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<SEC-DOCUMENT>0001047469-09-010723.txt : 20091214
<SEC-HEADER>0001047469-09-010723.hdr.sgml : 20091214
<ACCEPTANCE-DATETIME>20091214150344
ACCESSION NUMBER:		0001047469-09-010723
CONFORMED SUBMISSION TYPE:	SC14D1F
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20091214
DATE AS OF CHANGE:		20091214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL ROYALTY CORP
		CENTRAL INDEX KEY:			0001362734
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC14D1F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82680
		FILM NUMBER:		091238610

	BUSINESS ADDRESS:	
		STREET 1:		10 INVERNESS DRIVE EAST, SUITE 104
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

	MAIL ADDRESS:	
		STREET 1:		10 INVERNESS DRIVE EAST, SUITE 104
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANCO NEVADA Corp
		CENTRAL INDEX KEY:			0001456346
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			XX

	FILING VALUES:
		FORM TYPE:		SC14D1F

	BUSINESS ADDRESS:	
		STREET 1:		EXCHANGE TOWER
		STREET 2:		130 KING ST W, SUITE 740
		CITY:			TORONTO
		STATE:			XX
		ZIP:			M5X 1E4
		BUSINESS PHONE:		416-306-6306

	MAIL ADDRESS:	
		STREET 1:		EXCHANGE TOWER
		STREET 2:		130 KING ST W, SUITE 740
		CITY:			TORONTO
		STATE:			XX
		ZIP:			M5X 1E4
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC14D1F
<SEQUENCE>1
<FILENAME>a2195839zsc14d1f.htm
<DESCRIPTION>SCHEDULE 14D-1F
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Use these links to rapidly review the document<BR>
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</FONT> <FONT SIZE=2><I> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>SCHEDULE 14D-1F  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>TENDER OFFER STATEMENT<BR>  </B></FONT><FONT SIZE=2><B>PURSUANT TO RULE 14d-1(b) UNDER THE SECURITIES EXCHANGE ACT OF&nbsp;1934  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>INTERNATIONAL ROYALTY CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Name of Subject Company) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Canada<BR>  </B></FONT><FONT SIZE=2>(Jurisdiction of Subject Company's Incorporation or Organization) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>7293275&nbsp;CANADA&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>a wholly-owned direct subsidiary of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FRANCO-NEVADA CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Bidder) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Common Shares<BR>  </B></FONT><FONT SIZE=2>(Title of Class of Securities) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>460277106<BR>  </B></FONT><FONT SIZE=2>(CUSIP Number of Class Securities) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Sharon Dowdall<BR>
Chief Legal Officer and Corporate Secretary<BR>
Franco-Nevada Corporation<BR>
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;740<BR>
P.O.&nbsp;Box&nbsp;467<BR>
Toronto, Ontario M5X&nbsp;1E4<BR>
(416)&nbsp;306-6300<BR>  </B></FONT><FONT SIZE=2>(Name, address (including zip code) and telephone number (including area code)&nbsp;of<BR>
person(s) authorized to receive notices and communications on behalf of bidder) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>With copies to:  </B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Adam Givertz, Esq.<BR>
Shearman&nbsp;&amp; Sterling&nbsp;LLP<BR>
199&nbsp;Bay Street<BR>
Suite&nbsp;4405<BR>
Toronto, Ontario M5L&nbsp;1E8<BR>
(416)&nbsp;360-8484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Jonathan Lampe, Esq.<BR>
Goodmans&nbsp;LLP<BR>
250&nbsp;Yonge Street<BR>
Suite&nbsp;2400, Box&nbsp;24<BR>
Toronto, Ontario M5B&nbsp;2M6<BR>
(416)&nbsp;979-2211</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>December&nbsp;14, 2009<BR>  </B></FONT><FONT SIZE=2>(Date tender offer published, sent or given to security holders) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>CALCULATION OF FILING FEE  </B></FONT></P>
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<TD COLSPAN=3 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Transaction Valuation (1)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of Filing Fee (2)</B></FONT><BR></TH>
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<TD COLSPAN=3 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$622,232,416</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$34,721</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:0%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Estimated
solely for purposes of calculating the amount of the filing fee only. The calculation assumes the purchase of all outstanding common shares of
International Royalty Corporation (the&nbsp;"Shares"), other than Shares owned by Franco-Nevada Corporation, at a purchase price of Cdn$6.75 per Share, converted to United&nbsp;States dollars at
an exchange rate of US$1.00&nbsp;= Cdn$1.0519, which is the inverse of the Bank of Canada's noon buying rate for Canadian dollars on December&nbsp;10, 2009. The number of Shares outstanding on a
fully diluted basis assuming exercise of all options for Shares is estimated to be 100,890,856&nbsp;Shares, of which 3,924,000&nbsp;Shares are owned by Franco-Nevada Corporation. As a result, this
calculation assumes the purchase of 96,966,856&nbsp;Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
amount of the filing fee has been calculated in accordance with General Instruction&nbsp;II.C to Schedule&nbsp;14D-1F and&nbsp;Fee
Rate Advisory No.&nbsp;5 for fiscal year 2009 issued by the Securities and Exchange Commission on March&nbsp;11, 2009. Such fee equals 0.00558% of the transaction value. </FONT></DD></DL>
 </DIV>
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Check
box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and&nbsp;identify
the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its&nbsp;filing. </FONT></DD></DL>
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<TD style="font-family:times;"><FONT SIZE=2>Amount Previously Paid:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form or Registration No:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Filing Party:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Form:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Date Filed:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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</FONT> <FONT SIZE=2><B> PART I&nbsp;&#151;&nbsp;INFORMATION REQUIRED TO BE SENT TO SHAREHOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Home Jurisdiction Documents  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter to holders of common shares of International Royalty Corporation, Offer to Purchase and Circular, dated December&nbsp;14,
2009, as well as the related Letter of Transmittal and Notice of Guaranteed Delivery and Advertisement published in </FONT><FONT SIZE=2><I>The Globe and Mail</I></FONT><FONT SIZE=2> on
December&nbsp;14,&nbsp;2009.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Informational Legends  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Notice to Shareholders in the United&nbsp;States" in the Offer to&nbsp;Purchase and Circular. </FONT></P>

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<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> Franco-Nevada Corporation<BR>
Exchange Tower<BR>
130&nbsp;King Street West<BR>
Suite&nbsp;740, P.O.&nbsp;Box&nbsp;467<BR>
Toronto, Ontario M5X&nbsp;1E4<BR>
Phone 416-306-6300<BR>
Facsimile 416-306-6330<BR>
www.franco-nevada.com</FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>December&nbsp;14, 2009 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Dear
International Royalty Corporation Shareholder, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
behalf of the board of directors and management of Franco-Nevada Corporation, I am enclosing Franco-Nevada Corporation's offer to purchase all of the outstanding common shares of International
Royalty Corporation, which provides you with a compelling opportunity to realize the value inherent in your IRC common&nbsp;shares. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
our offer is completed, you will receive C$6.75 in cash for each of your IRC common shares, which represents a substantial premium for your IRC common shares of
approximately: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>43% over the closing price of the IRC common shares on the TSX on the last trading day immediately before our announcement
of our intention to make the&nbsp;Offer;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>54% over the volume weighted average trading price of the IRC common shares on the TSX for the 20&nbsp;trading days
immediately before that announcement;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>44% over the closing price of the IRC common shares on the AMEX on the last trading day immediately before that
announcement;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>52% over the volume weighted average trading price of the IRC common shares on the AMEX for the 20&nbsp;trading days
immediately before that announcement. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Our
offer is subject to certain conditions, including IRC, following December&nbsp;6, 2009, not having entered into, and not having announced any intention to enter into, any agreement in respect of
any take-over bid (other than our Offer), merger, amalgamation, statutory arrangement, business combination or other similar transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Our
offer will be open for acceptance until 8:00&nbsp;p.m. (Toronto time) on January&nbsp;19, 2010, unless it is withdrawn or&nbsp;extended. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>I
urge you to carefully consider our offer and to accept our offer using any of the mechanisms described in the accompanying circular, letter of transmittal and notice of guaranteed delivery. If you
have any questions as to how to tender your IRC common shares please contact Kingsdale Shareholder Services&nbsp;Inc. at either of the following numbers: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>North America (toll-free): 1-877-659-1818  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Outside North America (call collect): 1-416-867-2272 </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Yours
truly, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>FRANCO-NEVADA CORPORATION</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(signed)
David Harquail<BR>
Chief Executive Officer </FONT></P>

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<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>This document is important and requires your immediate attention. If you are in doubt as to how to deal with it,
you should consult your investment dealer, stockbroker, bank manager, lawyer or other professional advisor.  </I></B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>December&nbsp;14, 2009 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g370628.jpg" ALT="GRAPHIC" WIDTH="540" HEIGHT="120">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>7293275&nbsp;CANADA&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>a wholly-owned, direct subsidiary of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FRANCO-NEVADA CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> OFFER TO PURCHASE FOR CASH  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>any and all of the issued and outstanding Common Shares of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>INTERNATIONAL ROYALTY CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>for  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B> C$6.75 in cash for each Common Share  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>7293275&nbsp;Canada&nbsp;Inc. (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), a wholly-owned, direct subsidiary of Franco-Nevada
Corporation ("</FONT><FONT SIZE=2><B>Franco-Nevada</B></FONT><FONT SIZE=2>"), hereby offers (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") to purchase, at a purchase price of
$6.75 in cash per share (the&nbsp;"</FONT><FONT SIZE=2><B>Offer Price</B></FONT><FONT SIZE=2>"), any and all of the issued and outstanding common shares in the capital of International Royalty
Corporation ("</FONT><FONT SIZE=2><B>IRC</B></FONT><FONT SIZE=2>") (other than common shares of IRC owned or controlled by the Offeror or any of its affiliates) together with the associated rights
(the&nbsp;"</FONT><FONT SIZE=2><B>SRP Rights</B></FONT><FONT SIZE=2>" and, together with the common shares in the capital of IRC, the "</FONT><FONT SIZE=2><B>Common
Shares</B></FONT><FONT SIZE=2>") issued and outstanding under the shareholder rights plan agreement of IRC (the&nbsp;"</FONT><FONT SIZE=2><B>Shareholder Rights Plan</B></FONT><FONT SIZE=2>"),
including Common Shares that may become issued and outstanding after the date of this Offer upon the exercise, conversion, exchange or settlement of any securities of IRC (including outstanding
options to acquire Common Shares ("</FONT><FONT SIZE=2><B>Options</B></FONT><FONT SIZE=2>") granted under the stock option plan of IRC, as amended from time to time, as of the date of the Offer
(the&nbsp;"</FONT><FONT SIZE=2><B>Stock Option Plan</B></FONT><FONT SIZE=2>"), but excluding the SRP Rights). The Offer Price is subject to adjustment in the case of payment by IRC of certain
dividends. See Section&nbsp;9 of the Offer, "Changes in Capitalization, Dividends, Distributions and&nbsp;Liens". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer will be open for acceptance until 8:00&nbsp;p.m. (Toronto time) on January&nbsp;19, 2010 (the&nbsp;"Expiry Time"), unless withdrawn
or&nbsp;extended.</B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Depositary for the Offer is:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Information Agent the Offer is:</B></FONT></TD>
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<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=3><B>COMPUTERSHARE&nbsp;INVESTOR&nbsp;SERVICES&nbsp;INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=3><B>
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<BR> </B></FONT><FONT SIZE=3><B>KINGSDALE&nbsp;SHAREHOLDER&nbsp;SERVICES&nbsp;INC.</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> The Dealer Managers for the Offer are:</B></FONT></TD>
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<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> In Canada</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>In the United&nbsp;States</B></FONT></TD>
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<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=3><B>BMO&nbsp;NESBITT BURNS&nbsp;INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=3><B> BMO CAPITAL MARKETS CORP.</B></FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Common Shares are listed for trading on the Toronto Stock Exchange (the&nbsp;"</FONT><FONT SIZE=2><B>TSX</B></FONT><FONT SIZE=2>") under the symbol
"IRC-T" and on the NYSE Amex Equities Stock Exchange (the&nbsp;"</FONT><FONT SIZE=2><B>AMEX</B></FONT><FONT SIZE=2>") under the symbol "ROY". On December&nbsp;4, 2009, the last
trading day prior to the announcement of the Offeror's intention to make the Offer, the closing price of the Common Shares on the TSX was $4.71 and on the AMEX was US$4.45. The Offer represents a
premium of approximately 43% over the closing price of Common Shares on the TSX on the last trading day immediately preceding the announcement by the Offeror of its intention to make the Offer and a
premium of approximately 54% over the volume weighted average trading price of the Common Shares on the TSX for the 20&nbsp;trading days immediately preceding the announcement by the Offeror of its
intention to make the Offer. The Offer also represents a premium of approximately 44% over the closing price of Common Shares on the AMEX on the last trading day immediately preceding the announcement
by the Offeror of its intention to make the Offer and a premium of approximately 52% over the volume weighted average trading price of the Common Shares on the AMEX for the 20&nbsp;trading days
immediately preceding the announcement by the Offeror of its intention to make the Offer (using a Bank of Canada noon rate on December&nbsp;4, 2009 of&nbsp;0.9508). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer is subject to certain conditions, including, without limitation (i)&nbsp;the Shareholder Rights Plan being waived, invalidated or cease traded, (ii)&nbsp;Franco-Nevada (directly or
through one or more affiliates, including the Offeror) not having entered into an agreement with IRC that contemplates the acquisition, directly or indirectly, of 100% of the Common Shares (other than
Common Shares owned or controlled by the Offeror or any of its affiliates) in a transaction required to be approved by Shareholders, (iii)&nbsp;none of IRC or any of its Subsidiaries, following
December&nbsp;6, 2009, having entered into, or having announced any intention to enter into, any agreement in respect of any take-over bid (other than the Offer), merger, amalgamation,
statutory arrangement, business combination or other similar transaction, and (iv)&nbsp;the Offeror having determined that there shall not exist and shall not have occurred any change, condition,
event, circumstance, development, occurrence or state of facts which, in the sole discretion of the Offeror, is or may be a Material Adverse Effect. These conditions and the other conditions of the
Offer are described under Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
Common Shares validly deposited under the Offer are taken up and paid for, the Offeror intends, subject to applicable law, to acquire, directly or indirectly, all outstanding Common Shares not
deposited under the Offer by way of a "Compulsory Acquisition" or a "Subsequent Acquisition Transaction", as described in Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not
Deposited". The terms of any such transaction will provide that each issued and outstanding Common Share will entitle its holder (an&nbsp;"</FONT><FONT SIZE=2><B>IRC
Shareholder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Shareholder</B></FONT><FONT SIZE=2>") to receive the same consideration paid to IRC Shareholders under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror has engaged Computershare Investor Services&nbsp;Inc. to act as depositary (the&nbsp;"</FONT><FONT SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>") and Kingsdale Shareholder
Services&nbsp;Inc. to act as the information agent (the&nbsp;"</FONT><FONT SIZE=2><B>Information Agent</B></FONT><FONT SIZE=2>") under the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC
Shareholders wishing to accept the Offer must properly complete and duly execute the accompanying Letter of Transmittal (which is printed on green paper) or a manually executed facsimile thereof
and deposit it, together with certificate(s) representing their Common Shares and all other documents required by the Letter of Transmittal, at the office of the Depositary shown on the Letter of
Transmittal and on the back cover of this document, all in accordance with the transmittal instructions in the Letter of Transmittal. The Offer may also be validly accepted by following the procedures
for book-entry transfer set forth in Section&nbsp;3 of the Offer, "Manner of Acceptance&nbsp;&#151;&nbsp;Book-Entry Transfer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Alternatively,
an IRC Shareholder wishing to deposit such Common Shares and whose certificate(s) for such Common Shares are not immediately available or whose certificate(s) for such Common Shares and
all other required documents cannot be delivered to the Depositary prior to the Expiry Time or who cannot comply with the procedures for delivery by book-entry transfer on a timely basis
may deposit such Common Shares by following the procedures for guaranteed delivery set forth in Sections&nbsp;2 and&nbsp;3 of the Offer, "Time of Acceptance" and "Manner of Acceptance", using the
accompanying Notice of Guaranteed Delivery (which is printed on blue paper) or a manually executed facsimile thereof, depositing it and all other documents required by the Notice of Guaranteed
Delivery at the office of the Depositary shown on the Notice of Guaranteed Delivery and on the back cover of this document, all in accordance with the instructions in the Notice of Guaranteed
Delivery. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Questions
and requests for assistance may be directed to the Depositary, the Information Agent or BMO&nbsp;Nesbitt Burns&nbsp;Inc. (in&nbsp;Canada) and BMO Capital Markets Corp. (in&nbsp;the
United&nbsp;States) (collectively, the "</FONT><FONT SIZE=2><B>Dealer Managers</B></FONT><FONT SIZE=2>"), and additional copies of this document, the Letter of Transmittal and the Notice of
Guaranteed Delivery may be obtained, without charge, on request from the Depositary, the Information Agent or the Dealer Managers at their offices and telephone numbers shown in the Letter of
Transmittal and on the back cover of this document. Questions and requests for assistance may be directed to the Information Agent at 1-877-659-1818
(toll-free) or 416-867-2272 (outside North America). Additionally, copies of this document and related materials may also be found under IRC's profile at
www.sedar.com. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
should be aware that during the period of the Offer, the Offeror or any of its affiliates may, directly or indirectly, bid for and make purchases of Common Shares as permitted by
applicable law. See Section&nbsp;12 of the Offer, "Market Purchases of Common&nbsp;Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Persons
whose Common Shares are registered in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee for assistance in depositing their Common Shares
to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>THIS TRANSACTION HAS NOT BEEN APPROVED OR DISAPPROVED BY ANY SECURITIES REGULATORY AUTHORITY IN CANADA OR THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY UNITED
STATES STATE SECURITIES COMMISSION, NOR HAS ANY SECURITIES REGULATORY AUTHORITY IN CANADA OR THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY UNITED STATES STATE SECURITIES COMMISSION
PASSED UPON THE FAIRNESS OR MERITS OF THIS TRANSACTION OR UPON THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTICE TO SHAREHOLDERS IN THE UNITED STATES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This Offer is made for the securities of a foreign issuer, and while the offer is subject to disclosure requirements of the
country in which the subject company is incorporated or organized, investors should be aware that these requirements are different from those of the United&nbsp;States. Financial statements included
herein, if any, have been prepared in accordance with foreign generally accepted accounting principles, and thus may not be comparable to financial statements of United&nbsp;States
companies.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The enforcement by investors of civil liabilities under the United&nbsp;States federal securities laws may be affected adversely by the fact that the subject company is
incorporated in a foreign country, and that some or all of its officers and directors are residents of a foreign country.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Investors should be aware that the bidder or its affiliates, directly or indirectly, may bid for or make purchases of the issuer's securities subject to the offer, or of the
issuer's related securities, during the period of the tender offer, as permitted by applicable Canadian laws or provincial laws or&nbsp;regulations.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Shareholders in the United&nbsp;States should be aware that the disposition of Common Shares by them as described herein may have tax consequences both in the
United&nbsp;States and in Canada. Such consequences may not be fully described herein and such Shareholders are encouraged to consult their tax advisors. See Section&nbsp;15 of the Circular,
"Certain Canadian Federal Income Tax Considerations" and Section&nbsp;16 of the Circular, "Certain U.S.&nbsp;Federal Income Tax Considerations".</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTICE TO HOLDERS OF OPTIONS AND OTHER SECURITIES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer is made only for Common Shares and is not made for any options, rights or other securities to acquire Common Shares (other than the
associated SRP Rights). Any holder of such options, rights or other securities to acquire Common Shares (other than the associated SRP Rights) who wishes to accept the Offer must exercise or convert
the options, rights or other securities in order to obtain certificates representing Common Shares that may be deposited in accordance with the terms of the Offer. If any holder of Options does not
exercise those Options and deposit the resulting Common Shares under the Offer prior to the Expiry Time, such Options will remain outstanding, shall expire or be terminated, as the case may be,
following the Expiry Time in accordance with their terms and conditions. See Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not&nbsp;Deposited". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> CURRENCY AND EXCHANGE RATES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>All dollar references in the Offer and the Circular are in Canadian dollars, unless otherwise indicated. On December&nbsp;11, 2009, the rate of
exchange for the Canadian dollar, expressed in U.S.&nbsp;dollars, based on the noon rate as provided by the Bank of Canada was C$1.00 =&nbsp;US$0.9447. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> STATEMENTS REGARDING FORWARD-LOOKING INFORMATION  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Certain statements contained in the accompanying Circular, including statements made under Section&nbsp;6, "Acquisition of Common Shares Not
Deposited", Section&nbsp;7, "Purpose of the Offer and Plans for IRC" and Section&nbsp;11, "Source of Funds", in addition to certain statements contained elsewhere in this document, are
"forward-looking statements" and are prospective. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends", "targets", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on estimates and assumptions made by the Offeror and
Franco-Nevada in light of their experience and their perception of historical trends, current conditions and expected future developments, as well as other factors that the Offeror and Franco-Nevada
believe are appropriate in the circumstances, including their expectations of the timing, and the terms and benefits of the proposed acquisition. Many factors could cause the actual results,
performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, general business and economic 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 any anticipated growth prospects and potential
synergies; the timing and receipt of governmental approvals necessary to complete the Offer; the ability to make and/or complete the Compulsory Acquisition or the Subsequent Acquisition Transaction,
as applicable; the ability to attract and retain IRC's key employees following the acquisition; the ability to carry out Franco-Nevada's plans for IRC; legislative and/or regulatory changes; and other
risk factors relating to Franco-Nevada that are discussed in greater detail in Franco-Nevada's filings with the Canadian Securities Regulatory Authorities, including its Annual Information Form dated
March&nbsp;23, 2009 for the fiscal year ended December&nbsp;31, 2008, its Annual Report for the fiscal year ended December&nbsp;31, 2008, and its interim financial statements for the nine months
ended September&nbsp;30, 2009. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements contained in the Offer and Circular. The
Offeror and Franco-Nevada disclaim any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or other circumstances,
except to the extent required by applicable&nbsp;law. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>This document does not constitute an offer or a solicitation to any Person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to,
nor will deposits be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However,
the Offeror may, in its sole discretion, take such action as it may deem necessary to extend the Offer to IRC Shareholders in any such jurisdiction.</I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
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<TD COLSPAN=3 style="font-family:times;"><A HREF="#bi44202_glossary"><FONT SIZE=2>GLOSSARY</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#bi44202_glossary"><FONT SIZE=2>1</FONT></A></TD>
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<TD COLSPAN=3 style="font-family:times;"><A HREF="#ca44202_summary"><FONT SIZE=2>SUMMARY</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ca44202_summary"><FONT SIZE=2>5</FONT></A></TD>
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<TD COLSPAN=3 style="font-family:times;"><A HREF="#de44202_offer_to_purchase"><FONT SIZE=2>OFFER TO PURCHASE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_offer_to_purchase"><FONT SIZE=2>10</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_1._the_offer"><FONT SIZE=2>1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_1._the_offer"><FONT SIZE=2>THE OFFER</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_1._the_offer"><FONT SIZE=2>10</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_2._time_of_acceptance"><FONT SIZE=2>2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_2._time_of_acceptance"><FONT SIZE=2>TIME OF ACCEPTANCE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_2._time_of_acceptance"><FONT SIZE=2>10</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_3._manner_of_acceptance"><FONT SIZE=2>3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_3._manner_of_acceptance"><FONT SIZE=2>MANNER OF ACCEPTANCE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_3._manner_of_acceptance"><FONT SIZE=2>10</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_4._conditions_of_the_offer"><FONT SIZE=2>4.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_4._conditions_of_the_offer"><FONT SIZE=2>CONDITIONS OF THE OFFER</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_4._conditions_of_the_offer"><FONT SIZE=2>15</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_5._variation_of_terms_or_chang__5._02753"><FONT SIZE=2>5.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_5._variation_of_terms_or_chang__5._02753"><FONT SIZE=2>VARIATION OF TERMS OR CHANGE IN INFORMATION IN THE OFFER OR CIRCULAR</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_5._variation_of_terms_or_chang__5._02753"><FONT SIZE=2>19</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_6._take_up_and_payment_for_deposited_common_shares"><FONT SIZE=2>6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_6._take_up_and_payment_for_deposited_common_shares"><FONT SIZE=2>TAKE UP AND PAYMENT FOR DEPOSITED COMMON SHARES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_6._take_up_and_payment_for_deposited_common_shares"><FONT SIZE=2>20</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_7._withdrawal_of_deposited_common_shares"><FONT SIZE=2>7.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_7._withdrawal_of_deposited_common_shares"><FONT SIZE=2>WITHDRAWAL OF DEPOSITED COMMON SHARES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_7._withdrawal_of_deposited_common_shares"><FONT SIZE=2>21</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_8._return_of_common_shares"><FONT SIZE=2>8.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_8._return_of_common_shares"><FONT SIZE=2>RETURN OF COMMON SHARES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_8._return_of_common_shares"><FONT SIZE=2>22</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_9._changes_in_capitalization,___9._02367"><FONT SIZE=2>9.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_9._changes_in_capitalization,___9._02367"><FONT SIZE=2>CHANGES IN CAPITALIZATION, DIVIDENDS, DISTRIBUTIONS AND LIENS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_9._changes_in_capitalization,___9._02367"><FONT SIZE=2>22</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_10._mail_service_interruption"><FONT SIZE=2>10.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_10._mail_service_interruption"><FONT SIZE=2>MAIL SERVICE INTERRUPTION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_10._mail_service_interruption"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_11._notice"><FONT SIZE=2>11.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_11._notice"><FONT SIZE=2>NOTICE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_11._notice"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_12._market_purchases_of_common_shares"><FONT SIZE=2>12.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_12._market_purchases_of_common_shares"><FONT SIZE=2>MARKET PURCHASES OF COMMON SHARES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_12._market_purchases_of_common_shares"><FONT SIZE=2>24</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#de44202_13._other_terms"><FONT SIZE=2>13.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de44202_13._other_terms"><FONT SIZE=2>OTHER TERMS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de44202_13._other_terms"><FONT SIZE=2>24</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#dg44202_circular"><FONT SIZE=2>CIRCULAR</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_circular"><FONT SIZE=2>26</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_1._the_offeror_and_franco-nevada"><FONT SIZE=2>1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_1._the_offeror_and_franco-nevada"><FONT SIZE=2>THE OFFEROR AND FRANCO-NEVADA</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_1._the_offeror_and_franco-nevada"><FONT SIZE=2>26</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_2._irc"><FONT SIZE=2>2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_2._irc"><FONT SIZE=2>IRC</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_2._irc"><FONT SIZE=2>26</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_3._background_to_and_reasons_for_the_offer"><FONT SIZE=2>3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_3._background_to_and_reasons_for_the_offer"><FONT SIZE=2>BACKGROUND TO AND REASONS FOR THE OFFER</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_3._background_to_and_reasons_for_the_offer"><FONT SIZE=2>28</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_4._options"><FONT SIZE=2>4.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_4._options"><FONT SIZE=2>OPTIONS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_4._options"><FONT SIZE=2>29</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_5._shareholder_rights_plan"><FONT SIZE=2>5.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_5._shareholder_rights_plan"><FONT SIZE=2>SHAREHOLDER RIGHTS PLAN</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_5._shareholder_rights_plan"><FONT SIZE=2>29</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_6._acquisition_of_common_shares_not_deposited"><FONT SIZE=2>6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_6._acquisition_of_common_shares_not_deposited"><FONT SIZE=2>ACQUISITION OF COMMON SHARES NOT DEPOSITED</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_6._acquisition_of_common_shares_not_deposited"><FONT SIZE=2>31</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_7._purpose_of_the_offer_and_plans_for_irc"><FONT SIZE=2>7.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_7._purpose_of_the_offer_and_plans_for_irc"><FONT SIZE=2>PURPOSE OF THE OFFER AND PLANS FOR IRC</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_7._purpose_of_the_offer_and_plans_for_irc"><FONT SIZE=2>35</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_8._ownership_of_securities_of_irc"><FONT SIZE=2>8.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_8._ownership_of_securities_of_irc"><FONT SIZE=2>OWNERSHIP OF SECURITIES OF IRC</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_8._ownership_of_securities_of_irc"><FONT SIZE=2>35</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_9._trading_in_securities_of_irc"><FONT SIZE=2>9.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_9._trading_in_securities_of_irc"><FONT SIZE=2>TRADING IN SECURITIES OF IRC</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_9._trading_in_securities_of_irc"><FONT SIZE=2>35</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_10._arrangements,_commitments_or_understandings"><FONT SIZE=2>10.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_10._arrangements,_commitments_or_understandings"><FONT SIZE=2>ARRANGEMENTS, COMMITMENTS OR UNDERSTANDINGS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_10._arrangements,_commitments_or_understandings"><FONT SIZE=2>36</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_11._source_of_funds"><FONT SIZE=2>11.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_11._source_of_funds"><FONT SIZE=2>SOURCE OF FUNDS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_11._source_of_funds"><FONT SIZE=2>36</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg44202_12._effect_of_the_offer_on_mar__12.03140"><FONT SIZE=2>12.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#dg44202_12._effect_of_the_offer_on_mar__12.03140"><FONT SIZE=2>EFFECT OF THE OFFER ON MARKETS FOR THE COMMON SHARES AND STOCK&nbsp;EXCHANGE&nbsp;LISTING</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg44202_12._effect_of_the_offer_on_mar__12.03140"><FONT SIZE=2>37</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_13._other_material_facts"><FONT SIZE=2>13.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_13._other_material_facts"><FONT SIZE=2>OTHER MATERIAL FACTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_13._other_material_facts"><FONT SIZE=2>38</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_14._regulatory_matters"><FONT SIZE=2>14.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_14._regulatory_matters"><FONT SIZE=2>REGULATORY MATTERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_14._regulatory_matters"><FONT SIZE=2>38</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_15._certain_canadian_f__di401997"><FONT SIZE=2>15.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_15._certain_canadian_f__di401997"><FONT SIZE=2>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_15._certain_canadian_f__di401997"><FONT SIZE=2>39</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_16._certain_u.s._federal_income_tax_considerations"><FONT SIZE=2>16.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_16._certain_u.s._federal_income_tax_considerations"><FONT SIZE=2>CERTAIN U.S.&nbsp;FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_16._certain_u.s._federal_income_tax_considerations"><FONT SIZE=2>44</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_17._depositary_and_information_agent"><FONT SIZE=2>17.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_17._depositary_and_information_agent"><FONT SIZE=2>DEPOSITARY AND INFORMATION AGENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_17._depositary_and_information_agent"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_18._dealer_managers"><FONT SIZE=2>18.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_18._dealer_managers"><FONT SIZE=2>DEALER MANAGERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_18._dealer_managers"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_19._legal_matters"><FONT SIZE=2>19.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_19._legal_matters"><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_19._legal_matters"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_20._statement_of_rights"><FONT SIZE=2>20.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_20._statement_of_rights"><FONT SIZE=2>STATEMENT OF RIGHTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_20._statement_of_rights"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#di44202_21._approval_of_offer_and_take-over_bid_circular"><FONT SIZE=2>21.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#di44202_21._approval_of_offer_and_take-over_bid_circular"><FONT SIZE=2>APPROVAL OF OFFER AND TAKE-OVER BID CIRCULAR</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di44202_21._approval_of_offer_and_take-over_bid_circular"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#Consent1"><FONT SIZE=2>CONSENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Consent1"><FONT SIZE=2>49</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#Consent2"><FONT SIZE=2>CONSENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Consent2"><FONT SIZE=2>50</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#jc44202_certificate_of_the_offeror"><FONT SIZE=2>CERTIFICATE OF THE OFFEROR</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#jc44202_certificate_of_the_offeror"><FONT SIZE=2>51</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#jc44202_certificate_of_franco-nevada"><FONT SIZE=2>CERTIFICATE OF FRANCO-NEVADA</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#jc44202_certificate_of_franco-nevada"><FONT SIZE=2>52</FONT></A></TD>
</TR>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi44202_glossary"> </A>
<A NAME="toc_bi44202_1"> </A>
<BR></FONT><FONT SIZE=2><B>  GLOSSARY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>In the Offer, Circular, Letter of Transmittal and Notice of Guaranteed Delivery, the following terms shall have the meanings
set forth below, unless the subject matter or context is inconsistent therewith or such terms are otherwise defined in the Offer or&nbsp;Circular:</I></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Acquiring Person</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;5 of the Circular, "Shareholder Rights&nbsp;Plan"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>affiliate</B></FONT><FONT SIZE=2>" has the meaning contemplated by the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario), as&nbsp;amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agent's Message</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;3 of the Offer, "Manner of&nbsp;Acceptance"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>ARC</B></FONT><FONT SIZE=2>" means an Advance Ruling Certificate under Section&nbsp;102 of the Competition&nbsp;Act; </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>associate</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario), as&nbsp;amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>AMEX</B></FONT><FONT SIZE=2>" means the NYSE Amex Equities Stock Exchange; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Book-Entry Confirmation</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;3 of the Offer, "Manner of&nbsp;Acceptance"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Business Day</B></FONT><FONT SIZE=2>" means any day other than a Saturday, Sunday or statutory holiday in a province or territory in Canada, except as otherwise provided
for&nbsp;herein; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Securities Regulatory Authorities</B></FONT><FONT SIZE=2>" means the applicable securities commissions or similar regulatory authorities in each of the provinces and
territories of&nbsp;Canada; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CBCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2>, as amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CDS</B></FONT><FONT SIZE=2>" means CDS Clearing and Depository Services&nbsp;Inc.; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CDSX</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;3 of the Offer, "Manner of&nbsp;Acceptance"; </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Circular</B></FONT><FONT SIZE=2>" means the take-over bid circular accompanying the Offer and forming part&nbsp;hereof; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Code</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Internal Revenue Code of 1986, as amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Commissioner</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;14 of the Circular, "Regulatory Matters"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" means issued and outstanding common shares in the capital of IRC together with the associated SRP&nbsp;Rights; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Competition Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Competition Act</I></FONT><FONT SIZE=2> (Canada), as amended; </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Compulsory Acquisition</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not&nbsp;Deposited"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Court</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not&nbsp;Deposited"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dealer Managers</B></FONT><FONT SIZE=2>" means collectively, BMO&nbsp;Nesbitt Burns&nbsp;Inc. (in&nbsp;Canada) and BMO Capital Markets Corp. (in&nbsp;the
United&nbsp;States); </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>" means Computershare Investor Services&nbsp;Inc., at its office specified in the Letter of&nbsp;Transmittal; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>DTC</B></FONT><FONT SIZE=2>" means The Depository Trust Company; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Eligible Institution</B></FONT><FONT SIZE=2>" means a Canadian schedule&nbsp;1 chartered bank, a member of the Securities Transfer Agents Medallion Program, a member of the
Stock Exchange Medallion Program or a member of the New&nbsp;York Exchange&nbsp;Inc. Medallion Signature Program, where the members of these programs are usually members of a recognized stock
exchange in Canada or the United&nbsp;States, members of the Investment Dealers Association of Canada, members of the National Association of Securities Dealers or banks and trust companies in the
United&nbsp;States; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Time</B></FONT><FONT SIZE=2>" means 8:00&nbsp;p.m. (Toronto time) on January&nbsp;19, 2010, unless the Offer is withdrawn or is extended (pursuant to
Section&nbsp;5 of the Offer, "Variation of Terms or Change in Information in the Offer or Circular"), in which case the Expiry Time shall mean the latest date and time on which the Offer as so
extended expires; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Franco-Nevada</B></FONT><FONT SIZE=2>" means Franco-Nevada Corporation, a corporation existing under the laws of&nbsp;Canada; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>fully-diluted basis</B></FONT><FONT SIZE=2>" means with respect to the number of outstanding Common Shares at any time, such number of outstanding Common Shares calculated
assuming that all outstanding Options, and any other options, rights or securities to acquire Common Shares are exercised, converted, exchanged or settled, but excluding the Common Shares issuable
upon exercise of the SRP&nbsp;Rights; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Entity</B></FONT><FONT SIZE=2>" means: (a)&nbsp;any supranational body or organization, nation, government, state, province, country, territory, municipality,
quasi-government, administrative, judicial or regulatory authority, agency, board, body, bureau, commission, instrumentality, court or tribunal or any political subdivision thereof, or any central
bank (or&nbsp;similar monetary or regulatory authority) thereof, any taxing authority, any ministry or department or agency of any of the foregoing; (b)&nbsp;any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court; (c)&nbsp;any corporation or other entity owned or controlled, through stock or
capital ownership or otherwise, by any of such entities or other bodies; or (d)&nbsp;any national securities exchange, any other securities exchange, futures exchange, contract market, any other
exchange or corporation or similar self-regulatory body or organization; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Information Agent</B></FONT><FONT SIZE=2>" means Kingsdale Shareholder Services&nbsp;Inc., the information agent in respect of the&nbsp;Offer; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>insider</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario), as&nbsp;amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>IRC</B></FONT><FONT SIZE=2>" means International Royalty Corporation, a corporation existing under the laws of&nbsp;Canada; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>IRC Shareholders</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Shareholders</B></FONT><FONT SIZE=2>" means holders of Common Shares, and "</FONT><FONT SIZE=2><B>IRC
Shareholder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Shareholder</B></FONT><FONT SIZE=2>" means any one of&nbsp;them; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>IRS</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Internal Revenue Service; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Letter of Transmittal</B></FONT><FONT SIZE=2>" means, in respect of the Common Shares, a letter of transmittal accepting the Offer in the form printed on green paper
accompanying the Offer and&nbsp;Circular; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Material Adverse Effect</B></FONT><FONT SIZE=2>" means any condition, event, circumstance, change, development, occurrence or state of facts (i)&nbsp;in the business,
assets, operations, capitalization, properties, condition (financial or otherwise), equity or debt ownership, results of operations, cash flows, properties, articles, by-laws, licenses,
permits, rights or privileges, labour relations or liabilities (including without limitation any contingent liabilities that may arise through outstanding, pending or threatened litigation or
otherwise), whether contractual or otherwise, of IRC or its Subsidiaries which, when considered either individually or in the aggregate, is or may be materially adverse to IRC (on&nbsp;a
consolidated basis), or (ii)&nbsp;which, when considered either individually or in the aggregate, could be expected to reduce the anticipated economic value to the Offeror or Franco-Nevada of the
acquisition of the Common Shares or make it inadvisable for, or impair the ability of, the Offeror to proceed with the Offer and/or to take up and
pay for Common Shares deposited under the Offer and/or the completion of a Compulsory Acquisition or Subsequent Acquisition Transaction or which, if the Offer or any Compulsory Acquisition or
Subsequent Acquisition Transaction were consummated, could be materially adverse to the Offeror or Franco-Nevada or any of its affiliates or which could limit, restrict or impose limitations or
conditions on the ability of the Offeror or Franco-Nevada to own, operate or effect control over any material portion of the business or assets of IRC or its Subsidiaries or would compel the Offeror
or its affiliates to dispose of or hold separate any material portion of the business or assets of IRC or its Subsidiaries or would compel Franco-Nevada or its Subsidiaries to dispose of or hold
separate any material portion of the business or assets of Franco-Nevada or its Subsidiaries; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Material Contract</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in clause&nbsp;(g) of Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>MI 61-101</B></FONT><FONT SIZE=2>" means </FONT><FONT SIZE=2><I>Multilateral
Instrument&nbsp;61-101&nbsp;&#151;&nbsp;Protection of Minority Security Holders in Special Transactions</I></FONT><FONT SIZE=2>, as amended or replaced from time
to&nbsp;time; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>misrepresentation</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto under the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario),
as&nbsp;amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Notice of Guaranteed Delivery</B></FONT><FONT SIZE=2>" means the notice of guaranteed delivery in the form printed on blue paper accompanying the Offer and&nbsp;Circular; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" means the offer to purchase any and all of the issued and outstanding Common Shares made hereby to IRC Shareholders, the terms and conditions of
which are set forth in the Offer Documents; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer Commencement Date</B></FONT><FONT SIZE=2>" means December&nbsp;14, 2009; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer Documents</B></FONT><FONT SIZE=2>" means, collectively, the Offer, Circular, Letter of Transmittal and Notice of Guaranteed Delivery; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer Period</B></FONT><FONT SIZE=2>" means the period commencing on the Offer Commencement Date and ending at the Expiry&nbsp;Time; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offer Price</B></FONT><FONT SIZE=2>" means $6.75 in cash per Common Share; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>" means 7293275&nbsp;Canada&nbsp;Inc., a corporation incorporated under the laws of&nbsp;Canada; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Options</B></FONT><FONT SIZE=2>" means the outstanding options to acquire Common Shares granted under the Stock Option&nbsp;Plan; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Permitted Bid</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;5 of the Circular, "Shareholder Rights&nbsp;Plan"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" means any individual, corporation (including not-for-profit), general or limited partnership, limited liability
company, joint venture, estate, trust, trustee, association, organization, firm, syndicate, Governmental Entity or other entity of any kind or nature, except as otherwise provided for&nbsp;herein; </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>PFIC</B></FONT><FONT SIZE=2>" means a passive foreign investment company for U.S.&nbsp;federal income tax&nbsp;purposes; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>QEF</B></FONT><FONT SIZE=2>" means a qualified electing fund for U.S.&nbsp;federal income tax purposes; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Rights Certificates</B></FONT><FONT SIZE=2>" means separate certificates evidencing the SRP Rights after the Separation&nbsp;Time; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities and Exchange Commission; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Authorities</B></FONT><FONT SIZE=2>" means the TSX, the AMEX and the Securities Regulatory Authorities; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Laws</B></FONT><FONT SIZE=2>" means any applicable Canadian provincial securities laws and any other applicable securities&nbsp;laws; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Securities Regulatory Authorities</B></FONT><FONT SIZE=2>" means the Canadian Securities Regulatory Authorities and the&nbsp;SEC; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Separation Time</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;5 of the Circular, "Shareholder Rights&nbsp;Plan"; </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Share Certificates</B></FONT><FONT SIZE=2>" means certificates representing Common Shares and, where the Separation Time has occurred prior to the Expiry Time, common shares
in the capital of&nbsp;IRC; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shareholder Rights Plan</B></FONT><FONT SIZE=2>" means the shareholder rights plan agreement dated as of November&nbsp;21, 2008 between IRC and CIBC&nbsp;Mellon Trust
Company, as the rights&nbsp;agent; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SIR</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;14 of the Circular, "Regulatory Matters"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SRP Rights</B></FONT><FONT SIZE=2>" means the rights issued pursuant to the Shareholder Rights Plan; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Stock Option Plan</B></FONT><FONT SIZE=2>" means the stock option plan of IRC, as amended from time to time as of the Offer Commencement&nbsp;Date; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subsequent Acquisition Transaction</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;6 of the Circular, "Acquisition of Common Shares
Not&nbsp;Deposited"; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>" means, with respect to any Person, any other Person of which 50% or more of the securities or ownership interests having by their terms
ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person and/or by one or more of
its Subsidiaries and, in the case of IRC, a "</FONT><FONT SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>" shall include, without limitation, any Person that is treated as a subsidiary by IRC for
purposes of its financial statements; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Take-Over Bid</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the Shareholder Rights Plan; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax&nbsp;Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada), as amended; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Trading Day</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the Shareholder Rights Plan; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>TSX</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>United&nbsp;States</B></FONT><FONT SIZE=2>" means the United&nbsp;States of America, its territories and
possessions, any state of the United&nbsp;States and the District of&nbsp;Columbia; </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Exchange Act</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>U.S.&nbsp;Securities Exchange Act of 1934</I></FONT><FONT SIZE=2>, as amended, including
the rules and regulations promulgated thereunder;&nbsp;and </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Holder</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;16 of the Circular, "Certain U.S.&nbsp;Federal Income Tax Considerations." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Voting Shares</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the Shareholder Rights Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca44202_summary"> </A>
<A NAME="toc_ca44202_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The following is only a summary of selected information contained in the Offer Documents and is qualified in its entirety by
reference to the detailed provisions of those documents. The information concerning IRC contained in the Offer Documents has been taken from, or is based upon, publicly available documents or records
on file with Securities Regulatory Authorities and other public sources. Although the Offeror has no reason to doubt the accuracy of IRC's public filings or the information obtained from other public
sources, it is not in a position to independently assess or verify the information in IRC's publicly filed documents and in other public sources. The Offeror does not assume any responsibility for the
accuracy or completeness of the information taken from or based upon such documents, records and information, or for any failure by IRC to disclose publicly events or facts that may have occurred or
that may affect the significance or accuracy of any such information but which are unknown to the Offeror. Certain capitalized terms used in this summary are defined in the Glossary. Shareholders are
urged to read the Offer Documents in their&nbsp;entirety.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror is offering, during the Offer Period and on the terms and subject to the conditions of the Offer, to purchase, at a price of $6.75 in
cash per share, any and all of the issued and outstanding Common Shares (other than Common Shares owned or controlled by the Offeror or any of its affiliates), including the Common Shares that may
become issued and outstanding after the date of this Offer upon the exercise, conversion, exchange or settlement of any securities of IRC, including the Options. The Offer Price is subject to
adjustment in the case of payment by IRC of certain dividends. See Section&nbsp;9 of the Offer, "Changes in Capitalization, Dividends, Distributions and&nbsp;Liens". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer is made only for Common Shares and is not made for any options, rights or other securities to acquire Common Shares (other than the associated SRP Rights). Any holder
of such options, rights or other securities to acquire Common Shares (other than the associated SRP Rights) who wishes to accept the Offer must exercise or convert the options, rights or other
securities in order to obtain certificates representing Common Shares that may be deposited in accordance with the terms of the Offer. See Section&nbsp;4 of the Circular,
"Options".</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
obligation of the Offeror to take up and pay for Common Shares pursuant to the Offer is subject to certain conditions. See Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This document does not constitute an offer or a solicitation to any Person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to,
nor will deposits be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However,
the Offeror may, in its sole discretion, take such action as it may deem necessary to extend the Offer to IRC Shareholders in any such jurisdiction.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Manner and Time of Acceptance  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer is open for acceptance until, but not later than, 8:00&nbsp;p.m. (Toronto time) on January&nbsp;19, 2010
(the&nbsp;"</FONT><FONT SIZE=2><B>Expiry Time</B></FONT><FONT SIZE=2>"), unless withdrawn or&nbsp;extended. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
wishing to accept the Offer must deposit the certificate(s) representing their Common Shares, together with a properly completed and duly executed Letter of Transmittal, or a manually
executed facsimile thereof, and all other documents required by the Letter of Transmittal, at the office of the Depositary specified in the Letter of Transmittal at or prior to the Expiry Time.
Instructions are contained in the Letter of Transmittal that accompanies this Offer and Circular. </FONT><FONT SIZE=2><B>Persons whose Common Shares are registered in the name of a broker, investment
dealer, bank, trust company or other nominee should contact that nominee for assistance in depositing their Common Shares to the Offer.</B></FONT><FONT SIZE=2> The office of the Depositary will be
open during normal business hours until the Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
a Shareholder is unable to deposit certificate(s) representing its Common Shares in a timely manner or cannot comply with the procedures for delivery by book-entry transfer on a timely
basis, such Shareholder may accept the Offer by following the procedures for guaranteed delivery set forth in Section&nbsp;3 of the Offer, "Manner of Acceptance" using the Notice of Guaranteed
Delivery. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Conditions of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding any other provision of the Offer, and subject to applicable laws, and in addition to (and&nbsp;not in limitation of) the Offeror's
right to withdraw, extend, vary or change the Offer at any time prior to the Expiry Time pursuant to Section&nbsp;5 of the Offer, "Variation of Terms or Change in Information in the Offer or
Circular", the Offeror shall have the right to withdraw or terminate the Offer (or&nbsp;amend the Offer to postpone taking up and paying for Common Shares deposited under the Offer) and not accept
for payment, take up, purchase or pay for, or extend the period of time during which the Offer is open for acceptance and postpone taking up and paying for, any Common Shares deposited under the
Offer, unless all of the conditions set forth in Section&nbsp;4 of the Offer, "Conditions of the Offer", are complied with or waived by the Offeror. The Offer is conditional upon, among other
things, (i)&nbsp;the Shareholder Rights Plan being waived, invalidated or cease traded, (ii)&nbsp;the Offeror (directly or through one or more affiliates) not having entered into an agreement with
IRC that contemplates the acquisition, directly or indirectly, of 100% of the Common Shares (other than Common Shares owned or controlled by the Offeror or any of its affiliates) in a transaction
required to be approved by Shareholders, (iii)&nbsp;none of IRC or any of its Subsidiaries, following December&nbsp;6, 2009, having entered into, or having announced any intention to enter into,
any agreement in respect of any take-over (other than the Offer), merger, amalgamation, statutory arrangement, business combination or other similar transaction, and (iv)&nbsp;the
Offeror having determined that there shall not exist and shall not have occurred any change, condition, event, circumstance, development, occurrence or state of facts which, in the sole discretion of
the Offeror, is or may be a Material Adverse Effect. Unless otherwise specified, all of such conditions are for the exclusive benefit of the Offeror and may be waived by it, in whole or in part, at or
prior to the Expiry Time without prejudice to any other rights that the Offeror may have. See Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Offeror and Franco-Nevada  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror is a corporation incorporated under the laws of Canada and is a wholly-owned, direct Subsidiary of Franco-Nevada. It was created solely
for the purpose of making an offer for the Common Shares and has not otherwise carried on any material business or&nbsp;activity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada
is a corporation existing under the laws of Canada. Franco-Nevada is a gold-focused royalty company with additional interests in platinum group metals, oil and gas and other
assets. The majority of Franco-Nevada's revenues are generated from a diversified portfolio of properties in the United&nbsp;States, Canada and Australia. The portfolio includes over
300&nbsp;royalties covering properties in operation, advanced properties at the permitting, feasibility or advanced exploration stages, early stage exploration interests and other assets.
Franco-Nevada is the leading gold royalty company by gold revenues, number of gold royalty interests and by free cash flow margins. See Section&nbsp;1 of the Circular, "The Offeror and
Franco-Nevada". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> IRC  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC is a corporation existing under the laws of Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC
is focused on acquiring and creating natural resource royalties with a specific emphasis on mineral royalties. IRC has acquired a royalty portfolio diversified over five continents and fifteen
countries, including seventeen different commodities. The portfolio includes royalties on forty-eight exploration stage properties, twenty-one in the feasibility stage, five in the
development stage, and nine currently in production (including two placed on care and maintenance by the operator). Economically, the primary minerals in the portfolio are nickel, copper, gold
and&nbsp;cobalt. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Purpose of the Offer and Plans Regarding the Acquisition of Common Shares Not&nbsp;Deposited  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The purpose of the Offer is to enable the Offeror to acquire, directly or indirectly, all of the Common Shares. If the Offeror acquires at least 90%
of the Common Shares (other than Common Shares held at the date of the Offer by the Offeror or an affiliate or associate (as&nbsp;defined in the CBCA) of the Offeror), the Offeror may acquire the
remaining Common Shares pursuant to the compulsory acquisition procedures contained in Part&nbsp;17 of the CBCA. If the Offeror acquires less than 90% of the Common Shares (other than Common Shares
held at the date of the Offer by the Offeror or an affiliate or associate of the Offeror), the Offeror currently intends to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>avail
itself of such other corporate actions or proceedings as may be legally available, including a Subsequent Acquisition Transaction, to acquire the remaining Common Shares without the consent of
the holders thereof. See Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Reasons for the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada is a gold-focused royalty company with additional interests in platinum group metals, oil and gas and other assets. Its key
business strategies include acquiring new royalties to both grow and diversify its portfolio of revenue producing royalties, as well as expose the company in the longer-term to new
exploration discoveries on large land positions on prospective mineral belts. Franco-Nevada believes that the acquisition of IRC's portfolio of royalties on both producing and exploration properties
is consistent with Franco-Nevada's business model and strategies. See Section&nbsp;3 of the Circular, "Background to and Reasons for the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Payment for Deposited Common Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If all the terms and conditions of the Offer have been complied with or waived by the Offeror at or prior to the Expiry Time, the Offeror shall take
up and pay for all of the Common Shares validly deposited under the Offer, and not properly withdrawn, not later than ten days after the Expiry Time. The Offeror shall pay for Common Shares that it
has taken up as soon as possible, and in any event not later than the earlier of three Business Days after the Common Shares are taken up and ten days after the Expiry Time. Any Common Shares
deposited pursuant to the Offer after the first date on which Common Shares have been taken up by the Offeror will be taken up and paid for within ten days of such deposit. See Section&nbsp;6 of the
Offer, "Take Up and Payment for Deposited Common&nbsp;Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Regulatory Matters  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Competition Act  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under the Competition Act, the acquisition of voting shares of a corporation that carries on an operating business in Canada may require
pre-merger notification if certain size of parties and size of transaction thresholds are exceeded. Once pre-merger notification is made, parties to a proposed transaction may
not complete the proposed transaction before the end of 30&nbsp;days after the day on which the required notification information is received by the Commissioner of Competition
(the&nbsp;"</FONT><FONT SIZE=2><B>Commissioner</B></FONT><FONT SIZE=2>"), unless the waiting period is earlier terminated or extended by the issuance of a supplementary information request. Where a
transaction does not raise substantive issues under the Competition Act, the Commissioner may issue an Advance Ruling Certificate ("</FONT><FONT SIZE=2><B>ARC</B></FONT><FONT SIZE=2>") under
Section&nbsp;102 of the Competition Act in respect of the transaction. Where an ARC is issued, the parties to the transaction
are not required to file&nbsp;a pre-merger notification. The Commissioner may also decide to waive the obligations to notify pursuant to paragraph&nbsp;113(c) of the
Competition&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
acquisition of the Common Shares by the Offeror is subject to pre-merger notification under the Competition Act. The Offeror intends to apply for an ARC in respect of the Offer and to
make a short-form filing if it determines that it would be advisable to do so. The obligation of the Offeror to complete the Offer is, among other things, subject to the condition that
either (i)&nbsp;the Offeror and IRC shall have given the requisite notice required under section&nbsp;114 of the Competition Act in respect of the Offer and the applicable waiting periods related
to merger pre-notification under section&nbsp;123 of the Competition Act shall have expired or been terminated in accordance with the Competition Act or the obligation to give the
requisite notice has been waived under paragraph&nbsp;113(c) of the Competition Act and the Commissioner shall have advised the Offeror in writing (to&nbsp;the satisfaction of the Offeror in its
sole discretion) that there are not sufficient grounds to initiate proceedings under the merger provisions of the Competition Act in respect of the purchase of Common Shares under the Offer and that
the Commissioner, at that time, does not intend to make an application under section&nbsp;92 of the Competition Act in respect of the purchase of Common Shares under the Offer (which advice shall
not have been rescinded or amended) and the Commissioner shall not have made or threatened to make application under the Competition Act in respect of the purchase of the Common Shares under the
Offer, and shall not have otherwise made or issued any communication (whether to the Offeror or otherwise), which in the sole discretion of the Offeror might make it inadvisable for the Offeror to
proceed with the Offer or taking up </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>and
paying for Common Shares deposited under the Offer; or (ii)&nbsp;the Commissioner shall have issued an ARC in respect of the purchase of the Common Shares pursuant to Section&nbsp;102 of the
Competition Act and shall not have subsequently withdrawn or purported to have withdrawn such ARC prior to the acquisition by the Offeror of Common Shares deposited under the Offer or have stated or
otherwise indicated that she has new information as a result of which she is no longer satisfied that she would not have sufficient grounds on which to apply to the Competition Tribunal under
Section&nbsp;92 of the Competition Act with respect to the purchase of Common Shares under the Offer. See Section&nbsp;4 of the Offer, "Conditions of the Offer" and Section&nbsp;14 of the
Circular, "Regulatory Matters". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Certain Canadian Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A Shareholder who is resident in Canada for purposes of the Tax&nbsp;Act, who holds Common Shares as capital property and who sells such shares to
the Offeror under the Offer generally will realize a capital gain (or&nbsp;capital loss) equal to the amount by which the cash received, net of any reasonable costs of disposition, exceeds
(or&nbsp;is less than) the adjusted cost base to the Shareholder of such Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Generally,
Shareholders who are non-residents of Canada for the purposes of the Tax&nbsp;Act will not be subject to tax in Canada in respect of any capital gain realized on the sale of
Common Shares to the Offeror under the Offer, unless those shares constitute "taxable Canadian property" to such Shareholder within the meaning of the Tax&nbsp;Act and that gain is not otherwise
exempt from tax under the Tax&nbsp;Act pursuant to an exemption contained in an applicable income tax&nbsp;treaty. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The foregoing is a very brief summary of certain Canadian federal income tax consequences. See Section&nbsp;15 of the Circular, "Certain Canadian Federal Income Tax
Considerations", for a summary of the principal Canadian federal income tax considerations generally applicable to Shareholders. Shareholders are urged to consult their own tax advisors to determine
the particular tax consequences to them of a sale of Common Shares pursuant to the Offer, a Compulsory Acquisition or a Subsequent Acquisition Transaction. Holders of Options should consult their own
tax advisors having regard to their own personal circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Certain U.S.&nbsp;Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A sale of Common Shares pursuant to the Offer by a U.S.&nbsp;Holder will be a taxable transaction for U.S.&nbsp;federal income tax purposes, and
a U.S.&nbsp;Holder generally will be taxed in the same manner as with respect to any other sale or taxable disposition of Common Shares, including a sale on a stock or securities exchange. Because
it is likely that IRC will be a passive foreign investment company ("</FONT><FONT SIZE=2><B>PFIC</B></FONT><FONT SIZE=2>") for U.S.&nbsp;federal income tax purposes for the current taxable year
ending December&nbsp;31, 2009 and subsequent taxable years, a U.S.&nbsp;Holder's sale of Common Shares pursuant to the Offer will be subject to different U.S.&nbsp;federal income tax treatment
depending on whether the U.S.&nbsp;Holder (i)&nbsp;has made or makes an election to treat IRC as a "qualified electing fund" ("</FONT><FONT SIZE=2><B>QEF</B></FONT><FONT SIZE=2>"), which is
referred to as a QEF election, (ii)&nbsp;has made or makes a mark-to-market election with respect to the Common Shares, or (iii)&nbsp;has made or makes no election and
therefore is subject to the default PFIC rules described below. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The foregoing is a very brief summary of certain U.S.&nbsp;federal income tax considerations. See Section&nbsp;16 of the Circular, "Certain U.S.&nbsp;Federal Income Tax
Considerations," for a summary of the principal U.S.&nbsp;federal income tax considerations generally applicable to Shareholders that are U.S.&nbsp;Holders. Shareholders are urged to consult their
own tax advisors to determine the particular tax consequences to them of a sale of Common Shares pursuant to the Offer, a Compulsory Acquisition or a Subsequent Acquisition Transaction. Holders of
Options should consult their own tax advisors having regard to their own personal circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Depositary and Information Agent  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Computershare Investor Services&nbsp;Inc. is acting as depositary under the Offer. The Depositary will receive deposits of certificates
representing the Common Shares and accompanying Letters of Transmittal at its office specified in the Letter of Transmittal. In addition, the Depositary will receive Notices of Guaranteed Delivery at
its office specified in the Letter of Transmittal and the Notice of Guaranteed Delivery. The Depositary will be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>responsible
for giving certain notices, if required, and for making payment for all Common Shares purchased by the Offeror under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
should contact the Depositary or a broker or dealer for assistance in accepting the Offer and in depositing Common Shares with the Depositary. No fee or commission will be payable by
Shareholders who transmit their Common Shares directly to the Depositary to accept the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror has retained Kingsdale Shareholder Services&nbsp;Inc. as information agent for the Offer. The Information Agent will be responsible for providing information about the Offer to
Shareholders and may contact Shareholders by mail, telephone, telecopy, email or in person. Questions and requests for assistance may be directed to the Information Agent at
1-877-659-1818 (toll-free) or 416-867-2272 (outside North&nbsp;America). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>See
Sections&nbsp;2, 3 and&nbsp;6 of the Offer, "Time of Acceptance", "Manner of Acceptance" and "Take Up and Payment for Deposited Common Shares" and Section&nbsp;17 of the Circular,
"Depositary and Information Agent". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Dealer Managers  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror has retained BMO&nbsp;Nesbitt Burns&nbsp;Inc. (in&nbsp;Canada) and BMO Capital Markets Corp. (in&nbsp;the United&nbsp;States)
to act as dealer managers for the Offer for the purpose of soliciting acceptances of the Offer. See Section&nbsp;18 of the Circular, "Dealer Managers". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Stock Exchange Listing  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Common Shares are listed on the TSX and on the AMEX. See Section&nbsp;2 of the Circular, "International Royalty
Corporation&nbsp;&#151;&nbsp;Price Ranges and Trading Volumes of Common Shares". If permitted by Securities Laws, subsequent to the completion of the Offer, any Compulsory
Acquisition or any Subsequent Acquisition Transaction, the Offeror intends to delist the Common Shares from the TSX and the AMEX. Following completion of any Compulsory Acquisition or Subsequent
Acquisition Transaction, the Offeror intends to cause IRC to cease to be a reporting issuer under Securities Laws. See Section&nbsp;12 of the Circular, "Effect of the Offer on Markets for the Common
Shares and Stock Exchange Listing". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_de44202_1"> </A>
<BR></FONT><FONT SIZE=3><B>OFFER TO PURCHASE  <BR>  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> TO:&nbsp;HOLDERS OF COMMON SHARES OF IRC  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_1._the_offer"> </A>
<A NAME="toc_de44202_2"> </A></FONT> <FONT SIZE=2><B>  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror hereby offers to purchase, during the Offer Period, on and subject to the terms and conditions hereinafter specified, any and all of the
issued and outstanding Common Shares (other than Common Shares owned or controlled by the Offeror or any of its affiliates), including the Common Shares which become outstanding upon the exercise,
conversion, exchange or settlement of any securities of IRC (including the outstanding Options, but excluding the SRP Rights) for $6.75 in cash per Common Share
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer Price</B></FONT><FONT SIZE=2>"). The Offer Price is subject to adjustment in the case of payment by IRC of certain dividends. See Section&nbsp;9 of the
Offer, "Changes in Capitalization, Dividends, Distributions and&nbsp;Liens". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer is made only for Common Shares and is not made for any options, rights or other securities to acquire Common Shares (other than the associated SRP Rights). Any holder
of such options, rights or other securities to acquire Common Shares (other than the associated SRP Rights) who wishes to accept the Offer must exercise or convert the options, rights or other
securities in order to obtain certificates representing Common Shares that may be deposited in accordance with the terms of the Offer. See Section&nbsp;4 of the Circular,
"Options".</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
who have deposited their Common Shares pursuant to the Offer will be deemed to have deposited the SRP Rights associated with such Common Shares. No additional payment will be made for the
SRP Rights and no part of the consideration to be paid by the Offeror for the Common Shares will be allocated to the SRP&nbsp;Rights. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
obligation of the Offeror to take up and pay for Common Shares pursuant to the Offer is subject to certain conditions. See Section&nbsp;4 of the Offer, "Conditions of the Offer". If such
conditions have been complied with or, to the extent capable of waiver, waived by the Offeror at or prior to the Expiry Time, the Offeror will take up and pay for the Common Shares validly deposited
and not properly withdrawn under the Offer in accordance with the terms of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This document does not constitute an offer or a solicitation to any Person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to,
nor will deposits be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However,
the Offeror may, in its sole discretion, take such action as it may deem necessary to extend the Offer to IRC Shareholders in any such jurisdiction.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>No
fee or commission will be payable by Shareholders who transmit their Common Shares directly to the Depositary to accept the Offer. See Section&nbsp;17 of the Circular, "Depositary". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The accompanying Glossary, Summary, Circular, Letter of Transmittal and Notice of Guaranteed Delivery are incorporated into and form part of the Offer and contain important
information which should be read carefully before making a decision with respect to the&nbsp;Offer.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_2._time_of_acceptance"> </A>
<A NAME="toc_de44202_3"> </A>
<BR></FONT><FONT SIZE=2><B>  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIME OF ACCEPTANCE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer is open for acceptance until 8:00&nbsp;p.m. (Toronto time) on January&nbsp;19, 2010 (the&nbsp;"</FONT><FONT SIZE=2><B>Expiry
Time</B></FONT><FONT SIZE=2>"), unless withdrawn or extended. See Section&nbsp;5 of the Offer, "Variation of Terms or Change in Information in the Offer or Circular" and Section&nbsp;7 of the
Offer, "Withdrawal of Deposited Common&nbsp;Shares". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_3._manner_of_acceptance"> </A>
<A NAME="toc_de44202_4"> </A>
<BR></FONT><FONT SIZE=2><B>  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANNER OF ACCEPTANCE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Letter of Transmittal  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer may be validly accepted by delivering to the Depositary at its office listed in the Letter of Transmittal so as to be received at or prior
to the Expiry&nbsp;Time: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
certificate(s) representing the Common Shares in respect of which the Offer is being&nbsp;accepted; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Letter of Transmittal in the form accompanying the Offer, or a manually executed facsimile thereof, properly completed and duly executed as required by
the instructions set out in the Letter of Transmittal;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
other documents required by the instructions set out in the Letter of&nbsp;Transmittal. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the certificate(s) representing Common Shares are not available for deposit prior to the Expiry Time, Shareholders may accept the Offer by complying with the procedures for guaranteed delivery set
forth below in this Section&nbsp;3. Participants in CDS or DTC should contact the Depositary with respect to the deposit of their Common Shares under the Offer. CDS and DTC will be issuing
instructions to their participants as to the method of depositing the Common Shares under the terms of the Offer. See also "Book-Entry Transfer" below. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
are required to deposit one SRP Right for each Common Share in order to effect a valid deposit of such Common Share or, if available, a Book-Entry Confirmation must be
received by the Depositary with respect thereto. If the Separation Time does not occur prior to the Expiry Time, a deposit of Common Shares will also constitute a deposit of the associated SRP Rights.
If the Separation Time occurs prior to the Expiry Time and Rights Certificates are distributed to Shareholders prior to the time that a Shareholder deposits its Common Shares pursuant to the Offer, in
order for Common Shares to be validly deposited, Rights Certificates(s) representing SRP Rights equal in number to the number of Common Shares deposited must be delivered to the Depositary. If the
Separation Time occurs prior to the Expiry Time and Rights Certificates are not distributed to Shareholders by the time that a Shareholder deposits its Common Shares pursuant to the Offer, the
Shareholder may deposit its SRP Rights prior to receiving Rights Certificate(s) by using the procedures for guaranteed delivery described below. In any case, a deposit of Common Shares constitutes an
agreement by the Shareholder to deliver Rights Certificate(s) representing the associated SRP Rights to the Depositary prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX
after the date, if any, that Rights Certificates are distributed to Shareholders. The Offeror reserves the right to require, if the Separation Time occurs prior to the Expiry Time, that the Depositary
receives Rights Certificate(s) from a Shareholder representing such SRP Rights prior to the Offeror taking up the Common Shares for payment pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except
as otherwise provided in the instructions to the Letter of Transmittal, all signature(s) on a Letter of Transmittal and on Share Certificate(s) (and, if applicable, any Rights Certificate(s))
representing the deposited Common Shares and, if necessary, on the Notice of Guaranteed Delivery, must be guaranteed by an Eligible Institution. If a Letter of Transmittal is executed by a Person
other than the registered owner(s) of the Common Shares deposited therewith, and in certain other circumstances as set forth in the Letter of Transmittal, then the Share Certificate(s) (and, if
applicable, the Rights Certificate(s)) representing such Common Shares must be endorsed or be accompanied by an appropriate share transfer power of attorney duly and properly completed by the
registered owner(s), with the signature(s) on the endorsement panel or such power of attorney guaranteed by an Eligible Institution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Book-Entry Transfer  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders who have an account maintained by any CDS participating institution may accept the Offer by following the procedures for
book-entry transfer established by CDS, provided that a Book-Entry Confirmation of a Shareholder's Common Shares into the Depositary's account at CDS, through the CDS
on-line tendering system pursuant to which book-entry transfers may be effected (the&nbsp;"</FONT><FONT SIZE=2><B>CDSX</B></FONT><FONT SIZE=2>"), is received by the
Depositary at its office specified in the Letter of Transmittal prior to the Expiry Time. The Depositary has established an account at CDS for the purpose of the Offer. Any institution that is a
participant in CDS may cause CDS to make a book-entry transfer of a Shareholder's Common Shares into the Depositary's account in accordance with CDS procedures for such&nbsp;transfer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders,
through their respective CDS participants, who utilize CDSX to accept the Offer through book-entry transfer of their Common Shares into the Depositary's account with CDS
shall be deemed to have completed and submitted a Letter of Transmittal and to be bound by the terms thereof and therefore such instructions received by the Depositary are considered a valid tender in
accordance with the terms of the&nbsp;Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholders
may also accept the Offer by following the procedure for book-entry transfer established by DTC, provided that a Book-Entry Confirmation, together with an Agent's
Message in respect thereof, or a properly completed and duly executed Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), together with any required signature guarantees, and any
other required documents, are received by the Depositary at its office in Toronto, Ontario, Canada at or prior to the Expiry Time. Any institution that is a participant in DTC's systems may cause DTC
to make a book-entry transfer of a Shareholder's Common Shares into the Depositary's account in accordance with DTC's procedures for such transfer. However, although delivery of Common
Shares may be effected through book-entry transfer into the Depositary's account at DTC, either a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly
completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and any other required documents, must, in any case, be received
by the Depositary, at its office specified in the Letter of Transmittal prior to the Expiry Time, or the tendering Shareholder must comply with the procedures for guaranteed delivery described under
"Procedures for Guaranteed Delivery" for a valid tender of the Common Shares by book-entry transfer. Delivery of documents to DTC in accordance with its procedures does not constitute
delivery to the&nbsp;Depositary. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Delivery
of Common Shares to the Depositary by means of a book-entry transfer in accordance with the procedures for book-entry transfer established by CDS or DTC, as
applicable, will constitute a valid tender under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agent's Message</B></FONT><FONT SIZE=2>" means a message transmitted through electronic means by DTC in accordance with the normal procedures of DTC and the Depositary to, and
received by, the Depositary and forming part of a Book-Entry Confirmation, which states that DTC has received an express acknowledgement from the participant in DTC depositing the Common
Shares which are the subject of such Book-Entry Confirmation that such participant has received and agrees to be bound by the terms of the Letter of Transmittal as if executed by such
participant and that the Offeror may enforce such agreement against such participant. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Book Entry Confirmation</B></FONT><FONT SIZE=2>" means confirmation of a book-entry transfer of the Shareholder's Common Shares into the Depositary's account at
CDS or DTC, as&nbsp;applicable. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Procedures for Guaranteed Delivery  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If a Shareholder wishes to deposit Common Shares pursuant to the Offer and: (i)&nbsp;the Share Certificate(s) and/or, if the Separation Time has
occurred prior to the Expiry Time, Rights Certificate(s) representing the associated SRP Rights are not immediately available; (ii)&nbsp;the Share Certificate(s) and, if applicable, Rights
Certificate(s), representing such Common Shares (including the associated SRP Rights), and all other required documents cannot be delivered to the Depositary prior to the Expiry Time; (iii)&nbsp;the
procedures for delivery by book-entry transfer, as set forth above, cannot be complied with on a timely basis; or (iv)&nbsp;if the Separation Time has occurred prior to the Expiry Time
but Rights Certificates have not been distributed to Shareholders prior to the Expiry Time, such Common Shares (including the associated SRP Rights) may nevertheless be deposited pursuant to the Offer
provided that all of the following conditions are&nbsp;met: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>such
deposit is made by or through an Eligible Institution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
properly completed and duly executed Notice of Guaranteed Delivery (or&nbsp;if sent by DTC, a message transmitted through electronic means by DTC in
accordance with the usual procedures of DTC and the Depositary; provided, however, that if the notice is sent by DTC through such electronic means, it must state that DTC has received an express
acknowledgement from the participant in DTC on whose behalf the Notice of Guaranteed Delivery is given that such participant has received and agrees to become bound by the Notice of Guaranteed
Delivery), or a manually executed facsimile thereof, is received by the Depositary at its office set forth in the Notice of Guaranteed Delivery on or prior to the Expiry&nbsp;Time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Share Certificate(s) and, if the Separation Time has occurred prior to the Expiry Time and Rights Certificates have been distributed to the Shareholders
prior to the Expiry Time, the Rights Certificate(s) representing the deposited Common Shares (including the associated SRP Rights), in proper form for transfer, in each case together with a Letter of
Transmittal, or a manually executed </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>facsimile
thereof, properly completed and duly executed with signatures guaranteed if so required in accordance with the Letter of Transmittal or, in the case of Common Shares deposited by
book-entry transfer, a Book-Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed
and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and all other documents required by the Letter of Transmittal are received
by the Depositary at its office set forth in the Notice of Guaranteed Delivery on or prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the Expiry Time;&nbsp;and </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>if
the Separation Time has occurred prior to the Expiry Time but Rights Certificates have not been distributed to Shareholders prior to the Expiry Time, the
Rights Certificate(s) representing the deposited SRP Rights, together with a Letter of Transmittal, or a manually executed facsimile thereof, properly completed and duly executed with signatures
guaranteed if so required in accordance with the Letter of Transmittal or, in the case of Common Shares deposited by book-entry transfer, a Book-Entry Confirmation and, in the
case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's
Message in lieu of a Letter of Transmittal, and all other documents required by the Letter of Transmittal are received by the Depositary at its office set forth in the Notice of Guaranteed Delivery on
or prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the date, if any, that Rights Certificates are distributed to Shareholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Notice of Guaranteed Delivery must include a guarantee by an Eligible Institution in the form set forth in the Notice of Guaranteed Delivery. The Notice of Guaranteed Delivery may be delivered by
hand or courier or transmitted by facsimile transmission or mailed to the Depositary so as to be received by the Depositary at its office set forth in the Notice of Guaranteed Delivery no later than
the Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In all cases, payment for the Common Shares deposited and taken up by the Offeror will be made only after the timely receipt by the Depositary of the
Share Certificate(s) (or&nbsp;a Book-Entry Confirmation) (and, if applicable, the Rights Certificate(s)) representing the deposited Common Shares (including the associated SRP Rights),
together with a Letter of Transmittal, or manually executed facsimile thereof, properly completed and duly executed with signatures guaranteed if so required in accordance with the Letter of
Transmittal or, in the case of Common Shares deposited by book-entry transfer, a Book Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually
executed facsimile thereof), properly completed and duly executed, together with
any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and any other required documents. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The method used to deliver the Letter of Transmittal, any accompanying Share Certificate(s) and, if applicable, Rights Certificate(s) representing the Common Shares and all
other documents required by the Letter of Transmittal, including delivery through CDS or DTC, is at the option and risk of the Person depositing the same, and delivery will be deemed effective only
when such documents are actually received by the Depositary. The Offeror recommends that such documents be delivered by hand to the Depositary at its office specified in the Letter of Transmittal and
a receipt obtained or, if mailed, that registered mail be used and that proper insurance be obtained. It is suggested that any such mailing be made sufficiently in advance of the Expiry Time to permit
delivery to the Depositary prior to the Expiry&nbsp;Time.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Shareholders whose Common Shares are registered in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee for assistance in
depositing their Common Shares to the&nbsp;Offer.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
execution of a Letter of Transmittal by a Shareholder (or, in the case of Common Shares deposited by book-entry transfer, receipt by the Depositary of a Book-Entry
Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any required signature
guarantees, or an Agent's Message in lieu of a Letter of Transmittal) irrevocably constitutes and appoints, effective on and after the date that the Offeror takes up and pays for the deposited Common
Shares (the&nbsp;"</FONT><FONT SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>"), certain officers of the Offeror and any other Person </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>designated
by the Offeror in writing, as the true and lawful agent, attorney and attorney-in-fact and proxy of such Shareholder with
respect&nbsp;to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Common Shares (including the associated SRP Rights) deposited by such Shareholder pursuant to, and which are taken up and paid for under, the Offer
(the&nbsp;"</FONT><FONT SIZE=2><B>Purchased Shares</B></FONT><FONT SIZE=2>");&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
and all dividends, distributions, payments, securities, rights, assets or other interests which may be declared, paid, distributed, issued, made or
transferred (other than the cash dividends, distributions or payments in respect of which the Offer Price payable by the Offeror has been reduced pursuant to Section&nbsp;9 of the Offer, "Changes in
Capitalization, Dividends, Distributions and Liens") on or in respect of the Purchased Shares on or after the Offer Commencement Date (collectively, the "</FONT><FONT SIZE=2><B>Other
Securities</B></FONT><FONT SIZE=2>"), </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>with
full power of substitution, in the name of and on behalf of such Shareholder (such power of attorney being deemed to be an irrevocable power coupled with an interest): (i)&nbsp;to register or
record, transfer and enter the transfer of Purchased Shares and any Other Securities on the appropriate register of holders maintained by IRC; (ii)&nbsp;to exercise any and all of the rights of such
Shareholder in respect of such Purchased Shares and/or Other Securities, including, without limitation, to vote, execute and deliver any and all instruments of proxy, authorizations or consents in
respect of all or any of the Purchased Shares and Other Securities, revoke any such instrument, authorization, or consent given prior to, on or after the Effective Date, designate in any such
instruments of proxy any Person(s) as the proxy or the proxy nominee(s) of such Shareholder in respect of such Purchased Shares and/or Other Securities for all purposes, including, without limitation,
in connection with any meeting (whether annual, special or otherwise and any adjournment(s) thereof) of holders of securities of IRC, and (iii)&nbsp;to execute, endorse and negotiate, for and in the
name of and on behalf of such Shareholder, any and all cheques or other instruments respecting any distribution payable to or to the order of such Shareholder in respect of such Purchased Shares
and/or Other Securities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Furthermore,
a holder of Purchased Shares and/or Other Securities who executes a Letter of Transmittal (or, in the case of Common Shares deposited by book-entry transfer, receipt by the
Depositary of a Book-Entry Confirmation) agrees, effective from and after the Effective Date, (i)&nbsp;not to vote any of the Purchased Shares and/or Other Securities at any meeting
(whether annual, special or otherwise and any adjournment(s) thereof) of holders of securities of IRC, (ii)&nbsp;not to exercise any or all of the other rights or privileges attached to the
Purchased Shares and/or Other Securities, and (iii)&nbsp;to execute and deliver to the Offeror any and all instruments of proxy, authorizations or consents in respect of the Purchased Shares and/or
Other Securities and to designate in any such instruments of proxy the Person(s) specified by the Offeror as the proxy or the proxy nominee(s) of the holder in respect of the Purchased Shares and/or
Other Securities. Upon such designation, all prior proxies given by the holder of such Purchased Shares and/or Other Securities with respect thereto shall be revoked and no subsequent proxies may be
given by such Person with respect thereto. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
holder of Purchased Shares and/or Other Securities who executes a Letter of Transmittal (or, in the case of Common Shares deposited by book-entry transfer, receipt by the Depositary of a
Book-Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any
required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal) agrees to execute, upon request, any additional documents, transfers and other assurances as may be necessary
or desirable to complete the sale, assignment and transfer of the Purchased Shares and/or Other Securities to the Offeror and acknowledges that all authority therein conferred or agreed to be
conferred may be exercised during any subsequent legal incapacity of the holder and shall survive the death or incapacity, bankruptcy or insolvency of the holder and all obligations of the holder
therein shall be binding upon the heirs, personal representatives, successors and assigns of the holder, as the case may&nbsp;be. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
deposit of Common Shares pursuant to the procedures set forth in this Offer will constitute a binding agreement between the depositing Shareholder and the Offeror upon the terms and subject to the
conditions of the Offer, including the depositing Shareholder's representation and warranty that: (i)&nbsp;such Shareholder has full power and authority to deposit, sell, assign and transfer the
Common Shares (and&nbsp;any Other Securities) being deposited and has not sold, assigned or transferred or agreed to sell, assign or transfer any of such Common Shares (and&nbsp;any Other
Securities) to any other Person; (ii)&nbsp;such Shareholder owns all of the Common Shares (and&nbsp;any Other Securities) being deposited within the meaning of Securities Laws; (iii)&nbsp;the
deposit of such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Common
Shares (and&nbsp;any Other Securities) complies with Securities Laws; and (iv)&nbsp;when such Common Shares (and&nbsp;any Other Securities) are taken up and paid for by the Offeror, the
Offeror shall acquire good title thereto, free and clear of all liens, restrictions, charges, encumbrances, claims and equities whatsoever. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror is entitled, in its sole discretion, to make a final and binding determination of all questions relating to the validity, form, eligibility (including timely receipt) and acceptance of any
Common Shares and accompanying documents deposited pursuant to the Offer and any notice of withdrawal of Common Shares, the due completion of the Letter of Transmittal or the Notice of Guaranteed
Delivery. The Offeror reserves the absolute right to reject any and all deposits which the Offeror determines not to be in proper form or which may be unlawful to accept under the laws of any
jurisdiction. The Offeror reserves the right to waive any defect in or irregularity in any deposit or withdrawal with respect to any Common Share and the accompanying documents or any particular
Shareholder or to permit the Offer to be accepted in any manner other than as set out above. There will be no duty or obligation on the Offeror, the Depositary, the Dealer Managers or the Information
Agent or any other Person to give notice of any defect or irregularity in any deposit or notice of withdrawal, and no liability will be incurred by any of them for failure to give any
such&nbsp;notice. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_4._conditions_of_the_offer"> </A>
<A NAME="toc_de44202_5"> </A>
<BR></FONT><FONT SIZE=2><B>  4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS OF THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding any other provision of the Offer, and subject to applicable laws and in addition to (and&nbsp;not in limitation of) the Offeror's
right to withdraw, extend, vary or change the Offer at any time prior to the Expiry Time pursuant to Section&nbsp;5 of the Offer, "Variation of Terms or Change in Information in the Offer or
Circular", the Offeror shall have the right to withdraw or terminate the Offer (or&nbsp;amend the Offer to postpone taking up and paying for Common Shares deposited under the Offer) and not accept
for payment, take up, purchase or pay for, or extend the period of time during which the Offer is open for acceptance and postpone taking up and paying for, any Common Shares deposited under the
Offer, unless all of the following conditions are complied with or waived by the Offeror at or prior to the Expiry&nbsp;Time: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>one
of the following shall have occurred: (i)&nbsp;the board of directors of IRC shall have redeemed all outstanding SRP Rights or waived the application
of the provisions of the Shareholder Rights Plan to the purchase of Common Shares by the Offeror under the Offer and any Compulsory Acquisition or any Subsequent Acquisition Transaction;
(ii)&nbsp;the Shareholder Rights Plan does not and will not provide rights to Shareholders to purchase any securities of IRC or any of its Subsidiaries as a result of the Offer and any Compulsory
Acquisition or Subsequent Acquisition Transaction and does not and would not reasonably be expected to have a Material Adverse Effect; (iii)&nbsp;a cease trade order or injunction from the
applicable Governmental Entity shall have been issued that has the effect of prohibiting or preventing the exercise of the SRP Rights or the issue of Common Shares upon the exercise of the SRP Rights
in relation to the Offer and any Compulsory Acquisition or any Subsequent Acquisition Transaction, which cease trading order or injunction shall be in full force and effect; (iv)&nbsp;a court of
competent jurisdiction shall have made a final and binding order that the SRP Rights are illegal, invalid, of no force or effect or may not be exercised in relation to the Offer and any Compulsory
Acquisition or any Subsequent Acquisition Transaction; or (v)&nbsp;the SRP Rights and the Shareholder Rights Plan shall otherwise have become or been held unexercisable or unenforceable in relation
to the Common Shares with respect to the Offer and any Compulsory Acquisition or Subsequent Acquisition Transaction; and the Offeror, in each case, shall have determined in its sole discretion, acting
reasonably, that the Shareholder Rights Plan does not and will not adversely affect the Offer, the Offeror or Franco-Nevada, either before or upon consummation of the Offer or the purchase of Common
Shares under the Offer or any Compulsory Acquisition or any Subsequent Acquisition Transaction;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror (directly or through one or more affiliates) shall not have entered into an agreement with IRC which contemplates the acquisition, directly or
indirectly, of 100% of the Common Shares (other than Common Shares owned or controlled by the Offeror or any of its affiliates) in a transaction required to be approved by Shareholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>none
of IRC or any of its Subsidiaries shall, following December&nbsp;6, 2009, have entered into, or have announced any intention to enter into, any
agreement, arrangement or understanding in respect of any </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>take-over
bid (other than the Offer), merger, amalgamation, statutory arrangement, share exchange, capital reorganization (including, without limitation, any division, combination,
reclassification, consolidation, conversion or other change in respect of any of the Common Shares or its capitalization), business combination, joint venture or other similar transaction; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
Governmental Entity approvals, waiting or suspensory periods (including any extensions thereof), waivers, permits, consents, reviews, orders, rulings,
decisions, declarations, certificates, and exemptions which in the Offeror's sole discretion are necessary or desirable to obtain in connection with the Offer, any Compulsory Acquisition or any
Subsequent Acquisition Transaction (including, without limitation, each item described under Section&nbsp;14 of the Circular, "Regulatory Matters") shall have been obtained, received or concluded,
each on terms and conditions satisfactory to the Offeror in its sole discretion, or, in the case of waiting or suspensory periods (including any extensions thereof), expired or been terminated, each
on terms and conditions satisfactory to the Offeror in its sole discretion;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>without
limiting the scope of the condition in paragraph&nbsp;(d), either (i)&nbsp;the Offeror and IRC shall have given the requisite notice required
under section&nbsp;114 of the Competition Act in respect of the Offer and the applicable waiting periods related to merger pre-notification under section&nbsp;123 of the Competition
Act shall have expired or been terminated in accordance with the Competition Act or the obligation to give the requisite notice has been waived under paragraph&nbsp;113(c) of the Competition Act and
the Commissioner shall have advised the Offeror in writing (to&nbsp;the satisfaction of the Offeror in its sole discretion) that there are not sufficient grounds to initiate proceedings under the
merger provisions of the Competition Act in respect of the purchase of Common Shares under the Offer and that the Commissioner, at that time, does not intend to make an application under
section&nbsp;92 of the Competition Act in respect of the purchase of Common Shares under the Offer (which advice shall not have been rescinded or amended) and the Commissioner shall not have made or
threatened to make application under the Competition Act in respect of the purchase of the Common Shares under the Offer, and shall not have otherwise made or issued any communication (whether to the
Offeror or otherwise), which in the sole discretion of the Offeror might make it inadvisable for the Offeror to proceed with the Offer or taking up and paying for Common Shares deposited under the
Offer; or (ii)&nbsp;the Commissioner shall have issued an ARC in respect of the purchase of the Common Shares pursuant to Section&nbsp;102 of the Competition Act and shall not have subsequently
withdrawn or purported to have withdrawn such ARC prior to the acquisition by the Offeror of Common Shares deposited under the Offer or have stated or otherwise indicated that she has new information
as a result of which she is no longer satisfied that she would not have sufficient grounds on which to apply to the Competition Tribunal under Section&nbsp;92 of the Competition Act with respect to
the purchase of Common Shares under the&nbsp;Offer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall have determined, in its sole discretion, that no property right, franchise, concession, permit, lease or license of IRC or any of its
Subsidiaries has been or will be materially adversely affected, whether as a result of the making of the Offer, the taking up and paying for Common Shares deposited under the Offer, or the completion
of a Compulsory Acquisition or Subsequent Acquisition Transaction or otherwise, on a basis which might reduce the expected economic value to the Offeror of the acquisition of IRC or make it
inadvisable for the Offeror to proceed with the Offer and/or with taking up and paying for Common Shares deposited under the Offer and/or the completion of a Compulsory Acquisition or a Subsequent
Acquisition Transaction;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>(i)
no default, event of default, right of termination, material modification, acceleration or right of acceleration shall have occurred or be expected to
occur under any note, bond, mortgage, indenture, licence, lease, contract, instrument, guarantee or other agreement or obligation (each, a "</FONT><FONT SIZE=2><B>Material
Contract</B></FONT><FONT SIZE=2>") of IRC or any of its Subsidiaries, or by which any of them or their properties or assets are subject, as a result of the making of the Offer, the taking up and
paying for Common Shares deposited under the Offer and/or the completion of a Compulsory Acquisition or a Subsequent Acquisition Transaction and (ii)&nbsp;no covenant, term or condition exists in
any Material Contract of IRC or any of its Subsidiaries, or by which any of them or their properties or assets are subject, which would, or would reasonably be expected to, have a Material Adverse
Effect (including, but not limited to, any default, event of default, right of termination, material modification, acceleration, right of acceleration, voting </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>right,
right of first refusal, pre-emptive right, purchase right, loss of control or operatorship, pricing change or other event that might ensue as a result of the Offeror taking up and
paying for Common
Securities deposited under the Offer and/or the completion of a Compulsory Acquisition or Subsequent Acquisition Transaction);  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall not have become aware of any (i)&nbsp;material adverse claim, impairment, right, interest, limitation or other restriction of any kind
whatsoever in respect of any of the properties or assets, including any rights or concessions, of IRC or any of its Subsidiaries, or (ii)&nbsp;material obligations or liabilities of IRC or any of
its Subsidiaries, whether or not accrued, contingent or otherwise, or any other facts or circumstances, in each case, that is not specifically, fully and accurately disclosed by IRC in its filings
with the Securities Regulatory Authorities prior to December&nbsp;6,&nbsp;2009;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>(i)
no act, action, suit or proceeding shall have been threatened or taken before or by any Governmental Entity or by any elected or appointed public
official or Person in Canada or elsewhere, whether or not having the force of law; and (ii)&nbsp;no law, regulation or policy shall have been proposed, enacted, promulgated, amended, applied or
otherwise come into effect or&nbsp;exist:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
cease trade, enjoin, prohibit, restrict or impose limitations or conditions (including by way of a temporary restraining order, preliminary or permanent
injunction, decree, judgment, order or otherwise) on the Offeror from making the Offer, the purchase by or the sale to the Offeror of the Common Shares, the take up or acquisition of Common Shares by
the Offeror (including with respect to any currency exchange transactions required to take up or acquire the Common Shares by the Offeror), the delivery of cash in consideration for the Common Shares
taken up or acquired by the Offeror and the right of the Offeror or Franco-Nevada indirectly, to acquire, own or exercise full rights of ownership of the Common Shares, or the consummation of a
Compulsory Acquisition or a Subsequent Acquisition Transaction;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>which,
in the Offeror's sole discretion, might have a Material Adverse&nbsp;Effect.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall have determined that there shall not exist and shall not have occurred (except to the extent that the same shall have been disclosed
generally or to the Offeror in writing prior to December&nbsp;6, 2009) any change, condition, event, circumstance, development, occurrence or state of facts which, in the sole discretion of the
Offeror, is or may be a Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall have determined, in its sole discretion, that none of IRC, any of its Subsidiaries or any other party shall have taken or failed to have
taken any action, or authorized, recommended, proposed or announced the intention to take any action, or disclosed any previous action taken by it, other than, in each case, any such action that is
specifically, fully and accurately disclosed by IRC in its filings with the Securities Regulatory Authorities prior to December&nbsp;6, 2009, which would reasonably be expected to have a Material
Adverse Effect, including, without limitation:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
issue or purchase, including any proposals related thereto, of (i)&nbsp;Common Shares (other than in accordance with the current terms of Options
outstanding as of December&nbsp;6, 2009 in accordance with their terms as publicly disclosed prior to December&nbsp;6, 2009), options or other securities of IRC to any person other than a
wholly-owned Subsidiary of IRC or (ii)&nbsp;securities convertible into, or rights, warrants or options to acquire, any such Common Shares or other convertible securities, in each case subsequent to
December&nbsp;6,&nbsp;2009;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
incurrence of material debt (including by way of guaranteeing the indebtedness of any person) or project financing or material steps in furtherance of
the foregoing, any acquisition from a third party of material assets or of securities by IRC or any of its Subsidiaries, or the making or committing to make any capital expenditure by IRC or any of
its Subsidiaries not in the ordinary course of business and consistent with past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>acquiring,
redeeming or otherwise causing a reduction in the number of, or authorizing or proposing the acquisition, redemption or other reduction in the
number of, outstanding Common Shares or other securities of the Company or any of its Subsidiaries; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>waiving,
releasing, granting, transferring any right of material value under or amending any Material Contract;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>entering
into any Material Contracts other than in the ordinary course of business consistent with past&nbsp;practice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>entering
into any transaction or series of transactions, or agreement in respect thereof, pursuant to which IRC or any of its Subsidiaries acquire any
assets, or interests therein, with either a value or aggregate purchase price that exceeds $10&nbsp;million;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
change to IRC's articles of incorporation or by-laws or the Shareholder Rights Plan (other than the waiver of the Shareholder Rights Plan
in respect of the&nbsp;Offer);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
failure to file or furnish, as applicable, on a timely basis, all forms, statements, certifications, reports and documents required to be filed or
furnished with any Governmental Entity of competent jurisdiction in compliance with the applicable requirements of such Governmental Entity;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
proposal, plan or intention to do any of the foregoing, either publicly announced or communicated by or to IRC, or any agreement to engage in any of
the&nbsp;foregoing;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall have determined, in its sole discretion, that none of IRC, any of its Subsidiaries or any other party shall have taken any action or
authorized, recommended, proposed or announced the intention to take any action, with respect to any agreement, proposal, offer or understanding relating to any sale, disposition or other dealing with
any of the assets of IRC or any of its Subsidiaries other than in the ordinary course of business consistent with past practice (other than any such sale, disposition or other dealing between IRC and
any wholly-owned Subsidiary of&nbsp;IRC);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall not have become aware of any untrue statement of material fact, or an omission to state a material fact that is required to be stated or
that is necessary to make a statement not misleading in the light of the circumstances in which it was made and at the date it was made (after giving effect to all subsequent filings prior to the date
of the Offer in relation to all matters covered in earlier filings), in any document filed by or on behalf of IRC or any of its Subsidiaries with any Securities Regulatory Authorities, including,
without limitation, any annual information form, financial statement, material change report, press release or management proxy circular or in any document so filed or released by IRC or its
Subsidiaries to the public, which is or may be a Material Adverse&nbsp;Effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no
dividends or other distributions shall have been declared or paid or otherwise made in respect of the outstanding Common Shares on or subsequent to
December&nbsp;6, 2009;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Offeror shall have determined, in its sole discretion, that (i)&nbsp;none of IRC, any of its Subsidiaries or any other party shall have, on or
subsequent to December&nbsp;6, 2009, entered into, adopted, established, modified or terminated any pension plan, employee benefit plan, change in control, severance compensation or similar
agreement, arrangement or plan with any directors, officers, employees or consultants of IRC or any of its Subsidiaries, or made any proposal or plan to do any of the foregoing; (ii)&nbsp;there
shall not have occurred, on or subsequent to December&nbsp;6, 2009, any change in the compensation paid by IRC or its Subsidiaries to their directors, officers, employees or consultants, including
the granting of additional stock options, share appreciation rights, deferred share units, bonuses, awards or increased benefits, or in the circumstances under which such compensation would be
payable, including as a result of or in connection with the transactions contemplated by the Offer; and (iii)&nbsp;IRC shall have publicly disclosed all material terms of any agreement or
arrangement with its directors, officers or employees with respect to change of control or severance arrangements, including the amount of any severance or termination payments payable thereunder. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
foregoing conditions are for the sole benefit of the Offeror and may be asserted by the Offeror at any time, regardless of the circumstances giving rise to any such assertion, including any action
or inaction by the Offeror. The Offeror may waive any of the foregoing conditions, in whole or in part, at any time and from time to time, without prejudice to any other rights which the Offeror may
have. The failure by the Offeror at any time to exercise any of the foregoing rights will not be deemed a waiver of any such right, the waiver of any such right </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>with
respect to particular facts and other circumstances will not be deemed a waiver with respect to any other facts and circumstances, and each such right shall be deemed an ongoing right that may be
asserted at any time and from time to time by the Offeror. Any determination by the Offeror concerning any event or other matter described in the foregoing conditions will be final and binding upon
all&nbsp;parties. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Any
waiver of a condition or the termination or withdrawal of the Offer shall be effective upon written notice or other communication confirmed in writing by the Offeror to that effect, to the
Depositary at its office in Toronto, Ontario, Canada. Forthwith after giving any such notice, the Offeror will make a public announcement of such waiver or withdrawal, cause the Depositary, if
required by law, as soon as practicable thereafter to notify the Shareholders in the manner set forth in Section&nbsp;11 of the Offer, "Notice," and provide a copy of the aforementioned public
announcement to the TSX. If the Offer is withdrawn, the Offeror shall not be obligated to take up or pay for any Common Shares deposited under the Offer, and the Depositary will promptly return all
certificates representing deposited Common Shares, Letters of Transmittal, Notices of Guaranteed Delivery and related documents to the parties by whom they were deposited at the Offeror's expense as
described in Section&nbsp;8 of the Offer, "Return of Common&nbsp;Shares". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_5._variation_of_terms_or_chang__5._02753"> </A>
<A NAME="toc_de44202_6"> </A>
<BR></FONT><FONT SIZE=2><B>  5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VARIATION OF TERMS OR CHANGE IN INFORMATION IN THE OFFER OR CIRCULAR    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer will be open for acceptance until the Expiry Time, unless extended or withdrawn by the&nbsp;Offeror. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror reserves the right, in its sole discretion, at any time and from time to time prior to or at the Expiry Time (or&nbsp;otherwise as permitted by applicable law), to extend the Offer by
fixing a new Expiry Time or to otherwise vary the terms of the Offer, in each case by giving written notice or other communication confirmed in writing of such extension or variation to the Depositary
at its office in Toronto, Ontario, Canada. The Offeror, after giving any such notice or communication, shall promptly issue and file&nbsp;a press release regarding such extension or variation, shall
cause the Depositary as soon as practicable thereafter to provide a notice of extension or variation in the required form in the manner set forth in Section&nbsp;11 of the Offer, "Notice", to all
Shareholders whose Common Shares have not been taken up before the date of the extension or variation and all holders of Options and shall provide a copy of the notice of extension or variation to the
TSX and the AMEX. Any notice of extension or variation will be deemed to have been given and to be effective on the day on which it is delivered or otherwise communicated in writing to the Depositary
at its office in Toronto, Ontario, Canada. Notwithstanding anything to the contrary herein, the Offeror will not amend the Offer in a manner which would alter the withdrawal rights of the Shareholders
or shorten the Offer&nbsp;Period. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding
the foregoing but subject to applicable law, the Offer may not be extended by the Offeror if all of the terms and conditions of the Offer have been complied with or waived, unless the
Offeror first takes up all Common Shares then deposited under the Offer and not&nbsp;withdrawn. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under
Securities Laws, where the terms of the Offer are varied (except a variation consisting solely of a waiver of a condition and any extension of the Offer resulting from the waiver), the Offer
Period will not expire before ten days after the notice of such variation has been sent to Shareholders, unless otherwise permitted by applicable law and subject to abridgement or elimination of that
period pursuant to such orders as may be granted by applicable Securities Regulatory Authorities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
at any time prior to the Expiry Time, or at any time after the Expiry Time but before the expiry of all rights to withdraw the Common Shares deposited under the Offer, a change occurs in the
information contained in the Offer or the Circular, each as may be varied or amended from time to time, that would reasonably be expected to affect the decision of a Shareholder to accept or reject
the Offer (other than a change that is not within the control of the Offeror or of an affiliate of the Offeror), the Offeror will promptly give written notice of such change to the Depositary at its
office in Toronto, Ontario, Canada, and will cause the Depositary to provide a notice of change in the required form in the manner set forth in Section&nbsp;11 of the Offer, "Notice" to all
Shareholders whose Common Shares have not been taken up pursuant to the Offer before the date of the change and all holders of Options. The Offeror will also promptly issue and file&nbsp;a news
release regarding the change in information and file&nbsp;a copy of the notice of change with the Securities Authorities. Any notice of change in information will be deemed to have been
given and to be effective on the day on which it is delivered or otherwise communicated to the Depositary at its office in Toronto, Ontario, Canada. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_de44202_1_20"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If,
on or after December&nbsp;6, 2010, IRC should declare or pay or make any cash dividends, distributions or payments with respect to Common Shares which are payable or distributable to the
Shareholders of record on a date prior to the transfer into the name of the Offeror or its nominees or transferees on the transfer register maintained by or on behalf of IRC, the aggregate Offer Price
payable by the Offeror pursuant to the Offer will be reduced by the aggregate amount of any such cash dividends, distributions or payments. See Section&nbsp;9 of the Offer, "Changes in
Capitalization, Dividends, Distributions and&nbsp;Liens". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>During
any such extension or in the event of any such variation or change in information, all Common Shares deposited and not taken up or withdrawn will remain subject to the Offer and may be taken up
by the Offeror in accordance with the terms hereof, subject to Section&nbsp;7 of the Offer, "Withdrawal of Deposited Common Shares". An extension of the Offer Period, a variation of the Offer or a
change in information does not constitute a waiver by the Offeror of its rights under Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the consideration being offered for the Common Shares under the Offer is increased prior to the expiry of the Offer, the increased consideration will be paid to all depositing holders of the Common
Shares whose Common Shares are taken up under the Offer without regard to the time at which such Common Shares are taken up by the&nbsp;Offeror. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_6._take_up_and_payment_for_deposited_common_shares"> </A>
<A NAME="toc_de44202_7"> </A>
<BR></FONT><FONT SIZE=2><B>  6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAKE UP AND PAYMENT FOR DEPOSITED COMMON SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If all the terms and conditions of the Offer have been complied with or waived by the Offeror at or prior to the Expiry Time, the Offeror shall take
up and pay for all of the Common Shares validly deposited under the Offer, and not properly withdrawn pursuant to Section&nbsp;7 of the Offer, "Withdrawal of Deposited Common Shares", not later than
ten days after the Expiry Time. The Offeror shall pay for Common Shares that it has taken up as soon as possible, and in any event not later than the earlier of three Business Days after the Common
Shares are taken up and ten days after the Expiry Time. Any Common Shares deposited pursuant to the Offer after the first date on which Common Shares have been taken up by the Offeror will be taken up
and paid for within ten days of such&nbsp;deposit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subject
to applicable law, the Offeror expressly reserves the right in its sole discretion to delay taking up or paying for any Common Shares or to terminate the Offer and not take up or pay for any
Common Shares if
any condition specified in Section&nbsp;4 of the Offer, "Conditions of the Offer", is not complied with or waived by the Offeror, in whole or in part, by giving written notice thereof or other
communication confirmed in writing to the Depositary at its principal office in Toronto, Ontario, Canada. The Offeror also expressly reserves the right, in its sole discretion and notwithstanding any
other condition of the Offer, to delay taking up or paying for Common Shares in order to comply, in whole or in part, with any applicable law. The Offeror will not, however, take up and pay for any
Common Shares deposited under the Offer unless the Offeror simultaneously takes up and pays for all Common Shares then validly deposited under the Offer. The Offeror will be deemed to have taken up
and accepted for payment Common Shares validly deposited and not withdrawn pursuant to the Offer if, as and when the Offeror gives written notice or other communication confirmed in writing to the
Depositary at its principal office in Toronto, Ontario, Canada of its acceptance for payment of such Common Shares pursuant to the Offer and as required by applicable&nbsp;laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror will pay for Common Shares that have been taken up under the Offer by providing the Depositary with sufficient funds (by&nbsp;bank transfer or other means satisfactory to the Depositary)
for delivery to Shareholders who have tendered and not withdrawn their Common Shares under the Offer. Under no circumstances will interest accrue or be paid by the Offeror or the Depositary to Persons
depositing Common Shares on the Offer Price payable in respect of such Common Shares, regardless of any delay in making such&nbsp;payment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Depositary will act as the agent of Persons who have deposited Common Shares in acceptance of the Offer for the purposes of receiving payment from the Offeror and transmitting payment to such
Persons, and receipt of payment by the Depositary will be deemed to constitute receipt of payment by Shareholders who have deposited and not withdrawn their Common Shares pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Settlement
will be made by the Depositary issuing or causing to be issued a cheque payable in Canadian funds to which a Person depositing Common Shares is entitled. Unless otherwise directed by the
Letter of Transmittal, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
cheque will be issued in the name of the registered holder of the deposited Common Shares. Unless the Person depositing the Common Shares instructs the Depositary to hold the cheque for
pick-up by checking the appropriate box in the Letter of Transmittal, cheques will be forwarded by first class insured mail to such Person at the address specified in the Letter of
Transmittal. If no address is specified, cheques will be forwarded to the address of the Shareholder as shown on the registers of security holders maintained by IRC. Cheques mailed in accordance with
this paragraph will be deemed to be delivered at the time of mailing. Pursuant to applicable law, the Offeror may, in certain circumstances, be required to make withholdings from the amount otherwise
payable to a&nbsp;Shareholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Depositing
Shareholders will not be obligated to pay any brokerage fees or commissions if they accept the Offer by depositing their Common Shares directly with the Depositary. See Section&nbsp;17 of
the Circular, "Depositary". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_7._withdrawal_of_deposited_common_shares"> </A>
<A NAME="toc_de44202_8"> </A>
<BR></FONT><FONT SIZE=2><B>  7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITHDRAWAL OF DEPOSITED COMMON SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except as otherwise stated in this Section&nbsp;7 of the Offer, all deposits of Common Shares pursuant to the Offer are irrevocable. Unless
otherwise required or permitted by applicable law, any Common Shares deposited in acceptance of the Offer may be withdrawn by or on behalf of the depositing Shareholder: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
any time before the Common Shares have been taken up by the Offeror;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at
any time before the expiration of ten days from the date upon which:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
notice of change relating to a change which has occurred in the information contained in the Offer or the Circular, each as may be varied or amended from
time to time, which change would reasonably be expected to affect the decision of a Shareholder to accept or reject the Offer (other than a change that is not within the control of the Offeror or of
an affiliate of the Offeror) in the event that such change occurs prior to the Expiry Time or after the Expiry Time but before the expiry of all rights to withdraw the Common Shares deposited under
the Offer;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
notice of variation concerning a variation in the terms of the Offer (other than a variation consisting solely of an increase in the consideration
offered for the Common Shares and an extension of the time for deposit to not later than 10&nbsp;days after the date of notice of variation and/or a variation in the terms of the Offer consisting
solely of a waiver of one or more of the conditions of the&nbsp;Offer); </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>is
mailed, delivered or otherwise properly communicated, but only if such deposited Common Shares have not been taken up by the Offeror before the date of the notice of change or notice of variation,
as the case may be, and subject to abridgement of that period pursuant to such order or orders as may be granted by the Courts or Securities Regulatory Authorities;&nbsp;or </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>if
the Common Shares have not been paid for by the Offeror within three Business Days after having been taken&nbsp;up. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the Offeror waives any terms or conditions of the Offer and extends the Offer in circumstances where the rights of withdrawal set forth in Section&nbsp;7(b) above are applicable, the Offer shall
be extended without the Offeror first taking up the Common Shares that are subject to the rights of&nbsp;withdrawal. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Withdrawals
of Common Shares deposited to the Offer must be effected by a written notice of withdrawal made by or on behalf of the depositing Shareholder to the Depositary at the place of deposit of
the applicable Common Shares and must be received by the Depositary within the time limits indicated above. Notice of withdrawal must: (a)&nbsp;be made by a method, including a manually executed
facsimile transmission, that provides the Depositary with a written or printed copy; (b)&nbsp;be signed by the Person who signed the Letter of Transmittal accompanying, or the Notice of Guaranteed
Delivery in respect of, the Common Shares that are to be withdrawn; and (c)&nbsp;specify such Person's name, the number of Common Shares to be withdrawn, the name of the registered holder and the
certificate number shown on each certificate representing the Common Shares to be withdrawn. The withdrawal will take effect upon receipt by the Depositary of the properly completed notice of
withdrawal. Any signature on the notice of withdrawal must be guaranteed by an Eligible Institution in the same manner as in a Letter of Transmittal (as&nbsp;described in the instructions set out in
the Letter of Transmittal), except in the case of Common Shares deposited for the account of an Eligible Institution. If the Common Shares </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>have
been tendered pursuant to the procedures for book-entry transfer as set forth in Section&nbsp;3 of the Offer, "Manner of Acceptance", any notice of withdrawal must specify the name
and number of the account at the Depositary to be credited with the withdrawn Common Shares. None of the Offeror, the Depositary or any other Person will be under any duty to give notice of any defect
or irregularity in any notice of withdrawal or shall incur any liability for failure to give such&nbsp;notice. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Withdrawals
may not be rescinded and any Common Shares withdrawn will thereafter be deemed to be not validly deposited for purposes of the Offer. However, withdrawn Common Shares may be
re-deposited at any time at or prior to the Expiry Time by again following one of the procedures described in Section&nbsp;3 of the Offer, "Manner of&nbsp;Acceptance". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the Offeror is delayed in taking up or paying for Common Shares or is unable to take up or pay for Common Shares for any reason, then, without prejudice to the Offeror's other rights, Common Shares
may not be withdrawn except to the extent that depositing Shareholders are entitled to withdrawal rights as set forth in this Section&nbsp;7 or&nbsp;pursuant to applicable&nbsp;laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
addition to the foregoing rights of withdrawal, Shareholders in certain provinces and territories of Canada are entitled to statutory rights of rescission or to damages, or both, in certain
circumstances. See Section&nbsp;20 of the Circular, "Statement of&nbsp;Rights". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror is entitled, in its sole discretion, to make a final and binding determination of all questions relating to the validity, form, eligibility (including timely receipt) and acceptance of any
notice of withdrawal
of Common Shares. The Offeror reserves the right to waive any defect in or irregularity in any notice of withdrawal with respect to any Common Shares. There will be no duty or obligation on the
Offeror, the Depositary, the Dealer Managers or the Information Agent or any other Person to give notice of any defect or irregularity in any deposit or notice of withdrawal, and no liability will be
incurred by any of them for failure to give any such&nbsp;notice. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_8._return_of_common_shares"> </A>
<A NAME="toc_de44202_9"> </A>
<BR></FONT><FONT SIZE=2><B>  8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RETURN OF COMMON SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If (a)&nbsp;any deposited Common Shares (including the associated SRP Rights) are not taken up and paid for by the Offeror under the Offer for any
reason whatsoever, or (b)&nbsp;if fewer than the total number of Common Shares (including the associated SRP Rights) evidenced by any Share Certificate(s) and, if applicable, Rights Certificate(s)
are deposited by the Shareholder pursuant to the Offer, Share Certificate(s) and, if applicable, Rights Certificate(s) representing Common Shares (including the associated SRP Rights) will be returned
at the Offeror's expense by either (x)&nbsp;returning the Share Certificate(s) and, if applicable, the Rights Certificate(s) representing the deposited Common Shares (including the associated SRP
Rights) together with any other relevant documents not purchased by the Offeror, or (y)&nbsp;sending new Share Certificate(s) and, if applicable, Rights Certificate(s) for the number of Common
Shares (including the SRP Rights) not deposited by the Shareholder, in each case to the depositing Shareholder as soon as practicable after the Expiry Time. The Share Certificate(s) and, if
applicable, the Rights Certificate(s) and other relevant documents will be forwarded by first class insured mail in the name of and to the address of the depositing Shareholder specified in the Letter
of Transmittal or, if no such name or address is so specified, then in such name and to such address of such Shareholder as shown on the registers maintained by IRC, as soon as practicable following
the Expiry Time or withdrawal or termination of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_9._changes_in_capitalization,___9._02367"> </A>
<A NAME="toc_de44202_10"> </A>
<BR></FONT><FONT SIZE=2><B>  9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANGES IN CAPITALIZATION, DIVIDENDS, DISTRIBUTIONS AND LIENS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If, on or after the Offer Commencement Date, IRC should subdivide or consolidate the Common Shares or otherwise change any of the Common Shares or
its capitalization, or shall disclose that it has taken or intends to take any such action, then the Offeror may, in its sole discretion, and without prejudice to its rights under Section&nbsp;4 of
the Offer, "Conditions of the Offer", make such adjustments as it considers appropriate to the terms of the Offer (including, without limitation, the type of securities offered to be purchased and the
amounts payable therefor) to reflect any such subdivision, consolidation or other&nbsp;change. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Common
Shares acquired pursuant to the Offer shall be transferred by the Shareholder and acquired by the Offeror free and clear of all liens, restrictions, charges, encumbrances, claims and equities
and together with all </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>rights
and benefits arising therefrom, including the right to any and all dividends, distributions, payments, securities, rights (including SRP Rights), assets or other interests (other than the cash
dividends, distributions or payments in respect of which the Offer Price payable by the Offeror has been reduced as described below) which may be declared, paid, distributed, issued, made or
transferred on or in respect of the Common Shares on or after December&nbsp;6, 2009. If, on or after December&nbsp;6, 2009, IRC should declare, pay or make any dividend, or make any other
distribution on or issue any rights with respect to any of the Common Shares which is or are payable or distributable to the Shareholders of record on a date prior to the transfer into the name of the
Offeror or its nominees or transferees on the transfer register maintained by or on behalf of IRC in respect of Common Shares accepted for purchase pursuant to the Offer, then: (a)&nbsp;in the case
of cash dividends, distributions or payments, in the event the Offeror elects to waive its condition with respect thereto as described in clause&nbsp;(n) of Section&nbsp;4 of the Offer,
"Conditions of the Offer", the aggregate Offer Price payable by the Offeror pursuant to the Offer will be reduced by the aggregate amount of any such cash dividends, distributions or payments, and
(b)&nbsp;in the case of any non-cash dividends, distributions, payments, securities, rights, assets or interests, in the event the Offeror elects to waive its condition with respect
thereto as described in clause&nbsp;(n) of Section&nbsp;4 of the Offer, "Conditions of the Offer", the whole of any such non-cash dividends, distributions, payments, securities,
rights, assets or other interests will be received and held by the depositing Shareholder for the account of the Offeror and shall be required to be promptly remitted and transferred by the depositing
Shareholder to the Depositary for the account of the Offeror, accompanied by appropriate documentation of transfer. Pending such remittance, the Offeror will be entitled to all rights and privileges
as owner of any such non-cash dividends, distributions, payments, securities, rights, assets or other interests and may withhold the entire Offer Price payable by the Offeror pursuant to
the Offer or deduct from the Offer Price payable by the Offeror pursuant to the Offer the amount or value thereof, as determined by the Offeror in its sole discretion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_10._mail_service_interruption"> </A>
<A NAME="toc_de44202_11"> </A>
<BR></FONT><FONT SIZE=2><B>  10.&nbsp;&nbsp;&nbsp;MAIL SERVICE INTERRUPTION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding the other provisions of the Offer Documents, cheques issued in consideration for Common Shares purchased pursuant to the Offer and
certificates representing Common Shares (or&nbsp;Rights Certificates, if applicable) to be returned will not be mailed if the Offeror determines, in its sole discretion, that delivery thereof by
mail may be delayed. Persons entitled to cheques and certificates representing Common Shares (or&nbsp;Rights Certificates, if applicable) which are not mailed for the foregoing reason may take
delivery thereof at the office of the Depositary at which the deposited certificates representing Common Shares in respect of which such cheques are being issued were deposited upon application to the
Depositary until such time as the Offeror has determined that delivery by mail will no longer be delayed. Notice of any determination by the Offeror not to mail as a result of mail service delay or
interruption will be given in accordance with Section&nbsp;11 of the Offer, "Notice". Notwithstanding Section&nbsp;6 of the Offer, "Take Up and Payment for Deposited Common Shares", the deposit of
cheques with the Depositary for delivery to depositing Shareholders in such circumstances shall constitute delivery to the Persons entitled thereto and the Common Shares shall be deemed to have been
paid for immediately upon such&nbsp;deposit. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_11._notice"> </A>
<A NAME="toc_de44202_12"> </A>
<BR></FONT><FONT SIZE=2><B>  11.&nbsp;&nbsp;&nbsp;NOTICE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Without limiting any other lawful means of giving notice, any notice which may have been given or caused to be given by the Offeror or the Depositary
under the Offer will be deemed to have been properly given if it is mailed by first class mail, postage prepaid or sent by pre-paid courier to the registered Shareholders at their
addresses as shown on the registers maintained by IRC and will be deemed to have been received on the first day following the date of mailing or sending by courier which is a Business Day. These
provisions apply notwithstanding any accidental omission to give notice to any one or more Shareholders and notwithstanding any interruption of postal service in Canada or the United&nbsp;States
following mailing. In the event of any interruption of mail service following mailing, the Offeror intends to make reasonable efforts to disseminate the notice by other means, such as publication.
Except as otherwise required or permitted by law, if post offices in Canada or the United&nbsp;States or elsewhere are not open for the deposit of mail or there is reason to believe that there is or
could be a disruption in all or part of the postal service, any notice which the Offeror or the Depositary may give or cause to be given under the Offer, except as otherwise provided herein, will be
deemed to have been properly given and to have been received by Shareholders, if: (i)&nbsp;it is given to the TSX for dissemination through its facilities; (ii)&nbsp;it is published once in the
national edition of The Globe and Mail, provided that if the national edition of The </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Globe
and Mail is not being generally circulated, publication thereof shall be made in any other daily newspaper of general circulation published in the city of Toronto, Ontario, and in La Presse; and
(iii)&nbsp;it is distributed through the facilities of Canada Newswire. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer and the Circular and accompanying Letter of Transmittal and Notice of Guaranteed Delivery will be mailed to registered Shareholders (and&nbsp;to registered holders of securities
exercisable for or convertible into Common Shares, including the holders of Options) and the Offeror will use reasonable efforts to furnish such documents to brokers, investment advisors, banks and
similar Persons whose names, or the names of whose nominees, appear in the register maintained by or on behalf of IRC in respect of the Common Shares or, if security position listings are available,
who are listed as participants in a clearing agency's security position listing, for subsequent transmittal to the beneficial owners of Common Shares where such listings are&nbsp;received. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Wherever
the Offer calls for documents to be delivered to the Depositary, such documents will not be considered delivered unless and until they have been physically received at the office of the
Depositary set forth in the Letter of Transmittal or Notice of Guaranteed Delivery, as applicable. Wherever the Offer calls for documents to be delivered to a particular office of the Depositary, such
documents will not be considered delivered unless and until they have been physically received at that particular office at the address provided in the Letter of Transmittal or Notice of Guaranteed
Delivery, as&nbsp;applicable. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_12._market_purchases_of_common_shares"> </A>
<A NAME="toc_de44202_13"> </A>
<BR></FONT><FONT SIZE=2><B>  12.&nbsp;&nbsp;&nbsp;MARKET PURCHASES OF COMMON SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except as set forth below, the Offeror reserves the right to, and may, acquire or cause an affiliate to acquire beneficial ownership of Common Shares
by making purchases through the facilities of the TSX at any time, and from time to time, prior to the Expiry Time subject to and in accordance with Securities Laws. In no event will the Offeror make
any such purchases of Common Shares through the facilities of the TSX until the third Business Day following the Offer Commencement Date. The aggregate number of Common Shares acquired in this manner
will not exceed 5% of the Common Shares outstanding on the Offer Commencement Date and the Offeror will issue and file&nbsp;a press release containing the information prescribed by law immediately
after the close of business of the TSX on each day on which such Common Shares have been purchased. Applicable U.S.&nbsp;securities laws do not permit the Offeror to purchase Common Shares outside
of the Offer. The Offeror currently intends to seek such relief as may be required to permit the Offeror to purchase, or cause an affiliate to purchase, Common Shares outside the Offer. Regardless of
whether such relief is granted, the Offeror will not purchase Common Shares in the United&nbsp;States other than pursuant to the Offer. Also see Section&nbsp;14 of the Circular, "Regulatory
Matters&nbsp;&#151;&nbsp;Securities and Exchange Commission Relief". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Although
the Offeror has no current intention to sell Common Shares purchased under the Offer, it reserves the right, subject to applicable laws, to make or enter into an arrangement, commitment or
understanding during the Offer Period to sell any of such Common Shares after the Offer&nbsp;Period. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de44202_13._other_terms"> </A>
<A NAME="toc_de44202_14"> </A>
<BR></FONT><FONT SIZE=2><B>  13.&nbsp;&nbsp;&nbsp;OTHER TERMS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer and all contracts resulting from the acceptance of the Offer shall be governed by and construed in accordance with the laws of the Province
of Ontario and all laws of Canada applicable therein. Each party to any agreement resulting from the acceptance of the Offer unconditionally and irrevocably attorns to the non-exclusive
jurisdiction of the courts of the Province of Ontario and the courts of appeal therefrom. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>No Person has been authorized to give any information or to make any representation on behalf of the Offeror or its affiliates other than as contained in the Offer and the
Circular, and, if given or made, such information or representation must not be relied upon as having been authorized by the Offeror. No broker, dealer or other Person shall be deemed to be the agent
of the Offeror, the Depositary, the Dealer Managers or the Information Agent for the purposes of the Offer. In any jurisdiction in which the Offer is required to be made by a licensed broker or
dealer, the Offer shall be made on behalf of the Offeror by brokers or dealers licensed under the laws of such jurisdiction.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror reserves the right to transfer to one or more affiliates of the Offeror the right to purchase all or any portion of the Common Shares deposited under the Offer, but such transfer will not
relieve the Offeror of its obligations under the Offer and will in no way prejudice the rights of Persons depositing Common Shares to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>receive
payment for Common Shares validly deposited and accepted for payment under the Offer. In addition, the Offeror reserves the right to sell, following completion of the Offer, to one or more
persons affiliated or associated with it or to third persons, any portion of the Common Shares acquired under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror is entitled, in its sole discretion, to make a final and binding determination of all questions relating to the interpretation of the Offer, the Circular, the Letter of Transmittal and the
Notice of Guaranteed Delivery (collectively, the "</FONT><FONT SIZE=2><B>Offer Documents</B></FONT><FONT SIZE=2>") (including, without limitation, the satisfaction or non-satisfaction of
any condition), the validity, form, eligibility (including timely receipt) and acceptance of any Common Shares and accompanying documents deposited pursuant to the Offer and any notice of withdrawal
of Common Shares, the due completion of the Letter of Transmittal or the Notice of Guaranteed Delivery. The Offeror reserves the absolute right to reject any and all deposits which the Offeror
determines not to be in proper form or which may be unlawful to accept under the laws of any jurisdiction. The Offeror reserves the right to waive any defect in or irregularity in any deposit or
notice of withdrawal with respect to any Common Share and the accompanying documents or any particular Shareholder or to permit the Offer to be accepted in any manner other than as set out in the
Offer. There will be no duty or obligation on the Offeror, the Depositary, the Dealer Managers or the Information Agent or any other Person to give notice of any defect or irregularity in any deposit
or notice of withdrawal, and no liability will be incurred by any of them for failure to give any such&nbsp;notice. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This document does not constitute an offer or a solicitation to any Person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to,
nor will deposits be accepted from or on behalf of, Shareholders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However,
the Offeror may, in its sole discretion, take such action as it may deem necessary to extend the Offer to IRC Shareholders in any such jurisdiction.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer and the accompanying Circular and the other documents referred to above constitute the take-over bid circular required under Securities Laws with respect to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Dated:
December&nbsp;14, 2009 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> 7293275&nbsp;CANADA&nbsp;INC.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> FRANCO-NEVADA CORPORATION</B></FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(Signed) David Harquail<BR>
Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(Signed) David Harquail<BR>
Chief Executive Officer</FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The provisions of the Glossary, Summary, Circular, Letter of Transmittal and Notice of Guaranteed Delivery accompanying the Offer, including the instructions contained therein,
as applicable, form part of the terms and conditions of the&nbsp;Offer.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg44202_circular"> </A>
<A NAME="toc_dg44202_1"> </A>
<BR></FONT><FONT SIZE=3><B>CIRCULAR  <BR>  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The following information in this Circular is provided in connection with the Offer made by the Offeror dated December&nbsp;14,
2009 to purchase all of the Common Shares, including the Common Shares which become outstanding upon the exercise, conversion, exchange or settlement of the Options. The terms, conditions and
provisions of the Offer Documents are incorporated into and form part of this Circular and collectively constitute the take-over bid circular of the Offeror. Certain terms used in this
Circular are defined in the Glossary. Shareholders should refer to the Offer Documents for details of the terms and conditions of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The information concerning IRC contained in the Offer Documents has been taken from, or is based upon, publicly available documents or records on file with Securities
Regulatory Authorities and other public sources. Although the Offeror has no reason to doubt the accuracy of IRC's public filings or the information
obtained from other public sources, it is not in a position to independently assess or verify the information in IRC's publicly filed documents and in other public sources. The Offeror does not assume
any responsibility for the accuracy or completeness of the information taken from or based upon such documents, records and information, or for any failure by IRC to disclose publicly events or facts
that may have occurred or that may affect the significance or accuracy of any such information but which are unknown to the&nbsp;Offeror.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_1._the_offeror_and_franco-nevada"> </A>
<A NAME="toc_dg44202_2"> </A>
<BR></FONT><FONT SIZE=2><B>  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE OFFEROR AND FRANCO-NEVADA    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Offeror  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror is a corporation incorporated on December&nbsp;9, 2009 under the laws of Canada. It was created solely for the purpose of making offers
for the Common Shares and has not otherwise carried on any material business or&nbsp;activity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror's principal and registered offices are located at Suite&nbsp;740, Exchange Tower, 130&nbsp;King Street West, Toronto, Ontario M5X&nbsp;1E4. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Franco-Nevada  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada was incorporated under the laws of Canada on October&nbsp;17, 2007 and was amalgamated with Franco-Nevada Canada Corporation, its
wholly-owned subsidiary, on January&nbsp;1,&nbsp;2008. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada
is a gold focused royalty company with additional interests in platinum group metals, oil&nbsp;&amp; gas and other assets. The majority of revenues are generated from a diversified
portfolio of properties in the United&nbsp;States, Canada and Australia. The portfolio includes over 300&nbsp;royalties covering properties in operation, advanced properties at the permitting,
feasibility or advanced exploration stages, early stage exploration interests and other assets. Franco-Nevada is the leading gold royalty company by gold revenues, number of gold royalty interests and
by free cash flow&nbsp;margins. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
head office of Franco-Nevada is located at Suite&nbsp;740, Exchange Tower, 130&nbsp;King Street West, Toronto, Ontario M5X&nbsp;1E4. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_2._irc"> </A>
<A NAME="toc_dg44202_3"> </A>
<BR></FONT><FONT SIZE=2><B>  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRC    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC was incorporated under the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Yukon) on May&nbsp;7, 2003 by
registration of its articles of incorporation with the Yukon Department of Community Services Consumer and Safety Services, Corporate Affairs. On November&nbsp;12, 2004, the Company was continued
under the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2>. IRC's head office is located at 10&nbsp;Inverness Drive East, Suite&nbsp;104, Englewood, Colorado 80112,
and its registered office is located at 3400&nbsp;First Canadian Centre, 7th&nbsp;Avenue SW, Calgary, Alberta, Canada, T2P&nbsp;3N9. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC
owns 100% of the outstanding shares of IRC (U.S.) Management&nbsp;Inc., which was incorporated pursuant to the laws of Colorado, United&nbsp;States, and also owns 100% of the outstanding
shares of IRC Nevada&nbsp;Inc., which was incorporated pursuant to the laws of Nevada, United&nbsp;States, for the purpose of the acquisition of royalty interests on properties in the
United&nbsp;States. On February&nbsp;22, 2005, the Company completed the acquisition of 100% of the common shares of Archean Resources&nbsp;Ltd.
("</FONT><FONT SIZE=2><B>Archean</B></FONT><FONT SIZE=2>"), a Newfoundland and Labrador </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>corporation.
Archean owns 100% of Voisey's Bay Holding Corporation, a Newfoundland and Labrador corporation, which owns 99.99% of Canadian Mineral Royalties Limited Partnership
("</FONT><FONT SIZE=2><B>CMRLP</B></FONT><FONT SIZE=2>") which is the general partner and 89.99% owner of Labrador Nickel Royalty Limited Partnership, an Ontario limited partnership. IRC owns the
remaining 0.01% of CMRLP. The head office of each of these subsidiaries of IRC is located at 10&nbsp;Inverness Drive East, Suite&nbsp;104, Englewood, Colorado&nbsp;80112. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC
was incorporated for the purpose of acquiring and creating natural resource royalties with a specific emphasis on mineral royalties. IRC has acquired a royalty portfolio diversified over five
continents and fifteen countries, including seventeen different commodities. The portfolio includes royalties on forty-eight exploration stage properties, twenty-one in the feasibility
stage, five in the development stage, and nine currently in production (including two placed on care and maintenance by the operator). Economically, the primary minerals in the portfolio are nickel,
copper, gold and&nbsp;cobalt. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Common Shares trade on the facilities of the TSX under the symbol "IRC-T" and on the AMEX under the symbol "ROY". IRC is a reporting issuer in each of the provinces of&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Capital Structure of IRC  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The authorized capital of IRC is comprised of an unlimited number of Common Shares. As at September&nbsp;30, 2009, 94,695,356&nbsp;Common Shares
were issued and outstanding. As at December&nbsp;31, 2008, 6,195,500&nbsp;Common Shares were issuable pursuant to the exercise of outstanding Options. To the knowledge of the Offeror, there are no
other issued and outstanding securities of IRC convertible into or exchangeable for Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Price Ranges and Trading Volumes of Common Shares  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Common Shares are listed and posted for trading on the TSX and the AMEX. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
following table sets forth the reported high and low sales prices and the cumulative volume of trading of the Common Shares on the TSX for the periods indicated: </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Trading Volume </B></FONT></TH>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2009</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.35</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,340,257</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,228,827</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>August</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.19</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,622,301</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.85</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.86</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,488,354</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.68</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.97</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,580,454</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,339,169</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December&nbsp;1&nbsp;-&nbsp;11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,703,059</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>The
following table sets forth the reported high and low sales prices and the cumulative volume of trading of the Common Shares on the AMEX for the periods indicated: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price Range (US$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:23pt;"><FONT SIZE=1><B>Period

<!-- COMMAND=ADD_SCROPPEDRULE,23pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Trading Volume </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2009</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.89</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>585,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.71</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.72</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>583,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>August</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.26</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>472,300</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.51</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>856,100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>527,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>439,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December&nbsp;1&nbsp;-&nbsp;11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.86</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,558,700</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=35,EFW="2195839",CP="FRANCO-NEVADA CORPORATION",DN="1",CHK=406936,FOLIO='27',FILE='DISK116:[09ZEK2.09ZEK44202]DG44202A.;4',USER='WPALMA',CD='14-DEC-2009;12:16' -->
<A NAME="page_dg44202_1_28"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror's intention to make the Offer was announced to the public on December&nbsp;6, 2009. On December&nbsp;4, 2009, the last trading day prior to the announcement of the Offeror's intention
to make the Offer, the closing price of the Common Shares on the TSX was $4.71 and on the AMEX was US$4.45. The Offer Price represents a premium of approximately 43% over the closing price of Common
Shares on the TSX on the last trading day immediately preceding the announcement by the Offeror of its intention to make the Offer and a premium of approximately 54% over the volume weighted average
trading price of the Common Shares on the TSX for the 20&nbsp;trading days immediately preceding the announcement by the Offeror of its intention to make the Offer. The Offer Price also represents a
premium of approximately 44% over the closing price of Common Shares on the AMEX on the last trading day immediately preceding the announcement by the Offeror of its intention to make the Offer and a
premium of approximately 53% over the volume weighted average trading price of the Common Shares on the AMEX for the 20&nbsp;trading days immediately preceding the announcement by the Offeror of its
intention to make the Offer (using a Bank of Canada noon rate on December&nbsp;4, 2009 of&nbsp;0.9508). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Information and Reporting Requirements  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC is subject to the information and reporting requirements of the CBCA, Securities Laws and the rules of the TSX. In accordance therewith, IRC is
required to file reports and other information with the applicable Securities Authorities relating to its business, financial statements and other matters which may be inspected at the offices or
through the facilities of such Securities Authorities. Information as of particular dates concerning IRC's directors and certain of its officers, their remuneration, Options granted to them, the
principal Shareholders and any material interest of such Persons in material transactions with IRC and other matters is required to be disclosed in proxy statements distributed to Shareholders and
filed with Securities Authorities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_3._background_to_and_reasons_for_the_offer"> </A>
<A NAME="toc_dg44202_4"> </A>
<BR></FONT><FONT SIZE=2><B>  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BACKGROUND TO AND REASONS FOR THE OFFER    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Background to the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada reviews business development opportunities, including possible business combinations, on an ongoing basis. As part of its review
process, Franco-Nevada, in 2008, started considering the merits of a possible business combination with&nbsp;IRC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Starting
in the Spring of 2008, certain large Shareholders contacted Franco-Nevada from time to time to discuss the possibility of a transaction between Franco-Nevada and IRC. These discussions were
of a preliminary nature and did not advance to a point where there were any substantive communications concerning the terms of a possible transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
October&nbsp;28, 2009, Mr.&nbsp;David Harquail, Chief Executive Officer of Franco-Nevada, and Mr.&nbsp;Douglas Silver, Chief Executive Officer of IRC, had a meeting in Franco-Nevada's Toronto
offices at which Mr.&nbsp;Harquail suggested the possibility of a business combination involving Franco-Nevada and IRC. Mr.&nbsp;Silver indicated that he would consider the suggestion. On
November&nbsp;4, 2009, Mr.&nbsp;Silver contacted Mr.&nbsp;Harquail and indicated that IRC was agreeable to permitting limited due diligence on certain matters related to its business so that
Franco-Nevada could get to a point where it could determine the terms on which it might propose a transaction for IRC to&nbsp;consider. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada
subsequently was approached again by a large Shareholder who indicated that it was prepared to sell a significant block of Common Shares to Franco-Nevada at a premium to the then current
market price and that other large blocks were similarly available. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
November&nbsp;23, 2009, Mr.&nbsp;Silver contacted Mr.&nbsp;Harquail indicating that IRC had learned that a large Shareholder was offering its Common Shares for sale. Mr.&nbsp;Silver
indicated that, in light of this development, IRC believed that there was a need to move faster to determine whether there was any basis for a transaction between Franco-Nevada and&nbsp;IRC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
November&nbsp;26, 2009, Mr.&nbsp;Harquail contacted Mr.&nbsp;Silver and indicated that Franco-Nevada had developed a proposal that Mr.&nbsp;Harquail wanted to present to Mr.&nbsp;Silver
in Denver, Colorado and asked whether Mr.&nbsp;Silver and the board of directors of IRC would be prepared to consider such a proposal and respond to it within a short timeframe. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
November&nbsp;28, 2009, Mr.&nbsp;Silver contacted Mr.&nbsp;Harquail and indicated that he had received another very attractive offer and that the board of directors of IRC had formed a
special committee. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
November&nbsp;30, 2009, representatives of IRC and Franco-Nevada met, and Franco-Nevada presented a proposal to acquire the Common Shares for consideration consisting of a combination of
Franco-Nevada common shares and cash. At that meeting, Mr.&nbsp;Silver advised Mr.&nbsp;Harquail that the other proposal that IRC had received had a substantially higher value and indicated that
IRC would provide Franco-Nevada and the other party with an opportunity to conduct certain additional due diligence and to submit revised proposals by December&nbsp;4, 2009. In that context,
Franco-Nevada and IRC exchanged corporate business models. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
December&nbsp;1, 2009, Mr.&nbsp;Silver sent Mr.&nbsp;Harquail a protocol letter inviting Franco-Nevada to submit a final non-binding proposal by December&nbsp;2, 2009 and
Franco-Nevada was advised that IRC had retained a financial advisor. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
December&nbsp;2, 2009, Franco-Nevada submitted a revised and improved proposal to IRC that contemplated the acquisition of all of the Common Shares for a combination of cash, Franco-Nevada common
shares and listed Franco-Nevada warrants expiring in&nbsp;2017. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
December&nbsp;3, 2009, Franco-Nevada received feedback on its revised proposal from IRC's financial advisor, Scotia Capital&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Scotia</B></FONT><FONT SIZE=2>").
Franco-Nevada also was informed by Scotia that the IRC special committee would be meeting later that evening and would consider any further improvement to Franco-Nevada's revised proposal in reaching
a final decision. During the evening of December&nbsp;3, 2009, Franco-Nevada submitted an improved proposal, which contemplated the acquisition of all of the Common Shares for a combination of cash
and Franco-Nevada common&nbsp;shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Early
on December&nbsp;5, 2009, Franco-Nevada was advised by Scotia that IRC had elected to proceed with a different party. In light of the apparent inability of IRC to further engage with
Franco-Nevada regarding an IRC board-supported transaction, on December&nbsp;6, 2009, Franco-Nevada announced its intention to make the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Reasons for the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada is a gold focused royalty company with additional interests in platinum group metals, oil&nbsp;&amp; gas and other assets. Its key
business strategies include acquiring new royalties to both grow and diversify its portfolio of revenue producing royalties as well as expose the company in the longer term to new exploration
discoveries on large land positions on prospective mineral belts. Franco-Nevada believes that the acquisition of IRC's large portfolio of royalties on both producing and exploration properties is
consistent with its business model and&nbsp;strategies. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_4._options"> </A>
<A NAME="toc_dg44202_5"> </A>
<BR></FONT><FONT SIZE=2><B>  4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offer is made only for Common Shares and is not made for any options, rights or other securities to acquire Common Shares (other than the
associated SRP Rights). Any holder of such options, rights or other securities to acquire Common Shares (other than the associated SRP Rights) who wishes to accept the Offer must exercise or convert
the options, rights or other securities in order to obtain certificates representing Common Shares that may be deposited in accordance with the terms of the Offer. If any holder of Options does not
exercise its Options and deposit the resulting Common Shares under the Offer prior to the Expiry Time, its Options will remain outstanding, shall expire or be terminated, as the case may be, following
the Expiry Time in accordance with their respective terms and&nbsp;conditions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_5._shareholder_rights_plan"> </A>
<A NAME="toc_dg44202_6"> </A>
<BR></FONT><FONT SIZE=2><B>  5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDER RIGHTS PLAN    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The following is only a summary of the material provisions of the shareholder rights plan agreement
(the&nbsp;"</I></FONT><FONT SIZE=2><B><I>Shareholder Rights Plan</I></B></FONT><FONT SIZE=2><I>") dated as of November&nbsp;21, 2008 between IRC and CIBC&nbsp;Mellon Trust Company, as the rights agent. The
following summary is qualified in its entirety by the provisions of the Shareholder Rights Plan, which was filed on April&nbsp;3, 2009 under IRC's profile in the Canadian Securities Regulatory
Authorities' SEDAR website at www.sedar.com. All capitalized terms used in this summary and not defined herein have the meanings attributed to them in the Shareholder
Rights&nbsp;Plan.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under
the Shareholder Rights Plan, IRC issued one SRP Right for each Voting Share then outstanding and authorized the issue of SRP Rights in respect of any Voting Shares issued thereafter. The SRP
Rights are attached to the Voting Shares and are not exercisable until the "</FONT><FONT SIZE=2><B>Separation Time</B></FONT><FONT SIZE=2>", which is defined in the Shareholder Rights Plan to mean
the close of business on the tenth Trading Day after the earlier of (i)&nbsp;the first date of public announcement by IRC or an Acquiring Person (as&nbsp;defined below) of facts indicating that a
Person (as&nbsp;defined in the Shareholder Rights Plan) has become an Acquiring Person, (ii)&nbsp;the date of commencement of, or first public announcement of the intent of any Person (other than
IRC or any Subsidiary (as&nbsp;defined in the Shareholder Rights Plan) of IRC to commence, a Take-Over Bid (other than a Permitted Bid (as&nbsp;defined below) or a Competing Permitted
Bid so long as such Take-Over Bid continues to satisfy the requirements of a Permitted Bid or a Competing Permitted Bid and for greater certainty other than an Exempt Acquisition under
clause&nbsp;(iii) or&nbsp;(iv) of the definition of Exempt Acquisition, and (iii)&nbsp;the date upon which a Permitted Bid or Competing Permitted Bid ceases to be a Permitted Bid or a Competing
Permitted Bid, or such later date as may be determined by IRC's board of&nbsp;directors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Shareholder Rights Plan does not apply to certain types of transactions, including "</FONT><FONT SIZE=2><B>Permitted Bids</B></FONT><FONT SIZE=2>". A "</FONT><FONT SIZE=2><B>Permitted
Bid</B></FONT><FONT SIZE=2>" is a Take-Over Bid that (A)&nbsp;is made to all holders of Voting Shares of record, other than the Offeror, (B)&nbsp;contains, and the provisions for
take-up and payment for securities deposited or tendered thereunder are subject to, irrevocable and unqualified conditions that (1)&nbsp;no Voting Shares and/or Convertible Securities
shall be taken up or paid for pursuant to the Take-Over Bid (I)&nbsp;prior to the close of business on a date that is not less than 60&nbsp;days following the date of the
Take-Over Bid and (II)&nbsp;then only if, on the date Voting Shares and/or Convertible Securities are first taken up or paid for under Take-Over Bid, more than 50% of the
outstanding Voting Shares held by Independent Shareholders shall have been deposited or tendered pursuant to the Take-Over Bid and not withdrawn, (2)&nbsp;Voting Shares and/or
Convertible Securities may be deposited or tendered pursuant to such Take-Over Bid, unless such Take-Over Bid is withdrawn, at any time prior to the close of business on the
date Voting Shares and/or Convertible Securities are first taken up or paid for under the Take-Over Bid, (3)&nbsp;any Voting Shares and/or Convertible Securities deposited or tendered
pursuant to the Take-Over Bid may be withdrawn until taken up and paid for, and (4)&nbsp;in the event that the requirement in (B)(1)(II) above is satisfied, the Offeror will make a
public announcement of that fact and the Take-Over Bid will remain open for deposits and tenders of Voting Shares and/or Convertible Securities for not less than 10&nbsp;Business Days
(as&nbsp;defined in the Shareholder Rights Plan) from the date of such public announcement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>From
and after the Separation Time and prior to the Expiration Time, each SRP Right entitles a holder thereof to purchase one Common Share (as&nbsp;defined in the Shareholder Rights Plan) for a
price (the&nbsp;"</FONT><FONT SIZE=2><B>Exercise Price</B></FONT><FONT SIZE=2>") equal to three times the Market Price, as at the Separation Time, per Common Share (as&nbsp;defined in the
Shareholder Rights Plan) (subject to adjustment in certain circumstances). Pursuant to the Shareholder Rights Plan, if any Person (an&nbsp;"</FONT><FONT SIZE=2><B>Acquiring
Person</B></FONT><FONT SIZE=2>") acquires Beneficial Ownership of 20% or more of the outstanding Voting Shares other than as a result of certain exempt transactions (including acquisitions pursuant to
a Permitted Bid) (a&nbsp;"</FONT><FONT SIZE=2><B>Flip-in Event</B></FONT><FONT SIZE=2>"), then after the close of business on the 10<SUP>th</SUP>&nbsp;Trading Day after the first
date of public announcement by IRC or an Acquiring Person that an Acquiring Person has become such, each SRP Right thereafter constitutes the right to purchase from IRC, upon exercise thereof in
accordance with the terms of the Shareholder Rights Plan, that number of Common Shares having an aggregate Market Price (as&nbsp;defined in the Shareholder Rights Plan) on the date of consummation
or occurrence of such Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (thereby effectively giving Shareholders the right to purchase
Common Shares at a 50% discount). The result would be to significantly dilute the shareholdings of any such&nbsp;acquiror. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Until
the Separation Time (or&nbsp;the earlier termination or expiration of the SRP Rights), the SRP Rights will be evidenced by the certificates representing the associated Voting Shares and will
be transferable only together with the associated Voting Shares. After the Separation Time, separate certificates evidencing the SRP Rights ("</FONT><FONT SIZE=2><B>Rights
Certificates</B></FONT><FONT SIZE=2>"), together with a disclosure statement describing the SRP Rights, are required to be mailed to holders of record of Voting Shares as of the Separation Time (other
than an Acquiring Person, among&nbsp;others). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under
the Shareholder Rights Plan, the board of directors of IRC has the discretion to waive the application of the plan to a Flip-in Event which occurs by reason of (1)&nbsp;a
Take-Over Bid made by way of a take-over bid circular to all Shareholders, and (2)&nbsp;an inadvertent acquisition on the part of the Acquiring Person. A waiver of a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Flip-in
Event which occurs by reason other than in clause&nbsp;(1) or&nbsp;(2) requires the prior consent of the holders of Voting Shares. The board of directors of IRC also has the
right, with the prior consent of the holders of Voting Shares, to redeem all (but&nbsp;not less than all) of the SRP Rights at a redemption price of $0.00001 per SRP Right, subject to certain
adjustments. If a Person acquires Voting Shares pursuant to a Permitted Bid, a Competing Permitted Bid or an Exempt Acquisition occurring under section&nbsp;5.2(a) or&nbsp;(b) of the Shareholder
Rights Plan or pursuant to an amalgamation, merger, arrangement or other statutory procedure duly approved by shareholders, then the board of directors of IRC shall, immediately upon the consummation
of such acquisition, be deemed to have elected to redeem the SRP Rights at the redemption price. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>It
is a condition of the Offer that one of the following shall have occurred: (i)&nbsp;the board of directors of IRC shall have redeemed all outstanding SRP Rights or waived the application of the
provisions of the Shareholder Rights Plan to the purchase of Common Shares by the Offeror under the Offer, a Compulsory Acquisition or any Subsequent Acquisition Transaction; (ii)&nbsp;the
Shareholder Rights Plan does not and will not provide rights to Shareholders to purchase any securities of IRC or any of its Subsidiaries as a result of the Offer or any Compulsory Acquisition or
Subsequent Acquisition Transaction and does not and will not materially adversely affect the Offer, the Offeror or Franco-Nevada either before, or upon consummation of, the Offer or a Compulsory
Acquisition or any Subsequent Acquisition Transaction or otherwise make it inadvisable for the Offeror to proceed with the Offer and/or with taking up and paying for Common Shares deposited under the
Offer or completing a Compulsory Acquisition or Subsequent Acquisition Transaction; (iii)&nbsp;a cease trade order or injunction from the applicable Governmental Entity shall have been issued that
has the effect of prohibiting or preventing the exercise of the SRP Rights or the issue of Common Shares upon the exercise of the SRP Rights in relation to the Offer, a Compulsory Acquisition or any
Subsequent Acquisition Transaction, which cease trading order or injunction shall be in full force and effect; (iv)&nbsp;a Court shall have made a final and binding order that the SRP Rights are
illegal, invalid, of no force or effect or may not be exercised SRP Rights and (v)&nbsp;the Shareholder Rights Plan shall otherwise have become or been held unexercisable or unenforceable in
relation to the Common Shares with respect to the Offer and any Compulsory Acquisition or Subsequent Acquisition Transaction, and the Offeror shall have determined in its sole discretion, acting
reasonably, that the Shareholder Rights Plan does not and will not adversely affect the Offer, the Offeror or Franco-Nevada, either before or upon consummation of the Offer or the purchase of Common
Shares under the Offer or any Compulsory Acquisition or any Subsequent Acquisition Transaction. See Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_6._acquisition_of_common_shares_not_deposited"> </A>
<A NAME="toc_dg44202_7"> </A>
<BR></FONT><FONT SIZE=2><B>  6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACQUISITION OF COMMON SHARES NOT DEPOSITED    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Compulsory Acquisition  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If, by the Expiry Time or within 120&nbsp;days after the date of the Offer, whichever period is shorter, the Offer has been accepted by the holders
of not less than 90% of the Common Shares, other than Common Shares held at the date of the Offer by or on behalf of the Offeror or its affiliates or associates (as&nbsp;defined in the CBCA), and
the Offeror acquires such deposited Common Shares, then the Offeror intends to acquire, pursuant to the provisions of Part&nbsp;17 of the CBCA, the remaining Common Shares held by each IRC
Shareholder who did not accept the Offer and any Person who subsequently acquires any such Common Shares (each, a "</FONT><FONT SIZE=2><B>Dissenting Offeree</B></FONT><FONT SIZE=2>") on the same
terms (including the Offer Price) as the Common Shares acquired under the Offer (a&nbsp;"</FONT><FONT SIZE=2><B>Compulsory Acquisition</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>To
exercise this statutory right, the Offeror must give notice in prescribed form (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror's Notice</B></FONT><FONT SIZE=2>") to the Dissenting Offerees and the
Director (as&nbsp;appointed under the CBCA) within 60&nbsp;days after the termination of the Offer and in any event within 180&nbsp;days after the date of the Offer. Within 20&nbsp;days after
sending the Offeror's Notice, the Offeror must pay or transfer to IRC the amount of money the Offeror would have had to pay to the Dissenting Offerees if they had elected to accept the Offer, to be
held in trust for the Dissenting Offerees. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Within
20&nbsp;days after receipt of the Offeror's Notice, each Dissenting Offeree must send the certificate(s) evidencing the Common Shares held by such Dissenting Offeree to IRC and must elect
either (i)&nbsp;to transfer such Common Shares to the Offeror on the terms on which the Offeror acquired Common Shares under the Offer or (ii)&nbsp;to demand payment of the fair value of the
Common Shares by so notifying the Offeror. If the Dissenting Offeree fails to notify the Offeror within the applicable time period, the Dissenting Offeree will be deemed to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>have
elected to transfer its Common Shares to the Offeror on the same terms (including the Offer Price) that the Offeror acquired the Common Shares under the Offer. Within 20&nbsp;days after the
Offeror sends the Offeror's Notice, the Offeror will pay or transfer to IRC the money the Offeror would have had to pay or transfer to a Dissenting Offeree if the Dissenting Offeree had elected to
accept the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
a Dissenting Offeree has elected to demand payment of the fair value of its Common Shares, the Offeror may apply to a court of competent jurisdiction
(the&nbsp;"</FONT><FONT SIZE=2><B>Court</B></FONT><FONT SIZE=2>") to fix the fair value of the Common Shares of that Dissenting Offeree. If the Offeror fails to apply to the Court within
20&nbsp;days after it made the payment to IRC, the Dissenting Offeree may then apply to the court within a further period of 20&nbsp;days to have the Court fix the fair value. If no such
application is made by the Dissenting Offeree or the Offeror within such periods, the Dissenting Offeree will be deemed to have elected to transfer its Common Shares to the Offeror on the same terms
that the Offeror acquired Common Shares from the Shareholders who accepted the Offer. Any judicial determination of the fair value of the Common Shares could be more or less than the amounts paid
pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The foregoing is only a summary of the right of Compulsory Acquisition which may become available to the Offeror. The summary is not intended to be complete and is qualified in
its entirety by the provisions of Part&nbsp;17 of the CBCA. Shareholders should refer to Part&nbsp;17 of the CBCA for the full text of the relevant statutory provisions, and those who wish to be
better informed about these provisions should consult their legal advisors. The provisions of Part&nbsp;17 of the CBCA are complex and require strict adherence to notice and timing provisions,
failing which such rights may be lost or&nbsp;altered.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Subsequent Acquisition Transaction  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If the Offeror takes up and pays for Common Shares validly deposited pursuant to the Offer, and if the foregoing statutory right of Compulsory
Acquisition described above is not available for any reason or the Offeror elects not to pursue such right, the Offeror currently intends to acquire the remainder of the Common Shares as soon as
practicable by way of a Subsequent Acquisition Transaction (as&nbsp;hereinafter defined). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror will seek to cause a special meeting of Shareholders to be called to consider an amalgamation, statutory plan of arrangement, merger, capital reorganization, reclassification,
consolidation, recapitalization, or other transaction involving the Offeror and/or an affiliate of the Offeror and IRC and/or the Shareholders for the purposes of IRC becoming, directly or indirectly,
a wholly-owned Subsidiary of the Offeror or effecting an amalgamation or merger of IRC's business and assets with or into the Offeror and/or an affiliate of the Offeror, carried out for a
consideration per Common Share not less than the Offer Price (a&nbsp;"</FONT><FONT SIZE=2><B>Subsequent Acquisition Transaction</B></FONT><FONT SIZE=2>"). Depending upon the nature and terms of the
Subsequent Acquisition Transaction, the approval of at least two-thirds of the votes cast by holders of the outstanding shares of the relevant class(es) and the approval of a majority of
the votes cast by "minority" holders of such shares may be required at a meeting duly called and held for the purpose of approving the Subsequent Acquisition Transaction. The Offeror will cause the
Common Shares acquired under the Offer to be voted in favour of such a transaction. The timing and details of any such Subsequent Acquisition Transaction would necessarily depend upon a variety of
factors, including the number of Common Shares acquired pursuant to the Offer. If the Offeror takes up and pays for 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Common Shares (calculated on a
fully-diluted basis) under the Offer, the Offeror believes it will own sufficient Common Shares to effect a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
certain types of Subsequent Acquisition Transactions, the registered Shareholders may have the right to dissent under the CBCA and be paid fair value for their securities, with such fair value to
be determined by the Court. The fair value of securities so determined could be more or less than the amount paid pursuant to the Offer or the Subsequent Acquisition Transaction. Any such judicial
determination of the fair value of the Common Shares could be based upon considerations other than, or in addition to, the market price, if any, of the Common&nbsp;Shares. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Subsequent Acquisition Transaction described above may constitute a "business combination" within the meaning of MI 61-101. Under MI 61-101, subject to certain exceptions, a
Subsequent Acquisition Transaction may constitute a business combination if it would result in the interest of a holder of Common Shares being terminated without such holder's consent, regardless of
whether the Common Shares are replaced with another </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>security.
The Offeror expects that any Subsequent Acquisition Transaction relating to Common Shares will be a business combination under MI&nbsp;61-101. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
certain circumstances, the provisions of MI 61-101&nbsp;may also deem certain types of Subsequent Acquisition Transactions to be "related party transactions". However, if the
Subsequent Acquisition Transaction is a business combination carried out in accordance with MI 61-101 or an exemption therefrom, the "related party transaction" provisions therein do not
apply to such transaction. The Offeror intends to carry out any such business combination in accordance with MI 61-101, or any successor provision, or exemptions therefrom such that the
"related party transaction" provisions of MI 61-101&nbsp;will not apply to the business combination. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>MI
61-101&nbsp;provides that unless exempted, an issuer proposing to carry out a business combination is required to prepare a formal valuation of the affected securities (in&nbsp;this
case, the Common Shares) and, subject to certain exceptions, any non-cash consideration being offered to, or received by, the holders of the affected securities and provide to the holders
of the Common Shares a summary of such valuation or the entire valuation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
connection therewith, the Offeror intends to rely on an available exemption or to seek waivers pursuant to MI 61- 101&nbsp;exempting the Offeror or IRC or their affiliates, as
appropriate, from the requirement to prepare a valuation in connection with any Subsequent Acquisition Transaction. An exemption is available under MI 61-101&nbsp;for certain second step
business combinations completed no later than 120&nbsp;days after the expiry of a formal take-over bid if the offeror discloses in the take-over bid circular that it intends
to acquire the remainder of the securities under a statutory right of action or under a business combination no later than 120&nbsp;days after the expiry of the take-over bid for
consideration per security at least equal in value to and in the same form as the consideration that the tendering security holders in the take-over bid were entitled to receive in the bid
and the take-over bid disclosure documents describe the expected tax consequences of both the bid and the business combination if, at the time the bid was made, the tax consequences
arising from the business combination were reasonably foreseeable to the Offeror, and were reasonably expected to be different from the tax consequences of tendering to the bid, and disclosed that the
tax consequences of the bid and the business combination may be different if, at the time the bid was made, the Offeror could not reasonably foresee the tax consequences arising from the business
combination. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror currently intends that the consideration offered under any Subsequent Acquisition Transaction proposed by it would be at least equal in value to and in the same form as the consideration
offered under the Offer and that such Subsequent Acquisition Transaction would be completed no later than 120&nbsp;days after the Expiry Time. In addition, the Offeror has included the disclosure
required under MI
61-101&nbsp;in the Offer and Circular. Accordingly, the Offeror expects to rely on the exemption from the requirement to prepare a valuation in connection with a Subsequent Acquisition
Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>MI
61-101&nbsp;also requires that, unless exempted, in addition to any other required shareholder approval, in order to complete a business combination, the approval of a majority of the
votes cast by each class of affected securities at a meeting of security holders of that class called to consider the transaction be obtained. In relation to the Offer and any second step business
combination, this "minority approval" must be obtained from, unless an exemption is available or discretionary relief is granted by the Securities Regulatory Authorities, all Shareholders, excluding
the votes attached to Common Shares beneficially owned or over which control or direction is exercised by IRC, the Offeror, any "interested party", any "related party" of an "interested party" (unless
the related party meets that description solely in its capacity as a director or senior officer of one or more Persons that are neither interested parties nor issuer insiders of the issuer) or a joint
actor with any such interested party or related party of an interested party for purposes of MI&nbsp;61-101. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>However,
MI 61-101&nbsp;provides that, subject to certain terms and conditions, the votes attached to the Common Shares acquired under the Offer may be included as votes in favour of a
subsequent business combination in determining whether minority approval has been obtained if, among other things, the business combination is effected by the Offeror or its affiliate and is in
respect of Common Shares that were not acquired in the take-over bid, the business combination is completed no later than 120&nbsp;days after the expiry of the bid, the consideration per
security that the holders of affected securities would be entitled to receive in the business combination is at least equal in value to and is in the same form as the consideration that the tendering
Shareholders were entitled to receive in the bid and the take-over bid disclosure document discloses, among other things, (i)&nbsp;that if the Offeror acquired Common Shares under the
bid, the Offeror intended to acquire the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>remainder
of the securities under a statutory right of acquisition or under a business combination no later than 120&nbsp;days after the expiry of the bid for consideration per security at least
equal in value to and is in the same form as the consideration that the Shareholders were entitled to receive in the bid, (ii)&nbsp;that the business combination would be subject to minority
approval, (iii)&nbsp;the number of votes attached to the securities that, to the knowledge of the Offeror after reasonable inquiry, would be required to be excluded in determining whether minority
approval for the business combination had been obtained, (iv)&nbsp;the identity of holders of such securities excluded from the minority approval determination, setting out their individual
holdings, (v)&nbsp;the identity of each class of securities the holders of which would be entitled to vote separately as a class on the business combination, (vi)&nbsp;the expected tax
consequences of both the bid and the business combination if, at the time the bid was made, the tax consequences arising from the business combination were reasonably foreseeable to the Offeror and
were reasonably expected to be different from the tax consequences of tendering to the bid, and (vii)&nbsp;that the tax consequences of the bid and the business combination may be different if, at
the time the bid was made, the Offeror could not reasonably foresee the tax consequences arising from the business combination. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>To
the knowledge of the Offeror as of the date hereof, after reasonable enquiry, no votes attached to any Common Shares would be required to be excluded in determining whether minority approval for
any Subsequent Acquisition Transaction had been obtained. The Offeror expects that only holders of Common Shares would be entitled to vote on a Subsequent Acquisition Transaction. The Offeror intends
that the votes attached to the Common Shares acquired by it under the Offer will be included as votes in favour of a
second step business combination in determining whether minority approval has been obtained in connection with a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
addition, under MI 61-101&nbsp;if, following the Offer, the Offeror and its affiliates beneficially own, in the aggregate, 90% or more of the Common Shares at the time the business
combination is agreed to, the requirement for minority approval under MI 61-101&nbsp;would not apply to the business combination if a statutory appraisal remedy is available, or if no
statutory appraisal remedy is available, a substantially equivalent enforceable right is provided to holders of the class of affected securities and that is described in the disclosure document for
the business combination. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Any
Subsequent Acquisition Transaction may also result in Shareholders having the right to dissent and demand payment of the fair value of their Common Shares. If the statutory procedures are complied
with, this right could lead to a judicial determination of the fair value required to be paid to such dissenting shareholders for their Common Shares. The fair value of Common Shares so determined
could be more or less than the amount paid per Common Share pursuant to the Subsequent Acquisition Transaction or the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Canadian federal income tax consequences to a Shareholder arising from a Subsequent Acquisition Transaction are expected to be different from the tax consequences to such Shareholder of tendering
its Common Shares to the Offer. See Section&nbsp;15 of the Circular, "Certain Canadian Federal Income Tax Considerations" for a description of the expected tax consequences of both the Offer and a
Subsequent Acquisition Transaction. Shareholders should consult their legal advisors for a determination of their legal rights with respect to a Subsequent Acquisition Transaction if and
when&nbsp;proposed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Other Alternatives  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If the Offeror is unable or decides not to effect a statutory Compulsory Acquisition or a Subsequent Acquisition Transaction, then it will evaluate
other available alternatives to acquire the remaining Common Shares. Such alternatives could include, to the extent permitted by applicable law, purchasing additional Common Shares in the open market,
in privately negotiated transactions, in another take-over bid or exchange offer or otherwise, or taking no further action to acquire additional Common Shares. Any additional purchases of
Common Shares could be at a price greater than, equal to or less than the price to be paid for Common Shares under the Offer and could be for cash and/or securities or other consideration.
Alternatively, the Offeror may sell or otherwise dispose of any or all Common Shares acquired pursuant to the Offer or otherwise. Such transactions may be effected on terms and at prices then
determined by the Offeror, which may vary from the price paid for Common Shares under the&nbsp;Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Judicial Developments  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Prior to the adoption of MI 61-101 (or&nbsp;its predecessors), Canadian courts had in several instances granted preliminary injunctions
to prohibit transactions involving going private transactions. The trend in both legislation and Canadian jurisprudence has been towards permitting going private transactions to proceed subject to
compliance with procedures designed to ensure substantive fairness to the minority shareholders. Shareholders should consult their legal advisors for a determination of their legal&nbsp;rights. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_7._purpose_of_the_offer_and_plans_for_irc"> </A>
<A NAME="toc_dg44202_8"> </A>
<BR></FONT><FONT SIZE=2><B>  7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE OF THE OFFER AND PLANS FOR IRC    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Purpose of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The purpose of the Offer is to enable the Offeror to acquire all of the Common Shares, including Common Shares which may become outstanding upon the
exercise of the Options during the Offer Period. If at least 90% of the outstanding Common Shares not presently owned by or on behalf of the Offeror or its affiliates or associates are validly
tendered pursuant to the Offer, the Offeror may elect to invoke its statutory right of Compulsory Acquisition in accordance with the provisions of Part&nbsp;17 of the CBCA. If the Offer is
successful but the Offeror acquires less than 90% of the outstanding Common Shares, the Offeror currently intends to pursue a Subsequent Acquisition Transaction to acquire the Common Shares not
tendered to the Offer on such terms and conditions as the Offeror, at the time, believes to be fair to IRC and the Shareholders. The timing and details of any such transaction will necessarily depend
upon a variety of factors, including the number of Common Shares acquired pursuant to the Offer. See Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not&nbsp;Deposited". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Plans for IRC  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If the Offeror acquires a majority of the Common Shares pursuant to the Offer, Franco-Nevada intends to conduct a detailed review of IRC and its
Subsidiaries, including an evaluation of their respective business plans, assets, operations and organizational and capital structure, and to reconstitute the board of directors of IRC by removing all
of the directors and any members of the committees thereof and appointing nominees of the Offeror in their&nbsp;stead. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
permitted by Securities Laws, subsequent to the completion of the Offer or any Subsequent Acquisition Transaction, if necessary, the Offeror intends to cause IRC to apply to delist the Common
Shares from the TSX and the AMEX and, if there are fewer than fifteen security holders of IRC in any province to cause IRC to cease to be a reporting issuer under applicable Canadian Securities Laws
and, if there are fewer than 300&nbsp;holders of record of Common Shares, to deregister the Common Shares from the U.S.&nbsp;Exchange Act, as described in Section&nbsp;12 of this Circular,
"Effect of the Offer on Markets for the Common Shares and Stock Exchange Listing". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_8._ownership_of_securities_of_irc"> </A>
<A NAME="toc_dg44202_9"> </A>
<BR></FONT><FONT SIZE=2><B>  8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWNERSHIP OF SECURITIES OF IRC    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except for 3,924,000&nbsp;Common Shares beneficially owned by Franco-Nevada (which Common Shares represent approximately 4.14% of the outstanding
Common Shares) and 1,500&nbsp;Common Shares beneficially held by Graham Farquharson, a director of Franco-Nevada (which Common Shares represent approximately less than 0.01% of the outstanding
Common Shares), none of (a)&nbsp;the Offeror or Franco-Nevada, (b)&nbsp;any of the directors and officers of the Offeror or Franco-Nevada, or (c)&nbsp;to the knowledge of the Offeror or
Franco-Nevada after reasonable enquiry, (i)&nbsp;each associate or affiliate of an insider of the Offeror or Franco-Nevada, (ii)&nbsp;an insider of the Offeror or Franco-Nevada, other than a
director or officer of the Offeror, and (iii)&nbsp;any person or company acting jointly or in concert with the Offeror or Franco-Nevada, beneficially owns, directly or indirectly, or controls or
exercises direction over any securities of&nbsp;IRC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_9._trading_in_securities_of_irc"> </A>
<A NAME="toc_dg44202_10"> </A>
<BR></FONT><FONT SIZE=2><B>  9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRADING IN SECURITIES OF IRC    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except for the purchase of 1,500&nbsp;Common Shares at a purchase price of $3.55 per Common Share on July&nbsp;15, 2009 by Graham Farquharson, a
director of Franco-Nevada, none of (a)&nbsp;the Offeror or Franco-Nevada, (b)&nbsp;any of the directors and officers of the Offeror or Franco-Nevada, or (c)&nbsp;to the knowledge of the Offeror
or Franco- </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Nevada
after reasonable enquiry, (i)&nbsp;each associate or affiliate of an insider of the Offeror or Franco-Nevada, (ii)&nbsp;an insider of the Offeror or Franco-Nevada, other than a director or
officer of the Offeror, and (iii)&nbsp;any person or company acting jointly or in concert with the Offeror or Franco-Nevada, has traded in any securities of IRC during the six months preceding the
date of the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>There
is no Person acting jointly or in concert with the Offeror and Franco-Nevada in connection with the transactions described in the Offer and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_10._arrangements,_commitments_or_understandings"> </A>
<A NAME="toc_dg44202_11"> </A>
<BR></FONT><FONT SIZE=2><B>  10.&nbsp;&nbsp;&nbsp;ARRANGEMENTS, COMMITMENTS OR UNDERSTANDINGS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>There are no agreements, commitments or understandings made or proposed to be made between the Offeror or Franco-Nevada and any of the directors or
officers of IRC and no payments or other benefits are proposed to be made or given by the Offeror or Franco-Nevada to such directors or officers by way of compensation for loss of office or to such
directors or officers for remaining in or retiring from office if the Offer is&nbsp;successful. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except
in respect of the Offer, none of (a)&nbsp;the Offeror or Franco-Nevada, (b)&nbsp;any of the directors and officers of the Offeror or Franco-Nevada, or (c)&nbsp;to the knowledge of the
Offeror or Franco-Nevada after reasonable enquiry, (i)&nbsp;each associate or affiliate of an insider of the Offeror or Franco-Nevada, (ii)&nbsp;an insider of the Offeror or Franco-Nevada, other
than a director or officer of the Offeror or Franco-Nevada, and (iii)&nbsp;any person or company acting jointly or in concert with the Offeror or Franco-Nevada, has any agreement, commitment or
understanding to acquire securities of&nbsp;IRC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>There
are no agreements, commitments or understandings made or proposed to be made between the Offeror or Franco-Nevada and any security holder of IRC relating to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>There
are no agreements, arrangements, commitments or understandings made between the Offeror or Franco-Nevada and IRC relating to the Offer and, other than the Shareholder Rights Plan, there are no
other agreements, arrangements, commitments or understandings of which the Offeror or Franco-Nevada is aware that could affect control of IRC, including an agreement with change of control provisions,
a security holder agreement or a voting trust agreement that the Offeror or Franco-Nevada has access to and that can reasonably be regarded as material to a security holder of IRC in deciding whether
to deposit Common Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_11._source_of_funds"> </A>
<A NAME="toc_dg44202_12"> </A>
<BR></FONT><FONT SIZE=2><B>  11.&nbsp;&nbsp;&nbsp;SOURCE OF FUNDS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror estimates that if it acquires all of the Common Shares pursuant to the Offer (other than Common Shares owned or controlled by the Offeror
or any of its affiliates), the total amount of cash required for the purchase of the Common Shares (based on the number of Common Shares outstanding on a fully-diluted basis as of September&nbsp;30,
2009, based upon publicly available information, which, for greater certainty, excludes the Common Shares owned or controlled by Franco-Nevada) under the Offer will be approximately
$654.5&nbsp;million. The Offeror will satisfy or arrange for the satisfaction of such funding requirements through cash to be made available to the Offeror by Franco Nevada from its existing cash
resources and a committed credit facility (the&nbsp;"</FONT><FONT SIZE=2><B>Credit Facility</B></FONT><FONT SIZE=2>") in the amount of US$175&nbsp;million. The
Offeror's obligation to purchase the Common Shares tendered to the Offer is not subject to any financing condition. Franco-Nevada proposes to repay the Credit Facility with cash from ongoing
operations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada
has obtained a commitment letter (the&nbsp;"</FONT><FONT SIZE=2><B>Commitment Letter</B></FONT><FONT SIZE=2>") dated December&nbsp;10, 2009 from the Bank of Montreal
("</FONT><FONT SIZE=2><B>BMO</B></FONT><FONT SIZE=2>") pursuant to which BMO will act as the lead arranger and bookrunner and has committed to provide, on a fully underwritten basis, the Credit
Facility as described below. The Credit Facility is an amendment to the current credit facility of Franco-Nevada, increased from its current US$150&nbsp;million with amendments to certain security
arrangements, covenants and conditions to borrowing as well as an extension of its term to December&nbsp;2012. The Credit Facility will bear interest and be subject to fees at levels that are
customary for credit facilities of this kind. Voluntary repayments of the Credit Facility (in&nbsp;whole or in part) or permanent cancellation of a portion thereof will be permitted without penalty
or premium, at the option of Franco-Nevada. The Credit Facility will contain representations and warranties, covenants and events of default that are customary in nature and scope for credit
facilities of this kind. The funding commitment under the Credit Facility is subject to conditions usual in commercial lending transactions of this kind. The Offeror and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada
reasonably believe that the possibility is remote that, if the conditions to the completion of the Offer are satisfied or waived, the Offeror will be unable to pay for the Common Shares
deposited under the&nbsp;Offer due to Franco-Nevada not being able to satisfy a condition to the funding that is in addition to the conditions in the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dg44202_12._effect_of_the_offer_on_mar__12.03140"> </A>
<A NAME="toc_dg44202_13"> </A>
<BR></FONT><FONT SIZE=2><B>  12.&nbsp;&nbsp;&nbsp;EFFECT OF THE OFFER ON MARKETS FOR THE COMMON SHARES AND STOCK&nbsp;EXCHANGE&nbsp;LISTING    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The purchase of Common Shares by the Offeror pursuant to the Offer will reduce the number of Common Shares that might otherwise trade publicly, as
well as the number of Shareholders, and, depending on the number of Common Shares deposited and purchased under the Offer, could adversely affect the liquidity and market value of the remaining Common
Shares held by the&nbsp;public. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
rules and regulations of the TSX establish certain criteria which, if not met, could lead to the cessation of trading and delisting of the Common Shares on the TSX. Among such criteria are the
minimum number of Shareholders, the minimum number of Common Shares publicly held and the aggregate market value of the Common Shares publicly held. Depending upon the number of Common Shares
purchased pursuant to the Offer, it is possible that the Common Shares would fail to meet the criteria for continued listing on the TSX. If this were to happen, the Common Shares could be delisted and
this could, in turn, adversely affect the market or result in a lack of an established market for such Common Shares. It is the intention of the Offeror to delist the Common Shares from the TSX as
soon as practicable after completion of the Offer, any Compulsory Acquisition or any Subsequent Acquisition Transaction. Following completion of any Compulsory Acquisition or Subsequent Acquisition
Transaction, the Offeror intends to cause IRC to cease to be a reporting issuer under applicable Securities&nbsp;Laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Depending
upon the number of Common Shares purchased pursuant to the Offer, the Common Shares may no longer meet the requirements of the AMEX for continued listing and may be delisted from the AMEX.
According to the AMEX's published guidelines, the AMEX would consider delisting the Common Shares if (i)&nbsp;the number of Common Shares publicly held is less than 200,000, (ii)&nbsp;the
aggregate market value of publicly held Common Shares is less than US$1,000,000, and (iii)&nbsp;the total number of public shareholders is less than 300. Common Shares held, directly or indirectly,
by an officer or director of IRC, or by any controlling shareholders or other family or concentrated holdings, ordinarily will not be considered publicly held for this purpose. If, as a result of the
purchase of Common Shares pursuant to the Offer or otherwise, the Common Shares no longer meet the requirements of the AMEX for continued listing and the listing of the Shares is discontinued, the
market for the Common Shares could be adversely affected. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the AMEX were to delist the Common Shares, it is possible that the Common Shares would continue to trade on another securities exchange or in the over-the-counter market and
that price or other quotations would be reported by such exchange or through Nasdaq or other sources. The extent of the public market therefor and the availability of such quotations would depend,
however, upon such factors as the number of shareholders and/or the aggregate market value of such securities remaining at such time, the interest in maintaining a market in the Common Shares on the
part of securities firms, the possible termination of registration under the U.S.&nbsp;Exchange Act as described below, and other factors. The Offeror cannot predict whether the reduction in the
number of Common Shares that might otherwise trade publicly would have an adverse or beneficial effect on the market price for or marketability of the Common Shares or whether it would cause future
market prices to be greater or less than the Offer&nbsp;Price. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Common Shares are currently registered under the U.S.&nbsp;Exchange Act. Such registration may be terminated upon application by IRC to the Commission if the Common Shares are not listed on a
"national securities exchange" and there are fewer than 300&nbsp;record holders. The termination of the registration of the Common Shares under the U.S.&nbsp;Exchange Act would substantially
reduce the information required to be furnished by IRC to holders of Common Shares and to the Commission and would make certain provisions of the U.S.&nbsp;Exchange Act, such as the requirements of
Rule&nbsp;13e-3&nbsp;under the U.S.&nbsp;Exchange Act with respect to "going private" transactions, no longer applicable to the Common Shares. In addition, "affiliates" of IRC and
persons holding "restricted securities" of IRC may be deprived of the ability to dispose of such securities pursuant to Rule&nbsp;144 or Rule&nbsp;144A promulgated under the </FONT> <FONT SIZE=2><I>U.S.&nbsp;Securities Act of 1933</I></FONT><FONT
SIZE=2>, as&nbsp;amended. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Non-Resident Holders are cautioned that, if the Common Shares are not listed on a designated stock exchange (which currently includes the TSX) at the time they are
disposed of (such as a disposition pursuant to a Compulsory Acquisition or a Subsequent Acquisition Transaction), certain negative Canadian federal income tax consequences may arise. See
Section&nbsp;15 of the Circular, "Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Shareholders Not Resident in
Canada&nbsp;&#151;&nbsp;Delisting of Common Shares Following Completion of the Offer". Non-resident Shareholders should consult their own tax advisors in the event
the Common Shares are&nbsp;delisted. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_13._other_material_facts"> </A>
<A NAME="toc_di44202_1"> </A>
<BR></FONT><FONT SIZE=2><B>  13.&nbsp;&nbsp;&nbsp;OTHER MATERIAL FACTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Neither the Offeror nor Franco-Nevada is aware of any material facts concerning the securities of IRC or any other matters not disclosed in the Offer
or Circular that have not
previously been generally disclosed that would reasonably be expected to affect the decision of the Shareholders to accept or reject the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_14._regulatory_matters"> </A>
<A NAME="toc_di44202_2"> </A>
<BR></FONT><FONT SIZE=2><B>  14.&nbsp;&nbsp;&nbsp;REGULATORY MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Competition Act  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under the Competition Act, the acquisition of voting shares of a corporation that carries on an operating business in Canada may require
pre-merger notification if certain size of parties and size of transaction thresholds are exceeded. Where pre-merger notification is required, certain information must be
provided to the Commissioner of Competition (the&nbsp;"</FONT><FONT SIZE=2><B>Commissioner</B></FONT><FONT SIZE=2>") and the transaction may not be completed until the expiry or termination of the
applicable statutory waiting periods. Parties may not complete a proposed transaction before the end of 30&nbsp;days after the day on which the information required in the pre-merger
notification is received by the Commissioner, unless the initial waiting period is earlier terminated by the Commissioner or if within the initial 30&nbsp;day waiting period, a supplementation
information request ("</FONT><FONT SIZE=2><B>SIR</B></FONT><FONT SIZE=2>") has been issued pursuant to section&nbsp;114 of the Competition Act. If a SIR has been issued, the parties must wait until
the end of 30&nbsp;days after the day on which the information required by the SIR is received by the Commissioner before completing the proposed transaction, unless the Commissioner earlier
terminates the SIR waiting&nbsp;period. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Where
a transaction does not raise substantive issues under the Competition Act, the Commissioner may issue an Advance Ruling Certificate ("</FONT><FONT SIZE=2><B>ARC</B></FONT><FONT SIZE=2>") under
Section&nbsp;102 of the Competition Act in respect of the transaction. Where an ARC is issued, the parties to the transaction are not required to file&nbsp;a pre-merger notification.
In addition, if the transaction to which the ARC relates is substantially completed within one year after the ARC is issued, the Commissioner cannot apply to the Competition Tribunal under
Section&nbsp;92 of the Competition Act in respect of the transaction solely on the basis of information that is the same or substantially the same as the information on the basis of which the ARC
was issued. Where the Commissioner has declined to issue an ARC but has determined that there are not sufficient grounds to initiate proceedings before the Competition Tribunal under the merger
provisions of the Competition Act with respect to a transaction and that as a result, the Commissioner does not intend, at that time, to make an application under section&nbsp;92 of the Competition
Act in respect of such transaction, it is normal practice for the Commissioner to so advise the acquiror in writing. In addition, where such no-action advice is given by the Commissioner
and the parties have not notified but have provided the Commissioner with substantially similar information to that required by a pre-merger notification in their request for an ARC, it is
normal practice for the Commissioner to waive the obligation to notify the proposed transaction pursuant to paragraph&nbsp;113(c) of the Competition&nbsp;Act. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Commissioner's review of a transaction may take longer than the statutory waiting period, depending upon whether the transaction is classified by the Commissioner as non-complex,
complex or very complex. Under the Competition Act, the Commissioner may decide to challenge the transaction or prevent its closing if the Commissioner is of the view that the transaction is likely to
prevent or lessen competition substantially. The Commissioner may bring an application before the Competition Tribunal to challenge a transaction under the merger provisions of the Competition Act
prior to closing of up to three years after the transaction has been substantially completed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
acquisition of the Common Shares by the Offeror is subject to pre-merger notification under the Competition Act. The Offeror intends to apply for an ARC in respect of the Offer and to
make a pre-merger notification filing if advisable to do so. The obligation of the Offeror to complete the Offer is, among other </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>things,
subject to the condition that either (i)&nbsp;the Offeror and IRC shall have given the requisite notice required under section&nbsp;114 of the Competition Act in respect of the Offer and
the applicable waiting periods related to merger pre-notification under section&nbsp;123 of the Competition Act shall have expired or been terminated in accordance with the Competition
Act or been waived under paragraph&nbsp;113(c) of the Competition Act and the Commissioner shall have advised the Offeror in writing (to&nbsp;the satisfaction of the Offeror in its sole
discretion) that there are not sufficient grounds to initiate proceedings under the merger provisions of the Competition Act in respect of the purchase of Common Shares under the Offer and that the
Commissioner, at that time, does not intend to make an application under section&nbsp;92 of the Competition Act in respect of the purchase of Common Shares under the Offer (which advice shall not
have been rescinded or amended) and the Commissioner shall not have made or threatened to make application under the Competition Act in respect of the purchase of the Common Shares under the Offer,
and shall not have otherwise made or issued any communication (whether to the Offeror or otherwise), which in the sole discretion of the Offeror might make it inadvisable for the Offeror to proceed
with the Offer or taking up and paying for Common Shares deposited under the Offer; or (ii)&nbsp;the Commissioner shall have issued an ARC in respect of the purchase of the Common Shares pursuant to
Section&nbsp;102 of the Competition Act and shall not have subsequently withdrawn or purported to have withdrawn such ARC prior to the acquisition by the Offeror of Common Shares deposited under the
Offer or have stated or otherwise indicated that she has new information as a result of which she is no longer satisfied that she would not have sufficient grounds on which to apply to the Competition
Tribunal under Section&nbsp;92 of the Competition Act with respect to the purchase of Common Shares under the Offer. See Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Based
on information available to it, the Offeror is of the view that the Offer can be effected in compliance with the Competition Act. However, there can be no assurance that a challenge to the
completion of the Offer under the Competition Act will not be made or that, if such a challenge were made, the Offeror would prevail or would accept certain adverse conditions proposed by the
Commissioner in order to complete the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Securities and Exchange Commission Relief  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror is requesting from the SEC certain exemptions from sections of, and rules under, the U.S.&nbsp;Exchange Act, as described below with
respect to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Rule&nbsp;14e-5&nbsp;under
the US Exchange Act, among other things, prohibits a person (and&nbsp;its affiliates) making a tender offer for any equity securities from, directly or
indirectly, purchasing or making any arrangement to purchase those securities, or any security which is immediately convertible into or exchangeable for such securities, except pursuant to such tender
offer. This prohibition applies from the time the offer is publicly announced until it expires. The Offeror intends to request that the SEC grant exemptive relief from the provisions of
Rule&nbsp;14e-5, subject to&nbsp;conditions. Under Canadian Securities Law, the Offeror is allowed to acquire, directly or indirectly, through the facilities of the TSX, an aggregate
number of Common Shares not exceeding 5% of the outstanding Common Shares as of the date of the Offer. The Offeror is required to issue and file&nbsp;a news release forthwith after the close of
business of the TSX on each day on which Common Shares are purchased disclosing, among other things, the purchaser, the number of Common Shares purchased by the purchaser on that day, the highest
price paid by the purchaser for Common Shares on that day, the average price paid for the Common Shares purchased by the purchaser through the facilities of the TSX during the currency of the Offer,
and the total number of securities owned by the purchaser as of the close of business of the TSX on that day. The Offeror will also file that news release with the SEC. The Offeror will not acquire
Common Shares in the United&nbsp;States other than pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_15._certain_canadian_f__di401997"> </A>
<A NAME="toc_di44202_3"> </A>
<BR></FONT><FONT SIZE=2><B>  15.&nbsp;&nbsp;&nbsp;CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In the opinion of Goodmans&nbsp;LLP, Canadian counsel to the Offeror, the following summary describes, as of the date hereof, the principal
Canadian federal income tax considerations generally applicable to a Shareholder who sells Common Shares pursuant to the Offer or otherwise disposes of Common Shares pursuant to certain transactions
described in Section&nbsp;6 of the Circular, "Acquisition of Common Shares Not Deposited". This summary is generally applicable to a Shareholder who for purposes of the Tax&nbsp;Act and at all
relevant times deals at arm's length with and is not affiliated with Franco-Nevada, the Offeror or IRC and holds Common Shares as capital property
(a&nbsp;"</FONT><FONT SIZE=2><B>Holder</B></FONT><FONT SIZE=2>"). Common Shares generally will be considered to be capital property to a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
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<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shareholder
unless the Shareholder holds such Common Shares in the course of carrying on a business or acquired them in a transaction or transactions considered to be an adventure or concern in the
nature of trade. In certain circumstances, a Shareholder resident in Canada whose Common Shares might not otherwise be considered capital property may make an irrevocable election under
subsection&nbsp;39(4) of the Tax&nbsp;Act to have the Common Shares and all other "Canadian securities" (as&nbsp;defined in the Tax&nbsp;Act) owned by such Shareholder in the taxation year in
which the election is made and in all subsequent taxation years
deemed to be capital property. Shareholders who may not hold their Common Shares as capital property should consult their own tax advisors regarding their particular circumstances. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>This
summary is based on the current provisions of the Tax&nbsp;Act and the regulations thereunder in force as of the date hereof, and counsel's understanding, based on publicly available materials
published in writing prior to the date hereof, of the current administrative practices of the Canada Revenue Agency (the&nbsp;"</FONT><FONT SIZE=2><B>CRA</B></FONT><FONT SIZE=2>"). This summary
takes into account all specific proposals to amend the Tax&nbsp;Act and the regulations thereunder publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof
(the&nbsp;"</FONT><FONT SIZE=2><B>Tax Proposals</B></FONT><FONT SIZE=2>"), and assumes that all Tax Proposals will be enacted in their current form proposed. However, there can be no assurance that
the Tax Proposals will be enacted in their current form, or at all. This summary is not exhaustive of all possible Canadian federal income tax considerations and, except for the Tax Proposals, does
not take into account or anticipate any changes in law or administrative practice, whether by judicial, governmental or legislative decision or action, or changes in administrative practices of CRA,
nor does it take into account or consider other federal or any provincial, territorial or foreign tax legislation or considerations, which may differ significantly from the Canadian federal income tax
considerations described herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>This
summary is not applicable to a Shareholder that is: (i)&nbsp;a "financial institution" for purposes of the "mark-to-market" rules, (ii)&nbsp;a "specified financial
institution", (iii)&nbsp;a Shareholder an interest in which is, or for whom a Common Share would be, a "tax shelter investment", or (iv)&nbsp;a Shareholder whose "functional currency" for purposes
of the Tax&nbsp;Act is the currency of a country other than Canada, as each of these terms is defined in the Tax&nbsp;Act. In addition, this summary is not applicable to a Shareholder who has
acquired its Common Shares on the exercise of Options. Such Shareholders should consult their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Shareholder. This summary is not
exhaustive of all federal income tax considerations. Consequently, Shareholders are urged to consult their own tax advisors for advice regarding the income tax consequences to them of disposing of
their Common Shares having regard to their own particular circumstances, including the application and effect of the income and other tax laws of any national, provincial, state or local tax
authority. In addition, holders of Options should consult their own tax advisors having regard to their own personal circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Shareholders Resident in Canada  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The following portion of the summary is generally applicable to a Holder (a&nbsp;"</FONT><FONT SIZE=2><B>Resident Holder</B></FONT><FONT SIZE=2>")
who for purposes of the Tax&nbsp;Act and at all relevant times is, or is deemed to be, resident in&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Sale Pursuant to the Offer  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A Resident Holder who disposes of Common Shares to the Offeror pursuant to the Offer will realize a capital gain (or&nbsp;capital loss) equal to
the amount by which the proceeds of disposition of the Common Shares, net of any reasonable costs of disposition, exceed (or&nbsp;are less than) the adjusted cost base of the Common Shares to the
Resident Holder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Resident Holder is generally required to include in computing its income for a taxation year one-half of the amount of any capital gain (a&nbsp;"</FONT><FONT SIZE=2><B>taxable capital
gain</B></FONT><FONT SIZE=2>") realized in such taxation year. Subject to and in accordance with the provisions of the Tax&nbsp;Act, a Resident Holder is required to deduct one-half of
the amount of any capital loss (an&nbsp;"</FONT><FONT SIZE=2><B>allowable capital loss</B></FONT><FONT SIZE=2>") realized in a taxation year from taxable capital gains realized by the Resident
Holder in the year. Allowable capital losses in excess of taxable capital gains for the year may be carried back and deducted in any of the three preceding years or carried forward and deducted in any
subsequent year against net taxable capital gains realized in such years in the circumstances described in the Tax&nbsp;Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Capital
gains realized by individuals and certain trusts may give rise to a liability for alternative minimum tax under the Tax&nbsp;Act. Resident Holders should consult their own tax advisors with
respect to the potential application of alternative minimum&nbsp;tax. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of a Common Share may be reduced by the amount of dividends previously received or deemed to have
been received on such Common Share, subject to and in accordance with the provisions of the Tax&nbsp;Act. Similar rules may apply to a partnership or trust of which a corporation, trust or
partnership is a member or beneficiary. Such Resident Holders should consult their own tax advisors regarding these&nbsp;rules. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Resident Holder that is, throughout the relevant year, a "Canadian-controlled private corporation" as defined in the Tax&nbsp;Act may be liable to pay an additional refundable tax of
6<SUP>2</SUP>/<SMALL>3</SMALL>% on certain investment income, including taxable capital&nbsp;gains. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Compulsory Acquisition  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;6 of this Circular, "Acquisition of Common Shares Not Deposited&nbsp;&#151;&nbsp;Compulsory
Acquisition", the Offeror may, in certain circumstances, acquire Common Shares pursuant to Part&nbsp;17 of the CBCA. A Resident Holder disposing of Common Shares pursuant to a Compulsory Acquisition
will realize a capital gain (or&nbsp;capital loss) generally calculated in the same manner and with the tax consequences as described above under "Sale Pursuant to the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Resident Holder who dissents in a Compulsory Acquisition and is entitled to receive from the Offeror the fair value of its Common Shares will be considered to have disposed of the Common Shares to
the Offeror for proceeds of disposition equal to the amount fixed as such by the Court (not&nbsp;including the amount of any interest awarded by the Court). As a result, such dissenting Resident
Holder will realize a capital gain (or&nbsp;a capital loss) generally calculated in the same manner and with the tax consequences as described above under "Sale Pursuant to the Offer". Any interest
awarded to a dissenting Resident Holder by the Court must be included in computing such Resident Holder's income for the purposes of the Tax&nbsp;Act. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Resident Holder that is, throughout the relevant year, a "Canadian-controlled private corporation" as defined in the Tax&nbsp;Act may be liable to pay an additional refundable tax of
6<SUP>2</SUP>/<SMALL>3</SMALL>% on certain investment income, including interest and taxable capital&nbsp;gains. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Subsequent Acquisition Transaction  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;6 of this Circular, "Acquisition of Common Shares Not Deposited&nbsp;&#151;&nbsp;Subsequent
Acquisition Transaction", if the compulsory acquisition provisions of Part&nbsp;17 of the CBCA are not utilized, the Offeror may propose other means of acquiring the remaining issued and outstanding
Common Shares. A Subsequent Acquisition Transaction may be effected by an amalgamation, statutory plan of arrangement, reorganization, consolidation, recapitalization or other transaction. The tax
treatment of a Subsequent Acquisition Transaction to a Resident Holder will depend upon the exact manner in which the Subsequent Acquisition Transaction is carried out. Resident Holders should consult
their own tax advisors for advice with respect to the income tax consequences to them of having their Common Shares acquired pursuant to a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>By
way of example, a Subsequent Acquisition Transaction could be implemented by means of an amalgamation of IRC with the Offeror and/or one or more of its affiliates pursuant to which Resident Holders
who had not tendered their Common Shares under the Offer would have their Common Shares exchanged on the amalgamation for redeemable preference shares of the amalgamated corporation
("</FONT><FONT SIZE=2><B>Redeemable Shares</B></FONT><FONT SIZE=2>"), which would thereafter be immediately redeemed for cash. In those circumstances, a Resident Holder would not realize a capital
gain or capital loss as a result of such exchange of Common Shares for Redeemable Shares, and the cost of the Redeemable Shares received would be the aggregate adjusted cost base of the Common Shares
to the Resident Holder immediately before the amalgamation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Upon
redemption of its Redeemable Shares, the Resident Holder would be deemed to have received a dividend (subject to the potential application of subsection&nbsp;55(2) of the Tax&nbsp;Act to
Resident Holders that are corporations, as discussed below) equal to the amount by which the redemption price of the Redeemable Shares </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>exceeds
their paid-up capital for purposes of the Tax&nbsp;Act. The difference between the redemption price and the amount of the deemed dividend would be treated as proceeds of
disposition of such shares for purposes of computing any capital gain or capital loss arising on the redemption of such&nbsp;shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subsection&nbsp;55(2)
of the Tax&nbsp;Act provides that where a Resident Holder that is a corporation is deemed to receive a dividend under the circumstances described above, all or part of the
deemed dividend may be treated instead as proceeds of disposition of the Redeemable Shares for the purpose of computing the Resident Holder's capital gain on the redemption of such shares.
Accordingly, Resident Holders that are corporations should consult their own tax advisors for specific advice with respect to the potential application of this&nbsp;provision. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Resident Holder that is a "private corporation" or a "subject corporation" (as&nbsp;such terms are defined in the Tax&nbsp;Act) may be liable to pay the 33<SUP>1</SUP>/<SMALL>3</SMALL>% refundable tax
under Part&nbsp;IV of the Tax&nbsp;Act on dividends deemed to be received on the Redeemable Shares to the extent that such dividends are deductible in computing the Resident Holder's
taxable&nbsp;income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
the case of a Resident Holder who is an individual, dividends deemed to be received as a result of the redemption of the Redeemable Shares will be included in computing the Resident Holder's income
and will be subject to the gross-up and dividend tax credit rules normally applicable to taxable dividends paid by a taxable Canadian corporation, including the enhanced
gross-up and dividend tax credit for "eligible dividends" paid after 2005. There can be no assurance that any deemed dividend will be an eligible dividend. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Pursuant
to the current administrative practice of the CRA, a Resident Holder who exercises his or her statutory right of dissent in respect of an amalgamation would be considered to have disposed of
his or her Common Shares for proceeds of disposition equal to the amount paid by the amalgamated corporation to the dissenting Resident Holder (other than interest awarded by the&nbsp;Court). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Qualified Investment  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;12 of this Circular, "Effect of the Offer on Markets for the Common Shares and Stock Exchange Listing", the Common
Shares may cease to be listed on the
TSX following the completion of the Offer. If the Common Shares cease to be listed on a designated stock exchange (which currently includes the TSX), the Common Shares may no longer be qualified
investments for trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans, registered disability savings plans, deferred profit
sharing plans and tax-free savings accounts (collectively, the "</FONT><FONT SIZE=2><B>Deferred and Tax-Free Plans</B></FONT><FONT SIZE=2>"). Shareholders that are trusts
governed by a Deferred and Tax-Free Plan should consult with their tax advisors with respect to the tax consequences to them (and&nbsp;to the annuitants, beneficiaries or subscribers
thereunder) of holding Common Shares if such shares are not qualified investments and of disposing of their Common Shares pursuant to a Compulsory Acquisition or a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Shareholders Not Resident in Canada  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The following portion of the summary is generally applicable to a Holder who, at all relevant times, for purposes of the Tax&nbsp;Act and any
applicable income tax treaty, is neither resident nor deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold, Common Shares in connection with carrying on a
business in Canada (a&nbsp;"</FONT><FONT SIZE=2><B>Non-Resident Holder</B></FONT><FONT SIZE=2>"). Special rules, which are not discussed in this summary, may apply to certain holders
that are insurers carrying on a business in Canada or elsewhere, or an "authorized foreign bank", as defined in the Tax&nbsp;Act. Such holders should consult with their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Disposition of Common Shares Pursuant to the Offer or a Compulsory Acquisition  </I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A Non-Resident Holder who disposes of Common Shares pursuant to the Offer or a Compulsory Acquisition will realize a capital gain or a
capital loss computed in the manner described above under "Shareholders Resident in Canada&nbsp;&#151;&nbsp;Sale Pursuant to the Offer". A Non-Resident Holder will
not be subject to tax under the Tax&nbsp;Act on any capital gain realized on the disposition of Common Shares pursuant to the Offer, a Compulsory Acquisition or the exercise of dissent rights under
a Compulsory Acquisition unless the Common Shares constitute "taxable Canadian property" to the Non-Resident Holder and the Non-Resident Holder is not </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>entitled
to relief under an applicable income tax convention between Canada and the country in which the Non-Resident Holder is&nbsp;resident. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Generally,
a Common Share will not constitute "taxable Canadian property" to a Non-Resident Holder at a particular time, provided that (a)&nbsp;such Common Share is listed at that time
on a designated stock exchange (which currently includes the TSX), (b)&nbsp;the Non-Resident Holder, Persons with whom the Non-Resident Holder does not
deal at arm's length, or the Non-Resident Holder together with such Persons, did not own 25% or more of the shares of any class or series of IRC at any time within the 60-month
period immediately preceding that time, and (c)&nbsp;such Common Share is not deemed to be taxable Canadian property to such Non-Resident Holder for purposes of the Tax&nbsp;Act. See
"Delisting of Common Shares Following Completion of the Offer" below, in the case where Common Shares are delisted prior to a Compulsory Acquisition. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Non-Resident Holders whose Common Shares may constitute taxable Canadian property should consult their own tax advisors regarding the availability of any relief
under any applicable income tax treaty in their circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
the event that Common Shares constitute taxable Canadian property to a particular Non-Resident Holder, but the taxable capital gain resulting from the disposition of such Common Shares
is not relieved from Canadian tax under an applicable income tax convention, the tax consequences as described above under "Shareholders Residents of
Canada&nbsp;&#151;&nbsp;Sale Pursuant to the Offer" will generally apply. A Non-Resident Holder who disposes of "taxable Canadian property" must file&nbsp;a
Canadian income tax return for the year in which the disposition occurs (unless the disposition is an "excluded disposition" (as&nbsp;defined in the Tax&nbsp;Act)). A Non-Resident
Holder who disposes of taxable Canadian property should consult its own tax advisors regarding any resulting Canadian reporting requirements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Any
interest awarded by the Court and paid or credited to a Non-Resident Holder will generally not be subject to Canadian withholding tax. However, interest paid or credited to a
Non-Resident Holder who does not deal at arm's length with the Offeror at the time of such payment, or interest paid or credited to a Non-Resident Holder that constitutes
"participating debt interest" will be subject to Canadian withholding tax at the rate of 25%, subject to reduction pursuant to the provisions of an applicable income tax treaty.
Non-Resident Holders should consult their own tax advisors regarding the availability of any relief under any applicable income tax treaty in their circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Disposition of Common Shares Pursuant to a Subsequent Acquisition Transaction  </I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;6 of this Circular, "Acquisition of Common Shares Not Deposited&nbsp;&#151;&nbsp;Subsequent
Acquisition Transaction", the Offeror reserves the right to use all reasonable efforts to acquire the balance of Common Shares not acquired pursuant to the Offer or by Compulsory Acquisition. A
Subsequent Acquisition Transaction may be effected by an amalgamation, statutory plan of arrangement, reorganization, consolidation, recapitalization, or other transaction. The Canadian federal income
tax consequences of a Subsequent Acquisition Transaction to a Non-Resident Holder will depend upon the exact manner in which the Subsequent Acquisition Transaction is carried out and may
be substantially the same as, or materially different from, those described above. See "Delisting of Common Shares Following Completion of the Offer" below, in the case where Common Shares are
delisted prior to a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
Non-Resident Holder may realize a capital gain (or&nbsp;a capital loss) and/or a deemed dividend on the disposition of Common Shares pursuant to a Subsequent Acquisition Transaction.
Capital gains and capital losses realized by a Non-Resident Holder in connection with a Subsequent Acquisition Transaction will be subject to taxation in the manner described above under
"Non-Residents of Canada&nbsp;&#151;&nbsp;Disposition of Common Shares Pursuant to the Offer or a Compulsory Acquisition". Dividends paid or deemed to be paid to a
Non-Resident Holder will be subject to Canadian withholding tax at a rate of 25%, subject to reduction pursuant to the provisions of an applicable income tax&nbsp;treaty. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Any
interest paid to a Non-Resident Holder exercising its right to dissent in respect of a Subsequent Acquisition Transaction will generally not be subject to Canadian withholding tax,
provided that the Non-Resident Holder deals at arm's length with the Offeror at the time of such payment or credit (as&nbsp;assumed above) and the interest is not "participating debt
interest", as defined in the Tax&nbsp;Act. Non-Resident Holders whose Common Shares are </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>being
disposed of pursuant to a Subsequent Acquisition Transaction should consult their own tax advisors with respect to their particular circumstances. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Non-Resident Holders should consult with their own tax advisors with respect to the potential income tax consequences to them of not disposing their Common Shares
pursuant to the&nbsp;Offer.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Delisting of Common Shares Following Completion of the Offer  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;12 of this Circular, "Effect of the Offer on Markets for the Common Shares and Stock Exchange Listing", the Common
Shares may cease to be listed on the TSX following the completion of the Offer and may not be listed on any exchange at the time of their disposition pursuant to a Compulsory Acquisition or a
Subsequent Acquisition Transaction. Non-Resident Holders are cautioned that if the Common Shares are not listed on a designated stock exchange (which currently includes the TSX) at the
time they are disposed&nbsp;of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Common Shares will generally be taxable Canadian property for Non-Resident Holders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Non-Resident
Holders will be required to file&nbsp;a Canadian income tax return for the year in which the disposition (or&nbsp;any deemed
disposition) occurs (unless the disposition is an "excluded disposition" as defined in the Tax&nbsp;Act);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Non-Resident
Holders may be subject to income tax under the Tax&nbsp;Act in respect of any capital gain realized on such disposition (unless
the Non-Resident Holder is entitled to relief for such tax under an applicable income tax convention between Canada and the country in which the Non-Resident Holder is
resident);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
notification and withholding provisions of section&nbsp;116 of the Tax&nbsp;Act will apply to Non-Resident Holders, in which case the
Offeror may be required to deduct or withhold an amount from any payment made to a Non-Resident Holder in respect of the acquisition of Common Shares (unless the Common Shares are listed
on a "recognized stock exchange"). </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  16.&nbsp;&nbsp;&nbsp;CERTAIN U.S.&nbsp;FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>ANY DISCUSSION OF TAX ISSUES SET FORTH IN THE OFFER AND CIRCULAR WAS WRITTEN IN CONNECTION WITH THE PROMOTION AND MARKETING
OF THE TRANSACTIONS DESCRIBED IN THE OFFER AND CIRCULAR. SUCH DISCUSSION WAS NOT INTENDED TO BE USED, AND IT CANNOT BE USED, BY ANY PERSON FOR THE PURPOSE OF AVOIDING ANY TAX PENALTIES THAT MAY BE
IMPOSED ON SUCH PERSON. EACH INVESTOR SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX&nbsp;ADVISOR.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
the opinion of Shearman&nbsp;&amp; Sterling&nbsp;LLP, U.S.&nbsp;counsel to the Offeror, the following discussion summarizes the material U.S.&nbsp;federal tax consequences generally applicable
to a U.S.&nbsp;Holder (as&nbsp;defined below) that sells Common Shares pursuant to the Offer or otherwise disposes of Common Shares pursuant to certain transactions described in Section&nbsp;6
of the Circular, "Acquisition of Common Shares not Deposited." This discussion is based upon the </FONT><FONT SIZE=2><I>U.S.&nbsp;Internal Revenue Code of 1986</I></FONT><FONT SIZE=2>, as amended
(the&nbsp;"</FONT><FONT SIZE=2><B>Code</B></FONT><FONT SIZE=2>"), proposed, temporary and final U.S.&nbsp;Treasury Regulations under the Code, administrative rulings and judicial decisions, all
as in effect as of the date hereof, and all of which are subject to change (possibly with retroactive effect) or to differing interpretations. This discussion applies only to U.S.&nbsp;Holders that
hold Common Shares as capital assets within the meaning of Section&nbsp;1221 of the Code. This discussion does not address all U.S.&nbsp;federal income tax matters that may be relevant to a
particular U.S.&nbsp;Holder in light of its particular circumstances, and it does not address any state, local, non-U.S. or alternative minimum tax consequences of the Offer or any
transaction described in Section&nbsp;6 of the Circular. The following discussion does not deal with the tax consequences to any particular investor or to persons in special tax situations such as:
(i)&nbsp;banks, insurance companies, and financial institutions; (ii)&nbsp;broker dealers; (iii)&nbsp;certain former citizens or residents of the United&nbsp;States; (iv)&nbsp;traders that
elect to mark-to-market; (v)&nbsp;tax-exempt entities; (vi)&nbsp;persons liable for alternative minimum tax; (vii)&nbsp;persons whose functional currency is
not the U.S.&nbsp;dollar; (viii)&nbsp;persons holding Common Shares as part of a straddle, hedging, conversion or integrated transaction; (ix)&nbsp;persons who received their Common Shares in
compensatory </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>transactions;
(x)&nbsp;holders of options, rights or other securities to acquire Common Shares; or (xi)&nbsp;persons that actually or constructively own 10% or more of the voting stock
of&nbsp;IRC. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>For
purposes of this summary, a "</FONT><FONT SIZE=2><B>U.S.&nbsp;Holder</B></FONT><FONT SIZE=2>" is a beneficial owner of Common Shares that is: (i)&nbsp;an individual who is a
U.S.&nbsp;citizen or resident of the United&nbsp;States as determined for U.S.&nbsp;federal income tax purposes; (ii)&nbsp;a corporation, or other entity treated as a corporation for
U.S.&nbsp;federal income tax purposes, created or organized in or under the laws of the United&nbsp;States, any state thereof or the District of Columbia; (iii)&nbsp;an estate that is subject to
U.S.&nbsp;federal income tax on its worldwide income; or (iv)&nbsp;a trust if (a)&nbsp;a U.S.&nbsp;court is able to exercise supervision over the administration of the trust and one or more
U.S.&nbsp;persons have the authority to control all substantial decisions of the trust or (b)&nbsp;the trust has a valid election in effect to be treated as a U.S.&nbsp;person for
U.S.&nbsp;federal income tax&nbsp;purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
tax treatment of a partner in a partnership that holds Common Shares, including any entity treated as a partnership for U.S.&nbsp;federal income tax purposes, generally will depend on the status
of the partner and the activities of the partnership. Partners in such partnerships holding Common Shares and such partnerships holding Common Shares should consult their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This summary is of a general nature only and is not intended to be, and should not be construed to be, legal, business or tax advice to any holder of Common Shares, and no
representation with respect to the tax consequences to any particular holder of Common Shares is made. The following summary is not binding on the IRS or the courts. Each U.S.&nbsp;Holder should
consult its own tax advisors with respect to the U.S.&nbsp;federal income tax considerations relevant to such U.S.&nbsp;Holder in light of its particular circumstances, as well as any applicable
U.S.&nbsp;state, local, estate, alternative minimum tax or non-U.S.&nbsp;tax considerations.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> PFIC Status of IRC  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A non-U.S.&nbsp;corporation is considered to be a PFIC for any taxable year if either (i)&nbsp;at least 75% of its gross income is
passive or (ii)&nbsp;at least 50% of the value of its assets (based on an average of the quarterly values of the assets during the taxable year) is attributable to assets that produce or are held
for the production of passive income. </FONT><FONT SIZE=2><B>"</B></FONT><FONT SIZE=2>Passive income" includes dividends, interest, certain rents and royalties and certain gains from the sale of
commodities and securities. In determining whether a non-U.S.&nbsp;corporation is a PFIC, the corporation is treated as owning its proportionate share of the assets and directly
receiving its proportionate share of the income of any corporation in which it owns, directly or indirectly, more than 25% (by&nbsp;value) of the&nbsp;stock. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC
disclosed in its annual report on Form&nbsp;40-F filed with the SEC on March&nbsp;24, 2009 that it believed that it was a PFIC for the taxable year ended December&nbsp;31, 2008
and that it expected to be a PFIC for the current and subsequent taxable years, based on current business plans and financial projections as of the date of Form&nbsp;40-F. The
determination of whether or not IRC is a PFIC for the current taxable year ending December&nbsp;31, 2009 or the subsequent taxable year will be made after the end of the applicable taxable year, and
will depend upon the composition of IRC's income and assets for that taxable year. Except as discussed under "Sale Pursuant to the&nbsp;Offer&nbsp;&#151;&nbsp;IRC Not a PFIC"
below, the remainder of this discussion assumes that IRC will be a PFIC for the taxable year in which a U.S.&nbsp;Holder sells Common Shares pursuant to the Offer or otherwise disposes of Common
Shares pursuant to certain transactions described in Section&nbsp;6 of this&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Sale Pursuant to the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described in detail below, a U.S.&nbsp;Holder's sale of Common Shares pursuant to the Offer will be a taxable transaction for
U.S.&nbsp;federal income tax purposes, and a U.S.&nbsp;Holder generally will be taxed in the same manner as with respect to any other sale or taxable disposition of Common Shares, including a sale
on a stock or securities exchange. Because it is likely that IRC will be a PFIC for the current taxable year ending December&nbsp;31, 2009 and subsequent taxable years, as described above, a
U.S.&nbsp;Holder's sale of Common Shares pursuant to the Offer will be subject to different U.S.&nbsp;federal income tax treatment depending on whether the U.S.&nbsp;Holder (i)&nbsp;has made
or makes an election to treat IRC as a QEF, which is referred to as a QEF election, (2)&nbsp;has made or makes a mark-to-market election with respect to the Common Shares, or
(3)&nbsp;has made or makes no election and therefore is subject to the default PFIC rules described below. </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> QEF Election  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A U.S.&nbsp;Holder that has made a timely QEF election with respect to its Common Shares generally will recognize capital gain or loss upon the
sale of its Common Shares pursuant to the Offer equal to the difference between (i)&nbsp;the U.S.&nbsp;dollar value of the amount of cash received and (ii)&nbsp;such U.S.&nbsp;Holder's
adjusted tax basis in its Common Shares in U.S.&nbsp;dollars. The capital gain or loss will be long-term capital gain or loss if the U.S.&nbsp;Holder's holding period for the Common
Shares is more than one year at the time of the sale. The U.S.&nbsp;dollar value of cash received in Canadian dollars in respect of Common Shares generally will be the U.S.&nbsp;dollar value
determined on the basis of the spot rate on the date the Common Shares are sold. Non-corporate U.S.&nbsp;Holders, including individuals, currently are eligible for reduced rates of
taxation with respect to long-term capital gains. The deductibility of capital losses is subject to&nbsp;limitations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Mark-to-Market Election  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A U.S.&nbsp;Holder that has made a mark-to-market election with respect to its Common Shares generally will recognize gain
or loss upon the sale of its Common Shares pursuant to the Offer equal to the difference between (i)&nbsp;the U.S.&nbsp;dollar value of the amount of cash received and (ii)&nbsp;such
U.S.&nbsp;Holder's adjusted tax basis in its Common Shares in U.S.&nbsp;dollars. The U.S.&nbsp;dollar value of cash received in Canadian dollars in respect of Common Shares generally will be the
U.S.&nbsp;dollar value determined on the basis of the spot rate on the date the&nbsp;Common Shares are sold. Any gain recognized on the sale will be treated as ordinary income. Any loss generally
will be treated as an ordinary loss to the extent that the amount of such loss does not exceed any mark-to-market gains previously included in income by the U.S.&nbsp;Holder
with respect to its Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Default PFIC Rules  </I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A U.S.&nbsp;Holder that has not made a timely QEF or mark-to-market election with respect to its Common Shares generally
will recognize gain or loss upon the sale of its Common Shares pursuant to the Offer equal to the difference between (i)&nbsp;the U.S.&nbsp;dollar value of the amount of cash received and
(ii)&nbsp;such U.S.&nbsp;Holder's adjusted tax basis in its Common Shares in U.S.&nbsp;dollars. The U.S.&nbsp;dollar value of cash received in Canadian dollars in respect of Common Shares
generally will be the U.S.&nbsp;dollar value determined on the basis of the spot rate on the date the Common Shares are sold. Any gain generally will be allocated rateably over the
U.S.&nbsp;Holder's holding period for the Common Shares. Amounts allocated to the current taxable year and to any years before IRC became a PFIC will be treated as ordinary income in the
U.S.&nbsp;Holder's current taxable year. In addition, amounts allocated to each taxable year beginning with the taxable year IRC first became a PFIC will be taxed at the highest rate in effect for
that taxable year on ordinary income. The tax will be subject to an interest charge at the rate applicable to underpayments of income tax. Any loss generally will be a capital loss. The deductibility
of capital losses is subject to&nbsp;limitations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> IRC Not a PFIC  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If IRC has not been a PFIC at any time during which a U.S.&nbsp;Holder has owned Common Shares, a U.S.&nbsp;Holder generally will recognize
capital gain or loss upon the sale of its Common Shares pursuant to the Offer equal to the difference between (i)&nbsp;the U.S.&nbsp;dollar value of the amount of cash received and
(ii)&nbsp;such U.S.&nbsp;Holder's adjusted tax basis in its Common Shares in U.S.&nbsp;dollars. The capital gain or loss will be long-term capital gain or loss if the
U.S.&nbsp;Holder's holding period for the Common Shares is more than one year at the time of the sale. The U.S.&nbsp;dollar value of cash received in Canadian dollars in respect of Common Shares
generally will be the U.S.&nbsp;dollar value determined on the basis of the spot rate on the date the Common Shares are sold. Non-corporate U.S.&nbsp;Holders, including individuals,
currently are eligible for reduced rates of taxation with respect to long-term capital gains. The deductibility of capital losses is subject to&nbsp;limitations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Compulsory Acquisition  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;6 of this Circular, "Acquisition of Common Shares Not Deposited&nbsp;&#151;&nbsp;Compulsory
Acquisition", the Offeror may, in certain circumstances, acquire Common Shares pursuant to Part&nbsp;17 of the CBCA. A U.S.&nbsp;Holder that disposes of its Common Shares pursuant to a Compulsory
Acquisition generally will be treated as described in the appropriate subsection under "Sale Pursuant to the Offer" above, depending on </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>whether
the U.S.&nbsp;Holder has made a QEF election, a mark-to-market election or no election with respect to its Common&nbsp;Shares. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
U.S.&nbsp;Holder that dissents in a Compulsory Acquisition and is entitled to receive from the Offeror the fair market value of its Common Shares will be considered to have disposed of the Common
Shares to the Offeror. Such a U.S.&nbsp;Holder generally will be treated as described in the appropriate subsection under "Sale Pursuant to the Offer" above, depending on whether the
U.S.&nbsp;Holder has made a QEF election, a mark-to-market election or no election with respect to its Common Shares. The amount of any interest paid to a U.S.&nbsp;Holder
that dissents generally will be taxable to a U.S.&nbsp;Holder as ordinary income at the time it is paid or accrued in accordance with the U.S.&nbsp;Holder's regular method of accounting for
U.S.&nbsp;federal income tax&nbsp;purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Subsequent Acquisition Transaction  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As described under Section&nbsp;6 of this Circular, "Acquisition of Common Shares Not Deposited&nbsp;&#151;&nbsp;Subsequent
Acquisition Transaction", if the compulsory acquisition provisions of Part&nbsp;17 of the CBCA are not utilized, the Offeror may propose other means of acquiring the remaining issued and outstanding
Common Shares. A Subsequent Acquisition Transaction may be effected by an amalgamation, statutory plan of arrangement, reorganization, consolidation, recapitalization or other transaction. The
U.S.&nbsp;federal income tax treatment of a Subsequent Acquisition Transaction to a U.S.&nbsp;Holder will depend upon the exact manner in which the Subsequent Acquisition Transaction is carried
out. In general, however, to the extent that a U.S.&nbsp;Holder receives solely cash in exchange for its Common Shares (or&nbsp;receives Redeemable Shares that are immediately redeemed for cash as
described under "Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Shareholders Resident in Canada&nbsp;&#151;&nbsp;Subsequent
Acquisition Transaction"), the U.S.&nbsp;Holder generally should be treated as described in the appropriate subsection under "Sale Pursuant to the Offer" above, depending on whether the
U.S.&nbsp;Holder has made a QEF election, a mark-to-market election or no election with respect to its Common Shares. As described under, "Certain Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;Shareholders Not Resident in Canada&nbsp;&#151;&nbsp;Disposition of Common Shares Pursuant to a Subsequent Acquisition
Transaction," however, in certain potential Subsequent Acquisition Transactions a U.S.&nbsp;Holder may realize a deemed dividend for Canadian tax purposes that would be subject to Canadian
withholding tax. A U.S.&nbsp;Holder would need to consult its own tax advisors regarding the possibility of obtaining a U.S.&nbsp;foreign tax credit for any Canadian tax withheld from a deemed
dividend. A U.S.&nbsp;Holder that dissents in a Subsequent Acquisition Transaction generally should be treated in the same manner as a U.S.&nbsp;Holder that dissents in a Compulsory Acquisition,
as described above. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>U.S.&nbsp;Holders
should consult their own tax advisors for advice with respect to the U.S.&nbsp;federal income tax consequences to them of having their Common Shares acquired pursuant to a
Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Information Reporting and Backup Withholding  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A U.S.&nbsp;Holder that sells Common Shares pursuant to the Offer or otherwise disposes of Common Shares pursuant to one of the transactions
described above may be required to file IRS Form&nbsp;8621 with its U.S.&nbsp;federal income tax return if IRC is a PFIC. U.S.&nbsp;Holders should consult their own tax advisors regarding any
reporting requirements applicable to their disposition of Common&nbsp;Shares. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Proceeds
from the sale of Common Shares pursuant to the Offer or the transactions described in Section&nbsp;6 of this Circular within the United&nbsp;States or through certain U.S.-related
financial intermediaries may be subject to information reporting and possible U.S.&nbsp;backup withholding at a current rate of 28%. Backup withholding will not apply, however, to a
U.S.&nbsp;Holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. Backup withholding is not an
additional tax. Backup withholding may be credited against a U.S.&nbsp;Holder's U.S.&nbsp;federal income tax, provided that the required information is furnished to the IRS in a timely manner.
U.S.&nbsp;Holders should
consult their own tax advisors as to their qualification for exemption from backup withholding and the procedure for obtaining such&nbsp;exemption. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_17._depositary_and_information_agent"> </A>
<A NAME="toc_di44202_5"> </A>
<BR></FONT><FONT SIZE=2><B>  17.&nbsp;&nbsp;&nbsp;DEPOSITARY AND INFORMATION AGENT    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror has engaged Computershare Investor Services&nbsp;Inc. to act as depositary for the receipt of certificates in respect of Common Shares
(and&nbsp;Rights Certificates, if applicable) and related Letters of Transmittal deposited under the Offer. The Depositary has also been engaged to receive Notices of Guaranteed Delivery deposited
under the Offer and to make the payments for Common Shares purchased by the Offeror pursuant to the Offer. The Depositary will receive reasonable and customary compensation from the Offeror for its
services in connection with the Offer, will be reimbursed for certain out-of-pocket expenses and will be indemnified against certain liabilities and expenses in connection
therewith. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>No
fee or commission will be payable by Shareholders who transmit their Common Shares directly to the Depositary to accept the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Questions
and requests for assistance concerning the Offer should be made directly to the Depositary. Additional copies of this document, the Letter of Transmittal and the Notice of Guaranteed
Delivery may also be obtained without charge from the Depositary at its address shown on the last page of this&nbsp;document. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror has retained Kingsdale Shareholder Services&nbsp;Inc. as the information agent for the Offer. The Information Agent will be responsible for providing information about the Offer to
Shareholders and may contact Shareholders by mail, telephone, telecopy, email or in person. The Information Agent will receive reasonable and customary compensation for its services in connection with
the Offer and will be reimbursed for certain out-of-pocket expenses. The Offeror has also agreed to indemnify the Information Agent against certain liabilities that may arise
out of the performance of its obligations as an information agent. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Questions
and requests for assistance may be directed to the Information Agent at 1-877-659-1818 (toll free) or 416-867-2272 (outside
North&nbsp;America). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_18._dealer_managers"> </A>
<A NAME="toc_di44202_6"> </A>
<BR></FONT><FONT SIZE=2><B>  18.&nbsp;&nbsp;&nbsp;DEALER MANAGERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Offeror has retained BMO&nbsp;Nesbitt Burns&nbsp;Inc. (in&nbsp;Canada) and BMO Capital Markets Corp. (in&nbsp;the United&nbsp;States)
as dealer managers. The Dealer Managers have undertaken to perform services in Canada and the United&nbsp;States in connection with the Offer as are customarily performed by securities firms in
connection with takeover bids, including using reasonable efforts to solicit the tender of Common Shares from Shareholders resident in Canada and in the United&nbsp;States, as the case may be,
pursuant to the Offer as permitted by Securities Laws. The Dealer Managers will be reimbursed by the Offeror for all reasonable expenses related to the Offer and will be indemnified against certain
liabilities, including liabilities in connection with the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except
as set forth above, the Offeror does not have any agreements or arrangements in place to pay any expenses, fees or commissions to any broker, dealer or other Person for soliciting tenders of
Common Shares pursuant to the Offer. The Offeror may at any time choose to retain one or more persons to make solicitations in respect of the Offer, including through the formation of a soliciting
dealer&nbsp;group. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_19._legal_matters"> </A>
<A NAME="toc_di44202_7"> </A>
<BR></FONT><FONT SIZE=2><B>  19.&nbsp;&nbsp;&nbsp;LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Legal matters on behalf of the Offeror and Franco-Nevada will be passed upon by Goodmans&nbsp;LLP, Canadian counsel to the Offeror and
Franco-Nevada, and Shearman&nbsp;&amp; Sterling&nbsp;LLP, U.S.&nbsp;counsel to the Offeror and Franco-Nevada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_20._statement_of_rights"> </A>
<A NAME="toc_di44202_8"> </A>
<BR></FONT><FONT SIZE=2><B>  20.&nbsp;&nbsp;&nbsp;STATEMENT OF RIGHTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Securities legislation in the provinces and territories of Canada provides security holders of IRC with, in addition to any other rights they may
have at law, one or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders.
However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for
particulars of those rights or consult a&nbsp;lawyer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="di44202_21._approval_of_offer_and_take-over_bid_circular"> </A>
<A NAME="toc_di44202_9"> </A>
<BR></FONT><FONT SIZE=2><B>  21.&nbsp;&nbsp;&nbsp;APPROVAL OF OFFER AND TAKE-OVER BID CIRCULAR    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The contents of the Offer and Circular have been approved and the sending, communication or delivery thereof to the Shareholders has been authorized
by the board of directors of each of the Offeror and Franco-Nevada. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec44202_consent"> </A>
<A NAME="toc_ec44202_1"> </A>
<BR></FONT><FONT SIZE=2><B>  <A NAME="Consent1"></A>CONSENT    <BR>    </B></FONT></P>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>TO:</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>The Directors of 7293275&nbsp;Canada&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> AND TO:</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>The Directors of Franco-Nevada Corporation</FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>We
refer to the offer of 7293275&nbsp;Canada&nbsp;Inc. to acquire any and all of the common shares of International Royalty Corporation dated December&nbsp;14, 2009
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>We
hereby consent to the use of our opinion contained under "Certain Canadian Federal Income Tax Considerations" in the take-over bid circular accompanying the&nbsp;Offer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Toronto, Ontario<BR>
December&nbsp;14, 2009</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>GOODMANS&nbsp;LLP</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg44202a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="Consent2"></A>CONSENT  </B></FONT></P>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>TO:</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>The Directors of 7293275&nbsp;Canada&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> AND TO:</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>The Directors of Franco-Nevada Corporation</FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>We
refer to the offer of 7293275&nbsp;Canada&nbsp;Inc. to acquire any and all of the common shares of International Royalty Corporation dated December&nbsp;14, 2009
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>We
hereby consent to the use of our opinion contained under "Certain U.S.&nbsp;Federal Income Tax Considerations" in the take-over bid circular accompanying the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Toronto, Ontario<BR>
December&nbsp;14, 2009</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>SHEARMAN&nbsp;&amp; STERLING&nbsp;LLP</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc44202_certificate_of_the_offeror"> </A>
<A NAME="toc_jc44202_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF THE OFFEROR    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is
necessary to make a statement not misleading in the light of the circumstances in which it was&nbsp;made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Dated:
December&nbsp;14, 2009 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>7293275&nbsp;CANADA&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> (Signed) </FONT><FONT SIZE=2>DAVID HARQUAIL</FONT><FONT SIZE=2><BR>
Chief Executive Officer and Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>ALEX MORRISON</FONT><FONT SIZE=2><BR>
Chief Financial Officer and Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
(Signed) </FONT><FONT SIZE=2>SHARON DOWDALL</FONT><FONT SIZE=2><BR>
Director</FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc44202_certificate_of_franco-nevada"> </A>
<A NAME="toc_jc44202_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF FRANCO-NEVADA    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is
necessary to make a statement not misleading in the light of the circumstances in which it was&nbsp;made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Dated:
December&nbsp;14, 2009 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>FRANCO-NEVADA CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> (Signed) </FONT><FONT SIZE=2>DAVID HARQUAIL</FONT><FONT SIZE=2><BR>
Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>ALEX MORRISON</FONT><FONT SIZE=2><BR>
Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> (Signed) </FONT><FONT SIZE=2>PIERRE LASSONDE</FONT><FONT SIZE=2><BR>
Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>GRAHAM FARQUHARSON</FONT><FONT SIZE=2><BR>
Director</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

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<A HREF="#bg44202a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Depositary for the Offer is:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Computershare Investor Services&nbsp;Inc.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>
<IMG SRC="g544207.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="64">
  </B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>By Mail</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> By Registered Mail, Hand or Courier</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> P.O.&nbsp;Box&nbsp;7021<BR>
31&nbsp;Adelaide Street East<BR>
Toronto, Ontario<BR>
M5H&nbsp;3H2<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>100&nbsp;University Avenue<BR>
9<SUP>th</SUP>&nbsp;Floor<BR>
Toronto, Ontario<BR>
M5J&nbsp;2Y1<BR>
Attention: Corporate Actions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> North American Toll Free Phone: 1-800-564-6253</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
E-mail corporateactions@computershare.com<BR>
Facsimile: 1-905-771-4082<BR>
Overseas: 1-514-982-7555</FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Information Agent for the Offer is:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g84855.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="57">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950, P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario M5X&nbsp;1E2 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>North American Toll Free Phone: 1-877-659-1818</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail:
contactus@kingsdaleshareholder.com<BR>
Facsimile: 1-416-867-2271<BR>
Toll-Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Dealer Managers for the Offer are:</B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BMO&nbsp;NESBITT BURNS&nbsp;INC.</B></FONT><BR>
<FONT SIZE=2>100&nbsp;King Street West<BR>
1&nbsp;First Canadian Place<BR>
Toronto, Ontario M5X&nbsp;1H3<BR>
Telephone: 1-866-246-7345<BR>
Facsimile: 416-359-4459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BMO CAPITAL MARKETS CORP.</B></FONT><BR>
<FONT SIZE=2>3&nbsp;Time Square<BR>
New&nbsp;York, New&nbsp;York<BR>
10036<BR>
Telephone: 1-866-246-7345</FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Any questions and requests for assistance may be directed by holders of Common Shares to the Depositary, Information Agent or the Dealer Managers at their respective telephone
numbers and locations set forth above. Requests for additional copies of the Offer and Circular, this Letter of Transmittal and the Notice of Guaranteed Delivery may be directed to the Depositary, the
Information Agent or the Dealer Managers at their respective offices. Shareholders may also contact their brokers, dealers, commercial banks, trust companies or other nominees for assistance
concerning the&nbsp;Offer.</B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The instructions accompanying the Letter of Transmittal should be read carefully before completion. The Depositary, Information Agent, Dealer Managers (see&nbsp;the back page
of this document for addresses and telephone numbers) or your broker or other financial advisor will assist you in completing this Letter of&nbsp;Transmittal.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>LETTER OF TRANSMITTAL<BR>  </B></FONT><FONT SIZE=3><B>for deposit of Common Shares of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>INTERNATIONAL ROYALTY CORPORATION<BR>  </B></FONT><FONT SIZE=2><B>pursuant to the Offer dated December&nbsp;14, 2009,<BR>
made by<BR>  </B></FONT><FONT SIZE=4><B>7293275&nbsp;CANADA&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2><B>a wholly-owned direct subsidiary of<BR>  </B></FONT><FONT SIZE=4><B>FRANCO-NEVADA CORPORATION  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter of transmittal (the&nbsp;"</FONT><FONT SIZE=2><B>Letter of Transmittal</B></FONT><FONT SIZE=2>"), properly completed and duly
executed, together with all other documents required by this Letter of Transmittal, must accompany the certificates ("</FONT><FONT SIZE=2><B>Share Certificates</B></FONT><FONT SIZE=2>") representing
common shares in the capital of International Royalty Corporation ("</FONT><FONT SIZE=2><B>IRC</B></FONT><FONT SIZE=2>") together with the associated rights (the&nbsp;"</FONT><FONT SIZE=2><B>SRP
Rights</B></FONT><FONT SIZE=2>" and, together with the common shares in the capital of IRC, the "</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>") issued and outstanding under the
shareholder rights plan agreement of IRC deposited pursuant to the offer (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") dated December&nbsp;14, 2009 made by
7293275&nbsp;Canada&nbsp;Inc. (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), a wholly-owned subsidiary of Franco-Nevada Corporation, to purchase the Common Shares. </FONT> <FONT SIZE=2><B>The Offer will be open for acceptance
until 8:00 p.m., (Toronto time), on January&nbsp;19, 2010</B></FONT><FONT SIZE=2> (the&nbsp;"</FONT><FONT SIZE=2><B>Expiry
Time</B></FONT><FONT SIZE=2>"), </FONT><FONT SIZE=2><B>unless withdrawn or&nbsp;extended.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms and conditions of the Offer are incorporated by reference into this Letter of Transmittal. Capitalized terms used but not defined in this Letter of Transmittal have their
respective meanings set out in the Offer and the take-over bid circular accompanying and forming part of the Offer (the&nbsp;"</FONT><FONT SIZE=2><B>Circular</B></FONT><FONT SIZE=2>")
dated December&nbsp;14,&nbsp;2009. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Letter of Transmittal is to be used for the deposit of Common Shares (including the associated SRP Rights). Depositing Shareholders may use this Letter of Transmittal if Share
Certificate(s) and, if applicable, Rights Certificate(s), representing Common Shares (including the associated SRP Rights) are to be forwarded herewith. Shareholders may also accept the Offer by
following the procedures for book-entry transfer established by CDS Clearing and Depository Services&nbsp;Inc. ("</FONT><FONT SIZE=2><B>CDS</B></FONT><FONT SIZE=2>"), provided that the
Depositary has received a Book-Entry Confirmation through the CDS on-line tendering system pursuant to which book-entry transfers may be effected. Shareholders may
also accept the Offer by following the procedure for book-entry transfer established by the Depository Trust and Clearing Corporation
("</FONT><FONT SIZE=2><B>DTC</B></FONT><FONT SIZE=2>"), provided that a Book-Entry Confirmation, together with an Agent's Message in respect thereof, or a properly completed and duly
executed Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), together with any required signature guarantees, and any other required documents, are received by the Depositary at
its office in Toronto, Ontario, Canada at or prior to the Expiry Time. Any institution that is a participant in DTC's systems may cause DTC to make a book-entry transfer of a Shareholder's
Common Shares into the Depositary's account in accordance with DTC's procedures for such transfer. However, although delivery of Common Shares may be effected through book-entry transfer
into the Depositary's account at DTC, either a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any required signature
guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and any other required documents, must, in any case, be received by the Depositary at its office specified in the Letter of
Transmittal prior to the Expiry Time, or the tendering Shareholder must comply with the procedures for guaranteed delivery described under "Procedures for Guaranteed Delivery" for a valid tender of
the Common Shares by book-entry transfer. Delivery of documents to DTC in accordance with its procedures does not constitute delivery to the Depositary. See Section&nbsp;3 of the Offer,
"Manner of Acceptance&nbsp;&#151;&nbsp;Book-Entry Transfer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder who wishes to deposit Common Shares (including the associated SRP Rights) pursuant to the Offer and whose Common Shares (including the associated SRP Rights) are registered
in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee in order to take the necessary steps to deposit such Common Shares pursuant to
the&nbsp;Offer. </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who wish to deposit Common Shares (including the associated SRP Rights) pursuant to the Offer and (i)&nbsp;whose Share Certificate(s) and/or, if the Separation Time has
occurred prior to the Expiry
Time, Rights Certificate(s), representing such Common Shares (including the associated SRP Rights) are not immediately available, (ii)&nbsp;Share Certificate(s) and, if applicable, Rights
Certificate(s) representing such Common Shares (including the associated SRP Rights), and all other documents required by this Letter of Transmittal cannot be delivered to the Depositary prior to the
Expiry Time, (iii)&nbsp;the procedures for book-entry transfer cannot be complied with on a timely basis, or (iv)&nbsp;if the Separation Time has occurred prior to the Expiry Time but
Rights Certificates have not been distributed to Shareholders prior to the Expiry Time, may nevertheless deposit such Common Shares (including the associated SRP Rights) pursuant to the Offer by
following the procedures for guaranteed delivery set forth in Section&nbsp;3 of the Offer, "Manner of Acceptance&nbsp;&#151;&nbsp;Procedures for Guaranteed Delivery". See
Instruction&nbsp;2. </FONT><FONT SIZE=2><B>Please carefully read the instructions set out herein before completing this Letter of&nbsp;Transmittal.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2><B>TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>7293275&nbsp;CANADA&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><B>AND TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE INVESTOR SERVICES&nbsp;INC., as Depositary</B></FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby deposits the Common Shares (including the associated SRP Rights) described below and, subject only to the provisions of the Offer regarding withdrawal, the
undersigned hereby irrevocably accepts the offer for such Common Shares (including the associated SRP Rights) upon the terms and conditions contained in the Offer. Shareholders who have deposited
common shares in the capital of IRC pursuant to the Offer will be deemed to have deposited the SRP Rights associated therewith. No additional payment will be made for the SRP Rights and no amount of
the consideration to be paid by the Offeror will be allocated to the SRP Rights. Shareholders are required to deposit one SRP Right for each common share in the capital of IRC in order to effect a
valid deposit of such Common Share (or, if available, a Book-Entry Confirmation must be received by the Depositary with respect thereto). The following are the details of the Share
Certificate(s) and, if applicable, the Rights Certificate(s) representing the Common Shares being deposited pursuant to this Letter of&nbsp;Transmittal: </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
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<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=7 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>COMMON SHARES</B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name(s) in which Registered<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Certificate<BR>
Number(s)<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Common Shares<BR>
Represented by<BR>
Certificate<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Common Shares<BR>
Deposited (see<BR>
Section&nbsp;6 of the<BR>
Instructions for<BR>
Partial Tenders)</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> TOTAL COMMON SHARES:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="37%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=7 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>SRP RIGHTS (To&nbsp;be completed if necessary<SUP>(2)</SUP>)</B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name(s) in which Registered<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Certificate<BR>
Number(s)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
SRP Rights<BR>
Represented by<BR>
Certificate<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of SRP<BR>
Rights Deposited<BR>
(see&nbsp;Section&nbsp;6&nbsp;of&nbsp;the<BR>
Instructions for<BR>
Partial Tenders)</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> TOTAL SRP RIGHTS:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Need
not be completed if transfer is made by book entry.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Need
not be completed if the Separation Time has not occurred prior to the Expiry Time. </FONT></DD></DL>
 </DIV>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>(Attach list in the above form, if necessary)</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=64,EFW="2195839",CP="FRANCO-NEVADA CORPORATION",DN="1",CHK=10951,FOLIO='3',FILE='DISK121:[09ZEK3.09ZEK44203]TA44203A.;17',USER='WPALMA',CD='14-DEC-2009;12:00' -->
<A NAME="page_ta44203_1_4"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
following procedures must be followed in order to effect the valid deposit of SRP Rights: (i)&nbsp;if the Separation Time does not occur prior to the Expiry Time, a deposit of common shares in
the capital of IRC by the undersigned will also constitute a deposit of the associated SRP Rights; (ii)&nbsp;if the Separation Time occurs prior to the Expiry Time and Rights Certificates are
distributed to Shareholders prior to the time that the undersigned deposits its Common Shares pursuant to the Offer, Rights Certificate(s) representing SRP Rights equal in number to the number of
common shares in the capital of IRC deposited must be delivered
to the Depositary; or (iii)&nbsp;if the Separation Time occurs prior to the Expiry Time and Rights Certificates are not distributed to Shareholders prior to the time that the undersigned deposits
its Common Shares pursuant to the Offer, the undersigned may deposit its SRP Rights prior to receiving Rights Certificate(s) by using the procedures for guaranteed delivery described below in
Section&nbsp;2 of the Instructions. In any case, a deposit of Common Shares constitutes an agreement by the undersigned to deliver Rights Certificate(s) representing the associated SRP Rights
deposited pursuant to the Offer to the Depositary, prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the date, if any, that Rights Certificates are distributed to
Shareholders. The Offeror reserves the right to require, if the Separation Time occurs prior to the Expiry Time, that the Depositary receive Rights Certificate(s) from the undersigned representing
such SRP Rights prior to the Offeror taking up the Common Shares for payment pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
undersigned: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>acknowledges
receipt of the Offer and accompanying Circular;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>delivers
to you the enclosed Share Certificate(s) and, if applicable, Rights Certificate(s) representing Common Shares (including the associated SRP Rights)
being deposited pursuant to the Offer as set forth above and, subject only to the provisions of the Offer regarding withdrawal, irrevocably accepts the Offer for and in respect of such Common Shares
(including the associated SRP Rights) (the&nbsp;"</FONT><FONT SIZE=2><B>Purchased Shares</B></FONT><FONT SIZE=2>") and, on and subject to the terms and conditions of the Offer, deposits and sells,
assigns and transfers to the Offeror all right, title and interest in and to the Purchased Shares, including any and all dividends, distributions, payments, securities, rights, assets or other
interests which may be declared, paid, distributed, issued, made or transferred (other than the cash dividends, distributions or payments in respect of which the Offer Price payable by the Offeror has
been reduced pursuant to Section&nbsp;9 of the Offer, "Changes in Capitalization, Dividends, Distributions and Liens"), on or in respect of the Purchased Shares on or after the Offer Commencement
Date (collectively, the "</FONT><FONT SIZE=2><B>Other Securities</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>agrees
that, if IRC should declare, pay or make any dividend, or make any other distribution or issue any Other Securities which is or are payable or
distributable to the Shareholders of record on a date prior to the transfer into the name of the Offeror or its nominees or transferees on the transfer register maintained by or on behalf of IRC in
respect of Common Shares accepted for purchase pursuant to the Offer, then (i)&nbsp;in the case of cash dividends, distributions or payments, in the event the Offeror elects to waive its condition
with respect thereto as described in clause&nbsp;(n) of Section&nbsp;4 of the Offer, "Conditions of the Offer", the aggregate Offer Price payable by the Offeror pursuant to the Offer will be
reduced by the aggregate amount of any such cash dividends, distributions or payments, and (ii)&nbsp;in the case of any non-cash dividends, distributions, payments, securities, rights,
assets or other interests, in the event the Offeror elects to waive its condition with respect thereto as described in clause&nbsp;(n) of Section&nbsp;4 of the Offer, "Conditions of the Offer",
the whole of any such non-cash dividends, distributions, payments, securities, rights, assets or other interests will be received and held by the undersigned for the account of the Offeror
and will be promptly remitted and transferred by the undersigned to the Depositary for the account of the Offeror, accompanied by appropriate documentation for transfer and, pending such remittance,
the Offeror will be entitled to all rights and privileges as owner of any such non-cash dividends, distributions, payments, securities, rights, assets or other interests and may withhold
the entire Offer Price payable by the Offeror pursuant to the Offer or deduct from the Offer Price payable by the Offeror pursuant to the Offer the amount or value thereof, as determined by the
Offeror in its sole discretion;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>represents
and warrants that the undersigned has full power and authority to deposit, sell, assign and transfer the Purchased Shares (and&nbsp;any Other
Securities) and has not sold, assigned or transferred or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ta44203_1_5"> </A>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>agreed
to sell, assign or transfer any of the Purchased Shares (and&nbsp;any Other Securities) to any other&nbsp;Person;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>represents
and warrants that the undersigned owns all of the Purchased Shares (and&nbsp;any Other Securities) being deposited within the meaning of
Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>represents
and warrants that the deposit of the Purchased Shares (and&nbsp;any Other Securities) complies with Securities&nbsp;Laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>represents
and warrants that when the Purchased Shares (and&nbsp;any Other Securities) are taken up and paid for by the Offeror, the Offeror will acquire
good title to the Purchased Shares (and&nbsp;any Other Securities), free and clear of all liens, restrictions, charges, encumbrances, claims and equities whatsoever;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>represents
and warrants that the jurisdiction of residence of the undersigned is as specified in this Letter of&nbsp;Transmittal;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>acknowledges
and agrees that the execution of this Letter of Transmittal by the undersigned (or, in the case of Common Shares deposited by
book-entry transfer, receipt by the Depositary of a Book-Entry Confirmation and, in the case of DTC accounts, this Letter of Transmittal (or&nbsp;a manually executed
facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of this Letter of Transmittal) irrevocably constitutes and
appoints, effective on and after the date that the Offeror takes up and pays for the Purchased Shares (the&nbsp;"</FONT><FONT SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>"), certain officers of
the Offeror and any other Person designated by the Offeror in writing, as the true and lawful agent, attorney and attorney-in-fact and proxy of the undersigned with respect to
the Purchased Shares (and&nbsp;any Other Securities) with full power of substitution, in the name of and on behalf of the undersigned (such power of attorney being deemed to be an irrevocable power
coupled with an interest): (i)&nbsp;to register or record, transfer and enter the transfer of the Purchased Shares and any Other Securities on the appropriate register of holders maintained by IRC,
(ii)&nbsp;to exercise any and all of the rights of the undersigned in respect of such Purchased Shares and/or Other Securities, including, without limitation, to vote, execute and deliver any and
all instruments of proxy, authorizations or consents in respect of all or any of such Purchased Shares and/or Other Securities, revoke any such instrument, authorization, or consent given prior to, on
or after the Effective Date, designate in any such instruments of proxy any Person(s) as the proxy or the proxy nominee(s) of the undersigned in respect of such Purchased Shares and/or Other
Securities for all purposes, including, without limitation, in connection with any meeting (whether annual, special or otherwise and any adjournment(s) thereof) of holders of securities of IRC, and
(iii)&nbsp;to execute, endorse and negotiate, for and in the name of and on behalf of the undersigned, any and all cheques or other instruments respecting any distribution payable to or to the order
of the undersigned in respect of such Purchased Shares and/or Other Securities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>agrees,
upon the execution of this Letter of Transmittal (or, in the case of Common Shares deposited by book-entry transfer, receipt by the
Depositary of a Book-Entry Confirmation and, in the case of DTC accounts, this Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly
executed, together with any required signature guarantees, or an Agent's Message in lieu of this Letter of Transmittal), effective from and after the Effective Date, (i)&nbsp;not to vote any of the
Purchased Shares and/or Other Securities at any meeting (whether annual, special or otherwise and any adjournment(s) thereof) of holders of securities of IRC, (ii)&nbsp;not to exercise any or all of
the other rights or privileges attached to the Purchased Shares and/or Other Securities, and (iii)&nbsp;to execute and deliver to the Offeror any and all instruments of proxy, authorizations or
consents in respect of the Purchased Shares and/or Other Securities and to designate in any such instruments of proxy the Person(s) specified by the Offeror as the proxy or the proxy nominee(s) of the
holder in respect of the Purchased Shares and/or Other Securities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>agrees
that, upon such designation, all prior proxies given by the undersigned with respect to the Purchased Shares and/or Other Securities shall be revoked
and no subsequent proxies may be given by the undersigned with respect thereto; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=66,EFW="2195839",CP="FRANCO-NEVADA CORPORATION",DN="1",CHK=846220,FOLIO='5',FILE='DISK121:[09ZEK3.09ZEK44203]TA44203A.;17',USER='WPALMA',CD='14-DEC-2009;12:00' -->
<A NAME="page_ta44203_1_6"> </A>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>agrees
to execute, upon request, any additional documents, transfers and other assurances as may be necessary or desirable to complete the sale, assignment
and transfer of the Purchased Shares and/or Other Securities to the Offeror and acknowledges that all authority therein conferred or agreed to be conferred may be exercised during any subsequent legal
incapacity of the undersigned and shall survive the death or incapacity, bankruptcy or insolvency of the undersigned and all obligations of the undersigned therein shall be binding upon the heirs,
personal representatives, successors and assigns of the undersigned, as the case may&nbsp;be;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>agrees
that all questions relating to the interpretation of the Offer (including, without limitation, the satisfaction or non-satisfaction of
any condition), the Circular, the Letter of Transmittal and the Notice of Guaranteed Delivery, the validity, form, eligibility (including timely receipt) and acceptance of any Common Shares and
accompanying documents deposited pursuant to the Offer and any notice of withdrawal of Common Shares, the due completion of the Letter of Transmittal or the Notice of Guaranteed Delivery shall be
determined by the Offeror, in its sole discretion, and that such determination shall be final and binding and acknowledges that (i)&nbsp;the Offeror reserves the absolute right to reject any and all
deposits which the Offeror determines not to be in proper form or which may be unlawful to accept under the laws of any jurisdiction and to waive any defect or irregularity in any deposit or notice of
withdrawal with respect to any Common Shares and the accompanying documents or any particular Shareholder or to permit the Offer to be accepted in any manner other than as set out in the Offer, and
(ii)&nbsp;there shall be no duty or obligation upon the Offeror, the Depositary, the Dealer Managers, the Information Agent or any other Person to give notice of any defect or irregularity in any
deposit or notice of withdrawal, and no liability will be incurred by any of them for failure to give any such notice;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>directs
the Offeror and the Depositary, upon the Offeror taking up the Purchased Shares, to (i)&nbsp;issue or cause to be issued cheque(s) in the full
amount to which the undersigned is entitled in respect of the Purchased Shares deposited pursuant to the Offer, in the name indicated below, and to send such cheque(s) to the address of the
undersigned, or hold the same for pickup, as indicated below, and (ii)&nbsp;return any Share Certificate(s) and, if applicable, any Rights Certificate(s), representing Common Shares not purchased to
the address indicated in Block A (and&nbsp;if no name, address or delivery instructions are so indicated, to the undersigned at the address of the undersigned as it appears on the applicable
securities register of&nbsp;IRC). </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
reason of the use of an English language form of the Letter of Transmittal, the undersigned shall be deemed to have required that any contract evidenced by the Offer as accepted
through this Letter of Transmittal, as well as all documents related thereto, be drawn exclusively in the English Language. </FONT><FONT SIZE=2><I>En raison de l'usage d'une version anglaise de la
pr&eacute;sente lettre de transmission, le soussign&eacute; est r&eacute;put&eacute; avoir demand&eacute; que
tout contrat attest&eacute; par l'offre, telle qu'elle est acept&eacute;e au moyen de cette letter de transmission, de m&ecirc;me que tous les documents qui s'y rapportent,
soient r&eacute;dig&eacute;s exclusivement en&nbsp;anglais.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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NAME="page_tc44203_1_7"> </A>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="tc44203_shareholder_information_and_instructions"> </A>
<A NAME="toc_tc44203_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SHAREHOLDER INFORMATION AND INSTRUCTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Offer, the undersigned hereby agrees to receive for the Purchased Shares $6.75 in cash for each deposited Common Share
(including the associated SRP Right) payable in Canadian funds by cheque made payable as per the instructions in this Letter of Transmittal. </FONT><FONT SIZE=2><B>Before signing this Letter of
Transmittal, please carefully review and complete the following boxes, as&nbsp;appropriate.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_tc44203_1_8"> </A>
<BR>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="47%" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>BLOCK A</B></FONT><FONT
SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT INSTRUCTIONS<BR>
<BR>
ISSUE CHEQUE PAYABLE IN THE NAME OF<BR>
(please print or type):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>BLOCK B</B></FONT><FONT SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DELIVERY INSTRUCTIONS<BR>
<BR>
SEND CHEQUE, SHARE CERTIFICATE(S) AND, IF APPLICABLE, RIGHTS CERTIFICATE(S) REPRESENTING COMMON SHARES NOT DEPOSITED OR ACCEPTED (UNLESS BLOCK&nbsp;C IS CHECKED) TO<BR>
(please print or type):<BR>
<BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Same address as Box&nbsp;A or&nbsp;to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
<BR>
<BR>
<BR>
<BR>
<BR></FONT> <FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>(Name)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Address)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (City and Province or State)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Country and Postal/Zip Code)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Telephone&nbsp;&#151;&nbsp;Business Hours)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Social Insurance or Social Security No.)<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR><BR><BR><BR><BR><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>
<BR>
<BR>
<BR>
<BR>
<BR></FONT> <FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Name)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Address)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (City and Province or State)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Country and Postal/Zip Code)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Telephone&nbsp;&#151;&nbsp;Business Hours)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Social Insurance or Social Security No.)<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>U.S.&nbsp;residents/citizens must provide their Taxpayer Identification&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Number&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT
SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>BLOCK C</B></FONT><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;HOLD CHEQUE, SHARE CERTIFICATE(S) AND, IF<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPLICABLE, RIGHTS CERTIFICATE(S)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTING COMMON SHARES NOT<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPOSITED OR ACCEPTED, FOR PICKUP AT THE<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFFICE OF THE DEPOSITARY WHERE THIS LETTER<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF TRANSMITTAL IS DEPOSITED


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=69,EFW="2195839",CP="FRANCO-NEVADA CORPORATION",DN="1",CHK=794210,FOLIO='8',FILE='DISK121:[09ZEK3.09ZEK44203]TC44203A.;33',USER='WPALMA',CD='14-DEC-2009;12:00' -->
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<TD VALIGN="TOP" style="font-family:times;"><BR><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>BLOCK D</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPOSITS PURSUANT TO NOTICE OF GUARANTEED DELIVERY<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(see&nbsp;Section&nbsp;2 of the Instructions)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;CHECK HERE IF COMMON SHARES (OR&nbsp;SRP RIGHTS) ARE BEING DEPOSITED<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPOSITARY AND COMPLETE THE FOLLOWING (please print or&nbsp;type):</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> Name of Registered Holder:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> Date of Execution of Notice of Guaranteed Delivery:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> Name of Institution which Guaranteed Delivery:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


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<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B> BLOCK E</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> INVESTMENT DEALER OR BROKER SOLICITING ACCEPTANCE OF THE OFFER<BR>
(see&nbsp;Section&nbsp;8 of the Instructions)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> The Shareholder signing above represents that the member of the soliciting dealer group who solicited and obtained this deposit is: (please print or&nbsp;type)</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="47%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Firm)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> (Registered Representative)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Telephone Number)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;CHECK HERE IF LIST OF BENEFICIAL HOLDERS IS ATTACHED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;CHECK HERE IF DISKETTE TO&nbsp;FOLLOW</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="tc44203_shareholder_signature"> </A>
<A NAME="toc_tc44203_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SHAREHOLDER SIGNATURE    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->


 </FONT></P>

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<TD WIDTH="279pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> Signature guaranteed by<BR>
(if&nbsp;required under Section&nbsp;4 of the Instructions):</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Authorized Signature</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>Signature of Shareholder or Authorized Representative<BR>
(see&nbsp;Section&nbsp;5 of the Instructions)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Name of Guarantor (please print or type)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>Name of Shareholder (please print or type)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Name of Authorized Representative,<BR>
if applicable (please print or type)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Address (please print or type)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>Area Code&nbsp;&amp; Telephone Number during Business Hours:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=70,EFW="2195839",CP="FRANCO-NEVADA CORPORATION",DN="1",CHK=149543,FOLIO='9',FILE='DISK121:[09ZEK3.09ZEK44203]TC44203B.;18',USER='WPALMA',CD='14-DEC-2009;12:00' -->
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=2> </FONT><FONT SIZE=1>Form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=4><B>W-9<BR> </B></FONT><FONT SIZE=1>(Rev. October&nbsp;2007)<BR>
&nbsp;&nbsp;<BR>
Department&nbsp;of&nbsp;the&nbsp;Treasury<BR>
Internal Revenue Service</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p align=center style="font-family:times;margin-top:8pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=4><B>Request for Taxpayer<BR>
Identification Number and Certification</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:15pt;margin-left:12pt;text-indent:-12pt;"><FONT SIZE=4><B> </B></FONT><FONT SIZE=4><B>&nbsp;&nbsp;<BR> </B></FONT><FONT SIZE=1><B>Give form to the<BR>
requester. Do not<BR>
send to the IRS.</B></FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=1><B>Print or type<BR>  </B></FONT><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </FONT><FONT SIZE=1><B>Specific Instructions</B></FONT><FONT SIZE=1> on page 2. </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
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<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=7 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Name (as shown on your income tax return)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD COLSPAN=13 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=13 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Business name, if different from above</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD COLSPAN=13 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Check&nbsp;appropriate&nbsp;box:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Individual/Sole&nbsp;proprietor</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Corporation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Partnership</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;Exempt</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=11 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT> Limited liability company. Enter the tax classification (D=disregarded entity, C=corporation, P=partnership) </FONT><FONT SIZE=1>&gt;</FONT><FONT SIZE=2>
......</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=11 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT> Other (see instructions) </FONT><FONT SIZE=1>&gt;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD COLSPAN=13 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Address (number, street, and apt. or suite no.)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Requester's&nbsp;name&nbsp;and&nbsp;address&nbsp;(optional)</FONT></TD>
</TR>
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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=11 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>City, state, and ZIP code</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR>
&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR>&nbsp;</TD>
<TD COLSPAN=13 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=11 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>List account number(s) here (optional)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>&nbsp;&nbsp;Part I Taxpayer Identification Number
(TIN)</B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Enter
your TIN in the appropriate box. The TIN provided must match the name given on Line&nbsp;1 to avoid backup withholding. For individuals, this is your social security number (SSN).
However,&nbsp;for&nbsp;a&nbsp;resident alien, sole proprietor, or disregarded entity, see the Part&nbsp;I instructions on page&nbsp;3. For other entities, it is your employer identification
number (EIN). If you do not have a number, see&nbsp;</FONT><FONT SIZE=2><I>How to get a TIN</I></FONT><FONT SIZE=2> on page&nbsp;3. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note. </B></FONT><FONT SIZE=2>If the account is in more than one name, see the chart on page&nbsp;4 for guidelines on whose number to&nbsp;enter. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2><B>Social security number</B></FONT><BR>
<FONT
SIZE=4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> or&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>Employer identification number</B></FONT><BR>
<FONT
SIZE=4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>&nbsp;&nbsp;Part II Certification</B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under
penalties of perjury, I certify that: </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>I am not subject to backup withholding because: (a)&nbsp;I am exempt from backup withholding, or (b)&nbsp;I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result
of a failure to report all interest or dividends, or (c)&nbsp;the IRS has notified me that I am no longer subject to backup withholding, and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>I am a U.S. citizen or other U.S. person (defined below).</FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Certification instructions.</B></FONT><FONT SIZE=2> You must cross out item&nbsp;2 above if you have been notified by the IRS that you
are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item&nbsp;2 does not apply. For mortgage
interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and
dividends, you are not required to sign the Certification, but you must provide your correct TIN. See the instructions on page&nbsp;4. </FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2><B>Sign<BR>
Here</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>Signature of<BR>
U.S. person</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>Date</B></FONT></TD>
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  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>General Instructions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Section
references are to the Internal Revenue Code unless otherwise noted. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Purpose of Form  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
person who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) to report, for example, income paid to you, real estate transactions,
mortgage interest you paid, acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
Form&nbsp;W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN to the person requesting it (the requester) and, when applicable,
to: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
Certify that the TIN you are giving is correct (or you are waiting for a number to be issued), </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
Certify that you are not subject to backup withholding, or </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any partnership income
from a U.S. trade or business is not subject to the withholding tax on foreign partners' share of effectively connected income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note.</B></FONT><FONT SIZE=2> If a requester gives you a form other than Form&nbsp;W-9 to request your TIN, you must use the requester's form if it is substantially similar to
this Form&nbsp;W-9. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Definition of a U.S. person.</B></FONT><FONT SIZE=2> For federal tax purposes, you are considered a U.S. person if you are: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
An individual who is a U.S. citizen or U.S. resident alien, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
An estate (other than a foreign estate), or </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
A domestic trust (as defined in Regulations section 301.7701-7). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Special rules for partnerships.</B></FONT><FONT SIZE=2> Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax on any
foreign partners' share of income from such business. Further, in certain cases where a Form&nbsp;W-9 has not been received, a partnership is required to presume that a partner is a foreign person,
and pay the withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States, provide Form&nbsp;W-9 to the partnership to
establish your U.S. status and avoid withholding on your share of partnership income. </FONT></P>
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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2> Cat. No. 10231X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Form </FONT><FONT SIZE=2><B>W-9</B></FONT><FONT SIZE=2> (Rev. 10-2007)</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>Form W-9 (Rev. 10-2007)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Page </FONT><FONT SIZE=2><B>2</B></FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The person who gives Form&nbsp;W-9 to the partnership for purposes of establishing its U.S. status and avoiding withholding on its allocable share of net income
from the partnership conducting a trade or business in the United States is in the following cases: </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
The U.S. owner of a disregarded entity and not the entity, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
The U.S. grantor or other owner of a grantor trust and not the trust, and </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
The U.S. trust (other than a grantor trust) and not the beneficiaries of the trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Foreign person.</B></FONT><FONT SIZE=2> If you are a foreign person, do not use Form&nbsp;W-9. Instead, use the appropriate Form&nbsp;W-8 (see Publication 515, Withholding of
Tax on Nonresident Aliens and Foreign Entities). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Nonresident alien who becomes a resident alien.</B></FONT><FONT SIZE=2> Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate
U.S. tax on certain types of income. However, most tax treaties contain a provision known as a "saving clause." Exceptions specified in the saving clause may permit an exemption from tax to continue
for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must
attach a statement to Form&nbsp;W-9 that specifies the following five items: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
The treaty article addressing the income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
The article number (or location) in the tax treaty that contains the saving clause and its exceptions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
The type and amount of income that qualifies for the exemption from tax. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.
Sufficient facts to justify the exemption from tax under the terms of the treaty article. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Example.</I></B></FONT><FONT SIZE=2> Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student
temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However,
paragraph&nbsp;2 of the first Protocol to the U.S.-China treaty (dated April&nbsp;30, 1984) allows the provisions of Article&nbsp;20 to continue to apply even after the Chinese student becomes a
resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph&nbsp;2 of the first protocol) and is relying on this exception to claim an exemption from tax
on his or her scholarship or fellowship income would attach to Form&nbsp;W-9 a statement that includes the information described above to support that exemption. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a nonresident alien or a foreign entity not subject to backup withholding, give the requester the appropriate completed Form&nbsp;W-8. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>What is backup withholding?</B></FONT><FONT SIZE=2> Persons making certain payments to you must under certain conditions withhold and pay to the IRS 28% of such payments. This is
called "backup withholding." Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee
pay, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and
dividends on your tax return. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Payments you receive will be subject to backup withholding if:</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>1.
You do not furnish your TIN to the requester, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>2.
You do not certify your TIN when required (see the Part&nbsp;II instructions on page&nbsp;3 for details), </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>3.
The IRS tells the requester that you furnished an incorrect TIN, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>4.
The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>5.
You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
payees and payments are exempt from backup withholding. See the instructions below and the separate Instructions for the Requester of Form&nbsp;W-9. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
see </FONT><FONT SIZE=2><I>Special rules for partnerships</I></FONT><FONT SIZE=2> on page&nbsp;1. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Penalties  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Failure to furnish TIN.</B></FONT><FONT SIZE=2> If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your
failure is due to reasonable cause and not to willful neglect. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Civil penalty for false information with respect to withholding.</B></FONT><FONT SIZE=2> If you make a false statement with no reasonable basis that results in no backup
withholding, you are subject to a $500 penalty. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Criminal penalty for falsifying information.</B></FONT><FONT SIZE=2> Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines
and/or imprisonment. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Misuse of TINs.</B></FONT><FONT SIZE=2> If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Specific Instructions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Name</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
you are an individual, you must generally enter the name shown on your income tax return. However, if you have changed your last name, for instance, due to marriage without informing the Social
Security Administration of the name change, enter your first name, the last name shown on your social security card, and your new last name. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the account is in joint names, list first, and then circle, the name of the person or entity whose number you entered in Part&nbsp;I of the form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Sole proprietor.</B></FONT><FONT SIZE=2> Enter your individual name as shown on your income tax return on the "Name" line. You may enter your business, trade, or "doing business
as (DBA)" name on the "Business name" line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Limited liability company (LLC).</B></FONT><FONT SIZE=2> Check the "Limited liability company" box only and enter the appropriate code for the tax classification ("D" for
disregarded entity, "C" for corporation, "P" for partnership) in the space provided. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a single-member LLC (including a foreign LLC with a domestic owner) that is disregarded as an entity separate from its owner under Regulations section 301.7701-3, enter the owner's
name on the "Name" line. Enter the LLC's name on the "Business name" line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
an LLC classified as a partnership or a corporation, enter the LLC's name on the "Name" line and any business, trade, or DBA name on the "Business name" line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Other entities.</B></FONT><FONT SIZE=2> Enter your business name as shown on required federal tax documents on the "Name" line. This name should match the name shown on the
charter or other legal document creating the entity. You may enter any business, trade, or DBA name on the "Business name" line. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note.</B></FONT><FONT SIZE=2> You are requested to check the appropriate box for your status (individual/sole proprietor, corporation, etc.). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>Form W-9 (Rev. 10-2007)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Page </FONT><FONT SIZE=2><B>3</B></FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Exempt Payee  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
you are exempt from backup withholding, enter your name as described above and check the appropriate box for your status, then check the "Exempt payee" box in the line following the business name,
sign and date the form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Generally,
individuals (including sole proprietors) are not exempt from backup withholding. Corporations are exempt from backup withholding for certain payments, such as interest and dividends. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note.</B></FONT><FONT SIZE=2> If you are exempt from backup withholding, you should still complete this form to avoid possible erroneous backup withholding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following payees are exempt from backup withholding: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
An organization exempt from tax under section&nbsp;501(a), any IRA, or a custodial account under section&nbsp;403(b)(7) if the account satisfies the requirements of
section&nbsp;401(f)(2), </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
The United States or any of its agencies or instrumentalities, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
A foreign government or any of its political subdivisions, agencies, or instrumentalities, or </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.
An international organization or any of its agencies or instrumentalities. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
payees that may be exempt from backup withholding include: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
A corporation, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.
A foreign central bank of issue, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
A dealer in securities or commodities required to register in the United States, the District of Columbia, or a possession of the United States, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
A futures commission merchant registered with the Commodity Futures Trading Commission, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
A real estate investment trust, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.
An entity registered at all times during the tax year under the Investment Company Act of 1940, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.
A common trust fund operated by a bank under section&nbsp;584(a), </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.
A financial institution, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.
A middleman known in the investment community as a nominee or custodian, or </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.
A trust exempt from tax under section&nbsp;664 or described in section&nbsp;4947. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
chart below shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through&nbsp;15. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=1><B>IF the payment is for&nbsp;.&nbsp;.&nbsp;.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> THEN the payment is exempt for&nbsp;.&nbsp;.&nbsp;.</B></FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Interest and dividend payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>All exempt payees except for 9</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Broker transactions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Exempt payees 1 through 13.<BR>
Also, a person registered under the investment Advisers Act of 1940 who regularly acts as a broker</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Barter exchange transactions and patronage dividends</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Exempt payees 1 through 5</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Payments over $600 required to be reported and direct sales over $5,000<SUP>1</SUP></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Generally, exempt payees 1&nbsp;through 7<SUP>2</SUP></FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=1><SUP>1</SUP> See Form 1099-MISC, Miscellaneous Income, and its instructions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><SUP>2</SUP> However, the following payments made to a corporation (including gross proceeds paid to an attorney under
section 6045(f), even if the attorney is a corporation) and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys' fees, and payments for
services paid by a federal executive agency. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Part&nbsp;I. Taxpayer Identification Number (TIN)  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Enter your TIN in the appropriate box. </B></FONT><FONT SIZE=2>If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your IRS individual
taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see </FONT><FONT SIZE=2><I>How to get a TIN</I></FONT><FONT SIZE=2> below. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN. However, the IRS prefers that you use your SSN. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a single-member LLC that is disregarded as an entity separate from its owner (see </FONT><FONT SIZE=2><I>Limited liability company (LLC)</I></FONT><FONT SIZE=2> on
page&nbsp;2), enter the owner's SSN (or EIN, if the owner has one). Do not enter the disregarded entity's EIN. If the LLC is classified as a corporation or partnership, enter the entity's EIN. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note. </B></FONT><FONT SIZE=2>See the chart on page&nbsp;4 for further clarification of name and TIN combinations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>How to get a TIN.</B></FONT><FONT SIZE=2> If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security
Card, from your local Social Security Administration office or get this form online at </FONT><FONT SIZE=2><I>www.ssa.gov</I></FONT><FONT SIZE=2>. You may also get this form by calling 1-800-772-1213.
Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for
an EIN online by accessing the IRS website at </FONT><FONT SIZE=2><I>www.irs.gov/businesses</I></FONT><FONT SIZE=2> and clicking on Employer Identification Number (EIN) under Starting a Business. You
can get Forms W-7 and SS-4 from the IRS by visiting </FONT><FONT SIZE=2><I>www.irs.gov</I></FONT><FONT SIZE=2> or by calling 1-800-TAX-FORM (1-800-829-3676). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are asked to complete Form&nbsp;W-9 but do not have a TIN, write "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For
interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60&nbsp;days to get a TIN and give it to the requester before you are
subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your
TIN to the requester. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note. </B></FONT><FONT SIZE=2>Entering "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Caution: </B></FONT><FONT SIZE=2><I>A disregarded domestic entity that has a foreign owner must use the appropriate Form&nbsp;W-8.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Part&nbsp;II. Certification  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>To
establish to the withholding agent that you are a U.S. person, or resident alien, sign Form&nbsp;W-9. You may be requested to sign by the withholding agent even if items 1, 4, and 5
below indicate otherwise. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a joint account, only the person whose TIN is shown in Part&nbsp;I should sign (when required). Exempt payees, see </FONT><FONT SIZE=2><I>Exempt Payee</I></FONT><FONT SIZE=2> on
page&nbsp;3. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Signature requirements.</B></FONT><FONT SIZE=2> Complete the certification as indicated in&nbsp;1 through 5 below. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983.</B></FONT><FONT SIZE=2> You must give your
correct TIN, but you do not have to sign the certification. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983.</B></FONT><FONT SIZE=2> You must
sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item&nbsp;2 in
the certification before signing the form. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3. Real estate transactions.</B></FONT><FONT SIZE=2> You must sign the certification. You may cross out item&nbsp;2 of the certification. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>Form W-9 (Rev. 10-2007)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Page </FONT><FONT SIZE=2><B>4</B></FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>4. Other payments.</B></FONT><FONT SIZE=2> You must give your correct TIN, but you do not have to sign the certification unless you have been
notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for
merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments to certain fishing boat crew members and fishermen, and gross
proceeds paid to attorneys (including payments to corporations). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under
section&nbsp;529), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions.</B></FONT><FONT SIZE=2> You must give your correct TIN, but you do not have to sign
the certification. </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD COLSPAN=7 style="font-family:times;"><FONT SIZE=2><B>What Name and Number To Give the Requester</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 ALIGN="RIGHT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1><B> For this type of account:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> Give name and SSN of:</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 ALIGN="RIGHT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Individual</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The individual</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Two or more individuals (joint account)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The actual owner of the account or, if combined funds, the first individual on the account&nbsp;<SUP>1</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Custodian account of a minor (Uniform Gift to Minors Act)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The minor&nbsp;<SUP>2</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> a.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The usual revocable savings trust (grantor is also trustee)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The grantor-trustee&nbsp;<SUP>1</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> b.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> So-called trust account that is not a legal or valid trust under state law</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The actual owner&nbsp;<SUP>1</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Sole proprietorship or disregarded entity owned by an individual</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The owner&nbsp;<SUP>3</SUP></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 ALIGN="RIGHT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1><B> For this type of account:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> Give name and EIN of:</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 ALIGN="RIGHT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Disregarded entity not owned by an individual</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The owner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>A valid trust, estate, or pension trust</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> Legal entity&nbsp;<SUP>4</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Corporate or LLC electing corporate status on Form 8832</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Association, club, religious, charitable, educational, or other tax-exempt organization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The organization</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Partnership or multi-member LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>A broker or registered nominee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The broker or nominee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=1>Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> The public entity</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 ALIGN="RIGHT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR>&nbsp;</TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=1><SUP>1</SUP> List first and circle the name of the person whose number you furnish. If only one person on a joint
account has an SSN, that person's number must be furnished. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=1><SUP>2</SUP> Circle the minor's name and furnish the minor's SSN. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><SUP>3</SUP> You must show your individual name and you may also enter your business or "DBA" name on the second line.
You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><SUP>4</SUP> List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the
personal representative or trustee unless the legal entity itself is not designated in the account title.) Also see </FONT><FONT SIZE=1><I>Special rules for partnerships</I></FONT><FONT SIZE=1> on
page&nbsp;1. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Note. </B></FONT><FONT SIZE=2>If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=3><B>Secure Your Tax Records from Identity Theft  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Identity
theft occurs when someone uses your personal information such as your name, social security number (SSN), or other identifying information, without your permission, to commit fraud or other
crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reduce your risk: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
Protect your SSN, </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
Ensure your employer is protecting your SSN, and </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&#149;
Be careful when choosing a tax preparer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call
the IRS at 1-800-829-1040 if you think your identity has been used inappropriately for tax purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victims
of identity theft who are experiencing economic harm or a system problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may
be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Protect yourself from suspicious emails or phishing schemes.</B></FONT><FONT SIZE=2> Phishing is the creation and use of email and websites designed to mimic legitimate business
emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information
that will be used for identity theft. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords,
or similar secret access information for their credit card, bank, or other financial accounts. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you receive an unsolicited email claiming to be from the IRS, forward this message to </FONT><FONT SIZE=2><I>phishing@irs.gov</I></FONT><FONT SIZE=2>. You may also report misuse of the
IRS name, logo, or other IRS personal property to the Treasury Inspector General for Tax Administration at 1-800-366-4484. You can forward suspicious emails to the Federal Trade Commission at: </FONT> <FONT SIZE=2><I>spam@uce.gov</I></FONT><FONT
SIZE=2> or contact them at </FONT><FONT SIZE=2><I>www.consumer.gov/idtheft</I></FONT><FONT SIZE=2> or 1-877-IDTHEFT(438-4338). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visit
the IRS website at </FONT><FONT SIZE=2><I>www.irs.gov</I></FONT><FONT SIZE=2> to learn more about identity theft and how to reduce your risk. </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Privacy Act Notice  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1>Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons who must file information returns with the IRS to report interest,
dividends, and certain other income paid to you, mortgage interest you paid, the acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA, or Archer
MSA or HSA. The IRS uses the numbers for identification purposes and to help verify the accuracy of your tax return. The IRS may also provide this information to the Department of Justice for civil
and criminal litigation, and to cities, states, the District of Columbia, and U.S. possessions to carry out their tax laws. We may also disclose this information to other countries
under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>You must provide your TIN whether or not you are required to file a tax return. Payers must generally
withhold 28% of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to a payer. Certain penalties may also apply. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  INSTRUCTIONS    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Use of Letter of Transmittal.</B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>This
Letter of Transmittal, properly completed and duly executed, or a manually executed facsimile copy thereof, relating to the Purchased Shares
(and&nbsp;any Other Securities) with the signatures guaranteed by an Eligible Institution, if required under Section&nbsp;4 below, together with the accompanying Share Certificate(s) and, if
applicable, Rights Certificate(s), representing such Purchased Shares (or&nbsp;alternatively, a book-entry transfer for Shareholders accepting the Offer by following the procedures for
book-entry transfer established by CDS or DTC, as applicable), and all other documents required by this Letter of Transmittal must be received by the Depositary at one of the addresses
specified herein prior to the Expiry Time, unless the Offer is extended or withdrawn or unless the procedures for guaranteed delivery set out in section&nbsp;2 below are employed. Shareholders
accepting the Offer using book-entry transfer must ensure that the required documents are sent to the Depositary at its addresses specified herein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
method used to deliver this Letter of Transmittal, any accompanying Share Certificate(s) and, if applicable, Rights Certificate(s) representing
Purchased Shares, and all other documents required by this Letter of Transmittal is at the option and risk of the Shareholder and delivery will be deemed effective only when such documents are
actually received by the Depositary. The Offeror recommends that such documents be delivered by hand to the Depositary, at its hand delivery address specified herein, and a receipt obtained or, if
mailed, that registered mail with return receipt requested be used and that proper insurance be obtained. It is suggested that any such mailing be made sufficiently in advance of the Expiry Time to
permit delivery to the Depositary prior to the Expiry Time. </FONT><FONT SIZE=2><B>Shareholders whose Common Shares are registered in the name of a broker, investment dealer, bank, trust company or
other nominee should contact that nominee for assistance in depositing those Common Shares. Participants in CDS or DTC should contact the Depositary with respect to the deposit of their Common Shares
under the Offer. CDS and DTC will be issuing instructions to their participants as to the method of depositing the Common Shares under the terms of
the&nbsp;Offer.</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Procedures for Guaranteed Delivery.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a Shareholder wishes to deposit Common Shares (including
the associated SRP Rights) pursuant to the Offer and (i)&nbsp;the Share Certificate(s) and/or, if applicable, Rights Certificate(s) representing such Common Shares are not immediately available,
(ii)&nbsp;the Share Certificate(s) and/or, if applicable, Rights Certificate(s), representing such Common Shares and all other documents required by this Letter of Transmittal cannot be delivered to
the Depositary prior to the Expiry Time, (iii)&nbsp;the procedures for book-entry transfer cannot be complied with on a timely basis, or (iv)&nbsp;if the Separation Time has occurred
prior to the Expiry Time but Rights Certificates have not been distributed to Shareholders prior to the Expiry Time, such Common Shares (including the associated SRP Rights) may nevertheless be
deposited pursuant to the Offer provided that all of the following conditions are&nbsp;met:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>such
a deposit is made by or through an Eligible Institution (as&nbsp;defined&nbsp;below);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
properly completed and duly executed Notice of Guaranteed Delivery (or&nbsp;if sent by DTC, a message transmitted through electronic means by DTC in
accordance with the usual procedures of DTC and the Depositary; provided, however, that if the notice is sent by DTC through such electronic means, it must state that DTC has received an express
acknowledgement from the participant in DTC on whose behalf the Notice of Guaranteed Delivery is given that such participant has received and agrees to become bound by the Notice of Guaranteed
Delivery), or a manually executed facsimile thereof, is received by the Depositary at its office set forth in the Notice of Guaranteed Delivery on or prior to the Expiry&nbsp;Time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Share Certificate(s) and, if the Separation Time has occurred prior to the Expiry Time and Rights Certificates have been distributed to Shareholders
prior to the Expiry Time, the Rights Certificate(s), representing deposited Common Shares (including the associated SRP Rights), in proper form for transfer, in each case together with a properly
completed and duly executed Letter of Transmittal, or a manually executed facsimile thereof or, in the case of Common Shares deposited by book-entry transfer, a Book-Entry
Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>manually
executed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and all other
documents required by this Letter of Transmittal are received by the Depositary at its office set forth in the Notice of Guaranteed Delivery on or prior to 8:00&nbsp;p.m. (Toronto time) on the third
trading day on the TSX after the Expiry Date;&nbsp;and  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>if
the Separation Time has occurred prior to the Expiry Time but Rights Certificates have not been distributed to Shareholders prior to the Expiry Time, the
Rights Certificate(s) representing the deposited SRP Rights, together with a Letter of Transmittal, or a manually executed facsimile thereof, properly completed and duly executed with signatures
guaranteed if so required in accordance with the Letter of Transmittal or, in the case of Common Shares deposited by bank-entry transfer, a Book-Entry Confirmation and, in the
case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's
Message in lieu of a Letter of Transmittal, and all other documents required by this Letter of Transmittal are received by the Depositary at its office set forth in the Notice of Guaranteed Delivery
on or prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the date, if any, that Rights Certificates are distributed to Shareholders. </FONT></DD></DL>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Notice of Guaranteed Delivery must include a guarantee by an Eligible Institution in the form set forth in the Notice of Guaranteed Delivery. The Notice of Guaranteed Delivery may be delivered by
hand or courier or transmitted by facsimile transmission or mailed to the Depositary so as to be received by the Depositary at its office set forth in the Notice of Guaranteed Delivery no later than
the Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>An
"</FONT><FONT SIZE=2><B>Eligible Institution</B></FONT><FONT SIZE=2>" means a Canadian Schedule&nbsp;I chartered bank, a member of the Securities Transfer Agents Medallion Program (STAMP), a
member of the Stock Exchange Medallion Program (SEMP) or a member of the New&nbsp;York Stock Exchange&nbsp;Inc. Medallion Signature Program (MSP), where the members of these programs are usually
members of a recognized stock exchange in Canada or the United&nbsp;States, members of the Investment Dealers Association of Canada, members of the National Association of Securities Dealers or
banks and trust companies in the United&nbsp;States.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Signatures.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Letter of Transmittal must be completed and signed by the Shareholder accepting
the Offer or by such Shareholder's duly authorized representative (in&nbsp;accordance with Section&nbsp;5&nbsp;below).
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
this Letter of Transmittal is signed by the registered owner(s) of the accompanying Share Certificate(s) and, if applicable, the accompanying Rights
Certificate(s), such signature(s) on this Letter of Transmittal must correspond with the name(s) as registered or as written on the face of such certificate(s) without any change whatsoever, and such
certificate(s) need not be endorsed. If such certificate(s) are owned of record by two or more joint owners, all such owners must sign the Letter of&nbsp;Transmittal.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
this Letter of Transmittal is signed by a Person other than the registered owner(s) of the accompanying Share Certificate(s) and, if applicable, the
accompanying Rights Certificate(s), or if cheque(s) are to be issued to a Person other than the registered owner(s), or if the Share Certificate(s) and, if applicable, Rights Certificate(s),
representing Common Shares (including the associated SRP Rights) for which the Offer has not been accepted are to be returned to a Person other than such registered owner(s) or sent to an address
other than the address of the registered owner(s) as shown on the register of Shareholders maintained by IRC or its transfer&nbsp;agent:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>such
deposited certificate(s) must be accompanied by an appropriate share transfer power of attorney duly and properly completed by the registered
owner(s);&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
signature(s) on such power of attorney must correspond exactly to the name(s) of the registered owner(s) as registered or as appearing on such
certificate(s) and must be guaranteed as noted in Section&nbsp;4 of the Instructions below.
<BR><BR></FONT></DD></DL>
</DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Guarantee of Signatures.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If this Letter of Transmittal is executed by a Person other than the
registered owner(s) of the Purchased Shares, if the cheque(s) are to be issued to a Person other than such registered owner(s), or if the Share Certificate(s) and, if applicable, the Rights
Certificates, representing Common </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_tg44203_1_15"> </A>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shares
(including the associated SRP Rights) not purchased by the Offeror are to be returned to a Person other than such registered owner(s) or sent to an address other than the address of the
registered owner(s) as shown on the register of Shareholders maintained by IRC or its transfer agent, such signature must be guaranteed by an Eligible Institution, or in another manner satisfactory to
the Depositary (except that no guarantee is required if the signature is that of an Eligible Institution).  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Fiduciaries, Representatives and Authorizations.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Where this Letter of Transmittal is executed by
a Person on behalf of an executor, administrator, trustee, guardian, corporation, partnership or association or is executed by any other Person acting in a representative capacity, such Person should
so indicate when signing and this Letter of Transmittal must be accompanied by satisfactory evidence of the authority to act. The Offeror or the Depositary, at its discretion, may require additional
evidence of such authority or additional documentation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Partial Tenders (not&nbsp;required for Shareholders who tender by book-entry transfer).</B></FONT><FONT SIZE=2> If
fewer than the total number of Common Shares (including the associated SRP Rights) evidenced by any Share Certificate(s) and, if applicable, Rights Certificates, accompanying this Letter of
Transmittal are to be deposited pursuant to the Offer, fill in the number of Common Shares (including the associated SRP Rights, if necessary) to be deposited in the appropriate space on this Letter
of Transmittal. In such case, new Share Certificate(s) and, if applicable, Rights Certificate(s), for the number of Common Shares (including the associated SRP Rights) not deposited will be sent to
the registered owner(s) as soon as practicable after the Expiry Time. The total number of Common Shares (including the associated SRP Rights) evidenced by all certificate(s) delivered will be deemed
to have been deposited unless otherwise indicated on this Letter of&nbsp;Transmittal.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Delivery Instructions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any cheque(s) are to be sent to or, if Share Certificate(s) and, if
applicable, Rights Certificate(s) are to be returned to a Person at an address other than the address of the Shareholder as it appears in Block A of this Letter of Transmittal, entitled "Payment
Instructions", then the Shareholder must complete Block B of this Letter of Transmittal, entitled "Delivery Instructions". If Block B is not completed, such cheque(s) and/or certificate(s) will be
mailed to the depositing Shareholder at the address of such holder as it appears in Block A or, if no address is provided in Block A, then it will be mailed to the address of such holder as it appears
on the register of Shareholders maintained by IRC or its transfer agent. Any cheque(s) and/or certificate(s) mailed in accordance with the Offer and this Letter of Transmittal will be deemed to be
delivered at the time of&nbsp;mailing.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Solicitation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Identify the investment dealer or broker, if any, who solicited acceptance of the
Offer by completing Block E on this Letter of Transmittal and present a list of beneficial holders, if&nbsp;applicable.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Form&nbsp;W-9 for U.S.&nbsp;Shareholders Only.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;federal income tax
law generally requires a Shareholder who is a "U.S.&nbsp;person," as defined on the enclosed Form&nbsp;W-9
(a&nbsp;"</FONT><FONT SIZE=2><B>U.S.&nbsp;Shareholder</B></FONT><FONT SIZE=2>") and who receives cash in exchange for Common Shares to provide the Depositary with his, her or its correct Taxpayer
Identification Number ("</FONT><FONT SIZE=2><B>TIN</B></FONT><FONT SIZE=2>"), which, in the case of a U.S.&nbsp;Shareholder who is an individual, is generally the individual's social security
number. If the Depositary is not provided with the correct TIN or an adequate basis for an exemption, such U.S.&nbsp;Shareholder may be subject to penalties imposed by the U.S.&nbsp;Internal
Revenue Service (the&nbsp;"</FONT><FONT SIZE=2><B>IRS</B></FONT><FONT SIZE=2>") and backup withholding in an amount equal to 28% of the gross proceeds of any payment received hereunder. If
withholding results in an overpayment of taxes, a refund may be obtained provided the required information is furnished to the IRS in a timely manner. To prevent backup withholding, each
U.S.&nbsp;Shareholder must provide his, her or its correct TIN by completing the Form&nbsp;W-9 set forth in this document, which requires such U.S.&nbsp;Shareholder to certify under
penalties of perjury, (a)&nbsp;that the TIN provided is correct (or&nbsp;that such U.S.&nbsp;Shareholder is awaiting a TIN), (b)&nbsp;that (i)&nbsp;the U.S.&nbsp;Shareholder is exempt from
backup withholding, (ii)&nbsp;the U.S.&nbsp;Shareholder has not been notified by the IRS that he, she or it is subject to backup withholding as a result of a failure to report all interest or
dividends or (iii)&nbsp;the IRS has notified the U.S.&nbsp;Shareholder that he, she or it is no longer subject to backup withholding, and (c)&nbsp;that the U.S.&nbsp;Shareholder is a
U.S.&nbsp;citizen or other U.S.&nbsp;person. Exempt U.S.&nbsp;Shareholders (including, among others, all corporations) are not subject to backup withholding and reporting requirements. To
prevent possible erroneous backup withholding, an exempt holder must enter its correct TIN in Part&nbsp;I of Form&nbsp;W-9, check the box labelled "Exempt payee" and sign and date the
form. See the enclosed instructions to Form&nbsp;W-9 (the&nbsp;"</FONT><FONT SIZE=2><B>W-9&nbsp;Instructions</B></FONT><FONT SIZE=2>") for additional instructions. If
Common </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Shares
are held in more than one name or are not in the name of the actual owner, consult the enclosed W-9&nbsp;Instructions for information on which TIN to report. If a
U.S.&nbsp;Shareholder does not have a TIN, such U.S.&nbsp;Shareholder should: (i)&nbsp;consult the enclosed W-9&nbsp;Instructions for instructions on applying for a TIN;
(ii)&nbsp;write "Applied For" in the space for the TIN in Part&nbsp;I of the Form&nbsp;W-9; and&nbsp;(iii) sign and date the Form&nbsp;W-9. In such case, the
Depositary may withhold 28% of the gross proceeds of any payment made to such U.S.&nbsp;Shareholder prior to the time a properly certified TIN is provided to the Depositary, and if the Depositary is
not provided with a TIN within 60&nbsp;days, such amounts will be paid over to the IRS. A U.S.&nbsp;SHAREHOLDER WHO FAILS TO PROPERLY COMPLETE THE FORM W-9&nbsp;MAY BE SUBJECT TO
BACKUP WITHHOLDING OF&nbsp;28% OF THE GROSS PROCEEDS OF ANY PAYMENTS MADE TO SUCH U.S.&nbsp;SHAREHOLDER PURSUANT TO THE&nbsp;OFFER.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Miscellaneous.</B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
the space on this Letter of Transmittal is insufficient to list all Share Certificate(s) and, if applicable, Rights Certificate(s), for the Purchased
Shares (including the associated SRP Rights), additional certificate numbers and the number of common shares in the capital of IRC and, if necessary, the number of associated SRP Rights, may be
included on a separate signed list affixed to this Letter of&nbsp;Transmittal.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
the Purchased Shares (including the associated SRP Rights) are registered in different forms (e.g.,&nbsp;"John Doe" and "J. Doe"), a separate Letter of
Transmittal should be signed for each different registration.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
Share Certificate(s) and, if applicable, Rights Certificate(s), representing the Purchased Shares (including the associated SRP Rights) are forwarded
separately in multiple deliveries to the Depositary, a properly completed and duly executed Letter of Transmittal (or&nbsp;a manually executed facsimile copy thereof) must accompany each
such&nbsp;delivery.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>No
alternative, conditional or contingent deposits will be accepted. All depositing Shareholders, by execution of this Letter of Transmittal, waive any
right to receive any notice of acceptance of the Purchased Shares for&nbsp;payment.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer and any agreement resulting from the acceptance of the Offer will be governed by and construed in accordance with the laws of the Province of
Ontario and all laws of Canada applicable therein. Each party to any agreement resulting from the acceptance of the Offer unconditionally and irrevocably attorns to the non-exclusive
jurisdiction of the courts of the Province of Ontario and the courts of appeal therefrom.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Additional
copies of the Offer and Circular, the Letter of Transmittal and the Notice of Guaranteed Delivery may be obtained from the Depositary at their
respective offices at the addresses listed on the last page of this Letter of Transmittal or through the Internet at www.sedar.com under the issuer filings of&nbsp;IRC.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Before
completing this Letter of Transmittal, Shareholders are urged to read the accompanying Offer and&nbsp;Circular.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror reserves the right, in accordance with applicable law, to permit a Shareholder to accept the Offer in a manner other than as set
out&nbsp;herein.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>11.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Commissions and Stock Transfer Taxes.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No brokerage fees or commissions will be payable if the
Offer is accepted by depositing Common Shares (including the associated SRP Rights) directly with the Depositary. The Offeror will pay any stock transfer taxes with respect to the transfer and sale of
Purchased Shares (and&nbsp;any Other Securities) to it or its order by the registered owner pursuant to the Offer. If, however, cheques to be received pursuant to the Offer are to be issued to, or
if certificate(s) representing Purchased Shares not deposited or purchased are to be registered in the name of, any person other than the registered owner(s), or if certificate(s) representing
Purchased Shares are registered in the name of any person other than the person(s) signing this Letter of Transmittal, the amount of any stock transfer taxes (whether imposed on the registered owner
or such other person) payable on account of the transfer to such person </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>will
be payable by such person or the registered owner which may include a deduction from the Offer Price unless satisfactory evidence of the payment of such taxes or an exemption therefrom
is&nbsp;submitted.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>12.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Lost Certificates.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a any Share Certificate(s) and/or, if applicable, any Rights
Certificate(s), has been lost or destroyed, this Letter of Transmittal should be completed as fully as possible and forwarded, together with a letter describing the loss, to the Depositary. The
Depositary will respond with the replacement requirements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>13.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Privacy Notice.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Depositary is committed to protecting your personal information. In the
course of providing services to you and corporate clients, the Depositary receives non-public personal information about you (e.g.&nbsp;from transactions the Depositary performs for you,
forms you send to the Depositary, or other communications the Depositary has with you or your representatives, etc.). This information could include your name, address, social insurance number,
securities holding and other financial information. The Depositary uses this information to administer your account, to better serve your and its clients' needs and for other lawful purposes relating
to its services. The Depositary has prepared a Privacy Code to tell you more about its information practices and how your privacy is protected. It is available at the Depositary's website,
www.computershare.com, or by writing to the Depositary at its addresses set forth in this Letter of Transmittal. The Depositary will use the information you are providing on this form in order to
process your request and will treat your signature(s) on this form as your consent to the&nbsp;above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>14.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Assistance.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Depositary, the Information Agent, the Dealer Managers, or your broker or other
financial advisor can assist you in completing this Letter of Transmittal (see&nbsp;back page of this Letter of Transmittal for contact information). Shareholders whose Common Shares are registered
in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee if they wish to accept the&nbsp;Offer. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>THIS LETTER OF TRANSMITTAL OR A MANUALLY EXECUTED FACSIMILE THEREOF (TOGETHER WITH SHARE CERTIFICATE(S) AND, IF APPLICABLE, ANY RIGHTS CERTIFICATE(S),
REPRESENTING THE COMMON SHARES BEING DEPOSITED AND ALL OTHER DOCUMENTS REQUIRED BY THIS LETTER OF TRANSMITTAL) OR THE NOTICE OF GUARANTEED DELIVERY MUST BE RECEIVED BY THE DEPOSITARY PRIOR TO THE
EXPIRY&nbsp;TIME.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Depositary for the Offer is:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Computershare Investor Services&nbsp;Inc.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>
<IMG SRC="g544207.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="64">
  </B></FONT></P>
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>By Mail</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> By Registered Mail, Hand or Courier</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> P.O.&nbsp;Box&nbsp;7021<BR>
31&nbsp;Adelaide Street East<BR>
Toronto, Ontario<BR>
M5H&nbsp;3H2<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>100&nbsp;University Avenue<BR>
9<SUP>th</SUP>&nbsp;Floor<BR>
Toronto, Ontario<BR>
M5J&nbsp;2Y1<BR>
Attention: Corporate Actions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> North American Toll Free Phone: 1-800-564-6253</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
E-mail corporateactions@computershare.com<BR>
Facsimile: 1-905-771-4082<BR>
Overseas: 1-514-982-7555</FONT></TD>
</TR>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Information Agent for the Offer is:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g84855.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="57">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950, P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario M5X&nbsp;1E2 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>North American Toll Free Phone: 1-877-659-1818</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail:
contactus@kingsdaleshareholder.com<BR>
Facsimile: 1-416-867-2271<BR>
Toll-Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Dealer Managers for the Offer are:</B></FONT></P>
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<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BMO&nbsp;NESBITT BURNS&nbsp;INC.</B></FONT><BR>
<FONT SIZE=2>100&nbsp;King Street West<BR>
1&nbsp;First Canadian Place<BR>
Toronto, Ontario M5X&nbsp;1H3<BR>
Telephone: 1-866-246-7345<BR>
Facsimile: 416-359-4459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BMO CAPITAL MARKETS CORP.</B></FONT><BR>
<FONT SIZE=2>3&nbsp;Time Square<BR>
New&nbsp;York, New&nbsp;York<BR>
10036<BR>
Telephone: 1-866-246-7345</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Any questions or requests for assistance may be directed to the Depositary, the Information Agent or the Dealer Managers. Requests for additional copies of the Offer and
Circular, this Letter of Transmittal and the Notice of Guaranteed Delivery may be directed to the Depositary, the Information Agent or the Dealer Managers at their respective offices. Shareholders may
also contact their brokers, dealers, commercial banks, trust companies or other nominees for assistance concerning the&nbsp;Offer.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THIS IS NOT A LETTER OF TRANSMITTAL  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>NOTICE OF GUARANTEED DELIVERY<BR>  </B></FONT><FONT SIZE=3><B>for deposit of Common Shares of<BR>  </B></FONT><FONT SIZE=4><B>INTERNATIONAL ROYALTY CORPORATION<BR>  </B></FONT><FONT SIZE=3><B>pursuant to the Offer
dated December&nbsp;14, 2009,<BR>
made by<BR>  </B></FONT><FONT SIZE=4><B>7293275&nbsp;CANADA&nbsp;INC.<BR>  </B></FONT><FONT SIZE=3><B>a wholly-owned direct subsidiary of<BR>  </B></FONT><FONT SIZE=4><B>FRANCO-NEVADA CORPORATION  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions set forth in the offer (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") and the take-over
bid circular accompanying and forming part of the Offer (the&nbsp;"</FONT><FONT SIZE=2><B>Circular</B></FONT><FONT SIZE=2>") each dated December&nbsp;14, 2009 of 7293275&nbsp;Canada&nbsp;Inc.
(the&nbsp;"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), a wholly-owned subsidiary of Franco-Nevada Corporation, are incorporated by reference into this Notice of Guaranteed Delivery.
Capitalized terms used but not defined in this Notice of Guaranteed Delivery have the respective meanings set out in the Offer and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Notice of Guaranteed Delivery, or a manually executed facsimile hereof, must be used to accept the Offer made by the Offeror for all of the issued and outstanding common shares in
the capital of International Royalty Corporation ("</FONT><FONT SIZE=2><B>IRC</B></FONT><FONT SIZE=2>"), together with the associated rights issued and outstanding under the shareholder rights plan
of IRC (the&nbsp;"</FONT><FONT SIZE=2><B>SRP Rights</B></FONT><FONT SIZE=2>" and, together with the common shares of IRC, the "</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>"), if
(i)&nbsp;certificate(s) representing Common Shares ("</FONT><FONT SIZE=2><B>Share Certificates</B></FONT><FONT SIZE=2>") and/or, if the Separation Time has occurred prior to the Expiry Time, Rights
Certificate(s) representing the associated SRP Rights, are not immediately available, (ii)&nbsp;the Share Certificate(s) and, if applicable, Rights Certificate(s) representing such Common Shares
(including the associated SRP Rights), and all other documents required by the Letter of Transmittal cannot be delivered to the Depositary prior to the Expiry Time, (iii)&nbsp;the procedures for
book-entry transfer, as set forth in the Offer, cannot be complied with on a timely basis, or (iv)&nbsp;if the Separation Time has occurred prior to the Expiry Time but Rights
Certificates have not been distributed to Shareholders prior to the Expiry Time. Such Common Shares (including the associated SRP Rights) may be deposited pursuant to the Offer by following the
procedures contemplated by this Notice of Guaranteed Delivery, provided that all of the following conditions are&nbsp;met: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>such
a deposit is made by or through an Eligible Institution (as&nbsp;defined&nbsp;below);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
properly completed and duly executed copy of this Notice of Guaranteed Delivery (or&nbsp;if sent by DTC, a message transmitted through electronic means
by DTC in accordance with the usual procedures of DTC and the Depositary; provided, however, that if the notice is sent by DTC through such electronic means, it must state that DTC has received an
express acknowledgement from the participant in DTC on whose behalf the Notice of Guaranteed Delivery is given that such participant has received and agrees to become bound by the Notice of Guaranteed
Delivery), or a manually executed facsimile thereof, is received by the Depositary at its office set forth in this Notice of Guaranteed Delivery on or prior to the Expiry&nbsp;Time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Share Certificate(s) and, if the Separation Time has occurred prior to the Expiry Time and Rights Certificates have been distributed to Shareholders
prior to the Expiry Time, the Rights Certificate(s) representing the deposited Common Shares (including the associated SRP Rights), in proper form for transfer, in each case together with a Letter of
Transmittal, or a manually executed facsimile thereof, properly completed and duly executed with signatures guaranteed if so required in accordance with the Letter of Transmittal or, in the case of
Common Shares deposited by book-entry transfer, a Book-Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile
thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and all other documents required by the
Letter of Transmittal are received by the Depositary at its office set forth in this Notice of Guaranteed Delivery on or prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX
after the Expiry Date;&nbsp;and </FONT></DD></DL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>if
the Separation Time has occurred prior to the Expiry Time but Rights Certificates have not been distributed to Shareholders prior to the Expiry Time, the
Rights Certificate(s) representing the deposited SRP Rights, together with a Letter of Transmittal, or a manually executed facsimile thereof, properly completed and duly executed with signatures
guaranteed if so required in accordance with the Letter of Transmittal or, in the case of Common Shares deposited by book-entry transfer, a Book-Entry Confirmation and, in the
case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's
Message in lieu of a Letter of Transmittal, and all other documents required by the Letter of Transmittal are received by the Depositary at its office set forth in this Notice of Guaranteed Delivery
on or prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX, after the date, if any, that Rights Certificates are distributed to Shareholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
"</FONT><FONT SIZE=2><B>Eligible Institution</B></FONT><FONT SIZE=2>" means a Canadian Schedule&nbsp;I chartered bank, a member of the Securities Transfer Agents Medallion Program
(STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a member of the New&nbsp;York Stock Exchange&nbsp;Inc. Medallion Signature Program (MSP), where the members of these programs
are usually members of a recognized stock exchange in Canada or the United&nbsp;States, members of the Investment Dealers Association of Canada, members of the National Association of Securities
Dealers or banks and trust companies in the United&nbsp;States. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned understands and acknowledges that payment for Common Shares deposited and taken up by the Offeror will be made only after timely receipt by the Depositary of:
(i)&nbsp;the Share Certificate(s) (or&nbsp;a Book-Entry Confirmation) and, if applicable, Rights Certificate(s), representing the deposited Common Shares (including the associated SRP
Rights) in proper form for transfer, in each case together with a Letter of Transmittal, or a manually executed facsimile thereof, properly completed and duly executed with signatures guaranteed if so
required in accordance with the Letter of Transmittal or, in the case of Common Shares deposited by book-entry transfer, a Book-Entry Confirmation and, in the case of DTC
accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in
lieu of a Letter of Transmittal, and all other documents required by the Letter of Transmittal are received by the Depositary at its office set forth in this Notice of Guaranteed Delivery on or before
8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the Expiry Date; and (ii)&nbsp;in the case of SRP Rights where the Separation Time has occurred before the Expiry Time but
Rights Certificates have not been distributed to Shareholders before the Expiry Time, the Rights Certificate(s) representing the deposited SRP Rights, together with a Letter of Transmittal, or a
manually executed facsimile copy thereof, properly completed and duly executed with signatures guaranteed if so required in accordance with the Letter of Transmittal or, in the case of Common Shares
deposited by book-entry transfer, a Book-Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof),
properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and all other documents required by the Letter of
Transmittal are received by the Depositary at its office set forth in this Notice of Guaranteed Delivery on or prior to 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX, after the
date, if any, that Rights Certificates are distributed to Shareholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned also understands and acknowledges that under no circumstances will interest accrue or be paid by the Offeror or the Depositary to Persons depositing Common Shares on the
Offer Price payable in respect of a deposited Common Share regardless of any delay in making such payment, and that the Offer Price for a Common Share deposited pursuant to the procedures for
guaranteed delivery will be the same as that for a Common Share delivered to the Depositary prior to the Expiry Time, even if the common shares in the capital of IRC and, if applicable, the associated
SRP Rights, to be delivered pursuant to the procedures for guaranteed delivery are not so delivered to the Depositary, and therefore payment by the Depositary on account of a deposited Common Share is
not made until after the take up and payment for the Common Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Notice of Guaranteed Delivery must include a guarantee by an Eligible Institution in the form set forth in this Notice of Guaranteed Delivery. This Notice of Guaranteed Delivery may
be delivered by hand or courier or transmitted by facsimile transmission or mailed to the Depositary so as to be received by the Depositary at its office set forth in this Notice of Guaranteed
Delivery no later than the Expiry&nbsp;Time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>DO NOT SEND SHARE CERTIFICATE(S) AND/OR, IF APPLICABLE, RIGHTS CERTIFICATE(S), WITH THIS NOTICE OF GUARANTEED DELIVERY. SHARE CERTIFICATE(S) AND/OR, IF
APPLICABLE, RIGHTS CERTIFICATE(S), MUST BE SENT WITH YOUR LETTER OF&nbsp;TRANSMITTAL.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>SHAREHOLDERS SHOULD CONTACT THE DEALER MANAGERS, THE DEPOSITARY, THE INFORMATION AGENT OR A BROKER OR DEALER FOR ASSISTANCE IN ACCEPTING THE OFFER AND IN
DEPOSITING COMMON SHARES (INCLUDING THE ASSOCIATED SRP RIGHTS) WITH THE DEPOSITARY. THEIR CONTACT DETAILS ARE PROVIDED AT THE END OF THE OFFER AND&nbsp;CIRCULAR.</B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>This Notice of Guaranteed Delivery is not to be used to guarantee signatures.</B></FONT><FONT SIZE=2> If a signature on the Letter of Transmittal is required to be
guaranteed by an Eligible Institution, such signature must appear in the applicable space in the Letter of&nbsp;Transmittal. </FONT></P>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<TD style="font-family:times;"><FONT SIZE=2><B>TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>7293275&nbsp;CANADA&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2><B>AND TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>COMPUTERSHARE INVESTOR SERVICES&nbsp;INC., as Depositary</B></FONT></TD>
</TR>
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<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>By Mail</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>By Hand or Courier</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>By Facsimile</I></B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>P.O.&nbsp;Box&nbsp;7021<BR>
31&nbsp;Adelaide Street East<BR>
Toronto, Ontario<BR>
M5C&nbsp;3H2<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100&nbsp;University Avenue<BR>
9th&nbsp;Floor<BR>
Toronto, Ontario<BR>
M5J&nbsp;2Y1<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1-905-771-4082</FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Delivery of this Notice of Guaranteed Delivery to an address or transmission of this Notice of Guaranteed Delivery via a facsimile number other than set forth above does not
constitute a valid&nbsp;delivery.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
undersigned hereby deposits with the Offeror, upon the terms and subject to the conditions set forth in the Offer, the Circular and the related Letter of Transmittal, receipt of which is hereby
acknowledged, the Common Shares (including the associated SRP Rights) described below, pursuant to the procedures for guaranteed delivery set forth in Section&nbsp;3 of the Offer and
Section&nbsp;2 of the Instructions in the Letter of Transmittal. IRC Shareholders who have deposited common shares in the capital of IRC pursuant to the Offer will be deemed to have deposited the
SRP Rights associated therewith. No additional payment will be made for the SRP Rights and no amount of the consideration to be paid by the Offeror will be allocated to the SRP Rights. IRC
Shareholders are required to deposit one SRP Right for each common share in the capital of IRC in order to effect a valid deposit of such Common Share or, in the case of Common Shares deposited by
book-entry transfer, a Book-Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed
and
duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, must be received by the&nbsp;Depository. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="37%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=7 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>COMMON SHARES</B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name(s) in which Registered<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Certificate<BR>
Number(s)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Common Shares<BR>
Represented by<BR>
Certificate<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Common Shares<BR>
Deposited</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> TOTAL COMMON SHARES:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Need
not be completed if transfer is made by book-entry. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=1>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="37%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=7 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>SRP RIGHTS (To&nbsp;be completed if necessary<SUP>(2)</SUP>)</B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name(s) in which Registered<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Certificate<BR>
Number(s)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
SRP Rights<BR>
Represented by<BR>
Certificate<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of SRP<BR>
Rights Deposited<BR>
(see&nbsp;Item&nbsp;6&nbsp;of&nbsp;the<BR>
Instructions for<BR>
Partial Tenders</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="RIGHT" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> TOTAL SRP RIGHTS:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Need
not be completed if transfer is made by book-entry.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Need
not be completed if the Separation Time has not occurred prior to the Expiry&nbsp;Time. </FONT></DD></DL>
 </DIV>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>(Attach list in the above form, if necessary)</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=84,EFW="2195839",CP="FRANCO-NEVADA CORPORATION",DN="1",CHK=471431,FOLIO='4',FILE='DISK122:[09ZEK4.09ZEK44204]TC44204A.;30',USER='WPALMA',CD='14-DEC-2009;12:01' -->
<A NAME="page_tc44204_1_5"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
following procedures must be followed in order to effect the valid deposit of SRP Rights: (i)&nbsp;if the Separation Time does not occur prior to the Expiry Time, a deposit of common shares in
the capital of IRC by the undersigned will also constitute a deposit of the associated SRP Rights; (ii)&nbsp;if the Separation Time occurs prior to the Expiry Time and Rights Certificates are
distributed to Shareholders prior to the Expiry Time, Rights Certificate(s) representing SRP Rights equal in number to the number of common shares in the capital of IRC deposited must be delivered to
the Depositary; or (iii)&nbsp;if the Separation Time occurs prior to the Expiry Time and Rights Certificates are not distributed to Shareholders prior to the Expiry Time, the undersigned may deposit
its SRP Rights prior to receiving Rights Certificate(s) by using the procedures for
guaranteed delivery described herein. In any case, a deposit of Common Shares constitutes an agreement by the undersigned to deliver Rights Certificate(s) representing the associated SRP Rights
deposited pursuant to the Offer to the Depositary, on or before 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the date, if any, that Rights Certificates are distributed to
Shareholders. The Offeror reserves the right to require, if the Separation Time occurs prior to the Expiry Time, that the Depositary receive Rights Certificate(s) from the undersigned representing
such SRP Rights prior to the Offeror taking up the Common Shares for payment pursuant to the&nbsp;Offer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PLEASE SIGN AND COMPLETE  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Signature(s):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Address:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Postal/Zip Code)<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>Name(s):


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="284pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Capacity (full title), if in a representative capacity:</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="114pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="24%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="154pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="24%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Area Code and<BR>
Telephone Number:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Taxpayer Identification, Social Insurance<BR>
or Social Security Number:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Dated:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> GUARANTEE<BR>
(Not&nbsp;to be used for signature guarantees)  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
undersigned, an Eligible Institution, hereby guarantees delivery to the office of the Depositary, at its office specified on page&nbsp;4 hereof, of the certificate(s) representing Common Shares
(including, if applicable, the Rights Certificate(s) representing the associated SRP Rights) tendered hereby, in proper form for transfer, together with a Letter of Transmittal, or manually executed
facsimile thereof, properly completed and duly executed with signatures guaranteed if so required in accordance with the Letter of Transmittal, or, in the case of Common Shares deposited by
book-entry transfer, a Book-Entry Confirmation and, in the case of DTC accounts, a Letter of Transmittal (or&nbsp;a manually executed facsimile thereof), properly completed
and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of a Letter of Transmittal, and all other documents required by the Letter of Transmittal, all on or
before 8:00&nbsp;p.m. (Toronto time) on the third trading day on the TSX after the Expiry&nbsp;Date. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>Date:</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=1> Firm</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Depositary for the Offer is:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Computershare Investor Services&nbsp;Inc.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>
<IMG SRC="g544207.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="64">
  </B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>By Mail</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> By Registered Mail, Hand or Courier</B></FONT></TD>
</TR>
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<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> P.O.&nbsp;Box&nbsp;7021<BR>
31&nbsp;Adelaide Street East<BR>
Toronto, Ontario<BR>
M5H&nbsp;3H2<BR>
Attention: Corporate Actions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>100&nbsp;University Avenue<BR>
9<SUP>th</SUP>&nbsp;Floor<BR>
Toronto, Ontario<BR>
M5J&nbsp;2Y1<BR>
Attention: Corporate Actions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> North American Toll Free Phone: 1-800-564-6253</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
E-mail corporateactions@computershare.com<BR>
Facsimile: 1-905-771-4082<BR>
Overseas: 1-514-982-7555</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Information Agent for the Offer is:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g84855.jpg" ALT="GRAPHIC" WIDTH="342" HEIGHT="57">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950, P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario M5X&nbsp;1E2 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>North American Toll Free Phone: 1-877-659-1818</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail:
contactus@kingsdaleshareholder.com<BR>
Facsimile: 1-416-867-2271<BR>
Toll-Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Dealer Managers for the Offer are:</B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BMO&nbsp;NESBITT BURNS&nbsp;INC.</B></FONT><BR>
<FONT SIZE=2>100&nbsp;King Street West<BR>
1&nbsp;First Canadian Place<BR>
Toronto, Ontario M5X&nbsp;1H3<BR>
Telephone: 1-866-246-7345<BR>
Facsimile: 416-359-4459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BMO CAPITAL MARKETS CORP.</B></FONT><BR>
<FONT SIZE=2>3&nbsp;Time Square<BR>
New&nbsp;York, New&nbsp;York<BR>
10036<BR>
Telephone: 1-866-246-7345</FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Any questions or requests for assistance may be directed to the Depositary, the Information Agent or the Dealer Managers. Requests for additional copies of the Offer and
Circular, this Letter of Transmittal and the Notice of Guaranteed Delivery may be directed to the Depositary, the Information Agent or the Dealer Managers at their respective offices. Shareholders may
also contact their brokers, dealers, commercial banks, trust companies or other nominees for assistance concerning the&nbsp;Offer.</B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>This announcement is neither an offer to purchase nor a solicitation of an offer to sell any securities of International Royalty
Corporation  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>December&nbsp;14, 2009  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>7293275&nbsp;CANADA&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>a wholly-owned direct subsidiary of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FRANCO-NEVADA CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Notice of Offer to Purchase any and all of the issued and outstanding Common Shares of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>INTERNATIONAL ROYALTY CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>on the basis of C$6.75 in cash per Common Share  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>7293275&nbsp;Canada&nbsp;Inc. (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), a wholly-owned direct subsidiary of Franco-Nevada Corporation
("</FONT><FONT SIZE=2><B>Franco-Nevada</B></FONT><FONT SIZE=2>"), hereby offers (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") to purchase, at a purchase price of C$6.75 in cash
per share (the&nbsp;"</FONT><FONT SIZE=2><B>Offer Price</B></FONT><FONT SIZE=2>"), any and all of the issued and outstanding common shares in the capital of International Royalty Corporation
("</FONT><FONT SIZE=2><B>IRC</B></FONT><FONT SIZE=2>") together with the associated rights (the&nbsp;"</FONT><FONT SIZE=2><B>SRP Rights</B></FONT><FONT SIZE=2>" and, together with the common
shares in the capital of IRC, the "</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>") issued and outstanding under the shareholder rights plan agreement of IRC
(the&nbsp;"</FONT><FONT SIZE=2><B>Shareholder Rights Plan</B></FONT><FONT SIZE=2>"), including Common Shares that may become issued and outstanding after the date of this Offer upon the exercise,
conversion, exchange or settlement of any securities of IRC (including outstanding options to acquire Common Shares ("</FONT><FONT SIZE=2><B>Options</B></FONT><FONT SIZE=2>") granted under the stock
option plan of IRC, as amended from time to time, as of the date of the Offer, but excluding the SRP Rights) that are convertible into, exchangeable or exercisable for Common Shares. The Offer Price
is subject to adjustment in the case of payment by IRC of certain dividends. The Offer is set forth in the offer to purchase and related circular dated December&nbsp;14, 2009
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer and Circular</B></FONT><FONT SIZE=2>"), a copy of which is being filed with the securities regulatory authorities in Canada and with the United&nbsp;States
Securities and Exchange Commission and which will be available through the Internet under IRC's profile at www.sedar.com. A request has been made to IRC for a list of its shareholders
("</FONT><FONT SIZE=2><B>IRC Shareholders</B></FONT><FONT SIZE=2>") and holders of Options ("</FONT><FONT SIZE=2><B>IRC Option Holders</B></FONT><FONT SIZE=2>") for purposes of disseminating the
Offer. Within two business days of receipt of such lists, copies of the Offer and Circular and all other relevant materials will be mailed by the Offeror. The Offer is not being made in any
jurisdiction where it would not be in compliance with applicable&nbsp;laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer will be open for acceptance until 8:00&nbsp;p.m. (Toronto time) on January&nbsp;19, 2010 (the&nbsp;"Expiry Time"), unless withdrawn
or&nbsp;extended.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Common Shares are listed for trading on the Toronto Stock Exchange (the&nbsp;"</FONT><FONT SIZE=2><B>TSX</B></FONT><FONT SIZE=2>") under the symbol "IRC-T" and on the NYSE Amex
Equities (the&nbsp;"</FONT><FONT SIZE=2><B>AMEX</B></FONT><FONT SIZE=2>") under the symbol "ROY". On December&nbsp;4, 2009, the last trading day prior to the announcement of the Offeror's
intention to make the Offer, the closing price of the Common Shares on the TSX was C$4.71. The Offer represents a premium of approximately 43% over the closing price of Common Shares on the TSX on the
last trading day immediately preceding the announcement by the Offeror of its intention to make the Offer and a premium of approximately 54% over the volume weighted average trading price of the
Common Shares on the TSX for the 20&nbsp;trading days immediately preceding the announcement by the Offeror of its intention to make the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer is subject to certain conditions, including, without limitation (i)&nbsp;the Shareholder Rights Plan being waived, invalidated or cease traded, (ii)&nbsp;the Offeror (directly or through
one or more affiliates) not having entered into an agreement with IRC that contemplates the acquisition, directly or indirectly, of 100% of the Common Shares (other than Common Shares owned or
controlled by the Offeror or any of its affiliates) in a transaction required to be approved by Shareholders, (iii)&nbsp;IRC or any of its subsidiaries not having entered into, and not having
announced any intention to enter into, any agreement in respect of any takeover bid (other than the Offer), merger, amalgamation, statutory arrangement, business combination or other similar
transaction and (iv)&nbsp;the Offeror having determined that there shall not exist and shall not have occurred any change, condition, </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>event,
circumstance, development, occurrence or state of facts which, in the sole judgement of the Offeror, is or may be a Material Adverse Effect (as&nbsp;such term is defined in the Offer and
Circular). These conditions and the other conditions of the Offer are described under Section&nbsp;4 of the Offer, "Conditions of the&nbsp;Offer". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror has engaged Computershare Investor Services&nbsp;Inc. to act as depositary (the&nbsp;"</FONT><FONT SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>") and Kingsdale Shareholder
Services&nbsp;Inc. to act as the information agent (the&nbsp;"</FONT><FONT SIZE=2><B>Information Agent</B></FONT><FONT SIZE=2>") under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offer may be validly accepted by delivering to the Depositary at its offices listed in the letter of transmittal accompanying the Offer and Circular (the&nbsp;"</FONT><FONT SIZE=2><B>Letter of
Transmittal</B></FONT><FONT SIZE=2>") so as to be received at or prior to the Expiry Time: (a)&nbsp;the certificate(s) representing the Common Shares in respect of which the Offer is being accepted;
(b)&nbsp;the Letter of Transmittal in the form accompanying the Offer, or a manually executed facsimile thereof, properly completed and duly executed as required by the instructions set out in the
Letter of Transmittal; and (c)&nbsp;all other documents required by the instructions set out in the Letter of Transmittal. The Offer may also be validly accepted by following the procedures for
book-entry transfer set forth in Section&nbsp;3 of the Offer, "Manner of Acceptance&nbsp;&#151;&nbsp;Book-Entry Transfer". Alternatively, IRC
Shareholders wishing to deposit such Common Shares and whose certificate(s) for such Common Shares are not immediately available or whose certificate(s) for such Common Shares and all other documents
required by the Letter of Transmittal cannot be delivered to the Depositary before the Expiry Time or who cannot comply with the procedures for delivery by book-entry transfer on a timely
basis may deposit such Common Shares by following the procedures for guaranteed delivery set forth in Section&nbsp;3 of the Offer, "Manner of
Acceptance&nbsp;&#151;&nbsp;Procedures for Guaranteed Delivery". IRC Shareholders whose Common Shares are registered in the name of a broker, investment dealer, bank, trust
company or other nominee should contact that nominee for assistance in depositing their Common Shares pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
all the terms and conditions of the Offer have been complied with or waived by the Offeror at the Expiry Time, the Offeror shall take up and pay for all of the Common Shares validly deposited under
the Offer, and not properly withdrawn, not later than ten days after the Expiry Time. The Offeror shall pay for Common Shares that it has taken up as soon as possible, and in any event not later than
the earlier of three Business Days after the Common Shares are taken up and ten days after the Expiry Time. Any Common Shares deposited pursuant to the Offer after the first date on which Common
Shares have been taken up by the Offeror will be taken up and paid for within ten days of such&nbsp;deposit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror is making the Offer to acquire any and all of the issued and outstanding Common Shares, including Common Shares that may become issued and outstanding after the date of this Offer upon the
exercise, conversion, exchange or settlement of any securities of IRC (including outstanding Options, but excluding the SRP Rights) that are convertible into, exchangeable or exercisable for Common
Shares. If Common Shares validly deposited under the Offer are taken up and paid for, the Offeror intends, subject to applicable law, to acquire, directly or indirectly, all outstanding Common Shares
not deposited under the Offer by way of a compulsory acquisition in accordance with Part&nbsp;17 of the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2> or a
subsequent acquisition transaction, the terms of which will provide that each issued and outstanding Common Share will entitle its holder to receive the same consideration paid to IRC Shareholders
under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror reserves the right, in its sole discretion, at any time and from time to time prior to or at the Expiry Time (or&nbsp;otherwise as permitted by applicable law), to extend the Offer by
fixing a new Expiry Time or to otherwise vary the terms of the Offer, in each case by giving written notice or other communication confirmed in writing of such extension or variation to the Depositary
at its office in Toronto, Ontario, Canada. The Offeror, after giving any such notice or communication, shall promptly issue and file&nbsp;a press release regarding such extension or variation, shall
cause the Depositary as soon as practicable thereafter to provide a notice of extension or variation in the required form in the manner set forth in Section&nbsp;11 of the Offer, "Notice", to all
Shareholders whose Common Shares have not been taken up before the date of the extension or variation and all IRC Option Holders and shall provide a copy of the notice of extension or variation to the
TSX and the AMEX. Any notice of extension or variation will be deemed to have been given and to be effective on the day on which it is delivered or otherwise communicated in writing to the Depositary
at its office in Toronto, Ontario, Canada. Notwithstanding anything to the contrary herein, the Offeror will not amend the Offer in a manner which would alter the withdrawal rights of the Shareholders
or shorten the Offer&nbsp;Period. </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Except
as otherwise stated in Section&nbsp;7 of the Offer, "Withdrawal of Deposited Common Shares", all deposits of Common Shares pursuant to the Offer are irrevocable. Unless otherwise required or
permitted by applicable law, any Common Shares deposited in acceptance of the Offer may be withdrawn by or on behalf of the depositing Shareholder: (a)&nbsp;at any time before the Common Shares have
been taken up by the Offeror; (b)&nbsp;at any time before the expiration of ten days from the date upon which either: (i)&nbsp;a notice of change relating to a change which has occurred in the
information contained in the Offer or the Circular, each as may be varied or amended from time to time, which change would reasonably be expected to affect the decision of a Shareholder to accept or
reject the Offer (other than a change that is not within the control of the Offeror or of an affiliate of the Offeror) in the event that such change occurs prior to the Expiry Time or after the Expiry
Time but before the expiry of all rights to withdraw the Common Shares deposited under the Offer; or (ii)&nbsp;a notice of variation concerning a variation in the terms of the Offer (other than a
variation consisting solely of an increase in the consideration offered for the Common Shares and an extension of the time for deposit to not later than 10&nbsp;days after the date of notice of
variation or a variation in the terms of the Offer consisting solely of a waiver of one or more of the conditions of the Offer) is mailed, delivered or otherwise properly communicated, but only if
such deposited Common Shares have not
been taken up by the Offeror before the date of the notice of change or notice of variation, as the case may be, and subject to abridgement of that period pursuant to such order or orders as may be
granted by the applicable courts or securities regulatory authorities; or (c)&nbsp;if the Common Shares have not been paid for by the Offeror within three business days after having been
taken&nbsp;up. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Offeror is entitled, in its sole discretion, to make a final and binding determination of all questions relating to the interpretation of the Offer, the Circular, the Letter of Transmittal and the
Notice of Guaranteed Delivery (collectively, the "</FONT><FONT SIZE=2><B>Offer Documents</B></FONT><FONT SIZE=2>") (including, without limitation, the satisfaction or non-satisfaction of
any condition), the validity, form, eligibility (including timely receipt) and acceptance of any Common Shares and accompanying documents deposited pursuant to the Offer and any notice of withdrawal
of Common Shares, the due completion of the Letter of Transmittal or the Notice of Guaranteed Delivery. The Offeror reserves the absolute right to reject any and all deposits which the Offeror
determines not to be in proper form or which may be unlawful to accept under the laws of any jurisdiction. The Offeror reserves the right to waive any defect in or irregularity in any deposit or
notice of withdrawal with respect to any Common Share and the accompanying documents or any particular Shareholder or to permit the Offer to be accepted in any manner other than as set out in the
Offer. There will be no duty or obligation on the Offeror, the Depositary, the Information Agent, BMO&nbsp;Nesbitt Burns&nbsp;Inc. or BMO Capital Markets Corp. or any other Person to give notice
of any defect or irregularity in any deposit or notice of withdrawal, and no liability will be incurred by any of them for failure to give any such&nbsp;notice. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
acceptance of the Offer and the receipt of payment for the Common Shares tendered under the Offer will be a taxable transaction for Canadian federal income tax purposes. An IRC Shareholder who is
resident in Canada, who holds Common Shares as capital property and who sells such shares to the Offeror under the Offer generally will realize a capital gain (or&nbsp;capital loss) for Canadian
federal income tax purposes equal to the amount by which the cash received, net of any reasonable costs of disposition, exceeds (or&nbsp;is less than) the adjusted cost base to the IRC Shareholder
of such Common Shares. Generally, IRC Shareholders who are non-residents of Canada for the purposes of </FONT><FONT SIZE=2><I>the Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada)
(the&nbsp;"</FONT><FONT SIZE=2><B>Tax&nbsp;Act</B></FONT><FONT SIZE=2>") will not be subject to tax in Canada in respect of any capital gain realized on the sale of Common Shares to the Offeror
under the Offer, unless those shares constitute "taxable Canadian property" to such IRC Shareholder within the meaning of the Tax&nbsp;Act and that gain is not otherwise exempt from tax under the
Tax&nbsp;Act pursuant to an exemption contained in an applicable income tax treaty. The foregoing is a very brief summary of certain Canadian federal income tax considerations. IRC Shareholders are
urged to consult their own tax advisors for advice regarding the particular income tax consequences to them of a sale of Common Shares pursuant to the Offer, a compulsory acquisition or a subsequent
acquisition transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
sale of Common Shares pursuant to the Offer by a U.S.&nbsp;Holder (as&nbsp;defined under Section&nbsp;16 of the Circular, "Certain U.S.&nbsp;Federal Income Tax Considerations") will be a
taxable transaction for U.S.&nbsp;federal income tax purposes, and a U.S.&nbsp;Holder generally will be taxed in the same manner as with respect to any other sale or taxable disposition of Common
Shares, including a sale on a stock or securities exchange. Because it is likely that IRC will be a passive foreign investment company ("</FONT><FONT SIZE=2><B>PFIC</B></FONT><FONT SIZE=2>") for
U.S.&nbsp;federal income tax purposes for the current </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>taxable
year ending December&nbsp;31, 2009 and subsequent taxable years, a U.S.&nbsp;Holder's sale of Common Shares pursuant to the Offer will be subject to different U.S.&nbsp;federal income
tax treatment depending on whether the U.S.&nbsp;Holder (i)&nbsp;has made or makes an election to treat IRC as a "qualified electing fund" ("</FONT><FONT SIZE=2><B>QEF</B></FONT><FONT SIZE=2>"),
which is referred to as a QEF election, (ii)&nbsp;has made or makes a mark-to-market election with respect to the Common Shares, or (iii)&nbsp;has made or makes no election
and therefore is subject to the default PFIC rules. The foregoing is a very brief summary of certain U.S.&nbsp;federal income tax considerations. Shareholders are urged to consult their own tax
advisors to determine the particular tax consequences to them of a sale of Common Shares pursuant to the Offer, a compulsory acquisition or a subsequent acquisition transaction. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>ANY DISCUSSION OF TAX ISSUES SET FORTH IN THIS DOCUMENT WAS WRITTEN IN CONNECTION WITH THE PROMOTION AND MARKETING OF THE TRANSACTIONS DESCRIBED IN THIS DOCUMENT. SUCH
DISCUSSION WAS NOT INTENDED TO BE USED, AND IT CANNOT BE USED, BY ANY PERSON FOR THE PURPOSE OF AVOIDING ANY TAX PENALTIES THAT MAY BE IMPOSED ON SUCH PERSON. EACH INVESTOR SHOULD SEEK ADVICE BASED ON
ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX&nbsp;ADVISOR.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
information contained in this advertisement is a summary only. The Offer is made solely by the Offer Documents. </FONT><FONT SIZE=2><B>The Offer Documents contain important information and IRC
Shareholders and IRC Option Holders should read each of the Offer Documents in their entirety before making any decision with respect to the Offer.</B></FONT><FONT SIZE=2> Copies of the Offer
Documents can be obtained without charge from the Depositary, the Information Agent, or BMO&nbsp;Nesbitt Burns&nbsp;Inc. or BMO Capital Markets Corp., as Dealer Managers. Questions and requests
for assistance may be directed to the Depositary, the Information Agent or the Dealer Managers. </FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>The Information Agent for the Offer is:</B></FONT><FONT SIZE=2><BR>
Kingsdale Shareholder Services&nbsp;Inc.<BR>
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950 P.O.&nbsp;Box&nbsp;156<BR>
Toronto, Ontario M5X&nbsp;1C7<BR>
North American Toll Free Phone: 1-877-659-1818<BR>
Facsimile: 1-416-867-2271<BR>
Toll-Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers<BR>
Call Collect: 416-867-2272<BR>
E-mail: contactus@kingsdaleshareholder.com</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> The Depositary for the Offer is:</B></FONT><FONT SIZE=2><BR>
Computershare Investor Services&nbsp;Inc.<BR>
P.O.&nbsp;Box&nbsp;7021, 31&nbsp;Adelaide Street East<BR>
Toronto, Ontario M5C&nbsp;3H2<BR>
North American Toll Free Phone: 1-800-564-6253<BR>
Facsimile: 1-905-771-4082<BR>
Overseas: 1-514-982-7555<BR>
E-mail: corporateactions@computershare.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> The Dealer Manager in the United&nbsp;States<BR>
for the Offer is:</B></FONT><FONT SIZE=2><BR>
BMO Capital Markets Corp.<BR>
3&nbsp;Times Square<BR>
New&nbsp;York, New&nbsp;York 10036<BR>
USA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> The Dealer Manager in Canada<BR>
for the Offer is:</B></FONT><FONT SIZE=2><BR>
BMO&nbsp;Nesbitt Burns&nbsp;Inc.<BR>
100&nbsp;King Street West<BR>
1&nbsp;First Canadian Place<BR>
Toronto, ON M5X&nbsp;1H3<BR>
Telephone: 866&nbsp;246 7345<BR>
Facsimile: 416-359-4459</FONT></TD>
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 </FONT> <FONT SIZE=2><B> PART II&nbsp;&#151;&nbsp;INFORMATION NOT REQUIRED TO BE SENT TO SHAREHOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bidder has filed the following as Exhibits to this Schedule: </FONT></P>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Press release, dated December&nbsp;6, 2009 (incorporated by reference to the Schedule&nbsp;TO filed by Franco-Nevada Corporation with the Securities and Exchange Commission on December&nbsp;7, 2009).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press release, dated December&nbsp;14, 2009.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material Change Report of Franco-Nevada Corporation, dated December&nbsp;7, 2009.</FONT></TD>
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</FONT> <FONT SIZE=2><B> PART III&nbsp;&#151;&nbsp;UNDERTAKINGS AND CONSENT TO SERVICE OF PROCESS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
bidder undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish
promptly, when requested to do so by the Commission staff, information relating to this Schedule or to transactions in said securities.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
bidder undertakes to disclose in the United&nbsp;States, on the same basis as it is required to make such disclosure pursuant to applicable Canadian
federal and/or provincial or territorial laws, regulations or policies, or otherwise discloses, information regarding purchases of the issuer's securities in connection with the cash tender or
exchange offer covered by this Schedule. Such information shall be set forth in amendments to this&nbsp;Schedule. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent to Service of Process  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the time of filing this Schedule the bidder has filed with the Commission a written irrevocable consent and power of attorney on
Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
change to the name or address of a registrant's agent for service shall be communicated promptly to the Commission by amendment to
Form&nbsp;F-X referencing the file number of the&nbsp;registrant. </FONT></DD></DL>
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 </FONT> <FONT SIZE=2><B> PART IV&nbsp;&#151;&nbsp;SIGNATURES  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing this Schedule, Franco-Nevada Corporation and 7293275&nbsp;Canada&nbsp;Inc. consent without the power of revocation that
any administrative subpoena may be served or any administrative proceeding, civil suit or civil action where the cause of action arises out of or is related to or concerns any offering made or
purported to be made in connection with the filing on Schedule&nbsp;14D-1F or&nbsp;any purchases or sales of any security in connection therewith, may be commenced against either or
both of them in any administrative tribunal or in any appropriate court in any place subject to the jurisdiction of any state or of the United&nbsp;States by service of said subpoena or process upon
the registrant's designated agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
due inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and&nbsp;correct. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> Date: December&nbsp;14, 2009</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>FRANCO-NEVADA CORPORATION</B></FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/ Sharon Dowdall<BR>


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</FONT> <FONT SIZE=2> Name: Sharon Dowdall<BR>
Title: Chief Legal Officer and Corporate Secretary</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B>7293275&nbsp;CANADA&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/ Sharon Dowdall<BR>


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</FONT> <FONT SIZE=2> Name: Sharon Dowdall<BR>
Title: Vice President and Secretary<BR></FONT>
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</FONT> <FONT SIZE=2><B> EXHIBIT INDEX  </B></FONT></P>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Press release, dated December&nbsp;6, 2009 (incorporated by reference to the Schedule&nbsp;TO filed by Franco-Nevada Corporation with the Securities and Exchange Commission on December&nbsp;7, 2009).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press release, dated December&nbsp;14, 2009.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material Change Report of Franco-Nevada Corporation, dated December&nbsp;7, 2009.</FONT></TD>
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<TYPE>EX-99.1.2
<SEQUENCE>2
<FILENAME>a2195839zex-99_12.htm
<DESCRIPTION>EXHIBIT 99.1.2
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NAME="de44209_exhibit_99.1.2"> </A>
<A NAME="toc_de44209_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 99.1.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Franco-Nevada Corporation Announces Commencement of Offer to Acquire Any and All<BR>
of the Common Shares of International Royalty Corporation  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> For immediate release  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Toronto, Ontario&nbsp;&#151;&nbsp;December&nbsp;14, 2009&nbsp;&#151;&nbsp;Franco-Nevada Corporation
(TSX: FNV) today announced that its wholly-owned subsidiary, 7293275&nbsp;Canada&nbsp;Inc., has commenced the previously announced offer to acquire any and all of the outstanding common shares of
International Royalty Corporation (TSX: IRC) at a price of C$6.75 per share. A copy of the offer and related circular has been delivered to IRC and filed with the securities regulatory authorities in
Canada and with the United&nbsp;States Securities and Exchange Commission and will be publicly available through the internet under IRC's profile at <U>www.sedar.com</U>. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>A
request has been made to IRC for a list of its shareholders and holders of options to permit the mailing of the offer and circular and related materials, which will be mailed as soon as practicable
following receipt of those&nbsp;lists. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
C$6.75 cash consideration represents a premium of approximately: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>43% over the closing price of the IRC common shares on the TSX on the last trading day immediately before Franco-Nevada's
announcement of its intention to make the&nbsp;Offer;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>54% over the volume weighted average trading price of the IRC common shares on the TSX for the 20&nbsp;trading days
immediately before that announcement;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>44% over the closing price of the IRC common shares on the AMEX on the last trading day immediately before that
announcement;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>52% over the volume weighted average trading price of the IRC common shares on the AMEX for the 20&nbsp;trading days
immediately before that announcement. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
offer will be open for acceptance until January&nbsp;19, 2009 at 8:00&nbsp;p.m. (Toronto&nbsp;time). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Additional Information and Where To Find It  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Further details of the offer are contained in the offer and circular and related materials. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IRC
shareholders and other interested parties are urged to read the offer and circular and related materials because they contain important information, including the terms and conditions of the
offer. IRC shareholders and other interested parties may obtain a free copy of those materials as filed with the Canadian securities authorities at <U>www.sedar.com</U> and the
Securities and Exchange Commission at
<U>www.sec.gov</U>. The offer and circular and related materials also may be obtained without charge by contacting Kingsdale Shareholder Services&nbsp;Inc., which is acting as
information agent in connection with the offer, at 1-877-659-1818 (toll free) or 416-867-2272 (outside North&nbsp;America). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Corporate Summary  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Franco-Nevada (TSX: FNV) is a gold-focused royalty company with additional interests in platinum group metals, oil&nbsp;&amp; gas and other
assets. It is the leading gold royalty company as measured by gold revenues, number of gold royalties and Free Cash Flow margins. Its portfolio of high-margin cash flow producing assets is
located principally in the United&nbsp;States, Canada and Australia. Franco-Nevada also holds a pipeline of potential future cash flowing assets that are being developed, permitted
or&nbsp;explored. </FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Forward Looking Statements  </I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Certain statements contained in this news release are "forward-looking statements" and are prospective. Often, but not
always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"targets", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. Forward-looking statements are based on estimates and assumptions made by the Offeror and Franco-Nevada in light of their experience and their perception of historical
trends, current conditions and expected future developments, as well as other factors that the Offeror and Franco-Nevada believe are appropriate in the circumstances, including their expectations of
the timing, and the terms and benefits of the proposed acquisition. Many factors could cause the actual events to differ materially from those expressed or implied by the forward-looking statements,
including, without limitation, the possibility that certain conditions of the Offer may not be satisfied; the timing and receipt of governmental approvals necessary to complete the Offer; the ability
to make and/or complete the Compulsory Acquisition or the Subsequent Acquisition Transaction, as applicable; and legislative and/or regulatory changes. These factors should be considered carefully,
and readers should not place undue reliance on the forward-looking statements contained in the Offer and Circular. The Offeror and Franco-Nevada disclaim any intention or obligation to update or
revise any such forward-looking statements, whether as a result of new information, future events or other circumstances, except to the extent required by
applicable&nbsp;law.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> For more information contact:  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>David
Harquail<BR>
President&nbsp;&amp; CEO<BR>
416-306-6300 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sharon
Dowdall<BR>
Chief Legal Officer<BR>
416-306-6300 </FONT></P>

<HR NOSHADE>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de44209_1">Exhibit 99.1.2</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-99.2.1
<SEQUENCE>3
<FILENAME>a2195839zex-99_21.htm
<DESCRIPTION>EXHIBIT 99.2.1
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</FONT> <FONT SIZE=2><B> Exhibit 99.2.1  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <U>FORM 51-102F3</U><BR>  </B></FONT><FONT SIZE=2><B><I>MATERIAL CHANGE REPORT  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;1&nbsp;&nbsp;&nbsp;&nbsp;Name and&nbsp;Address of Company  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Franco-Nevada Corporation<BR>
Suite&nbsp;740 Exchange Tower<BR>
P.O.&nbsp;Box&nbsp;467<BR>
130&nbsp;King Street West<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E4 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;Date of Material Change  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>December&nbsp;6, 2009  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;News Release  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Attached as Schedule&nbsp;"A" is a copy of the press release relating to the material change, which was disseminated on December&nbsp;6, 2009
through CNW Group and subsequently filed on the System for Electronic Document Analysis and&nbsp;Retrieval.  </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;4&nbsp;&nbsp;&nbsp;&nbsp;Summary of Material Change  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>On December&nbsp;6, 2009, Franco-Nevada Corporation ("</FONT><FONT SIZE=2><B>FN</B></FONT><FONT SIZE=2>") announced that it had informed
International Royalty Corporation ("</FONT><FONT SIZE=2><B>IRC</B></FONT><FONT SIZE=2>") that Franco-Nevada intends to, directly or indirectly through a wholly-owned subsidiary, make a formal
all-cash offer to IRC shareholders to acquire any or all of the outstanding common shares of IRC (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") for C$6.75 cash per
share, representing a 54% premium to the 20&nbsp;day volume weighted average trading price of IRC shares on the Toronto Stock Exchange
(the&nbsp;"</FONT><FONT SIZE=2><B>TSX</B></FONT><FONT SIZE=2>") for the period ending December&nbsp;4, 2009 and a 43% premium to the closing price of IRC shares on the TSX on that&nbsp;date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Franco-Nevada
intends to mail a takeover bid circular, including an offer to purchase and other related materials, to IRC shareholders as soon as practicable. The Offer will be subject to customary
conditions, such as the waiver of IRC's Shareholder Rights Plan and on IRC not entering into a transaction or agreement with a third party in connection with the direct or indirect acquisition of IRC.
The Offer will not be subject to a minimum tender condition, Franco-Nevada performing due diligence, Franco-Nevada obtaining financing or approval of the Offer by Franco-Nevada's shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
all of the conditions to the Offer are satisfied or waived, it is expected that Franco-Nevada would take up shares tendered under the Offer by as early as mid-to-late
January,&nbsp;2010.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;5&nbsp;&nbsp;&nbsp;&nbsp;Full Description of Material Change  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For a full description of the material change, please see Schedule&nbsp;"A" attached hereto. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;6&nbsp;&nbsp;&nbsp;&nbsp;Reliance on subsection&nbsp;7.1(2) of National Instrument&nbsp;51-102  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Not applicable.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;7&nbsp;&nbsp;&nbsp;&nbsp;Omitted Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>None.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The following executive officer of the Issuer is knowledgeable about the material change and this&nbsp;report: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Sharon
E. Dowdall<BR>
Chief Legal Officer<BR>
(416)&nbsp;306-6300 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Item&nbsp;9&nbsp;&nbsp;&nbsp;&nbsp;Date of Report  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>December&nbsp;7, 2009. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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</FONT> <FONT SIZE=2><B> Schedule&nbsp;"A"<BR>
<BR>
Franco-Nevada Proposes<BR>
To Acquire International Royalty<BR>
For C$6.75 Per Share In All Cash&nbsp;Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>December&nbsp;6, 2009&nbsp;&#151;&nbsp;Toronto, Ontario: Franco-Nevada Corporation
("</FONT><FONT SIZE=2><B>Franco-Nevada</B></FONT><FONT SIZE=2>") announced today that it has informed International Royalty Corporation (TSX: IRC; AMEX: ROY)
("</FONT><FONT SIZE=2><B>IRC</B></FONT><FONT SIZE=2>") that Franco-Nevada intends to, directly or indirectly through a wholly-owned subsidiary, make a formal all-cash offer to IRC
shareholders to acquire any or all of the outstanding common shares of IRC (the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") for C$6.75 cash per&nbsp;share. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
Offer price represents a 54% premium to the 20&nbsp;day volume weighted average trading price of IRC shares on the Toronto Stock Exchange for the period ending December&nbsp;4, 2009 and a 43%
premium to the closing price of IRC shares on the TSX on that&nbsp;date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Franco-Nevada
intends to mail a takeover bid circular, including an offer to purchase, and other related materials to IRC shareholders as soon as practicable. The Offer will be subject to customary
conditions, such as the waiver of IRC's Shareholder Rights Plan and on IRC not entering into a transaction or agreement with a third party in connection with the direct or indirect acquisition of IRC.
The Offer will not be subject to a minimum tender condition, Franco-Nevada performing due diligence, Franco-Nevada obtaining financing or approval of the Offer by Franco-Nevada's shareholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Full
details of the terms and conditions of the Offer will be provided in Franco-Nevada's takeover bid circular, when filed. If all of the conditions to the Offer are satisfied or waived, it is
expected that Franco-Nevada would take up shares tendered under the Offer by as early as mid-to-late January,&nbsp;2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Franco-Nevada
has retained BMO Capital Markets to act as financial advisor and Goodmans&nbsp;LLP to act as legal advisor in connection with the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Additional Information and Where To Find It  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The Offer referenced in this news release has not yet commenced. This news release is for informational purposes only and is not an offer to buy or
the solicitation of an offer to sell any securities. The solicitation and offer to buy IRC common shares will only be made pursuant to a takeover bid circular, including an offer to purchase, and
related materials. IRC shareholders and other interested parties are urged to read Franco-Nevada's takeover bid circular and related materials, which will be filed with the applicable Canadian
securities authorities and the United&nbsp;States Securities and Exchange Commission (the&nbsp;"</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>"), when they become available because they will
contain important information, including the terms and conditions of the Offer. IRC shareholders and other interested parties may obtain a free copy of such materials (when available) and other
documents filed by Franco-Nevada with the Canadian securities authorities and SEC at the website maintained by the Canadian Securities Administrators at <U>www.sedar.com</U> and
at the website maintained by the SEC at <U>www.sec.gov</U>. The takeover bid circular and related materials may also be obtained (when available) for free by contacting the
information agent that Franco-Nevada will appoint in connection with the takeover&nbsp;bid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Corporate Summary  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Franco-Nevada (TSX: FNV) is a gold-focused royalty company with additional interests in platinum group metals, oil&nbsp;&amp; gas and other
assets. It is the leading gold royalty company as measured by gold revenues, number of gold royalties and Free Cash Flow margins. Its portfolio of high-margin cash flow producing assets is
located principally in the United&nbsp;States, Canada and Australia. Franco-Nevada also holds a pipeline of potential future cash flowing assets that are being developed, permitted
or&nbsp;explored. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Forward Looking Statements  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Certain statements contained in this news release "forward-looking statements" and are prospective. Often, but not always,
forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "targets",
"anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved. Forward-looking  </I></FONT></P>

<HR NOSHADE>
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<BR>

<P style="font-family:times;"><FONT SIZE=2><I> statements are based on estimates and assumptions made by Franco-Nevada in light of its experience and its perception of historical trends, current conditions and expected future developments, as well
as other factors that Franco-Nevada believes are appropriate in the circumstances, including its expectations of the timing, and the terms and benefits of the proposed Offer. Many factors could cause
the actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, general business and economic
conditions; a decision not to proceed with the making of the Offer within the time frame currently contemplated or at all; the failure to meet certain conditions of the Offer; the timing and receipt
of governmental approvals necessary to complete the Offer and any related transactions; legislative and/or regulatory changes; and other risk factors relating to Franco-Nevada that are discussed in
greater detail in Franco-Nevada's filings with the Canadian Securities Administrators, including in its annual information form for the year ended December&nbsp;31, 2008 as well as its annual and
interim MD&amp;A. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements contained in this press release. Franco-Nevada disclaims any
intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or other circumstances, except to the extent required by
applicable&nbsp;law</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> For more information contact:  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>David Harquail<BR>
President&nbsp;&amp; CEO<BR>
416-306-6300<BR>
<BR>
Sharon Dowdall<BR>
Chief Legal Officer<BR>
416-306-6300 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
