Growing A Gold Focused Royalty Companyg y y p y

February, 2011

1

Cautionary Statement

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.The words “anticipates”, “plans”, "estimate", "expect", "expects", "expected" and similar expressions identify forward-looking statements. Forward-looking statements arenecessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economicand competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties andother factors that may cause 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. Theserisks, uncertainties and other factors include, but are not limited to: fluctuations in the prices of the primary commodities that drive the Company’s royalty revenue (gold, platinumgroup metals, copper, nickel, oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which the Companygenerates revenue relative to the US dollar; changes in national and local government legislation including taxation policies; regulations and political or economicgenerates revenue, relative to the US 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 and oil and gas properties; influence of macroeconomic developments; businessopportunities 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;operating or technical difficulties on any of the properties; risks and hazards associated with the business of development and mining on any of the properties, including, but notlimited to unusual or unexpected geological formations, cave-ins, flooding and other natural disasters or civil unrest; negotiation and finalization of definitive documentation forthe transaction (including the arrangement agreement, a fairness opinion and a formal valuation); approval of the listing of the Franco-Nevada shares by the Toronto StockExchange; and necessary security holder and court approvals. The forward-looking statements contained in this presentation are based upon assumptions managementbelieves to be reasonable, including, without limitation, the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with pastpractice, 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 ofthe commodities, and any other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place unduereliance on forward-looking statements because of the inherent uncertainty. For additional information with respect to risks, uncertainties and assumptions, please also refer tothe “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com, as well as our annual andinterim MD&As. 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 reviseth t fl t i f ti ti t i i f t t lt th i t i d b li bl lthem to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.Non-GAAP MeasuresNet Royalty Revenue, Free Cash-Flow, EBITDA, Margin and Adjusted Net Income are intended to provide additional information only and do not have any standardizedmeaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Definitions andreconciliations to GAAP can be found in our financial disclosures. These measures are not necessarily indicative of operating profit or cash flow from operations as determinedunder GAAP. Other companies may calculate these measures differently. The following notes are standardized for the attached presentation.(1) N t R lt R i d fi d b F N d h i d i bl f ti lt d t t t f h tl i d t h t d ti

2

(1) Net Royalty Revenue is defined by Franco-Nevada as cash received or receivable from operating royalty and stream assets, net of any cash outlays required to purchase stream production.(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.(4) Adjusted Net Income is defined by the Company as net income excluding impairment charges related to royalties, 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. See Reconciliation of Non-GAAP Measures in the Appendix for calculation.

(5) Includes fair value gains on derivative assets.

Dow vs Gold:

40

45

32

30

35

16

Logarithmic Scale

20

258

DOW

/Gol

d

10

15

2

4

Arithmetic Scale

0

5

1

2

3Financial vs hard assetsDOW to GOLD DOW to Gold_Monthly

Franco-Nevada

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

Since IPO Franco Nevada has delivered:Since IPO, Franco-Nevada has delivered:>100% share price increase >$377m of Free Cash Flow(2)

>$83 i di id d idFNVFNV

250%

>$83m in dividends paid>300 royalty interests$670m in liquidity $3 6B in market cap*

150%

200%

$3.6B in market cap

Dec. 2010 announced:• Acquisition of 37% GLW

S&P / TSX S&P / TSX 100%

• Purchase of $100m GLW notes• Bid for balance of GLW

0%

50%

4* As at January 5, 2011

Franco-Nevada

A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America

Gold ETF Royalties OperatorsYield 0% ~1% 0-1%Yield 0% 1% 0 1%

Leverage to Gold Price 1 >1 >1

Exploration & Expansion U id 0% 100% 100%Upside 0% 100% 100%

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

Franco-Nevada provides yield and more upside th ld ETF ith l i k th t

5

than a gold ETF with less risk than an operator

Growing Pipeline of Mineral Royalties

114 oil & gas royalties and 184 undeveloped oil & gas interests not shown

6

>25 MINERAL OPERATIONS

114 oil & gas royalties and 184 undeveloped oil & gas interests not shown

Over 300 mineral and oil & gas royalties

Quality Operators:

Core Operators:

Goldstrike

Up and Comers:

PalmarejoBald MountainHemlo

Gold QuarryS bika

j

MesquiteCerro San Pedro

Hollo aSubika

MarigoldMusselwhite

HollowayHislopHolt

D t L kStillwaterEast Boulder

Tasiast

Detour Lake

DuketonGarden Well

Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour – Detour Gold

7

Secure & Diverse Revenue*

By Country By Royalty

MidaleO&G

Other2%

Australia3%

Palmarejo

Edson8%

Midale2%

Other5%

US45%

Mexico25%

j23%

Goldstrike -NPI

Stillwater7%

Base Metals & Other

2%

Weyburn6%

Canada25%

17%

Goldstrike - NSR

9%

Gold Other13%

95% f f N th A i

Marigold5%

Gold Quarry3%

8* Royalty Revenue(1) - 9 Months to September 30, 2010

95% of revenue from North America

Royalty Revenue(1) by Commodity

50

60

Guidance for strong Q4

40

s)

20

30

($ millions

83% Precious

Oil + GasOil + Gas& Other& Other

PGMPGM

10

20

GoldGold

83% Precious Metals

PGMPGM

0Q4Q3

20102008 2009Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

9

Diversified Portfolio with Growing Precious Metals Component

Key Long Life Assets*

Goldstrike- Major royalty revenue ~10 years- Stock pile revenue potential ~20 years

Gold Quarry

Palmarejo

- New layback potential ~ 20 years

- Guadalupe discovery > 10 years

Stillwater

Oil & Gas

- Existing reserves > 25 years

- Existing reserves 11 years- Weyburn potential > 40 years

Falcondo

Tasiast

y p y

- Existing resources > 20 years

- Expanding reserves > 20 years

0 5 10 15 20 25 30

Detour

2010 2015 2020 2025             2030                2035               2040+

p g y

- Expanding reserves > 15 years

10* Management expectation based on current public information provided by operators.** See Appendix for references & assumptions.

Most key asset lives > 20 years

A Long Life Portfolio with Growing Value

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Near Term Growth

Tasiast Mine 2% NSR - Mauritania

Kinross acquisition of Red Back valued at $7.1 B

Royalty becomes payable in 2011

Annual Production* Indicative Annual NSR Payments (@$1,200/oz)

2010 (286 koz) $0Royalty becomes payable in 2011

Possible expansion up to 1.5 Moz in future years*

New Kinross Plan TBD

2011/13 (346 koz) $8m

Mid-term (1.0Moz) $24m

Long-term (1.5Moz) $36m

New Kinross Plan TBD

Undiscounted in-situ royalty value >$0.5 billion**

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* Based on TD Equity Research, September 16, 2010.** Based on Kinross September 9, 2010 Presentation: Range of potential resources of 350-425 mt grading 1.5 -1.8 g/t at $1,200/oz. In-situ value based on upper end of range with no recovery rate applied.

Undiscounted in situ royalty value $0.5 billion

Near Term Growth

Detour Lake 2% NSR- Canada

Detour Gold has started construction with $1.0 billion of funding in place

Total M+I project resources ~18 Moz* (plus additional 2 Moz on adjacent Trade Winds Block A JV)

Potential incremental annual revenue >$15m**$

Opportunity to expand from 55 to 90 ktpdcould lead to further royalty revenue growth

Undiscounted in-situ royalty value ~$0.5 billion***

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* Based on press release dated May 25, 2010 from Detour Gold and December 31, 2010 from Trade Winds Block A.** Based on Detour feasibility study production of 649/koz at $1,200/oz.*** Based on $1,200/oz. No recovery rate applied.

Additional GrowthCategory Royalty Operator

New mines: • Duketon (2%)• Lounge Lizard (2%)• Red October (1 75%)

• Regis Resources• Kagara Ltd• Saracen• Red October (1.75%) • Saracen

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

• Xstrata• St Andrew Goldfields

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

• Newmont Mining• La Mancha• Ity (1%) • La Mancha

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

• Barrick Gold• Goldcorp• Anglo Platinum/Lonmin

Permitting projects: • Rosemont (1 5%) • Augusta ResourcesPermitting projects: • Rosemont (1.5%)• Perama Hill (2%)

• Augusta Resources• Eldorado Gold

Pre-feasibility stage: • Sandman (0.5 – 5%)• Garden Well (2%)• Goldfields (2%)

• Newmont/Fronteer Gold• Regis Resources• Brigus Gold

• Courageous Lake (1%)• Gurupi (1%)• Mara Rosa (1%)• Agi Dagi (2%)• Kizitepe (1.5 – 2.5%)

• Seabridge Gold• Jaguar Mining• Amarillo Gold• Alamos Gold• Ariana

14

p ( )

*Note: Certain royalties do not cover the entire property. See Annual Information Form for further details.** Undiscounted value reflecting total in-situ resources disclosed by operators on or before January 18, 2011. Values are calculated at $1,300/oz Au, $4/lb Cu, $28/oz Ag and $15/lb Mo. No recovery rates are applied.

Potential royalty value > $1.0 billion**

Gold Wheaton Combination

December 11, 2010 – FNV agrees to purchase 34% of GLW from Quadra FNX

December 13, 2010 – FNV & GLW agreed to friendly business combination

December 31, 2010 – Purchased GLW secured notes from Sprott for C$110m

January 5, 2011 – Closed acquisition of Quadra FNX block for C$262m

J 5 2011 E t d i t d fi iti t t i GLW f C$830January 5, 2011 – Entered into a definitive agreement to acquire GLW for C$830m

Transaction expected to close in March, 2011

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Gold Wheaton Combination – A New Catalyst for Growth

Enhances FNV position as the leading gold-focused royalty companyAccelerated cash flow growth – continued industry leading free cash flow margin

Increases near-term annual Net Royalty Revenue (1) by approximately $100 million*

Pro forma contribution of precious metals to Net Royalty Revenue (1) greater than 85%

Increases leverage to gold prices via stream structure

Additi f i ifi t t S db F t ll d MWSAddition of significant assets – Sudbury Footwall and MWSAcquiring 2 of top 5 assets pro forma*

Long life production profiles with near-term growth prospects

Diversified portfolioNo asset greater than 15% of pro forma NAV*

Adds further platinum and palladium exposure

Capital available for growthPro forma cash balance of US$200 million plus undrawn credit facility of US$175 million available for further acquisitions**

A ti t F N d ll h t i

16

Accretive to Franco-Nevada on all per share metrics

* Based on broker estimates** Includes broker estimated cash flow for Q4/2010 and Q1/2011 cash flow to a mid-March, 2011 closing; includes purchase of GLW senior secured notes from Sprott and

excludes proceeds from ITM options and warrants

Gold Wheaton Combination - Increased Diversification

Pro‐forma NPV Breakdown Pro‐forma NPV Breakdown

Ezulwini Other

Other FNV Assets

Gold Quarry5%

Detour5%

Ezulwini5%

Oil & Gas11%

Other3%

Assets18%

Sudbury12%Tasiast

8%

Stillwater8%

Gold67%

PGM19%

Palmarejo12%

Gold StrikeOil & Gas

MWS8%

8%

Contributes two of the top five assets

No asset greater than 15% by value

Strike10%9%

Increases precious metal contribution to 86%

PGM di i i t b l th

17

No asset greater than 15% by value

Increases precious metal value

Source: Broker consensus estimates

PGM division to become larger than oil & gas

Gold Wheaton Valuation Impact

2010 FNV Estimated Cash Flow(1) $184mApproximate Gold Wheaton Cash Flow (2) $100mPro-forma Cash Flow Estimate $284m

Pro-forma Shares Outstanding(3) 124.3 millionPro-forma Cash Flow per Share $2.28Trading Multiple Range(4) 19x – 24xImplied Share Price Range(5) ~C$43.30 - $54.70

>$100 million in additional annual precious metal revenue

8.4% dilution of existing shares outstanding

18

(1) RBC Capital Markets , January 10, 2011 valuation tables. Estimate for FNV 2010 cash flow.(2) Broker consensus estimates ex eed $100 million in cash flow.(3) Pro-forma shares outstanding -Assumes no exercise of GLW warrants.(4) From RBC Capital Markets, January 10, 2011. Multiples for Intermediate gold companies and royalty companies for 2010.(5) Based on USD/CDN exchange of 1:1

Potential Royalty Revenue Growth

Precious Metal

Non‐Precious Metal

400

450

Up to ~$200m incremental

Precious Metal

300

350

incremental revenue*

200

250

($ M

illions)

100

150

0

50

2008A 2009A 2010E GLW Tasiast Detour Other 2015+

19*Asset estimates reflect potential revenue for upcoming advanced assets and assumes top ranges for operator or analyst projections and $1,200/oz gold. Gold Wheaton estimate represents broker consensus estimate for 2011.** Estimate of Compounded Annual Growth Rate from 2008 to 2015.

23% CAGR in precious metal revenue**

Franco-Nevada

23% Annual Growth from IPO to 2015 strik

e

Driven by New Discoveries (Tasiast, Detour)

G ld Wh t C t l t f R ti

Gol

dsar

ry

Gold Wheaton Catalyst for Re-rating

>90% Free Cash Flow Margins Gol

dQ

ua

>$375m in Capital for Further Deals

Record of Dividend Increases

Palm

arej

o

Record of Dividend Increases

GLW

20The strongest business model in gold

Appendix - Gold Wheaton Transaction Summary

Consideration:C$5.20 per Gold Wheaton common share

23% premium based on the 20-day volume-weighted average price

Transaction value of C$830 million

Structure:Plan of Arrangement supported by both Boards of Directors and management

Consideration payable approx. 60% in stock and 40% in cash with proration flexibility

Shareholders can elect to receive either 0.1556 of a FNV share or C$5.20 in cash subjects to caps and prorationp

Capped at approximately 9.66 million FNV shares and C$215 million in cash

Purchase of 34.5% of Gold Wheaton shares from Quadra FNX for C$4.65 per share for 100% cash (subject to top-up provision)

C t d l t ti f F N d ( i ht t t h C$25 illi b k f )Customary deal protections for Franco-Nevada (right to match, C$25 million break fee)

Conditions:662/3% shareholder approval by Gold Wheaton shareholders

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No shareholder vote is required by Franco-Nevada shareholders

Closing of the proposed transaction is expected in March 2011

Appendix - Gold Wheaton Assets – Sudbury Footwall

Operator: Quadra FNX

Location: Sudbury, Canada

Attributable Production (k Au Eq. oz)  (First 5 years)

60 5864 67 67

Royalty: 50% of Au, Pt, Pd contained in mined ore above $400/oz Au Eq

Purchased by GLW: C$400 million in June, 2008

Net Revenue (9 Months to Sep 2010): $31 million

Description:

World class mining districtSource: Broker Estimates

2011 2012 2013 2014 2015

3 separate operations exploiting 5 deposits

High grade Cu-PGM assets

Significant resource upside at MorrisonSignificant resource upside at Morrison

Production Guidance for 2010: 75,000 oz TPM*

22Source: Quadra FNX Website

*Quadra FNX 2010 guidance from June 19, 2010 Press Release

Appendix - Gold Wheaton Assets – Mine Waste Solutions

Operator: First Uranium

Location: South Africa 2934 33 30 31 33 30 30 30 32 33 32

29 29

Attributable Production (k Au oz)

Royalty: 25% of Au produced above $400/oz

Purchased by GLW: US$125 million in November, 2008

Net Revenue (9 Months to Sep 2010): $12 million 1 2 3 4 5 6 7 8 9 0 1 2 3 4( )

Mine Life: 15 years *

Description:

Uranium & gold tailings recovery operation

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: First Uranium Investor Presentation

Uranium & gold tailings recovery operation

3rd gold plant to be commissioned next year

Low cost and low technical risk

Annual production of ~120 koz/yr**

23

Source: First Uranium Website

* First Uranium Technical Report dated January 1, 2010** FIU forecast when all three gold plants are operational

Appendix - Gold Wheaton Assets - Ezulwini

Operator: First Uranium

Location: South Africa16 141618192122

Attributable Production (k Au oz)

Royalty: 7% of Au produced above $400/oz Au Eq

Purchased by GLW: US$50 million in November, 2009

Net Revenue (9 Months to Sep 2010): $10 million

16131314 6

1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9( )

Mine life: 20 years*

Description:

Rehabilitation of past producing mine

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Source: First Uranium Disclosure

Rehabilitation of past producing mine

Gold and uranium plants complete

Shaft rehabilitation complete & ramping up

Ramping up production over next 8 years

Capacity to produce >300,000 oz/yr.

Total Resource: 25.5 Moz (Dec, 2009)

24

Minimum Payment: 19.5 koz in 2011

Source: First Uranium 2010 Annual Report

* First Uranium Technical Report dated March 22, 2010

Appendix: Strong Financial Position

Pre-Transaction(September 30 2010)

Post-Transaction(est at closing)(September 30, 2010) (est. at closing)

Cash US$610 million US$200 million (1)

Debt None None (2)

Revolver Available US$175 million US$175 million$ $

Total Available Capital US$785 million US$375 million

Franco-Nevada has capital for further acquisitions

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1. Includes broker estimated cash flow for Q4/2010 and Q1/2011 cash flow to a mid‐March, 2011 closing; includes purchase of GLW senior secured notes from Sprott and excludes proceeds from ITM options and warrants

2. Assumes remaining GLW debt called by the debt holder at 110% of face value

Appendix – Asset Life Assumptions & References

Goldstrike - Barrick 2009 Annual Report. December 2009 reserve of 12.2 moz and 2009 production of 1.36 mozimplies mine life of 9 years. Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035. (www.barrick.com)

Gold Quarry – Newmont Investor Day Presentation from May 27, 2010. Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019. (www.newmont.com)

Palmarejo - Coeur d’Alene Mines, Palmarejo Technical Report, January 2010. States mine life of 13 years. (www.coeur.com)

Stillwater – Stillwater press release dating February 25, 2010. Reserve of 20.6 moz at December 31, 2009 and 2009 production rate of 530 koz. Implies mine life >25 yrs. (www.stillwatermining.com)

Oil & Gas – Oil & Gas Reserve Report by GLJ Petroleum Consultants Ltd.. (www.franco-nevada.com).

F l d X t t Ni k l O t b 2009 t f 74 2 Mt di 1 29% Ni P l f X t tFalcondo – Xstrata Nickel October 2009 reports a reserve of 74.2 Mt grading 1.29% Ni. Press release from Xstrata Nickel dated October 12, 2010 indicates capacity at 50% of approximately 14,000 tonnes of Ni per annum or implied full capacity of 28,000 tonnes of Ni per annum. Implies >20 yr mine life.

Tasiast – September 22, 2010 Denver Gold Forum Presentation by Kinross. Estimate 425m tonnes of ore and processing of 60ktpd. Implies mine life of +19 years. (www.kinross.com)p g p p y ( )

Detour - May 25, 2010 Feasibility Study for Detour Lake describes16 year mine plan. (www.detourgold.com).

Franco-Nevada does not operate or explore but relies on others. Because it is not an operator, it must rely on decisions made by others, decisions on which it has little or no influence. It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these

26

by its operators is accurate and true. Information contained herein is based on information made available by these operators.

Franco-Nevada 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 Mining President & MD, Newmont Capital S.V.P., Old Franco-Nevada

Derek Evans(1) Director President & CEO Pengrowth Energy TrustDerek Evans( ) Director President & CEO, Pengrowth Energy TrustCEO, Focus Energy Trust Renaissance Energy Limited

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

Louis 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

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

Franco-Nevada Team

    Title Canada  David Harquail  President & CEO  Sandip Rana  Chief Financial Officer  Jacqueline Jones  Chief Legal Officer & Corporate Secretary  Geoff Waterman  Chief Operating Officer  Paul Brink  S.V.P. Business Development    Petra Decher  VP, Finance & Assistant Secretary 

Phili Wil VP T h i l  Philip Wilson  VP, Technical  Sharon Dowdall  VP, Special Projects  Jason O’Connell  Director, Business Development   Debbie McEnaney Controller

Cindy Smith Land Analyst  Cindy Smith  Land Analyst  Lena Miller  Senior Accountant  Donna Andrejek  Corporate & Contract Administrator  Candida Hayden  Office Manager – Executive Assistant

U.S. Stephen Alfers Chief of U.S. OperationsU.S.  Stephen Alfers  Chief of U.S. Operations  Steven Aaker  SVP, Acquisitions  Jeff Jenkins  Director of Finance ‐ U.S. Operations

Australia  Kevin McElligott  Managing Director

28

         

Franco-Nevada Corporation

Capital Structure(2)

Shares Outstanding 114.56m

Warrants @ C$32/sh March 2012 5 75m

Analyst CoverageBMO 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$18.61/sh) 2.73m

Other 0.11m

yCIBC Capital Markets Cosmos Chiu

Credit Suisse Anita Soni

GMP Securities Craig West

Paradigm Capital Don MacLean128.90m

Share Price Range(1) C$35.79-C$25.37

Market Capitalization(2) $3.6B

Paradigm Capital Don MacLean

RBC Capital Markets Stephen Walker

Scotia Capital David Christie

TD Securities Greg Barnes

UBS Securities Brian MacArthurWorking Capital + Marketable Investments(3) $670.4m

Available Credit Facilities $175m

Debt or Hedges Nil

UBS Securities Brian MacArthur

Wellington West Paolo Lostritto

Major ShareholdersFidelity US

2011 Dividends (Indicative) (4) $35m

Management Ownership (3) 5.0%(6.6% diluted)

Fidelity US

Invesco Trimark Canada

T. Rowe Price US

Blackrock Europe

29

(1) Previous 52 weeks(2) As at January 5, 2011(3) As at September 30, 2010 (4) @ $CAN/$US = 1.00

Oppenheimer US