Managemenrt

& Directors

Pierre Lassonde, Director and Chairman

Mr. Lassonde formerly served as President of Newmont Mining Corporation from 2002 to 2006 and resigned as a director and Vice-Chairman of Newmont Capital. Previously Mr. Lassonde served as a director and President (1982 to 2002) and Co-Chief Executive Officer (1999 to 2002) of Old Franco-Nevada. Mr. Lassonde also served as President and Chief Executive Officer of Euro-Nevada Mining Corporation from 1985 to 1999, prior to its amalgamation with Old Franco-Nevada. Mr. Lassonde served as a director of Normandy Mining Limited from 2001 to 2002. Mr. Lassonde is currently the acting chairman of the World Gold Council.

David Harquail, President & CEO and Director

Mr. Harquail served as Executive Vice President of Newmont Capital since 2006 and previously served as President and Managing Director of Newmont Capital, the merchant banking division of Newmont Mining, since 2002. Prior to the acquisition of Old Franco-Nevada by Newmont Capital in 2002, Mr. Harquail served with Old Franco-Nevada for a period of 15 years, most recently as Senior Vice President responsible for the metals royalty division and corporate development. Mr. Harquail has also held roles as President and Chief Executive Officer of Redstone Resources Inc., as a director of Inco Limited, Echo Bay Mines Limited, Kinross Gold Corporation and the Prospectors and Developers Association of Canada and as a task force advisor to the Toronto Stock Exchange. Mr. Harquail holds a Bachelor’s degree in geological engineering from the University of Toronto, a Master’s degree in Business Administration from McGill University and is a registered Professional Engineer in Ontario.

Derek Evans, Director

Mr. Evans was most recently the President and Chief Executive Officer of Focus Energy Trust from the trusts inception in 2002 until it's sale in early 2008. Mr Evans has over 25 years of experience in the oil and gas business in Western Canada, spending the majority of his career helping to build Renaissance Energy Limited in a variety of management and senior management roles. Mr Evans currently serves as the Chairman of Endurance Energy, a private oil and gas company, as well as being the director of a number of not-for-profit organizations. Mr Evans has a Bachelor of Science degree in Mining Engineering from Queen's University in Kingston, Ontario, is a registered Professional Engineer in the Province of Alberta, and is a member of the institute of Corporate Directors.

Graham Farquharson, Director

Mr. Farquharson has been the President of Strathcona Mineral Services Limited since 1974. Mr. Farquharson previously served on the boards of Placer Dome Inc., Cambior Inc. and several other mining companies. In addition, Mr. Farquharson is the Chairman of the Canadian Mineral Industry Education Foundation and a director of the Physicians Services Incorporated Foundation. Mr. Farquharson holds a Bachelor of Science degree in mining engineering from the University of Alberta, a Master’s degree in Business Administration from Queen’s University and is a registered Professional Engineer in Ontario.

Louis Gignac, Director

Mr. Gignac is President of G. Mining Services Inc., a private consultancy, and previously served as President, Chief Executive Officer and Director of Cambior Inc. from its creation in 1986 until its acquisition by IAMGOLD Corporation in 2006. Mr. Gignac previously held management positions with Falconbridge Copper Company and Exxon Minerals Company. Mr. Gignac also served as a professor of mining engineering at Laval University from 1979 to 1981. Mr. Gignac currently serves as a director of Gaz Métropolitain, Domtar Corp. and St. Andrew Goldfields, and is a member of the Ordre des ingénieurs du Québec (order of engineers) and the Canadian Institute of Mining, Metallurgy and Petroleum. Mr. Gignac holds a Doctorate in mining engineering from the University of Missouri-Rolla, a Master’s degree in mineral engineering from the University of Minnesota and a Bachelor’s degree in mining engineering from Laval University.

Randall Oliphant, Director

Mr. Oliphant serves as Chairman and Chief Executive Officer of Rockcliff Group Limited, Chairman of Western Goldfields Inc. and President and Chief Executive Officer of Silver Bear Resources Inc. Mr. Oliphant is a member of the advisory board for Metalmark Capital LLC (Morgan Stanley Capital Partners) and also serves on the boards and advisory boards of not-for-profit organizations. Mr. Oliphant served as Barrick’s President and Chief Executive Officer from 1999 to 2003 and held various positions with Barrick since 1987. Mr. Oliphant received his Bachelor of Commerce degree in 1984 from the University of Toronto and his Chartered Accountant designation in 1986.

Hon. David R. Peterson, Director

Mr. Peterson is Chairman and Senior Partner of Cassels Brock & Blackwell, LLP a law firm. He served as the twentieth Premier of the Province of Ontario from 1985 to 1990. Mr. Peterson was the founding chairman of the Toronto Raptors of the National Basketball Association and was a member of Toronto’s Olympic Bid Committee. Mr. Peterson currently serves as a director of Rogers Communications Inc., Industrielle-Alliance Insurance and Financial Services Inc. and Shoppers Drug Mart. Mr. Peterson is the Chancellor of the University of Toronto, a director of St. Michael’s Hospital and governor of the Shaw Festival. Mr. Peterson holds a Bachelor’s degree and LL.B. from the University of Toronto, was called to the Bar of Ontario in 1969, appointed Queen’s Counsel in 1980 and summoned by Her Majesty to the Privy Council in 1992.

Management

Steven K. Aaker, Chief of U.S. Operations

Mr. Aaker has more than 18 years association with the Franco-Nevada royalty portfolio, and served as Group Executive for Newmont Capital. Prior to the acquisition of Old Franco-Nevada by Newmont Capital, Mr. Aaker served as Vice President for Old Franco-Nevada, Euro-Nevada and Redstone Resource, based in Reno, Nevada. Mr. Aaker has been associated with the majority of the U.S. acquisitions made by those companies. Prior to joining Old Franco-Nevada, Mr. Aaker was an independent geological consultant. Mr. Aaker holds a Bachelor’s degree in geology from the University of Colorado.

Sharon E. Dowdall, Chief Legal Officer and Corporate Secretary

Ms Dowdall has more than 20 years of association with the royalty portfolio and served as Vice President of Newmont Capital from 2002-2007 and as Vice President, General Counsel and Secretary of Old Franco-Nevada from 1999-2002. Prior to that, she was a Partner at Smith Lyons LLP. Ms. Dowdall also currently serves as a director of Stratagold Resources and Olivut Resources and holds a B.A. (Hons) from the University of Calgary and an LL.B from Osgoode Hall, York University.

H. Geoff Waterman, Chief Operating Officer

Mr. Waterman has more than 16 years of association with the royalty portfolio, and served as Vice President, Oil & Gas, of Newmont Capital. Prior to the acquisition of Old Franco-Nevada by Newmont Capital, Mr. Waterman served as Old Franco-Nevada’s Vice President, Oil & Gas, from 1999 to 2002 and as controller from 1992 to 1999. Prior to joining Old Franco-Nevada, Mr. Waterman was an auditor with Coopers & Lybrand. Mr. Waterman holds a Bachelor’s degree in economics from Trent University.

Paul Brink, Senior Vice-President Business Development

Mr. Brink joined Newmont Capital in 2006 as Director of Corporate Development and played a senior role in Newmont Capital’s mergers and acquisitions activities. Mr. Brink has served as a director of SouthernEra Resources Limited. Before joining Newmont Capital, Mr. Brink was Chief Financial Officer of NRX Global, a company providing enterprise solutions for resource companies, where he handled the initial public offering of the company. Prior to joining NRX Global, Mr. Brink served four years as Vice President, Investment Banking with BMO Nesbitt Burns Inc. on resource mergers and acquisitions and equity capital market transactions. Mr. Brink previously worked with UBS in Zurich and New York on project and structured finance. Mr. Brink holds a Bachelor’s degree in Mechanical Engineering from the University of Witwatersrand and a Master’s degree in Management Studies from Oxford University.

Alex Morrison, Chief Financial Officer

Mr. Morrison was previously with Newmont Mining Corporation where he was associated with the royalty portfolio in various capacities including Vice President - Information Technology, Vice President - Operations Services and Group Executive - Internal Audit. Prior to joining Newmont in 2002, Mr. Morrison was Vice President and Controller of Homestake Mining Company, Assistant Controller at Phelps Dodge Corporation and Controller at Stillwater Mining Company. In addition, he spent twelve years in the Global Mining Group of PricewaterhouseCoopers LLP. Mr. Morrison holds a Bachelor of Arts in Business Administration from Trinity Western University and is both a Chartered Accountant and a Certified Public Accountant.

Edward N. Jackson, Director of Mineral Lands

Mr. Jackson has more than 10 years of association with the royalty portfolio and served as Manager of Royalty Lands for Newmont Capital Limited. He served as Land Manager with Old Franco-Nevada and Euro-Nevada in Reno, Nevada, prior to the Franco-Newmont merger. Prior to joining Old Franco-Nevada and Euro-Nevada in 1997, Mr. Jackson was an independent consulting landman for five years. Previous to that, he spent nine years as a legal assistant/landman for Hill, Cassas, deLipkau and Erwin, a Reno-based natural resource law firm. Mr. Jackson holds Bachelor's and Master's degrees in Agricultural Economics from Kansas State University.