January, 2010

Growing a High Margin Gold Business

2

Cautionary Statement

Forward-Looking StatementsThis Presentation contains "forward-looking statements", 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, costs and timing of acquiring new royalties, equity andother resource related interests, requirements for additional capital, mineral reserve and resources estimates, production costs and revenue, future demand for andprices of commodities, expected mining sequences, business prospects and opportunities. All statements, other than statements of historical fact, are forward-lookingstatements. The words "expects", ”expected”, “estimated” and similar expressions identify forward-looking statements. The forward-looking statements contained in thisPresentation are based upon assumptions management believes to be reasonable, including, without limitation, the ongoing operation of the properties by the ownersor 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 suchunderlying properties, no material adverse change in the market price of the commodities, and any other factors that cause actions, events or results to differ from thoseanticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future eventscould differ materially from those anticipated in such statements. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-lookingstatements and readers are cautioned that forward-looking statements are not guarantees of future performance. Accordingly, readers should not place undue relianceon forward-looking statements due to the inherent uncertainty therein. These risks, uncertainties and other factors include, but are not limited to: general business andeconomic conditions; the possibility that certain conditions of the Offer may not be satisfied; the ability to integrate the operations of IRC; the ability to realize upon anyanticipated growth prospects and potential synergies; the timing and receipt of governmental approvals necessary to complete the Offer; the ability to make and/orcomplete the Compulsory Acquisition or the Subsequent Acquisition Transaction, as applicable; the ability to attract and retain IRC’s key employees following theacquisition; the ability to carry out Franco-Nevada’s plans for IRC; legislative and/or regulatory changes; fluctuations in the prices of the primary commodities that drivethe Company’s royalty revenue (gold, platinum group metals, copper, nickel, oil and gas); fluctuations in the value of the Canadian and Australian dollar, and any othercurrency in which the Company generates revenue, relative to the U.S. dollar; changes in national and local government legislation, including taxation policies;regulations and political or economic developments in any of the countries where the company holds interests in mineral or oil and gas properties; influence ofmacroeconomic developments; business opportunities that become available to, or are pursued by us; access to debt and equity capital; litigation; title disputes relatedto our interests or any of the underlying properties; operating or technical difficulties; risks and hazards associated with the business of development and mining,including, but not limited to unusual or unexpected operating difficulties, financial stress and other natural disasters or civil unrest. For additional information with respectto risks, uncertainties and assumptions, 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 the date of this Presentationonly and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results orotherwise, except as required by applicable law.

Non-GAAP MeasuresRoyalty Revenue, Free Cash-Flow, EBITDA and Adjusted Net Income are intended to provide additional information only and do not have any standardized meaningprescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. These measuresare not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

3

Franco-Nevada’s Position of Strength

Leading gold royalty company by• gold revenues• number of gold royalties• free cash flow margins

Growing Gold• delivered gold revenue growth• pipeline of immediate gold growth

Strong track record of acquisitions• predominantly gold acquisitions since IPO• 196 mineral royalties, up from 185 at IPO

Financial strength for growth• >$750m in available capital (Sept.30) • substantial, consistent free cash flow• no material capital commitments

Gol

dstr

ike

Palm

arej

oG

old

Qua

rry

4

Best Gold Investment Through the Commodity Cycle

Provides commodity and exploration exposure without exposure to cost inflation

Exposure to: Operators Explorers ETF Bullion

Metal price appreciation

Earnings and dividends New reserves Expansion potential

Reduced Exposure to:

Capital costs Operating Costs Environmental costs

5

>300 royalties with 82% of Royalty Revenue from US & Canada

% of Royalty Revenue (1)

61%

21%

(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 9 month period ending September 30, 2009.

Diversified Quality Portfolio

6

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

GoldstrikePalmarejo*Gold Quarry*StillwaterMarigoldRobinsonOil & gasothers…

Holloway-HislopHollisterHemlo NSRTasiastHoltItyothers...

DetourHemlo NPIFalcondo nickelPandora platinumRosemontDuketonGoldfieldsPerama Hill others…

>20 MINERAL OPERATIONS >100 O&G OPERATIONS

ROYALTIES UNDER DEVELOPMENT OR REACHING PAYOUT

PROJECTS AT FEASIBILITY, PERMITTING, FINANCING STAGES OR ON STANDBY

PinsonArturoKirkland LakeArctic Gas>145 other exploration assets>100,000 acres of undeveloped O&G land

Assets in place for continued gold revenue growth

Pipeline For Future Growth

BROAD EXPOSURE TO FUTURE POTENTIAL UPSIDES AT NO COST

* new acquisitions starting in 2009

7

$24.

9 $27.

9

$32.

5

$29.

2 $32.

9 $36.

4

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

Q1/09 Q2/09 Q3/09

Mill

ions

Free Cash Flow(2)

By Quarter

Recent Results

(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

Growing gold revenues with margins now at 89%

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

Q1/09 Q2/09 Q3/09

Mill

ions

Royalty Revenue(1)

By Quarter

Gol

dO

ther

85%

85%

89%

Free

Cas

h Fl

ow (2

)

Roy

alty

Rev

enue

(1)

8

0

5

10

15

20

25

30

35

40

45

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

Roy

alty

Rev

enue

($ m

illio

ns)

Oil & GasBase Metals & OtherPGMGold

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

Gold Royalty Revenues have doubled since the IPO

Gold Growth – IPO to Date

61%

55% 55% 56% 77%80% 77% Gold & PGMs as %

of total RoyaltyRevenue

9

>90% of capital deployed into gold assets

Track Record of Acquisitions since IPO

New royalties are on proven projects with top operators and on large land positions with exploration upside

Amount Asset Royalty Commodity Operator Location

$104m Gold Quarry 7.29% Gold Newmont Nevada

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

$58m Ahafo South Mine 2% Gold Newmont Ghana

$20m Marigold 2.5-5% Gold Goldcorp Nevada

A$20m Mt Keith 0.375% Nickel BHP Australia

10

Franco-Nevada expects that on a standalone basis: - >50% growth in ‘09 gold Royalty Revenue vs. ’08- continued gold Royalty Revenue growth through 2012-2013- increasing % of Royalty Revenue as precious metals(2)

(1) Appendix provides details to pro-forma incremental estimates for Franco-Nevada assets assuming $1000 gold. (2) Other commodity prices assumed to stay comparable to current levels

Franco-Nevada has potentially 15 growth assets generating incremental gold Royalty Revenue growth in the next 3-4 years(1)

Not Shown• Any contribution

from >130 other longer term gold royalties

• Revenue from all other commodities

Immediate Gold Growth

0102030405060708090

100

2010 2011 2012/13

US$

(Mill

ions

)

Incremental Annual Growth

11

Capital Resources @ September 30, 2009 US$ Millions

Working Capital $559

Marketable securities $59

Available Credit Facility $150

Total Available Capital $768

Added Growth Potential

No debt or hedges and limited capital obligations

Future acquisitions prefunded for further growth

12

Significant Growth Opportunities

Competitive bid to acquire IRC• US$620M cash offer• Provide longer term cash flow

with exposure to exploration & development assets

• Unique suite of assets IRC

IRC

IRC IRC IRC

0

20

40

60

80

100

120

140

2010 2011 2012 2013 2014

US$

(Mill

ions

)

Incremental Annual GrowthRoyalty creation opportunities• Form of project financing• Opportunity to create value from by-product streams

Existing royalties• Existing royalties held by private individuals or within companies

New Incremental Precious Metals Royalty Revenues From Franco-Nevada and IRC Growth Assets(1)

(1) Appendix provides details to pro-forma incremental estimates for Franco-Nevada growth assets. IRC estimates based on Haywood December 2009 report at spot prices. Note that IRC revenue includes contribution from silver from the Wolverine asset.

13

Franco-Nevada Attributes

Leading gold royalty company– Highest margins in business– Generates free cash flow in all likely scenarios– Strong asset base in U.S. and Canada– Growing and increasingly diversified gold revenue

Capital available for additional growth– >$600m in cash & marketable investments– $150m undrawn credit facility– No material capital requirements or overheads

Share price catalysts– Effective capital investments– Continued growing gold revenues– Re-rating to historic share valuations– Increasing leverage to gold*

* 10% increase in gold price = 14% increase in gold revenue

14

Franco-Nevada Performance Since IPO

Source: BloombergNote: Share price performance based on Canadian dollars adjusted for dividends and distributions

15

Appendix - Comparables

(1) For period ended September 30, 2009(2) Royalty revenue less cost of purchasing ounces for streams.

LTM = Last twelve months(3) Current per share payout at 0.95 C$/US$

Note: Franco-Nevada acquisitions after September 30, 2009 not included

Royal Gold Silver Wheaton

Commodity mix Mostly gold Mostly gold Mostly silver

Revenues by geography(1) USA 60%

Canada 22% Mexico 11%

USA 44%

Africa 28%Mexico 17%

Mexico 51%Peru 17%

Sweden 11%Number of mineral royalties 194 118 14

Market cap at Jan 6, 2010 $3,103m $2,046m $5,513mProforma liquidity at Sep 30, 2009 590 308 305 Debt 0 0 283 Acquisition obligations 0 218 413

Enterprise Value $2,513m $1,957m $5,903m

Total Assets from Sep 30, 2009 $1,939m $794m $2,229mTax basis of assets (provides tax shield) High Low --

LTM net royalty revenue to Sep 30, 2009(2) $141m $84m $124mIndicative annual dividends(3) $30m $15m $0

16

Appendix - Comparables

Source: RBC Equity Research: Jan 4, 2010 CF estimates & prices at Jan 6, 2010; EV includes acquisition obligations

Royalties, gold and developed US & Canada assets should command a premium

Assumes Franco-Nevada does not invest its >$700m in currently available capital

22.219.3 19.0

46.2

24.219.4

33.9

22.520.1

24.9

17.815.7

05

101520253035404550

EV/CF 2009 EV/CF 2010 EV/CF 2011

EV/CF

FNVRGLDSLWNA Intermediate Average

17

Appendix - Franco-Nevada Corporation

Capital Structure: Common 112.0m shares outstanding (FNV-TSX)

Warrants 5.75m @ C$32/sh Mar. 2012 (FNV.WT)

Warrants 5.75m @ C$75/sh June 2017 (FNV.WT.A)Warrants 0.32m Special Warrants

Share Price Range(1) C$32.12 - C$19.07

Market Capitalization(2) $3.1B

Working Capital + Investments(3) $618m

Available Credit Facilities(4) $150m

Debt, Hedges or Payables(3) Nil

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

Management Ownership(4) 5.1% (6.6% fully diluted)

(1) Previous 52 weeks(2) January 5, 2009(3) September 30, 2009 working capital plus marketable investments(4) As at September 30, 2009

18

Appendix - Board of Directors

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

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 & COO, Pengrowth Energy Trust CEO, 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

19

Appendix - Gold Growth AssetsFranco-Nevada stand-alone incremental gold growth revenues

Project Operator Royalty

Annual Incremental Royalty Potential

@ $1000 gold

2010

Palmarejo Coeur d’Alene 50% stream $15-19m Holloway–Hislop St Andrew Gold 4-5% NSR 3-4m Hollister Great Basin Gold 3-5% NSR 3-5m Hemlo NSR Barrick Gold 3% NSR 1-2m $22-30m

2011

Tasiast Red Back Mining 2% NSR $6-8m Holt St Andrew Gold 10% NSR 3-4m Marigold Goldcorp 1.4-4% NSR 2-4m Duketon Regis Resources 2% NSR 2-3m Ity La Mancha 1-1.5% NSR 1m $13-20m

2012+

Hemlo NPI Barrick Gold 50% NPI $5-12m Detour Detour Gold 2% NSR 10-12m Ahafo Newmont 2% NSR 4-8m Rosemont Augusta Resources 1.5% NSR 1-2m Goldfields Linear Gold 2% NSR 1-2m Perama Hill Eldorado Gold 2% NSR 2-3m $23-39m

Management projection of start of royalty. Applicable royalty rate at $1000 gold for sliding scale royaltiesReflects operator public guidance as of September 2009Reflects management’s projections based on available data2009 was a half year of production. 2010 is increment for full yearGold only. With copper & silver, royalty potential is $7-9mm

20

Dow vs Gold : Financial Assets vs Hard Assets

Peak 175 years

Peak 2714 years

Peak 42

7/9 yearsso far

0

5

10

15

20

25

30

35

40

45

DO

W/G

old