FNV TSX/NYSE | 2016 RESULTS & INVESTOR DAY | 03 • 23 • 2017

FNV TSX/NYSE
 Cautionary Statement
Forward Looking Statements
This presentation contains “forward looking information” and “forward looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, 
respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco‐Nevada’s growth, results of operations, estimated future 
revenues, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of 
commodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward looking statements, as 
they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources and gold equivalent ounces will 
be realized. Such forward looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward looking statements can be identified by the use 
of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of 
such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements involve known and 
unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco‐Nevada to be materially different from any future results, performance or achievements expressed or 
implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statements, including, without limitation: fluctuations in the prices of the primary 
commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron‐ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican Peso and any 
other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies, and the enforcement thereof; 
regulatory, political or economic developments in any of the countries where properties in which Franco‐Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators 
of the properties in which Franco‐Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunities that 
become available to, or are pursued by Franco‐Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco‐Nevada holds a royalty, 
stream or other interest; whether or not Franco‐Nevada is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; 
potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco‐Nevada 
holds a royalty, stream or other interest; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports 
and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco‐Nevada holds a royalty, stream or other interest, including, but not limited to unusual or 
unexpected geological and metallurgical conditions, slope failures or cave‐ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious diseases; and the integration of acquired assets.  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 in which Franco‐Nevada holds a 
royalty, stream or other interest 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 asset portfolio; Franco‐Nevada’s ongoing income and assets relating to determination of its PFIC status; no material changes to 
existing tax treatment; no adverse development in respect of any significant property in which Franco‐Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of 
underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could 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 and investors are cautioned that forward 
looking statements are not guarantees of future performance. Franco‐Nevada cannot assure investors that actual results will be consistent with these forward looking statements and investors 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 refer to the “Risk Factors” section of Franco‐Nevada’s most recent Annual 
Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco‐Nevada’s most recent Annual Report filed on Form 40‐F filed with the SEC on www.sec.gov. The forward‐looking 
statements herein are made as of the date herein 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‐IFRS Measures
Adjusted Net Income, Adjusted EBITDA and Margin are intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with 
International Financial Reporting Standards (“IFRS”). They do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other issuers. Management uses these measures to 
evaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial 
statements. The Company also uses Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs. Management believes that in addition to measures 
prepared in accordance with IFRS such as Net Income and Earnings per Share (“EPS”), our investors and analysts use these measures to evaluate the results of the underlying business of the Company, particularly since the 
excluded items are typically not included in guidance. While the adjustments to Net Income and EPS include items that are both recurring and non‐recurring, management believes these measures are useful measures of the 
Company’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to 
period, are not always reflective of the underlying operating performance of our business, and/or are not necessarily indicative of future operating results. For a reconciliation of these measures to various IFRS measures, please 
see the end of this presentation or the Company’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedar.com and with the SEC on www.sec.gov.
This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction

FNV TSX/NYSE 2
 Management Participants

David Harquail Sandip Rana Paul Brink Lloyd Hong

President & CEO CFO SVP, Business CLO & Corporate
Development Secretary

Jason O’Connell Phil Wilson

Vice President, Vice President,
Oil & Gas Technical

FNV TSX/NYSE 3
 Agenda

Overview of 2016 Results:  Sandip Rana
Business Development /  Paul Brink
Mineral Asset Update:
Associated Gold Ounces & REUs: Phil Wilson
Oil & Gas Update: Jason O’Connell
Outlook and Q&A: David Harquail

FNV TSX/NYSE 4
 Overview of 2016 Results
Sandip Rana – CFO

Detour
FNV TSX/NYSE 5
 2016 Performance vs Guidance and Prior Year

Exceeded guidance
2015 2016 Mar. 2016 Nov. 2016
Results Guidance1 Guidance2 Actual
PGMs
GEOs3 7% 360,070 425k – 445k 445k – 455k 464,383
Oil & Gas Revenue $28M $15M – $25M $25M – $30M $30.1M
Silver
21%

Assets continue to deliver

1. Original March 10, 2016 guidance

FNV TSX/NYSE 2. Revised November 7, 2016 guidance 6
3. Please see note 4 on slide 62
 GEOs Realized

GEOs realized increased 28.9% year over year

 500
Other
Gold Equivalent (000's ounces)

 450 PGM

 400
Silver
Other
 350
PGM

 300 Other Silver

Silver
Other PGM
 250 Other Other

 200

 150
Precious Precious  Precious
Metals Metals Metals Gold Gold Gold
 100
2011 2012 2013 2014 2015 2016

FNV TSX/NYSE 7
 GEOs: 2015 to 2016

145,135  464,383 

360,070 
6,655 
41,537  3,685  1,878  377 

FNV TSX/NYSE 8
 Year Over Year Average Price Changes

Partial Recovery
Q4 2016 Full Year 2016

PGMs
Gold 10.3% 7.6%
7%

Silver
Silver 16.4% 9.7%
21%

Platinum 4.0% 6.4%

Palladium 12.9% 11.3%

Oil 15.7% 8.1%

FNV TSX/NYSE 9
 Precious Metals Revenue

40.9% increase in Precious Metals

Revenue year over year
 $700  $1,800

 $1,600
 $600
$572   $1,400
 $500
 $1,200

 $400  $1,000
$406 
$381 
Millions $

$371 
$355 
 $300  $800
$322 

 $600
 $200
 $400
 $100
 $200

 $‐  $‐
2011 2012 2013 2014 2015 2016
Precious Metals Gold Price

FNV TSX/NYSE 10
 2015/2016 Financial Results

($ millions except gold price,

GEOs, per share and %) Q4 2016 Q4 2015 FY 2016 FY 2015
Average Gold Price ($/ounce) $1,218 $1,104 $1,248 $1,160
Gold Equivalent Ounces (GEOs) 121,910 106,312 464,383 360,070

Revenue
PGMs $155.3 $121.3 $610.2 $443.6
7%

Adjusted EBITDA1 $122.2 $94.2 $489.1 $337.1

Silver
Adjusted
21% EBITDA1 per share $0.69 $0.60 $2.79 $2.16

Net Income (loss) ($4.5) ($31.4) $122.2 $24.6

Net Income (loss) per share ($0.03) ($0.20) $0.70 $0.16

Adjusted Net Income2 $42.9 $23.7 $164.4 $88.9

Adjusted Net Income2 per share $0.24 $0.15 $0.94 $0.57

Margin3 78.7% 79.0% 80.2% 76.5%

Records
1. Please see note 1 on slide 62
FNV TSX/NYSE 2. Please see note 2 on slide 62 11
3. Please see note 3 on slide 62
 2016 Revenue Sources

94% Precious Metals 84% from Americas

Other
1%
O&G
5% Rest of 
PGM US
6% World 15%
16%

Silver
18% Canada
Commodity Geography 19%

Gold
70%
Latin America
50%

FNV TSX/NYSE 12
 2016 Adjusted EBITDA Diversification

By Asset >10% By Legal Ownership

Australia
Mexico 2%
5%

Antamina
14%
U.S.
18% Canada
Antapaccay 38%
14%

Other
60%
Candelaria
12%
Barbados
37%

FNV TSX/NYSE 13
 Impairment Recorded

Cooke 4
Mine placed on care and maintenance by operator,
Sibanye Gold, during Q4 2016
$67.4 million impairment recorded
7% stream remains in place

FNV TSX/NYSE 14
 A High Margin and Scalable Business

 700  1,800
79.6% 81.4%           79.8%            80.5%            76.0%             80.2% Margin

 600  1,600

 500 Revenue  1,400

 400  1,200

Gold Price ($/oz)
Millions $

 300  1,000

 200  800

 100  600

 ‐  400
Stream &  Fixed Costs2
Other 
‐100 Costs3  200

‐200  ‐
2011 2012 2013 2014 2015 2016

1. Average based on London PM Fix 3. Stream & Other Costs include costs of stream sales, production taxes
FNV TSX/NYSE 2. Fixed costs include corporate administration and and oil & gas operating costs 15
business development
 High Margin – Low Cost Business

 $1,800
$1,670 
$1,572 
 $1,600
$1,411 
 $1,400
$1,266  $1,248 
$1,160 
 $1,200

Per ounce
 $1,000

 $800
$1,243  $1,363  $1,116  $977  $863  $975 
 $600

 $400

$329  $307  $295  $289  $297   $200

$273 
 $‐
2011 2012 2013 2014 2015 2016
All‐in Sustaining Costs Margin

FNV TSX/NYSE 16
 Business Development
Paul Brink – SVP, Business Development

Candelaria
FNV TSX/NYSE 17
 New Investment Opportunities

since • Cerro Moro – Yamana Gold

1985 Existing 3rd Party Royalties • Brucejack – Pretium Resources
• Hardrock – Premier Gold Mines

since • Palmarejo – Coeur Mining

2008 By-Product Funding • Cobre Panama – First Quantum

since • Kirkland Lake – Kirkland Lake Gold

2011 Primary Product Funding • Stibnite Gold – Midas Gold
• Karma – True Gold Mining

since • Sabodala – Teranga Gold

2013 M&A Funding • Fire Creek/Midas – Klondex Mines
• Candelaria – Lundin Mining

since • Antamina – Teck Resources

2015 Recapitalization • Antapaccay – Glencore

since • STACK Oil & Gas – Oklahoma

2016 Commodity Diversification • Midland Oil and Gas – Permian/Texas

FNV TSX/NYSE 18
 Recent Cornerstone Investments

Long Term Assets With Large Land Positions

Antamina Cobre Panama

Peru Panama
$610 M $462 M → $1 B

Candelaria Antapaccay
Chile Peru
$648 M $500 M

FNV TSX/NYSE 19
 Cobre Panama – Port Site

FNV TSX/NYSE 20
 Cobre Panama – Power Plant

FNV TSX/NYSE 21
 Cobre Panama – Mine Design

FNV TSX/NYSE 22
 Cobre Panama – Mill Site

FNV TSX/NYSE 23
 Cobre Panama – SAG & Ball Mills

FNV TSX/NYSE 24
 Cobre Panama – SAG & Ball Mills

FNV TSX/NYSE 25
 Cobre Panama – Mill

Switchgear Room 230 kV Control Room

Concentrate and Bulk Thickeners Cleaner and Rougher Flotation

FNV TSX/NYSE 26
 Cobre Panama – Pre-Strip

FNV TSX/NYSE 27
 Growing Projected GEOs

More diversified and longer duration portfolio

160
Cobre Panama1
2018 - 2019
Quarterly GEOs (000's ounces)

140

120
Antapaccay
100
Antamina
80
Candelaria
60

40
Other Assets
20

-
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16

FNV TSX/NYSE 1. Quarterly rate of expected first five year average 28

 Organic Growth

Growth of the IPO Gold Assets

70

+89%
60
Reserves & Resources2 (Moz)

50
+37%
2008‐2016
40
28 Moz produced
30 >$850M gold 
+6%
revenue  to FNV
20

P&P M&I Inf P&P M&I Inf

10

0
2007 2016

Gold ounces1 at Gold ounces1 of same

time of IPO assets today
1. Ounces associated with FNV assets are not FNV  3. Includes estimates of Mineral Reserves & Resources made under 
FNV TSX/NYSE reserve ounces JORC code and SAMREC code 29
2. Mineral Resources are exclusive of Mineral Reserves 

PROJECTS BEING ADVANCED
Cobre Panama (Panama)
Candelaria (Chile)
Goldstrike (Nevada)
Stillwater (Montana)
Tasiast (Mauritania)
Hollister (Nevada)
Sabodala (Senegal)
Cerro Moro (Argentina)
Subika/Ahafo (Ghana)
Brucejack (British Columbia)
Musselwhite (Ontario)
Sissingue (Côte d’Ivoire)
Castle Mountain(California)
Hardrock (Ontario)
Rosemont (Arizona)
Agi Dagi/Camyurt (Turkey)
ADDING NEW OUNCES
Bald Mountain (Nevada)
Hemlo (Ontario)
Marigold (Nevada)
Karma (Burkina Faso)
Fire Creek/Midas (Nevada)
South Arturo (Nevada)
Detour (Ontario)
Timmins West (Ontario)
Macassa (Ontario)
Duketon (Australia)
FNV TSX/NYSE
Positive Portfolio News
•
•
First Quantum reports 46% complete and 2019 ramp-up
Lundin studying 15-20% milling increase
259 Mineral
•
•
Barrick lowering AISC and TCM ramp-up
Blitz and infrastructure projects expected to increase production
Assets
• Kinross expects Phase 1 expansion Q2/18, Phase 2 feasibility Q3/17
Producing
• Klondex acquisition and possible restart in 2017
• Teranga’s Gora production ramp-up; mill optimization
• Yamana targets start-up in Q2/18
•
•
Newmont expects expansion and underground decision in H1 2017
Pretium expects production to start Q2/17 46
• Goldcorp’s infrastructure project target 20% increase in production
• Perseus expects production Q1/18
• Castle Mountain expects to start pre-stripping Q4/17
• Draft EA for potential 4.2Moz LOM production Advanced
• Hudbay progressing permits
• Alamos’ new feasibility LOM 1.3Moz + PEA for Camyurt project
41
• Kinross doubles reserves to 2.1Moz & ROD
• New Interlake and Deep C-Zone resource
• Silver Standard resource expansion program
• Kao North expected to increase life by 2.5 yrs Exploration
• Klondex exploration success including step out intercepts
• Permitting El Nino underground below Phase 2 pit
• West Detour permits to extend LOM to 23 years 172
• Tahoe expects reserve release on144 GAP discovery in Q3/2017
• Kirkland Lake Gold expanding SMC and buys back 1% NSR
• Regis adding reserves at Baneygo & Tooheys Well
30
 Positive Portfolio News
Stillwater 5% NSR

Blitz Project expected to add incremental production

of 270,000 - 330,000 oz by 2021, 2022

FNV TSX/NYSE 31
 Operator Success
300.0%

250.0%

Gold Base Metals
200.0%

150.0%

100.0%

50.0%

0.0%
Klondex Teranga True Gold Lundin Glencore Teck

Relative share price performance since date of announcement versus

S&P/TSX Global Gold/Base Metal Index1
1. From date of announcement of royalty and stream transaction until 17/03/2017 close. Date of announcement: Klondex – 05/12/2013, Teranga – 11/12/2013, True Gold – 08/08/2014, Lundin – 06/10/2014,
Glencore – 11/02/2016, Teck – 07/10/2015.
2. TGM performance to 27/04/2016 when it was acquired by EDV.

FNV TSX/NYSE 32
 Approximately $1.4 B of Available Capital

Working Capital1,2 $324 M

Marketable
$115 M
Securities1

Credit Facilities3 $1,100 M

Midland Basin
($110 M)
Royalty Acquisition

Available
US$1.4 B
Capital Antamina

Debt Free

1. As at December 31, 2016
FNV TSX/NYSE 2. Please see not 5 on page 62 33
3. Does not include US$250M accordion facility
 Associated Gold Ounces & REUs
Phil Wilson – VP, Technical

Sabodala
FNV TSX/NYSE 34
 2017 Asset Handbook

Includes:
• Update on all our Producing &
Advanced Assets
• Details of ounces associated with
each asset
• Details of our REUs estimates
• Oil & Gas reserves
• Environmental, Social & Governance
• Other corporate information

Available Today:
Website or Hard Copy via
info@franco-nevada.com

FNV TSX/NYSE 35
 Growth in Associated Gold Equivalent Ounces
400%

350%

300%

250%

200%

150%

100%

50%

0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Mineral Reserves Mineral Resources
Steady year-on-year reserves growth from the portfolio
More volatility from resources
Good indication of level of activity in portfolio
Main drawback is that it doesn’t show attributable share
1. Mineral Resources include Measured, Indicated and  3. Includes estimates of Mineral Reserves & Resources 
Inferred categories made under JORC code and SAMREC code
FNV TSX/NYSE 36
2. Measured and Indicated Mineral Resources are  4. Total property ounces reported on 100% basis
exclusive of Mineral Reserves
 Associated Mineral Reserves; Au eq 2015 : 2016
130

1.4 124.3
125
5.7 0.4
0.5
Moz Au

120

116.5 0.9

115

110

7.8 Moz increase year-over-year

No material acquisitions
Only modest increases in average price for calculating reserves
5 Moz mined from same properties
Geographically, Canada showing biggest increase – Hardrock project
1. 100% basis
2. Includes estimates of Mineral Reserves & Resources made 
FNV TSX/NYSE 37
under JORC code and SAMREC code
 Hardrock 3% NSR
Added 4.6 Moz to Mineral Reserves during 2016
Acquired in 2013 from Barrick as part of package of royalties
Project being advanced by Greenstone Gold Mines; a 50:50 JV between
Premier and Centerra
Feasibility released in November 2016
• ~ 300,000 oz/year 2016 2015 2014
Proven & Probable Mineral Reserves koz 4,647 ‐ ‐
• 14.5 year mine life Measured and Indicated Mineral Resources* koz 6,763 5,136 4,870
Great jurisdiction Inferred Mineral Resources koz 2,590 2,860 2,743
*Inclusive of Mineral Reserves

Excellent exploration potential

FNV TSX/NYSE 38
 Royalty Equivalent Units (REUs)

Rationale:
• Better representation of value for royalty and stream company
• Reflects relative economics between NSRs, NPIs and Streams
• Overcomes some of the shortcomings of a simple ounce count

Limitations:
• Requires management guidance regarding:
o Ounces on royalty and stream claims vs public disclosure
o NPI cost economics for different properties

• Reflects life of mine potential and not annual production profiles

Details of REUs in 2017 Asset Handbook

1. For further information on REUs as well as how they are calculated, 
FNV TSX/NYSE please refer to our 2017 Asset Handbook available on our website 39
 REUs Comparison Year-Over-Year
14

12 +6%
+4%
+4%
+2%

M&I
10
REUs (Moz)

70%
‐14%
4 ‐12%
‐27%

Inferred
P&P
2

0
2012 2013 2014 2015 2016

Continued steady growth in REUs ~12 Moz Au eq
No additional cost of production to FNV

1. For further information on REUs as well as how they are calculated, please 
FNV TSX/NYSE refer to our 2017 Asset Handbook available on our website 40
 Oil & Gas
Jason O’Connell – Vice President, Oil & Gas

FNV TSX/NYSE 41
 Oil & Gas Portfolio Overview
~1.8M gross acres of royalty exposure in
Canada & the US
611 producing & 19 non-producing assets
(interest in ~8,000 wells)
Long life asset base with key assets:
• Weyburn – Saskatchewan
• Midale – Saskatchewan
• Edson - Alberta
• STACK - Oklahoma
• Midland Basin – Texas

$30M of revenue in 2016 (97% oil)

6.7% of total corporate revenue in Q4

Not all assets are depicted on map

1. Midland Basin transaction expected to close in Q2 2017
FNV TSX/NYSE 42
 Royalty Types

WI NRI GORR Mineral Title

Description Working Interest Net Revenue Interest Gross Overriding Ownership of

Royalty underlying mineral title

Active/Passive Active Passive Passive Active/Passive

Origin Leased from mineral Carved out of Carved out of WI Mineral title is leased
owner to operator operator’s WI out in exchange for a
lessor royalty
Cost-bearing Yes Yes – Revenue is No No
reported after costs

Example Midale WI Weyburn NRI STACK Midland Basin

Comments Typical operating Uncommon in the O&G Can be manufactured Perpetual interest in
interest industry as financing tool land – can generate
bonus revenue from
leasing

FNV’s Focus

FNV TSX/NYSE 43
 Canadian Oil & Gas Market

2015 Transactions 2016 Transactions

PWT royalty package - $321M Athabasca Oil GORR - $154M

Cenovus royalty package - $3,300M Onion Lake GORRs - $109M

CNRL royalty package - $1,800M Lindbergh GORR - $250M

Husky royalty package - $163M Paramount GORR - $100M

Trend Toward Manufactured Oil Sands GORRs

Source: TD Securities
FNV TSX/NYSE 44
 U.S. Oil & Gas Market

Much larger & active royalty market

Certain plays have some of the best

economics in North America & are
seeing increasing share of capital

Long term option value of stacked pay

Minimal transportation issues equals

less price discounts

Secure tenure & supportive states

No carbon tax, no risk of border tax

Potential for lower corporate tax

Opportunity for superior O&G

royalty investments

Midland Basin STACK

FNV TSX/NYSE 45
 STACK Royalties - Oklahoma

Summary
Closed US$100M acquisition in Q4 2016
Key operators are Devon and Newfield
Young play set to grow significantly in coming
years
Acreage consists of ~1,200 acres net to royalty
When pooled, royalties provide 74,880 acres of
exposure at a royalty rate of ~1.6%

Strategy
Rifle approach to valuation
Concentrated acreage position in play’s core
Good line of sight to future development
• Devon targeting 6 rigs in 2017
• Newfield targeting 10 rigs in Anadarko Basin
(~50% of acreage is in STACK)
Both operators are moving toward full-field
development
STACK: Sooner Trend, Anadarko Basin, Canadian & Kingfisher counties.

FNV TSX/NYSE 46
 Midland Basin Royalties - Texas
Summary
US$110M acquisition announced in Q1 2017, with
closing expected in late May 2017 (Jan 1 effective
date)
Midland is the eastern half of the Permian Basin
Most active area in North America due to strong
underlying economics
Acreage has multiple operators, anchored by
Pioneer
Acreage consists of ~910 acres net to royalty
(almost entirely mineral title)
When pooled, royalties provide 675,000 acres of
exposure at a royalty rate of ~0.135%

Strategy
Shotgun approach to valuation
Not dependent on any single operator
Sufficient exposure to cover nearly the entire play
Can forecast based on overall growth of the basin

FNV TSX/NYSE 47
 Impact of Pooling
With the advent of horizontal (‘hz”) drilling in the Hz Drilling
US, smaller leasehold tracts have been unitized by
operators for hz development of wells up to 2 miles
in length
Leasehold and mineral owners within the unit own
their pro rata share of produced hydrocarbons
Net royalty acres are the minerals and royalties
owned by FNV, whereas gross acres of exposure
expand dramatically with hz unitization
Legacy Spraberry Unit ‐ ranch
Result is a diluted royalty over a much broader
area

Example STACK Midland  Oklahoma Hz Unit Example

Basin
Acreage Owned
Net Mineral Acres           160            16,865             5,190
Royalty Rate 20% 7.14% 17.50%
Net Royalty Acres             32              1,204 908

Gross Acres
Tract           160
Section           640
Unit       1,280            74,880        675,000

Gross Acreage Exposure       1,280            74,880        675,000

Effective Royalty Rate 2.5% 1.61% 0.135%
Note: acreages are approximate

FNV TSX/NYSE 48
 Why STACK & Midland Basin

Latest transactions provide

exposure to 8 of the top 20 most Royalty Acreage
active counties in the US. (146
total counties)
Activity is driven by capital focus
on plays with strong underlying
economics

Royalty acreage has

been attracting a
greater share of total
US rig count since
price collapse in 2014
Rig count is a key
driver for production
growth

FNV TSX/NYSE Source: Baker Hughes as at March 13, 2017 49

Note: Represents onshore horizontal rigs
 Multi Pay-Zone Potential
Midland STACK

Drilling has confirmed prospectively Multiple zones being targeted

for 6+ zones of horizontal
Focus is on Meramec, Woodford and
development
Osage
Focus is on Wolfcamp and Spraberry
Multiple locations per zone allows for
formations
large inventory of future wells
Increase in zones from ~2 in 2013

FNV TSX/NYSE 50
 Long-term Optionality

Permian and STACK

provide some of the best
long-term optionality
Investments supported
primarily by only a few
focus benches
Multiple benches allow for
potential ROI of >5x

Primary basis of royalty 
valuation

FNV TSX/NYSE 51
 Important to be in the Core
STACK Royalties Midland Basin Royalties

Midland Basin Royalties

• Plays are not a single homogenous area

• Want to be where geology is best, which attracts the
most capital
Midland Basin – Permit Density(1)
• Both opportunities provide exposure to the core of
the play

FNV TSX/NYSE 1. Hz Permits Filed since 2015.  52

 Estimating U.S. Revenue
STACK Royalties Midland Basin Royalties
1,600,000
Total Production (Boe/d)
1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0
Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Development of the STACK is moving north
Royalty revenue will depend on timing of
operator’s activity on royalty acreage
Rig activity just to the south is accelerating
Expect ~$5M in revenue in 2017, growing as
play is further developed
Production in the Midland Basin has increased
by ~60% over the last 4 years (~15% per yr.)
Pioneer has targeted a 4x increase in
production over the next 10 years
Expect ~$5M in revenue in 2017, growing as
play is further developed

FNV TSX/NYSE 53
 O&G Assets – Revenue Guidance
Annual Net Revenue $50M‐$75M
 $80  $100
$55M‐$65M  $90
 $70
Revenue, US$ (millions)

 $80
 $60
 $70
$35M‐$45M

WTI (US$/bbl)
 $50  $60
 $40  $50

 $30  $40
 $30
 $20
 $20
 $10  $10
 $‐  $‐
2014A 2015A 2016A 2017E + 5 years E + 10 years E
Production Year
Canadian Assets US Lower US Upper WTI

2017 revenue guidance: US$35 - $45 Million1

10% ∆ in WTI = ~ 17% ∆ in revenue
10% ∆ in forex = ~ 10% ∆ in revenue(2)
1. Assumes $50/bbl WTI, $3.50/bbl price differential, 0.75 forex – US
FNV TSX/NYSE revenue depends on operator focus on royalty acreage. 54
2. Forex impacts C$ costs for Weyburn NRI
 Outlook
David Harquail, President & CEO

Antamina
FNV TSX/NYSE 55
 Franco-Nevada Since IPO
GEOs1 Revenue Market Capitalization2
(000s) (US$ millions) (US$ billions)
500 700 12
450
600 10
400
350 500
8
300
400
250 6
300
200
4
150 200
100
100 2
50
0 0 0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '08 '09 '10 '11 '12 '13 '14 '15 '16 '08 '09 '10 '11 '12 '13 '14 '15 '16
G&A as % of Adjusted Net Income1 Dividends & DRIP Paid
Market Capitalization (US$ per share) (US$ millions)
1.0% 1.40 180

160
1.20
0.8% 140
1.00
120
0.6%
0.80 100

80
0.60
0.4%
60
0.40
40
0.2%
0.20 20

0.0% 0.00 0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '08 '09 '10 '11 '12 '13 '14 '15 '16 '08 '09 '10 '11 '12 '13 '14 '15 '16

1. Please see notes 2 slide 62

FNV TSX/NYSE 56
 2017 Guidance
Expected GEOs1: 470k – 500k
• 4% increase for 2017/2016
• Builds on 29% increase from 2016/2015

Oil & Gas revenue: $35M to $45M2
• 33% increase to midpoint for 2017/2016
• Reflects higher oil price and new U.S. Oil & Gas assets

Depletion
• Estimate $265M - $295M in 2017 (was $273M in 2016)

Cobre Panama funding

• Estimate $200M - $220M in 2017

1. Assuming: $1,200/oz Au; $17.50/oz Ag; $950/oz Pt; $750/oz Pd

FNV TSX/NYSE 57
2. Assuming $50/bbl WTI and $3.50/bbl price differential
 2021 Outlook

Expect GEOs1: 515k – 540k
• Cobre Panama fully ramped-up based on First Quantum’s projections
• Candelaria delivering 65,000 GEOs/annum
• Antapaccay delivering 75,000 GEOs/annum
• Antamina delivering 37,500 GEOs/annum
• Phased expansions from Subika and Tasiast
• Lower royalty and stream payments from Fire Creek/Midas, Karma
and Sabodala

Oil & Gas revenue: $55M to $65M2
• Full-field development of U.S. Oil & Gas assets
• Assuming $50/bbl WTI, expecting less capital spent on Canadian
assets
1. Assuming: $1,200/oz Au; $17.50/oz Ag; $950/oz Pt; $750/oz Pd
FNV TSX/NYSE 58
2. Assuming $50/bbl WTI and $3.50/bbl price differential
 Dividends Paid

$157 Million in 2016

Highest in Global Gold Industry

 9 consecutive years of dividend increases

 >$700 M paid since IPO 180

 IPO investors now realizing 5.8% yield (U.S.) or 160

7.6% yield (CDN) 140

120
100

($ Millions)
80
60
40
20
0
2008 2009 2010 2011 2012 2013 2014 2015 2016

FNV TSX/NYSE 59
 Why Own Franco-Nevada?

FNV Provides Yield & More Upside Than a Gold ETF

With Less Risk Than an Operator

 Gold exposure at a discount

 Growth – organic and acquisitions
 Dividends vs. ETF fees FNV

Gold
S&P/TSX
FNV IPO: Global Gold
Dec 2007
Index
2008              2009              2010             2011             2012             2013             2014             2015             2016             2017

Note: At March 15, 2017; FNV (TSX) and S&P/TSX

FNV TSX/NYSE Global Gold Index converted to USD 60
 Q&A

Brucejack
Cautionary Note Regarding Mineral Reserve and Resource Estimates
This presentation has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all
mineral resource and reserve estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule
developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 permits
a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and
date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d)
includes any more recent estimates or data available. Canadian standards for reporting reserves and resources, including NI 43-101, differ significantly from the requirements of the SEC, reserve and resource
information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the
term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at
the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred
mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should also understand
that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred
mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases.
Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit
measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Corporation in compliance with NI 43-101 may not qualify as
“reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S.
standards. In addition to NI 43-101, a number of resource and reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code (as such terms are defined in NI 43-101), which differ
from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions of the Corporation’s mineral properties set forth herein may not be comparable to similar information
made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

FNV TSX/NYSE 61
 Notes
1. Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which exclude the following from net income and net income per
share: income tax expense/recovery; finance expenses; finance income; depletion and depreciation; non-cash costs of sales; impairment charges
related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; and foreign
exchange gains/losses and other income/expenses. Please refer to the 2016 Annual MD&A for details as to the relevance of these non-IFRS
measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2016 and 2015. For years 2010 through 2014, please
refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted EBITDA for 2009 and 2008 provided for illustrative
purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

2. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which exclude the following from net income and net
income per share: foreign exchange gains/losses and other income/expenses; impairment charges related to royalty, stream and working interests and
investments; gains/losses on sale of royalty interests; gains/losses on investments; unusual non-recurring items; and the impact of income taxes on
these items. Please refer to the 2016 Annual MD&A for details as to the relevance of these non-IFRS measures, and to the following appendix for a
reconciliation to the closest IFRS measures for 2016 and 2015. For years 2010 through 2014, please refer to the relevant Annual MD&A for a
reconciliation to the closest IFRS measures. Adjusted Net Income for 2009 and 2008 provided for illustrative purposes only as these years predate
IFRS. Comparative information has been recalculated to conform to current presentation.

3. Margin is defined by the Company as Adjusted EBITDA divided by revenue. Please refer to the 2016 Annual MD&A for details as to the relevance of
these non-IFRS measures, and to the following appendix for a reconciliation to the closest IFRS measures for 2016 and 2015. For years 2010 through
2014, please refer to the relevant Annual MD&A for a reconciliation to the closest IFRS measures. Adjusted Net Income for 2009 and 2008 provided for
illustrative purposes only as these years predate IFRS. Comparative information has been recalculated to conform to current presentation.

4. GEOs include our gold, silver, platinum, palladium and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of
stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account
the NPI economics. Platinum, palladium, silver and other minerals are converted to GEOs by dividing associated revenue, which includes settlement
adjustments, by the relevant gold price. The gold price used in the computation of GEOs earned from a particular asset varies depending on the royalty
or stream agreement, which may make reference to the market price realized by the operator, or the average for the month, quarter, or year in which
the mineral was produced or sold. For Q4/2016, the average commodity prices were as follows: $1,218 gold (2015 - $1,104), $17.18 silver (2015 -
$14.76), $944 platinum (2015 - $908) and $684 palladium (2015 - $606). For 2016, the average commodity prices were as follows: $1,248 gold (2015 -
$1,160), $17.20 silver (2015 - $15.68), $987 platinum (2015 - $1,054) and $613 palladium (2015 - $691).

5. The Company defines Working Capital as current assets less current liabilities.

FNV TSX/NYSE 62
 Appendix – Non IFRS Measures

FNV TSX/NYSE 63
 Appendix – Non IFRS Measures

FNV TSX/NYSE 64
 Appendix – Income Taxes
Depletion and balances as at December 31, 2016: Applicable statutory tax rates as at December 31, 2016:
CANADA Canadian combined income tax rates (Canadian Oil & Gas, Canadian 
Mining Assets, Foreign Mining Assets)
• Canadian Oil & Gas: 10% declining balance ($343.6M CAD) • 2017 & thereafter – 26.6%
• Canadian Mining: 30% declining balance ($30.6M CAD)
• Foreign Mining: generally lesser of income and 30% declining  Canadian combined income tax rates (Deposit Structure)
balance, with a minimum of 10% declining balance ($60.0M CAD)
• Deposit Structure ($643.3M USD)  • 2017 & thereafter ‐ 26.5%

UNITED STATES UNITED STATES
• Generally uses cost depletion computed on a units of production  • United States combined income tax rate is 36.8%
basis ($594.7M USD) 
AUSTRALIA  AUSTRALIA 
• Generally computed on a units of production basis ($39.2M AUD)  • Australian income tax rate is 30.0%

BARBADOS BARBADOS
• Deposit Structure ($1,550.0M USD) Profits < $5M USD ‐ 2.50%
$5M USD < Profits < $10M USD ‐ 2.00%
$10M USD < Profits < $15M USD ‐ 1.50%
$15M USD < Profits ‐ 0.25%

FNV TSX/NYSE 65
 Appendix - Book Value at Dec 31, 2016
PRECIOUS METALS  – UNITED STATES  PRODUCING  ADVANCED &  PRECIOUS METALS  – INTERNATIONAL PRODUCING  ADVANCED & 
EXPLORATION  EXPLORATION 
Goldstrike 89.2 Sabodala 94.7
Stillwater 149.2 Tasiast 2.3
Gold Quarry 48.2 MWS 141.1
Marigold 14.1 Karma 70.0
Bald Mountain 17.1                               7.1
Subika 33.1
Other 27.5                             27.8
Edikan 17.8
Pandora 11.8
PRECIOUS METALS  – CANADA 
Other 1.8                             22.4
Detour 13.9
Sudbury 132.2
PRECIOUS METALS  – OTHER MINERALS
Kirkland Lake 23.9                               7.5
Mt. Keith 10.8
Other 19.1                             67.0
Osborne 3.4
PRECIOUS METALS  – LATIN AMERICA Other 0.9                             79.6
Antamina 564.0
Antapaccay 457.7 PRECIOUS METALS  – OIL & GAS
Candelaria 550.4 Weyburn 281.9                               ‐
Cobre Panama ‐                          468.9 Midale 10.0                               ‐
Guadalupe 21.7 STACK 19.5                             81.0
Cerro San Pedro 0.9 Other 34.1                             22.1
Other ‐                             22.6
TOTAL 2862.3 806

FNV TSX/NYSE 66