Franco-Nevada is a gold focused royalty and stream company with additional interests in platinum group metals and other resource assets. The majority of revenues are generated from a diversified portfolio of properties in North America. The portfolio includes over 340 assets covering properties at various stages from operations to early stage exploration.

Franco-Nevada's assets are mostly mineral and oil & gas royalties or streams but also include some working and equity interests, undeveloped properties, options to acquire royalties and other assets. The mineral assets are further characterized by commodity as being in the Gold, PGM or Other Minerals categories and these in turn are further subdivided by their project status as being either, Operating, Advanced or Exploration royalties. A majority of the Mineral Royalties are characterized as being Gold and the majority of revenues are from gold operations. The Oil & Gas interests are located primarily in the Western Canadian sedimentary basin with a larger amount of revenue generated from conventional oil than from natural gas properties. The Oil & Gas interests also include mineral rights to approximately 100,000 gross acres of unproved land in Canada primarily related to oil and natural gas rights as well as working interests in Arctic gas resources.

Tabulation of Assets at November 8, 2011

⁽¹⁾ 157 undeveloped oil & gas interests not included in asset counts

⁽²⁾ Franco-Nevada’s total mineral count will be 212 upon the successful acquisition by it of Lumina and the successful acquisition by Detour Gold of Trade Winds. Franco-Nevada’s count of royalty interests in Detour (Detour Gold) and Detour (Block A) will be consolidated upon the completion of that transaction. The attrition of one exploration asset has also been reflected.

The above tabulations set forth certain information concerning the Corporation's assets. Franco-Nevada's assets are categorized by commodity and stage of development. By commodity, assets are either "Gold", "PGM", "Other Minerals" or "Oil & Gas". The categories of Gold and PGM are together referred to as "Precious Metals". The categories outside of Oil & Gas are collectively referred to as "Mineral Assets". For presentation purposes, "Gold" encompasses some silver assets and polymetallic exploration prospects. "PGM" encompasses the platinum group metals including palladium. "Other Minerals" includes base metals, iron ore, coal, industrial and miscellaneous minerals. By stage of development "Producing" assets are those that are on projects that have or are generating revenue to Franco-Nevada or are reasonably expected to do so in the next year. "Advanced" are assets on projects that in management's view have a reasonable possibility of generating revenue to Franco-Nevada in the next five years and include properties under development, permitting, feasibility or advanced exploration. "Exploration" represents royalties on early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are currently not active.

Assets have been counted in different manners depending on the category. Royalties or streams on an operating or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the property, such as at the Goldstrike complex. However, royalties or streams on operating properties that have significant co-products with separate royalty terms for each commodity have been counted twice, such as the Robinson royalties for gold and copper. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada's wholly owned undeveloped oil & gas land positions and its working interests in Arctic gas resources are additional assets of the Corporation. However for the purposes of tabulating an indicative number of royalty assets, the undeveloped oil & gas land positions and certain working interests are not counted. More detail on Franco-Nevada's oil & gas land positions can be found in the section on "Oil & Gas Interests". As of November 8, 2011, Franco-Nevada estimates that it held 209 Mineral assets and 135 operating and advanced Oil & Gas Interests for a total of 344 royalties and another 157 undeveloped Oil & Gas Interests.

Royalty Revenue By Geopraphy*	Royalty Revenue By Commodity*	Royalty Revenue By Type*

* Represents 2010 Royalty Revenues

The description of our assets should be read with reference to the additional supporting detail and cautions regarding the use of forward-looking information outlined in our Annual Information Form ("AIF") available on http://www.sedar.com/ and our web site http://www.franco-nevada.com/. Forward-looking information is subject to change and risk, should not be relied on and should be considered along with the particular assumptions and risks underlying these statements as set out in detail in our AIF. As a royalty holder, we may have limited, if any, access to technical information on properties on which we hold interests. In other circumstances, we have information that is subject to confidentially provisions with the operators. For our public disclosure, we have relied principally on publicly available information disclosed by the owners and operators of our royalty properties as of November 8, 2011. Franco-Nevada's royalties often cover less than 100% and sometimes only a portion of the publicly reported reserves, resources and production of the property. Schematic representations of the properties are meant to be indicative of Franco-Nevada's understanding of what can be publicly disclosed of the positioning of its royalty properties relative to current operations and should not be treated as fully scaled or complete representations.