FNV TSX/NYSE

FNV TSX/NYSE | CORPORATE UPDATE | 02 • 2017

FNV TSX/NYSE 2

Cautionary StatementForward Looking StatementsThis presentation contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the United States 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 futurerevenues, 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 ofcommodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward looking statements,as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources and gold equivalentounces 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 identifiedby the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negativevariations) 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 involveknown 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 achievementsexpressed or implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statements, including, without limitation: fluctuations in the prices ofthe 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 Pesoand 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 enforcementthereof; regulatory, 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 theoperators 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 opportunitiesthat become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds aroyalty, stream or other interest; whether or not Franco-Nevada is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, asamended; 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 differences from resource estimates, other technicalreports 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 orunexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious diseases; and the integration of acquired assets. Theforward looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holdsa 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 underlyingproperties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Franco-Nevada’s ongoing income and assets relating to determination of its PFIC status; no material changes toexisting tax treatment; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development ofunderlying 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 forwardlooking statements are not guarantees of future performance. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements and investors should not place undue reliance onforward 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 Franco-Nevada’s most recent AnnualInformation Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-lookingstatements herein are made as of the date herein 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, exceptas required by applicable law.

Non-IFRS MeasuresAdjusted Net Income, Adjusted EBITDA and Margin are intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance withInternational Financial Reporting Standards (“IFRS”). They do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other issuers. Management uses these measures toevaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financialstatements. The Company also uses Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs. Management believes that in addition to measuresprepared in accordance with IFRS such as Net Income and Earnings per Share (“EPS”), our investors and analysts use these measures to evaluate the results of the underlying business of the Company, particularly since theexcluded items are typically not included in guidance. While the adjustments to Net Income and EPS include items that are both recurring and non-recurring, management believes these measures are useful measures of theCompany’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period toperiod, are not always reflective of the underlying operating performance of our business, and/or are not necessarily indicative of future operating results. For a reconciliation of these measures to various IFRS measures, pleasesee the end of this presentation or the Company’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and with the SEC on www.sec.gov.This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction

FNV TSX/NYSE 3

A Gold Focused Royalty/Stream Company

1. All amounts are US$2. As at January 18, 20173. Please see notes on page 19

FidelityBlack Rock

T. Rowe Price

Top Shareholders

Pierre Lassonde, ChairDavid Harquail, CEO

Tom AlbaneseDerek Evans

Graham FarquharsonDr. Catharine Farrow

Louis GignacRandall Oliphant

Hon. David R. Peterson

Board of Directors

Market Cap2

FNV:TSX/NYSE

~$11 Billion

S&P/TSX 60 | GDX

High Margin Business

>80% Margin3

<0.2% Overhead/Market Cap

Dividend ~1.4%

9 Years of Increases

$0.88 Annualized

Aristocrat Index

Free Cash Flow and No Debt

Available Capital

~$1.4 Billion

FNV TSX/NYSE

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

2008 2009 2010 2011 2012 2013 2014 2015 2016

FNV IPO:Dec 2007

4

The Gold Investment that Works

FNV, S&P/TSX Global Gold Index converted to USD. Chart to December 29, 2016.

FNV

Gold

S&P/TSX Global Gold Index

CAGR FNV

1 Yr. 32.5%

3 Yr. 15.2%

5 Yr. 10.7%

IPO 17.3%

2008               2009               2010               2011 2012               2013               2014               2015               2016

FNV TSX/NYSE

Tasiast

MinimizeCost Exposures

Margin Encroachment

Involvement in Operations

5

Business Model Principles

MaximizeExploration Upside

Security of Tenure

Focus on New Investments

Long Term Optionality

Goldstrike Detour

FNV TSX/NYSE 6

Business Model Benefits

FNV Provides Yield & More Upside Than a Gold ETF With Less Risk Than an Operator

Gold ETF FNV Operators

LimitedExposure to:

Capital Costs Operating & Other Costs

Benefit of:

Leverage to Gold Price Exploration & Expansion Dividend Yield

Taca Taca

FNV TSX/NYSE 7

Franco-Nevada Since IPO

1. Please see notes slide 192. As at December 31

GEOs1(000s)

G&A(US$ millions)

Revenue(US$ millions)

Adjusted Net Income1(US$ per share)

Market Capitalization2(US$ billions)

Dividends & DRIP Paid(US$ millions)

FNV TSX/NYSE 8

Q3 2016 Revenue Sources

US15%

Canada19%

Latin America

49%

Rest Of World17%

Geography

O&G5%

Gold66%

Silver21%

PGMs7%

Other 1%

CommodityBarbados Streams

43%

In Country Streams

25%

Revenue Royalties

19%

Profit Royalties7%

Type

Other 6%

94% Precious Metals 83% from Americas Royalties & Streams

FNV TSX/NYSE 9

Gold66%

Silver21%

PGMs7%

Increased Guidance Range

Q1-Q3 2016 Results

Original 2016 Guidance1

Updated 2016 Guidance

GEOs2 342,473 425 – 445,000 445 – 455,000

Oil & Gas Revenue $19.7 M $15 – $25 M $25 – $30 M

Antamina1. Original March 10, 2016 guidance2. See notes slide 19

FNV TSX/NYSE 10

Diversified Portfolio with 340 Assets

Producing Mineral 43Advanced Mineral 42Exploration Mineral 177 (not shown)

Oil & Gas producing 59 (3 shown)

Oil & Gas exploration 19 (not shown)

Total 340

FNV TSX/NYSE

PROJECTS BEING ADVANCEDCobre Panama (Panama) • First Quantum reports 46% complete and 2019 ramp-upCandelaria (Chile) • Lundin studying 15-20% milling increase & new TMS constructionGoldstrike (Nevada) • Barrick lowering AISC and TCM ramp-upStillwater (Montana) • Blitz and infrastructure projects expected to increase productionTasiast (Mauritania) • Kinross expects Phase 1 expansion Q2/18, Phase 2 feasibility Q3/17Hollister (Nevada) • Klondex acquisition and possible restart in 2017Sabodala (Senegal) • Teranga’s Gora production ramp-up; mill optimizationCerro Moro (Argentina) • Yamana targets start-up in Q2/18Ahafo/Subika (Ghana) • Newmont expects expansion and underground decision in H1 2017Brucejack (British Columbia) • Pretium expects production to start Q2/17Musselwhite (Ontario) • Goldcorp’s infrastructure project target 20% increase in productionSissingue (Côte d’Ivoire) • Perseus expects production Q4/17Castle Mountain(California) • Castle Mountain expects to start pre-stripping Q4/17Hardrock (Ontario) • Draft EA for potential 4.2m oz LOM productionRosemont (Arizona) • Hudbay progressing permitsAgi Dagi/Camyurt (Turkey) • Alamos’ new feasibility + PEA project LOM 1.3m oz

ADDING NEW OUNCESBald Mountain (Nevada) • Kinross doubles reserves to 2.1m oz & RODMarigold (Nevada) • Silver Standard resource expansion programKarma (Burkina Faso) • Kao North expected to increase life by 2.5 yrsFire Creek/Midas (Nevada) • Klondex exploration success including step out interceptsSouth Arturo (Nevada) • Permitting El Nino underground below Phase 2 pitDetour (Ontario) • West Detour permits to extend LOM to 23 yearsTimmins West (Ontario) • Tahoe expanding 144 GAP discoveryMacassa (Ontario) • Kirkland Lake Gold expanding SMC and buys back 1% NSRDuketon (Australia) • Regis adding reserves at Baneygo & Tooheys WellIty (Côte d’Ivoire) • Endeavour Mining’s Bakotouo & Colline Sud discoveries

11

Positive Portfolio News

FNV TSX/NYSE 12

Recent Cornerstone Investments

Long Term Assets With Large Land Positions

AntaminaPeru

$610 M

Cobre PanamaPanama

$416 M → $1 B

CandelariaChile

$648 M

AntapaccayPeru

$500 M

FNV TSX/NYSE 13

GEOs Realized From New Investments

More Diversified & Longer Duration Portfolio

1. Quarterly rate of expected first five year average

-

20

40

60

80

100

120

140

160

Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16

Qua

rter

ly G

EOs

(000

s ou

nces

)

Other Assets

Candelaria

Antamina

Antapaccay

Cobre Panama1

2018 - 2019

FNV TSX/NYSE

since2011

since1985

14

New Investment Opportunities

Existing 3rd Party Royalties• Cerro Moro – Yamana Gold• Brucejack – Pretium Resources• Hardrock – Premier Gold Mines

since2008

since2013

since2016

By-Product Funding • Palmarejo – Coeur Mining• Cobre Panama – First Quantum

Primary Product Funding• Kirkland Lake – Kirkland Lake Gold• Stibnite Gold – Midas Gold• Karma – True Gold Mining

M&A Funding• Sabodala – Teranga Gold• Fire Creek/Midas – Klondex Mines• Candelaria – Lundin Mining

Commodity Diversification • STACK Oil & Gas – Oklahoma

since2015 Recapitalization • Antamina – Teck Resources

• Antapaccay – Glencore

FNV TSX/NYSE 15

• Closed US$100 M purchase in December 2016• 16,865 acres of GORR & mineral title at an average

royalty rate of 7.15%• The STACK is one of the most active shale plays in the US• Industry friendly jurisdiction, no pipeline issues, minimal

differentials and no carbon taxes• Royalty acreage in the core of the play• Royalty lands leased by strong operators• Development of Meramec formation is set to move north

onto royalty ground as operators fully develop their lands• Exposure to multiple formations at depth• Investing in the play early drives higher long-term returns

STACK Oil & Gas U.S. Royalty Acquisition

FNV TSX/NYSE 16

Approximately $1.4 B of Available Capital

1. As at September 30, 20162. See notes on slide 193. Does not include the US$250 million accordion facility

Debt Free

Cobre Panama

Working Capital1,2 $358 Million

Marketable Securities1 $100 Million

Credit Facility3 $1,000 Million

STACK Royalty Acquisition ($100 Million)

Available Capital US$1.4 Billion

FNV TSX/NYSE 17

Dividends Paid

9 consecutive years of dividend increases >$700 M paid since IPO IPO investors now realizing 5.8% yield (U.S.) or

7.6% yield (CDN)

(US

$ M

illio

ns)

0

20

40

60

80

100

120

140

160

180

2008 2009 2010 2011 2012 2013 2014 2015 2016

$157 Million in 2016 Highest in Global Gold Industry

FNV TSX/NYSE 18

Why Own Franco-Nevada?

FNV Provides Yield & More Upside Than a Gold ETF With Less Risk Than an Operator

Gold exposure at a discount Growth – organic and acquisitions Dividends vs. ETF fees

At December 29; FNV and S&P/TSX Global Gold Index converted to USD

FNV

Gold

S&P/TSX Global Gold Index

2008 2009 2010 2011 2012             2013             2014              2015               2016

FNV TSX/NYSE

1. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which excludes the following from net income and net income 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.. See the tables below for non-IFRS reconciliation for 2015 and 2014. Please refer to the relevant Annual MD&A for non-IFRS reconciliation for 2012, 2011 and 2010. Adjusted Net Income for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS. Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which excludes the following from net income and net income 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. See the tables below for non-IFRS reconciliation for 2015 and 2014. Please refer to the relevant Annual MD&A for non-IFRS reconciliation for 2012, 2011 and 2010. Adjusted EBITDA for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS

2. Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which excludes the following from net income and net income 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. See the tables below for non-IFRS reconciliation for 2015 and 2014. Adjusted EBITDA for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS.

3. Margin is defined by the Company as Adjusted EBITDA divided by revenue.4. Working Capital is a Non-IFRS financial measure. The Company defines Working Capital as current assets less

current liabilities.5. Fiscal years 2010 through 2015 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were

prepared in accordance with Canadian GAAP6. GEOs include our gold, platinum, palladium, silver and other mineral assets. GEOs are estimated on a gross

basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium, silver and other minerals were converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the average commodity price for the period.

19

Appendix – Non IFRS Measures

(expressed in millions, except Margin)

Net Income (Loss) Income tax expense (recovery) Finance costs Finance income Depletion and depreciation Non-cash costs of sales Impairment charges Impairment of investments Foreign exchange (gains)/losses and

other (income)/expenses Adjusted EBITDA Revenue Margin

Twelve months ended December 31,

2015 2014 $ 24.6 $ 106.7 23.9 50.3 2.9 1.6 (5.3) (3.9) 216.3 163.1 6.6 6.0 62.9 31.1 2.0 0.4

5.4

1.6

$ 339.3 $ 356.9 443.6 442.4 76.5% 80.7% Twelve months ended

December 31, 2015 2014

$ 24.6 $ 106.7

5.6

1.6

0.4

(1.1)

50.6 29.5 1.8 0.4 (0.4) 0.4 0.9 - 4.0 - 1.4 -

$ 88.9 $ 137.5 156.8 150.5

$ 0.16 $ 0.71

0.04

0.01 0.32 0.20 - (0.01) 0.01 -

0.03

- 0.01 -

$ 0.57 $ 0.91

(expressed in millions, except per share amounts)

Net Income (Loss) Foreign exchange (gains)/losses and other

(Income)/expenses, net of income tax Mark-to-market changes on derivatives, net of

income tax Impairment charges, net of income tax Impairment of investments, net of income tax Indexation adjustment Valuation allowance Impact of change in depreciation rate Impact of tax rate increases

Adjusted Net Income Basic Weighted Average Shares Outstanding Basic EPS

Foreign exchange(gains)/losses and other (income)/expenses, net of income tax

Impairment charges, net of income tax Indexation adjustment Valuation allowance Impact of change in depreciation rate, net of

income tax Impact of tax rate increases

Adjusted Net Income per share

Gold Silver Platinum Palladium

2014 $1,266/oz $19.05/oz $1,385/oz $803/oz

2015 $1,160/oz $15.68/oz $1,054/oz $691/oz

Q1 - Q3 2016 $1,258/oz $17.20/oz $1,001/oz $590/oz