Analyst DayMay 15th

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Cautionary Statement

Certain information contained in this Presentation, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". In addition, statements relating to “reserves” or “resources” are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. Original oil in place (“OOIP”) is also a forward-looking statement, and there are numerous uncertainties inherent in estimating OOIP and no assurance can be given that the level of OOIP or its recovery will be realized. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", “potential”, "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "intend", "estimate", “likely” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Franco-Nevada to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: adverse fluctuations in the prices of the primary commodities that drive the Company’s royalty revenue (gold, platinum group metals, copper, nickel, oil and gas); adverse 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 and oil and gas properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by us; reduced access to debt and equity capital; litigation; title disputes related to our interests or any of the properties underlying the Royalty Portfolio; operating or technical difficulties on any of the properties underlying the Royalty Portfolio; risks and hazards associated with the business of development and production on any of the properties underlying the Royalty Portfolio, including, but not limited to unusual or unexpected geological formations, cave-ins, flooding and other natural disasters or civil unrest. 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 underlying the Royalty Portfolio 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 that underlie the Royalty Portfolio, and any other factors that 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. 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. For additional information with respect to risks, uncertainties and assumptions, please also refer to the “Risk Factors” sections of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com, as well as our Annual 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.

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Management Title Canada David Harquail President & CEO Sharon Dowdall Chief Legal Officer H. Geoff Waterman Chief Operating Officer Paul Brink S.V.P. Business Development Jason O’Connell Associate, Investor Relations & Business Development Debbie McEnaney Controller Cindy Smith Land Analyst Donna Andrejek Office Manager – Toronto U.S. Steven Aaker Chief of U.S. Operations Alex Morrison Chief Financial Officer Steve Alfers VP, US Legal and Business Development Pam Saxton VP, Finance U.S. Operations Edward Jackson Director of Mineral Lands Katie Griffith Land Administrator Robert Eckles Office Manager - Denver Australia Kevin McElligott Managing Director, Australian Operations

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Agenda

Key Points – David Harquail– Steve Aaker

Q1 Results – Alex Morrison

Oil & Gas Segment – Geoff Waterman

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Franco-Nevada – The First 5 Months

Dec 20, 2007 - C$1.2B IPO

- Acquisition of assets

- TSX listing

Dec 30, 2007 - Repayment of bank credit facility

January 2008 - Bedding down of new company

Feb 22, 2008 - Signed bought deal to raise net C$256m

March 28, 2008 - Annual filings

May 12, 2008 - Q1 filings and dividend declaration

“A Star is Born”

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Dividend Declaration

Start of semi-annual dividends with initial Cdn$0.12 per share to be paid on June 23rd.

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Vision and Business Model

Vision• Franco-Nevada is a resource royalty and investment company

dedicated to the sustainable maximization of per share values

Business Model• Royalty and investment focus – not operating• Gold focus but opportunistic for all resources• Grow and manage a diversified, high margin portfolio with low

overheads• Focus on NAV accretion per share• Continually build financial strength• No hedging

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Our Business Model Strengths

Simple non-operating business No material operating or capex challenges

Leading operators Barrick, Goldcorp, EnCana, Xstrata, etc.

Geopolitically secure Mostly US, Canada, Australia

Gold focus with diversification Gold, PGM, O&G, Base Metals

Balanced profile Producing assets, projects and exploration

Quality assets Goldstrike, Stillwater, Oil & Gas

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The Benefits of a Royalty Structure

Franco-Nevada Operators Explorers ETF Bullion

Exposure to:

Discovery potential X X

Production X X X

Expansion potential X X X

Acquisition potential X X X

Metal price appreciation Reduced exposure to:

Capital costs X X

Operating costs X X

Environmental X X

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Royalty Types & Advantages

• Revenue-based Royalty (NSR/ORR)– Limited exposure to operating or capital costs

• Profit-based Royalty (NPI)– Exposure to, but no funding of, operating or capital costs

• Advantages:– Your first dollar is your last– Easy to administer and grow– Management can focus on growth– Exploration upside is free

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Pipeline of Future Royalties

• ~145 mineral exploration properties• ~100,000 acres of W. Canada mineral lands• ~1.1 Tcf Arctic Gas resource

• ~15 mineral projects under development or advanced exploration

• Growing royalties and new projects

• Operators continue to invest in exploration and development

• Sources of stable historical cash flow

Pipeline of Producing, Development and Exploration Assets

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Recent Pipeline News

Hemlo (Interlake)

- 3% NSR + 50% NPI - Teck-Cominco publicly reporting mining of Interlake property could begin in 2009 subject to ongoing in-fill drilling

Rosemont - 1.5% NSR - Potential $165m investment by Silver Wheaton to fund construction

Perama Hill - 2% NSR - Takeover bid by Eldorado Gold

Detour Gold - 2% NSR - Four drills are reported to be active and a new resource estimate expected end of Q2

Tasiast - 2% NSR - Royalty pays beyond 600,000 ounces. Redback reports production, resource and reserve expansion

Pandora - 5% NPI - Operator expects some royalty payments in 2008

Duketon - 2% NSR - Operator is reporting a 3.5 million ounce resource

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Strategic Growth Options

Acquire Existing Royalties

Create New Royalties

Precious Metals Streams

Non-Operating JV Interests

Owning and Converting Properties / Resources

Presentation on Q1 Results

Alex Morrison

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Commodity Prices

Gold / oz(London PM fix)

Platinum / oz (London PM fix)

Palladium / oz (London PM fix)

Oil / bbl (Edmonton Light)

Gas / mcf (AECO-C)

Average Spot - First 9 months 2007 December 31, 2007 Spot Average 1Q Spot

$370

$837

$1,529

$1,877

$930

$444

$93.92

$98.18

$6.30

$7.54

$666

$1,256

$353

$68.19

$5.90

↑11%

↑23%↑20%

↑5%

↑20%

↑26% ↑22%

↑5%

↑38%

↑7%

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Q1 Revenues -

$27.5m

Revenue based72%

Profit based17%

Working interest

10%

Other1%

Mostly revenue based royalties with precious metals focus that are geopolitically secure

By Commodity By RegionBy Royalty Type

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Portfolio Highlights

• Commodity prices – higher across the board

• Contribution from Stillwater - South Africa power shortage drove up Pt/Pd prices sharply

• Ramp up in production at Cerro San Pedro

• First gold pour at Mesquite

• Increased production from royalty ground at Marigold

• North Lanut experiencing higher than reserve grades

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Quarterly Variance

• Q1 revenues do not include contributions from:

– Falcondo dividends – no set schedule for payments

– Robinson payments – expected to exceed production thresholds

– Pandora payments – made annually in Q4

– Kasese – no set schedule for payments

• Goldstrike waste stripping in Q1 – expect revenue back- ended for 2008

• Weyburn impacted by facilities issues in Q1 2008

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Revenue –

by Royalty

Goldstrike -NSR

Goldstrike -NPI

Marigold

OtherStillwater

Midale

Edson

Weyburn

Other

GoldPGMsOil & GasBase Metals & Other

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Revenue –

by RoyaltyRevenue - Quarter Ended March 31, 2008(US$ thousands)

Property Interest Operator RevenueGold

Goldstrike - NSR NSR 2% to 4% Barrick Gold 3,588$ Goldstrike - NPI NPI 2.4% to 6% Barrick Gold 4,642 Marigold NSR 1.75% to 5% Barrick Gold/Goldcorp 1,438 Bald Mountain NSR 1 to 4% Barrick Gold 402 Cerro San Pedro GR 1.95% Metallica Resources 359 Mesquite NSR 0.5% to 2% Western Goldfields 182 North Lanut NSR 5% Avocet Mining 647 Eskay Creek NSR 1% Barrick Gold 149 Mouska GR 2% IAMGOLD 193 New Celebration NSR 1.75% Dioro Exploration 59 Henty ORR 1% & 10% Barrick Gold 119 Holloway/Holt NSR 2 to 10% St Andrew Goldfields 103 Bronzewing NSR 1% View Resources 166 Other Various Various Various 118

12,165 PGMs

Stillwater NSR 5% Stillwater Mining 4,054 Base Metals

Robinson NSR and Other 0.225% and other Quadra Mining 261 Mt. Keith NPI 0.25% BHP Billiton 15

276 Other

Eagle Picher Other Other EP Minerals 83 Commodore Other Other Millmerran Partners 22

105 Oil and Gas

Edson ORR 15% Canadian Natural Resources 4,292 Weyburn WI/ORR 1.11037%/0.441% EnCana O&G Partnership 2,830 Midale WI/ORR 1.59374%/0.972% Apache Canada 1,082 Other Various Various Various 2,652

10,856 Dividends

Newmont Common shares 896,210 - 92

27,548$

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Free Cash Flow

Free Cash Flow*

$23,37385%

Cost of Operations

$1,8006% G&A

$2,1058%

Business Development

$2701%

* Non-GAAP financial measure. See our definition in our MD&A available at www.franco-nevada.com

Percentages refer to percent of revenueAmounts in US$000s

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Free Cash Flow

Operating income $ 6,783

Depletion and depreciation 15,537

Stock-based compensation expense 1,053

Free Cash Flow* $ 23,373

* Non-GAAP financial measure. See our definition in our MD&A available at www.franco-nevada.com

Amounts in US$000s

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Costs of Operations

Total Cost of Operations- $1,800

Amounts in US$000s

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EBITDA and FCF

• Results

– Q1 FCF* $23,373 or 85% of revenue

– Q1 EBITDA* $23,280 or 85% of revenue

• Available leverage of existing personnel levels and G&A

* Non-GAAP financial measure. See our definition in our MD&A available at www.franco-nevada.com

Amounts in US$000s

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Depletion and Depreciation

• Units of production method used for oil and gas and minerals

• Purchase price allocation to be completed in Q3

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Income Taxes

• Cash taxes – Q1 current taxes 19% of pre-tax income

• Effective tax rate – Q1 - 33%

• Three distinct country components

– Canada – some assets have nominal tax values

• For all producing assets book value = tax value

– US – initial book value = tax value

– Australia – no depletion for tax purposes

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Interest Expense

• Expense components– Standby fee for Credit Facility ~ $130,000 per quarter

@ current leverage ratio– Amortization of credit facility expenses - $2.1m being

amortized over 3 years on a straight line basis

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Capital Structure

At March 31, 2008:• 100.3 million common shares outstanding

• 2.775 million stock options outstanding at exercise prices between C$15.20 and C$19.22

• 5.75 million warrants exercisable @ C$32 until 3/13/2012

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Liquidity and Capital Resources

Cash & cash equivalents

$202m

Credit facility$150m

Publicly quoted

marketable securities

$42m

Short-term investments

$75m

$468.4 million at March 31, 2008

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Investment Policy

• Currently 100% government backed securities• Managed by Beutel Goodman• Key Parameters

– 70%:30% US$:C$ investment split– 100% maturity < 1 year– Currently hold no corporate issuers

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Capital Resources

• Full Credit facility of US$150 million available• Current costs of advances

– [US fl – 6.125% (BMO Base rate + 0.125%)

– Cana – 5.125% (BMO Prime rate +0.125%)

• Subject to 0.3% standby fee on undrawn balances

Presentation on Oil & Gas Segment

Geoff Waterman

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Oil and Gas

• Diversified asset portfolio with long reserve lives

• ORR drilling at no cost to Franco-Nevada

• Reserves and production have increased over time

• High prices drive technology that increase recoveries

• Large land base available for farm out

• Arctic Gas is a ‘gold nugget’ waiting to be mined

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Oil and Gas -

Producing

• Over 100 royalty and/or working interests in oil and natural gas properties covering >5,000 wells

• ~87% of revenues from the oil and gas royalties from Edson Property, Weyburn Unit, Midale Unit, Medicine Hat Consolidated Unit No.1 and Tidewater Interests

• Long-life, low-decline in proved plus probable reserves of 7.8 MMboe for these properties and 8.6 MMboe for all producing interests

Edson

Medicine Hat

Tidewater

Weyburn

Unit

Midale

Unit

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Oil and Gas -

Reserves

• Total assessments conducted in 1999 and 2007• Interim assessments do not cover all producing assets• GLJ Petroleum Consultants (12/31/2007, 12 yr. RLI)

– 5,996 mboe proved– 2,631 mboe probable– 8,627 mboe of P+P reserves

• McDaniel & Associates (10/01/1999, 11 yr. RLI)– 3,422 mboe proved– 2,701 mboe probable– 6,123 P+P reserves

• In this 8 year period 5,808 mboe’s were produced

RLI = Reserve Life Index

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Oil and Gas -

Reserves

• 1999 (McDaniel’s) – 6,123 mboe, (P + P)

• 2007 (GLJ) – 8,627 mboe, (P + P)

• 5,808 mboe produced during period

• 8,312 mboe added during period – 6,569 mboe at no cost (ORR)

• Predicted declines not occurring

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Oil and Gas –

2007 Reserves

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Oil and Gas –

2007 Reserves

P + P Reserves (mboe)

2,560

1

2,312

3,022

690

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ORR WI

Gas Oil NGL

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Significant 5: Reserves and Production

Reserves (mboe)

2,827

5,216 5,284 5,2075,494 5,3305,365

8,3629,104

7,1167,683 7,827

1999 2000 2002 2004 2006 2007

Proved Probable P + P

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Edson

• Liquids rich gas play 209 km. west of Edmonton, AB• 15% ORR over 26,560 gross acres• Prices received based on AECO-C spot prices less

processing cost of $20/103m3

• Wells drilled at no cost to Franco-Nevada• Increasing reserves and production• RLI: 8 years• Operator:

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Edson: Reserves and Production

Reserves (mboe)

581

1,842

2,1481,953

1,815 1,734

763

2,361

3,806

2,432 2,395 2,525

1999 2000 2002 2004 2006 2007

Proved Probable P + P

Production (mboe)

202179 171

234

271 267

354 365

2000 2001 2002 2003 2004 2005 2006 2007

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Weyburn

Unit

• Unitized oil play 129 km. southeast of Regina, SK• Oil is medium sour (28 to 31 degree API, approximately

2% sulphur)• 1.11% non-operated working interest and 0.44% royalty

interest• $10 to $15/bbl differential to Edmonton Light posted price• 2000 began operating on CO2 miscible flood• CO2 flood rolled out to ~60% of unit• CO2 flood and infill drilling has increased production 65%• RLI: 21 years• Operator:

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Weyburn:

Reserves and Production

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Midale

Unit

• Unitized oil play 40 km southeast of Weyburn, SK• Oil is medium sour (28 to 31 degree API, approximately

2% sulphur)• 1.59% non-operated working interest and 0.97% royalty

interest• $10 to $15/bbl differential to Edmonton Light posted price• CO2 injection began in 2005, over 10 patterns operating,

41 patterns by 2010• CO2 injection over next 20 years to assist in recovery of an

additional 45-60 mmbbl (1.2-1.5 mmbbl net to FN)• RLI: 16 years• Operator:

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Midale: Reserves and Production

Reserves (mboe)does not include additional recovery of

1.2-1.5 mmbbl

418

749 725670 634 630618

1,5221,427

1,045936 975

1999 2000 2002 2004 2006 2007

Proved Probable P + P

CO2

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Medicine Hat

• Dry sweet gas play 257 km. southeast of Calgary, AB• 2.3% ORR in Medicine Hat Consolidated Unit No. 1• Prices received based on AECO-C spot prices less minor

processing cost• RLI: 10 years• Operator:

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Medicine Hat: Reserves and Production

Reserves (mboe)

523

590

430

363

425401

675

775

553

446

527 509

1999 2000 2002 2004 2006 2007

Proved Probable P + P

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Tidewater

• FNV holds a 56.13% interest in Saskatchewan Gulf Securities Tidewater Royalty

• 2.5% ORR over 28,900 gross acres across southern Saskatchewan

• Royalty administrated by Computershare• Net ORR: 1.4%• Medium sour oil and some solution gas from unit and non-

unit production• RLI: 12 Years• Various operators (Talisman, Pemoco and Canetic

account for 80%)

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Tidewater: Reserves and Production

Reserves (mboe)

351 342

311 303 292272

426 418

374352 341

321

1999 2000 2002 2004 2006 2007

Proved Probable P + P

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Oil and Gas –

Non Producing

Non Producing• 11,000 net acres of unproved non producing land under lease• Own petroleum and natural gas rights on ~100,000 acres which are

available for farm out

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Oil & Gas –

Non Producing

Arctic Gas• ~9% working interest in certain gas

fields in the Canadian Arctic

• Discovered by Panarctic Oils between 1969 and 1986

• > 130 wells drilled at cost of ~CDN$254 million

• Resources: 1,140 BCF (net to FNV)

• Economic models based on production of 1 bcf/d over 20 years

• Possible supply for Petro-Canada’s Gros Cacouna LNG terminal planned for Quebec

• LNG supply for Europe and Asia

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Drake FieldHecla Field

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Oil and Gas -

Conclusion

• Diversified asset portfolio with long reserve lives

• ORR drilling at no cost to Franco-Nevada

• Reserves and production have increased over time

• High prices drive technology that increase recoveries

• Large land base available for farm out

• Arctic Gas is a ‘gold nugget’ waiting to be mined

Analyst Day Q&A