A Gold Focused Royalty Company

June 2010

1

Cautionary StatementyForward-Looking StatementsThis Presentation contains "forward-looking statements", which may include but are not limited to, statements with respect to future events or futureperformance, management's expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, costs and timing of acquiringnew royalties, equity and other resource related interests, requirements for additional capital, mineral reserve and resources estimates, production costs andrevenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. All statements, other thangstatements of historical fact, are forward-looking statements. In addition, the words "expects", ”expected”, “estimated” and similar expressions identifyforward-looking statements. The forward-looking statements contained in this Presentation are based upon assumptions management believes to bereasonable, including, without limitation, the ongoing operation of the properties by the owners or operators of such properties in a manner consistent withpast practice, the accuracy of public statements and disclosures made by the owners or operators of such underlying properties, no material adverse changein the market price of the commodities, and any other factors that cause actions, events or results to differ from those anticipated, estimated or intended.H th b th t f d l ki t t t ill t b t t l lt d f t t ld diff t i ll fHowever, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially fromthose anticipated in such statements. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements andreaders are cautioned that forward-looking statements are not guarantees of future performance. Accordingly, readers should not place undue reliance onforward-looking statements due to the inherent uncertainty therein. These risks, uncertainties and other factors include, but are not limited to: generalbusiness and economic conditions; fluctuations in the prices of the primary commodities that drive the Company’s royalty revenue (gold, platinum groupmetals copper nickel oil and gas); fluctuations in the value of the Canadian and Australian dollar and any other currency in which the Company generatesmetals, copper, nickel, oil and gas); fluctuations in the value of the Canadian and Australian dollar, and any other currency in which the Company generatesrevenue, relative to the U.S. dollar; changes in national and local government legislation, including taxation policies; regulations and political or economicdevelopments 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 anyof the underlying properties; operating or technical difficulties; risks and hazards associated with the business of development and mining, including, but notlimited to unusual or unexpected operating difficulties, financial stress and other natural disasters or civil unrest. For additional information with respect torisks, uncertainties and assumptions, please also refer to the “Risk Factors” section of our most recent Annual Information Form filed with the Canadiansecurities 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 dateof 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 MeasuresRoyalty Revenue, Free Cash-Flow, EBITDA, Margin and Adjusted Net Income are intended to provide additional information only and do not have anystandardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordancewith GAAP. Definitions and reconciliations to GAAP can be found in our financial disclosures. These measures are not necessarily indicative of operatingprofit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently. The following notes arestandardized for the attached presentation.(1) R lt R i d fi d b th C h i d i bl f ti lt t d d i th i d

2

(1) Royalty Revenue is defined by the Company as cash received or receivable from operating royalty assets earned during the period.(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

Franco-Nevada’s two year performancey p

Dec. 2007 IPO of new Franco-Nevada for $1.26B (C$15.20/sh.)

Since IPO, Franco-Nevada has delivered:

$293M of Free Cash Flow(2)

100% share price increase >$70M in dividends declared300 royalty interests300 royalty interests$650M in liquidity $3.5B in market cap 2.00

2.50FNV vs S&P/TSX Since IPO

1.00

1.50

0.00

0.50

3FNV S&P

Franco-Nevada

A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North Americaa 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 businessHigh margin and free cash flow generating business

Free perpetual option on future discoveries on our lands

M t i f t f i h h ld lManagement is free to focus on growing shareholder value

4

Royalty Business Advantagesy y g

Gold ETF Royalties OperatorsGold ETF Royalties OperatorsLeverage to Gold Price

Yield

Exploration & Expansion Upside

Reduced Downside of Operating,Capital & Environmental Costs

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

5

What Are Royalties?y

Revenue or production royalty (NSR)t picall 2 to 5% of mine re en es/prod ction– typically 2 to 5% of mine revenues/production

– 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) ongoing fixed production payment (typically $400/oz)( ) g g p p y ( yp y )

NSR Stream

One ounce sold at $1000 $1000

Applicable cost 0 $400

Margin for royalty calc $1000 $600

Applicable % 5% 50%

Profit sharing royalties (NPI)

Applicable % 5% 50%

Revenue per oz to FNV $50 $300

6

Profit sharing royalties (NPI)

Why The Royalty Sector Is Growingy y y g

Market value of resource sector has increased 10x in past decadeM d l j d fi iMore development projects need financingVolatile commodity prices create sellersLess available commercial bank project lendingLess available commercial bank project lendingBase metal companies can arbitrage precious metals valuesMore royalty companies creating vibrant markety y p g

Recent Franco-Nevada Mine Financings

Project Location Operator Value ($US m)

Palmarejo Mexico Coeur $75j

Hislop Ontario St. Andrew $4

Prosperity British Columbia Taseko $366

7

Franco- Nevada Royalty Operators include:y y p

Core Operators:

Goldstrike Nevada

Up and Comers:

P l j M i *Goldstrike - NevadaBald Mountain - NevadaHemlo - Ontario

Palmarejo – Mexico*

Mesquite – CaliforniaCerro San Pedro – Mexico

Gold Quarry – Nevada*Subika – Ghana*

Holloway - OntarioHislop - OntarioHolt - Ontario

Marigold - NevadaMusselwhite – Ontario

Stillwater – Montana

Tasiast - Mauritania

Detour Lake OntarioStillwater – MontanaEast Boulder - Montana

Detour Lake - Ontario

GoldstrikePalmarejo

8* post IPO acquisitions

Franco-Nevada’s Royalties in 2009yBy 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

B i 79% f USA & C dBy region: 79% from USA & Canada

Royalty Revenue(1) byC t

Royalty Revenue(1)

C tRoyalty Revenue(1) by

C dit

Oil & G

Other4%

Australia2%

Country

Goldstrike - NSR15%Oth Mi l

Edson 6%

Midale3%

O&G Other

5%

Components Commodity

Gold70%

PGM8%

Other Minerals

2%

Oil & Gas20%

US58%Canada

Mexico15%

15%

Goldstrike - NPI14%

Stillwater7%

Pandora1%

Other Minerals 2% Weyburn

6%

6%

58%Canada21%

Palmarejo13%

Gold Quarry10%Marigold

5%

Gold - Other13%

9

Sources of Gold Leverageg

Royalty leverage comes from:profit based royalties (Goldstrike Hemlo )

Working interests

Year Ended December 31, 2009

– profit-based royalties (Goldstrike, Hemlo …)

– scaled royalties (Holloway, Holt …)

– gold streams (Palmarejo)R

Stream royalties

15%

interests5%

10% gold price move ≈ 13% change in gold revenue *

Revenue-Based

royalties63%

Profit-based

royalties17%

Higher gold prices add further leverage from: – resource to reserve conversionresource 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

10

less project, capital and cost risk than an operator

* Management estimate based on $1000/oz gold price & revenue for 2010

Q1 2010 Highlightsg g

(US$ millions except per share and %) Q1 ’10 Q1 ’09 Q1 ’08Royalty Revenue(1) $41.8 $29.2 $27.5

Gold Royalty Revenue 27.4 19.1 12.2

Total revenue(2) 37.9 33.1 27.5o a e e ue 3 9 33 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 4Free 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.

11

g(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.

Growth in Royalty Revenue(1) from Precious Metal Assetsy y

45

50

35

40

45

25

30

$ m

illio

ns)

Oil & GasBase Metals & OtherPGM

10

15

20($

Gold

0

5

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

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

12

Outlook for 2010

Positives:Full year of production at Palmarejo and HollowayStart up of production at HislopHollister begins processing stockpiled oreHollister begins processing stockpiled oreFull year from Mt Keith royalty (acquired Oct ‘09)Higher PGM and oil & gas prices

Stronger second half:Goldstrike waste stripping completedHigher Gold Quarry minimum royalty to be realized in Q4Robinson copper and gold royalties triggered

Expectation of strong growth in 2010

13

Franco-Nevada’s Capacity for New Projects p y j

C it l R @ M h 31 2010 US$ MilliCapital Resources @ March 31, 2010 US$ Millions

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

Prosperity Gold Stream

Major new long-life gold asset in Canada

p yMay 2010 Announcement

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$350 million commitment plus 2 million FNV 2017 warrants

Franco funds when conditions met and pro-rata with balance of constructionpro-rata with balance of construction financing

Accretive on all measures

15

Template for further substantial growth

Substantial Long Term Gold GrowthgGold only royalty revenues excluding other revenues *

Prosperity $44-48m

Palmarejo $16 19m

Tasiast $9-11mHolt 3-4mM i ld 1 4

Detour $14-17mTasiast Exp. 6-11mHemlo 5-15mSubika 6-11m

$70.7m

$100.5m Palmarejo $16-19mHolloway-Hislop 4-5mHollister 3-5mOther 1-2m

Marigold 1-4mDuketon 2-3mIty 1m

Rosemont 1-2mGoldfields 1-2mPerama Hill 2-3m

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

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

16

~$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.

Move to Monthly Dividendsy

C$/share US$

2008 June $0.12December $0.12

$0.24

$21.8 m

2009 June $0.14December $0.14

$0 28

$28.2 m

$0.28

2010* June $0.150July $0.025August $0.025September $0.025October $0.025November $0 025

$34.0 m**

G

November $0.025December $0.025

$0.30

17

Growing Dividends* September to December dividends are indicative and subject to board declaration.** Based on C$=$US and 114m shares outstanding.

Franco-Nevada’s Advantagesg

R lt B i M d lRoyalty Business Model

Strong Organic Growth Portfolio

Gol

dstr

ike

New Prosperity Deal

Capital for Further Deals arryCapital for Further Deals

89% Free Cash Flow Margins

Gol

dQ

ua

>$30M of Annual Indicated Dividends

Track Record of Value Accretion rejo

Palm

ar

18

THANK YOU----------THANK YOU----------

Bald Mountain ‐ BarrickGoldstrike ‐ Barrick East Boulder ‐ StillwaterWeyburn ‐ Cenovus

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

Marigold ‐ Goldcorp

Robinson ‐ Quadra Tasiast ‐ Red BackMarigold ‐ Goldcorp

19

Dow vs Gold:45

35

40

25

30

Gol

d

15

20DO

W/G

10

15

0

5

20Financial vs hard assets

Pipeline For Future Growth

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

p

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

Goldstrike Holloway/Hislop/Holt Hemlo NPI Prosperity*PinsonPalmarejo*

Gold Quarry*Stillwater

HollisterHemlo NSRTasiast

DetourSubika*Falcondo nickel

PinsonDee/ArturoPandora platinumKirkland LakeMarigold

RobinsonOil & gas

th

MarigoldDuketonIty

th

RosemontGoldfieldsPerama Hill

th

Kirkland LakeArctic Gas>145 other exploration assets

others… others... others…

>20 MINERAL OPERATIONS ROYALTIES UNDER PROJECTS AT FEASIBILITY,

>100,000 acres of undeveloped O&G landBROAD EXPOSURE TO

>100 O&G OPERATIONS DEVELOPMENT OR REACHING PAYOUT

,PERMITTING, FINANCING STAGES OR ON STANDBY

Assets in place for continued gold revenue growth

FUTURE POTENTIAL UPSIDES AT NO COST

21

p g g* new acquisitions post IPO

Recent Pipeline Newsp

Property Royalty Operator UpdateTasiast 2% NSR Red Back

MiningMajor reserve and resource expansions and $600m Kinross investment. Royalty expected to begin paying in early 2011. Analysts expect further production expansion.

Hollister 3-5% NSR Great Basin Gold

Commercial production expected in 2010. High grade Hatter Graben discovery falls on 5% royalty ground.

Hemlo 3% NSR & 50% NPI

Barrick Gold Steady mining on royalty ground expected to being in 2011.

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

H ll / Slidi S l & S A d R f d i d hi h d diHolloway/Hislop

Sliding Scale & 4% NSR

St Andrew Goldfields

Recent start of production and new high grade discovery

Other Various Various Duketon start of production, Rosemont & Perama Hill

22

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

Track Record of Acquisitions since IPOq

>95% of capital deployed into gold assets

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 7 29% Gold Newmont Nevada$104m Gold Quarry 7.29% Gold Newmont Nevada

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

$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

23

and exploration upside

Organic Gold Growth Potential g

Project Operator Royalty

Annual Incremental Royalty Potential

@ $1100 gold

2010

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

2011

Tasiast Red Back Mining 2% NSR $9-11m Holt St Andrew Gold 10% NSR 3-4m Marigold Goldcorp 1.4-4% NSR 1-4m2011 g p %Duketon Regis Resources 2% NSR 2-3m Ity La Mancha 1-1.5% NSR 1m $16-23m

Hemlo NPI Barrick Gold 50% NPI $5-15m

2012+

Hemlo NPI Barrick Gold 50% NPI $5-15mDetour Detour Gold 2% NSR 14-17m Subika Newmont 2% NSR 6-11m Tasiast Expansion Red Back Mining 2% NSR 6-11m Goldfields Linear Gold 2% NSR 1-2m Perama Hill Rosemont

Eldorado GoldAugusta Resources

2% NSR1.5% NSR

2-3m1-2m

$35-61m Management ‘s projection of start of royalty.

Applicable royalty rate at $1100 gold for sliding scale royalties.

24

Reflects operators’ public guidance and analyst estimates as of June 2010.Reflects management’s projections based on available data for production and costs (where applicable).2009 was a half year of production. 2010 is increment for full year.Gold only. With copper & silver, royalty potential is $7-9m.

Prosperity Gold Streamp yTerms

$350 million deposit funded pro-rata during construction with other financing for the project and 2 million FNV 2017 share warrantsfinancing 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)$400/oz (inflation adjusted)

Funding contingent on:– permitting,p g– project being fully financed, and– 75% of concentrate contracted for 5 years

Deposit funded pro-rata with other sources of capitalDeposit 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 planMinimum gold delivery after 27 months from first draw at 80% of plan until completion

Secured by a lien on the Prosperity property

25

y p y p p y

Prosperity Gold Streamp yProduction Profile

200350

140160180200

250

300

350

80100120140

150

200

oz)

Copper

0204060

0

50

100

Gol

d (K

o (Mlb)

001 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33

A i C P d ti P fil (K ) FNV G ld St (K ) C i C P d ti P fil (Mlb)

Long mine life

Au in Conc. Production Profile (Koz) FNV Gold Stream (Koz) Cu in Conc. Production Profile (Mlb)

26

gSource: 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.

Prosperity Gold Stream

100%

p yContribution Analysis

11.1%15.8% 17.6%

14.1%90%

95%

(%)

80%

85%

ontr

ibut

ion

(

Prosperity

88.9%84.2% 82.4%

85.9%70%

75%

Rel

ativ

e C

o

FNV

60%

65%

EV 2014 R 2014 CF NAVEV 2014 Revenue 2014 CF NAV

Prosperity contribution is highly accretive

27

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.

Prosperity Gold Stream p yStrengthening the Leading Gold Royalty Portfolio

PRO-FORMA NAV BREAKDOWN

Prosperity

Base Metals8% Prosperity

18%

Palmarejo

Oil & Gas16%

8%

Palmarejo14%

Goldstrike12%

Other Gold20%

12%

Stillwater6%

Gold Quarry6%

A key long-life addition to the portfolio

28

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.

Comparablesp

P/NAV (x)

2.01.8 1.8

1 62.0x

P/NAV (x)

1.6

1.2x

1.6x

0 0x

0.4x

0.8x

0.0x

Roya

lG

old

Free

hold

Silv

erW

heat

on

Fran

co-

Neva

daAtt ti l ti l ti t

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

Attractive valuation relative to peers

Comparablesp Royal Gold Silver Wheaton

C dit i M tl ld M tl ld M tl ilCommodity mix Mostly gold Mostly gold Mostly silver

Revenues by geography(1) USA 45%

Canada 27% Mexico 22%

USA 40%

Africa 27%Mexico 15%

Mexico 45% S. America 31%

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 280Proforma liquidity 569 54 280Debt 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 t lt (1) (3) $155 $118 $216

(1) For period ended March 31, 2010(2) SLW asset obligations include a portion of the Barrick transaction, Rosemont, and Navidad obligations.

LTM net royalty revenue (1) (3) $155m $118m $216m Indicative annual dividends(4) $30m $17m $0

30

g p , , g(3) Royalty revenue less cost of purchasing ounces for streams.

LTM = Last twelve months(4) Current per share payout at 0.95 C$/US$

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 MiningDavid Harquail Director, President & CEO Executive V.P., Newmont MiningPresident & MD, Newmont Capital S.V.P. Old Franco-Nevada

Derek Evans(1) Director President & CEO, Pengrowth Energy Trust CEO, Focus Energy TrustgyRenaissance Energy Limited

Graham Farquharson(2) Director President, Strathcona Mineral Services Ltd. Board Member, Placer Dome and Cambior Inc.

L i Gi (1) Di t P id t G Mi i S i ILouis Gignac(1) Director President, G Mining Services Inc.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

31

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

Two Years of Added Value ($US)( )

Cumulative dividends

Added market valueMC = $2.9B

Added Value toInvestor

US $1.1B

Added market value

New Equity

Cumulative equity financingInvestor

US $0 2B

MC = $1.7B

Equity

US $0.2BMC = $1.3B

Equity Financings

IPO

Dec 2007 2008 2009Dec 2008 Dec 2009

32

FNV vs S&P/TSX since IPO

250%IPO $1.3B

Financing$260m

Financing$313m

Gold Quarry $103

Palmarejo$75m

200%

$103m

150%

Ahafo Offer For

100%

MarigoldMt. Keith

$100m

IRC $675m

Prosperity $350m

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

0%

33FNV S&P

Franco-Nevada CorporationpCapital Structure(2)

Shares Outstanding 114.02m

W t @ C$32/ h M h 2012 5 75

Analyst Coverage

BMO Capital Markets David Haughton

BOA/Merrill Lynch Mike JalonenWarrants @ C$32/sh March 2012 5.75m

Warrants @ C$75/sh June 2017 5.75m

Options (Avg C$16.00/sh) 2.43m

BOA/Merrill Lynch Mike Jalonen

CIBC Capital Markets Cosmos Chiu

Credit Suisse Anita Soni

GMP Securities Craig WestOther 0.43m

128.38m

Share Price Range(1) C$33.50-C$24.64

g

National Bank Financial Tanya Jakusconek

Paradigm Capital Don MacLean

RBC Capital Markets Stephen WalkerMarket Capitalization(2) $3.3B

Working Capital + Marketable Investments(3) $650.3m

$

TD Securities Greg Barnes

UBS Securities Brian MacArthur

Wellington West Paolo LostrittoAvailable Credit Facilities $175m

Debt or Hedges Nil

2010 Dividends (Indicative) (4) $34.21m (C$0 30/share)

Major ShareholdersFidelity US

Invesco Trimark Canada(C$0.30/share)

Management Ownership (3) 5.0%(6.3% diluted)

T. Rowe Price US

Blackrock Europe

Oppenheimer US

34

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