FNV TSX/NYSE

FNV TSX/NYSE | CORPORATE UPDATE | 04 • 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 inaccordance with International 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 to evaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operatingresults, and to supplement information in its financial statements. The Company also uses Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue andcontaining costs. Management believes that in addition to measures prepared in accordance with IFRS such as Net Income and Earnings per Share (“EPS”), our investors and analysts use these measures toevaluate the results of the underlying business of the Company, particularly since the excluded items are typically not included in guidance. While the adjustments to Net Income and EPS include items that are bothrecurring and non-recurring, management believes these measures are useful measures of the Company’s performance because they adjust for items which may not relate to or have a disproportionate effect onthe period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business, and/or are notnecessarily indicative of future operating results. For a reconciliation of these measures to various IFRS measures, please see the end of this presentation or the Company’s most recent Management’s Discussionand 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 March 31, 20173. Please see notes on page 22

Black RockFidelity

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

~$12 Billion

S&P/TSX 60 | GDX

High Margin Business

>80% Margin3

~0.2% Overhead/Market Cap

Dividend ~1.3%

9 Years of Increases

$0.88 Annualized

Aristocrat Index

Free Cash Flow and No Debt

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%

FNV IPO: Dec 2007

4

The Gold Investment that Works

FNV, S&P/TSX Global Gold Index converted to USD. Chart and CAGR dated March 31, 2017.

FNV

Gold

S&P/TSX Global Gold Index

CAGR FNV

1 Yr. 8.1%

3 Yr. 13.9%

5 Yr. 10.0%

IPO 18.0%

2008               2009               2010               2011 2012               2013                2014                2015                2016           2017

FNV TSX/NYSE

Tasiast

5

Business Model Principles

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

Taca Taca

FNV TSX/NYSE

Franco-Nevada Since IPO

Please see notes on page 22

GEOs1(000s)

G&A as % of Market Capitalization

Revenue(US$ millions)

Adjusted Net Income2(US$ per share)

Market Capitalization3(US$ billions)

Dividends & DRIP Paid(US$ millions)

0

50

100

150

200

250

300

350

400

450

500

'08 '09 '10 '11 '12 '13 '14 '15 '160

100

200

300

400

500

600

700

'08 '09 '10 '11 '12 '13 '14 '15 '160

2

4

6

8

10

12

'08 '09 '10 '11 '12 '13 '14 '15 '16

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

'08 '09 '10 '11 '12 '13 '14 '15 '16

0

20

40

60

80

100

120

140

160

180

'08 '09 '10 '11 '12 '13 '14 '15 '16

7

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

'08 '09 '10 '11 '12 '13 '14 '15 '16

FNV TSX/NYSE

2016 Revenue Sources

94% Precious Metals 84% from Americas

US15%

Canada19%

Latin America50%

Rest of World16%

Geography

8

Gold70%

Silver18%

PGM6%

Other1%

O&G5%

Commodity

FNV TSX/NYSE

2016 Adjusted EBITDA

Canada38%

Barbados37%

U.S.18%

Mexico5%

Australia2%

Antamina14%

Antapaccay14%

Candelaria12%

Other60%

No Asset >15% Diversified

9

By Asset By Legal Ownership

FNV TSX/NYSE 10

Gold66%

Silver21%

PGMs7%

March Guidance

Antamina

1. Please see notes on page 22

Actual Guidance

2015 2016 2017 2021GEOs1 360k 464k 470k – 500k 515k – 540k

Oil & Gas Revenue $28M $30M $35M – $45M $55M – $65M

FNV TSX/NYSE 11

Diversified Portfolio with 339 Assets

Producing Mineral 46Advanced Mineral 41Exploration Mineral 172 (not shown)

Oil & Gas producing 61 (5 shown)

Oil & Gas exploration 19 (not shown)

Total 339

FNV TSX/NYSE

PROJECTS BEING ADVANCEDCobre Panama (Panama) • First Quantum expects production late 2018 and ramp-up in 2019Candelaria (Chile) • Lundin studying 15-20% milling increaseGoldstrike (Nevada) • Barrick lowering AISC and TCM ramp-upStillwater (Montana) • Blitz Project expected to grow production >50% by 2021Tasiast (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 and mill optimizationCerro Moro (Argentina) • Yamana targets start-up in Q2/18Subika/Ahafo (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 Q1/18Castle Mountain(California) • NewCastle Gold considering ROM leach of backfill in 2018Hardrock (Ontario) • Draft EA for potential 4.2Moz LOM productionRosemont (Arizona) • Hudbay’s new feasibility in March 2017Agi Dagi/Camyurt (Turkey) • Alamos’ new feasibility LOM 1.3Moz + PEA for Camyurt project

ADDING NEW OUNCESBald Mountain (Nevada) • Kinross doubles reserves to 2.1Moz & RODMacassa (Ontario) • Kirkland Lake Gold increases reserves by 37%Hemlo (Ontario) • New Interlake and Deep C-Zone resourceMarigold (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 expects reserve release on144 GAP discovery in Q3/2017Duketon (Australia) • Regis adding reserves at Baneygo & Tooheys Well

12

Positive Portfolio News

Producing

46

Advanced

41

Exploration

172

Mineral Assets

FNV TSX/NYSE

Recent Cornerstone Investments

Long Term Assets With Large Land Positions

AntaminaPeru

$610 M

Cobre PanamaPanama

$462 M → $1 B

CandelariaChile

$648 M

AntapaccayPeru

$500 M

13

FNV TSX/NYSE

GEOs Realized From New Investments

More diversified and longer duration portfolio

1. Quarterly rate of expected first five year average 14

-

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 Q4/16

Qua

rter

ly G

EOs

(000

's o

unce

s)

Other Assets

Candelaria

Antamina

Antapaccay

Cobre Panama1

2018 - 2019

FNV TSX/NYSE

since2011

since1985

Evolving 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• Midland Oil and Gas – Permian/Texas

since2015 Recapitalization • Antamina – Teck Resources

• Antapaccay – Glencore

15

post2017 Gold Project Financing • TBD

FNV TSX/NYSE

STACK Royalties - Oklahoma

SummaryClosed US$100M acquisition in Q4 2016

Key operators are Devon and Newfield

Young play set to grow significantly in coming years

Acreage consists of ~1,200 acres net to royalty

When pooled, royalties provide 74,880 acres of exposure at a royalty rate of ~1.6%

StrategyRifle approach to valuation

Concentrated acreage position in play’s core

Good line of sight to future development

• Devon targeting 6 rigs in 2017

• Newfield targeting 10 rigs in Anadarko Basin (~50% of acreage is in STACK)

Both operators are moving toward full-field development

STACK: Sooner Trend, Anadarko Basin, Canadian & Kingfisher counties.

16

FNV TSX/NYSE

Midland Basin Royalties - Texas

SummaryUS$110M acquisition announced in Q1 2017, with closing expected in late May 2017 (Jan 1 effective date)

Midland is the eastern half of the Permian Basin

Most active area in North America due to strong underlying economics

Acreage has multiple operators, anchored by Pioneer

Acreage consists of ~910 acres net to royalty (almost entirely mineral title)

When pooled, royalties provide 675,000 acres of exposure at a royalty rate of ~0.135%

StrategyShotgun approach to valuation

Not dependent on any single operator

Sufficient exposure to cover nearly the entire play

Can forecast based on overall growth of the basin

17

FNV TSX/NYSE 18

Available Capital

Debt Free

Antamina

Working Capital1,2 $324 M

Marketable Securities1 $115 M

Credit Facilities3 $1,100 M

Midland Basin Royalty Acquisition ($110 M)

Available Capital US$1.4 B

Potential exercise of in-money warrents4 + $365M

1. As at December 31, 20162. Please see note 5 on page 623. Does not include US$250M accordion facility

4. C$75/per share warrant with June 16, 2017 expiry

FNV TSX/NYSE 19

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

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

FNV

GoldS&P/TSX Global Gold Index

2008             2009              2010             2011              2012             2013             2014             2015             2016        2017

20

FNV IPO:Dec 2007

FNV, S&P/TSX Global Gold Index converted to USD. Chart dated March 31, 2017.

FNV TSX/NYSE

Total Returns Summary

1. Compounded annual total returns to February 28, 20172. Source: TD Securities; Bloomberg 21

Compounded Annual Total Returns Summary 1-Year 2-Year 5-Year Since FNV

Inception

Franco-Nevada - US$ basis 10% 13% 9% 19%

Gold Bullion ETF 0% 2% -6% 5%

GDX 18% 6% -16% -7%

TSX 23% 3% 7% 4%

S&P 500 25% 8% 14% 7%

NASDAQ 29% 9% 16% 10%

Russell 36% 7% 13% 8%

Vangaurd Total World ETF 23% 4% 9% 5%

The Gold Investment that Works

FNV TSX/NYSE

1. 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.

2. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which exclude the following from net income and net income per share: foreign exchange gains/losses and other income/expenses; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; unusual non-recurring items; and the impact of income taxes on these items. Please refer to the 2016 Annual MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2016 and 2015. For years 2010 through 2014, please refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted Net Income for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

3. Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which exclude the following from net income and net income per share: income tax expense/recovery; finance expenses; finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; and foreign exchange gains/losses and other income/expenses. Please refer to the 2016 Annual MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2016 and 2015. For years 2010 through 2014, please refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted EBITDA for 2009 and 2008 provided for illustrative purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

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 2016 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP

22

Appendix – Non IFRS Measures

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

2016 $1,248/oz $17.20/oz $987/oz $613/oz