)2 59 59 51 (“St Andrew”) in January 2016 which previously M&I REUs (000s)1, 2 171 171 178 owned and operated most of the properties along the trend on which Inf REUs (000s)2 137 137 60 Franco-Nevada has royalties. KLG is believed to be exploring different 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by options for processing ore from various operations at its underutilized Mineral Resource category; all M&I categories are inclusive of Mineral Reserves.

Mineral Reserves Mineral Reserves Macassa mill in Kirkland Lake, Ontario as well as its newly acquired Mineral Reserves and Mineral Resources are sum of 6 different properties Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and & Resources & Resources Holt mill discussed below. The key properties include: & Resources Mineral Resources are subject to our royalty interest and estimates REU rates of: Holt: The Holt mine is the main producing asset that KLG acquired as Holloway 6% (7% in 2013); Holt 9% (10% in 2013); Hislop 4%; Taylor 1% part of the St Andrew transaction and includes the Holt mill complex. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/ounce and increasing in & Resources & Resources 1% increments for each $100/ounce increase in the gold price, to a Mineral Reserves Mineral Reserves maximum of 10%. The operation re-started in 2011. The Holt mine has an ~7 year mine life based on current Mineral Reserves with additional potential further to the west and down-dip of the main zone. Holloway: The Holloway mine, restarted in 2009, is located immediately north of the Holt property with ore processed at the Holt mill. Franco-Nevada has a sliding scale NSR royalty of 2% if the price of gold is less than $800/ounce, increasing by 1% for every $100/ ounce increase in the price of gold, up to a maximum of 15%. The Holloway mine has an ~2 year mine life based on current level of Mineral Reserves. REUs REUs REUs Taylor: The Taylor mine (1% NSR) achieved commercial production in

REUs REUs November 2015. The operation has an ~4-5 year mine life based on current level of Mineral Reserves with additional exploration potential. Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located approximately 50 km to the west of the Holt mill. The open-pit Mineral Reserve for the Hislop open-pit was fully depleted in 2014. ASSET HIGHLIGHTS: Other exploration: Additional exploration is targeting mineralization at the Holt Deep Zone 4 (down dip and west of the current workings) • New operator expands milling as well as areas in close proximity to Holloway. At Hislop, drilling on and development options the northern boundary has indicated that Primero Gold Corporation’s • Taylor mine achieved commercial Grey Fox discovery may continue onto the Hislop claims. There is also potential at the Aquarius deposit west of Taylor. production in 2015 Assets Assets Assets Assets Assets Stock Mine and Mill Royalty Lake Abitibi 11 1% NSR

ONR Pipestone Fault Frederick Destor-Porcupine Lake House Fault Zone Abitibi Hoyle Pond Lake Holloway Royalty Kidd Creek Kinross 1060 Zone N Sliding scale Matheson Taylor Carr Beatty Munro McCool German Stock Rand Lamplugh Frecheville Owl Creek Bell Creek Holloway Mine Stoughton Apollo Jonpol Holt Mine Broulan Reef Black Fox 101 Hallnor Guibord McIntyre Pamour Matheson Hislop Michaud Timmins #1 Ross Mine Porcupine 11 Ludgate Marriot Hollinger Dome Cody Macklem Bond Currie Bowman Garrison Harker Holloway 101 Paymaster Information Information Information Delnite Additional Additional Additional Porcupine Aquarius Royalty Aunor Peninsula Holt Royalty Royal Oak 1-2% NSR Cook Barnet Thackeray Sliding scale Night Taylor Royalty Hislop Royalty Hawk Central Timmins Royalty Claims 20 kilometres Lake 1% NSR 4% NSR Kenogamisis Lake 0.25-1% NSR Additional Additional

Information Information Present or past producing mine

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PRECIOUS METALS MUSSELWHITE LOCATION: ONTARIO Musselwhite Canada Overview Overview Overview OPERATOR: GOLDCORP INC. ROYALTY: NPI: 5%

2015 2014 2013 Franco-Nevada has a 5% NPI royalty that Overview Overview covers all of the original leased lands at Revenue to Franco-Nevada ($ million) $ 5.4 $ 4.6 $ 3.7 Goldcorp’s Musselwhite operation. The area is P&P Reserves (koz Au)1 1,720 1,660 1,850 2 estimated to cover 120 km in northwestern M&I Resource (koz Au)1 2,070 1,840 1,990 Ontario, 480 km north of Thunder Bay. Inferred Resource (koz Au)1 1,110 1,270 860 The royalty also covers an area of interest P&P REUs (000s)2 29 26 21 surrounding the property as shown in the M&I REUs (000s)1, 2 34 29 23 schematic. The mine is a fly-in/fly out underground operation which Inf REUs (000s)2 18 20 10 began operating in April 1997 and has produced over 3.0 million 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by ounces of gold. Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves Franco-Nevada received its first payment under the NPI royalty Mineral Resources are subject to our royalty interest and estimates a REU rate of & Resources & Resources & Resources in 2011 as the mine had then recovered all historical capital and 1.66% (1.58% in 2014; 1.15% in 2013) is applicable assuming an all in cost of operational costs. In 2015, Musselwhite delivered consistent year over $801/ounce year production combined with declining all-in sustaining costs which positively impacted the NPI royalty. Production in 2015 was 270,300 ounces at an all-in sustaining cost of $766 per ounce which was at & Resources & Resources the high end of its original production guidance of 250,000-270,000 Mineral Reserves Mineral Reserves ounces. For 2016, Goldcorp anticipates production between 240,000-260,000 ounces. Goldcorp continues to actively explore with several targets identified. Successful exploration efforts in 2015 led to reserve growth in the PQ Deeps and Upper Lynx areas.

Musselwhite

O 1.5 3 REUs REUs REUs Kilometres Esker North

Area of Interest Boundary REUs REUs

Opapimiskan Lake Exploration

West Anticline Mill

Zeemel Lake Assets Assets ASSET HIGHLIGHTS: Assets • Royalty leveraged to gold prices Leased Lands Assets Assets • Reduced all-in sustaining costs Unpatented Lands Deposits positively impacted NPI payments • Promising new targets Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS HEMLO LOCATION: ONTARIO Hemlo Canada Overview Overview Overview OPERATOR: BARRICK GOLD CORPORATION ROYALTY: NSR: 3% / NPI: 50%

2015 2014 2013 The Hemlo gold camp has been producing gold Overview Overview for over 25 years and is located just off the Revenue to Franco-Nevada ($ million) $ 5.0 $ 9.6 $ 3.1 Trans-Canada highway near Marathon, Ontario. P&P Reserves (koz Au)1 917 820 1,019 Barrick is the operator and manages both M&I Resource (koz Au)1 2,368 2,491 2,922 the open-pit and underground operations. Inferred Resource (koz Au)1 306 340 241 Franco-Nevada has both a 3% NSR royalty P&P REUs (000s)2 36 31 20 and a 50% NPI royalty on a portion of the M&I REUs (000s)1, 2 93 94 57 western down-dip underground extension of the Hemlo ore-body Inf REUs (000s)2 12 13 5 as shown in the longitudinal schematic. 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Initial mining on the royalty property began in late 2008, but revenues Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates approximately 20% (15% in 2013) Mineral Reserves were limited to the 3% NSR royalty. The 50% NPI portion of the royalty of the publicly reported Mineral Reserves and Mineral Resources for Hemlo are on its & Resources & Resources & Resources began paying in third quarter of 2012 after the upfront capital costs royalty ground and estimates an REU rate of 3.93% (3.76% in 2014; 1.95% in 2013) had been recovered by Barrick. In 2015, Hemlo generated $3.6 million is applicable when factoring our NSR and NPI interests in NPI payments compared with $7.4 million in 2014. Hemlo produced 219,000 ounces of gold in 2015, a 6% increase from 2014. All-in sustaining costs decreased $164 per ounce to $651 per & Resources & Resources ounce compared to 2014 primarily due to capital optimization and Mineral Reserves Mineral Reserves favourable exchange rates. In 2016, gold production is expected to be 200,000-220,000 ounces at all-in sustaining costs of $790-$870 per ounce. The NPI royalty should benefit from the combination of lower costs, capital optimization and favourable exchange rates. Hemlo Long Section Williams Shaft & Mill Surface ‘C’ Zone Pit REUs REUs REUs

REUs REUs 9975 ‘C’ Zone

9765 Mined Area 9555

9450 Mined Area Williams Mine Franco-Nevada 9240 Royalty Ground 9160 3% NSR + ‘B’ Zone Assets Assets Assets ASSET HIGHLIGHTS: 50% NPI • Established mine operation in Ontario Assets Assets • Barrick’s only Canadian operation • Royalty leveraged to gold prices Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS KIRKLAND LAKE LOCATION: ONTARIO Kirkland Lake Canada Overview Overview Overview OPERATOR: KIRKLAND LAKE GOLD INC. / YAMANA GOLD INC. / AGNICO EAGLE MINES LIMITED ROYALTY: NSR: 2-5.5%; NPI: 20%

2015 2014 2013 Franco-Nevada has various royalties covering 2 Overview Overview approximately 170 km of the Larder Lake and Revenue to Franco-Nevada ($ million) $ 4.6 $ 4.8 $ 0.6 Main Breaks in the historic Kirkland Lake gold P&P Reserves (koz Au)1 1,463 1,385 1,454 camp of Ontario. KLG has the main interests in M&I Resource (koz Au)1 3,775 3,958 3,843 the area and operates the Macassa mine which Inferred Resource (koz Au)1 1,583 2,210 2,234 includes production from the Main/’04 Break and P&P REUs (000s)2 37 35 36 the high-grade South Mine Complex (“SMC”). M&I REUs (000s)1, 2 93 109 106 Franco-Nevada’s royalty interests with KLG include: Inf REUs (000s)2 38 77 77 • An overlying 2.5% NSR on all of KLG’s properties (including the 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Macassa mine) which was acquired in 2013 for $50 million and Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Reserves The table above is the sum of reported Yamana and Agnico Eagle and KLG Mineral Mineral Reserves Mineral Reserves subject to a partial buyback option Reserves and Mineral Resources & Resources & Resources & Resources • An underlying 20% profit-based royalty immediately to the 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and south-west of the SMC as shown in the inset of the schematic Mineral Resources are subject to our royalty interest and estimates a REU rate of 2.50% is applicable to the KLG properties and a REU rate of 2.00% is applicable to • An underlying 2-3% NSR on claims to the west of current operations the Yamana and Agnico Eagle properties • An underlying 2% NSR royalty on claims that KLG purchased from Queenston Mining Inc. in July 2012 & Resources & Resources Based on the current Mineral Reserve and conservative conversion of Mineral Reserves Mineral Reserves its M&I Mineral Resource, KLG estimates that the Macassa mine has a 14 year mine life. Production in 2016 is expected to range between 160,000-180,000 ounces increasing to a range of 170,000-190,000 ounces in 2018. Regional exploration drilling to the east of the SMC is ongoing which may advance the SMC onto the Amalgamated Kirkland claims shown in the schematic below (area D). Franco-Nevada believes that there will be continued exploration success on its royalty lands. Franco-Nevada also has a 2% NSR royalty covering the majority of claims held in the Kirkland Lake gold camp by Yamana Gold Inc. (“Yamana”) and Agnico Eagle Mines Limited (“Agnico Eagle”) REUs REUs REUs from their acquisition of Osisko Mining Corporation (“Osisko”) in April 2014. Franco-Nevada’s royalties cover the Upper Canada, REUs REUs Anoki-McBean and Canadian Kirkland deposits. Assets Assets Assets Assets Assets

ASSET HIGHLIGHTS: • Overlying 2.5% royalty purchased in 2013 covers all of KLG’s properties • Continued exploration success at SMC Information Information Information Additional Additional • Large land position in Additional historical mining area covering multiple known deposits Additional Additional Information Information

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PRECIOUS METALS TIMMINS WEST LOCATION: ONTARIO Timmins West Canada Overview Overview Overview OPERATOR: LAKE SHORE GOLD CORP. ROYALTY: NSR: 2.25%

2015 2014 2013 Franco-Nevada acquired a 2.25% NSR royalty Overview Overview on Lake Shore Gold Corp.’s (“Lake Shore”) Revenue to Franco-Nevada ($ million) $ 3.7 $ 4.0 $ 3.2 Timmins West property in February 2012. P&P Reserves (koz Au)1 510 510 824 The royalty covers a large land package of M&I Resource (koz Au)1 1,114 812 1,240 approximately 130 km2 to the west of the City Inferred Resource (koz Au)1 1,607 1,288 1,819 of Timmins, Ontario which hosts the Timmins P&P REUs (000s)2 11 11 19 and Thunder Creek deposits as well as the M&I REUs (000s)1, 2 25 18 28 144 exploration zones and the Gold River Trend. In early February Inf REUs (000s)2 36 29 41 2016, Tahoe Resources Inc. (“Tahoe”) announced plans to acquire 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Lake Shore forming a leading Americas based precious metals Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves producer. Tahoe has additional operations in Guatemala and Peru. 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Resources are subject to our royalty interest and estimates a REU rate of & Resources & Resources & Resources Lake Shore produced 139,000 ounces in 2015, a slight decrease 2.25% is applicable from the record 142,200 ounces produced in 2014. For 2016, Lake Shore expects to produce between 170,000-180,000 ounces which includes non-commercial production from the 144 Gap Zone (discussed below). Lake Shore does not provide a breakout of its & Resources & Resources guidance between the Bell Creek mine and the Timmins West mine. Mineral Reserves Mineral Reserves Exploration efforts during 2015 focused on advancing the 144 Gap Zone which is located close to the Thunder Creek infrastructure. Lake Shore released its initial Mineral Resource for the 144 Gap Zone in February 2016 which included 301,700 ounces in the Indicated category (1,734,000 tonnes @ 5.41 g/t) and 319,200 ounces in the Inferred category (1,914,000 tonnes @ 5.19 g/t). In addition to the 144 Gap Zone, the property also hosts the Gold River deposit which has a small Indicated Resource and an Inferred Resource of over 1.0 million ounces (5.3 Mt @ 6.06 g/t). REUs REUs REUs ASSET HIGHLIGHTS: REUs REUs • Proposed merger with Tahoe would form Americas focused precious metals producer • Newly defined 144 GAP Zone located close to existing mine infrastructure • Maiden 144 Gap Zone Mineral Resource released in February 2016 Burrows Benedict Fault

Bell Creek Complex Mattagami River Fault Bell Creek Mine & Mill Hoyle Pond Destor-Porcupine Fault N 0 20 Assets Assets Assets Hollinger Pamour Mine McIntyre Km Dome Timmins Mine Assets Assets Timmins West UG Mine Shaft Deposits Timmins West 2.25% NSR Timmins Deposit Timmins West Thunder Creek Deposit Mine N 4 kms 101 “144” Gold River Trend Information Information Information Zone Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS CANADIAN MALARTIC LOCATION: QUEBEC Canadian Malartic Canada Overview Overview Overview OPERATOR: YAMANA GOLD INC. / AGNICO EAGLE MINES LIMITED ROYALTY: GR: 1.5%

2015 2014 2013 In June 2011, Franco-Nevada purchased a Overview Overview 1.5% gross royalty on part of the Canadian Revenue to Franco-Nevada ($ million) $ 1.6 $ 1.2 $ 1.4 Malartic gold project. The project is located in P&P Reserves (koz Au)1 7,726 8,658 10,120 Quebec’s Abitibi mining district and is one of M&I Resource (koz Au)1 8,976 10,594 11,690 Canada’s largest gold mines. The royalty covers Inferred Resource (koz Au)1 426 1,112 1,200 seven claims on the property including the P&P REUs (000s)2 12 14 16 central portion of the open-pit as shown in M&I REUs (000s)1, 2 14 17 18 2 the schematic which equates to approximately 3 km . Royalty Inf REUs (000s)2 1 2 2 payments are expected to fluctuate annually based on the location of mining relative to the royalty property. Yamana and Agnico Eagle 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by

are now 50/50 joint operators of the Canadian MalarticMineral Reserves mine following Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 10% of the Mineral Reserves and the 2014 acquisition of Osisko Mining Corporation.& Resources & Resources & Resources Mineral Resources are subject to our royalty interest and estimates a REU rate of For 2015, Yamana announced preliminary production of 572,000 1.5% is applicable ounces which was higher than the 560,000 ounces expected at the beginning of the year. Yamana expects a steady increase to production through 2018 of 560,000-580,000 ounces for 2016, 600,000 & Resources & Resources ounces in 2017 and 610,000 ounces for 2018. Mineral Reserves Mineral Reserves

ASSET HIGHLIGHTS: • Canada’s largest gold producer • Long life asset in Quebec • Exploration targets partially on royalty ground to the east REUs REUs REUs REUs REUs

Canadian Malartic Royalty Claims Royalty Exploration Targets

Rail line Area Open Pit Highway 117 Malartic Assets Assets Assets (town site) 1.5% Gross Royalty Assets Assets

Highway 117

Open Pit Barnat Extension Jeffrey Zone Norrie Deeps Mill

Canadian Malartic Information Information Information Additional Additional 0 Additional N 3.5 Property Km Additional Additional Information Information

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PRECIOUS METALS BRUCEJACK LOCATION: BRITISH COLUMBIA Brucejack Canada Overview Overview Overview OPERATOR: PRETIUM RESOURCES INC. ROYALTY: NSR: 1.2%

2015 2014 2013 In May 2013, Franco-Nevada purchased an Overview Overview existing 1.2% NSR royalty covering Pretium Revenue to Franco-Nevada ($ million) $ – $ – $ – Resources Inc.’s (“Pretium”) Brucejack gold P&P Reserves (koz Au)1, 3 7,500 7,500 7,300 project in northwestern British Columbia. The M&I Resource (koz Au)1, 3 9,600 9,600 9,600 project includes two principal deposits, the Inferred Resource (koz Au)1, 3 5,700 5,700 5,700 Valley of the Kings and the West Zone, both of P&P REUs (000s)2, 3 84 84 82 which continue to offer exploration potential. M&I REUs (000s)1, 2, 3 109 109 109 The NSR becomes payable after 500,000 ounces of gold have been Inf REUs (000s)2, 3 68 68 68 produced. 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves The June 2014 Feasibility Study envisions a mine producing 2 For REU calculation, FNV management estimates following production of 500,000 Mineral Reserves ounces that 100% of the remaining Mineral Reserves and Mineral Resources are & Resources & Resources approximately 400,000 ounces of gold annually over an 18 year mine & Resources subject to our royalty interest and estimates a REU rate of 1.2% is applicable life. Total gold produced over the life of mine is estimated to be 7.27 3 Does not include silver Mineral Reserves or Mineral Resources million ounces. A positive construction decision for the project was announced in 2015 in conjunction with a $540 million construction financing package and the receipt of all major regulatory permits required to begin development work. Pretium anticipates commercial & Resources & Resources production in 2017 for the Brucejack project and the project is now Mineral Reserves Mineral Reserves fully financed. Brucejack Project Royalty ASSET HIGHLIGHTS: Area • $540 million construction financing secured 1.2% NSR N • Positive construction decision announced 0 250

following receipt of all major permits Metres • Envisions average annual LOM production REUs REUs REUs of 400,000 ounces over 18 years Pretium REUs REUs • Targeting commercial production in 2017 Resources

Brucejack West Zone Lake

Valley of the Kings Zone Brucejack Property

Pretium Resources - Brucejack property Assets Assets Assets Pretium Resources - other claim Assets Assets

Brucejack Property

Stewart

British Columbia

Vancouver Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS HARDROCK LOCATION: ONTARIO Hardrock Canada Overview Overview Overview OPERATOR: PREMIER GOLD MINES LIMITED / CENTERRA GOLD INC. ROYALTY: NSR: 3%

2015 2014 2013 As part of its acquisition of a portfolio of Overview Overview approximately 20 royalties from Barrick in Revenue to Franco-Nevada ($ million) $ – $ – $ – November 2013, Franco-Nevada has a 3% P&P Reserves (koz Au)1 – – – NSR on production from the Hardrock property M&I Resource (koz Au)1 5,136 4,870 3,241 that is being advanced by Greenstone Gold Inferred Resource (koz Au)1 2,860 2,743 3,784 Mines L.P. (“Greenstone”), a 50/50 partnership P&P REUs (000s)2 – – – between Premier and Centerra Gold Inc M&I REUs (000s)1, 2 154 146 97 (“Centerra”). The Hardrock property is part of the larger Trans-Canada Inf REUs (000s)2 86 82 114 project with Hardrock representing the core project. The district has 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by historic production of 4 million ounces of gold and is host to multiple Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

gold deposits. Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves Mineral Resources are subject to our royalty interest and estimates a REU rate of & Resources & Resources & Resources As part of the Greenstone partnership, Centerra paid C$96 million 3.0% is applicable and agreed to make capital contributions to the partnership in the aggregate amount of C$185 million to complete a comprehensive technical and economic Feasibility Study (including an updated Mineral Resource estimate) for the Hardrock Project. A Feasibility & Resources & Resources Study is expected to be completed in mid-2016 and the partnership Mineral Reserves Mineral Reserves continues to advance permitting for approvals to construct a mine at Hardrock.

ASSET HIGHLIGHTS: • Advanced project in favourable mining jurisdiction • Centerra partnership helps advance project and funding REUs REUs REUs • Feasibility study to be released in mid-2016 REUs REUs

Hardrock Assets Assets Ontario Assets Royalty Area 3% NSR N 0 3 Royalty Area Kilometres Assets Assets Hardrock Mineralized zones (Geraldton)

Lindsey Errington Geraldton Ashmore

Mosher Shaft Information Information Information Additional Additional Other Additional Royalty Claims SP Zone Hardrock

Parent Salsberg McKelvie Additional Additional Information Information

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PRECIOUS METALS Other Canadian Canada Overview Overview Overview Precious Metals Assets

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Dublin Gulch (Eagle Deposit) DUBLIN GULCH (EAGLE DEPOSIT) LOCATION: YUKON OPERATOR: VICTORIA GOLD CORP. In January 2015, Franco-Nevada purchased ROYALTY: NSR: 1.5-2% an existing 2% NSR on the Eagle deposit which is being advanced by Victoria Gold Corp. (“Victoria”). The royalty is subject to an annual For REU calculation, FNV management estimates 100% of Mineral minimum royalty payment of $20,000. Once in Reserves & Mineral Resources are subject to our royalty interest and production, the NSR reduces to a 1% NSR once estimates an average REU rate of 2.0% is applicable

Mineral Reserves Mineral Reserves $1,000,000 is paid towards the royalty and Mineral Reserves

& Resources & Resources does not include credit for the minimum payments received. The Eagle & Resources deposit is part of the larger Dublin Gulch claim block and is located in central Yukon. In addition, Franco-Nevada purchased a 1.5% royalty on the Lynx properties (part of the Dublin Gulch claim) which is subject to a $15,000 annual advance royalty payment and is capped at $1,500,000. Victoria released a feasibility study for the Eagle deposit & Resources & Resources in April 2012 which included a 2.3 million ounce Mineral Reserve Mineral Reserves Mineral Reserves (91.6 Mt @ 0.78 g/t). The feasibility envisions a conventional heap leach open-pit mine with yearly average gold production of 212,000 ounces over a 10 year mine life. In December 2015, Victoria received the final Water Use License and has now been granted all major permits required to construct, operate and close the project.

Phoenix PHOENIX LOCATION: ONTARIO OPERATOR: RUBICON MINERALS CORPORATION REUs REUs REUs In August 2011, Franco-Nevada purchased a ROYALTY: NSR: 2% 2% NSR (subject to a buy-back of 0.5%) on

REUs REUs the water claims (which cover the majority of Mineral Resources) of the Phoenix gold project For REU calculation, FNV management estimates 100% of the Mineral in Red Lake, Ontario operated by Rubicon Reserves and Mineral Resources are subject to our royalty interest and Minerals Corporation (“Rubicon”). The Phoenix estimates a REU rate of 1.5% is applicable given Rubicon’s right to project is located 10 km north of Goldcorp’s repurchase 0.5% of the 2.0% NSR Red Lake mine. In November 2015, Rubicon announced a temporary shutdown of underground activities to enhance its geologic model and develop an implementation plan as the gold mineralization was more geologically complex than anticipated. In January 2016, Rubicon provided an updated Mineral Resource estimate which included a reduction of 91% to Indicated contained gold ounces and an 86% reduction to Inferred contained gold ounces. Rubicon is now Assets Assets Assets evaluating strategic alternatives for the company. Assets Assets Courageous Lake COURAGEOUS LAKE LOCATION: NORTHWEST TERRITORIES OPERATOR: SEABRIDGE GOLD INC. The Courageous Lake project is an advanced ROYALTY: NSR: 1.02% gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. has been advancing the Courageous Lake For REU calculation, FNV management estimates 100% of Mineral project and in July 2012, released results of its Reserves & Mineral Resources are subject to our royalty interest and first preliminary feasibility study for the asset. estimates an average REU rate of 1.02% is applicable The study estimated Mineral Reserves of 6.5 million ounces of gold (91 Mt @ 2.20 g/t) and projected average annual production of 385,000 ounces over a mine life of Information Information Information Additional Additional Additional 15 years. This project covers only 2 km of a greenstone belt that stretches 53 km. Additional Additional Information Information

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PRECIOUS METALS Other Canadian Canada Overview Overview Precious Metals AssetsOverview

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Goldfields GOLDFIELDS LOCATION: SASKATCHEWAN OPERATOR: FORTUNE BAY CORP. The Goldfields project currently consists of two ROYALTY: NSR: 2% gold deposits: the Box deposit, which is at the feasibility stage, and the Athona deposit, which has a completed preliminary feasibility study. For REU calculation, FNV management estimates 100% of Mineral Reserves & Franco-Nevada has a 2% NSR royalty that Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable covers both deposits. Brigus Gold Corp., which

was advancing the project,Mineral Reserves was acquired Mineral Reserves Mineral Reserves

by Primero Mining Corp. The Goldfields project& Resources was not part of the & Resources & Resources acquisition and was spun out into a company called Fortune Bay Corp. Limited activity has transpired on either the Box or Athona deposit since 2014. & Resources & Resources Monument Bay MONUMENT BAY LOCATION: MANITOBA Mineral Reserves Mineral Reserves OPERATOR: YAMANA GOLD INC. In June 2015, Yamana acquired Mega Precious ROYALTY: NSR: 2-3% Metals Inc. and the Monument Bay property, which is located in Manitoba, approximately 570 km northeast of Winnipeg. Monument For REU calculation, FNV management estimates 100% of Mineral Reserves & Bay consists of 136 contiguous claims totaling Mineral Resources are subject to our royalty interest and estimates an average 338,000 km2 and hosts a Measured and REU rate of 2.0% is applicable for first 1.0 million ounces produced and 3.0% on any additional ounces Indicated Mineral Resource base of 2.2 million ounces of gold in 46.9 million tonnes at an average grade of 1.43 grams per tonne. Yamana initiated a core drilling program REUs REUs in September 2015, with a total of approximatelyREUs 1,000 metres focused on expanding or infilling zones of near surface high grade mineralization. Franco-Nevada holds a 2% NSR royalty on the first REUs REUs 1.0 million ounces produced and a 3% NSR on any additional production.

New Prosperity NEW PROSPERITY LOCATION: BRITISH COLUMBIA OPERATOR: TASEKO MINES LIMITED Franco-Nevada has the right to acquire a STREAM: 22% GOLD STREAM 22% gold stream on the Prosperity (now New Prosperity) copper-gold project in British Columbia, 100% owned by Taseko Mines FNV management has not included New Prosperity in REU estimates Limited (“Taseko”). Franco-Nevada committed Assets Assets to provide a $350 millionAssets deposit and warrant consideration for the construction of New Prosperity when the project was fully permitted and financed. Assets Assets On February 27, 2014 the Government of Canada announced that it will not issue the federal authorizations necessary for New Prosperity to proceed. Franco-Nevada’s financing commitment remains available to Taseko, but can be terminated at the option of Franco-Nevada. Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS ANTAPACCAY LOCATION: PERU Antapaccay Latin America Overview Overview Overview OPERATOR: GLENCORE PLC ROYALTY: PRECIOUS METALS STREAM

2015 2014 2013 In February 2016, Franco-Nevada acquired Overview Overview a precious metals stream with reference to Revenue to Franco-Nevada ($ million) $ – $ – $ – production from the Antapaccay mine for P&P Reserves (koz Au)1 1,946 – – $500 million from Glencore and its subsidiaries. M&I Resource (koz Au)1 3,057 – – Antapaccay is located within the province of Inferred Resource (koz Au)1 788 – – Espinar in Southern Peru – a district with a P&P REUs (000s)2 655 – – long mining history. The property hosts the M&I REUs (000s)1, 2 885 – – historic Tintaya open pit mine and related infrastructure which began Inf REUs (000s)2 145 – – operating in 1984. Glencore (Xstrata) invested in excess of $1.5 billion 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by of initial capital to build and commission the Antapaccay open pit Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves mine and plant, which commenced operations in 2012. 2 For REU calculation, FNV management estimates P&P REUs include payable metal of Mineral Reserves 630,000 ounces of gold and 10 million ounces of silver with the balance of Mineral & Resources & Resources & Resources The stream is referenced to production from the Antapaccay open Reserves subject to a 30% stream with appropriate recovery parameters. For M&I pit mine which has been expanding throughput rates and production REUs, Franco-Nevada has assumed the P&P REUs with the balance of M&I Resources subject to the 30% stream with appropriate recovery parameters. For Inf REUs, since late 2012. Franco-Nevada is expecting 60,000 to 70,000 gold Franco-Nevada assumes Inferred Resources are subject to the 30% stream with equivalent ounces (“GEOs”) applicable to deliveries from the stream appropriate recovery parameters. Silver REUs are converted to gold REUs assuming in 2016. Due to the timing of concentrate shipments, Franco-Nevada $1200/oz gold and $15/oz silver. The stream interest has been factored by different ongoing payments of 20% of the spot price of gold and silver on the first 750,000 & Resources & Resources expects 11 months of deliveries to contribute to revenues in 2016. ounces of gold and 12.8 million ounces of silver and 30% of the spot price thereafter Mineral Reserves Mineral Reserves Full year contributions to Franco-Nevada from the stream are expected to average 70,000 to 80,000 GEOs per year over the next 5 years. Under the streaming agreement, precious metal deliveries are initially referenced to copper in concentrate shipped. Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold and 10 million ounces of silver have been delivered. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and REUs REUs REUs 12.8 million ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold

REUs REUs and silver. The stream is referenced to the entire Antapaccay concession covering approximately 997 km2. The Coroccohuayco deposit is located within 10 km of the Antapaccay plant and is not included in the current mine plan. Coroccohuayco hosts 256 million tonnes of M&I Resources, at approximately twice the copper grade of Antapaccay Mineral Reserves, and could potentially provide supplementary high grade ore later in the mine life. In addition, there are a number of large-scale regional targets and prospects on the Antapaccay concessions.

Antapaccay Tintaya Precious Metals Assets Assets Assets Plant Stream

Tailings Dump Assets Assets N 0 5 ASSET HIGHLIGHTS: Tintaya Km Pit Antapaccay Ccaque • Precious metal deliveries initially referenced Plant to copper in concentrate shipped 7 Km • Provides significant immediate revenue Catumpucara and cash flow Coroccohuayco • Continued ramp up of production offers Antapaccay Information Information Information Pit Additional Additional Additional modest near term growth • Significant land package offers a number of large-scale regional targets Additional Additional Information Information

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PRECIOUS METALS ANTAMINA LOCATION: PERU Antamina Latin America Overview Overview Overview OPERATOR: TECK RESOURCES LIMITED (OWNS 22.5%) ROYALTY: SILVER STREAM

2015 2014 2013 In October 2015, Franco-Nevada provided Overview Overview a deposit of $610 million for a silver stream Revenue to Franco-Nevada ($ million) $ 14.4 $ – $ – on production from the Antamina mine P&P Reserves (moz Ag)1 204.5 – – (“Antamina”) in Peru from Teck Resources M&I Resource (moz Ag)1 378.9 – – Limited (“Teck”). Teck owns a 22.50% interest Inferred Resource (moz Ag)1 454.2 – – in Compania Miñera Antamina S.A. (“CMA”), P&P REUs (000s)2 349 – – the Antamina joint venture company, along M&I REUs (000s)1, 2, 647 – – with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Inf REUs (000s)2 642 – – Mitsubishi Corporation (10.00%). Antamina is an established mine 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by that commenced operations in 2001 with over $6.5 billion spent Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

to date in constructing and expanding the mineMineral Reserves and its infrastructure 2 For REU calculation, FNV management assumes 22.5% of Teck’s interest in Antamina Mineral Reserves Mineral Reserves is subject to our stream interest and that the silver is subject to fixed payability of by the CMA partners. Antamina is the 8th largest& Resources copper mine in & Resources & Resources 90% with appropriate recovery factors and that the stream reduces by 33% once the world and is one of the lowest cost copper operations globally. 86 million silver ounces have been delivered. Silver has been converted into REU The low costs are facilitated by the wholly-owned mining gold equivalent assuming $1,200/oz gold and $15/oz. The stream interest has been infrastructure including a concentrate pipeline and port facilities. factored by ongoing payments of 5% of the spot price of silver Annual silver stream contributions to Franco-Nevada are expected & Resources & Resources to average 2.8-3.2 million ounces going forward, with 2016 and 2017 Mineral Reserves Mineral Reserves silver deliveries expected to be above average. The stream is based on all recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada will pay 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86 million ounces have been delivered under the stream agreement, estimated at current throughput to be approximately 30 years. The mine contains total M&I Resources of 1.1 billion tonnes of ore and Inferred Resources of 1.3 billion tonnes of ore. Within the Mineral REUs REUs REUs Resource envelope, total Mineral Reserves are 647 million tonnes of ore, which are currently constrained by tailings disposal capacity. REUs REUs CMA is currently considering options for storing additional tailings and alternative mine plans that could result in significant mine life extensions. Current M&I Resources are sufficient to support over 20 years of open pit mining. Historically, a high level of Inferred

Resources have converted to M&I Resources and ultimately to Huari Mineral Reserves. Beyond the known Mineral Reserves and Mineral Huaraz San Marcos Antamina Resources, Antamina hosts additional potential open pit and bulk/ Chavui selective underground targets. There is also regional exploration De Huantar

potential over a large, prospective land package greater than Recuay Machac Subestacion Linea de Transmision 700 km2. Electrica N Catac PARQUE NACIONAL 0 60 HUASCARAN Assets Assets Assets Miles Huanzala ASSET HIGHLIGHTS: Pachacoto Yanashall Autopista • Franco-Nevada’s first pure silver Panamericana Huallanca Norte CMA Assets Assets stream Pipeline Huarmey CMA Puerto Minero Aquia Carretera • Proven, high-margin asset Punta Lobitos Conococha Pativilca-Huarez contributing immediately to revenue Cajacay Chiquian Antamina and cash flow Silver Stream • Resource conversion could support Chasquitambo mining for 30-40 years

Cutatambo PERU South America Information Information Information Additional Additional Additional Paramonga Autopista Pativilca Panamericana Barranca Norte Pacific Ocean Pto. Supe Huacho Huaral Chancay Additional Additional

Information Information Lima

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PRECIOUS METALS CANDELARIA LOCATION: CHILE Candelaria Latin America Overview Overview Overview OPERATOR: LUNDIN MINING CORPORATION STREAM: GOLD AND SILVER STREAM

2015 2014 2013 In November 2014, Franco-Nevada acquired Overview Overview a gold and silver stream on production from the Revenue to Franco-Nevada ($ million) $ 101.6 23.9 – Candelaria operation in Chile. Lundin Mining P&P Reserves (koz Au)1 1,900 1,530 – Corporation (“Lundin”) is the operator of the M&I Resource (koz Au)1 2,900 2,050 – project and owns 80% of the asset with the Inferred Resource (koz Au)1 600 50 – balance owned by Sumitomo Corporation P&P REUs (000s)2 580 593 – and its affiliates. Franco-Nevada provided an M&I REUs (000s)1, 2 972 802 – up-front deposit of $648 million to acquire the gold and silver stream Inf REUs (000s)2 142 11 – from what is primarily a copper mine. Candelaria is an established 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mining operation and the transaction is the first material instance Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves of a royalty/streaming company partnering with an operating 2 For REU calculation, FNV management estimates P&P REUs include payable metal of Mineral Reserves 720,000 ounces of gold and 12 million ounces of silver. For M&I REUs, Franco-Nevada & Resources & Resources company to purchase a producing asset. & Resources has assumed the P&P REUs with the balance of M&I Resources are subject to the In July 2015, Lundin announced an updated mine plan for Candelaria. lower stream percentage with appropriate payable and recovery parameters. For Inf REUs, Franco-Nevada assumes Inferred Resources are subject to the lower stream The plan forecasts a 26% increase in precious metal production over percentage with appropriate payable and recovery parameters. Silver REUs are the next four years compared with the original estimate when the converted to gold REUs assuming $1,200/oz gold and $15/oz silver ($1,200/oz gold agreement was signed. Franco-Nevada expects to receive between and $17/oz silver in 2014). The stream interest has been factored by 66.6% to reflect $1,200 per ounce gold and $400 per ounce ongoing payments & Resources & Resources 70,000-78,000 ounces during the next four years (2016-2019) based Mineral Reserves Mineral Reserves on the revised mine plan. The stream covers 68% of the payable gold and silver from 100% of the mine and reduces to 40% after 720,000 ounces of gold and 12 million ounces of silver have been delivered to Franco-Nevada. Franco-Nevada will pay an ongoing price equal to the lesser of $400 per ounce of gold and $4.00 per ounce of silver or the Candelaria then prevailing spot price for gold and silver for each ounce delivered Gold and Silver Copiapo under the stream. This price will escalate by 1% per annum following Stream the third anniversary of the closing. The stream covers the current property position of approximately 2 Alcaparrosa 150 km . An additional defined area of interest effectively doubles the N Mine REUs REUs REUs 0 2.5 Tierra property position. Should Lundin acquire properties located within Amarilla Kilometres the area of interest, Franco-Nevada has the option to purchase a gold Santos REUs REUs and silver stream which will apply to the additional ore from such Mine

properties. The Candelaria mine was discovered in 1987 and the Candelaria Norte open-pit has been in operation since 1993. The operation also includes (U/G) the Candelaria Norte, Santos and Alcaparrosa underground mines. Mineral Resource additions based on recent exploration may extend

the life of the asset beyond its current mine life. Candelaria Pit Assets Assets Assets Candelaria Mining Property

Area of Interest Assets Assets Ojos del Salado Mining Property

ASSET HIGHLIGHTS: • Updated mine plan includes a 26% increase to precious metal production over 2016-2019 • Potential for near-term Mineral Resource conversion Information Information Information Additional Additional Additional • Large land package with an additional area of interest as part of agreement in historic mining camp • Partnering with established mine operator in Lundin with history of acquisitions Additional Additional Information Information

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PRECIOUS METALS PALMAREJO/GUADALUPE LOCATION: MEXICO Palmarejo/Guadalupe Latin America Overview Overview Overview OPERATOR: COEUR MINING, INC. STREAM: 50% GOLD STREAM

2015 2014 2013 Since January 2009, Franco-Nevada has Overview Overview received 50% of the gold produced from the Revenue to Franco-Nevada ($ million) $ 59.6 $ 66.6 $ 83.5 Palmarejo gold and silver operation located in P&P Reserves (koz Au)1 436 488 569 Chihuahua Province, Mexico which is owned M&I Resource (koz Au)1 743 905 1,709 and operated by Coeur Mining, Inc. (“Coeur”) Inferred Resource (koz Au)1 65 240 621 as part of a stream agreement. In June 2014, P&P REUs (000s)2 87 122 197 Franco-Nevada agreed to terminate the existing M&I REUs (000s)1, 2 182 232 592 stream agreement once Coeur has delivered the minimum 400,000 Inf REUs (000s)2 11 40 215 ounce obligation set as part of the original stream agreement. As of 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by December 31, 2015, Coeur had delivered 370,672 ounces (51,420 Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

ounces in 2015) and it is expected that the minimumMineral Reserves obligation 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves Mineral Resources are subject to our 50% stream interest to which a 66.6% (69% in will be satisfied in mid-2016. Franco-Nevada& Resources will pay approximately & Resources & Resources 2013) factor has been applied to obtain equivalent REUs until the minimum hurdle is $416 per ounce for the remaining ounces owed under the reached followed by a 33.3% factor minimum obligation. As part of the agreement to terminate the original stream agreement, Franco-Nevada entered into a new 50% gold stream with Coeur on the Perimeter of gold & Resources & Resources Palmarejo project. Franco-Nevada believes the restructured agreement stream Mineral Reserves Mineral Reserves improves mine economics for Coeur and extends the mine life of property the entire Palmarejo operation. This agreement continues to apply to the extensive land position totaling over 1,200 km2. Franco-Nevada Palmarejo provided an upfront $22.0 million deposit to be used to partially fund the development of the Guadalupe underground mine on the Palmarejo Mine Agua Salada property. Ongoing payments will be equal to the lesser of $800 per Palmarejo ounce (no inflation provision) and the then prevailing spot price for Area gold for each ounce delivered under the new gold stream agreement. Independencia In 2014, Coeur acquired Paramount Gold and Silver Corp. that Area controlled the neighbouring Independencia deposit. Coeur plans to REUs REUs REUs Palmarejo process Independencia ore through the Palmarejo plant which is not Gold Stream subject to the stream agreement. Coeur reported that the transition

REUs REUs Guadalupe to higher-grade underground ore sources at Guadalupe (as well as Non-stream Area Independencia) remains on track. The operation achieved mining rates ground of 2,000 tons per day from the Guadalupe deposit in early January 2016. Coeur predicts that the Guadalupe and Independencia deposits N have the potential to produce 4,000 metric tonnes per day of high- 0 4 grade silver and gold for 7 years. In addition, the two deposits remain open at depth and along strike with additional exploration potential Km within the Guadalupe mining district.

ASSET HIGHLIGHTS: Assets Assets Assets • Minimum stream payments expected till mid-2016 Assets Assets • Restructured agreement following completion of minimum stream payments • Improved mine economics and potential for extended mine life • Extensive land position with multiple prospects Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS CERRO SAN PEDRO LOCATION: MEXICO Cerro San Pedro Latin America Overview Overview Overview OPERATOR: NEW GOLD INC. ROYALTY: GR: 1.95%

2015 2014 2013 Franco-Nevada has a 1.95% GR that covers Overview Overview most of the known mineralization on the Revenue to Franco-Nevada ($ million) $ 2.9 $ 2.0 $ 3.3 Cerro San Pedro project operated by New Gold. P&P Reserves (koz Au)1,3 13 215 392 Cerro San Pedro is located in the San Luis Potosi M&I Resource (koz Au)1, 3 13 215 397 mining district of central Mexico. The project Inferred Resource (koz Au)1, 3 0 4 13 is a gold-silver, open-pit, run-of-mine heap P&P REUs (000s)2, 3 0 4 8 leach operation and consists of 36 mining M&I REUs (000s)1, 2, 3 0 4 8 2 and exploration concessions totaling 78 km . Inf REUs (000s)2, 3 – – – Gold production at Cerro San Pedro increased 51% in 2015 compared 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by with 2014 due to more ore tonnes placed on the leach pad and less Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Reserves waste stripping. Production in 2015 amounted to 105,500 ounces of and M&I resources are subject to our royalty interest and a REU rate of 1.95% is & Resources & Resources & Resources gold and 1.5 million ounces of silver versus 69,800 ounces of gold applicable and 1.1 million ounces of silver in 2014. 2015 gold production was 3 Does not include silver Mineral Reserves and Mineral Resources higher than indicated guidance at the beginning of the year of 90,000- 100,000 ounces of gold and silver production was slightly lower than the envisioned 1.75-1.95 million ounces of silver. & Resources & Resources 2015 represented the final full year of active mining at Cerro San Mineral Reserves Mineral Reserves Pedro and 2016 gold production is scheduled to decline to a range of 60,000 to 70,000 ounces as the mine transitions to residual Ultimate N leaching. Based on slower leach kinetics for silver, 2016 production Pit Limit Note: is expected to only decline slightly to a range of 1.3-1.5 million not to scale ounces. Gold production from residual leaching in 2017 is expected to be approximately 40% of the targeted 2016 production and silver production for 2017 is expected to be approximately 1 million ounces. REUs REUs REUs REUs REUs

Cerro San Pedro Mine

1.95% GR Assets Assets Assets

ASSET HIGHLIGHTS: Assets Assets • Significant increase to production in 2015 over 2014 • 2015 was last full year of active mining • Residual leaching expected to continue into 2018 Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS COBRE PANAMA LOCATION: PANAMA Cobre Panama Latin America Overview Overview Overview OPERATOR: FIRST QUANTUM MINERALS LTD. STREAM: GOLD AND SILVER STREAM

2015 2014 2013 In October 2015, Franco-Nevada and Overview Overview First Quantum Minerals Ltd. (“First Quantum”) Revenue to Franco-Nevada ($ million) $ – $ – $ – finalized terms of a replacement precious P&P Reserves (koz Au)1 6,941 7,300 7,288 metals stream agreement on the Cobre M&I Resource (koz Au)1 7,453 9,006 9,006 Panama project. The changes from the Inferred Resource (koz Au)1 1,135 4,396 4,396 original agreement, signed with a predecessor P&P REUs (000s)2 3,403 3,603 3,826 company to First Quantum in 2012, relate to M&I REUs (000s)1, 2 3,657 4,380 4,639 streamlining reporting arrangements and providing First Quantum Inf REUs (000s)2 547 2,073 2,472 with greater flexibility to finance the project while maintaining 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Franco-Nevada’s security package. The principal commercial terms Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

of the replacement agreement remain the sameMineral Reserves as the original 2 For REU calculation, FNV management assumes 80% of First Quantum’s share and Mineral Reserves Mineral Reserves 86% of their share of Mineral Reserves and Mineral Resources are subject to our agreement. & Resources & Resources & Resources stream interest. Silver has been converted into REU gold equivalent assuming $1,200/ Cobre Panama is one of the world’s largest copper-gold-silver oz gold and $15/oz silver (previously used gold/silver ratios of 70.6:1 in 2014; 60.5:1 in 2013) and a 57% factor (59% in 2013) has been applied to obtain equivalent REUs porphyry deposits currently being constructed. The concession covers for the P&P category, a 56% factor (57% in 2013) has been applied for REUs in the 2 an area of 136 km . Under the terms of the precious metals purchase M&I category and a 50% factor has been applied for REUs in the Inferred category agreement, Franco-Nevada will provide a maximum of $1 billion & Resources & Resources deposit pro-rata on a 1:3 ratio of First Quantum’s share of the capital Mineral Reserves Mineral Reserves costs (First Quantum owns 80% of the project) commencing after Caribbean Sea Panama Punta Rincón Port and Canal Powerplant Cobre Panama First Quantum’s funding reached $1 billion. Franco-Nevada provided Project

initial funding of $337.9 million in 2015 and expects to provide Panama City additional funding of approximately $130-$150 million in 2016. The Caribbean Sea Pacific Ocean amount of precious metals deliverable under the precious metals River Caimito purchase agreement is indexed to the copper in concentrate produced from the entire project and approximates 86% of the expected payable precious metals attributable to First Quantum. Beyond the initial contemplated mine life, the precious metals deliverable under Cobre Panama the agreement will be based on a fixed percentage of the precious REUs REUs REUs * Property located metals in concentrate. approximately N 20 km from 4 km First Quantum continued to make good development progress in all Caribbean Sea REUs REUs areas of the project in 2015. A detailed review of the capital budget was performed in the third quarter of 2015, and again in early 2016, Concession which resulted in a revised capital cost estimate of $5.48 billion Boundary from the previous estimate of $5.95 billion, leading to a total Power Transmission reduction of 15% from the original estimate of $6.42 billon. 230 kv line Phased commissioning and ramp-up is expected during 2018 which commercial production throughput levels expected by end of 2018.

The January 2014 mine plan envisions a 34 year mine life with Collina Pit Botija Pit Balboa Plant potential for further expansion. Pit Site Valle Grande Camp Brazo Pit Pit Assets Assets Assets Assets Assets

ASSET HIGHLIGHTS: • Replacement precious metals stream agreement reached in October 2015 • Franco-Nevada provided initial funding of $337.9 million in 2015 • First Quantum estimates that Information Information Information the project was 39% complete Additional Additional Additional as of March 2016 Additional Additional Information Information

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PRECIOUS METALS CERRO MORO LOCATION: ARGENTINA Cerro Moro Latin America Overview Overview Overview OPERATOR: YAMANA GOLD INC. ROYALTY: NSR: 2%

2015 2014 2013 In March 2014, Franco-Nevada entered into Overview Overview an agreement to acquire a 2% NSR on the Revenue to Franco-Nevada ($ million) $ – $ – $ – Cerro Moro project currently being advanced P&P Reserves (koz Au)1 715 715 715 by Yamana. Cerro Moro is located in the Santa M&I Resource (koz Au)1 953 953 837 Cruz Province of Argentina. Cerro Moro is an Inferred Resource (koz Au)1 279 279 220 advanced high grade gold-silver exploration P&P REUs (000s)2 24 26 28 project which Yamana acquired through its M&I REUs (000s)1, 2 34 36 34 purchase of Extorre Gold Mines Ltd. in August 2012. The royalty is Inf REUs (000s)2 9 10 9 2 estimated to cover 160 km of the property and all current Mineral 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Resources. Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Reserves Mineral Resources are subject to our royalty interest and a REU rate of 2.0% is & Resources & Resources In February 2015, Yamana announced a formal decision to proceed & Resources applicable. Silver has been converted assuming $1,200/oz gold and $15/oz silver with the construction of the Cerro Moro project. The current plan ($1,200/oz gold and $17/oz silver in 2014) includes constructing a 1,000 tonne per day plant producing an average of 102,000 ounces of gold and 5 million ounces of silver per year over an initial 7 year mine life. Production estimates consider only current Mineral Reserves and not the benefit of expected & Resources & Resources additions from exploration and new discoveries. Yamana estimates Mineral Reserves Mineral Reserves 2018 production of 78,000 ounces of gold and approximately 3.2 million ounces of silver increasing to almost 160,000 ounces of gold and 6.5 million ounces of silver in 2020. Cerro Moro Royalty Area Cerro 2% NSR N Moro Royalty Claim Area 0 10 Cella

Kilometres Celeste Silvana Jimena REUs REUs REUs Carina Maria Lola Juan Belen Not included

REUs REUs under 2% NSR

Daniel Pablo Alejandro

N 0 5

Kilometres

Nini

Esperanza

Loma Escondida Assets Assets Assets Resource Locations Escondida Carla

Martina Zoe Assets Assets

Not included under 2% NSR

ASSET HIGHLIGHTS: • Formal construction decision announced February 2015 • Commissioning expected second half Information Information Information of 2017; production in 2018 Additional Additional Additional • High grade gold/silver deposit with exploration potential Additional Additional Information Information

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PRECIOUS METALS Other Latin America Latin America Overview Overview Precious Metals AssetsOverview

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Gurupi GURUPI LOCATION: BRAZIL OPERATOR: JAGUAR MINING INC. Franco-Nevada holds a sliding scale NSR royalty ROYALTY: NSR: 0-1% (1% at greater than $400 per ounce gold) on Jaguar Mining Inc.’s (“Jaguar”) Gurupi project located in the State of Maranhão in northern For REU calculation, FNV management estimates 100% of Mineral Reserves & Brazil. Jaguar reported the results of a feasibility Mineral Resources are subject to our royalty interest and estimates an average study for Gurupi in January 2011 which REU rate of 1.0% is applicable

anticipated an open-pit mineMineral Reserves that would produce Mineral Reserves Mineral Reserves

approximately 149,000 ounces of gold annually& Resources for a period of 13 & Resources & Resources years. Jaguar has stated that its focus will be on its current operations and generating free cash flow before Gurupi is advanced further. & Resources & Resources Calcatreu CALCATREU LOCATION: ARGENTINA Mineral Reserves Mineral Reserves OPERATOR: PAN AMERICAN SILVER CORP. Franco-Nevada acquired a 2.5% NSR on the ROYALTY: NSR: 2.5% Calcatreu property in Argentina as part of its IPO. The property is an advanced exploration- stage, epithermal gold-silver deposit located For REU calculation, FNV management estimates 100% of Mineral Reserves & in the Province of Rio Negro. Pan American Mineral Resources are subject to our royalty interest and estimates an average Silver Corp. acquired the property in 2010 REU rate of 2.5% is applicable through the acquisition of Aquiline Resources Inc. The project is currently on care and maintenance. REUs REUs REUs

SAN JORGE LOCATION: ARGENTINA REUs REUs San Jorge OPERATOR: ATERRA INVESTING LTD. AND SOLWAY INDUSTRIES LTD Franco-Nevada acquired the royalty on the ROYALTY: NSR: 7.5% / ADVANCED PAYMENTS San Jorge property through its acquisition of Lumina Royalty Corp. in December 2011. San Jorge is an advanced stage copper-gold For REU calculation, FNV management converts the remaining annual porphyry project located in the Province of payments to REUs based on $1,200/oz Au and estimates 100% of Mineral Mendoza, Argentina. Under the revised terms of Reserves & Mineral Resources are subject to our royalty interest and the royalty agreement, Franco-Nevada receives estimates an average REU rate of 7.5% is applicable annual payments of $1.25 million per year for 10 years commencing March 31, 2012 with a subsequent 7.5% NSR on all gold produced from the property. In April 2015, Coro Mining Corp. finalized an amended agreement with Aterra Investing Ltd. and Solway industries Assets Assets Ltd (“A&S”). By making an advanced paymentAssets of $1.3 million under this amended agreement to Coro Mining Corp., A&S have the right to acquire a 100% interest and are exercising control over the San Jorge Assets Assets property.

Volcan VOLCAN LOCATION: CHILE OPERATOR: HOCHSCHILD MINING PLC As part its acquisition of a portfolio of ROYALTY: NSR: 1.5% approximately 20 royalties from Barrick in November 2013, Franco-Nevada has a 1.5% NSR on part of the Volcan property owned For REU calculation, FNV management estimates 25% of Mineral Reserves by Hochschild Mining plc. The property is & Mineral Resources are subject to our royalty interest and estimates an Information Information strategically located Information in the Maricunga gold average REU rate of 1.5% is applicable Additional Additional Additional belt, which hosts a number of significant gold deposits. The royalty covers a portion of the Agua de Oro deposit but not the main Dorado deposits which comprise the preliminary feasibility study. Additional Additional Information Information

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PRECIOUS METALS MWS LOCATION: SOUTH AFRICA MWS Rest of World Overview Overview Overview OPERATOR: ANGLOGOLD ASHANTI LIMITED STREAM: 25% GOLD STREAM

2015 2014 2013 Franco-Nevada, as a result of its acquisition Overview Overview of Gold Wheaton in March 2011, receives Revenue to Franco-Nevada ($ million) $ 26.2 $ 30.5 $ 35.7 25% of gold produced from the Mine Waste P&P Reserves (koz Au)1 2,190 2,250 2,350 Solutions (“MWS”) project. MWS is a gold and M&I Resource (koz Au)1 2,230 2,260 2,430 uranium tailings recovery operation located Inferred Resource (koz Au)1 150 150 150 near Stilfontein, approximately 160 km west P&P REUs (000s)2 147 162 185 of Johannesburg, South Africa. The operation M&I REUs (000s)1, 2 147 162 185 processes multiple tailings dumps in the area through three production Inf REUs (000s)2 – – – modules, the last of which was commissioned in 2011. It also includes 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by a modern tailings storage facility approximately 15 km from the gold Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves plant. Franco-Nevada makes ongoing payments equal to the lesser 2 For REU calculation, FNV management estimates 220,465 stream ounces (243,081 Mineral Reserves in 2014; 267,200 in 2013) to be delivered and factored by 66.6% (69% in 2013) & Resources & Resources of $416/ounce of payable gold (subject to a 1% annual inflation & Resources to estimate equivalent REUs that commenced December 2012) and the then prevailing spot price for gold. AngloGold Ashanti Limited (“AngloGold Ashanti”) purchased the operation from First Uranium Corporation in July 2012. As part of the & Resources & Resources AngloGold Ashanti purchase, Franco-Nevada amended the agreement Mineral Reserves Mineral Reserves and is now entitled to receive 25% of all the gold produced through the MWS plant including treatment of AngloGold Ashanti’s tailings until Franco-Nevada has received 312,500 ounces of gold, starting on January 1, 2012 (the prior agreement had no production cap). In 2015, Franco-Nevada received 22,616 ounces of gold and at December 31, 2015 had received 92,052 ounces of the 312,500 ounce cap since the amendment of the agreement. There was a minor decrease in gold ounces received in 2015 compared to 2014.

MWS 4 REUs REUs REUs MWS MWS 25% Gold Stream MWS 5 N 12 REUs REUs AngloGold Ashanti Dumps

STILFONTEIN Plant Site Town

N Tailings storage 0 2.5 H5 H1 facility site H6 Kilometres Hartebeestfontein H2 Assets Assets Assets

SPD Buffelsfontein

B2 B1 Assets Assets B5 Vaal East B3 B4

ASSET HIGHLIGHTS: Vaal West • Franco-Nevada entitled to 25% of all gold produced until 312,500 ounces received • Uranium recovery plant should help increase gold recoveries slightly Information Information Information Additional Additional Additional • Limited upside given production cap on payments Additional Additional Information Information

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PRECIOUS METALS SABODALA LOCATION: SENEGAL Sabodala Rest of World Overview Overview Overview OPERATOR: TERANGA GOLD CORPORATION STREAM: FIXED GOLD DELIVERIES / 6% GOLD STREAM

2015 2014 2013 In December 2013, Franco-Nevada provided Overview Overview Teranga Gold Corporation (“Teranga”) with Revenue to Franco-Nevada ($ million) $ 28.3 $ 26.3 $ – $135 million to fund the acquisition by Teranga P&P Reserves (koz Au)1 2,640 2,620 2,820 of the remaining interests of the Oromin M&I Resource (koz Au)1 4,442 6,050 6,180 Joint Venture (“OJVG”). The OJVG owned the Inferred Resource (koz Au)1 944 2,370 2,600 adjacent property which hosts several deposits P&P REUs (000s)2 156 157 237 representing future ore sources for Teranga’s M&I REUs (000s)1, 2 243 322 534 neighbouring Sabodala mill. With the acquisition, Teranga now controls Inf REUs (000s)2 45 114 125 2 a sizable land package of 1,055 km which includes much of a 70 km 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by strike length along a prospective greenstone belt. Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves 2 For REU calculation, FNV management estimates account for the remaining prepaid Mineral Reserves Mineral Reserves Under the terms of the agreement between Franco-Nevada and gold purchase ounces and 100% of the remaining Mineral Reserves & Mineral & Resources & Resources & Resources Teranga, Teranga will deliver 22,500 ounces of gold annually over the Resources are subject to an REU rate of 4.8% (6.0% gold stream which is factored by first six years of the agreement. Following delivery of 135,000 ounces 80% to estimate equivalent REU rate) of gold, Franco-Nevada will receive 6% of gold production that is sourced from either the Sabodala or OJVG properties. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal & Resources & Resources to 20% of the spot gold price. As of the end of 2015, Teranga has Mineral Reserves Mineral Reserves delivered 45,000 ounces. ASSET HIGHLIGHTS: 2015 production of 182,282 ounces fell short of Teranga’s original expectations production between 200,000-230,000 ounces. • Fixed ounce payments of 22,500 per year Production was impacted by a change in mine plan at Gora, impact for six years with trailing 6% stream of the rainy season and other minor factors. For 2016, Teranga expects (45,000 ounces delivered to date) production to increase to a range of 200,000-215,000 ounces with increased mill capacity and increased grade. Longer term, Teranga • Estimated 13.5 year mine life based expected production to average approximately 200,000 ounces per on existing Mineral Reserves year for nine years and 120,000 ounces per year for the remaining four and half years of the estimated 13.5 year mine life assuming • Land package offers significant exploration REUs REUs REUs no exploration success from its 1,055 km2 land package. potential REUs REUs Assets Assets Assets Mauritania Atlantic Ocean Senegal Dakar Mali Sabodala Assets Assets Sabodala

Guinea 22.5 K oz/yr for 6 yrs; then 6% Stream

10 kilometres from mill Tailings Sabodala Pit Mill Masato Sabodala Deposit Gora Sabodala West Deposit

Sabodala Concession Information Information Information OJVG Concession Additional Additional Additional OJVG Deposits N Niakafiri 0 2.5 Deposit Kilometres N Golouma 0 20 Deposits Kilometres Additional Additional Information Information

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PRECIOUS METALS SUBIKA LOCATION: GHANA Subika Rest of World Overview Overview Overview OPERATOR: NEWMONT MINING CORPORATION ROYALTY: NSR: 2%

2015 2014 2013 Franco-Nevada has a 2% NSR royalty which 2 Overview Overview covers a 78 km area of Newmont’s Ahafo Revenue to Franco-Nevada ($ million) $ 4.3 $ 9.0 $ 14.4 project in Ghana (shown in the schematic). P&P Reserves (koz Au)1 6,640 9,910 10,120 Franco-Nevada’s royalty is believed to cover M&I Resource (koz Au)1 8,540 12,190 12,530 most, if not all, of the Subika open-pit as Inferred Resource (koz Au)1 1,850 3,200 2,720 well as a majority of the Subika underground P&P REUs (000s)2 102 69 101 mineralization identified to date. The royalty M&I REUs (000s)1, 2 120 85 125 first became payable to Franco-Nevada in third quarter of 2012. Inf REUs (000s)2 32 22 27 Ahafo production has steadily declined in recent years from 570,000 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by ounces in 2013 to an anticipated range of 330,000-360,000 ounces Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Reserves Mineral Reserves Prior to 2015, Newmont did not report Ahafo North and Ahafo South separately Mineral Reserves in 2016. The year over year decrease was due to lower grades and 2 For REU calculation, FNV management estimates 77% of Mineral Reserves (35% in & Resources & Resources & Resources a higher strip ratio. 2014; 50% in 2013), 78% of the M&I Mineral Resource (35% in 2014; 50% in 2013) and 88% of the Inferred Mineral Resource (35% in 2014; 50% in 2013) are subject to Newmont continues to study both a mill expansion at Ahafo as well our royalty interest and estimates an average REU rate of 2.0% is applicable. Prior to as potential underground development at the Subika pit. The mill 2015, Newmont did not report Ahafo North and Ahafo South separately expansion would help offset the impact of harder ore as well as lower grades in addition to providing synergies with the Subika underground & Resources & Resources project. The mill expansion would add an additional 100,000-125,000 Mineral Reserves Mineral Reserves ounces of gold (first five year average) at a capital cost of $140-$160 million. The Subika underground would help in smoothing production and contribute 100,000-150,000 ounces (first five year average) to coincide with and supply the mill expansion. A decision for both the mill expansion and the Subika underground is expected in the second half of 2016. REUs REUs REUs REUs REUs Amoma

Ntotoroso

ASSET HIGHLIGHTS: Awonsu • Steady year over year production Assets Assets Assets expected in 2016 Apensu • Mill expansion and Subika Plant and Assets Assets underground decision expected Offices in second half of 2016 • Mill expansion and underground development could provide N first production in 2018 Subika Kenyase Note: not to scale

2% NSR Royalty Area Subika Information Information Information Additional Additional Additional Project Area Additional Additional Information Information

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PRECIOUS METALS TASIAST LOCATION: MAURITANIA Tasiast Rest of World Overview Overview Overview OPERATOR: KINROSS GOLD CORPORATION ROYALTY: NSR: 2% ALGERIA 2015 2014 2013 Franco-Nevada has a 2% NSR royalty on Original Royalty Area Overview Overview the Tasiast project operated by Kinross. Revenue to Franco-Nevada ($ million) $ 5.0 $ 7.1 $ 6.6 Franco-Nevada’s royalty first became payable P&P Reserves (koz Au)1 8,952 9,196 6,543 in the third quarter of 2011. Kinross acquired M&I Resource (koz Au)1 12,397 12,344 14,350 1 control of Tasiast in September 2010 pursuant TASIASTInferred Resource (koz Au) 547 492 664 to its acquisition of Red Back Mining Inc. The P&PMAURITANIA REUs (000s)2 179 184 131 royalty originally covered three large permit 1, 2 SENEGAL M&I REUs (000s) 248 247 287 areas in Mauritania, West Africa of which the most prominent is Inf REUs (000s)MALI2 11 10 13 2 Tasiast with a currently reported mining license area of 312 km 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by 2 and a total exploration license area of 3,118 km . Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves In 2015, Tasiast produced 219,600 ounces of gold compared to Mineral Resources are subject to our royalty interest and estimates a REU rate of & Resources & Resources & Resources 260,485 ounces produced in 2014 due to lower planned dump leach 2.0% is applicable production. Kinross made improvements to the current operation in the fourth quarter of 2015 which included upgraded crushing and grinding capacity, resulting in increased average throughput of 7,500 tonnes per day compared with 6,800 tonnes per day previously. & Resources & Resources Kinross is finalizing studies on a two-phased expansion plan. The Mineral Reserves Mineral Reserves two-phased expansion is expected to leverage existing mill infrastructure to optimize the current operation in the near term and lower overall capital costs compared with earlier project forecasts. Phase One of the potential expansion contemplates adding incremental grinding capacity to the operation’s existing comminution Tasiast circuit to increase mill nameplate capacity from the current 8,000 Main Trend tonnes per day to 12,000 tonnes per day. Phase Two contemplates further increasing throughput capacity with the installation of

additional milling, leaching, thickening and refinery capacity. Plant Site Kinross expects to complete and provide results of the Phase REUs REUs REUs One feasibility study and the Phase Two pre-feasibility study in the first quarter of 2016. REUs REUs

ASSET HIGHLIGHTS: N • Steady state production 25 km • Expansion potential at higher gold prices Tasiast Permit Area • Prospective 75 km long Tasiast License Area, March 2012 Tasiast Mining License greenstone belt Original 2% NSR Gold Prospects Royalty Boundary Trends Assets Assets Assets Resource/Reserve Target Plant Site Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS KARMA LOCATION: BURKINA FASO Karma Rest of World Overview Overview Overview OPERATOR: TRUE GOLD MINING INC. STREAM: FIXED GOLD DELIVERIES / 4.875% GOLD STREAM

2015 2014 2013 In August 2014, Franco-Nevada committed Overview Overview to provide True Gold Mining Inc. (“True Gold”) Revenue to Franco-Nevada ($ million) $ – $ – $ – with up to $90 million in stream financing to P&P Reserves (koz Au)1 949 949 – assist in funding the construction of True Gold’s M&I Resource (koz Au)1 2,621 2,621 – Karma Project in Burkina Faso, West Africa. Inferred Resource (koz Au)1 2,362 2,362 – Franco-Nevada’s minimum commitment is P&P REUs (000s)2 78 78 – $75 million and True Gold has an option until M&I REUs (000s)1, 2 143 143 – mid-2016 (extended from February 2016) for an additional $15 million. Inf REUs (000s)2 92 92 – Unique to the transaction and an industry first was that Franco-Nevada 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by partnered with another royalty/streaming company, Sandstorm Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves Gold Inc. (“Sandstorm”), which has committed an additional 2 For REU calculation, FNV management estimates account for the prepaid gold Mineral Reserves purchase ounces of 75,000 ounces and 100% of the remaining Mineral Reserves & Resources & Resources $25 million with an option for an additional $5 million of financing. & Resources & Mineral Resources at Karma are subject to an REU rate of 3.9% (6.5% gold As of January 2016, True Gold has drawn the full $100 million stream which are factored by 80% to estimate equivalent REU rate as well as minimum commitment ($75 million Franco-Nevada / $25 million Franco-Nevada’s 75% interest) Sandstorm) as well as $5 million ($3.75 million Franco-Nevada / $1.25 million Sandstorm) of the increase option. & Resources & Resources Under the terms of the agreement, True Gold will deliver to Mineral Reserves Mineral Reserves Franco-Nevada 15,000 ounces of gold per year beginning March 31, Karma 2016 and until 75,000 ounces have been paid. Once reached, True Gold Stream Gold shall then deliver an amount of refined gold equal to 4.875% of

the equivalent amount of gold produced at Karma over the life of the Karma Project Area

mine in exchange for ongoing payments equal to 20% of the prevailing Area of Interest 5 km spot price of gold. The increase option is repayable in eight quarterly Rounga Current Exploitation Area deliveries totaling up to 30,000 ounces of gold based on the pro-rata portion of the amount drawn thereunder, starting 18 months from Youba when the first tranche under the increase option is drawn down. Tougou As of February 2016, True Gold reported that construction at Karma REUs REUs REUs is approximately 94% complete and the first ore was being stacked Bogoya Nami Pit onto the leach pads. Over 500,000 tonnes of stockpiled ore will Bonguirga REUs REUs provide the initial feed to the fully commissioned soft rock crusher, Namissiguima agglomeration and stacking circuit. The agreement covers all of the Ouahigouya Ouest 2 concessions within the 856 km Karma project and also includes Kao Nord Kao Pit a defined area of interest of 5 km surrounding the borders of the Kao Sud Karma project. According to the feasibility study announced by True Gold on December 17, 2013, True Gold expects to produce on average 97,000 ounces of gold per year over an initial 8.5 year mine life. True Gold announced on March 4, 2016 plans to combine with N 0 10 Endeavour Mining Corporation (“Endeavour Mining”). The combined Nami Pit company would form an intermediate gold producer focused on Kilometres West Africa with one of the largest land packages in the region. Goulagou I Pit

Goulagou II Pit Rambo Pit Assets Assets Assets

Burkina Faso Assets Assets North Kao Gold Zone

Kao Pit

ASSET HIGHLIGHTS: • Near-term cash flow generation starting in 2016 • Fixed ounce deliveries of 15,000 ounces Information Information Information Additional Additional Additional to Franco-Nevada over five years with trailing 4.875% stream on minimum commitment • Prospective land package of over 850 km2 Additional Additional

Information Information • Plans to combine with Endeavour Mining

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PRECIOUS METALS DUKETON LOCATION: AUSTRALIA Duketon Rest of World Overview Overview Overview OPERATOR: REGIS RESOURCES LTD. ROYALTY: NSR: 2%

2015 2014 2013 Franco-Nevada has a 2% NSR royalty that 2 Overview Overview covers 2,678 km of the Duketon gold project Revenue to Franco-Nevada ($ million) $ 6.7 $ 7.1 $ 7.9 in Western Australia. The project is operated P&P Reserves (koz Au)1 2,006 2,528 3,043 by Regis Resources Ltd. (“Regis”) and includes M&I Resource (koz Au)1 4,446 4,700 5,155 three operating mines and eight other deposits Inferred Resource (koz Au)1 971 1,097 2,936 at various stages of development. The royalty P&P REUs (000s)2 39 50 60 covers all known Mineral Reserves and Mineral M&I REUs (000s)1, 2 87 93 102 Resources, except for a portion of the Erlistoun Deposit. Inf REUs (000s)2 19 22 59 Moolart Well: This deposit has been in production since August 2010 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by and has a 2.8 million tonnes per annum plant. Regis reported calendar Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 97% (99% in previous years) of Mineral Reserves Mineral Reserves 2015 production of 78,781 ounces of gold and has forecasted fiscal the Mineral Reserves and Mineral Resources are subject to our royalty interest and & Resources & Resources & Resources 2016 (July 2015-June 2016) production of 75,000 ounces. estimates a REU rate of 2.0% is applicable Garden Well: Garden Well has been in production since September 2012 and has a 5 million tonnes per annum plant. Regis reported calendar 2015 gold production of 113,368 ounces of gold and estimates fiscal 2016 production of 130,000 ounces. & Resources & Resources Mineral Reserves Mineral Reserves Rosemont: Rosemont has been in production since October 2013 and has a 2 million tonnes per annum plant. Milled ore is piped 10 km in a slurry form for leaching at Garden Well. Regis reported calendar 2015 production of 100,132 ounces of gold from Rosemont and expects fiscal 2016 production of 85,000 ounces.

Erlistoun: Regis has announced that it was able to re-optimize the Duketon Location Map study at Erlistoun to reflect the shorter haulage distance to Garden Royalty Well which is 7 km away rather than trucking the ore to Moolart Well Port Hedland which is 45 km away. Regis has estimated that 89% of Erlistoun Area 2% NSR Mineral Reserves are covered by Franco-Nevada’s royalty. REUs REUs REUs Current Royalty Operations returned to a steady state in 2015 having recovered from Tenements Kalgoorlie Kambalda

REUs REUs the major flooding in early 2014. With an extensive land position, Original Royalty PERTH Norseman Regis continues to explore and is active in the vicinity of all three Tenements operations. Notable exploration results were reported at Baneygo, Deposits Tooheys Well, Coopers and Idaho.

Moolart Well Anchor N Dogbolter Petra 0 30 Km Rosemont * Additional royalty lands to south not shown Garden Well due to scale. Russells Find Assets Assets Assets King John

No Mistake Reichelts Erlistoun Find Assets Assets

ASSET HIGHLIGHTS: • Steady state operations throughout Information Information Information Additional Additional 2015 Additional • Significant exploration activity, with maiden resource at Baneygo Additional Additional Information Information

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PRECIOUS METALS EDIKAN LOCATION: GHANA Edikan Rest of World Overview Overview Overview OPERATOR: PERSEUS MINING LIMITED ROYALTY: NSR: 1.5%

2015 2014 2013 In 2011, Franco-Nevada acquired an effective Overview Overview 1.5% NSR royalty on Perseus Mining Limited’s Revenue to Franco-Nevada ($ million) $ 3.7 $ 3.4 $ 4.1 (“Perseus”) Edikan gold mine in Ghana. Perseus P&P Reserves (koz Au)1 2,345 2,685 2,925 has 482 km² of tenements centered on the M&I Resource (koz Au)1 5,265 5,338 5,695 Ashanti Gold Belt including two mining leases Inferred Resource (koz Au)1 2,018 2,356 2,430 of approximately 93 km2 that are the focus of P&P REUs (000s)2 35 40 44 initial production. Perseus released an updated M&I REUs (000s)1, 2 79 80 85 mine plan in April 2014 with average gold production of 240,000 Inf REUs (000s)2 30 35 36 ounces of gold per year for a period from 2016 through 2023. 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by In June 2015, the Environmental Protection Agency of Ghana approved Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Perseus’ Supplementary Environmental Impact Statement which was Mineral Resources are subject to our royalty interest and estimates a REU rate of & Resources & Resources & Resources required for mining the Fetish, Chirawewa, Bokitsi (collectively referred 1.5% is applicable to as the “Eastern Pits”) and Esuajah North gold deposits. During the six months to December 2015, Perseus processed more low-grade, stockpiled ore than planned due to delays in mining of the Eastern Pits which has negatively impacted production for FY2016 (July 2015 & Resources & Resources through June 2016). Perseus estimates gold production will increase Mineral Reserves Mineral Reserves in the second half of FY2016 (January 2016 to June 2016) to 95,000-115,000 ounces of gold from 76,693 ounces of gold produced in the first half of FY2016 (July 2015 to December 2015). ASSET HIGHLIGHTS: • Expected production of 95,000-115,000 ounces in the second half of FY2016 • Updated life of mine plan assumes average annual production of 240,000 REUs REUs REUs ounces through 2023 REUs REUs

Esuajah Esuajah North South Abnabna Fobinso Edikan Gold Mine Mampon Mill Royalty Area Site Fetish Assets Assets Assets 1.5% NSR Chirawewa

Ataasi Assets Assets Mining License Location Map and Royalty Area Ayanfuri GHANA Exploration License Mine Ayanfuri Dadieso Gold Deposit Licenses Project

Accra

N Information Information Information 0 10 Additional Additional Additional

Km Additional Additional Information Information

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PRECIOUS METALS COOKE 4 LOCATION: SOUTH AFRICA Cooke 4 Rest of World Overview Overview Overview OPERATOR: SIBANYE GOLD LIMITED STREAM: 7% GOLD STREAM

2015 2014 2013 Cooke 4, which was formerly known as the Overview Overview Western Areas Gold Mine or Ezulwini, is one Revenue to Franco-Nevada ($ million) $ 4.2 $ 5.0 $ 3.5 of four underground gold mines operated by P&P Reserves (koz Au)1 685 632 370 Sibanye Gold Limited (“Sibanye”) located M&I Resource (koz Au)1 2,600 4,210 3,250 near the Town of Westonaria approximately Inferred Resource (koz Au)1 542 3,570 5,430 40 km west of Johannesburg, South Africa. P&P REUs (000s)2 32 29 18 The Cooke gold operations have been M&I REUs (000s)1, 2 121 196 157 reconfigured to take advantage of the Cooke 4 uranium plant and Inf REUs (000s)2 25 167 263 produce uranium as a by-product. Franco-Nevada, as a result of its 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by acquisition of Gold Wheaton, receives 7% of the gold produced from Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

the Cooke 4 mine and makes ongoing paymentsMineral Reserves equal to the lesser 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves Mineral Resources are subject to our 7% stream interest to which a 66.6% (69% in of $412/ounce of payable gold (subject to 1%& Resources inflation per annum that & Resources & Resources 2013) factor has been applied to obtain equivalent REUs commenced in December 2013) and the then prevailing market price of gold. Gold One International Limited (“Gold One”) purchased the operation from First Uranium Corporation in 2012 followed by Sibanye & Resources & Resources purchasing all of Gold One’s West Rand assets in May 2014 which Mineral Reserves Mineral Reserves included Cooke 4. The Cooke 4 operation is contiguous to Sibanye’s Cooke underground and Randfontein surface operations and allows for the sharing of services between Cooke 4 and the Cooke 1-3 facilities. Cooke 4 is also contiguous to the South Deep operation of Goldfields Limited to the south. Sibanye no longer separately reports results from the Cooke 4 operation.

ASSET HIGHLIGHTS: REUs REUs • Potential operating synergies withREUs other Cooke assets REUs REUs • Long-term Mineral Resource potential at depth

Krugersdorp N1

Johannesburg Doornkop Randfontein Assets Assets Assets N Randfontein (Harmony/First Reserve) 0 10

Km Cooke 1 Assets Assets Cooke 2 Cooke 3 N12 Tau Tona (Anglogold) Carltonville Cooke 4

R501 Project Driefontein (Sibanye) (Goldfields) Blyvooruitzicht Kloof SV1 (DRD Gold) (Goldfields) SV2/3 SD1 Information Information Information Additional Additional KusasalethuAdditional South Deep (Harmony) (Goldfields) Mponeng (Anglogold) Additional Additional Information Information

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PRECIOUS METALS Other Rest of World Rest of World Overview Overview Overview Precious Metals Assets

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Ity ITY LOCATION: CÔTE D’IVOIRE OPERATOR: ENDEAVOUR MINING CORPORATION The Ity gold mine, located in western Côte ROYALTY: NSR: 1-1.5% (APPROXIMATELY) d’Ivoire, is operated by Endeavour Mining which acquired La Mancha Resources Inc. in November 2015. Endeavour Mining holds For REU calculation, FNV management estimates 100% of Mineral Reserves & a 55% interest in the operation while the Mineral Resources are subject to our royalty interest and estimates an average remainder is held 30% by Sodemi (the State REU rate of 1.5% is applicable with a production cap of 35 tonnes of gold.

Mineral Reserves Mineral Reserves Mining and Exploration Agency), 10% by the Mineral Reserves

& Resources & Resources Government of Côte d’Ivoire, and 5% by a private investor. Franco- & Resources Nevada has a sliding scale royalty which increased to an approximate 1.5% NSR once cumulative production from 2001 onwards exceeded 21 tonnes of gold (reached at beginning of 2015). The royalty ceases once production reaches 35 tonnes of gold. Ity produced 80,807 ounces of gold during 2015 with forecast production in 2016 of & Resources & Resources 65,000-75,000 ounces. Mineral Reserves Mineral Reserves

South Kalgoorlie SOUTH KALGOORLIE LOCATION: AUSTRALIA OPERATOR: METALS X LIMITED Metals X Limited (“Metals X”) operates the ROYALTY: NSR: 1-1.75% South Kalgoorlie Operation (“SKO”) which has been in production since 1989. SKO is located 15 km south of Kalgoorlie in Western Australia. For REU calculation, FNV management estimates that 74% (70% in 2014; Franco-Nevada holds a 1.75% NSR royalty for 73% in 2013) of Mineral Reserves and 91% (87% in 2014; 76% in 2013) of Mineral Resources are subject to our royalty interest at an REU rate of 1.75% REUs REUs REUs gold and a 1% NSR royalty for other minerals which covers 470 km2 of the SKO tenements including the northern and central sections of the HBJ deposit and REUs REUs all of the Mt Marion, Pernatty and Mt Martin deposits. Mining was stopped by the previous owner in 2013 but production continued from a combination of low grade stockpiles and third party ore at the 1.2 million tonne per annum Jubilee mill. Metals X acquired SKO in October 2013 and continued to process stockpiles and third party ore, while re-developing mining operations. Open pit mining resumed in January 2015, and underground mining resumed in June 2015. Metals X reported attributable gold production from SKO for 2015 of 31,522 ounces of gold. Assets Assets Assets Red October RED OCTOBER LOCATION: AUSTRALIA OPERATOR: SARACEN MINERAL HOLDINGS LIMITED Red October is located in the Laverton region ROYALTY: NSR: 1.75% Assets Assets of Western Australia which was in production as an open-pit until 2001. Saracen Mineral Holdings Limited (“Saracen”), the current For REU calculation, FNV management estimates 100% of Mineral Reserves & operator, commenced underground mining in Mineral Resources following the production hurdle are subject to our royalty 2012. interest and estimates an average REU rate of 1.75% is applicable Franco-Nevada’s royalty interest covers 29 km2 surrounding the Red October deposit and applies after 160,000 ounces of gold have been produced. This threshold was passed in early 2014. Saracen reported Red October production of 64,200 ounces of gold for 2015. Information Information Information Additional Additional Additional Additional Additional Information Information

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PRECIOUS METALS Other Rest of World Rest of World Overview Overview Precious Metals AssetsOverview

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Pandora PANDORA LOCATION: SOUTH AFRICA OPERATOR: ANGLO AMERICAN PLATINUM LIMITED/LONMIN PLC/MVELAPHANDA RESOURCES The Pandora property is a joint venture between ROYALTY: NPI: 5% Anglo American Platinum Limited, Lonmin plc, and Mvelaphanda Resources. It forms part of the Bushveld complex approximately 40 km For REU calculation, FNV management estimates 80% of the Mineral Reserves east of the town of Rustenburg, South Africa. and Mineral Resources are subject to our royalty interest. FNV management Franco-Nevada has a 5% NPI royalty on a estimates a NPI rate of 5.00% with applicable all-in sustaining costs. PGM ounces are converted into REU equivalent gold assuming $900/ounce Pt portion of the Pandora operationMineral Reserves including and $500/ounce Pd ($1,200/ounce Pt and $750/ounce Pd in 2014; $1,400/ Mineral Reserves Mineral Reserves

a small minimum annual payment of ZAR 100,000.& Resources The mine is an ounce Pt and $725/ounce Pd in 2013) & Resources & Resources underground operation and exploits the UG2 reef horizon with access via a decline from surface. A shaft deepening project was completed in 2013 accessing the newly developed 9 and 10 levels. The majority of planned future mining is covered by Franco-Nevada’s 5% NPI royalty. & Resources & Resources Mineral Reserves Mineral Reserves Lake Cowan LAKE COWAN LOCATION: AUSTRALIA OPERATOR: METALS X LIMITED Effective April 1, 2014, Franco-Nevada acquired ROYALTY: PRODUCTION PAYMENT a production payment royalty on all mineral production from the Lake Cowan Project operated by Metals X located in Western FNV management has not included Lake Cowan in REU estimates Australia northeast of the Higginsville Gold Plant. The royalty rate is A$1.00 per tonne of ore processed from Lake Cowan and covers 32 km2 including five small open-pit gold deposits. Metals X began REUs REUs mining and processing ore from Lake Cowan REUs in September 2014, to utilize spare capacity at the Higginsville Gold Plant, and reported REUs REUs total ore production of 479,585 tonnes from Lake Cowan in 2015.

Henty HENTY LOCATION: TASMANIA OPERATOR: UNITY MINING LIMITED Franco-Nevada holds a 1% gross royalty on the ROYALTY: GR: 1% Henty Gold Mine located in northwest Tasmania operated by Unity Mining Limited (“Unity”). All current production as well as all Mineral Reserves For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are on property subject to and Mineral Resources are subject to our royalty interest and estimates an Franco-Nevada’s royalties which cover 160 km2. average REU rate of 1.0% is applicable Effective September 30, 2015, Franco-Nevada Assets Assets and Unity agreed to consolidate Franco-Nevada’sAssets various royalties at Henty into a single 1% gross royalty over the entire 160 km2 project area. Prior to this date Franco-Nevada held 1%-10% gross royalties and Assets Assets A$10-40 per ounce production payments over a 15 km2 area. Henty is an underground gold mine that has historically produced approximately 1.3 million ounces. In July 2014, Unity announced that Henty will transition to care and maintenance, and this occurred in December 2015.

Perama Hill PERAMA HILL LOCATION: GREECE OPERATOR: ELDORADO GOLD CORPORATION Franco-Nevada has a 2% NSR on the Perama ROYALTY: NSR: 2% Hill project currently being permitted by Eldorado Gold Corporation (“Eldorado”). The Perama Hill Information Information Information Additional Additional gold project is a late-stageAdditional development project For REU calculation, FNV management estimates 100% of Mineral Reserves & in the Thrace region of northeastern Greece and Mineral Resources are subject to our royalty interest and estimates an average consists of two mining titles covering an area REU rate of 2.0% is applicable of 19 km2 and two mining exploration licenses covering an area of 18 km2. Eldorado has been challenged in getting Additional Additional Information Information needed approvals to advance its activities in Greece.

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PRECIOUS METALS Other Rest of World Rest of World Overview Overview Overview Precious Metals Assets

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Ag˘i Dag˘i AG˘I DAG˘I LOCATION: TURKEY OPERATOR: ALAMOS GOLD INC. Franco-Nevada has a 2% NSR on the Ag˘i Dag˘i ROYALTY: NSR: 2% property owned by Alamos Gold Inc. (“Alamos”) and located in northwest Turkey. The NSR covers the Ag˘i Dag˘i area as well as most of For REU calculation, FNV management estimates 100% of the M&I Mineral the Camyurt deposit but does not cover the Resources and 95% of the Inferred Resources are subject to our royalty interest Kirazli area. Alamos’ application process for the and estimates an average REU rate of 2.0% is applicable

Mineral Reserves Mineral Reserves forestry and operating permits continues which Mineral Reserves

& Resources & Resources are required prior to construction. Alamos remains confident that these & Resources permits will be granted. An updated capital budget for the project will be presented once all required permits are received. & Resources & Resources WILUNA/MATILDA LOCATION: AUSTRALIA Mineral Reserves Mineral Reserves Wiluna/Matilda OPERATOR: BLACKHAM RESOURCES LIMITED Franco-Nevada holds a 3-5% NSR royalty on ROYALTY: NSR: 3-5% gold production from the Wiluna Gold Project located in Western Australia. The 5% royalty applies to production once 1.0 million ounces of gold has been produced at gold prices greater For REU calculation, FNV management estimates 100% of Mineral Reserves & than $400/ounce. Cumulative production since Mineral Resources following the production hurdle are subject to our royalty interest and estimates an average REU rate of 5.0% is applicable the royalty was granted has been 790,000 ounces of gold. Wiluna was discovered in 1896 and has produced in excess of 4.0 million ounces of gold to date, with nearly continuous REUs REUs REUs production from 1987 to 2013. Blackham Resources Limited (“Blackham”) acquired the Wiluna Gold Operation in March 2014. REUs REUs Blackham also has a large tenement position surrounding Wiluna, called the Matilda Gold Project, with over 1,150 km2 subject to Franco-Nevada’s 3-5% NSR royalty with no production threshold. Blackham is assessing the feasibility of using the 1.3 million tonne per annum treatment plant at Wiluna to process ore from several open-pit deposits in the surrounding Matilda Gold Project area. Blackham released a summary of the pre-feasibility study in October 2015, and a definitive feasibility study is scheduled to be completed early in 2016.

Bullabulling BULLABULLING LOCATION: AUSTRALIA Assets Assets Assets OPERATOR: ZIJIN MINING GROUP CO., LTD Franco-Nevada holds a 1% gross royalty for ROYALTY: GR: 1% gold on portions of the Bullabulling Gold Project, Assets Assets located in the Coolgardie region of Western Australia. The project is owned by Zijin Mining For REU calculation, FNV management estimates 50% of Mineral Reserves & Group Co., Ltd (“Zijin”) following its takeover of Mineral Resources are subject to our royalty interest and estimates an average Norton Gold Fields Limited (“Norton”) in June REU rate of 1.0% is applicable 2015. Norton itself had acquired the previous owner, Bullabulling Gold Limited (“BGL”), in late 2014. BGL, completed a pre-feasibility study for the project in February 2013. The study envisaged the development of an open-pit mining operation with anticipated production of 1.95 million ounces of gold over an 11 year mine life. Franco-Nevada’s royalty covers 12 km2 and includes the southern and western portions of the Phoenix deposit and all of the Information Information Information Additional Additional Additional Edwards and Gryphon deposits on the Bullabulling property. Additional Additional Information Information

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PRECIOUS METALS Other Rest of World Rest of World Overview Overview Precious Metals AssetsOverview

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Bronzewing BRONZEWING LOCATION: AUSTRALIA OPERATOR: METALIKO RESOURCES LTD. Bronzewing is located in the Yandal Greenstone ROYALTY: NSR: 2% Belt of Western Australia and has produced 2.19 million ounces of gold from several open-pit and underground deposits from 1994 For REU calculation, FNV management estimates 100% of Mineral Reserves & to 2004, when the operation was placed on Mineral Resources are subject to our royalty interest and estimates an average care and maintenance. Franco-Nevada’s royalty REU rate of 2.0% is applicable 2

covers 590 km includingMineral Reserves all Mineral Resources Mineral Reserves Mineral Reserves

identified. Navigator Resources Limited (“Navigator”)& Resources acquired the & Resources & Resources project in 2009 and recommissioned mining operations in April 2010. Navigator went into administration in March 2013 and Bronzewing was again placed on care and maintenance. In June 2014, Metaliko Resources Ltd. (“Metaliko”) acquired the project which included the processing plant and associated infrastructure, project tenements & Resources & Resources and Mineral Resources. Metaliko has reported it intends to focus Mineral Reserves Mineral Reserves on establishing Mineral Resources of sufficient grade for economical mining at current gold prices.

Sissingué SISSINGUÉ LOCATION: CÔTE D’IVOIRE OPERATOR: PERSEUS MINING LIMITED In 2013, Franco-Nevada acquired a 0.5% ROYALTY: NSR: 0.5% NSR on certain tenements that comprise the Sissingué gold project located in Côte d’Ivoire REUs REUs operated by Perseus. PerseusREUs released a For REU calculation, FNV management estimates 100% of Mineral Reserves & revised feasibility study for the project in Mineral Resources are subject to our royalty interest and estimates an average REU rate of 0.5% is applicable

REUs REUs April 2015 estimating a mine life of just over 5 years with average annual production of 75,000 ounces of gold. Preparations for the development of Sissingué continue. A full scale development decision has been deferred in response to current gold prices and a desire to preserve balance sheet flexibility in a volatile capital market.

Aphrodite APHRODITE LOCATION: AUSTRALIA OPERATOR: APHRODITE GOLD LIMITED Aphrodite Gold Limited (“Aphrodite”) remains ROYALTY: GR: 2.5% focused on its namesake Aphrodite Gold Assets Assets project, located in WesternAssets Australia, 65 km northwest of Kalgoorlie. Franco-Nevada’s For REU calculation, FNV management estimates 100% of Mineral Reserves & 2.5% gross royalty covers a 29 km2 area and Mineral Resources are subject to our royalty interest and estimates an average Assets Assets all Mineral Resources. The royalty area was REU rate of 2.5% is applicable reduced from previous years following the termination of a joint venture agreement on surrounding areas in November 2014. A scoping study was completed in July 2012. Pre-feasibility study work was halted during 2014 due to low gold prices but exploration drilling has continued. An advance minimum royalty of A$250,000 per annum applies from November 1, 2017 onward. Information Information Information Additional Additional Additional Additional Additional Information Information

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OTHER OSBORNE (Cu, Au) LOCATION: AUSTRALIA Other Minerals - MINERALS Overview Overview Overview OPERATOR: SHANXI DONGHUI COAL COKING & CHEMICALS GROUP CO., LTD. Osborne (Cu, Au) ROYALTY: NSR: 2% (CAPPED AT A$15M)

2015 2014 2013 Effective July 1, 2013, Franco-Nevada Overview Overview acquired a 2% NSR royalty on the Osborne Revenue to Franco-Nevada ($ million) $ 2.6 $ 2.7 $ 0.8 Copper-Gold project operated by Shanxi P&P Reserves (Mlbs Cu)1 139 139 139 Donghui Coal Coking & Chemicals Group Co., Inclusive M&I Resource (Mlbs Cu)1 359 359 359 Ltd. (“Shanxi”), a private company incorporated Inferred Resource (Mlbs Cu)1 177 177 177 in China. Royalty payments are capped at P&P REUs (millions)2 2 3 2 A$15 million with A$1.6 million in royalty M&I REUs (millions)1, 2 2 3 1 payments paid prior to acquisition. Inf REUs (millions)2 0 0 0 The Osborne Copper-Gold project is located 195 km southeast of 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mount Isa in Queensland, Australia. Franco-Nevada’s royalty covers Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves 2 413 km and includes all Mineral Resources at the Kulthor and Mineral Resources are subject to our royalty interest and estimate a REU rate of & Resources & Resources & Resources Osborne deposits which are connected by a 2 km decline. Previous 2.0% subject to the A$15M royalty cap owners operated the Osborne mine and plant from 1995 to 2010. Inova Resources Limited (“Inova”) acquired the project in 2010 and restarted mining operations in 2012, ramping up to full capacity in 2013. Inova was acquired by Shanxi on November 15, 2013. The & Resources & Resources Osborne plant capacity is 1.4-1.6 million tonnes per annum and Mineral Reserves Mineral Reserves processed ore from two underground mines during 2015–Osborne and Kulthor. All production during 2015 was from Franco-Nevada’s royalty area. Shanxi is a private company and Osborne does not publicly report operating results. Royalty Area ASSET HIGHLIGHTS: Kuridala 2% NSR • 100% of production now from royalty area REUs REUs REUs • Royalty payments capped Trekelano at A$15 million N

REUs REUs 0 20

Kilometres Tick Hill

Victoria Phosphate Hill Cannington

Osborne Assets Assets Assets Kulthor Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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OTHER MT KEITH (Ni) LOCATION: AUSTRALIA Mt Keith (Ni) MINERALS Overview Overview Overview OPERATOR: BHP BILLITON LIMITED ROYALTY: NPI: 0.25% / GR: 0.375%

2015 2014 2013 Franco-Nevada has both a 0.375% GR royalty Overview Overview and a 0.25% NPI royalty on lands including the Revenue to Franco-Nevada ($ million) $ 1.2 $ 1.8 $ 1.7 Mt Keith nickel operation in Western Australia, P&P Reserves (Mlbs Ni)1 693 1,366 1,437 located 460 km north of Kalgoorlie. BHP Billiton Inclusive M&I Resource (Mlbs Ni)1 3,105 3,241 3,373 Limited (“BHP Billiton”) is the operator and 1 Inferred Resource (Mlbs Ni) 386 386 386 the project is a large, low-grade disseminated P&P REUs (millions)2 2 5 5 nickel sulphide ore body with an open-pit mine. M&I REUs (millions)1, 2 11 11 12 2 Franco-Nevada’s royalties cover 236 km and includes the Jericho Nickel Inf REUs (millions)2 1 1 1 Deposit located approximately 25 km northwest of Mt Keith. Jericho is a 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by 50/50 joint venture between BHP Billiton and MMC Norilsk Nickel. Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Reserves Mineral Reserves Mining commenced in 1993 with the first nickel concentrate produced Mineral Resources are subject to our royalty interest and estimate a REU rate & Resources & Resources & Resources in 1994. In its June 30, 2015 Annual Report, BHP Billiton reported that of 0.48%. FNV also applied a NSR smelting charge of 30% (25% in 2013) Mt Keith has an estimated mine life of 5 years. This is a significant reduction from the 10 year mine life reported the previous year, and there was a corresponding decrease in ore reserves due to lower nickel prices. & Resources & Resources Mt Keith concentrator ore throughput is approximately 11.5 million Mineral Reserves Mineral Reserves tonnes per annum with 68% recoveries. Production capacity is 35,000-40,000 tonnes per annum of nickel in concentrate. Mt Keith is part of Nickel West, BHP Billiton’s integrated business unit for Kingston Australian nickel assets, along with two other underground mines, Royalty Area a concentrator, a smelter and a refinery. In January 2016, BHP Billiton 122.5 km2 reported that Nickel West total production for 2015 was 89,100 tonnes Mt Keith of nickel but no significant developments were reported for Mt Keith. Jericho Albion Downs Kingston Royalty Area REUs REUs REUs Total: 236.5 km2 REUs REUs

O 5 10

Kilometres

Mt Keith

Port Hedland Assets Assets Assets

Wiluna Mt Keith Assets Assets Royalty Area Cliffs Kalgoorlie 114 km2 Perth

ASSET HIGHLIGHTS: • 5 year mine life at Mt Keith • Undeveloped resource at Jericho Yakabindie Information Information • Exploration upside on large Information Additional Additional land package Additional Additional Additional Information Information

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OTHER ROSEMONT (Cu, Mo, Ag) LOCATION: ARIZONA Rosemont (Cu, Mo, Ag) MINERALS Overview Overview Overview OPERATOR: HUDBAY MINERALS INC. ROYALTY: NSR: 1.5%

2015 2014 2013 Franco-Nevada has a 1.5% NSR royalty on Overview Overview the copper, molybdenum, silver and gold Revenue to Franco-Nevada ($ million) $ – $ – $ – extracted from the majority of claims covering P&P Reserves (Mlbs Cu)1, 3 5,851 5,851 5,851 the Rosemont project which is located in Pima Inclusive M&I Resource (Mlbs Cu)1, 3 7,682 7,682 7,640 County, approximately 30 miles southeast of Inferred Resource (Mlbs Cu)1, 3 1,112 1,031 1,110 Tucson, Arizona. The project is 80% owned P&P REUs (millions)2, 3 75 75 75 by HudBay Minerals Inc. (“HudBay”) following M&I REUs (millions)1, 2, 3 98 98 97 its acquisition of Augusta Resource Corporation (“Augusta”). The Inf REUs (millions)2, 3 14 13 14 Rosemont property contains three known potentially open-pit 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by mineable deposits (Rosemont, Peach Elgin and Broadtop Butte, Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

Mineral Reserves Mineral Reserves respectively) and is situated near a number of large porphyry type 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate of & Resources & Resources producing copper mines. & Resources 1.275% (which factors a NSR smelting charge of 15%) Rosemont has faced a challenging permitting process and is awaiting 3 Does not include silver or molybdenum Mineral Reserve and Mineral Resource approval of its remaining permits. On February 3, 2015, the Arizona estimates Department of Environmental Quality issued the Clean Water Act Section 401 Water Quality Certification. The remaining required & Resources & Resources permits are the final Record of Decision from the U.S. Forest Service Mineral Reserves Mineral Reserves and the Clean Water Act Section 404 Permit from the U.S. Army Corps of Engineers. HudBay has not provided a timeline for expected receipt. Based on the Augusta feasibility study, the proposed Rosemont mine is expected to produce 243 million pounds of copper, 5.4 million pounds of molybdenum, 2.9 million ounces of silver and approximately 17,000 ounces of gold annually over the anticipated 20+ year mine life. HudBay expects to complete an updated definitive feasibility study by mid-2016 at which point additional spending on the project will be evaluated based on the status of permitting, project economics and the metal price environment. REUs REUs REUs

REUs REUs ASSET HIGHLIGHTS: • Project acquired by HudBay Minerals in 2014 • Permitting efforts remain ongoing • Franco-Nevada’s royalty covers all metals including copper, molybdenum, silver and gold

Unpatented (To US Hwy I-10 Mining and Tucson) Claims Assets Assets Assets Fee Lands

Copper World Mine Peach Elgin N Assets Assets Deposit 0 2 Km Broadtop Butte Patented Deposit Mining Claims Mine Workings

Rosemont Patented Mining Claims

Highway 83 Property Rosemont Unpatented Mining Claims Information Information Information Deposit Additional Additional Additional 1.5% NSR Fee Lands

(To Highway 82) Additional Additional Information Information

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OTHER RELINCHO (Cu, Mo) LOCATION: CHILE Relincho (Cu, Mo) MINERALS Overview Overview Overview OPERATOR: TECK RESOURCES LIMITED ROYALTY: NSR: 1.5%

2015 2014 2013 Franco-Nevada has a 1.5% NSR royalty Overview Overview covering the Relincho copper/molybdenum Revenue to Franco-Nevada ($ million) $ – $ – $ – property. The Relincho property is located in P&P Reserves (Mlbs Cu)1, 3 10,203 10,203 10,203 the 3rd Region of Chile approximately 50 km Inclusive M&I Resource (Mlbs Cu)1, 3 13,056 13,056 13,056 northeast of the City of Vallenar and 650 km Inferred Resource (Mlbs Cu)1, 3 5,117 5,117 5,117 north of Santiago at an elevation of 1,500 to P&P REUs (millions)2 107 107 107 2,000 metres above sea level. The 1.5% NSR M&I REUs (millions)1, 2 143 143 143 is subject to a maximum price of $6.00/lb copper and threshold price Inf REUs (millions)2 65 65 65 of $1.50/lb copper, inflation adjusted. No royalty is paid if the average 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by price for the quarter is less than the threshold price and royalty Mineral Resource category; all M&I categories are inclusive of Mineral Reserves

payments commence after four years of commercialMineral Reserves production. 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Reserves Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate Franco-Nevada acquired the royalty through& Resources its acquisition of & Resources & Resources of 1.275% (which factors a NSR smelting charge of 15%) and excludes the first four Lumina Royalty Corp. in December 2011. years of production from estimates Relincho was being advanced by Teck which announced in August 2015 that is was forming a 50/50 joint venture with Goldcorp to combine their respective El Morro and Relincho projects, located approximately 40 & Resources & Resources kilometres apart in the Atacama region of Chile, into a single project. Mineral Reserves Mineral Reserves By combining the two projects, there will be will be significant reductions to infrastructure requirements and thus initial capital, including utilizing a single desalination plant, a single port, a single transmission line, a single concentrator and a common tailings facility. The combined project is one of the largest undeveloped copper- gold-molybdenum projects in the Americas. The integrated project allows for the optimization of both resources, resulting in a longer mine life of at least 32 years, based on existing Mineral Reserves, with exploration potential across the combined property. Initial stage development contemplates a single line mill and concentrator facility REUs REUs REUs with an initial capacity in the range of 90,000-110,000 tonnes per day to produce an average of approximately 190,000 tonnes of copper REUs REUs and 315,000 ounces of gold per year over the first full 10 years. In combination with community consultation, a pre-feasibility study is expected to commence in early 2016 and be completed in 12-18 months. Assuming a positive pre-feasibility study, a feasibility study would be initiated thereafter.

ASSET HIGHLIGHTS: Peru • Joint Venture established with Arica

Goldcorp to combine Relincho Proposed Pit Iquique Bolivia and El Morro into one Assets Assets development project Assets Proposed Mill Antofagasta • Project synergies estimated to N 0 10 Assets Assets significantly reduce initial capital Royalty Km Area Candelaria • Pre-feasibility for combined project Marte-Lobo Copiapo Cerro Casali expected to commence shortly Relincho Relincho Regalito Royalty Area Location Map El Morro La Serena Pascua-Lama 1.5% NSR South America Andacollo Mining and Royalty Area Argentina Pit Chile Santiago

Chile Information Information Information Additional Additional Additional Additional Additional Information Information

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OTHER TACA TACA (Cu, Au, Mo) LOCATION: ARGENTINA Taca Taca (Cu, Au, Mo) MINERALS Overview Overview Overview OPERATOR: FIRST QUANTUM MINERALS LTD. ROYALTY: NSR: 1.08%

2015 2014 2013 Franco-Nevada has a 1.08% NSR royalty on Overview Overview all copper, gold and molybdenum produced Revenue to Franco-Nevada ($ million) $ – $ – $ – from Taca Taca which was acquired through P&P Reserves (Mlbs Cu)1 – – – the acquisition of Lumina Royalty Corp. in Inclusive M&I Resource (Mlbs Cu)1 21,150 21,150 21,150 December 2011. The property is located in the Inferred Resource (Mlbs Cu)1 7,550 7,550 7,550 Puna region of northwestern Argentina in Salta P&P REUs (millions)2 – – – Province, 230 km west of the provincial capital M&I REUs (millions)1, 2 194 194 194 of Salta and 90 km east of the world’s largest copper mine, Escondida. Inf REUs (millions)2 69 69 69 Taca Taca is a very large copper/gold/molybdenum porphyry system 1 Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by with a preliminary economic assessment completed by Lumina Copper Mineral Resource category; all M&I categories are inclusive of Mineral Reserves Mineral Reserves Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Reserves Corp. (“Lumina Copper”) in April 2013. The study estimated a potential and Mineral Resources are subject to our royalty interest and estimate a REU rate of & Resources & Resources & Resources mine life of 28 years with annual throughput of 120,000 tonnes 0.918% (which factors in a NSR smelting charge of 15%) per day and expansion potential to 180,000 tonnes per day after seven years. In August 2014, First Quantum acquired all outstanding shares of Lumina Copper. Since its acquisition, First Quantum has focused & Resources & Resources on detailed review of geology, exploration and development options Mineral Reserves Mineral Reserves for the project. This has largely been completed and the terms of reference for the Environmental Impact Assessment for construction permitting were addressed and the consultant was selected. The study started in the third quarter of 2015. REUs REUs REUs REUs REUs

Approximately CHILE 35 km to the Chilean border ARGENTINA

ASSET Taca Taca N Royalty Area 0 5 HIGHLIGHTS: Kilometres 1.08% NSR • Project acquired by First Quantum in 2014 PERU Assets Assets Assets Arica • Very large undeveloped Royalty Area Mineral Resource N Iquique BOLIVIA Assets Assets

Antofagasta Taca Taca

Copiapo Relincho

La Serena ARGENTINA

San Jorge Information Information Information Additional Additional Additional Vizcachitas Santiago

CHILE Additional Additional Information Information

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OTHER RING OF FIRE - BLACK THOR (Cr,Other) LOCATION: ONTARIO Ring of Fire - MINERALS Overview Overview Overview OPERATOR: NORONT RESOURCES LTD. Black Thor (Cr, Other) ROYALTY: 2-3% NSR

In April, 2015, Franco-Nevada acquired Overview Overview royalty rights in the Ring of Fire mining district of Ontario by providing a loan and royalty financing to Noront Resources Ltd. (“Noront”). The financing package enabled Noront to acquire the mining claims held by subsidiaries Ring of Fire Ring of Cliffs Natural Resources Inc.of Fire (“Cliffs”) in the Royalty Ontario Ring of Fire mining district. Following the close of the transaction, Area Noront holds a total of approximately 360 mining claims in the Noront Properties emerging mining camp, located 500 km northeast of Thunder Bay. 2-3% NSR Franco-Nevada provided Noront with a $25 millionMineral Reserves loan for a period *Royalties do not cover Mineral Reserves Mineral Reserves

& Resources Hudson’s the Eagle’s Nest deposit& Resources & Resources of five-years at a 7% interest rate which is secured by the Bayacquired or certain JV ground Cliffs properties. In return, Franco-Nevada receivedRing of Fire a 3% royalty over Belt James the Black Thor chromite deposit, a 2% royalty over all of Noront’sBay Noront claims property in the region (excluding the Eagle’s Nest deposit), 2% on & lease New Noront claims certain other properties previously being advancedOntario by Cliffs as well (Joint Venture)* N & Resources & Resources Other company as a number of other third party exploration royalties. Franco-Nevada Note claims not to scale Mineral Reserves Mineral Reserves paid an additional $3.5 million in cash as partNipigon of the granting of the Thunder Bay royalty over the existing Noront property. TheLake total royalty concession is estimated to cover 1,000 km2. The royaltySuperior package providesTimmins Franco-Nevada with a long-term interest in a potential new mining camp with exposure to a world-class chromite resource. McFaulds VMS Black Thor & Black Label

Big Daddy Eagle’s Nest* Blackbird REUs REUs REUs REUs REUs Assets Assets Assets

ASSET HIGHLIGHTS: Assets Assets • Established world-class chromite resource • Loan structure provides modest return on capital • Long-term option on prospective land package Information Information Information Additional Additional Additional Additional Additional Information Information

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OTHER Other Base Metal MINERALS Overview Overview Overview Assets

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Flying Fox (Ni) FLYING FOX (Ni) LOCATION: AUSTRALIA OPERATOR: WESTERN AREAS LTD. Franco-Nevada has a 2% gross revenue royalty ROYALTY: GR: 2% on the southern portion of Flying Fox nickel mine located in the Forrestania Greenstone belt in Western Australia. Flying Fox is a high-grade FNV management has not included Flying Fox in REU estimates underground nickel mine operated by Western Areas Ltd. which has been in production since

Mineral Reserves Mineral Reserves 2007 and produced 12,744 tonnes of nickel Mineral Reserves 2

& Resources & Resources in 2015. Franco-Nevada’s royalty covers a total of 400 km in & Resources several non-contiguous blocks. & Resources & Resources Robinson (Cu, Au) ROBINSON (Cu, Au) LOCATION: NEVADA Mineral Reserves Mineral Reserves OPERATOR: KGHM INTERNATIONAL LTD. The Robinson open pit mining complex, ROYALTY: NSR: 0.225% / OTHER operated by KGHM produces copper, gold and molybdenum and is located near Ely, Nevada. Franco-Nevada has three royalties covering For REU calculation, FNV management estimates 100% of the gold and copper the Robinson mine: 1) a 0.225% NSR on all Mineral Reserves & Mineral Resources are subject to our royalty interest and base metal and associated precious metal estimates an average REU rate of 0.225% is applicable for gold and 0.1913% for copper (which factors a NSR smelting charge of 15%) production; 2) a 10% NSR on 51% of the gold production from the property in excess of 60,000 ounces of gold per year; and 3) under a copper agreement, a price participation royalty REUs REUs REUs on 51% of 40% of each pound of copper production from the property in excess of 130 million pounds of copper, multiplied by the spot price, less $1.00 per pound adjusted for inflation (based on 1990 REUs REUs dollars). Amounts are only payable in any year in which the average price of copper during that year exceeds a $1 per pound threshold, as adjusted for inflation (based on 1990 dollars). Production for the first nine months of 2015 increased substantially compared to the same period in 2014. Copper production increased by over 50% while gold production increased ~145% due to mining of higher quality ore from the Ruth East pit.

Commodore Coal COMMODORE COAL LOCATION: AUSTRALIA OPERATOR: MILLMERRAN POWER MANAGEMENT PTY LTD Assets Assets Assets Franco-Nevada holds a variable rate gross ROYALTY: GR: 5.82-12.47% revenue royalty on coal production from the Commodore coal mine located in the Surat Assets Assets Basin in Queensland. The royalty rate is equal FNV management has not included Commodore Coal in REU estimates to the state government royalty rate for coal, a graduated royalty rate of 7% to 15% depending on the value, of which Franco-Nevada has an 83.125% share. The Commodore coal mine was developed to feed the adjacent Millmerran Power Station, which commenced operation in 2003. Both the mine and the power station had an initial 40 year life. There was no production from the royalty area in 2015 but Franco-Nevada has been advised that substantial unmined Mineral Reserves remain on royalty ground. Information Information Information Additional Additional Additional Additional Additional Information Information

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OTHER Other Base Metal MINERALS Overview Overview Assets Overview

Please refer to the tables on pages 14-18 for a breakout of grade and tonnages by Mineral Resource category. Overview Overview Peculiar Knob (Fe) PECULIAR KNOB (Fe) LOCATION: AUSTRALIA OPERATOR: ARRIUM LIMITED Franco-Nevada has a variable dollar per tonne ROYALTY: PRODUCTION PAYMENT royalty on the Peculiar Knob iron ore project located northwest of Prominent Hill in South Australia which is operated by Arrium Limited FNV management has not included Peculiar Knob in REU estimates (“Arrium”). The royalty rate is A$0.5985 multiplied by the percentage of iron ore content

in ore shipped quarterly Mineral Reserves and is also adjusted Mineral Reserves Mineral Reserves

for movements in the iron ore index price from& Resources a base date of & Resources & Resources December 4, 2003. Franco-Nevada estimates this royalty to be comparable to a 2% gross royalty. Franco-Nevada’s royalty interest covers 2.5 km2 and includes all known Mineral Reserves and Mineral Resources at the Peculiar Knob iron ore deposit. On January 23, 2015, Arrium announced that due to a substantial fall in iron ore prices, & Resources & Resources there will be a re-design of mining operations and Peculiar Knob Mineral Reserves Mineral Reserves will be closed. Mining ended in March 2015 and Peculiar Knob was mothballed in June 2015.

Falcondo (Ni) FALCONDO (Ni) LOCATION: DOMINICAN REPUBLIC OPERATOR: AMERICAN NICKEL LIMITED Franco-Nevada has a 4.1% equity interest in ROYALTY: 4.1% DIVIDEND Falconbridge Dominicana, C. por A. (“Falcondo”) that is economically similar to a profit royalty For REU calculation, FNV management estimates 100% of the Mineral Reserves REUs REUs except that payments areREUs received through discretionary dividend distributions. Falcondo & Mineral Resources are subject to our royalty interest and estimates an is a ferronickel surface mining operation average REU rate of 1% is applicable REUs REUs with production capacity of 29,000 tonnes of contained nickel per annum located in the Dominican Republic with operations dating back to 1971. Falcondo is typically a swing producer and announced in October 2013 that it will temporarily shut down due to continued depressed nickel prices. Glencore sold its 85.26% ownership in the operation to American Nickel Limited in 2015.

EaglePicher (De) EAGLEPICHER (De) LOCATION: NEVADA OPERATOR: EP MINERALS, LLC Assets Assets EaglePicher is a diatomaceousAssets earth operation ROYALTY: ADVANCED PAYMENTS in Pershing County, Nevada about 23 miles northwest of Lovelock. The royalty is based Assets Assets on a fixed payment per ton which fluctuates FNV management has not included EaglePicher in REU estimates based on the average sales price from the prior year’s sales. The royalty covers approximately 15 km2 of checkerboard lands. The intervening lands are public and EaglePicher holds unpatented placer claims on those lands as needed for mining. The mine has been in continuous operation since the 1950s with approximately 65% of production coming from Franco-Nevada land. Information Information Information Additional Additional Additional Additional Additional Information Information

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Mineral Exploration Assets Overview Overview Overview Overview Overview Franco-Nevada has interests in 176 exploration stage mineral properties as at March 10, 2016. By commodity, these include 138 precious metals assets and 38 other minerals exploration assets. Exploration assets are speculative and unlikely to generate revenue to Franco-Nevada in the next five years, if ever. Some of these assets have associated resources that, to be economic, may require additional resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects discussed above. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports, public disclosures and title searches to determine which properties are in good standing. It is possible some properties may have lapsed.

Mineral Reserves Mineral Reserves The following table is a list of exploration assets of Franco-Nevada as at March 10, 2016. Assets that have had their terms Mineral Reserves

& Resources & Resources or leases expire and have been written off are not listed. In early 2016, Franco-Nevada reclassified Matilda as an advanced & Resources asset. In 2015, Franco-Nevada wrote off one mineral exploration royalty asset and removed it from its asset counts.

Mineral Exploration Assets as at March 10, 2016

Asset Operator Interest and % (1) & Resources & Resources Mineral Reserves Mineral Reserves UNITED STATES Zeolites, Arizona Zeox Corporation $1.50/ton plus escalator (Clay) Darwin, California Project Darwin LLC 5% NSR plus other (Au, etc.) Cripple Creek, Colorado Hondo Minerals, Inc. 3% NSR (Au, Ag) Corbin Wickes, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 5% NSR (Au) Elkhorn, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 1.1875% NSR (Au) Forest Products (Tuxedo Mine), Montana Trevali Resources Corp. 2% NSR (All Minerals) Bald Mountain (White Pine), Nevada Kinross Gold Corporation 1-5% GR (Au) Carlin (Currant Creek), Nevada Carlin Gold Corp. 3% NSR (All Minerals) Carlin (Willow Creek), Nevada Carlin Gold Corp. 1% NSR (All Minerals) Chukar Claims, Nevada Tesoro Gold Company 1.67% NSR (All Minerals) Curtiss-Wright, Nevada South Meadows Property Ltd. 2% NSR (Au) REUs REUs REUs EaglePicher Diatomite II, Nevada EP Minerals, LLC $0.25/short ton plus other Getchell, Nevada Barrick Gold Corporation 2% NSR (Au)

REUs REUs Goldstrike (Rodeo Creek), Nevada Barrick Gold Corporation 4% NSR; capped at $500K (Au, Ag) Limousine Butte, Nevada McEwen Mining Inc. 1.5-2.5% NSR (Au) Marigold (SAR), Nevada Silver Standard Resources Inc. 5% NSR (Au) Marigold (Trout Creek), Nevada Newmont Mining Corporation 3% NSR (Au) Mountain View, Nevada Hycroft Mining Corporation 1% NSR (All Minerals) NMC/NGC Deeds Barium, Nevada Barium, Inc. 3% GP (All Precious Metals) NMC/NGC Deeds Pacific Spar, Nevada Pacific Spar Corp. 3% GP (Au) Preble, Nevada Barrick Gold Corporation 10% NP (Au) Preble (Pinson Fee), Nevada Barrick Gold Corporation 1.5-7.5% NSR (Au, Ag) Tonkin Springs, Nevada McEwen Mining Inc. 1-2% NSR (Au) Boling Dome, Texas Total E&P USA/H&L Newgulf $0.0028225 per long ton (Sulfur) Hobson Pearson, Texas Bridge Oil 20% OR (Uranium) Texas Sulfur, Texas Pacific Coast Mines, Inc. 4% GR (Sulfur) Kings Canyon, Utah Pine Cliff Energy Ltd. (Geomark Exploration Ltd.) 4% NSR (Au) Silver Bell, Utah Unico, Inc. 5% NSR plus other (Au, Cu, Pb, Zn) Assets Assets Assets Tintic, Utah Keystone Surveys 1% NSR (All Minerals) Shirley Basin (Davy Crockett), Wyoming Ur-Energy Inc. (Pathfinder Mines Corporation) 4% on FMV (Uranium) Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Mineral Exploration Assets, continued Overview Overview Overview Overview Overview

Asset Operator Interest and % (1) CANADA Eskay Creek, British Columbia Barrick Gold Corporation 1% NSR (Au, Ag, Pb) Myrtle Proserpine, British Columbia Barkerville Gold Mines Ltd. 3% NSR (All Minerals) Red Mountain, British Columbia IDM Mining Ltd. 1% NSR and Production Payments (All Minerals)

Tide, British Columbia Mineral Reserves 0945473 B.C. Ltd. 1.5% NSR (All Minerals) Mineral Reserves Mineral Reserves

Trout Lake (MAX Moly Mine), British Columbia & Resources Roca Mines Inc. (Forty Two Metals Inc.) 2.5% NSR (All Minerals)& Resources & Resources Maverick (Nokomis), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Oxford Lake, Manitoba Alto Ventures Ltd. 1.5-2.5% NSR (All Minerals) Clarence Stream, New Brunswick Wolfden Resources Corporation 1% NSR (All Minerals) Golden Ridge, New Brunswick Tri-Star Resources plc 3% NSR (All Minerals) Clan Lake (Sito Lake), NWT Roland T. Trenaman 2-3% NSR (All Minerals) & Resources & Resources Redstone (Coates Lake), NWT Copper North Mining Corp. (Redbed Resources Corp.) 3-4% NSR (Cu, Ag) Mineral Reserves Mineral Reserves Butler and Sanderson (Diagnos), Ontario MacDonald Mines Exploration Ltd. ROFR on Diagnos Royalty (Diamonds/Base Metals) Bull Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2-3% NSR (All Minerals) Catharine 4, Ontario Canadian Exploration Services/Northstar Gold 2-3% NSR (All Minerals) Cline Lake, Ontario Cline Mining Corporation 0.75% NSR (All Minerals) Detour (Gowest), Ontario Detour Gold Corporation 1% NSR (All Minerals) Detour (Mikwam), Ontario & Quebec ALX Uranium Corp. 0.4824% NSR (All Minerals) Diagnos, Ontario Debut Diamonds Inc. 3% NSR (All Minerals) Folson Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Golden Highway (Aquarius), Ontario Kirkland Lake Gold Inc. 1-2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Kirkland Lake Gold Inc. 0-1% NSR (All Minerals) Golden Highway (Kerrs Leases), Ontario 0959280 B.C. Ltd. 1-2% NSR (Au) REUs REUs Golden Highway (Stock), Ontario REUs Primero Mining Corp. (Brigus Gold Corp.) 1% NSR (All Minerals) Golden Highway (Stoughton), Ontario Harte Gold Corp. 0.5-2.5% NSR (Au) Hemlo (JOA), Ontario Beaufield Resources Inc. (Jiminex option) 0.5-1% NSR (Au) REUs REUs Kirkland Lake (Agnico-Yamana JV 2% NSR), Ontario Agnico Eagle Mines/Yamana Gold JV 2% NSR (Au) Kirkland Lake (KLG Underlying 2% NSR A&D), Ontario Kirkland Lake Gold Inc. 2% NSR (Au) Kirkland Lake (KLG Underlying 3% NSR B), Ontario Kirkland Lake Gold Inc. 2-3% NSR (Au) Kyle, Ontario Renforth Resources Inc. 3% NSR (All Minerals) Larose, Ontario Russell A. Kwiatkowski 0.5% NSR (All Minerals) MacFayden & Pele, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Marathon PGM (Par Lake), Ontario Stillwater Canada Inc. 2% NSR (Pt, Pd) Red Lake (Madsen: Aiken-Russet claims), Ontario Pure Gold Mining Inc. 1% NSR; capped at C$1M (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario Pure Gold Mining Inc. 1.5-2% NSR (All Minerals) Red Lake (Newman-Todd), Ontario Confederation Minerals/Redstar Gold 1.5-2% NSR (Au) Red Lake (Skinner), Ontario Sabina Gold & Silver Corp. 1% NSR (All Minerals) Ring of Fire (Original Noront Properties), Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% GR (Cr) plus other Shining Tree (Creso), Ontario Dundee Sustainable Technologies Inc. Option to acquire 2% NSR (All Minerals) Shining Tree (Knight), Ontario David F. Burda 2-3% NSR (Au) Assets Assets Sudbury-Podolsky, Ontario Assets KGHM International Ltd. Stream 50% PGM & Gold Sungold, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Timmins (Cripple Creek), Ontario Richmont Mines Inc. 1.05-1.75% NSR (Au) Timmins (Project 81), Ontario Noble Mineral Exploration Inc. Option to purchase 2.25% NSR (Au, Other Minerals) Assets Assets Timmins (Sewell), Ontario Richmont Mines Inc. 1.5-2.5% NSR (Au) Timmins (West Porcupine), Ontario Probe Metals Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Goldcorp Inc. 2.5% NSR (All Minerals) Verneuil, Ontario Viking Gold Exploration Inc. 0.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Barry, Quebec Metanor Resources Inc. 0.5% NSR (All Minerals) (buy-back option on 0.25%) Benoist, Quebec Cartier Resources Inc. 1% NSR (All Minerals) (buy-back option on 0.5%) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Caribou-Estrees), Quebec Yorbeau Resources Inc. 1.275-2.125% NSR (Au, Base Metals) Casa Berardi (Dieppe), Quebec Agnico Eagle Mines Limited 2-3% NSR (Au) Dalhousie, Quebec Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Information Information Destiny (Rochebaucourt), Quebec Information Alto Ventures Ltd. 3% NSR (All Minerals) Additional Additional Eastmain, Quebec Additional Eastmain Mines Inc. 1-1.15% NSR on initial 250K oz (Au) Galinee, Quebec Nyrstar NV 1.5-2% NSR (Au) Norlartic-Camflo, Quebec Richmont Mines Inc. 25% NPI (All Minerals) Radisson, Quebec Eastmain Resources Inc. 2% NSR (All Minerals) Windfall Lake, Quebec Eagle Hill Exploration Corporation 0.5-1% NSR (All Minerals) (buy-back option)

Additional Additional Brewery Creek, Yukon Golden Predator Mining Corp. $10-40/oz; capped at $300K (Au) Information Information

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Asset Operator Interest and % (1) LATIN AMERICA Mara Rosa, Brazil Amarillo Gold Corporation 1% NSR (Au, Ag) Para South, Brazil Talon Metals Corp. 0.5-1% NSR (All Metals) Terra Escura, Brazil Talon Metals Corp. 1-2% NSR (All Metals); 4% Cash Dividends

Mineral Reserves Mineral Reserves Trairao, Brazil Talon Metals Corp. $0.2995 per tonne (Fe) Mineral Reserves

& Resources & Resources La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) & Resources Vizcachitas, Chile Los Andes Copper Limited 1-2% NSR (All Minerals) Hispaniola, Dominican Republic Energold Drilling Corp. 0.6% NSR (All Minerals) Ayahuanca, Peru Apumayo SAC 1% NSR (Au) Choreveco, Peru Minera del Norte S.A./Aruntani S.A.C. 0.1-0.3% NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Dorato, Peru Xiana Mining Inc. 2% NSR (All Minerals) & Resources & Resources Invicta (Victoria), Peru Lupaka Gold Corp. 1% NSR; capped at $1M (All Minerals) Mineral Reserves Mineral Reserves Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Minasnioc, Peru Duran Ventures Inc. 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining PLC 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Compania Minera Milpo S.A.A. 1-2% NSR (All Minerals) Yanamina, Peru Wealth Minerals Ltd. 5% NSR (All Minerals)

AUSTRALIA Blayney, New South Wales Straits Resources Limited 2.25% NSR (All Minerals) Brown’s Creek, New South Wales Australian Native Landscapes/Hargraves 2.25% NSR (All Minerals) Brocks Creek (Zapopan), Northern Territory Newmarket Gold Inc. $20/oz (Au) Chariot Gold/Giants Reef, Northern Territory Emmerson Resources Limited A$17.10 or A$30/oz (Au) REUs REUs REUs Legend, Northern Territory Legend International Holdings, Inc 1% GR (All Minerals) Mt Fitch, Northern Territory Compass Resources/Hunan Nonferrous Metals 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) Reynolds Range, Northern Territory ABM Resources NL 1-2.5% NSR (Au) REUs REUs Rover, Northern Territory Adelaide Resources Limited 1.5-2.5% NSR (All Minerals) Tennant Creek, Northern Territory Emmerson Resources Limited 1.29% NSR (Au) Agate Creek, Queensland Laneway Resources Limited 1% NSR (All Minerals) Crush Creek, Queensland Basin Gold Pty Ltd 2.75% GR (All Minerals) King Vol, Queensland Auctus Minerals LLC Production payments Millmerran Power Station, Queensland Millmerran Power Partnership 8.3125% NPI of cashflow; NPV threshold(Coal) Mt Carlton, Queensland Evolution Mining Limited 2.75% GR (All Minerals) Tate River, Queensland Sovereign Metals Limited 2% NSR (All Minerals) Top Camp, Queensland Orion Metals Limited 0.5% GR (Au)/NPI (Other Minerals) Twin Hills, Queensland Evolution Mining Limited 2.5% NSR (Au) Third Plain, S. Australia Perilya/Minotaur Exploration 0.5% NSR (Zn) White Dam (Drew Hill Gold), S. Australia Washington H. Soul Pattinson and Company Limited 13.48% of $0.25/dry tonne; capped at 10M dry tonnes (All Minerals) Moina, Tasmania Niuminco Group Limited A$125k lump sum at commencement of mining Assets Assets Assets Rosebery Extension, Tasmania MMG Limited 2.6305% (Au, Ag, Other Minerals) Agnew, W. Australia Gold Fields Limited 2.5% GR (All Minerals) Agnew-Cox, W. Australia Gold Fields Limited 5% GR (Au) Assets Assets Breakaway Dam (12 Mile), W. Australia Norton Gold Fields Limited $1/ton (All Minerals) Butcher Well, W. Australia Saracen Mineral Holdings Limited 1% NSR; 50k oz production threshold (Au) Camelback, W. Australia GME Resources Limited $0.50/tonne (Fe) Carbine North (Chadwin’s Dam), W. Australia Phoenix Gold Pty Ltd 3% NPI (All Minerals) Day Dawn (Big Bell Gold), W. Australia Metals X Limited 1% GR (Au) Duketon Southwest, W. Australia Duketon Mining Limited 2% NSR (All Minerals) Duketon West, W. Australia Duketon Mining Limited 2% NSR (All Minerals) East Location 48, W. Australia BHP Billiton Limited 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) Flushing Meadow, W. Australia Orex Mining/Nemex/Maximus Resources 1% NSR (Au, Other Minerals) FMG Hamersley, W. Australia Fortescue Metals Group Ltd. $0.05/tonne; capped at A$1M (Fe) Gidgee (Wyooda Thangoo), W. Australia Panoramic Resources Limited A$0.60/tonne (Au) Goldjet, W. Australia Goldjet Investments Pty Ltd 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) Information Information Information Additional Additional Additional Heather Bore/Mount Clifford, W. Australia Independence Group NL 1-2% NSR (Cu, Zn, Other Metals) Ironstone Well, W. Australia Orex Mining/Nemex/Maximus Resources 1% NSR (All Minerals) Jeffreys Gold, W. Australia Mincor Resources NL 2% GP (Au) Karonie (Aldiss), W. Australia Silver Lake Resources Limited $10-20/oz (Au) Lady Jane, W. Australia Phoenix Gold Limited 4.5% GR (Au)

Additional Additional Lake Maitland, W. Australia Toro Energy/Mega Uranium 1% NSR (All Minerals) Information Information Lake Percy, W. Australia Norilsk Nickel 2% NPI (All Minerals)

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Mineral Exploration Assets, continued Overview Overview Overview Overview Overview

Asset Operator Interest and % (1)

AUSTRALIA, continued Marvel Loch (May Queen), W. Australia China Hanking Holdings Limited $0.50-1.00/cubic metre (Au) Matt Dam, W. Australia Norton Gold Fields Limited A$0.60/tonne (A$1.00/t x 60%) (Au) Miranda (Ni), W. Australia Gold Fields Limited 0.5% of Production (Ni) Miranda Gold, W. Australia Mineral Reserves Gold Fields Limited 3% GR (Au) Mineral Reserves Mineral Reserves

Moyagee, W. Australia & Resources Silverlake Resources Ltd. 1.575-2.1% NSR (All Minerals)& Resources & Resources Mt Newman-Victory, W. Australia St Barbara/Astro Resources 0.07% GR (All Minerals) Munni Munni, W. Australia Platina Resources Limited One-time payment on production (Au and/or Pt) Murrin Murrin, W. Australia Zeta Resources Limited 2.625% NSR (Au and Sulfides) Polar Bear, W. Australia S2 Resources 2% NSR (All Minerals) Randwick Gold Hill, W. Australia E Bouverie, Trindal P/L, Lucas Gold P/L et al 1-1.5% GR (Au) & Resources & Resources Red Lake (Australia), W. Australia Echo Resources Limited 0.5 or 1.5% NSR (All Minerals) Mineral Reserves Mineral Reserves Red October District (Butcher Well Area), W. Australia Saracen Mineral Holdings Limited 0.68-1% NSR (Au) Sandstone II, W. Australia Panoramic Resources Limited $0.35/dry tonne (All Minerals) St Ives, W. Australia Gold Fields Limited 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) Twelve Mile Dam, W. Australia Strategic Projects Mining Pty Ltd $1/ton (All Minerals) Vivien, W. Australia Ramelius Resources Limited 3% GR (Au) Vivien Nickel, W. Australia Ramelius Resources Limited 0.5% of production (Ni) Western Lease, W. Australia KCGM Pty Ltd (Newmont/Barrick) 2.5% GR (Au) Western Tamani (Coyote), W. Australia Tanami Gold NL $5-15/oz on production between 300K-1M oz (Au) Windich South, W. Australia Gold Fields Limited 1% NSR (All Minerals) Yundamindera, W. Australia Nex Metals Explorations Ltd 1% NSR (Au) REUs REUs REST OF WORLD REUs Mizek Gold Mine, Kazakhstan Kazakhymys PLC $10.41/oz plus escalator (Au)

REUs REUs NPI, Philippines Nickel Asia Corporation Production Payment Demirci, Turkey Ariana Resources PLC 2% NSR (Au) Hasandagi-Dikmen, Turkey Teck/Koza Altin 2% NSR (Au) Karadag, Turkey Koza Altin 2.5% NSR (Au) Torul, Turkey Koza Altin 1.5% NSR (Au) Kasese, Uganda Blue Earth Refineries Inc. 10% of free cash flow(Co)

1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales. Assets Assets Assets Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Northwest Territories Nunavut Overview Overview Overview Oil & Gas Assets British Columbia Alberta Saskatchewan Manitoba Overview Overview Rainbow South

Hotchkiss Oil Assets Paradise Liege Gas Assets Jack Fort St. John Dixonville Exploration Assets Granor Fort Flackrock McMurray Company Land Kimiwan Lesser Slave Laglace Mineral Reserves Mineral Reserves Royce Mineral Reserves Portage & Resources & Resources Widewater & Resources Grande Cindy/Belloy Prairie W. Calling Lake We Devil ste rn Big Bend Can Inverness ada Sed ime Greencourt Touchwood ntary Basin & Resources & Resources Mineral Reserves Mineral Reserves Edson Edmonton

Hanlan Malmo Ferrybank Killam

Lone Pine E. Crossfield Saskatoon Ghost Pine Watts/Craig.

Harmattan Provost Carbon Area Lochend Melville Huntoon Swalwell Cessford Rocanville Qu’Appelle REUs REUs REUs Calgary Long Coulee Swift Current Regina Viewfield Enchant Innes Turner Tidewater. Stoughton REUs REUs Weyburn Queensdale Not all assets are Badger shown on map. Claresholm Medicine Hat Midale Colgate Elswick Oungre Alida Steelman Manitoba Washington Idaho Montana Benson MacounAlameda Carnduff North Dakota

Major Producing Assets Other Producing Assets, continued Other Producing Assets, continued as at March 10, 2016 Primary Primary Primary Commodity Location Commodity Location Commodity Location Enchant Gas Alberta Montreal Trust Oil Saskatchewan Weyburn Royalties Oil Saskatchewan Ferrybank Gas Alberta Oungre Oil Saskatchewan Assets Assets Assets Weyburn NRI Oil Saskatchewan Flatrock Gas British Columbia Pearmac - AB Gas Alberta Weyburn WI Oil Saskatchewan Ghost Pine Gas Alberta Pearmac - MB Oil Manitoba Granor Gas Alberta Pearmac - SK Oil Saskatchewan Assets Assets Midale Royalties Oil Saskatchewan Midale WI Oil Saskatchewan Hanlan Gas Alberta Provost Gas Alberta Harmattan Gas Alberta Prudential - AB Gas Alberta Edson Gas Alberta Harvest - AB Gas Alberta Prudential - MB Oil Manitoba Hotchkiss Gas Alberta Qu’Appelle Oil Saskatchewan Other Producing Assets Huntoon Oil Saskatchewan Queensdale Oil Saskatchewan Primary Innes Oil Saskatchewan Rainbow South Oil Alberta Commodity Location Inverness Oil Alberta Rocanville Oil Saskatchewan Alameda Oil Saskatchewan Kimiwan Gas Alberta Royce Gas Alberta Alida Oil Saskatchewan Laglace Gas Alberta Steelman Oil Saskatchewan Benson Oil Saskatchewan Lesser Slave Oil Alberta Stoughton Oil Saskatchewan Carbon Area Gas Alberta Liege Gas Alberta Swalwell Gas Alberta Information Information Information Additional Additional Additional Carnduff Oil Saskatchewan Lochend Gas Alberta Swift Current Gas Saskatchewan Cessford Gas Alberta Lone Pine Gas Alberta Tidewater Oil Saskatchewan Claresholm Gas Alberta Long Coulee Gas Alberta Watts/Craig Oil Alberta Dixonville Gas Alberta Macoun Oil Saskatchewan Widewater Gas Alberta E. Crossfield Gas Alberta Manitoba Oil Manitoba Viewfield Oil Saskatchewan Additional Additional

Information Information Elswick Oil Saskatchewan Medicine Hat Gas Alberta

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Weyburn Unit (Oil) OIL & GAS WEYBURN UNIT (Oil) LOCATION: SASKATCHEWAN Overview Overview Overview OPERATOR: CENOVUS ENERGY INC. ROYALTY: NRI: 11.71% / ORR: 0.44% / WI: 2.56%

2015 2014 2013 The “Weyburn Unit” is located approximately 1 Overview Overview 129 km southeast of Regina, Saskatchewan Revenue to Franco-Nevada ($ million) $ 21.1 $ 57.8 $ 50.7 and encompasses approximately 216 km2 Production (Mboe)2 539 715 604 2 on a gross basis (net 31 km ) in which the Proved Reserves (Mboe)3, 4 20,777 21,486 21,036 Mississippian Midale beds are unitized. As of Proved plus Probable Reserves (Mboe)3, 4 28,273 29,090 30,277 December 31, 2015, Franco-Nevada held an 1 Revenue refers only to payments made to Franco-Nevada 11.71% NRI, a 0.44% ORR and a 2.56% WI 2 Net to the Oil & Gas Interests in the Weyburn Unit. Production commenced from the Midale zone 3 Net to Franco-Nevada based on 0.44% ORR, 11.71% NRI and 2.56% WI within the unitized area in 1955 under primary depletion (solution gas 4 The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects expansion). Formation of the Weyburn Unit occurred in 1963 for the of aggregation - as of year end for each of the three years

purpose of implementing an inverted nine-spot Mineral Reserves waterflood pressure Mineral Reserves Mineral Reserves

maintenance scheme on 80 acre well spacing.& Resources In 2000, Cenovus, & Resources & Resources R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2

the operator, began injecting CO2 in a portion of the Weyburn Unit as T9 T9 an enhanced oil recovery (“EOR”) method. Some of the injected CO2

T8 T8 remains in the reservoir and the Weyburn Unit is recognized as one Weyburn, SK of the world’s largest geological CO2 storage projects. & Resources & Resources Current gross production of the Weyburn Unit is approximately 25,000 T7 T7 Mineral Reserves Mineral Reserves Boe/d at an average water cut of 88.0%. Produced oil within the Weyburn Unit averages 31 degrees API and contains approximately 2.2% sulphur. T6 T6

N For 2015, revenue received by Franco-Nevada from the Weyburn Unit Note: not to scale Midale, SK was $21.1 million. Oil production, including NGLs, net to Franco- T5 T5 Nevada was 1,477 Boe/d. Franco-Nevada takes product-in-kind for

its WI and NRI share of this production and markets it through a third Weyburn party marketer. As of December 31, 2015, Franco-Nevada’s Proved T4 Unit T4 Reserves for the Weyburn Unit were 20,777 Mboe. Unitized land REUs REUs REUs

T3 T3

REUs REUs R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2

ASSET HIGHLIGHTS: • CO2 EOR project commenced in 2000 • EOR project continues to be rolled out with ~60% of the Weyburn Unit under CO2 flood • In 2014, added SaskPower’s Boundary Dam Power Station as second source of CO2 Assets Assets Assets Assets Assets T7

N Note: T6 not to scale

Weyburn Information Information Information Unit Additional Additional Additional Unitized land wells

T5 Additional Additional Information Information R14W2 R13W2 R12W2

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Midale Unit (Oil) OIL & GAS MIDALE UNIT (Oil) LOCATION: SASKATCHEWAN Overview Overview Overview OPERATOR: APACHE CANADA LTD. ROYALTY: ORR: 1.14% / WI: 1.59%

2015 2014 2013 The “Midale Unit” was discovered in 1953 1 Overview Overview and unitized in 1964 for the purpose of Revenue to Franco-Nevada ($ million) $ 1.8 $ 3.4 $ 3.6 implementing a pressure maintenance scheme Production (Mboe)2 42 43 44 by water injection. The Midale Unit is located Proved Reserves (Mboe)2, 3 519 569 608 in southeast Saskatchewan approximately Proved plus Probable Reserves (Mboe)2, 3 705 748 789 40 km southeast of the city of Weyburn 1 Revenue refers only to payments made to Franco-Nevada and encompasses 56 km2 on a gross basis 2 Net to the Oil & Gas Interests (net 1.5 km2). Franco-Nevada holds a 1.14% gross override royalty 3 The estimates of reserves for the individual properties may not reflect the same interest and a 1.59% working interest in the Midale Unit. Apache confidence level as estimates of reserves for all properties due to the effects of aggregation - as of year end for each of the three years Canada Ltd. is the operator. Mineral Reserves Mineral Reserves The Midale Unit produces approximately 4,600 Boe/d and like the Mineral Reserves & Resources & Resources & Resources neighbouring Weyburn Unit, employs CO2 enhanced oil recovery (“EOR”) techniques. According to Apache, CO2 injection has extended Midale’s life by more than 30 years and over the full life of the project, 8.75 million tonnes of carbon dioxide will be sequestered. For 2015, revenue received by Franco-Nevada from the Midale Unit & Resources & Resources was $1.7 million and light/medium oil production net to Franco- R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 Mineral Reserves Mineral Reserves Nevada was 116 Boe/d. Franco-Nevada takes product-in-kind for the T9 T9 working interest portion of this production and markets it through T8 T8 a third party marketer. As of December 31, 2015, Franco-Nevada’s Weyburn, SK Proved Reserves for the Midale Unit were 519 Mboe.

T7 T7

T6 T6

Note: not to scale REUs REUs REUs Midale Midale, SK T5 Unit T5 Unitized land REUs REUs

T4 T4

T3 T3

R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 Assets Assets Assets ASSET HIGHLIGHTS: Assets Assets T7 • CO2 EOR project N Note: commenced in 2005 not to scale • Proved plus probable reserves of 705 Mboe Midale net to Franco-Nevada Unit T6 Unitized land under current EOR wells project Information Information Information Additional Additional Additional

T5 Additional Additional Information Information R12W2 R11W2 R10W2

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Edson (Gas/NGL) OIL & GAS EDSON (Gas/NGL) LOCATION: ALBERTA Overview Overview Overview OPERATOR: CANADIAN NATURAL RESOURCES LIMITED ROYALTY: ORR: 15%

2015 2014 2013 The “Edson Property” is located approximately 1 Overview Overview 209 km west of Edmonton, Alberta and Revenue to Franco-Nevada ($ million) $ 1.7 $ 4.8 $ 4.3 encompasses over 103 km2 (net 15.5 km2) of Production (Mboe)2 151 168 199 2 which approximately 13 km on a gross basis Proved Reserves (Mboe)2, 3 738 844 959 (net 2 km2) are currently undeveloped. Franco- Proved plus Probable Nevada has an approximate 15% overriding Reserves (Mboe)2, 3 1,005 1,122 1,308 royalty in this property. The wells are operated 1 Revenue refers only to payments made to Franco-Nevada by Canadian Natural Resources Limited (“CNRL”). For 2015, revenue 2 Net to the Oil & Gas Interests received by Franco-Nevada from the Edson Property was $1.6 million. 3 The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of For the same period, the property produced approximately aggregation - as of year end for each of the three years

2.0 MMcf/d of natural gas and 82.9 Bbls/d of NGLsMineral Reserves totalling 412 Boe/d Mineral Reserves Mineral Reserves

of production net to Franco-Nevada from 130& Resources gross (net 20) producing & Resources & Resources gas wells mainly from the Upper Cretaceous Cardium Formation, with lesser amounts from the Viking, Gething, Cadomin and Bluesky Formations. As of December 31, 2015, Franco-Nevada’s Proved Reserves for the Edson Property were 738 Mboe. & Resources & Resources Gas is processed at the CNRL operated Galloway, Edson West and Mineral Reserves Mineral Reserves Ansell gas plants which extract natural gas liquids. The main reserves bearing formation in the Edson Property area is the Upper Cretaceous Cardium Formation. The Edson Property lies in an area of northwest southeast trending fault traces where the faults ramp up through the Cardium Formation. The faults dip to the west. The best Cardium wells, both vertical and especially horizontal, have targeted the hanging wall of the updip leading edge of Cardium sand cycles. This potentially helps the wells take advantage of the better productivity associated with narrow areas of higher fracture density induced by the higher stresses related to deformation along the leading edges of the faults. REUs REUs REUs ASSET HIGHLIGHTS: REUs REUs • Liquids rich natural gas asset

R21W5 R20W5 R19W5 R18W5

T53 T53

T52 T52 Assets Assets Assets Assets Assets

Edson Lands

T51 T51

N Note: not to scale Information Information Information Additional Additional Additional

T50 T50

Additional Additional R21W5 R20W5 R19W5 R18W5 Information Information

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Other Producing OIL & GAS OTHER PRODUCING ASSETS (Oil and Gas) LOCATION: BC / AB / SK / MB Overview Overview Overview OPERATOR: VARIOUS Oil & Gas Assets ROYALTY: ORR/FH: 0.5-20%

2015 2014 2013 Franco-Nevada has a 1 Overview Overview significant land position Revenue to Franco-Nevada ($ million) $ 3.4 $ 7.9 $ 8.4 in Western Canada which Production (Mboe)2 150 177 192 generates revenues primarily Proved Reserves (Mboe)2, 3 870 997 1,197 through lessor royalties and Proved plus Probable Reserves (Mboe)2, 3 1,152 1,320 1,520 GORRs. Aside from the major 1 Revenue refers only to payments made to Franco-Nevada; includes revenue received producing assets of Weyburn, from lease and bonus payments Midale and Edson, Franco has 53 Other Producing Assets which 2 Net to the Oil & Gas Interests generate revenue for the Company. The land position consists of 3 The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of 2 more than 2,500 km . aggregation - as of year end for each of the three years Mineral Reserves Mineral Reserves In Saskatchewan and Manitoba, the lands are focused primarily in Mineral Reserves & Resources & Resources high quality oil plays including, the Shaunavon and Mississippian. & Resources Lands are operated by companies such as Crescent Point Energy, Montney NAL Resources and CNRL. The production in these areas is almost Peace River Athabasca entirely oil and the most significant contributor within the land position Oil Sands Oil Sands is the Tidewater royalty which generates oil production from the & Resources & Resources Shaunavon and other formations. Mineral Reserves Mineral Reserves In Alberta and BC, the lands generate revenue primarily from natural gas production from shallow gas formations such as Milk River and ALBERTA Medicine Hat. In northern Alberta, the lands provide exposure to Duvernay Deep Redwater deeper conventional gas targets including the Shunda, Grosmont and Basin Cardium Viking Cold Lake Elkton formations. Production comes from unitized and non-unitized Edson Oil Sands wells, including gross overriding royalty positions in eleven different EDMONTON Units across Alberta. Units include the Medicine Hat Consolidated Unit No.1, Ghost Pine Unit and Inverness Unit No.1 with the most significant contributor being the Medicine Hat Unit operated by Centrica Energy. The Medicine Hat Unit has been producing gas since 1963 and is Lloydminster REUs REUs REUs N Heavy Oil located approximately 257 kilometres southeast of Calgary. Other 0 80 operators on the lands include, ConocoPhillips, ARC Resources, Kilometres REUs REUs Canadian Natural Resources Ltd. and Imperial Oil. Alberta/ British Columbia CBM Revenue from the Other Producing assets represented 12% of total Oil & Gas CALGARY (HSCN) Shallow oil and gas revenue for the year. At December 31, 2015 Proved Land Interests Gas Reserves were 870 Mboe. Company Core Land Company Non Core Land Major City BRITISH COLUMBIA ASSET HIGHLIGHTS: Alberta Bakken SASKATCHEWAN

• Primarily quality oil plays WASHINGTON IDAHO MONTANA in Saskatchewan and Manitoba Assets Assets Assets • Exposure to shallow gas and deeper conventional Saskatchewan/Manitoba gas in Alberta and BC Assets Assets Lloydminster Oil & Gas • Land base of greater Heavy Oil Land Interests MANITOBA N 2 than 2,500 km 0 80 SASKATCHEWAN Kilometres Dodsland Viking SE Saskatchewan Lower Bakken Torquay Oil & Mississippian Oil

REGINA Shaunavon Oil ALBERTA Shallow Gas Weyburn/ Information Information Information Additional Additional Additional Williston Basin Midale Bakken NORTH DAKOTA Spearfish Company Core Land Sanish Oil MONTANA Oil Company Non Core Land Major City Additional Additional Information Information

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Oil & Gas Exploration OIL & GAS OIL & GAS EXPLORATION ASSETS LOCATION: AB / MB / SK / QC / CANADA ARCTIC Overview Overview Overview OPERATOR: VARIOUS Assets ROYALTIES: 15-18% AND WI: 3-15% Overview Overview

In addition to its producing assets in Western Canada, Exploration Assets Franco-Nevada has exposure to Location a portfolio of undeveloped, non- Arctic Gas Nunavut producing oil & gas interests. Badger Alberta These lands are grouped into Mineral Reserves Big Bend Alberta Mineral Reserves Mineral Reserves 17 different assets covering an

& Resources Cindy/Belloy Alberta & Resources & Resources area of over 1,350 km2 and are located in Alberta, Saskatchewan and Colgate Saskatchewan Manitoba. Much of the land in Manitoba consists of mineral title Devil Alberta which is currently unleased. Greencourt Alberta Apart from Western Canada, Franco-Nevada also has interests in Harvest - SK Saskatchewan Quebec and in the Canadian Arctic. In Quebec, Franco-Nevada holds a Jack Alberta & Resources & Resources 47% working interest in approximately 372 km2 of undeveloped land Killam Alberta Mineral Reserves Mineral Reserves which provides exposure to the Utica Shale in the St. Lawrence basin. Malmo Alberta In the Canadian Arctic, Franco-Nevada has, net to Franco-Nevada, Melville Saskatchewan 428 Bcf of contingent dry natural gas resource in the Drake Point, Paradise British Columbia Hecla, King Christian and Roche Point gas fields located on and Portage Alberta offshore Melville Island. This represents working interests of between Prudential - SK Saskatchewan 3% and 15% in these gas fields. The stated resources are an estimate St. Lawrence Quebec of the recoverable contingent resources as evaluated by GLJ as at Touchwood Alberta December 31, 2012. Turner Alberta W. Calling Lake Alberta REUs REUs REUs ASSET HIGHLIGHTS: REUs REUs • Numerous future opportunities in Western Canada • Interest in long-term Arctic and Quebec gas resources Assets Assets Assets Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Additional Information Asset Counts, Mine Life Index, Acreage Information Information Information Additional Additional Additional Historical Highlights / FAQs Corporate, Management Organization Glossary Technical & Third Party Information Additional Additional

Asset Counts Overview Overview Overview Overview Franco-Nevada’s assets are categorizedOverview by commodity and stage of development. By commodity, assets are either “Precious Metals”, “Other Minerals” or “Oil & Gas”. “Precious Metals” includes gold, silver and PGM. The categories other than Oil & Gas are collectively referred to as “Mineral Assets”. For presentation purposes, “Precious Metals” encompasses gold, silver, some polymetallic exploration prospects, and platinum group metals including palladium. “Other Minerals” includes base metals, iron ore, coal, industrial and miscellaneous minerals. “Producing” assets are those that have generated revenue from steady-state operations to Franco-Nevada or are expected to in the next year. “Advanced” assets are assets on projects that in management’s view have a reasonable possibility of generating steady-state revenue to Franco-Nevada in the next five years or includes properties under development, permitting, feasibility or advanced exploration. “Exploration” assets represent early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are Mineral Reserves Mineral Reserves Mineral Reserves currently not active. & Resources & Resources & Resources For accounting purposes, the number of assets has been counted in different manners depending on the category. Royalties on a producing or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the property, such as at the Goldstrike complex. Streams covering a group of mines in close proximity and operated by a common operator such as the Sudbury streams have also been counted as one & Resources & Resources asset. However, royalties and streams on producing properties that have significant co-products have been counted Mineral Reserves twice, such as the Robinson royalties for gold and copper or the SudburyMineral Reserves streams for gold and PGM. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada’s oil & gas interests are subdivided into Producing Assets, which include assets that are currently producing oil or natural gas, or Exploration Assets, which are early stage, undeveloped assets, whereby no oil or gas production is expected from Franco-Nevada’s land interests for more than five years, if ever. Franco-Nevada’s oil & gas interests consist of a variety of working interests and royalty interests which are derived from a large number of underlying leases and contractual agreements covering land positions in western Canada, Quebec, and the Canadian Arctic. For accounting purposes, these leases and contracts have been grouped into distinct land areas and tabulated as individual assets. In many cases, Franco-Nevada owns multiple royalties or REUs REUs working interests that pertain to the same land area and, in these circumstances, the interests are counted as a singleREUs asset. More detail on Franco-Nevada’s oil & gas land positions can be found in the section entitled “Oil & Gas Assets”.

REUs As of March 10, 2016, Franco-NevadaREUs estimates that it holds 262 Mineral Assets and 78 Oil & Gas Assets for a total of 340 assets.

Franco-Nevada Asset Tabulation at March 10, 2016

Precious Metals Other Minerals Oil & Gas TOTAL Producing 40 6 59 105 Advanced 34 6 – 40 Exploration 138 38 19 195 TOTAL 212 50 78 340 Assets Assets Assets Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Mine Life Index Overview Overview Overview Overview Overview Franco-Nevada’s asset portfolio is comprised of a large variety of properties and operations with a range of projected production profiles. The table below provides an estimated mine life index for producing and development assets with published Mineral Reserve and Mineral Resource estimates. For the assets that are in production, management has estimated a mine life index by dividing the Proven and Probable Mineral Reserves as well as the Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) by the stated 2015 production as reported by the operators. For the assets that are in development, management has estimated a mine life index by dividing the Proven and Probable Mineral Reserves as well as the Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) by the stated forward looking production estimates. This metric is to provide analysts and investors with an indication of the potential for the assets at which Franco-Nevada has interests and should not be viewed Mineral Reserves Mineral Reserves as a defined mine life estimate. Mineral Reserves & Resources & Resources & Resources Certain assets within the portfolio are either currently more significant, or are likely to be more significant over time, than other assets. For example, Cobre Panama is expected to be a significant revenue generating asset for many years, whereas East Timmins-Holloway is a smaller royalty and is expected to be less significant within the overall portfolio. Due to the range in asset contributions within the portfolio, it would be inaccurate to take a simple average of the mine life indexes. In an effort to provide a more accurate picture for the mine life index of the overall portfolio, the & Resources & Resources assets have been assigned weightings based on their REUs. Mineral Reserves Mineral Reserves The weighted average mine life index of the mineral asset portfolio using the methodology above is in excess of 30 years which is an increase over previous years due to the inclusion of our recently completed transactions on assets with significant Mineral Reserves and Resources. In the chart below we have provided mine life index estimates assuming just Mineral Reserves as well as mine life indexes assuming M&I Mineral Resources (inclusive of Mineral Reserves) to show the potential of some of our assets. Franco-Nevada has not included any Inferred Mineral Resources in the analysis. For the Oil & Gas assets we estimate the Reserve Life Index to be 18 years. REUs REUs REUs Precious Metals - USA Goldstrike

REUs REUs Stillwater Marigold Midas/Fire Creek Bald Mountain Mesquite South Arturo (Dee) Precious Metals - CANADA Detour Lake East Timmins - Holloway East Timmins - Holt Based on P&P East Timmins - Taylor Based on M&I Musselwhite (inclusive of P&P) Hemlo Assets Assets Assets Kirkland Lake Timmins West Canadian Malartic Assets Assets Brucejack Precious Metals - LATIN AMERICA Antapaccay Antamina Candelaria Palmarejo Cobre Panama Cerro Moro Precious Metals - REST OF WORLD Duketon MWS Information Information Information Sabodala Additional Additional Additional Subika Tasiast Edikan Karma Additional Additional

Information Information YEARS 0 5 10 15 20

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Acreage of Assets Overview Overview Overview Overview Overview

The following is a tabulation of the acreage of mineral lands subject to Franco-Nevada’s royalty, stream or other interests as at March 10, 2016. Acreage amounts are approximate or estimated and are compiled from information contained in asset agreements and updated when possible using various sources including government recording offices, operator information such as technical reports, presentations and other sources. Acreage has been converted into standard measure by Franco-Nevada. Mineral Reserves Mineral Reserves Mineral Reserves (1)

Franco-Nevada Acreage Tabulation & Resources & Resources & Resources

Producing Advanced Exploration TOTAL Precious Metals United States 118,628 51,110 184,563 354,301 Canada 144,090 130,770 649,645 924,505 & Resources & Resources Latin America 330,857 310,609 782,640 1,424,106 Mineral Reserves Mineral Reserves Australia 830,638 543,154 961,661 2,335,453 Rest of World 1,462,484 461,254 45,587 1,969,325 Other Minerals 289,921 131,876 910,428 1,332,225 Total Minerals 3,176,618 1,628,773 3,534,524 8,339,915 Oil & Gas (2) 717,372 – 333,759 1,051,131 Total Estimated Acreage 9,391,046 Total Km2 38,004 REUs REUs (1) Represents management’s best available information as at March 10, 2016. REUs (2) Gross Acreage. REUs REUs Assets Assets Assets Assets Assets Information Information Information Additional Additional Additional Additional Additional Information Information

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Historical Highlights Overview Overview Overview Overview Overview

2015 • Market capitalization > $7 billion • Dividend increased for 8th consecutive year • Inclusion in TSX 60 Index • $610 million Antamina stream deal Mineral Reserves Mineral Reserves • Finalized amended Cobre Panama agreement and began funding Mineral Reserves & Resources & Resources & Resources 2014 • Market capitalization > $7 billion • Dividend increased for 7th consecutive year & Resources & Resources • $648 million Candelaria precious metals stream deal Mineral Reserves Mineral Reserves • Over $900 million committed in total

2013 • Market capitalization of $6 billion FNV:TSX • Dividend increased • Added to GDX and Aristocrat indices + 345% From IPO to December 31, 2015 2012 including dividends • Market capitalization > $7 billion REUs REUs REUs • Dividend increased • $1 billion Cobre Panama precious metals stream deal REUs REUs • C$400 million Weyburn oil acquisition

2011 • Market capitalization > $5 billion • Dividend increased • $1.2 billion invested in new precious metals assets • Listed on the NYSE

2010 • Market capitalization > $4 billion Assets Assets Assets • Dividend increased and paid monthly • Detour and Tasiast +20 million ounce projects Assets Assets 2009 • Market capitalization > $3 billion • Dividend increased www.franco-nevada.com • Palmarejo gold stream acquisition • Subika royalty acquisition

2008 • Market capitalization > $2 billion Information Information Information • Start of semi-annual dividends Additional Additional Additional • Gold Quarry acquisition

2007

Additional Additional • Dec. 20th IPO for $1.2 billion Information Information

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Frequently Asked Questions Overview Overview Overview Overview Overview

Who is Franco-Nevada? Are there any commodities in which Franco-Nevada is a gold-focused royalty and streaming Franco-Nevada would not invest? company with the largest and most diversified As stated, Franco-Nevada is gold focused with portfolio of assets. The Company has been public additional interests in PGM, silver, and oil & gas since late 2007 and trades on both the TSX and as well as minorMineral Reserves base metal interests. Franco-Nevada Mineral Reserves Mineral Reserves NYSE. Franco-Nevada provides investors with a gold would invest& Resources in most commodities including base & Resources & Resources price and exploration optionality with less exposure metals or bulk commodities provided that we remain to operating risks while providing yield and leverage gold focused and the opportunity complements our to gold in terms of exploration and expansion that portfolio. gold ETFs cannot. & Resources & Resources What is the target weighting in terms of Mineral Reserves Royalties and streams – whatMineral Reserves is the difference? geographic breakdown? Are there regions Royalty rights can be registered on the title of the where Franco-Nevada will not invest? property or mineral rights in certain jurisdictions. They tend to be relatively small in terms of the Franco-Nevada currently generates the majority of percentage of future production but have strong its revenue from North America and Latin America tenure and in jurisdictions where recognized, in safe mining jurisdictions. We have followed some will generally survive an operating company western mining companies into some developing areas reorganization. There are generally no ongoing costs to be exposed to prospective new geological districts. for royalties. Streams are contractual agreements to What is most important to us is a strong long-term REUs REUs purchase a portion of the future metals produced tenure. To achieveREUs this, Franco-Nevada generally works at a pre-set price. Streams offer similar exposure with Western domiciled companies and enters into REUs REUs in terms of exploration and price optionality as contracts that have recourse to Western courts of law. royalties but differ as the interest is not an interest in land and there is an ongoing cost to purchase the How are your interests registered or secured? physical metal. For further detail, please see page For our royalty interests in North America, we can 20 of this Asset Handbook. register our interest on the title of the property with the local land registry or mining recorder. Outside Franco-Nevada is gold focused but has other of North America and for our streaming contracts, interests. What is the target weighting for Franco-Nevada looks to structure its contracts precious metals? supported by security and guarantees and generally deals only with Western operators which can be Franco-Nevada strives to generate 80% of revenue Assets Assets held accountableAssets by Western courts of law. from precious metals over a long-term horizon which includes gold, PGM and silver. The remainder of our What is the current opportunity set for adding Assets revenue is weighted towards oilAssets & gas. In the short term, we may drift from the long-term target for the assets to the portfolio? right opportunity. At current prices, we estimate Historically we bought already existing royalties that the portfolio in 2016 will be weighted over 95% on properties. In 2008, we started to provide mine precious metals which provides the flexibility to financing using streams to purchase gold from silver invest in the most attractive interests irrespective or copper projects. Since 2012, we have provided of commodity. mine financing to gold companies in return for royalties or streams and, since 2013, we have provided M&A financing and balance sheet recapitalization in return for royalties or streams. Our investment Information Information Information Additional Additional opportunity setAdditional has continued to grow as there has been less competition from both commercial bankers and equity financing. With the depressed prices for all commodities, we expect to make investments to

Additional Additional continue to grow. Information Information

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Does Franco-Nevada’s large market capitalization There have been several new entrants into lead to a focus on only large transactions? the royalty and streaming space, how has the Franco-Nevada applies a barbell investment competition changed? approach to investing in new assets meaning that we Our biggest competition is from brokers providing

Mineral Reserves Mineral Reserves will invest both in large and small transactions. In equity financing to miningMineral Reserves companies rather than

& Resources & Resources August 2012, we signed our largest transaction to date other royalty/streaming& Resources companies. In the current which was a $1 billion commitment to help fund weak equity market, there is plenty of opportunity construction of the Cobre Panama project. In for all the royalty and streaming companies to make February 2015, we completed one of our smallest investments. transactions to date, a $50,000 royalty investment in & Resources & Resources the Red Lake camp in Ontario. We believe that the What is your dividend policy? Mineral Reserves Mineral Reserves most optionality and upside comes from our smallest deals. We continue to accumulate royalties on Our dividend policy is to pay a sustainable and prospective geological trends that meets our criteria progressive dividend. Franco-Nevada has increased irrespective of size. its dividend in each year since its IPO in 2007 and is proud to be part of the Aristocrat Index reserved for Does Franco-Nevada ever sell any of its interests? companies that have increased dividends in each of the previous five years. Franco-Nevada does not Each of our royalty and stream assets represents a need to tie its dividend to traditional cash flow or long-term, cost-free perpetual option. The value to commodity prices measures because our business REUs REUs REUs Franco-Nevada over the long term is generally higher already has some of the highest margins found in any than any current market realizable value. Franco- business. We believe a sustainable and progressive Nevada’s ambition is to continue to grow its portfolio. REUs REUs dividend differentiates us from gold operating We believe that our business is very scalable and this companies. can be done without significantly adding to our overhead costs. What happens when gold price decreases? How are your deals priced and what are the Franco-Nevada’s revenues and cash flow are directly impacted by the price of gold as well as other return requirements? commodities. Thus, if the gold price were to fall, With any new investment we want to ensure that we Franco-Nevada would generate less revenue and get our money back and expose the Company to any cash flow. However, Franco-Nevada has some of the upside. Franco-Nevada structures most of its deals by strongest margins in the business and would hence paying fair value at consensus pricing for our view of continue to generate profit as well as service our Assets Assets Assets the project base case. Our focus and upside is on the dividend even if gold were to fall. A further decrease geological potential beyond that base case. What in gold price would also enable Franco-Nevada to Assets Assets differentiates Franco-Nevada is that we believe the add to its royalty and stream interests at attractive greatest wealth is created by new discoveries on land prices. that we already own rather than financial engineering or trying to time the commodity cycle. Franco- Nevada’s objective is to get exposure to the price and exploration optionality inherent with every property at essentially no additional cost which can generate substantial returns. Information Information Information Additional Additional Additional Additional Additional Information Information

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Corporate Organization Overview Overview Overview Overview Overview (“FNC”) (Canada) 1

100% 100% 100% 100% 100% 100% 100%

Franco-Nevada Franco-Nevada Franco-Nevada Franco-Nevada Franco-Nevada Franco-Nevada LRC FN Subco Inc. Alberta Australia Pty Ltd. GLW Holdings Corp. Alberta Corporation Canada Holdings Holdings Corp. (“FN Subco”) Holdings ULC (“FN Australia”) (“FN GLW”) (“FN Alberta”) Corp. (“FN Canada (“FN LRC”) (British Columbia) (“FN ULC”) (Australia) (British Columbia) (Alberta) Holdings”) (British Columbia) (Alberta) (Canada) Mineral Reserves Mineral Reserves Mineral Reserves 3 4 7 9 11 & Resources & Resources & Resources 100% 100% 100% 100% Franco-Nevada U.S. Franco-Nevada FN Holdings ULC Minera Global Holding Corp. (Barbados) (“FN Holdings ULC”) Copper Chile S.A. (“FN U.S. Holding”) Corporation (Alberta) (“Minera Chile”) (Delaware) (“FN Barbados”) (Chile) (Barbados) 5 10 & Resources & Resources 8 Mineral Reserves 100% Mineral Reserves 99% Franco-Nevada Franco-Nevada U.S. Corporation Mexico 1% (“FN U.S.”) Corporation, (Delaware) S.A. de C.V. (“FN Mexico”) 2 (Mexico) 6

100% Franco-Nevada Idaho Corporation (“FN Idaho”) REUs REUs (Delaware) REUs

12 REUs REUs

1 Franco-Nevada 2 Franco-Nevada 3 Franco-Nevada 4 Franco-Nevada 5 Franco-Nevada 6 Franco-Nevada Corporation U.S. Corporation Australia Pty Ltd. GLW Holdings Corp. (Barbados) Corporation Mexico Corporation, Properties in Canada Properties in the US Properties in Australia Properties in Canada Properties in South Africa S.A. de C.V. unless noted unless noted unless noted unless noted unless noted Properties in Mexico unless noted Producing: Producing: Producing: Producing: Producing: • Canadian Malartic • Bald Mountain • Duketon • Fire Creek • Antapaccay Producing: • Cerro San Pedro • EaglePicher • East Location 45 - US - Peru • Palmarejo/Guadalupe - Mexico • Gold Quarry • Flying Fox • Midas • Candelaria • East Timmins • Goldstrike • Henty - US - Chile • Edikan • Hollister • Lake Cowan • Sudbury-Levack • Cooke 4 - Ghana • Marigold • Mt Keith (Morrison) • MWS • Hemlo • Mesquite • Osborne • Sabodala Assets Assets • Ity • Robinson • Peculiar Knob Other Advanced Assets - Senegal - Cote d’ivoire • Stillwater • Red October & Exploration • Kirkland Lake Other Advanced • South Kalgoorlie Advanced: (Macassa) • Cobre Panama Assets & ExplorationAssets Other Advanced • Musselwhite & Exploration - Panama • Pandora • Karma - South Africa - Burkina Faso • Timmins West Other Advanced & Exploration Oil & Gas Assets

7 Franco-Nevada 8 FN Holdings ULC 9 Franco-Nevada 10 Minera Global 11 FN Subco Inc. 12 Franco-Nevada Canada Holdings Corp. Properties in Peru LRC Holdings Corp. Copper Chile S.A. Properties in Ghana Idaho Corporation Properties in Canada unless noted Properties in Chile unless noted Properties in the US unless noted Advanced: unless noted unless noted Information Information Information Additional Additional Producing: • Relincho Additional Producing: Producing: • Antamina - Chile Advanced: • Subika Advanced: • Detour • San Jorge • Volcan • Stibnite Gold • Kirkland Lake - Argentina (Golden Meadows) • Tasiast • Taca Taca - Mauritania - Argentina Additional Additional

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Management Organization Overview Overview Overview

David Harquail President & CEO Overview Overview

Sandip Rana Paul Brink Lloyd Hong Geoff Waterman CFO SVP CLO COO Business Development Mineral Reserves Mineral Reserves Mineral Reserves & Resources & Resources & Resources

Petra Decher Philip Wilson Christian Thatcher Jason O’Connell VP, Finance & VP, Technical Legal Counsel Managing Director, Assistant Secretary Oil & Gas & Resources & Resources Debbie McEnaney Kerry Sparkes Donna Andrejek Cindy Smith Mineral Reserves Mineral Reserves Controller VP, Geology Manager, Corporate Land Manager & Mineral Assets

Stefan Axell John Graham Candida Hayden Director Director, Office Manager & Corporate Affairs Business Development Executive Assistant

Adrian Wong Eaun Gray Terry-Lynn Conway Director, Taxation Director, Legal Assistant Business Development REUs REUs REUs Lena Miller Toronto Senior Kevin McElligott REUs REUs Accountant Full-time Managing Director, Australia (Perth) US & Australia Anoja Visvanathan Full-time Junior Accountant Barbados John Morganti Business Development (Vancouver) Other Jeff Jenkins Director of Finance (Denver) Organization at March 10, 2016

Mike Pantofaru Assets Assets Assets Information Technology Assets Assets

“FN Barbados” James Gardiner Tom Ogryzlo President & Managing Director, Director Business Development

Nalinie Mahon George Young Director of Business Business Operations Development Information Information Information Additional Additional Additional

Kathy Ann Worrell Marlene Nicholas Crystal Morgan Receptionist / Accounting Accounts Clerk Administrative Assistant Supervisor Additional Additional Information Information

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Glossary Overview Overview Overview Overview Overview

“A$” means Australian dollars. “CIM Definitions” means the CIM “FH” means Freehold. “heap leaching process” is the Standards on Mineral Resources process of extracting gold and “Adjusted EBITDA and Adjusted “flotation” is a process by which and Reserves Definition and silver by placing broken ore EBITDA per share” are non-IFRS mineral particles are induced to Guidelines adopted by CIM on an impermeable pad and financial measures, which become attached to bubbles and Council on December 11, 2005, applying a diluted cyanide excludes the following from net float, in an ore and water slurry, as amended from time to time. solution that dissolves a portion income and earnings per share: so that the valuable minerals are of the contained gold and silver,

income tax expense/recovery; “concentrate” is the product of concentrated at theMineral Reserves slurry surface Mineral Reserves Mineral Reserves which are then recovered in finance expenses and finance physical concentration process, and separated from the worthless & Resources metallurgical processes. & Resources & Resources income; foreign exchange gains/ such as flotation or gravity gangue. losses and other income/expenses; concentration, which involves “Indicated Resources” has the “fracture” means breaks in a rock, gains/losses on the sale of separating ore minerals from meaning ascribed to the term usually due to intensive folding investments; impairment charges unwanted waste rock. Concentrates “indicated mineral resource” or faulting. related to royalty, stream and require subsequent processing pursuant to CIM Definitions. working interests and investments; (such as smelting or leaching) “Franco-Nevada” means Franco- “Inf” means Inferred. & Resources depletion and depreciation; and to break& Resources down or dissolve the ore Nevada Corporation and is also Mineral Reserves non-cash costs of sales. Mineral Reserves minerals and obtain the desired referred to as “Franco”, “FNV”, “Inferred Resources” has the elements, usually metals. “the Company”, “Corporation”, meaning ascribed to the term “Adjusted Net Income” and “management”, “we”, or “our” “inferred mineral resource” “Cu” means the chemical symbol “Adjusted Net Income per share” in this Asset Handbook. pursuant to CIM Definitions. for the element copper. are non-IFRS financial measures, “Freehold” means an interest “JORC” means the Australasian which excludes the following “cut-off grade” means the lowest in real property. Code for Reporting of Mineral from net income and earnings grade of Mineral Resource Resources and Reserves prepared per share: foreign exchange considered economic; used in the “g” represents grams. by the Joint Ore Reserves gains/losses and other income/ calculation of Mineral Reserves Committee of the Australasian expenses; gains/losses on the and Mineral Resources in a given “g/t” means grams per tonne. Institute of Mining and sale of investments; impairment deposit. “GOR” means Gross Overriding Metallurgy, Australian Institute charges related to royalty, stream diamond drill Royalty and is the right to receive REUs REUs “ ” is a type of drill in REUs of Geoscientists and Mineral and working interests and which the rock cutting is done a royalty based on the gross Council of Australia, as amended. investments; unusual non- by abrasion, with a diamond value of the minerals produced recurring items; and the impact with few, if any, deductions “kg” represents kilogram. REUs REUs impregnated bit, rather than by of income taxes on these items. therefrom. Usually employed percussion. The drill cuts a core “km” represents kilometre. “AMR” means Advanced Minimum of rock which is recovered in long for non-metallic projects. “km2” represents square Royalty and is rent paid to the cylindrical sections. Syn: “core “GR” means Gross Royalty and kilometre. royalty holder prior to the payment drill”. is a royalty based on all revenues of royalties on production. Once “dip” is the angle between a in cash or in-kind products “koz” means thousand ounces. production begins, the AMR horizontal plane and an inclined received by the operator for the payments are then credited in “kt” means thousand tonnes. surface such as a rock formation, sale of product. full against stream of production fault or vein. “lb” represents pound. royalty payments. “grade” means the concentration “drift” is a horizontal passage of each ore metal in a rock “LOM” means life of mine. “Au” means the chemical symbol underground that follows along sample, usually given as weight for the element gold. “m” means metres. the length of a vein of rock percent. Where extremely low “bbl” means barrel. formation. concentrations are involved, the “M&I” means Measured and concentration may be given in Indicated. Assets Assets “Bbls/d” means barrels per day. “EIS” means environmental grams per tonneAssets (g/t) or oz per mpact statement. ton (oz/t). “Mbbls/mbbls” means thousand “Bcf” means billion cubic feet. barrels. “eq” or “Eq” means equivalent. “Guide 7” means the mining Assets “Boe” mean barrels of oil Assets industry guide entitled “Mboe/mboe” means thousand equivalent. “fault” means a fracture in a “Description of Property by barrels of oil equivalent. rock where there has been “Boe/d” means barrels of oil Issuers Engaged or to be Engaged displacement of the two sides. “Mcf/mcf” means thousand cubic equivalent per day. in Significant Mining Operations” feet. “Fe” means the chemical symbol contained in the Securities Act “CAGR” means Compounded for iron. Industry Guides published by “Measured Resources” has the Annual Growth Rate. the United States Securities meaning ascribed to the term “feasibility study” means a “CIM” means the Canadian and Exchange Commission, “measured mineral resource” comprehensive study of a mineral Institute of Mining, Metallurgy as amended. pursuant to CIM Definitions. deposit in which all geological, and Petroleum. engineering, legal, operation, “ha” means hectares; 10,000 “mineralization” usually implies economic, social, environmental square metres. minerals of value occurring in and other relevant factors are rocks. Information Information Information Additional Additional considered in sufficient detail Additional that it could reasonably serve as a basis by a financial institution to finance the development of a deposit for mineral production. Additional Additional Information Information

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“Mineral Royalties” means the “open pit” is a surface working “Probable Reserve” in respect “REUs” means Royalty Equivalent royalty interests in precious open to daylight, such as a quarry. of Mineral Reserves has the Units. and base metal properties and meaning ascribed to the term “ore” means a natural aggregate “run-of-mine ore” means mined certain equity interests owned “probable mineral reserve” of one or more minerals which ore which has not been subjected by Franco-Nevada. pursuant to CIM Definitions. may be mined and sold at a profit, to any pre-treatment, such as “Mlbs” means millions of pounds. or from which some part may be “Probable Reserves” are those washing, sorting or crushing

Mineral Reserves Mineral Reserves profitably separated. additional oil & gas reserves that Mineral Reserves prior to metallurgical processing. “MMbbl” means million barrels are less certain to be recovered & Resources & Resources of oil. “ORR” means Overriding Royalty: & Resources “SAMREC” means the South than proved reserves. It is equally A percentage share of production, African Code for Reporting of “MMcf/mmcf” means million likely that the actual remaining which is free of all costs of Mineral Resources and Mineral cubic feet. quantities recovered will be drilling and producing, and is Reserves prepared by the South greater or less than the sum created by the lessee or working African Mineral Committee “MMcf/d or mmcf/d” means million of the estimated proved plus interest owner and paid by the under the auspices of the South cubic feet per day. probable reserves. lessee or working interest owner. African Institute of Mining and & Resources & Resources “Mo” means the chemical symbol “Proved Reserves” are those oil & Metallurgy, as amended. Mineral Reserves Mineral Reserves “oz” represents ounce (troy). for the element molybdenum. gas reserves that can be estimated 1 troy ounce = 1.097 avoirdupois “smelting” is an intermediate with a high degree of certainty to “Moz” means million ounces. ounce. stage metallurgical process in be recoverable. It is likely that which metal is separated from “Mtpa” means million tonnes “oz/ton” represents troy ounces the actual remaining quantities impurities by using thermal or per annum. per short ton. recovered will exceed the chemical separation techniques. estimated proved reserves. “NGLs” means Natural Gas “P&P” means Proven and “stope” means an excavation in Liquids. Probable. “Proven Reserve” in respect an underground mine from which of Mineral Reserves has the “NI 43-101” means National ore is being or has been extracted. “Pb” means the chemical symbol meaning ascribed to the term Instrument 43-101 - Standards for the element lead. of Disclosure for Mineral Projects “proven mineral reserve” “strike” means the trend or of the Canadian Securities “Pd” means the chemical symbol pursuant to CIM Definitions. direction of the intersection of a REUs REUs REUs dipping a layer of rock, fault, vein Administrators. for the element palladium. “Pt” means the chemical symbol or other geologic feature with a for the element platinum. “NI 51-101” means National “PFS” means preliminary horizontal surface. REUs REUs Instrument 51-101 - Standards feasibility study. “Qualified Person” for the “tailings” means material of Disclosure for Oil & Gas purposes of NI 43-101, is an “PGM” means the platinum group rejected after recoverable Activities of the Canadian individual who is an engineer of metals, including but not valuable minerals have been Securities Administrators. or geoscientist with at least five limited to Palladium, Platinum, extracted from the ore or years of experience in mineral “Ni” means the chemical symbol Rhodium, Osmium, and concentrate. for the element nickel. Rhenium. exploration, mine development or operation or mineral project “ton” is 2,000 pounds. Syn; short “NPI” means Net Profit Interest: “porphyry” is an igneous rock assessment, or any combination ton. the profits after deduction of of any composition that contains of these; and has experience expenses. conspicuous, large mineral grains relevant to the subject matter “tonne” means 1,000 kilograms. (phenocrysts) in a fine-grained of the mineral project; and who “NPI Royalty” has the meaning “tpa” means tonnes per annum. matrix. is a member in good standing ascribed to it under “Royalties “vein” means an epigenetic “preliminary feasibility study” of a recognized self-regulatory and streams explained”. mineral filling of a fault or other means a comprehensive study of organization of engineers or Assets Assets Assets fracture, in tabular or sheet- “NPR” means Net Proceeds the viability of a mineral project geoscientists. like form, often with associated Royalties: which is the profits that has advanced to a stage “Reserves” means collectively, replacement of the host rock; a after deduction of expenses. where the mining method, in the in respect of Mineral Reserves, mineral deposit of this form and Assets Assets case of underground mining, or “NRI” means Net Royalty Interest: Probable Reserves and Proven origin. paid net of operating and capital the pit configuration, in the case Reserves, or in respect of oil and costs (similar to an NPI). of an open pit, has been estab- natural gas reserves, Probable “waste” is rock which is not ore lished and an effective method Reserves and Proved Reserves. and usually has to be removed “NSR” means Net Smelter Return: of mineral processing has been during the normal course of Which is the proceeds returned determined, and includes “Resources” means a mining to get at the ore. from the smelter and/or refinery a financial analysis based on concentration or occurrence “WI” means working interest. to the mine owner less certain reasonable assumptions of of diamonds, natural solid inor- costs. technical, engineering, legal, ganic material, or natural solid “Zn” means the chemical symbol fossilized organic material “NSR Royalty” has the meaning operating, economic, social, and for the element zinc. including base and precious ascribed to it under “Royalties environmental factors and the metals, coal, and industrial and streams explained”. evaluation of other relevant factors which are sufficient minerals in or on the earth’s crust Information Information Information “Oil & Gas Interests” means the in such form and quantity and Additional Additional Additional for a qualified person, acting royalty interests, working reasonably, to determine if all or of such a grade or quality that interests and oil and natural part of the mineral resource may it has reasonable prospects for gas mineral rights in oil and be classified as a mineral reserve. economic extraction. natural gas properties owned by Franco-Nevada. Additional Additional Information Information

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Technical and Third Party Information Overview Overview Overview Overview Overview Philip D. Wilson, Vice President, Technical of Franco-Nevada is the qualified person that approved the scientific or technical information contained in this Asset Handbook related to mineral projects that are material (for purposes of NI 43-101) to Franco-Nevada.

Except where otherwise stated, the disclosure in this Asset Handbook relating to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at February 28, 2016 (except where stated otherwise), and none of this information has been independently verified by Franco-Nevada. Specifically, as a royalty or stream holder, Franco-Nevada has limited, if any, access to properties included in its asset portfolio. Additionally, Franco-Nevada may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Franco-Nevada is dependent on the operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare required disclosure pertaining to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests and generally has limited or no ability to Mineral Reserves Mineral Reserves Mineral Reserves independently verify such information. Although Franco-Nevada does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information& Resources publicly reported by operators may relate to a & Resources & Resources larger property than the area covered by Franco-Nevada’s royalty or stream interest. Franco-Nevada’s royalty or stream interests often cover less than 100% and sometimes only a portion of the publicly reported Mineral Reserves, Mineral Resources and production of the property.

Reconciliation to CIM Definitions In this Asset Handbook, Franco-Nevada has disclosed a number of resource and reserve estimates covering properties related to the mineral & Resources assets that are not based on Canadian Institute& Resources of Mining, Metallurgy and Petroleum (“CIM”) definitions, but instead have been prepared in Mineral Reserves reliance upon JORC, SAMREC and SECMineral Reserves Industry Guide 7 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. In each case, the Mineral Resources and Mineral Reserves reported in this Asset Handbook are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Franco-Nevada is not able to reconcile the resource and reserve estimates prepared in reliance on an Acceptable Foreign Code with that of CIM definitions. Franco-Nevada previously sought confirmation from one of its technical advisory firms, that is comprised of engineers experienced in the preparation of resource and reserve estimates using CIM and each of the Acceptable Foreign Codes, of the extent to which an estimate prepared under an Acceptable Foreign Code would differ from that prepared under CIM definitions. Franco-Nevada was advised that, while the CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Such advisors further confirmed, without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are REUs REUs reproduced in this Asset Handbook were conducted, that in the course of their preparationREUs of a resource or reserve estimate they would effectively use the same procedures to prepare and report the resource or reserve estimate regardless of the reliance on CIM or any of the Acceptable Foreign Codes. Such advisors noted two provisos to this confirmation, being (i) SEC Industry Guide 7 prohibits the reporting of REUs REUs resources, and will only permit reporting of reserves, and (ii) it is now generally accepted practice that staff at the SEC expect to see metals prices based on historic three year average prices, while each of CIM and the other Acceptable Foreign Codes permits the author of a resource or reserve estimate to use his or her discretion to establish a reasonable assumed metal price in such calculations. See “Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates”.

Forward Looking Information This Asset Handbook contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the U.S. 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 future revenues, 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 of commodities, expected mining sequences, business prospects, opportunities and financial results for the year ended December 31, 2015. In addition, statements (including data in tables) relating to reserves and resources, gold equivalent ounces and royalty equivalent units are forward looking statements, as they involve Assets Assets implied assessment, based on certain estimates and assumptions, and no assurance can be Assets given that the estimates and assumptions are accurate and that such reserves and resources and gold equivalent ounces 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 identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, Assets Assets “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 or achievements 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 cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of the 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 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 and licensing regimes and taxation policies and the enforcement thereof; regulatory and 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 the operators 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 opportunities that Information Information Information Additional Additional become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital;Additional 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 not the Registrant is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; 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 Additional Additional Information Information differences from resource estimates, other technical reports 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 or 100 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

unexpected 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 forward looking statements contained in this Asset Handbook are Overview Overview Overview 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; the Company’s ongoing income and assets relating to determination of our PFIC status; no material changes to existing tax treatment; no adverse development in respect of any significant property in which Overview Overview Franco-Nevada holds a royalty, 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; and the 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 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 looking statements 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 and assumptions, 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 Canadian securities regulatory authorities on www.sedar.com and contained in Franco-Nevada’s Form 40-F filed with the SEC on www.sec.gov. The forward looking statements herein are made as March 10, 2016 only and Franco-Nevada does not assume any obligation to update or revise Mineral Reserves Mineral Reserves them to reflect new information, estimates or opinions, future events or results or otherwise, except as requiredMineral Reserves by applicable law. & Resources & Resources & Resources

Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates This Asset Handbook has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and reserve estimates included in this Asset Handbook have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities regulatory & Resources & Resources authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral Mineral Reserves Mineral Reserves projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available. Canadian standards for reporting reserves and resources, including NI 43-101, differ significantly from the requirements of the SEC, and reserve and resource information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should REUs REUs REUs also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except REUs REUs in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Corporation in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. In addition to NI 43-101, a number of resource and reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code (as such terms are defined in NI 43-101), which differ from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions of the Corporation’s mineral properties set forth herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. For more information, see “Reconciliation to CIM Definitions”. As noted under “Royalty Equivalent Units - Oil & Gas”, Franco-Nevada is providing in this Asset Handbook disclosure relating to reserves and other oil & gas information prepared in accordance with Canadian disclosure requirements. The requirements of NI 51-101 for disclosure of oil Assets Assets Assets and gas activities differ significantly from those of the SEC, and disclosure concerning the oil and gas properties in which the Corporation has interests may not be comparable with information made public by companies that report in accordance with U.S. standards. The primary differences between the Canadian requirements and the U.S. standards for oil and gas related disclosure are that: Assets Assets • NI 51-101 requires disclosure of gross and net reserves using forecast prices, whereas the SEC rules require the disclosure of net reserves estimated using a historical 12-month average price; • NI 51-101 requires the disclosure of the net present value of future net revenue attributable to all of the disclosed reserves categories, estimated using forecast prices and costs, before and after deducting future income tax expenses, calculated without discount and using discount rates of 5%, 10%, 15% and 20%, whereas the SEC rules require disclosure of the present value of future net cash flows attributable to proved reserves only, estimated using a constant price (the historical 12-month average price) and a 10% discount rate; • NI 51-101 requires a one-year reconciliation of gross proved reserves, gross probable reserves and gross proved plus probable reserves, based on forecast prices and costs, for various product types, whereas the SEC rules require a three-year reconciliation of net proved reserves, based on constant prices and costs, for less specific product types; and • NI 51-101 reserve estimates are based on definitions and standards promulgated by the Canadian Oil and Gas Evaluation Handbook and generally recognized industry practices in Canada, whereas SEC reserve estimates are based on different reserves definitions and are prepared in accordance with generally recognized industry practices in the United States. Information Information Information Additional Additional Additional

Oil & Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. The estimates of reserves and future net Additional Additional

Information Information revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Franco-Nevada Corporation 2016 Asset Handbook 101 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

Graham Farquharson Board of Directors Graham Farquharson is President of Strathcona Mineral Services Overview Overview Overview Limited (a mining consulting firm) and is a director of Franco-Nevada. Mr. Farquharson previously served on the boards of Placer Dome Inc., Cambior Inc., St Andrew Goldfields Ltd. and several other mining Pierre Lassonde, Chair companies. In addition, Mr. Farquharson is the Chair of the Canadian Overview Overview Pierre Lassonde is the independent Chair of the Board. Mr. Lassonde Mineral Industry Education Foundation. Mr. Farquharson holds a formerly served as President of Newmont from 2002 to 2006 and Bachelor of Science degree in Mining Engineering from the University as a director and Vice-Chair of Newmont until November 30, 2007. of Alberta, a Master’s degree in Business Administration from Queen’s Previously, Mr. Lassonde served as a director and President (1982 to University and is a registered Professional Engineer in Ontario. Mr. Far- 2002) and Co-Chief Executive Officer (1999 to 2002) of Old Franco- quharson was inducted into the Canadian Mining Hall of Fame in 2010. Nevada. Mr. Lassonde also served as President and Chief Executive Officer of Euro-Nevada Mining Corporation Limited from 1985 Dr. Catharine Farrow to 1999, prior to its amalgamation with Old Franco-Nevada. Dr. Catharine Farrow is Chief Executive Officer and a director of TMAC Mr. Lassonde served as a director of Normandy from 2001 to 2002. Resources Inc. (a gold exploration and mining company) and President Mr. Lassonde is past Chair and a past director of the World Gold of FarExGeoMine Ltd. (a private consultancy) and is a director of Franco- Council, Chair of the Quebec National Art Museum and the Canadian Nevada. In addition,Mineral Reserves Dr. Farrow is also a director of the Prospectors Mineral Reserves Mineral Reserves

Council for the Arts and a director of New Gold Inc. and Enghouse and Developers& Resources Association of Canada. Dr. Farrow previously served as & Resources & Resources Systems Limited. Mr. Lassonde received his Chartered Financial Chief Operating Officer of KGHM International Ltd. (formerly FNX Analyst designation from the CFA Institute in 1984, a P. Eng Mining Company Inc.). Dr. Farrow is a member of the Association (Association of Professional Engineers of Ontario) in 1976, a Master of Professional Geoscientists of Ontario and the Canadian Institute of Business Administration from the University of Utah in 1973, a of Mining, Metallurgy & Petroleum, a fellow member of the Society B.Sc. (Electrical Engineering) from Ecole Polytechnique in 1971 and of Economic Geologists and is an Adjunct Professor at Laurentian & Resources a B.A. from Seminaire de St. Hyacinthe/Université& Resources de Montréal in University. She holds a Doctorate in Earth Sciences from Carleton 1967. Mr. Lassonde was appointed a Member of the Order of Canada Mineral Reserves Mineral Reserves University, a Masters degree in Geology from Acadia University, and a in 2002, was inducted into the Canadian Mining Hall of Fame in 2013 Bachelor of Science degree in Geology from Mount Allison University. and was appointed Chair of the Canadian Council of the Arts in 2015. Louis Gignac David Harquail, President & Chief Executive Officer Louis Gignac is Chair of G Mining Services Inc. (a private consultancy) David Harquail is President and Chief Executive Officer and is a and is a director of Franco-Nevada. Mr. Gignac previously served as director of Franco-Nevada. Mr. Harquail served as Executive Vice President, Chief Executive Officer and a director of Cambior Inc. President of Newmont (2006 to 2007) and previously served as from its creation in 1986 until its acquisition by IAMGOLD President and Managing Director of Newmont Capital, the merchant Corporation in 2006. Mr. Gignac previously held management banking division of Newmont (2002 to 2006). Prior to the acquisition positions with Falconbridge Copper Company and Exxon Minerals by Newmont of Old Franco-Nevada in 2002, Mr. Harquail was with Company and has served as a director of several companies including REUs REUs Old Franco-Nevada for a period of 15 years with the final position St Andrew GoldfieldsREUs Ltd., Marengo Mining Limited and Gaz Metro of Senior Vice President responsible for the metals royalty division Inc. Mr. Gignac also served as a professor in mining engineering at and corporate development. Mr. Harquail is on the board of the Laval University from 1979 to 1981. Mr. Gignac serves as a director REUs REUs World Gold Council and has also held roles as President and Chief of Domtar Corporation and is a member of the Ordre des ingénieurs Executive Officer of Redstone Resources Inc., as a director of Inco du Québec. Mr. Gignac holds a Doctorate of Engineering in Limited, Echo Bay Mines Limited, Kinross Gold Corporation and Mining Engineering from the University of Missouri Rolla, a Master’s the Prospectors and Developers Association of Canada and as a task degree in Mineral Engineering from the University of Minnesota, force advisor to the Toronto Stock Exchange. Mr. Harquail holds a and a Bachelor of Science degree in Mining Engineering from Laval B.A.Sc. in Geological Engineering from the University of Toronto, University. Mr. Gignac was inducted into the Canadian Mining a Master’s degree in Business Administration from McGill University Hall of Fame in 2016. and is a registered Professional Engineer in Ontario. Randall Oliphant Tom Albanese Randall Oliphant is Executive Chairman of New Gold Inc. (a gold Tom Albanese is Chief Executive Officer and a director of Vedanta mining company) and is a director of Franco-Nevada. Mr. Oliphant Resources plc and is a director of Franco-Nevada. Mr. Albanese is a member of the advisory board for Metalmark Capital LLC and is also Chief Executive Officer and a director of Vedanta Limited serves as a director of WesternZagros Resources Ltd. and Newmarket Assets Assets (formerly known as SesaSterlite Ltd.), a subsidiary of Vedanta Gold Inc. Mr. OliphantAssets is the current Chairman of the World Gold Resources plc. From 2007 to January 2013, Mr. Albanese was Council and has also served on the boards and advisory boards of a Chief Executive Officer of Rio Tinto plc. Mr. Albanese previously number of companies and not-for-profit organizations. Mr. Oliphant Assets served on the boards of Ivanhoe MinesAssets Limited, Palabora Mining held positions with Barrick Gold Corporation from 1987 to 2003 and Company and Turquoise Hill Resources Limited. Mr. Albanese served as Barrick’s President and Chief Executive Officer from 1999 holds a Master’s of Science degree in Mining Engineering and to 2003. Mr. Oliphant received his Bachelor of Commerce degree in a Bachelor of Science degree in Mineral Economics both from 1984 from the University of Toronto and his Chartered Professional the University of Alaska Fairbanks. Accountant, CA designation in 1986. Derek Evans Hon. David R. Peterson Derek Evans is President and Chief Executive Officer of Pengrowth David Peterson is Chair of the law firm Cassels Brock & Blackwell Energy Corporation (an oil and natural gas company), and is a LLP, and is a director of Franco-Nevada. He was the Premier of the director of Franco-Nevada. From May to September 2009, Province of Ontario from 1985 to 1990. He was the founding Chair Mr. Evans was President and Chief Operating Officer of Pengrowth of the Toronto Raptors of the National Basketball Association and Energy Trust. Mr. Evans served as President and Chief Executive was the Chair of the successful Toronto Bid for the 2015 Pan Am Information Information Games and wasInformation the Chair of the 2015 Pan American and Parapan Additional Additional Officer of Focus Energy Trust from May 2002 until March 2008. Additional Mr. Evans has over 30 years of experience in a variety of operational American Games Organizing Committee. Mr. Peterson also serves as and senior management positions in the oil and gas business in a director of Rogers Communications Inc. and VersaPay Corporation. Western Canada. Mr. Evans holds a Bachelor of Science degree in Mr. Peterson is Chancellor Emeritus of the University of Toronto Mining Engineering from Queen’s University and is a registered and a director of St. Michael’s Hospital. Mr. Peterson holds an LL.B. Professional Engineer in Alberta. Mr. Evans is also a member of from the University of Toronto, was called to the Bar of Ontario in Additional Additional Information Information the Institute of Corporate Directors. 1969, appointed Queen’s Counsel in 1980 and summoned by

Her Majesty to the Privy Council in 1992. Printed in Canada using vegetable based inks on chlorine-free paper containing post consumer product and which is 100% recyclable. Inc. Mishko & Co. J. Walter Project Management and Production: Goodhoofd Inc. Concept and Design: 102 FNV TSX NYSE The Gold Investment that WORKS Corporate Information

Executive Management Barbados Office

David Harquail, President & CEO Ground Floor, Balmoral Hall, Balmoral Gap, Hastings, Christ Church, Barbados, BB14034 Sandip Rana, Chief Financial Officer Tel: (246) 434-8200

Paul Brink, Senior Vice President, Business Development U.S. Office Geoff Waterman, Chief Operating Officer 1745 Shea Center Drive, Suite 400 Highlands Ranch, Colorado, USA 80129 Lloyd Hong, Chief Legal Officer & Corporate Secretary Tel: (720) 344-4986

Directors Australia Office Pierre Lassonde, Chair 44 Kings Park Road, Suite 41 West Perth, WA 6005, Australia David Harquail, President & CEO Tel: 61-8-6263-4425 Tom Albanese Listings Derek Evans Toronto Stock Exchange Graham Farquharson - Common shares: FNV Dr. Catharine Farrow 2017 Warrants: FNV.WT.A Exercise price: C$75.00 Louis Gignac Expiry: June 16, 2017 Randall Oliphant New York Stock Exchange - Common shares: FNV Hon. David R. Peterson Share Capital Investor Information As at March 9, 2016 Stefan Axell, Director, Corporate Affairs Common shares outstanding 177,282,366 [email protected] Reserved for: www.franco-nevada.com 2017 Warrants: 8,510,752 Options & other: 1,751,192 Tel: (416) 306-6328 Toll Free: (877) 401-3833 Fully diluted: 187,544,310

Auditors Transfer Agent PricewaterhouseCoopers LLP Computershare Investor Services Inc. Toronto, Canada 100 University Avenue, 8th Floor Toronto, Canada M5J 2Y1 Head Office Toll Free: (800) 564-6253 199 Bay Street, Suite 2000, P.O. Box 285 Tel: (514) 982-7555 Commerce Court Postal Station [email protected] Toronto, Canada M5L 1G9 Tel: (416) 306-6300

Franco-Nevada Corporation 2016 Asset Handbook TSX / NYSE FNV