September Presentation

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Cautionary StatementForward-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 ofacquiring new royalties, equity and other resource related interests, requirements for additional capital, mineral reserve and resources estimates,production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. Allstatements, other than statements of historical fact, are forward-looking statements. The words "expects", ”expected”, “estimated” and similarexpressions identify forward-looking statements. The forward-looking statements contained in this Presentation are based upon assumptionsmanagement believes to be reasonable, including, without limitation, the ongoing operation of the properties by the owners or operators of suchproperties in a manner consistent with past practice, the accuracy of public statements and disclosures made by the owners or operators of suchunderlying properties, no material adverse change in the market price of the commodities, and any other factors that cause actions, events orresults to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to beaccurate, as actual results and future events could differ materially from those anticipated in such statements. Franco-Nevada cannot assureinvestors that actual results will be consistent with these forward-looking statements and readers are cautioned that forward-looking statements arenot guarantees of future performance. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherentuncertainty therein. These risks, uncertainties and other factors include, but are not limited to: fluctuations in the prices of the primary commoditiesthat drive the Company’s royalty revenue (gold, platinum group metals, copper, nickel, oil and gas); fluctuations in the value of the Canadian andAustralian dollar, and any other currency in which the Company generates revenue, relative to the U.S. dollar; changes in national and localgovernment legislation, including taxation policies; regulations and political or economic developments in any of the countries where the companyholds interests in mineral or oil and gas properties; influence of macroeconomic developments; business opportunities that become available to, orare pursued by us; access to debt and equity capital; litigation; title disputes related to our interests or any of the underlying properties; operating ortechnical difficulties; risks and hazards associated with the business of development and mining, including, but not limited to unusual or unexpectedoperating difficulties, financial stress and other natural disasters or civil unrest. For additional information with respect to risks, uncertainties andassumptions, please also refer to the “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securitiesregulatory authorities on www.sedar.com, as well as our Annual and interim MD&A. The forward-looking statements herein are made as of thedate of this Presentation only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates oropinions, future events or results or otherwise, except as required by applicable law.

Non-GAAP MeasuresFree Cash Flow, EBITDA and Royalty Revenue are “non-GAAP financial measures” which management believes are valuable indicators of theCompany. These measures do not have any standardized meanings and are unlikely to be comparable to similar measures of other companies.For a reconciliation of these measures to various GAAP measures please see the Company’s current and historical Annual and Interim MDAdisclosure found on the Company’s website and on SEDAR.

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Franco-Nevada

Leading gold royalty company

Secure and profitable assets

High free cash flow(1) margins

Growing gold revenue

Active acquirer with > $700m in available capital

Semi annual dividend increased to C$0.14 per share

Part of S&P/TSX Composite Index with US$2.8B market cap(2)

Gol

dstri

keP

alm

arej

oG

old

Qua

rry

(1) 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

(2) As at Sep 1, 2009

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>300 Royalty Assets Worldwide with Majority of Royalty Revenue from US & Canada

% of Royalty Revenue (1)

66%

20%

(1) Royalty Revenue is defined by the Company as cash received or receivable from operating royalty assets earned during the period. Percentages above are for the 3 month period ending June 30, 2009.

Quality PortfolioDiversified & Geopolitically Secure Assets

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UPSIDEFUTUREGROWINGBASE

GOLDSTRIKEGOLD QUARRYSTILLWATEROIL & GASMARIGOLDROBINSONOTHERS…

PALMAREJOTASIASTHOLLISTERHEMLO

DETOUR PERAMA HILLPINSONPANDORAROSEMONTFALCONDOHOLLOWAYOTHERS…

>20 ESTABLISHED OPERATING MINERAL PROPERTIES AND >100 O&G OPERATIONS

~4 PROJECTS THAT ARE UNDER DEVELOPMENT OR EXPANDING PRODUCTION

~15 MINERAL PROJECTS POTENTIALLY OPERATING WITHIN 5YRS

>145 EXPLORATION INTERESTS>100,000 ACRES OF UNDEVELOPED O&G LANDSARCTIC GAS

Balanced portfolio of operating & future growth assets

Quality PortfolioBalanced Growth Profile

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0

5

10

15

20

25

30

35

40

45

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

($ m

illio

ns)

Gold PGM Base Metals & Other Oil & Gas

61%

55% 55% 56% 77%80%

Chart reflects Royalty Revenue, defined by the Company as cash received or receivable from operating royalty assets earned during the period.

Increasing precious metals contribution in absolute & relative terms

Quality PortfolioGold Focus with Added Optionality

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Quality PortfolioSolid Assets with Quality Operators

Weyburn - Encana

Goldstrike - Barrick

Gold Quarry - Newmont

Potential to increase reserves and mine life at Gold Quarry through West Wall layback

Oil & gas assets performing ahead of expectations

Goldstrike outperformed guidance for the first half of 2009

Contribution from Palmarejo minimum payments beginning in Q3/09

Palmarejo - Coeur

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Property Royalty Operator Update

Tasiast 2% NSR Red Back Mining Reserves and resources have been rapidly expanded with resources now >4 Moz*

Hollister 3-5% NSR Great Basin Gold Recent discovery on 5% royalty ground.

Hemlo 3% NSR &50% NPI

Barrick Gold Underground development and mining on royalty ground could begin in 2010.

Detour 2% NSR Detour Gold 13.2 Moz* in-pit gold resource with pre-feasibility study in late 2009

Perama Hill 2% NSR Eldorado Gold Pre-Environmental Impact Assessment &Technical Report to be submitted Q3/09

Holloway/Hislop

4% NSR & variable

St. Andrew Financing completed for near-termproduction

Other Various Various Pinson, Pandora, Rosemont, Falcondo, Dee/Arturo, Duketon, Kirkland Lake

Quality Portfolio Future Growth Assets

* Resources stated in Franco-Nevada 2008 AIF

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$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

Q1/09 Q2/09

Mill

ions

Free Cash Flow(1)

By Quarter

Free

Cas

h Fl

ow (2

)

Roy

alty

Rev

enue

(1)

High Margin BusinessFree Cash Flow in All Likely Scenarios

(1) 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

85%

85%

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High Margin BusinessRoyalties Limit Downside Exposure

Commodity and exploration exposure with less downside

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High Margin BusinessUndervalued Free Cash Flow per Share

Free Cash Flow per $1,000 Investment (1)

(1) Source: CIBC Equity Research. Calculations based on 1H 2009 actual results, annualized. FCF is represented by operating cash flow less capital expenditures.

Assumes Franco’s >$500m not invested

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$103.5 millionDec 29, 2008

7.29% gross royalty at Gold Quarry, Nevada

April 2009 Update:Increased minimum guidance

to 14,400 oz/annum

$80 millionJan 21, 2009

50% gold royalty stream at Palmarejo, Mexico

March 30, 2009 Update:First gold poured

Growth Through AcquisitionTrack Record

Precious metals now 80% of Royalty Revenue

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Growth Through Acquisition Growth in Gold Revenue

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Q1/09 Q2/09 Q3/09 Q4/09

US$

(mill

ions

)

Actual/Minimum Potential

Palmarejo 2009(1)

(1) Royalty revenue chart reflects actual revenue in Q2/09 and forecasted revenue for Q3/09 & Q4/09 based on a minimum payment obligation of 25,000 oz for 2H 2009 and Coeur’s production guidance of 72,000 in 2009 (assuming equal quarterly production). Revenue is calculated using a $900/oz gold price.

(2) Minimum payment calculated on 50,000 oz above $400/oz. Capacity based on 50% of Coeur guidance from Mar 30, 2009 of 120,000 oz/yr above $400/oz

Palmarejo Royalty Revenue Potential

Gold Price

Minimum Capacity

$800/oz $20m $24m

$900/oz $25m $30m

$1000/oz $30m $36m

Palmarejo 2010+(2)

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(1) Existing Gold Royalty Revenue based on annualized 1H 2009 results, adjusted to remove initial contributions from Gold Quarry and Palmarejo

(2) Palmarejo minimum based on 50koz/yr minimum payment at 1H 2009 average gold price of $915/oz(3) GQ minimum based on minimum annual guidance of 14.4koz at 1H 2009 average gold price of $915/oz

Acquisitions have grown gold revenues >50%

Growth Through AcquisitionGrowth in H1 2009

Existing Gold

Revenue(1)

Existing Gold

Revenue

Palmarejo Minimum(2)

GQ Minimum(3)

0

20

40

60

80

100

120U

S$ (m

illio

ns)

Proforma Royalty Revenue - 1H 2009 Annualized

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Capital Resources @ June 30, 2009 US$ Millions

Working Capital $513

Marketable Securities $54

Available Credit Facility $150

Total Available Capital $717

Growth Through Acquisition Financial Strength

No debt or hedges and limited capital obligations

Potential catalyst for share price increase

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The Leading Gold Royalty Company

Low risk business model and portfolio

High margins and Free Cash Flow(1)

More capital for royalty growth

(1) 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

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Franco-Nevada (TSX:FNV)

Capital Structure: Common 112.0m shares outstanding (FNV)

Warrants 5.75m @ $32/sh Mar. 2012 (FNV.WT)Warrants 5.75m @ $75/sh June 2017 (FNV.WT.A)Warrants 316,436 Special Warrants

Share Price Range(1) C$31.49 - C$11.62

Market Capitalization(2) US$2.8B

Working Capital + Investments(3) US$567m

Available Credit Facilities US$150m

Debt or Hedges(3) Nil

2009 Dividends (Indicative) C$31.2m (C$0.28/share)

Management Ownership 5.4%

(1) Previous 52 weeks(2) September 1, 2009(3) June 30, 2009 working capital plus marketable investments

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Thank You

Bald Mountain - BarrickGoldstrike - Barrick

Cerro San Pedro - New Gold Mesquite – New Gold

Marigold - GoldcorpRobinson - Quadra

East Boulder - Stillwater

Tasiast - Red BackMarigold - Goldcorp

Palmarejo - Coeur

Weyburn - Encana