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 stttatement swill 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 production 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 creatin g 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 PlPalmarej o – 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 6% 15% Other Oil & G as Other Mi nerals l Mexico 20% 2% Weyburn 15% Minerals 6% Pandora 2% 1% Goldstrike - NPI 14% PGM Gold Stillwater 8% 7% US 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. 11 Growth in Royyyalty Revenue(1) from Precious Metal Assets

30 Oil & Gas 25 Base Metals & Other millions)

$$ PGM ( 20 Gold 15

0 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

75% of Royalty Revenue in Q1’10 derived from precious metals

12 Outlook for 2010

Positives: Full year of production at Palmarejo and Holloway Start up of production at Hislop Hollister begins processing stockpiled ore Full year from Mt Keith royalty (acquired Oct ‘09) Higher PGM and oil & gas prices Stronger second half: Goldstrike waste stripping completed Higher Gold Quarry minimum royalty to be realized in Q4 Robinson copper and gold royalties triggered

Expectation of strong growth in 2010

13 Franco-Nevada’s Cappyacity for New Proj ects

Cap ita l R esources @ Marc h 31 , 2010 US$ Milli ons

Working Capital $598

Marketable Investments (Primarily NEM) $52

Available Credit Facility $175

Total Available Capital $825

No debt, hedges or material capital obligations Additional capacity from ongoing free cash flows

14 Prospyperity Gold Stream May 2010 Announcement

Major new long-life gold asset in Canada Open pit copper/gold porphyry in B.C. Proven operator with Taseko Mines Ltd. 22% of LOM gold production (>$400/oz) of 13 million ounce resource (7.7 million ounces recoverable in reserves) Net 65,000- 55,000 ounces to Franco per annum for life of mine $350 million commitment plus 2 million FNV 2017 warrants Franco funds when conditions met and pro-rata with balance of construction financing Accretive on all measures Template for further substantial growth

15 Substantial Long Term Gold Growth Gold only royalty revenues excluding other revenues *

Prosperity $44-48m

Detour $14-17m Tasiast Exp. 6-11m Tasiast $9-11m Hemlo 5-15m Holt 3-4m Subika 6-11m Palmarejo $16-19m $100.5m MiMarigo ld 1-4m Rosemont 1-2m Holloway-Hislop 4-5m Duketon 2-3m Goldfields 1-2m Hollister 3-5m Ity 1m Perama Hill 2-3m $70.7m Other 1-2m

2008A 2009A 2010/11E 2011/12E 2012/14E

~$160m in potential new gold Royalty Revenues(1) by 2014

* Appendix provides detail to pro-forma estimates assuming operator or analyst projections and $1,100/oz gold. 16 Move to Monthly Dividends

C$/share US$

2008 June $0.12 $21.8 m December $0.12 $0.24

2009 June $0.14 $28.2 m December $0.14 $0. 28

2010* June $0.150 July $0.025 August $0.025 September $0.025 $34.0 m** October $0.025 November $0. 025 December $0.025 $0.30 Growing Dividends

* September to December dividends are indicative and subject to board declaration. ** Based on C$=$US and 114m shares outstanding. 17 Franco-Nevada’s Advantages

RltBiRoyalty Business MdlModel

Strong Organic Growth Portfolio Goldstrike New Prosperity Deal rry

Capital for Further Deals aa

89% Free Cash Flow Margins Gold Qu >$30M of Annual Indicated Dividends

Track Record of Value Accretion ejo r r Palma

18 ------THANK YOU------

Goldstrike ‐ Barrick BaldWeyburn Mountain ‐ Cenovus ‐ Barrick East Boulder ‐ Stillwater

Palmarejo ‐ Coeur Cerro San Pedro ‐ New Gold Mesquite –New Gold

Marigold ‐ Goldcorp Robinson ‐ Quadra Tasiast ‐ Red Back Marigold ‐ Goldcorp

19 Dow vs Gold:

25 old GG

20 DOW/

Financial vs hard assets 20 Pipeline For Future Growth

Current producers New in 2010-11 Near term 2012+ Longer term

Prosperity* Goldstrike Holloway/Hislop/Holt Hemlo NPI Pinson Palmarejo* Hollister Detour Dee/Arturo Gold Quarry* Hemlo NSR Subika* Pandora platinum Stillwater Tasiast Falcondo nickel Kirkland Lake Marigold Marigold Rosemont Arctic Gas Robinson Duketon Goldfields >145 other Oil & gas Ity Perama Hill exploration assets others… others... others… >100,000 acres of undeveloped O&G land >20 MINERAL OPERATIONS ROYALTIES UNDER PROJECTS AT FEASIBILITY, BROAD EXPOSURE TO >100 O&G OPERATIONS DEVELOPMENT OR PERMITTING, FINANCING FUTURE POTENTIAL REACHING PAYOUT STAGES OR ON STANDBY UPSIDES AT NO COST

Assets in ppgglace for continued gold revenue growth

* new acquisitions post IPO

21 Recent Pipeline News

Property Royalty Operator Update Tasiast 2% NSR Red Back Major reserve and resource expansions and $600m Mining Kinross investment. Royalty expected to begin paying in early 2011. Analysts expect further production expansion.

Hollister 3-5% NSR Great Basin Commercial production expected in 2010. High grade Gold Hatter Graben discovery falls on 5% royalty ground.

Hemlo 3% NSR & Barrick Gold Steady mining on royalty ground expected to being in 50% NPI 2011.

Detour 2% NSR Detour Gold Major reserve and resource expansions. Feasibility study recently completed with average production of 650 koz/yr.

HllHolloway/ / Sliding Sca le & SAdSt Andrew RfdidhihddiRecent start of production and new high grade discovery Hislop 4% NSR Goldfields

Other Various Various Duketon start of production, Rosemont & Perama Hill permitting, Falcondo possible restart

22 Track Record of Acquisitions since IPO

>95% of capital deployed into gold assets

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 7. 29% Gold Newmont Nevada

Coeur $80m Palmarejo 50% Gold Mexico d’Alene

$58m Subika 2% Gold Newmont Ghana

$20m Marigold 2.5-5% Gold Goldcorp Nevada

A$20m Mt Keith 0.375% Nickel BHP Australia

$350m Prosperity 22% Gold Taseko Canada

Mines with top operators, large land positions and exploration upside

23 Organic Gold Growth Potential

Annual Incremental Royalty Potential c Project Operator Royaltyd @ $1100 gold

Palmarejo Coeur d’Alene 50% stream $16-19m eg Holloway–Hislop St Andrew Gold 4-6% NSR 4-5m e 2010 Hollister Great Basin Gold 3-5% NSR 3-5m e Hemlo NSR Barrick Gold 3% NSR 1-2m f $24-31m

Tasiast Red Back Mining 2% NSR $9-11m e Holt St Andrew Gold 10% NSR 3-4m e Marigold Goldcorp 1.4-4% NSR 1-4m f 2011 Duketon Regis Resources 2% NSR 2-3m e Ity La Mancha 1-1.5% NSR 1m e $16-23m

Hemlo NPI Barrick Gold 50% NPI $5-15m f Detour Detour Gold 2% NSR 14-17m e Subika Newmont 2% NSR 6-11m f Tasiast Expansion Red Back Mining 2% NSR 6-11m eh 2012+ Goldfields Linear Gold 2% NSR 1-2m e Perama Hill Eldorado Gold 2% NSR 2-3m e Rosemont Augusta Resources 1.5% NSR 1-2m e $35-61m c Management ‘s projection of start of royalty. d Applicable royalty rate at $1100 gold for sliding scale royalties. e Reflects operators’ public guidance and analyst estimates as of June 2010. f Reflects management’s projections based on available data for production and costs (where applicable). g 2009 was a half year of production. 2010 is increment for full year. h Gold only. With copper & silver, royalty potential is $7-9m. 24 Prospyperity Gold Stream Terms $350 million deposit funded pro-rata during construction with other financing for the project and 2 million FNV 2017 share warrants Right to purchase gold equal to 22% of LOM gold in concentrate for $400/oz (inflation adjusted) Funding contingent on: – ppgermitting, – project being fully financed, and – 75% of concentrate contracted for 5 years Deposit funded pro-rata with other sources of capital Completion test at 90% level Minimum gold delivery after 27 months from first draw at 80% of plan until completion Secured byypyppy a lien on the Prosperity property

25 Prosppyerity Gold Stream Production Profile

350 200 180 300 160 250 140 120 200 Copper 100 150 80 z) (Mlb) oo 100 60 40 50 Gold (K 20 0 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33

AiCAu in Conc. PdProduc tiPfil(K)tion Profile (Koz) FNV G old St ream (Koz) Cu in C onc. Pro ducti on P rofil e (Mlb)

Long mine life

Source: Based on Mine Production Profile in Taseko Technical Report dated November 2, 2009. Current environmental approval applications are for a mine plan with a 20 year mine life.

26 Prospyperity Gold Stream Contribution Analysis

100%

95% 11.1% 14.1% 15.8% 17.6% 90% %) ( (

85%

ntribution 80% Prosperity oo FNV 75% 88.9% 85.9% 84.2% 82.4%

Relative C 70%

65%

60% EV 2014 Revenue 2014 CF NAV Prosperity contribution is highly accretive

Note: Revenue and CF for estimates for FNV for 2014 are assumed to be the same as the BMO research revenue and CF estimate for 2013 at $925/oz Au. Revenue and CF for Prosperity are based on $925/oz for 2014 (first full year of payments). EV is based on May 6, 2010 closing price for FNV. NPV estimate for FNV and Prosperity is based on analyst consensus estimates. The long term average consensus price used for gold is $860/oz. 27 Prosppyerity Gold Stream Strengthening the Leading Gold Royalty Portfolio

PRO-FORMA NAV BREAKDOWN

Base Metals 8% Prosperity 18% Oil & Gas 16%

Palmarejo 14% Other Gold 20% Goldstrike 12%

Gold Quarry Stillwater 6% 6%

A key long-life addition to the portfolio

Source: Broker research at analyst consensus prices. Includes NAV of mining assets only, cash is not reflected. Prosperity NAV calculated using long term average consensus price for gold of $860/oz.

28 Comparables

P/NAV (x )

2.0 2.0x 1.8 1.8 161.6 1.6x

1.2x

0.8x

0.4x

00x0.0x Ro yal Gold Si l ver Nevada Fr an co - Freehold Wheaton

Attracti ve val uati on rel ati ve t o peers

Source: Courtesy of UBS. Based on Bloomberg, street research, IBES estimates. 29 Comparables

Royal Gold Silver Wheaton

CditiCommodity mix MtlldMostly gold MtlldMostly gold MtlilMostly silver

USA 45% USA 40% Mexico 45% Revenues by geography(1) Canada 27% Africa 27% S. America 31% Mexico 22% Mexico 15% Sweden 11% Number of mineral royalties 197 192 19

Market cap at May 17, 2010 $3,609m $2,431m $7,187m Proforma liquidity 569 54 280 Debt 0 255 129 Acquisition obligations 350 0 675 Enterprise Value (2) $3,390m $2,632m $7,711m

Total Assets(1) $2,117m $1,586m$2,286m Tax basis of assets (provides tax shield) High Low --

LTM ne t roya lty revenue (1) (3) $155m $118m $216m Indicative annual dividends(4) $30m $17m $0

(1) For period ended March 31, 2010 (2) SLW asset obliggpations include a portion of the Barrick transaction ,,g, Rosemont, and Navidad obligations. (3) Royalty revenue less cost of purchasing ounces for streams. LTM = Last twelve months (4) Current per share payout at 0.95 C$/US$

30 Board of Directors

Position with Franco-Nevada Current or Past Major Experience

Pierre Lassonde Director, Chairman Chairman, World Gold Council Vice Chairman, Director and President, Newmont Mining Co-CEO and Co-Founder, Old Franco-Nevada David Harquail Director, President & CEO Executive V.P., Newmont Mining President & MD, Newmont Capital S.V.P. Old Franco-Nevada Derek Evans(1) Director President & CEO, Pengrowth Energy Trust CEO, Focus Energy Trust Renaissance Energy Limited Graham Farquharson(2) Director President, Strathcona Mineral Services Ltd. Board Member, Placer Dome and Cambior Inc.

LiGiLouis Gignac(1) Direct or PidtGMiiSiPresident, G Mining Services I nc. President and CEO, Cambior Inc.

Randall Oliphant(1) Director Executive Chairman, New Gold Inc. CEO, Barrick Gold Corporation

Hon. David R. Peterson(2) Director Partner and Chairman, Cassels Brock & Blackwell LLP Twentieth Premier of Ontario Board Member, Old Franco-Nevada

(1) Member of the Audit and Risk Committee (2) Member of the Compensation and Corporate Governance Committee

31 Two Years of Added Value ()($US)

Cumulative dividends MC = $2.9B Added market value New Equity Added Cumulative equity financing US $1.1B Value to Investor

MC = $1.7B US $02B0.2B MC = $1.3B

Equity Financings IPO

Dec 2007Dec 2008 2008 Dec 2009 2009

32 FNV vs S&P/TSX since IPO

IPO Financing Gold Palmarejo Financing 250% $1.3B $260m Quarry $75m $313m $103m

200%

150% Ahafo Offer For Marigold IRC $675m Mt. Keith $100m Prosperity 100% $350m

December 20, 2007 IPO issue price 50% C$15.20/sh

FNV S&P 33 Franco-Nevada Corporation

Capital Structure(2) Analyst Coverage Shares Outstanding 114.02m BMO Capital Markets David Haughton Warrant s @ C$32/ s h Marc h 2012 5755.75m BOA/Merrill Lynch Mike Jalonen

Warrants @ C$75/sh June 2017 5.75m CIBC Capital Markets Cosmos Chiu Credit Suisse Anita Soni Options (Avg C$16.00/sh) 2.43m GMP Securities Craig West Other 0.43m National Bank Financial Tanya Jakusconek 128.38m Paradigm Capital Don MacLean (1) Share Price Range C$33.50-C$24.64 RBC Capital Markets Stephen Walker Market Capitalization(2) $3.3B TD Securities Greg Barnes Working Capital + Marketable UBS Securities Brian MacArthur Investments(3) $650.3m Wellington West Paolo Lostritto Available Credit Facilities $175m Major Shareholders Debt or Hedges Nil Fidelity US 2010 Dividends (Indicative) (4) $34.21m (C$0. 30/share) Invesco Trimark Canada T. Rowe Price US Management Ownership (3) 5.0% (6.3% diluted) Blackrock Europe Oppenheimer US

(1) Previous 52 weeks (2) As at April 30, 2010 (3) As at March 31, 2010 (4) @ $CAN/$US = 1.00 34