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A Gold Focused Royalty Company

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A Gold Focused Royalty Company A Gold Focused Royalty Company June 2010 1 Cautionary Statement Forward-Looking Statements This Presentation contains "forward-looking statements", 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, costs and timing of acquiring new royalties, equity and other resource related interests, requirements for additional capital, mineral reserve and resources estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. All statements, other than statements of historical fact, are forward-looking statements. In addition, the words "expects", ”expected”, “estimated” and similar expressions identify forward-looking statements. The forward-looking statements contained in this Presentation are based upon assumptions management believes to be reasonable, including, without limitation, the ongoing operation of the properties 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, and any other factors that cause actions, events or results to differ from those anticipated, estimated or intended. However, there can benoassurancetha t fdforward-lkilooking stttatemen tswill prove to beaccurate, as actltual resultsand ftfuture eventscould differ matillterially from those anticipated in such statements. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements and readers are cautioned that forward-looking statements are not guarantees of future performance. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. These risks, uncertainties and other factors include, but are not limited to: general business and economic conditions; fluctuations in the prices of the primary commodities that drive the Company’s royalty revenue (gold, platinum group metals, copper, nickel, oil and gas); fluctuations in the value of the Canadian and Australian dollar, and any other currency in which the Company generates revenue, relative to the U.S. dollar; changes in national and local government legislation, including taxation policies; regulations and political or economic developments in any of the countries where the company holds interests in mineral or oil and gas properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by us; access to debt and equity capital; litigation; title disputes related to our interests or any of the underlying properties; operating or technical difficulties; risks and hazards associated with the business of development and mining, including, but not limited to unusual or unexpected operating difficulties, financial stress and other natural disasters or civil unrest. For additional information with respect to risks, uncertainties and assumptions, please also refer to the “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com, as well as our Annual and interim MD&A. The forward-looking statements herein are made as of the date of this Presentation only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Non-GAAP Measures Royalty Revenue, Free Cash-Flow, EBITDA, Margin and Adjusted Net Income are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Definitions and reconciliations to GAAP can be found in our financial disclosures. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently. The following notes are standardized for the attached presentation. (1) RltRRoyalty Revenue is de fine d by the Company as cas h rece ive d or rece iva ble from opera ting roya lty asse ts earne d dur ing the per io d. (2) Free Cash Flow is defined by the Company as operating income plus depletion and depreciation, non-cash charges, and any impairment of investments and royalty interests. (3) Margin is defined as Free Cash Flow as a percentage of Royalty Revenue 2 Franco-Nevada’s two ypyear performance Dec. 2007 IPO of new Franco-Nevada for $1.26B (C$15.20/sh.) Since IPO, Franco-Nevada has delivered: ¾ $293M of Free Cash Flow(2) ¾ 100% share price increase ¾ >$70M in dividends declared ¾ 300 royalty interests ¾ $650M in liquidity 2.50 FNV vs S&P/TSX Since IPO ¾ $3.5B in market cap 2.00 1.50 1.00 0.50 0.00 FNV S&P 3 Franco-Nevada A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America. Royalty Business Advantages Your first dollar in is your last Revenue-based royalties have no operating costs High margin and free cash flow generating business Free perpetual option on future discoveries on our lands MtiftfihhldlManagement is free to focus on growing shareholder value 4 Royyyalty Business Advanta ges Gold ETF Royalties Operators Leverage to Gold Price 2 3 3 Yield 2 3 3 Exploration & Expansion Upside 2 3 3 Reduced Downside of Operating, 3 3 2 Capital & Environmental Costs Franco-Nevada provides more leverage and upside than a gold ETF with less risk than an operator 5 What Are Royalties? Revenue or production royalty (NSR) – ttypically picall 2 to 5% of mine rerevenues/production en es/prod ction – paid in cash or in-kind at refinery each month Streaming royalty (Stream) – right to % of gold production from a mine (eg. 50%) in exchange for: (1) an initial up front payment (()2) ongggoing fixed p roduction pypayment (ypy(typically $400/oz ) NSR Stream One ounce sold at $1000 $1000 Applicable cost 0 $400 Margin for royalty calc $1000 $600 Applicable % 5% 50% Revenue per oz to FNV $50 $300 Profit sharing royalties (NPI) 6 Whyyyy The Royalty Sector Is Growin g Market value of resource sector has increased 10x in past decade MdlMore development pro jects nee dfiid financing Volatile commodity prices create sellers Less available commercial bank project lending Base metal companies can arbitrage precious metals values More royyyalty comp anies creating vibrant market Recent Franco-Nevada Mine Financings Project Location Operator Value ($US m) Palmarejo Mexico Coeur $75 Hislop Ontario St. Andrew $4 Prosperity British Columbia Taseko $366 7 Franco- Nevada Royyypalty Operators include: Core Operators: Up and Comers: Goldstrike - Nevada PlPalmare jo – Mi*Mexico* Bald Mountain - Nevada Hemlo - Ontario Mesquite – California Cerro San Pedro – Mexico Gold Quarry – Nevada* Holloway - Ontario Subika – Ghana* Hislop - Ontario Holt - Ontario Marigold - Nevada Tasiast - Mauritania Musselwhite – Ontario Stillwater – Montana Detour Lake - Ontario East Boulder - Montana Palmarejo Goldstrike * post IPO acquisitions 8 Franco-Nevada’s Royalties in 2009 By Royalty Revenue(1): $142.8m By Free Cash Flow(2): $124.3m (87% margin) By numbers: 196 mineral and 114 oil & gas By commodity: 78% precious metals, 22% other BiBy region: 79% from USA & Cana da Royalty Revenue(1) by Royalty Revenue(1) by Royalty Revenue(1) CtCountry CditCommodity CtComponents Australia Midale Other 3% 4% 2% O&G Other Edson 5% Goldstrike - NSR Other Oil & Gas Other Minera ls 6% 15% Mexico 20% 2% Weyburn 15% Minerals 6% 2% Pandora 1% Goldstrike - NPI 14% PGM Gold Stillwater 7% US 8% 70% Canada 58% 21% Gold - Other Palmarejo 13% 13% Gold Quarry Marigold 10% 5% 9 Sources of Gold Leverage Year Ended Royalty leverage comes from: December 31, 2009 Working – profit-based royalties (Goldstrike, Hemlo … ) interests 5% – scaled royalties (Holloway, Holt …) Stream royalties – gold streams (Palmarejo) 15% Profit- Revenue- based Based 10% gold price move ≈ royalties royalties 17% 63% 13% change in gold revenue * Higher gold prices add further leverage from: – resource to reserve conversion – increased risk capital spending on Franco lands Royalties provide: - more leverage and yield than an ETF - less project, capital and cost risk than an operator * Management estimate based on $1000/oz gold price & revenue for 2010 10 Q1 2010 Higgghlights (US$ millions except per share and %) Q1 ’10 Q1 ’09 Q1 ’08 Royalty Revenue(1) $41.8 $29.2 $27.5 Gold Royalty Revenue 27.4 19.1 12.2 Tooatal r ev en ue(2) 3397.9 33.1 27.5 Net income 7.8 3.8 5.2 Earnings per share $0.07 $0.04 $0.06 Free Cash Flow(3) 37. 1 24. 9 23. 4 Free Cash Flow(3) per share 0.33 0.25 0.26 Margin(4) 89% 85% 85% Adjusted Net Income(5) 8.6 0.5 4.4 Adjusted Net Income per share $0.08 $0.01 $0.05 Working capital (at March 31) $598.1 $185.2 $290.9 Total shareholders’ equity (at March 31) $2,010.6 $1,423.1 $1,528.8 (1) Royalty Revenue is defined by the Company as cash received or receivable from operating royalty assets earned during the period. (2) Includes fair value changes on derivative assets. (3) Free Cash Flow is defined by the Company as operating income plus depletion and depreciation, non-cash charges, and any impairment of investments and royalty interests. (4) Margin is defined as Free Cash Flow (3) as a % of Royalty Revenue(1). (5) Adjusted Net Income is defined by the Company as net income excluding impairment charges related to royalties and working interests and investments, fair value changes for royalties accounted for as derivative assets, foreign currency gains/losses; gains/losses on sale of investments; and the impact of taxes on all these items.
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