BUSINESS MODEL ADVANTAGES 8 Optionality Potential for exploration success on approximately 66,500 km2 Focus on Growth Management not occupied with operational decisions Free Cash Flow Business Not exposed to capital calls Limited Cost Inflation Streams/NSRs not exposed to cost inflation High Margins & Low Overhead Strong cash generation throughout the commodity cycle Diversified Portfolio Non-operating business is more scalable
Corporate Presentation | Franco-Nevada Page 7 Page 9