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2019 Asset Handbook 2019 Asset Handbook 2019 Asset Handbook 2019 Asset Handbook Franco-Nevada Corporation’s 2019 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 a strong balance sheet 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 15, 2019. 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. Dollar references are in U.S. dollars unless otherwise noted. 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”), our annual Management’s Discussion & Analysis (“MD&A“), and our Annual Report on Form 40-F available at www.sedar.com and www.sec.gov, respectively, and on our website 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. Franco-Nevada continues to outperform both gold equities and gold itself • High margins, scalable, low leverage • Diversified portfolio • Long life assets 500% 450% FNV (TSX) 400% 11 Years of Performance Franco-Nevada has outperformed 350% both gold equities and gold Itself Chart to March 15, 2019 300% 250% 200% 150% 100% Gold Price 50% 0% S&P/TSX Global Gold Index -50% FNV IPO: Dec 2007 -100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Note: FNV (TSX) and S&P/TSX Global Gold Index converted to USD. FNV TSX/NYSE 2019 Asset Handbook The GOLD Investment that WORKS 1 Our Performance GEOs GEOsGEOs RevenueRevenueRevenue MarketMarket CapMarket Cap Cap • >$1 billion in dividends paid since IPO • 11 consecutive years of dividend increases • IPO investors now realizing a 6.2% yield (U.S.) or 8.1% yield (CDN) 500 500 500 $800 $800 $800 $16 $16 $16 GEOs GEOsGEOs RevenueRevenueRevenue MarketMarket CapMarket Cap Cap 450 450 450 $700 $700 $700 $14 $14 $14 Gold Equivalent Revenue Market Ounces400 400 400 (US$ millions) Capitalization1 $600 $600 $600 $12 $12 $12 (000s) (US$ billions) 350 350 350 500 500 500 $800 $800 $800 $16 $16 $16 $500 $500 $500 $10 $10 $10 300 300 300 450 450 450 $700 $700 $700 $14 $14 $14 250 250 250 $400 $400 $400 $ 8 $ 8 $ 8 400 400 400 200 200 200 $600 $600 $600 $12 $12 $12 $300 $300 $300 $ 6 $ 6 350 350 350 $ 6 150 150 150 $500 $500 $500 $10 $10 $10 300 300 300 $200 $200 $200 $ 4 $ 4 $ 4 100 100 100 250 250 250 $400 $400 $400 $ 8 $ 8 $ 8 $100 $100 $100 $ 2 $ 2 $ 2 50 50 50 200 200 200 $300 $300 $300 $ 6 $ 6 $ 6 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17150 ‘16 ‘18 ‘17150 ‘18 150‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 $200 $200 $200 $ 4 $ 4 $ 4 100 100 100 $100 $100 $100 $ 2 $ 2 $ 2 50 50 50 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 G&A G&AG&A AdjustedAdjustedAdjusted DividendsDividendsDividends amendedamendedamended Net incomeNet incomeNet income & DRIP& Paid DRIP& DRIPPaid Paid G&A as % Per ShareAdjustedPer SharePer Share Dividends of Market Net Income2 and DRIP Paid Capitalization Per Share (US$ millions) 1.0% 1.0% 1.0% (US$ per share) $1.40 $1.40 $1.40 $180 $180 $180 G&A G&AG&A AdjustedAdjustedAdjusted DividendsDividendsDividends amended amended amended Net incomeNet incomeNet income & DRIP& Paid DRIP& DRIPPaid Paid$160 $160 $160 Per SharePer SharePer Share$1.20 $1.20 $1.20 0.8% 0.8% 0.8% $140 $140 $140 $1.00 $1.00 $1.00 1.0% 1.0% 1.0% $1.40 $1.40 $1.40 $180$120 $180$120 $180$120 0.6% 0.6% 0.6% $ .80 $ .80 $ .80 $160$100 $100$160 $100$160 $1.20 $1.20 $1.20 0.8% 0.8% 0.8% $ .60 $ .60 $ .60 $140$ 80 $$140 80 $$140 80 0.4% 0.4% 0.4% $1.00 $1.00 $1.00 $120$ 60 $$120 60 $$120 60 $ .40 $ .40 $ .40 0.6% 0.6% 0.6% $ .80 $ .80 $ .80 0.2% 0.2% 0.2% $100$ 40 $$100 40 $$100 40 $ .20 $ .20 $ .20 $ .60 $ .60 $ .60 $$ 8020 $ 8020 $ 8020 0.4% 0.4% 0.4% ‘08 ‘08 ‘08 0.0% 0.0% 0.0% $ .00 $ .00 $ .00 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14 ‘18 ‘16 ‘15 ‘17 ‘16‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09‘08‘12‘10 ‘09‘13‘11 ‘10‘14‘12 ‘11 ‘15‘13 ‘12 ‘16‘14‘13 ‘17 ‘15‘14‘18 ‘16 ‘15 ‘17$$ ‘1660 ‘180 ‘17$ ‘18 60 0 $ 60 0 $ .40 $ .40 $ .40 0.2% $ 40 $ 40 $ 40 1 As at December 31. 0.2% 0.2% 2 Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures,$ .20 which$ .20 exclude$ .20 the following from net income and earnings per share: impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working$ 20 $ 20 $ 20 interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes ‘08 ‘08 ‘08 on these items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company’s MD&A. 0.0% 0.0% 0.0% $ .00 $ .00 $ .00 $ 0 $ 0 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17 ‘18 ‘08 ‘09 ‘10‘08 ‘11‘09 ‘08‘12‘10 ‘13‘09‘11 ‘14‘10‘12 ‘15‘11‘13 ‘16‘12‘14 ‘17‘13 ‘15 ‘18‘14 ‘16 ‘15 ‘17 ‘16 ‘18 ‘17$ ‘18 0 2 FNV TSX NYSE Franco-Nevada Corporation FNV has provided competitive returns Compounded Annual Total Returns Summary 1-Year 2-Year 5-Year Since FNV Total Return Total Return Total Return Inception 1 Franco-Nevada - US$ basis 9.1% 9.5% 9.6% 16.9% Gold Bullion ETF (0.8%) 2.0% (0.6%) 4.1% GDX 4.7% (0.7%) (2.4%) (5.0%) TSX Composite 6.9% 5.0% 5.5% 4.6% S&P 500 4.7% 10.7% 10.7% 8.2% NASDAQ 4.7% 15.0% 13.2% 11.1% Russell 2000 5.5% 8.0% 7.3% 8.1% 1 FNV Inception - December 20, 2007 Compounded annual total returns to February 28, 2019 Source: TD Securities; Bloomberg Outperforming in Bull and Bear Markets 40% 32% Franco-Nevada 20% 19% 17% 14% Gold 7% 1% GDX – (6%) (20%) (14%) (33%) (40%) Bull Market Bear Market Bull Market (2008 - 2012) (2013 - 2015) (2016 - Present) All returns are in US$ Total return assumes reinvestment of dividends up until February 28, 2019 Source: TD Securities; Bloomberg All returns are in US$ Total return assumes reinvestment of dividends over designated period Source: TD Securities; Bloomberg 2019 Asset Handbook The GOLD Investment that WORKS 3 4 Historical Performance 2018 - 2008 $ Millions (except per share, GEOs, 3 3 3 3 3 3 3 3 3 3 3 Shareholders’ Equity and Market 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Capitalization) $ $ $ $ $ $ $ $ $ $ GEOs (000s) 447.9 497.7 464.4 360.1 293.5 241.4 230.3 237.7 156.2 131.8 110.3 Revenue $ 653.2 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating Income $ 188.8 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net Income (Loss) $ 139.0 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8 ) $ 62.7 $ 80.9 $ 40.3 Basic Earnings (Loss) per share $ 0.75 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05 ) $ 0.55 $ 0.76 $ 0.41 FNV 1 TSX NYSE TSX Adjusted Net Income $ 217.0 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income 1 per share $ 1.17 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 Adjusted EBITDA 2 $ 519.6 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 Adjusted EBITDA 2 per share $ 2.79 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 Dividends and DRIP Paid $ 177.8 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends Paid per share $ 0.95 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32
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