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ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

May 18, 2011 

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Head Table

Pierre Lassonde Chairman

David Harquail President & CEO

Sandip Rana CFO

Jacqueline Jones CLO & Corporate Secretary

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Directors

Pierre Lassonde – Chairman

David Harquail – President & CEO

Derek Evans

Graham Farquharson

Louis Gignac

Randall Oliphant

The Hon. David R. Peterson

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Forward-Looking StatementsCertain information contained in this presentation, including any information as to future financial or operating performance and other statements that express management'sexpectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. Thewords “anticipate”, “plans”, “estimate", "expect", "expects", "expected" and similar expressions identify forward-looking statements. Forward-looking statements are necessarilybased upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitiveuncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that maycause actual financial results, performance or achievements of Franco-Nevada to be materially different from the Company's estimated future results, performance or achievementsexpressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factorsinclude, but are not limited to: fluctuations in the prices of the primary commodities that drive the Company’s Revenue (gold, platinum group metals, copper, nickel, uranium, oil andgas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which the Company generates revenue, relative to the US dollar;changes in national and local government legislation, including taxation policies; regulations and political or economic developments in any of the countries where the Companyholds interests in mineral and oil and gas properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by us; reducedaccess to debt and equity capital; litigation; title disputes related to our interests or any of the properties; development, permitting, infrastructure operating or technical difficulties onany of the properties; rate and timing of production differences from resource estimates; risks and hazards associated with the business of development and mining on any of theproperties, including, but not limited to unusual or unexpected geological formations, cave-ins, flooding and other natural disasters or civil unrest; 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 ofthe 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 oroperators 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 fromthose anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements because of the inherent uncertainty. For additionalinformation 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 Canadiansecurities regulatory authorities at SEDAR on www.sedar.com, as well as our annual and interim Management’s Discussion and Analysis. The forward-looking statements herein aremade 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, futureevents or results or otherwise, except as required by applicable law.

Non-IFRS MeasuresEBITDA, Adjusted EBITDA and Adjusted Net Income are intended to provide additional information only and do not have any standardized meaning prescribed by IFRS and shouldnot be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Definitions and reconciliations to IFRS can be found in our financialdisclosures. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate thesemeasures differently. The following notes are standardized for the attached presentation.

Cautionary Statement

1. EBITDA is defined by the Company as Net Income excluding income tax expense, finance costs, finance income and depletion and depreciation.2. Adjusted EBITDA is defined by the Company as net income excluding income tax expense, finance costs and income, foreign exchange gains and losses, gains and losses on investments,

income/losses from equity investees, depletion and depreciation and impairment charges related to royalty and stream interests and investments.3. Adjusted Net Income is defined by the Company as net income excluding foreign exchange gains and losses, gains and losses on investments, impairment charges related to royalties,

streams, working interests and investments; unusual non-recurring items; and the impact of taxes on all these items.

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WHY GOLD AND THE ROYALTY BUSINESS

Pierre Lassonde – Chairman

6Financial vs hard assets

Logarithmic Scale

Arithmetic Scale

Dow vs Gold:

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Royalty Business Advantages

Your first dollar in is your last

Revenue based royalties have no operating cost exposure

A high margin and free cash flow business

Free perpetual option on future discoveries on our lands

Management is 100% focused on growing shareholder value

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Franco-Nevada Continues to Deliver

S&P

Gold

FNV

Q1’08 Q2’08 Q3’08 Q4’08 Q1’09 Q2’09 Q3’09 Q4’09 Q1’10 Q2’10 Q3’10 Q4’10 Q1’11

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REPORT TO SHAREHOLDERS

David Harquail – President & CEO

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Senior ManagementPhilip Wilson Vice President - Technical

Petra Decher Vice President - Finance

Jason O’Connell Director – Business Development

Debbie McEnaney Controller

Jeff Jenkins Director – Finance

Donna Andrejek Corporate and Contract Administration

Kevin McElligott Managing Director - Australia

ExecutivesDavid Harquail President & CEO

Sandip Rana Chief Financial Officer

Jacqueline Jones Chief Legal Officer & Corporate Secretary

Geoff Waterman Chief Operating Officer

Paul Brink SVP, Business Development

Steve Alfers Chief of U.S. Operations

Management

11Su

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Franco-Nevada

Tasi

ast

Growth > 50% expected growth in 2011World class discoveries>$500M available capital

Yield 60% increase in monthly dividend1.3% yieldIncreased in each of past 4 years

Low Risk Royalty and streammodelSecure and diversified portfolioProtected from inflationary costs

A gold focused royalty & streaming company generating growing cash flow and dividends from a diversified portfolio of quality assets

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Franco-Nevada provides yield and more upside than a gold ETF with less risk than an operator

Business Model Benefits

Gold ETF Franco‐Nevada Operators

Yield 0% >1% 0‐1%

Leverage to Gold Price 1 >1 >1

Exploration & Expansion Upside 0% 100% 100%

Exposure to Opex, Capex & Environmental Costs (NSR) 0% 0% 100%

13*Does not include Franco-Nevada’s 135 oil & gas assets and 157 undeveloped oil & gas interests

Over 200 mineral royalties and streams*

Current and Future Assets

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Quality Operators & Assets

GoldstrikeBald MountainHemlo

Gold QuarrySubika

MarigoldMusselwhite

StillwaterEast Boulder

Tasiast

MorrisonPodolskyMcCreedy West

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By Country By Asset

88% from North America86% from precious metals

Secure and Diversified (Q1 2011 Revenues)

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

US$

 (millions)

Diversified portfolio with growing precious metals

Gold

20102009

Oil & Gas + Other

PGM

Revenue Growth

86% precious metals in Q1 2011

2011

Reflectsyear end top–up

payments

17

0

10

20

30

40

50

60

70

80

Q1 2008 Q1 2009 Q1 2010 Q1 2011

($ M

illion

s)

First Quarter Revenue Growth

Gold

O&G + OtherPGM

Strong year-over-year growth

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Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11

Sources of Growth (Gold Revenue)

+71%

+332%

Gold Price

Gold Revenue 

Growth from: ~20% gold price increase~30% organic (expansions and start-ups from portfolio)~50% new acquisitions

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Growth in the Pipeline

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Category Royalty* OperatorNew mines: • Duketon (2%)

• Lounge Lizard (2%)• Peculiar Knob (production payment)• Red October (1.75%)

• Regis Resources• Kagara Ltd• WPG Resources• Saracen

Project restarts: • Falcondo (4.1% equity)• Holt (up to 10%)

• Xstrata• St Andrew Goldfields

Royalties reaching hurdles: • Subika (2%)• Ity (1 – 1.5%)

• Newmont Mining• La Mancha

NPI’s pending payout: • Hemlo (50%)• Musselwhite (5%)

• Barrick Gold• Goldcorp

Permitting projects: • Prosperity (22% Au Stream)• Rosemont (1.5%)• Perama Hill (2%)

• Taseko• Augusta Resources• Eldorado Gold

Pre-feasibility stage: • Sandman (0.5 – 5%)• Garden Well (2%)• Goldfields (2%)• Courageous Lake (1%)• Gurupi (1%)• HBJ Superpit (1.75%)• Agi Dagi (2%)• Kiziltepe (1.5 – 2.5%)

• Newmont/Fronteer Gold• Regis Resources• Brigus Gold• Seabridge Gold• Jaguar Mining• Alacer Gold• Alamos Gold• Ariana Resources

* Note: Certain royalties do not cover the entire property or are rounded. See Annual Information Form for further details.** Risk adjusted undiscounted value reflecting total in-situ resources disclosed by operators on or before March 24, 2011.

Values are calculated at $1,400/oz Au, $4.25/lb Cu, $35/oz Ag and $15/lb Mo. No recovery rates are applied.

Risk adjusted potential value > $1 billion**

Growth From Existing Portfolio

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Tasiast (2% royalty)Potential >20m oz resource*Potential 1.5m oz/yr by 2015**Revenue expected to begins in Q3

Detour (2% royalty)>25m oz resource*Potential 660k oz/yr starting 2013**Likely further expansion

* Based on press release dated January 31, 2011 from Detour Gold and February 3, 2011 from Trade Winds Block A. Tasiast potential based on BMO Research (Feb 17, 2011)

** Tasiast potential based on Kinross scoping study. Detour potential based on February 2, 2011 BMO analyst projections.*** Calculated at full operation at Tasiast by 2015, and 660 koz/yr at Detour Lake, and assuming $1400/oz gold price.

Growth from Discoveries

Potential for >$60m/yr for >20 years***

Tasiast ‐Mauritania

Detour Lake ‐ Ontario

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Gold Wheaton acquired March 14, 2011:

~40%* revenue increase

Precious metals now >85% of revenue**

Greater gold leverage via stream structure

Adds further platinum and palladium exposure

Diversification - no asset greater than 15% of NAV**

* Est. 2011 revenue after March 14, 2011 closing of GLW transaction at $1500/oz Au, $1700/oz Pt, $700/oz Pd.** Broker Estimates

Growth from Acquisitions

Morrison ‐ Sudbury Podolsky ‐ Sudbury

Ezulwini – South Africa

McCreedy West‐ Sudbury

MWS – South Africa

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2011 Growth Outlook ($US million)

So far with Q1 results: As ReportedIf GLW addedJan 1, 2011

Revenue $73.1 $100.0Adjusted EBITDA(2) $50.6 $68.0

2010 Revenue: $227 million2011 Revenue (March guidance): $325-$350 million

On pace to meet or beat high end of 2011 guidance*

* Assuming commodity prices at May 12, 2011 or original March consensus assumptions of $1,400/oz Au, $1750/oz Pt and $575/oz Pd.

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Includes:• Full year GLW assets• Tasiast & Detour expansions

• Organic growth risk adjusted

50%

Strong Growth Outlook

48%

* Represents high end of 2011 March revenue guidance at consensus prices.** Potential Compounded Annual Growth Rate 2008-2015 based on potential incremental revenue to 2015. Incremental revenue calculation

based on operator guidance and consensus prices, including $1,400/oz Au.

Longer Term Growth Outlook ($1,400/oz Au)

Excludes:• Prosperity stream until permitted

Includes:• Higher prices vs. ‘10• Nine months GLW• Start of Tasiast• Organic growth

25Note: Cash flow estimate based on consensus commodity prices ($1,400 Au, $1,750 Pt, $575 Pd, $80 Oil) and operator’s production guidance.

No debt or obligationsNo capital or exploration costsOngoing free cash flow

Continued Financial Strength

Capital Resources March 31, 2011(US Millions)

Working Capital $306

Marketable Securities $55

Available Credit Facility $175

Total Available Capital $536

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Dividend

60% increase in monthly dividend starting in July

US$0.04 per share/mth or US$0.48 per share annualized

Represents third annual dividend increase since IPO

1.3% yield on current share price

3.2% yield on cost for our IPO shareholders

Franco-Nevada provides one of the highest yields in the gold sector to institutional investors

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Franco-Nevada is outperforming gold by delivering:Growth (>50% revenue growth expected in 2011) Profits and Yield (60% dividend increase in 2011) Business model that minimizes inflationary cost risksParticipation in world class discoveries (Tasiast, Detour)Diversified and secure portfolioStrong balance sheet with>$500m for further growth

Why Own a Gold ETF?

Q1’08 Q2’08 Q3’08 Q4’08 Q1’09 Q2’09 Q3’09 Q4’09 Q1’10 Q2’10 Q3’10 Q4’10 Q1’11

S&P

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FNV

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Goldstrike ‐ Barrick

Mesquite – New Gold

East Boulder ‐ Stillwater

Tasiast ‐ KinrossMWS – First Uranium

Palmarejo ‐ Coeur

Weyburn ‐ Cenovus

Q & A

Detour – Detour Gold

Sudbury – Quadra FNX