<SEC-DOCUMENT>0001104659-22-059642.txt : 20220513
<SEC-HEADER>0001104659-22-059642.hdr.sgml : 20220513
<ACCEPTANCE-DATETIME>20220512190014
ACCESSION NUMBER:		0001104659-22-059642
CONFORMED SUBMISSION TYPE:	F-3D
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20220513
DATE AS OF CHANGE:		20220512
EFFECTIVENESS DATE:		20220513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANCO NEVADA Corp
		CENTRAL INDEX KEY:			0001456346
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264906
		FILM NUMBER:		22919572

	BUSINESS ADDRESS:	
		STREET 1:		199 BAY STREET, SUITE 2000
		STREET 2:		COMMERCE COURT WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5L 1G9
		BUSINESS PHONE:		416-306-6317

	MAIL ADDRESS:	
		STREET 1:		199 BAY STREET, SUITE 2000
		STREET 2:		COMMERCE COURT WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5L 1G9
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3D
<SEQUENCE>1
<FILENAME>tm2214863d4_f3d.htm
<DESCRIPTION>F-3D
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May 12, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM&nbsp;F-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FRANCO-NEVADA CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of Incorporation or<BR>
Organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>199 Bay Street, Suite&nbsp;2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>P.O.&nbsp;Box 285</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commerce Court West</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario, Canada M5L 1G9</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(416) 306-6300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of and Telephone Number of Principal Executive
Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporation Service Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>80 State Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Albany, New York, 12207-2543</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(866) 403-5272</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Lloyd
    Hong</B></FONT><B><BR>
    Chief Legal Officer&nbsp;&amp; Corporate Secretary<BR>
    Franco-Nevada Corporation<BR>
    199 Bay Street, Suite&nbsp;2000<BR>
    P.O.&nbsp;Box 285,<BR>
    Commerce Court West,<BR>
    Toronto, Ontario<BR>
    Canada M5L 1G9<BR>
    (416) 306-6300</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 47%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mile
    T. Kurta, Esq.<BR>
    Torys LLP</B></FONT><B><BR>
    1114 Avenue of the Americas, 23<SUP>rd</SUP> Floor</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10036</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 880-6000</B></P></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximate date of commencement of proposed sale
to the public: <B>From time to time after the effective date of this registration statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the only securities being registered on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of 1933, please check the following box. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act,
please check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form&nbsp;is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register
additional securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following
box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger; provided
pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&dagger; The term &ldquo;new or revised financial
accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule 429 under the Securities Act,
the prospectus contained in this Registration Statement relates to Registration Statement No. 333-225687.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2214863d4_f3dsp1img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FRANCO-NEVADA CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,500,000 Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVIDEND REINVESTMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July&nbsp;19, 2013, we
adopted a Dividend Reinvestment Plan, which we amended and restated on June 15, 2018, which we refer to as the &ldquo;Plan&rdquo;, to
provide, among other things, eligible holders of our common shares with a means to reinvest dividends declared and payable to them as
shareholders (less any withholding tax) in additional common shares. The Plan permits participating shareholders to obtain additional
common shares by reinvesting the cash dividends (less any withholding tax) paid on the common shares held by the participant without paying
any commissions, service charges or brokerage fees. We pay dividends on a quarterly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At our election, the common
shares acquired by the Plan Agent (as defined below) under the Plan will either be newly issued shares acquired from us (a &ldquo;treasury
acquisition&rdquo;) or purchased on the open market (a &ldquo;market acquisition&rdquo;). At our discretion, common shares may be purchased
in a treasury acquisition at a discount of up to 5% of the &ldquo;average market price&rdquo; (currently set at a 3% discount). The &ldquo;average
market price&rdquo; is, in the case of a treasury acquisition, the average closing price of the common shares on the Toronto Stock Exchange
or any other alternative Canadian open market, as applicable, for the five (5)&nbsp;consecutive trading days on which at least a board
lot of common shares traded ending on the day immediately prior to the applicable dividend payment date and, in the case of a market acquisition,
the average price paid (excluding brokerage commissions, fees and all transaction costs) per common share by the Plan Agent for all common
shares purchased in respect of a dividend payment date under the Plan. A &ldquo;board lot&rdquo; is 100 common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares are listed on the Toronto Stock Exchange and the
New York Stock Exchange under the symbol &ldquo;FNV&rdquo;. On May 11, 2022, the closing price for our common shares on the Toronto Stock
Exchange was C$182.16 and on the New York Stock Exchange was US$140.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The dividends paid by us are
dependent upon numerous factors, including our cash flow, and are subject to, among other things, the factors and conditions described
in this prospectus under the headings &ldquo;Risk Factors&rdquo; and &ldquo;Franco-Nevada Corporation&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will receive net proceeds
from treasury acquisitions but not market acquisitions. We cannot estimate anticipated proceeds from the issuance of common shares pursuant
to the Plan, which will depend upon the extent of shareholder participation in the Plan and the amount of quarterly dividends we pay,
if any. We will not pay underwriting commissions in connection with the Plan and will be responsible for the ongoing administrative costs
associated with the operation of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 15, 2018, we
filed a registration statement with the Securities and Exchange Commission including a prospectus relating to 2,500,000 common
shares issuable pursuant to the Plan. This prospectus relates to 722,722 of such shares that remain available for issuance as of the
date hereof and an additional 1,777,278 common shares, which common shares, in each case, if, as and when issued, will be issued
pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices
are located at 199 Bay Street, Suite&nbsp;2000, Commerce Court West, Toronto, Ontario, Canada M5L 1G9, Telephone Number:
(416) 306-6300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our common
shares involves risks. See &ldquo;Risk Factors&rdquo; on page&nbsp;1 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offence.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is May 12, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_002">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_002">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_003">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_003">1</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 84%"><A HREF="#ab_004">Risk Related to the Plan</A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#ab_004">1</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_005">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_005">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_006">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_006">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_007">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_007">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_008">EXCHANGE RATE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_008">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_009">FORWARD LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_009">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_010">CAUTIONARY NOTE REGARDING MINERAL RESERVE AND RESOURCE ESTIMATES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_010">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_011">FRANCO-NEVADA CORPORATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_011">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_012">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_012">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#ab_013">THE PLAN</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_013">7</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#ab_014">Purpose of the Plan</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_014">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#ab_015">Participation in the Plan</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_015">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#ab_016">Method of Purchase</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_016">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#ab_017">Purchase Price</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ab_017">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_001">Rights Offerings</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_001">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_002">Stock Dividend or Subdivision of Common Shares</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_002">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_003">Administration</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_003">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_004">Participants&rsquo; Accounts and Reports</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_004">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_005">Registration, Withdrawal or Disposition of Common Shares</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_005">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_006">Commissions and Administrative Costs</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_006">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_007">Responsibilities of Franco-Nevada Corporation and the Plan Agent</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_007">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_008">Termination of Participation</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_008">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_009">Shareholder Voting</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_009">12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_010">Amendment or Termination of Plan and/or Plan Agent</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_010">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_011">Withholdings</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_011">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_012">Notices</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_012">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_013">Governing Law</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_013">14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_014">Interpretation of the Plan</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_014">14</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s2_015">INCOME TAX CONSIDERATIONS RELATING TO THE PLAN</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_015">14</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_016">Canadian Federal Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_016">14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_017">United States Income Tax Considerations for U.S. Participants</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_017">17</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s2_018">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_018">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s2_019">DESCRIPTION OF SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_019">24</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_020">Common Shares</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_020">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="#s2_021">Preferred Shares</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_021">24</A></TD></TR>

<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s2_022">EXPENSES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s2_022">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s3_001">INDEMNIFICATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_001">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s3_002">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_002">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><A HREF="#s3_003">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_003">25</A></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_002"></A>ABOUT
THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You should rely only upon
the information contained in or incorporated by reference into this prospectus and on other information included in the registration statement
of which this prospectus forms a part. References to this prospectus include documents incorporated by reference into this prospectus
(this&nbsp;&ldquo;prospectus&rdquo;). We have not authorized anyone to provide you with information that is different than the information
included in or incorporated by reference into this prospectus. The information incorporated by reference into this prospectus is current
only as of its date. We are not making an offer of common shares in any jurisdiction where the offer is not permitted by law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus (excluding the documents incorporated by reference
into this prospectus), unless the context requires otherwise, references to &ldquo;Franco-Nevada&rdquo;, the &ldquo;Corporation&rdquo;,
the &ldquo;Registrant&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Franco-Nevada Corporation and the subsidiaries
through which it conducts its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International
Accounting Standards Board (&ldquo;IASB&rdquo;), and are presented in United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before you invest, you should
read this prospectus together with the information incorporated by reference into this prospectus and the additional information described
below under the heading &ldquo;Where You Can Find More Information&rdquo;. You should refer to the registration statement of which this
prospectus forms a part and the exhibits to the registration statement for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_003"></A>RISK
FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our common shares
involves risks. Before you decide to participate in the Plan and invest in our common shares, you should carefully consider the risk described
below, together with all risks described in the documents incorporated by reference into this prospectus, including subsequent documents
incorporated by reference into this prospectus. Discussions of certain risks and uncertainties affecting us are provided under the heading
 &ldquo;Risk Factors&rdquo; beginning on page&nbsp;49 of our Annual Information Form, filed as Exhibit&nbsp;99.1, to our Annual Report
on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2021, which was filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on March&nbsp;17, 2022 and which is incorporated by reference into this prospectus, as such risk factors may be updated from time to time
by our filings under the United States Securities Exchange Act of 1934, as amended (the&nbsp;&ldquo;Exchange Act&rdquo;), and other information
contained in or incorporated by reference into this prospectus from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ab_004"></A>Risk Related to the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>You will not know the
price of the common shares you are purchasing under the Plan at the time you authorize the investment or elect to reinvest your dividends.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The price of our common shares
may fluctuate between the time you decide to purchase common shares under the Plan and the time of actual purchase. In addition, during
this time period, you may become aware of additional information that might affect your investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_005"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the informational
requirements of the Exchange Act and, accordingly, file reports and other information with the SEC. Our filings are available electronically
from the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) at www.sec.gov, as well as from commercial document
retrieval services. You may also want to visit our website at www.franco-nevada.com for further information. Any information that is included
on or linked to our website is not a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed under the United
States Securities Act of 1933, as amended (the&nbsp;&ldquo;Securities Act&rdquo;), a registration statement on Form&nbsp;F-3 relating
to the Plan. This prospectus forms a part of the registration statement. This prospectus does not contain all of the information included
in the registration statement, certain portions of which have been omitted as permitted by the rules&nbsp;and regulations of the SEC.
For further information about us and our common shares you are encouraged to refer to the registration statement and the exhibits that
are incorporated by reference into it. Statements contained in this prospectus describing provisions of the Plan are not necessarily complete,
and in each instance reference is made to the copy of the Plan that is included as an exhibit to the registration statement, and each
such statement in this prospectus is qualified in all respects by such reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_006"></A>DOCUMENTS
INCORPORATED BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents filed
with or furnished to the SEC are specifically incorporated by reference into, and form a part of, this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.3in"><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1456346/000155837022003864/fnv-20211231x40f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></A></TD>
  <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1456346/000155837022003864/fnv-20211231x40f.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2021 which incorporates by reference the audited annual
consolidated financial statements of the Corporation for the year ended December&nbsp;31, 2021;</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><A HREF="http://www.sec.gov/Archives/edgar/data/1456346/000155837022005053/fnv-20220404x6k.htm" STYLE="-sec-extract: exhibit">2.</A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1456346/000155837022005053/fnv-20220404x6k.htm" STYLE="-sec-extract: exhibit">our Management Information Circular dated March 21, 2022 in connection with the Registrant&rsquo;s annual
and special meeting of shareholders to be held on May 4, 2022, which is incorporated by reference into our Report on Form 6-K furnished
to the SEC on April 4, 2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.3in"><A HREF="http://www.sec.gov/Archives/edgar/data/1456346/000110465911048971/a11-14376_140fr12b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></A></TD>
  <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1456346/000110465911048971/a11-14376_140fr12b.htm" STYLE="-sec-extract: exhibit">the description of our common shares contained in our registration statement on Form&nbsp;40-F filed with the SEC on August&nbsp;26,
2011, including any amendment or report updating such description; and</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in"><A HREF="http://www.sec.gov/Archives/edgar/data/1456346/000155837022007127/fnv-20220504x6k.htm" STYLE="-sec-extract: exhibit">4.</A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1456346/000155837022007127/fnv-20220504x6k.htm" STYLE="-sec-extract: exhibit">our Report on Form 6-K filed with the SEC on May 4, 2022 (Exhibits 99.2 and 99.3 only).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, all subsequent
Annual Reports on Form&nbsp;20-F, Form&nbsp;40-F or Form 10-K, and all subsequent filings on Form&nbsp;10-Q or Form 8-K, that we file
pursuant to the Exchange Act prior to the termination of this offering, are hereby incorporated by reference into this prospectus. Also,
we may incorporate by reference future reports on Form&nbsp;6-K that we furnish subsequent to the date of this prospectus by stating in
those Form&nbsp;6-Ks that they are being incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Any statement contained
in a document incorporated by reference into this prospectus shall be deemed to be modified or superseded for purposes of this prospectus
to the extent that a statement contained in this prospectus, in one of those other documents or in any other later filed document that
is also incorporated by reference into this prospectus modifies or supersedes that statement. Any such statement so modified shall not
be deemed, except as so modified, to constitute a part of this prospectus. Any such statement so superseded shall be deemed not to constitute
a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person receiving a copy
of this prospectus, including any beneficial owner, may obtain without charge, upon written or oral request, a copy of any of the documents
incorporated by reference into this prospectus, except for the exhibits to those documents unless the exhibits are specifically incorporated
by reference into those documents. Requests should be directed to our principal executive offices, 199 Bay Street, Suite&nbsp;2000, P.O.&nbsp;Box
285, Commerce Court West, Toronto, Ontario M5L 1G9, Telephone Number: (416) 306-6300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_007"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a corporation organized
under the laws of Canada and our principal offices are located in Toronto, Ontario, Canada. The enforcement by investors of civil liabilities
under the United States federal or state securities laws may be affected adversely by the fact that we have been organized under the laws
of Canada, that most of our officers and directors are residents of Canada, that some or all of the experts named in this prospectus and
the documents incorporated by reference herein are residents of Canada, and that all or a substantial portion of their assets and our
assets are located outside of the United States. As a result, it may be difficult for United States investors to effect service of process
within the United States upon us and upon those directors, officers or experts who are not residents of the United States, or to realize
in the United States upon judgments of courts of the United States, predicated upon civil liability of such persons under United States
federal or state securities laws. There is doubt as to the enforceability in Canada against us or against our directors, officers or experts
who are not residents of the United States, in original actions or in actions for enforcement of judgments of United States courts of
liabilities based solely upon the United States federal or state securities laws. We have appointed Corporation Service Company, 80 State
Street, Albany, New York, 12207-2543 as our agent in the United States upon which service of process against us may be made in any action
based on this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_008"></A>EXCHANGE
RATE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In this prospectus, unless
otherwise indicated, references to &ldquo;$&rdquo; or &ldquo;US$&rdquo; indicate references to United States dollars. References to &ldquo;C$&rdquo;
indicate references to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The following table sets
out the high and low rates of exchange for one U.S. dollar expressed in Canadian dollars during each of the following periods; the average
rate of exchange for those periods; and the rate of exchange in effect at the end of each of those periods, each based on the rate of
exchange published by the Bank of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center"><B>Three months ended<BR> March 31, 2022</B>&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD>
<TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><B>Years
ended December 31,</B></TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
<TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2021</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2020</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2019</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif">High</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2867</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2942</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4496</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3600</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Low</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2470</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2040</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2718</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2988</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Average for the Period</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2662</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2535</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3415</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3269</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">End of Period</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2496</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2678</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2732</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">C$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2988</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On May 11, 2022, the rate of exchange for Canadian dollars in terms
of the U.S. dollar, as published by the Bank of Canada, was US$1.00=C$1.2970 or C$1.00=US$0.7710.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_009"></A>FORWARD
LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents
incorporated by reference into this prospectus contain &ldquo;forward-looking information&rdquo; and &ldquo;forward-looking statements&rdquo;
within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively,
which may include, but are not limited to, statements with respect to future events or future performance, management&rsquo;s expectations
regarding our growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends
and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue,
future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans
of third party operators, audits being conducted by the Canada Revenue Agency, the expected exposure for current and future assessments
and available remedies, and the remedies relating to and consequences of the ruling of the Supreme Court of Panama in relation to the
Cobre Panama project. In addition, statements (including data in tables) relating to reserves and resources including reserves and resources
covered by a royalty, stream or other interest, gold equivalent ounces (&ldquo;GEOs&rdquo;) or mine lives are forward-looking statements,
as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions
are accurate and that such reserves and resources, mine lives and GEOs will be realized. Such forward-looking statements reflect management&rsquo;s
current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can
be identified by the use of words such as &ldquo;plans&rdquo;, &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;budgets&rdquo;,
 &ldquo;potential for&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;predicts&rdquo;, &ldquo;projects&rdquo;,
 &ldquo;intends&rdquo;, &ldquo;targets&rdquo;, &ldquo;aims&rdquo;, &ldquo;anticipates&rdquo; or &ldquo;believes&rdquo; or variations (including
negative variations) of such words and phrases or may be identified by statements to the effect that certain actions &ldquo;may&rdquo;,
 &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo; or &ldquo;will&rdquo; be taken, occur or be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number
of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation:
fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel,
uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso and any other
currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting
and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory,
political or economic developments in any of the countries where properties in which we hold a royalty, stream or other interest are located
or through which they are held; risks related to the operators of the properties in which we hold a royalty, stream or other interest,
including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic
developments; business opportunities that become available to, or are pursued by us; reduced access to debt and equity capital; litigation;
title, permit or license disputes related to interests on any of the properties in which we hold a royalty, stream or other interest;
whether or not we are determined to have &ldquo;passive foreign investment company&rdquo; (&ldquo;PFIC&rdquo;) status as defined in Section
1297 of the United States Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;); potential changes in Canadian tax treatment
of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties
on any of the properties in which we hold a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral
content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource
estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of
the properties in which we hold a royalty, stream or other interest, including, but not limited to, unusual or unexpected geological and
metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of
contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements
contained in, or incorporated by reference into, this prospectus are based upon assumptions management believes to be reasonable, including,
without limitation: the ongoing operation of the properties in which we hold a royalty, stream or other interest by the owners or operators
of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or
operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio;
our ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected
application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority;
no adverse development in respect of any significant property in which we hold a royalty, stream or other interest; the accuracy of publicly
disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and
the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees
of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the Canada Revenue Agency or our
exposure as a result thereof. We cannot assure investors that actual results will be consistent with these forward-looking statements.
Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional
information with respect to risks, uncertainties and assumptions, please refer to the &ldquo;Risk Factors&rdquo; section of this prospectus,
as well as any risk factors disclosed in the documents incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking statements
herein are made as of the date of this prospectus only and we do not assume any obligation to update or revise them to reflect new information,
estimates or opinions, future events or results or otherwise, except as required by applicable law. Our forward-looking statements contained
in the documents incorporated by reference into this prospectus are made as of the respective dates set forth in such exhibits. Such forward-looking
statements are based on the beliefs, expectations and opinions of management on the date the statements are made. In preparing this prospectus,
we have not updated such forward-looking statements to reflect any change in circumstances or in management&rsquo;s beliefs, expectations
or opinions that may have occurred subsequent to the date thereof, nor do we assume any obligation to update such forward-looking statements
in the future, except as required by applicable law. For the reasons set forth above, investors should not place undue reliance on forward-looking
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_010"></A>CAUTIONARY
NOTE REGARDING MINERAL RESERVE AND RESOURCE ESTIMATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents
incorporated by reference have been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and reserve estimates included
in this prospectus and the documents incorporated by reference have been prepared by the owners or operators of the relevant properties
(as and to the extent indicated by them) in accordance with National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects
(&ldquo;NI 43-101&rdquo;) and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by
the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that
does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies
the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether
the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mining disclosure under U.S.
securities law was previously required to comply with SEC Industry Guide 7 (&ldquo;SEC Industry Guide 7&rdquo;) under the United States
Securities Exchange Act of 1934, as amended. The SEC has adopted rules to replace SEC Industry Guide 7 with new mining disclosure rules
under sub-part 1300 of Regulation S-K of the U.S. Securities Act (&ldquo;Regulation S-K 1300&rdquo;) which became mandatory for U.S. reporting
companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes
estimates of &ldquo;Measured Mineral Resources&rdquo;, &ldquo;Indicated Mineral Resources&rdquo; and &ldquo;Inferred Mineral Resources&rdquo;.
In addition, the SEC has amended its definitions of &ldquo;Proven Mineral Reserves&rdquo; and &ldquo;Probable Mineral Reserves&rdquo;
to be substantially similar to international standards. Readers are cautioned that despite efforts to harmonize U.S. mining disclosure
rules with NI 43-101 and other international requirements, there are differences between the terms and definitions used in Regulation
S-K 1300 and mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been
adopted by NI 43-101, and there is no assurance that any mineral reserves or mineral resources that an owner or operator may report as
 &ldquo;proven mineral reserves&rdquo;, &ldquo;probable mineral reserves&rdquo;, &ldquo;measured mineral resources&rdquo;, &ldquo;indicated
mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo; under NI 43-101 would be the same had the owner or operator prepared
the reserve or resource estimates under the standards of Regulation S-K 1300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain reserve or resource
estimates of U.S. reporting companies presented in this prospectus and the documents incorporated by reference (notably those of Vale
S.A.) have been prepared in accordance with SEC Industry Guide 7. Canadian standards, including NI 43-101, differ significantly from the
requirements under SEC Industry Guide 7, and reserve and resource information contained in the documents incorporated by reference herein
may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing,
the term &ldquo;resource&rdquo; does not equate to the term &ldquo;reserves&rdquo;. Under SEC Industry Guide 7, mineralization could not
be classified as a &ldquo;reserve&rdquo; unless the determination has been made that the mineralization could be economically and legally
produced or extracted at the time the reserve determination is made. The SEC&rsquo;s disclosure standards did not normally permit the
inclusion of information concerning &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; or &ldquo;inferred
mineral resources&rdquo; or other descriptions of the amount of mineralization in mineral deposits that do not constitute &ldquo;reserves&rdquo;
in documents filed with the SEC in compliance with SEC Industry Guide 7. U.S. investors are cautioned that &ldquo;inferred mineral resources&rdquo;
have a lower level of confidence than that applying to &ldquo;indicated mineral resources&rdquo; and cannot be directly converted to a
 &ldquo;mineral reserve&rdquo;. It is reasonably expected that the majority of &ldquo;inferred mineral resources&rdquo; could be upgraded
to &ldquo;indicated mineral resources&rdquo; with continued exploration. Under Canadian rules, estimated &ldquo;inferred mineral resources&rdquo;
may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all
or any part of an &ldquo;inferred mineral resource&rdquo; exists or is economically or legally mineable. Disclosure of &ldquo;contained
ounces&rdquo; in a mineral resource is permitted disclosure under Canadian regulations; however, SEC Industry Guide 7 normally only permitted
issuers to report mineralization that does not constitute &ldquo;reserves&rdquo; under SEC Industry Guide 7 as in-place tonnage and grade
without reference to unit measures. The requirements of NI 43-101 for identification of &ldquo;reserves&rdquo; are also not the same as
under SEC Industry Guide 7, and reserves reported by us in compliance with NI 43-101 may not qualify as &ldquo;reserves&rdquo; under SEC
Industry Guide 7. Accordingly, information concerning mineral deposits set forth in the documents incorporated by reference herein may
not be comparable with information made public by companies that have reported in accordance with SEC Industry Guide 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to NI 43-101,
a number of resource and reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code (as such terms are defined
in NI 43-101), which differ from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions
of our mineral properties set forth in the documents incorporated by reference herein may not be comparable to similar information made
public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and
regulations thereunder. For more information, see &ldquo;Reconciliation to CIM Definitions&rdquo; in our Annual Information Form, filed
as Exhibit 99.1 to our Annual Report on Form 40-F for the fiscal year ended December 31, 2021, which is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_011"></A>FRANCO-NEVADA
CORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Franco-Nevada is the leading
gold-focused royalty and streaming company with the largest and most diversified portfolio of royalties and streams by commodity, geography,
operator, revenue type and stage of project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenue is generated from various forms of agreements, ranging from net smelter return royalties, streams, net profits interests,
net royalty interests, working interests and other types of arrangements. We do not operate mines, develop projects or conduct exploration.
Franco-Nevada has a free cash flow generating business with limited future capital commitments and management is focused on managing and
growing its portfolio of royalties and streams. We recognize the cyclical nature of the industry and have a long-term investment outlook.
We maintain a strong balance sheet to minimize financial risk and so that we can make investments during commodity cycle downturns. The
advantages of this business model are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Exposure to commodity price optionality;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A perpetual discovery option over large areas of geologically prospective lands;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">No additional capital requirements other than the initial investment;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Limited exposure to cost inflation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A free cash-flow business with limited cash calls;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A high-margin business that can generate cash through the entire commodity cycle;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A scalable and diversified business in which a large number of assets can be managed with a small stable
overhead; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Management that focuses on forward-looking growth opportunities rather than operational or development
issues.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our
short-term financial results are primarily tied to the price of commodities and the amount of production from our portfolio of
assets. Our attributable production has typically been supplemented by acquisitions of new assets. Over the longer-term, our results
are impacted by the amount of exploration and development capital available to operators to expand or extend our
producing assets or to progress our advanced and exploration assets into production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The focus of our business is to create exposure to gold and precious metal resource optionality. This principally involves investments
in gold mines and providing financing to copper and other base metal mines to obtain exposure to by-product gold, silver and platinum group metals production. We also invest in other metals and energy to expose our
shareholders to additional resource optionality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of the strengths of our business model is that our margins are not generally impacted when producer costs increase. The majority of
our interests are royalty and streams with payments/deliveries that are based on production levels with no adjustments for the operator&rsquo;s
operating costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We pay dividends on a quarterly
basis. However, the payment of dividends is not assured. The amount of future cash dividends, if any, will be subject to the discretion
of our board of directors, and may vary depending upon a variety of factors and conditions existing from time to time, including without
limitations, compliance with applicable laws and our cash flow. Depending on these and various other factors, many of which will be beyond
our control, we may change our dividend policy from time to time, and, as a result, future cash dividends could be reduced or suspended
entirely. The market value of our common shares may deteriorate if we reduce or suspend the amount of cash dividends that we pay in the
future, and that deterioration may be material. You should refer to the section of this prospectus entitled &ldquo;Risk Factors&rdquo;.
The paying agent for our dividends in the U.S. is Computershare Trust Company of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices are located at 199 Bay Street, Suite 2000, Commerce Court West, Toronto, Ontario M5L 1G9, Telephone Number:
(416) 306-6300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_012"></A>USE
OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will receive net proceeds
from the sale of common shares in connection with a treasury acquisition, but not a market acquisition. We have no basis for estimating
precisely either the number of common shares that may be issued under the Plan in a treasury acquisition or the prices at which the common
shares may be sold. The amount of net proceeds that we will receive will depend upon the extent of the participation in the Plan and the
amount of the quarterly dividends that we pay, if any. The net proceeds from the sale of the common shares will be used for general corporate
purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ab_013"></A>THE
PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the material attributes of the Plan. The summary does not purport to be complete and is subject to, and qualified in its entirety by,
reference to the complete Plan that is filed as an exhibit to the registration statement of which this prospectus forms a part. Since
the establishment of the Plan in 2013, we have authorized an aggregate of 6,901,954 common shares of the Corporation to be issued, if
as and when issued, under the Plan, including the 2,500,000 common shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><A NAME="ab_014"></A>Purpose of the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of our Plan is
to allow holders of our common shares to reinvest dividends declared and payable (less any withholding tax) to them as shareholders in
additional common shares without paying any brokerage commissions or service charges. Full reinvestment of the dividends (less applicable
withholding tax) is assured under the Plan because the Plan permits fractional shares, as well as whole shares, to be credited to the
participants&rsquo; accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common shares will be acquired
by the Plan Agent (as defined below) in a treasury acquisition (as defined below) or in a market acquisition (as defined below). In a
treasury acquisition, common shares may be purchased from the Corporation at a discount of up to 5% at the discretion of the Corporation
(the discount is currently set at 3%) of the &ldquo;average market price&rdquo; of the common shares, which is based upon the average
market price of our common shares as calculated under the Plan. The discount does not apply to market acquisitions under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We seek to provide a sustainable
and predictable stream of dividends. However, the payment of dividends is not assured, and the amount of future cash dividends, if any,
paid by us will be subject to the discretion of our board of directors, and will vary depending upon a variety of factors and conditions
existing from time to time, such as our financial performance. Depending on these and various other factors, many of which will be beyond
our control, we may change our dividend policy from time to time, and, as a result, future cash dividends could be reduced or suspended
entirely. Our policy in respect of dividends is reviewed annually in order to establish dividend levels commensurate with, among other
things, cash flow expectations and internal cash requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><A NAME="ab_015"></A>Participation in the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You are eligible to participate
in the Plan if you reside in Canada, the U.S. or certain eligible foreign jurisdictions and are a holder of at least one common share
and meet the requirements outlined below. The extent to which you may directly participate in the Plan will depend on the manner in which
you hold your common shares. Shareholders in other eligible jurisdictions may be allowed to participate in the Plan only if we determine
that participation should be made available to those shareholders taking into account the necessary steps to comply with the laws relating
to the offering and the sale of common shares in the jurisdiction of those shareholders and we determine, in our sole discretion, that
such laws do not subject the Plan or us to additional legal or regulatory requirements. In making such determination, we may request such
documentation as we deem necessary, including an opinion of legal counsel or undertakings from any intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial shareholders in
the United States whose common shares are registered through The Depository Trust Company are not currently eligible for participation
in the Plan as, in 2014, The Depository Trust Company announced it had terminated its participation in dividend reinvestment plans for
Canadian securities. If a shareholder is a beneficial owner whose common shares are registered in the name of The Depository Trust Company,
he or she may participate in the Plan by (i) directing his or her broker to transfer all or any number of whole common shares into his
or her name and then enrolling such common shares in the Plan or (ii) making appropriate arrangements with the broker, investment dealer,
financial institution or other nominee who holds the shareholder&rsquo;s common shares to transfer all or any number of whole common shares
into CDS and enroll in the Plan on the shareholder&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a registered owner
you may directly enroll in the Plan. If you are a beneficial owner then, in order to participate in the Plan, you must (i) transfer the
common shares into your own name and enroll in the Plan directly; or (ii) make arrangements through your broker, investment dealer, financial
institution or other nominee who holds the common shares on your behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To become a participant in the Plan, you or your nominee must complete a form authorizing us to forward all cash dividends paid on some
or all common shares registered in your name or in your nominee&rsquo;s name on your behalf, now or in the future, to Computershare Trust
Company of Canada, the Plan Agent for the Plan (the &ldquo;Plan Agent&rdquo;). The completed authorization form should be forwarded to
the Plan Agent at the address set out under &ldquo;Notices&rdquo; below. Dividends to be reinvested under the Plan on behalf of participants
who are residents of the U.S. (or other eligible jurisdictions) will be subject to applicable Canadian non-resident withholding tax. See
 &ldquo;Income Tax Considerations Relating to the Plan &mdash; Canadian Federal Income Tax Considerations&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the Plan Agent reserve
the right to deny participation in the Plan to any person who appears to be, or who we or the Plan Agent have reason to believe is, subject
to the laws of any jurisdiction which do not permit participation in the Plan in the manner sought by or on behalf of that person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are a beneficial owner
and wish to participate in the Plan, then you must determine whether your nominee allows participation in the Plan. Please note that not
all nominees will allow, nor is any nominee required to allow, your participation in the Plan. If you wish to participate and your nominee
does not allow it, it is your responsibility to either transfer your common shares to a different nominee allowing participation in the
Plan, or into your own name and enroll directly. If you wish to participate and your nominee does allow it, you must arrange for your
nominee to enroll in the Plan on your behalf. If you choose to enroll in the Plan, your nominee may be required to elect to participate
on your behalf every dividend period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may obtain an enrollment
form at any time from the Plan Agent&rsquo;s website at www.investorcentre.com or by calling the Plan Agent at 1-800-564-6253, or by visiting
our website at www.franco-nevada.com. If you are a registered shareholder, once you have enrolled in the Plan, you will remain enrolled
until you discontinue participation or until we terminate or suspend the Plan. If you are a beneficial shareholder, your nominee may be
required to elect to participate on your behalf every dividend period. See &ldquo;Termination of Participation&rdquo; and &ldquo;Amendment,
Suspension or Termination of Plan and Plan Agent&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your participation in the
Plan will commence with the first dividend payment after which you or your nominee submitted your enrollment form, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 7%">(i)</TD>
  <TD STYLE="text-align: justify; width: 90%">if you are a registered shareholder, the Plan Agent received the form not later than 5:00 p.m.&nbsp;(Toronto time) five (5)&nbsp;business
day preceding the record date for the dividend; or</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 7%">(ii) </TD>
  <TD STYLE="text-align: justify; width: 90%">if you are a beneficial shareholder, the Plan Agent received appropriate instructions from CDS Clearing and Depository Services Inc.
(&ldquo;CDS&rdquo;) or other nominee not later than such time as may be agreed from time to time between such depository or nominee and
the Plan Agent in accordance with custom and practice relating to such depository&rsquo;s or nominee&rsquo;s system. The depository must
in turn receive appropriate instructions from the nominee holders that are depository participants not later than such deadline as may
be established by the depository from time to time.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the enrollment form or
instructions, as applicable, are not received by the Plan Agent by the stipulated deadline, the dividend will be paid to you in the usual
manner and participation in the Plan will commence with the next dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We reserve the right to determine,
from time to time, a minimum number of common shares that a participant must hold in order to qualify for or continue enrollment in the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><A NAME="ab_016"></A>Method of Purchase</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash dividends payable (less
applicable withholding tax) on common shares enrolled in the Plan will be aggregated and then used by the Plan Agent in each investment
period to acquire common shares for participants. At the Corporation&rsquo;s sole discretion, the common shares acquired by the Plan Agent
under the Plan will be either newly issued common shares acquired from the Corporation (a &ldquo;treasury acquisition&rdquo;) or common
shares purchased on the Toronto Stock Exchange, the New York Stock Exchange, or any other alternative Canadian open market, as applicable
(a &ldquo;market acquisition&rdquo;). Dividends paid will be subject to any applicable withholding tax. References to &ldquo;investment
period&rdquo; mean the period, after a dividend is paid by the Corporation, in which the Plan Agent purchases common shares under the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A participant&rsquo;s account
will be credited with the number of common shares, including fractions computed to six decimal places, which is equal to the dividends
(less applicable withholding tax) reinvested for such participant divided by the applicable purchase price. Full reinvestment of dividends
under the Plan is possible because fractions of common shares as well as whole common shares are credited to a participant&rsquo;s account.
The rounding of any fractional interest is determined by the Plan Agent using such methods as it deems appropriate in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common shares purchased pursuant
to the Plan will be registered in the name of the Plan Agent or its nominee, as agent for participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends on common shares
otherwise payable to participants will be paid to the Plan Agent as agent for such participants and will be applied to the purchase of
common shares by the Plan Agent either through a treasury acquisition or a market acquisition. <I>In no event will interest be paid to
participants on any funds held for investment under the Plan.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="ab_017"></A>Purchase Price</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not control the price
of common shares acquired under the Plan. The purchase price allocated for each common share acquired by the Plan Agent under the Plan
during each investment period (the &ldquo;Average Market Price&rdquo;) will be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in the case of a treasury acquisition, subject to the discount referred
to below, the average closing price of the common shares (denominated in the currency in which the common shares trade on the applicable
stock exchange) traded on the Toronto Stock Exchange, the New York Stock Exchange or other alternative Canadian open market, as applicable,
for the five (5)&nbsp;consecutive trading days on which at least a board lot of common shares traded ending on the day immediately prior
to the applicable dividend payment date; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in the case of a market acquisition, the actual average price paid (excluding
brokerage commissions, fees and all transaction costs) per common share (denominated in the currency in which the common shares trade
on the applicable stock exchange) purchased by the Plan Agent on behalf of participants on the Toronto Stock Exchange, the New York Stock
Exchange or any other alternative Canadian open market, as applicable, for all common shares purchased in respect of an dividend payment
date under the Plan. The Plan Agent will acquire the common shares by a market acquisition in a manner, provided herein, on the applicable
dividend payment date or such date or dates as soon as practicable within three (3)&nbsp;trading days immediately after the dividend payment
date unless otherwise directed by the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Split-Segment; Name: a1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At our discretion, common
shares may be purchased in the case of a treasury acquisition at a discount of up to 5% from the Average Market Price (currently set at
a 3% discount). We will announce by way of a press release and in dividend announcements any applicable discount from the Average Market
Price<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><A NAME="s2_001"></A>Rights Offerings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we make available to our
registered shareholders any rights to subscribe for additional common shares or other securities, rights certificates or similar instruments
will, subject to compliance with applicable laws and regulations, be forwarded to a participant in the Plan, or to CDS or another nominee,
as applicable, in proportion to the number of whole common shares owned, including common shares acquired through participation in the
Plan being held for the participant by the Plan Agent. Such rights will not be made available for any fractional common shares held for
a participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_002"></A>Stock Dividend or Subdivision
of Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If common shares are distributed
pursuant to a stock dividend or a subdivision of common shares, the common shares received by the Plan Agent for participants under the
Plan will be held by the Plan Agent and credited by the Plan Agent to a participant&rsquo;s account based on the whole and fractional
common shares being held by the Plan Agent for the participant&rsquo;s account. In the event of a consolidation or similar change in the
number of outstanding common shares into a smaller number, the Plan Agent will proportionately adjust the account of each participant
under the Plan according to the number of whole common shares held for the account of that participant prior to the effective time of
the consolidation or similar change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_003"></A>Administration</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent acts as the
agent for the participants under the Plan pursuant to an agreement which may be terminated by us or the Plan Agent at any time upon thirty
(30) days&rsquo; prior written notice to the other party. On each dividend payment date, we shall pay to the Plan Agent on behalf of the
participants all cash dividends payable in respect of such participants&rsquo; common shares (less any applicable withholding taxes).
The Plan Agent shall use such funds to purchase common shares for the participants. Common shares purchased under the Plan will be registered
in the name of the Plan Agent, as agent for participants in the Plan. Should Computershare Trust Company of Canada cease to act as Plan
Agent under the Plan, another agent will be designated by us, in our discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_004"></A>Participants&rsquo; Accounts
and Reports</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent will maintain
an account for each participant. A statement of account will be mailed by the Plan Agent to each participant on a quarterly basis approximately
two to three weeks after the completion of each investment period. Such statement of account will set out the amount of cash dividends
paid on the participant&rsquo;s common shares, the number of common shares purchased under the Plan, the purchase price per share and
the updated total number of common shares being held by the Plan Agent for the participant in his or her account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These reports will be the
only record for participants of the cost of each purchase of common shares. All such reports should be retained by participants for income
tax purposes. In addition, each participant will receive annually the appropriate tax information for recording dividend income. The reinvestment
of dividends under the Plan will not relieve participants of any income tax applicable to such dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Participants who participate
in the Plan through their broker, investment dealer, financial institution or other nominee will receive such information and reports
through such nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_005"></A>Registration, Withdrawal
or Disposition of Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common shares purchased under
the Plan and held under the Plan by the Plan Agent for the account of participants other than CDS will be registered in the name of the
Plan Agent or its nominee or in accounts designated by it for the account of participants other than CDS. A Direct Registration System
Advice (&ldquo;DRS Advice&rdquo;) evidencing book-entry registered ownership of such common shares, or a certificate for such common shares,
will only be issued to the participant if the Plan or the participant&rsquo;s participation therein is terminated or if the participant
withdraws common shares from its account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Plan participant may, without
terminating participation in the Plan, withdraw from its account under the Plan, and have a DRS Advice or share certificate issued and
registered in the participant&rsquo;s name for, any number of whole shares held for its account under the Plan by delivering to the Plan
Agent a duly completed withdrawal portion of the voucher located on the reverse of the statement of account issued by the Plan Agent.
A withdrawal request may also be obtained from the Plan Agent at the address below. Alternatively, participants may follow the instructions
at the Plan Agent&rsquo;s self-service web portal at www.investorcentre.com/franco-nevada. The withdrawal of common shares and issuance
of a DRS Advice or share certificate will generally be completed within three weeks following receipt of the withdrawal request. A participant
who withdraws common shares from the Plan but does not terminate participation in the Plan will continue to participate in the Plan for
the common shares withdrawn. Any remaining shares (including a residual fraction of a share) will continue to be held by the Plan Agent
for the Plan participant&rsquo;s account under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A registered participant may
also request the sale of any number of whole common shares held under the Plan without terminating such registered participant&rsquo;s
participation in the Plan by delivering written instructions to the Plan Agent, which instructions may be delivered to the Plan Agent
personally, by courier, by mail, by facsimile or by any other electronic method acceptable to the Plan Agent. In this event, the Plan
Agent will sell such shares through a broker-dealer designated by the Plan Agent from time to time. The registered participant will be
charged a commission by the broker-dealer, which commission will be deducted from the cash proceeds of the sale to be paid to the participant.
The Plan Agent will deliver the net proceeds of the sales after deducting brokerage commission, transfer and withholding taxes, if any,
to the participant. Common shares in a participant&rsquo;s account held pursuant to the Plan that are sold may be commingled with common
shares of other selling participants, in which case, the proceeds to each selling participant will be based on the average sale price
of all shares so commingled and sold on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common shares being held for
a participant in the Plan may not be pledged, sold or otherwise disposed of by a participant. Participants wishing to do so must request
a DRS Advice or share certificate, or contact their broker or nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_006"></A>Commissions and Administrative
Costs</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be no commissions,
service charges or brokerage fees payable by participants in connection with the purchase of common shares under the Plan. Administrative
costs associated with the operation of the Plan, including the fees and expenses of the Plan Agent, will be borne by us. However, participants
who enroll in the Plan through a broker, trust company, bank or other nominee may be subject to fees in accordance with their nominee.
The Plan Agent will be paid fees for its services pursuant to a plan services agreement between us and the Plan Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_007"></A>Responsibilities of Franco-Nevada
Corporation and the Plan Agent</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we nor the Plan Agent
shall be liable for any act or any omission to act in connection with the operation of the Plan. Participants should recognize that neither
we nor the Plan Agent can assure a profit or protect against loss as a result of their purchase of common shares under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_008"></A>Termination of Participation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A registered participant who
wishes to terminate their participation in the Plan may do so voluntarily by delivering to the Plan Agent a duly completed termination
portion of the voucher located on the reverse of the statement of account issued by the Plan Agent. A termination request form may also
be obtained from the Plan Agent at the address below. Alternatively, participants may follow the instructions at the Plan Agent&rsquo;s
self-service web portal at www.investorcentre.com/franco-nevada. In addition, participation will be terminated automatically following
receipt by the Plan Agent of written notice of an individual participant&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a duly completed termination
request (or notice of an individual participant&rsquo;s death) is not received by the Plan Agent before 5:00 p.m.&nbsp;(Toronto time)
on the fifth (5th) business day preceding a dividend record date, or is received between a record date and a dividend payment date then
the participant&rsquo;s account will not be closed, and participation in the Plan by such participant will not be terminated, until after
the dividend payment date to which that record date relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A participant who is enrolled
in the Plan indirectly through a depository or otherwise through their or its broker, investment dealer, financial institution or other
nominee and wishes to terminate their or its participation in the Plan must contact the nominee who holds their or its shares and provide
appropriate instructions to do so. The nominee should be consulted to confirm what information or documentation may be required to give
effect to the termination instructions, and to inquire about any applicable deadlines that the nominee may impose or be subject to under
the policies of that nominee or such depository&rsquo;s system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of termination
of participation, a participant (other than a depository) or a deceased participant&rsquo;s estate or legal representative, as applicable,
will be issued a DRS Advice or share certificate for the number of whole common shares held under the Plan by the Plan Agent in the participant&rsquo;s
account and a cash payment for any fraction of a common share which will be converted by the Plan Agent at the prevailing market price
at the time of sale on the Toronto Stock Exchange, the New York Stock Exchange or any other alternative Canadian open market, as applicable.
Upon termination of participation in the Plan, a participant will receive payment for fractional entitlements to common shares, if any,
in Canadian currency (for all participants that are resident in Canada) or U.S. currency (for all participants resident in the U.S. or
other eligible jurisdictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A registered participant may
also request the sale of all the common shares held for his or her account pursuant to the Plan by duly completing the termination portion
of the voucher on the reverse side of the statement of account and delivering it to the Plan Agent. In this event, the Plan Agent will
sell such common shares through a broker-dealer designated by the Plan Agent from time to time. The registered participant will be charged
a commission by the broker-dealer, which commission will be deducted from the cash proceeds of the sale to be paid to the registered participant.
Commissions charged on such sales will be charged at the customary rates charged from time to time by the broker-dealer. The proceeds
of such sale, less brokerage commissions and transfer and withholding taxes, if any, will be paid to the terminating participant by the
Plan Agent. Common shares in a participant&rsquo;s account held pursuant to the Plan that are sold may be commingled with common shares
of other terminating participants, in which case, the proceeds to each terminating participant will be based on the average sale price
of all shares so commingled and sold on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We reserve the right to terminate
participation in the Plan if the number of common shares purchased for a participant under the Plan is less than one (1)&nbsp;common share
over a period of twelve (12) consecutive months. In that event, the Plan Agent will sell fractional common shares in the participant&rsquo;s
account and pay the participant the proceeds of the sale, net of brokerage commissions, transfer taxes and withholding taxes, if any,
together with a cash payment for any fraction of a common share in the account which will be converted by the Plan Agent at the prevailing
market price at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A participant having a Canadian
mailing address as shown on the records of the Plan Agent will receive payment in Canadian currency and a participant having a non-Canadian
mailing address as shown on the records of the Plan Agent will receive payment in United States currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_009"></A>Shareholder Voting</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any meeting of shareholders,
participants will receive proxy materials in order to vote all whole common shares held by the Plan Agent on your behalf. Your common
shares will be voted as you direct or you may vote by proxy or in person at the meeting of shareholders. Common shares for which instructions
are not received will not be voted. A fractional common share does not carry the right to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_010"></A>Amendment or Termination
of Plan and/or Plan Agent</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may amend or terminate
the Plan at any time, but such action shall have no retroactive effect that would prejudice the interests of participants. Where required,
amendments to the Plan will be subject to the prior approval of the Toronto Stock Exchange or the New York Stock Exchange. We will publicly
announce any material amendments to or termination of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of termination
of the Plan by the Corporation, the Plan Agent will send to the participants (or to their nominees, as applicable) certificates or DRS
Advices for whole common shares held for participants&rsquo; accounts under the Plan and cheques in payment for any remaining fractions
of common shares in participants&rsquo; accounts which will be based on the prevailing market price of the time of sale. In the event
of suspension of the Plan by us, no investment will be made by the Plan Agent during the investment period immediately following the effective
date of such suspension. Any dividends on the common shares subject to the Plan and paid after the effective date of such suspension will
be remitted by the Plan Agent to the participants (without interest or deduction thereon except applicable withholding tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Computershare Trust Company
of Canada ceases to act as Plan Agent for any reason, another qualified party will be designated by us to act as Plan Agent and participants
will be notified of the change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_011"></A>Withholdings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plan is subject to any withholding obligations
that we may have with respect to taxes or other charges under applicable laws, and any amounts to be reinvestment hereunder shall be net
of any amounts required to be withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_012"></A>Notices</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices required to be
given under the Plan shall be mailed to each participant (including CDS and financial institutions and stock brokerages holding common
shares as registered shareholders on behalf of non-registered participants) at the address shown on the records of the Plan Agent or at
a more recent address as furnished by the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notices to the Plan Agent
shall be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Computershare Trust Company of Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">100 University Avenue, 8th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">North Tower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, Ontario M5J 2Y1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention: Dividend Reinvestment
Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Or the National Customer Contact
Centre at 1-800-564-6253</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Or by visiting www.investorcentre.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notices to us shall be addressed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Franco-Nevada Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">199 Bay Street, Suite&nbsp;2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">P.O.&nbsp;Box 285, Commerce
Court West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Toronto, Ontario M5L 1G9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention: Chief Legal Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fax No.: (416) 306-6330</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_013"></A>Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan shall be governed
by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_014"></A>Interpretation of the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We shall conclusively determine
any issues of interpretation arising in connection with the Plan or its application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s2_015"></A>INCOME
TAX CONSIDERATIONS RELATING TO THE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_016"></A>Canadian Federal Income
Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of principal Canadian federal income tax considerations generally applicable to shareholders who participate in the Plan. This summary
is of a general nature only, is not exhaustive of all possible tax considerations and is not intended to be legal or tax advice to any
particular shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This summary is provided
by and on behalf of us and not the Plan Agent. The summary is for general information only and is not intended to be legal or tax advice
to any particular shareholder. Shareholders, including shareholders in jurisdictions other than Canada or the United States, are urged
to consult their own tax advisor as to their particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Certain Canadian Federal
Income Tax Considerations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a general
summary, as of the date of this prospectus, of the principal Canadian federal income tax considerations under the <I>Income Tax Act</I>
(Canada) (the &ldquo;Tax Act&rdquo;) and the <I>Income Tax Regulations</I> (the &ldquo;Regulations&rdquo;) generally applicable to a participant
(a &ldquo;Specified Participant&rdquo;) that, at all relevant times, for purposes of the Tax Act, deals at arm&rsquo;s length with and
is not affiliated with the Corporation and holds common shares as capital property, all within the meaning of the Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not apply
to a participant: (i)&nbsp;that is a &ldquo;financial institution&rdquo; for purposes of the &ldquo;mark-to-market&rdquo; rules&nbsp;in
the Tax Act; (ii)&nbsp;that is a &ldquo;specified financial institution&rdquo;; (iii)&nbsp;an interest in which is or would constitute
a &ldquo;tax shelter investment&rdquo;; (iv)&nbsp;that has entered or will enter into, with respect to the common shares, a &ldquo;synthetic
disposition arrangement&rdquo; or a &ldquo;derivative forward agreement&rdquo;; (v)&nbsp;that is a corporation resident in Canada that
is or becomes a part of a transaction or event or series of transactions or events to which the foreign affiliate dumping rules&nbsp;in
section 212.3 of the Tax Act apply; (vi)&nbsp;that reports its &ldquo;Canadian tax results&rdquo; in a currency other than Canadian currency;
or (vii)&nbsp;that is exempt from tax under the Tax Act, all as defined in the Tax Act. Such participants should consult their own tax
advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based upon
the current provisions of the Tax Act and the Regulations in force as of the date of this prospectus, specific proposals to amend the
Tax Act and the Regulations that have been publicly announced by or on behalf of the Minister of Finance (Canada) prior to such date (the
 &ldquo;Tax Proposals&rdquo;), and the current published administrative policies and assessing practices of the Canada Revenue Agency.
This summary assumes that the Tax Proposals will be enacted in the form proposed and does not otherwise take into account or anticipate
any changes in law or administrative practices, whether by legislative, governmental or judicial decision or action, nor does it take
into account provincial, territorial or foreign tax considerations, which may differ from the Canadian federal income tax considerations
discussed herein. No assurance can be given that the Tax Proposals will be enacted as proposed or at all, or that legislative, judicial
or administrative changes will not modify or change the statements expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This summary is of a general
nature only and is not, and is not intended to be, legal or tax advice to any particular participant under the Plan. This summary is not
exhaustive of all Canadian federal income tax considerations applicable to participants. Accordingly, participants should consult their
own tax advisor with respect to the tax consequences applicable to them having regard to their own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 5; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal"><B>For
the purposes of the Tax Act, all U.S. dollar amounts relating to the acquisition, holding or disposition of common shares must generally
be expressed in Canadian dollars using the appropriate exchange rate determined in accordance with the detailed rules in the Tax Act in
that regard. As a result, the amount required to be included in the income of a Specified Participant may be affected by virtue of fluctuations
in the value of the U.S. dollar relative to the Canadian dollar.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Canadian Residents</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This portion of the summary
is generally applicable to a Specified Participant that, at all relevant times, for purposes of the Tax Act, is resident in Canada, or
is deemed to be resident in Canada (a &ldquo;Canadian Participant&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The reinvestment of dividends
under the terms of the Plan does not relieve a Canadian Participant from any liability for income taxes that may otherwise be payable
on such amounts. In this regard, a Canadian Participant who participates in the Plan will be treated, for tax purposes, as having received,
on each dividend payment date, a taxable dividend equal to the amount of the dividend payable on such date, which dividend will be subject
to the same tax treatment accorded to taxable dividends received by the Canadian Participant from a taxable Canadian corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For example, in the case of
a Canadian Participant who is an individual (including certain trusts), such dividends will be subject to the normal gross-up and dividend
tax credit rules&nbsp;applicable to taxable dividends received by an individual from taxable Canadian corporations, including the enhanced
gross-up and dividend tax credit for &ldquo;eligible dividends&rdquo; properly designated as such by the Corporation. Taxable dividends
received by such a Canadian Participant may give rise to minimum tax under the Tax Act, depending on the individual&rsquo;s circumstances.
In the case of a Canadian Participant that is a corporation, such dividends will be included in the Canadian Participant&rsquo;s income
and will normally be deductible in computing such Canadian Participant&rsquo;s taxable income. In certain circumstances, subsection 55(2)&nbsp;of
the Tax Act will treat a taxable dividend received by a Canadian Participant that is a corporation as proceeds of disposition or a capital
gain. Canadian Participants that are corporations are urged to consult their own tax advisor having regard to their particular circumstances.
A Canadian Participant that is a &ldquo;private corporation&rdquo; or &ldquo;subject corporation&rdquo; (as such terms are defined in
the Tax Act) may be liable to pay a refundable tax under Part&nbsp;IV of the Tax Act on such dividends to the extent that such dividends
are deductible in computing the Canadian Participant&rsquo;s taxable income for the year. Other taxes could apply depending on the circumstances
of the Canadian Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If cash dividends are reinvested
in common shares for a Canadian Participant under the Plan in a treasury acquisition, and if the Corporation determines to issue such
common shares at a discount of up to 5%, at the discretion of the Corporation, from the Average Market Price, such discount should not
give rise to a taxable benefit under the Tax Act to such Canadian Participant. The discount is currently set at 3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Canadian Participant should
not realize any additional income under the Tax Act when the participant receives certificates for whole common shares previously credited
to the participant&rsquo;s account under the Plan, either upon the participant&rsquo;s request, upon termination of participation in the
Plan or upon termination of the Plan. Generally, one-half of any capital gain realized by a Canadian Participant on a disposition of a
common share acquired pursuant to the Plan must be included in the Canadian Participant&rsquo;s income for the year as a taxable capital
gain. Subject to certain specific rules&nbsp;in the Tax Act, one-half of any capital loss realized by a participant on a disposition of
a common share in a taxation year will be an allowable capital loss which must be deducted from any taxable capital gains realized by
the Canadian Participant in the year of disposition. Allowable capital losses for a taxation year in excess of taxable capital gains for
that year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any
subsequent taxation year against net taxable capital gains realized in such years to the extent and under the circumstances discussed
in the Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When a Canadian Participant&rsquo;s
participation in the Plan is terminated by the Canadian Participant or the Corporation or when the Plan is terminated by the Corporation,
the Canadian Participant may receive a cash payment. A deemed dividend may arise if the cash payment for a fractional common share exceeds
the paid-up capital in respect of such fractional common share and a capital gain (or loss) may also be realized in certain circumstances.
A deemed dividend is treated in the manner described above in respect of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disposition by a Canadian
Participant to the Corporation of a fraction of a common share in consideration for cash (either upon the Canadian Participant&rsquo;s
request, upon termination of participation in the Plan or upon termination of the Plan) may give rise to a deemed dividend to the Canadian
Participant as well as a capital gain or capital loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cost to a Canadian Participant
of common shares acquired under the Plan will be the price paid for those shares by the Canadian Participant. The adjusted cost base of
such common shares to the Canadian Participant will be computed by averaging the cost of those shares with the adjusted cost base of all
other common shares of the Corporation held by the Canadian Participant as capital property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Canadian Participant who
disposes of or is deemed to have disposed of common shares acquired pursuant to the Plan (including on the disposition of a fraction of
a common share in consideration for cash upon termination of participation in the Plan or upon termination of the Plan) will generally
realize a capital gain (or incur a capital loss) equal to the amount by which the proceeds of disposition of such common shares exceed
(or are exceeded by) the aggregate of the adjusted cost base of such common shares immediately before the disposition or deemed disposition
and any reasonable expenses associated with the disposition or deemed disposition. Canadian Participants will generally be subject to
the tax treatment normally applicable under the Tax Act in respect of such capital gains or capital losses. For example, generally one-half
of any such capital gain (a &ldquo;taxable capital gain&rdquo;) realized by a Canadian Participant must be included in the Canadian Participant&rsquo;s
income for the taxation year in which the disposition occurs. Capital gains realized by a Canadian Participant who is an individual (including
certain trusts) may result in the individual paying minimum tax under the Tax Act. A Canadian Participant that is a &ldquo;Canadian-controlled
private corporation&rdquo; (as defined in the Tax Act) may be liable to pay a refundable tax on its &ldquo;aggregate investment income&rdquo;
(as defined in the Tax Act) for the year, which is defined to include an amount in respect of taxable capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">U.S. Residents</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This portion of the summary
is generally applicable to a Specified Participant that, at all relevant times: (i)&nbsp;is neither resident in Canada nor deemed to be
resident in Canada for purposes of the Tax Act; (ii)&nbsp;is a resident of the U.S. and is a &ldquo;qualifying person&rdquo; within the
meaning of the Canada-United States Income Tax Convention (1980), as amended (the &ldquo;Treaty&rdquo;); and (iii)&nbsp;does not use or
hold and is not deemed to use or hold common shares in a business carried on in Canada (a &ldquo;U.S. Resident Participant&rdquo;). U.S.
Resident Participants are urged to consult with their own tax advisor to determine their entitlement to benefits under the Treaty based
on their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Special rules, which are not
discussed in this summary, may apply to a U.S. Resident Participant that is an insurer that carries on an insurance business in Canada
and elsewhere or an authorized foreign bank (as defined in the Tax Act). Such U.S. Resident Participant should consult with their own
tax advisor as to their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The reinvestment of dividends
under the terms of the Plan does not relieve a U.S. Resident Participant from any liability for income taxes that may otherwise be payable
on such amounts. In this regard, a U.S. Resident Participant who participates in the Plan will be treated, for tax purposes, as having
received, on each dividend payment date, a taxable dividend equal to the amount of the dividend payable on such date, which dividend will
be subject to the same tax treatment accorded to taxable dividends received by the U.S. Resident Participant from a taxable Canadian corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All cash dividends paid on
common shares held by a U.S. Resident Participant will generally be subject to the treatment under the Tax Act normally applicable to
taxable dividends from taxable Canadian corporations even if such dividends are reinvested in common shares under the Plan on behalf of
a U.S. Resident Participant. For example, such dividends will be subject to Canadian withholding tax at the rate of 25%, subject to any
reduction in the rate of withholding to which the U.S. Resident Participant is entitled under the Treaty. Under the Treaty if the U.S.
Resident Participant is the beneficial owner of such dividends, the applicable rate of Canadian withholding tax is generally reduced to
15%. The amount in respect of such dividends to be reinvested under the Plan will be reduced by the amount of any such applicable withholding
tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 7; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disposition by a U.S.
Resident Participant to the Corporation of a fraction of a common share in consideration for cash (either upon the U.S. Resident Participant&rsquo;s
request, upon termination of participation in the Plan or upon termination of the Plan) may give rise to a deemed dividend which is subject
to withholding tax as well as capital gain or capital loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Resident Participant
will not be subject to tax under the Tax Act in respect of any capital gain realized by such U.S. Resident Participant on a disposition
of common shares (including upon the disposition of a fractional common share), unless the common shares constitute &ldquo;taxable Canadian
property&rdquo; (as defined in the Tax Act) of the U.S. Resident Participant at the time of the disposition and the U.S. Resident Participant
is not entitled to relief under the Treaty. Generally, as long as the common shares are listed on a &ldquo;designated stock exchange&rdquo;
(which includes the Toronto Stock Exchange and the New York Stock Exchange) at a particular time, such shares will not constitute taxable
Canadian property to a U.S. Resident Participant at such time unless at any time during the sixty (60) month period that ends at that
time: (a)&nbsp;the U.S. Resident Participant, persons with which the U.S. Resident Participant does not deal at arm&rsquo;s length, partnerships
whose members include, either directly or indirectly through one or more partnerships, the U.S. Resident Participant or persons which
do not deal at arm&rsquo;s length with the U.S. Resident Participant, or any combination of them, owned 25% or more of the issued shares
of any class or series of shares of the capital stock of the Corporation; and (b)&nbsp;more than 50% of the fair market value of the common
shares was derived directly or indirectly from one or any combination of (i)&nbsp;real or immovable property situated in Canada, (ii)&nbsp;&ldquo;Canadian
resource properties&rdquo; (as defined in the Tax Act), (iii)&nbsp;&ldquo;timber resource properties&rdquo; (as defined in the Tax Act),
and (iv)&nbsp;options in respect of, or interests in, or for civil law rights in, property described in (i), (ii)&nbsp;and (iii), whether
or not such property exists. U.S. Resident Participants holding common shares that constitute taxable Canadian property should consult
their own tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_017"></A>United States Income Tax
Considerations for U.S. Participants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a general
summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) that participates in
the Plan (referred to as a &ldquo;U.S. Participant&rdquo;). This summary is for general information purposes only and does not purport
to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Participant arising
from and relating to the acquisition, ownership and disposition of common shares acquired pursuant to the Plan. In addition, this summary
does not take into account the individual facts and circumstances of any particular U.S. Participant that may affect the U.S. federal
income tax consequences to such U.S. Participant, including specific tax consequences to a U.S. Participant under an applicable tax treaty.
Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect
to any U.S. Participant. This summary does not address the U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state
and local, or non-U.S. tax consequences to U.S. Participants of the acquisition, ownership and disposition of common shares acquired pursuant
to the Plan. Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each prospective
participant in the Plan should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal
estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common
shares acquired pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No ruling from the United
States Internal Revenue Service (the &ldquo;IRS&rdquo;) has been requested, or will be obtained, regarding the U.S. federal income tax
consequences of the acquisition, ownership and disposition of common shares acquired pursuant to the Plan. This summary is not binding
on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary.
In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts
could disagree with one or more of the conclusions described in this summary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scope of this Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Authorities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on the
Code, Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of
the IRS, the Convention Between Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September
26, 1980, as amended (the &ldquo;Canada-U.S. Tax Convention&rdquo;), and U.S. court decisions that are applicable and, in each case, as
in effect and available as of the date of this prospectus. Any of the authorities on which this summary is based could be changed in a
material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis, which could affect
the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential effects, whether adverse
or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>U.S. Holders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this summary, the term &ldquo;U.S.
Holder&rdquo; means a beneficial owner of common shares that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual who is a citizen or resident of the United States;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate whose income is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust that (a)&nbsp;is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (b)&nbsp;has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>U.S. Participants Subject to Special U.S. Federal
Income Tax Rules&nbsp;Not Addressed</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not address
the U.S. federal income tax considerations applicable to U.S. Participants that are subject to special provisions under the Code, including,
but not limited to, the following: (a) U.S. Participants that are tax-exempt organizations, qualified retirement plans, individual retirement
accounts, or other tax-deferred accounts; (b) U.S. Participants that are financial institutions, underwriters, insurance companies, real
estate investment trusts, or regulated investment companies; (c) U.S. Participants that are broker-dealers, dealers, or traders in securities
or currencies that elect to apply a mark-to-market accounting method; (d) U.S. Participants that have a &ldquo;functional currency&rdquo;
other than the U.S. dollar; (e) U.S. Participants that own common shares as part of a straddle, hedging transaction, conversion transaction,
constructive sale, or other arrangement involving more than one position; (f) U.S. Participants that acquire common shares in connection
with the exercise of employee stock options or otherwise as compensation for services; (g) U.S. Participants that hold common shares other
than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) U.S. Participants
that own or have owned (directly, indirectly, or by attribution) 10 percent or more of the total combined voting power or value of all
outstanding shares of the Corporation; or (i) U.S. Participants that are U.S. expatriates or former long-term residents of the United
States. U.S. Participants that are subject to special provisions under the Code, including, but not limited to, U.S. Participants described
immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate
and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common shares
and participation in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an entity or arrangement
that is classified as a partnership (or other &ldquo;pass-through&rdquo; entity) for U.S. federal income tax purposes holds common shares,
the U.S. federal income tax consequences to such entity and the partners (or other owners) of such entity generally will depend on the
activities of the entity and the status of such partners (or owners). This summary does not address the tax consequences to any such owner.
Partners (or other owners) of entities or arrangements that are classified as partnerships or as &ldquo;pass-through&rdquo; entities for
U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from
and relating to the acquisition, ownership and disposition of common shares and participation in the Plan.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ownership and Disposition of Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion is subject to the rules&nbsp;described
below under the heading &ldquo;Passive Foreign Investment Company Rules.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Tax Considerations Relating to Dividend Reinvestment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a treasury
acquisition, a U.S. Participant will be treated as receiving a distribution for U.S. federal income tax purposes in an amount equal to
the fair market value of the common shares acquired pursuant to the Plan plus the amount of any Canadian withholding tax withheld therefrom.
The fair market value of the common shares so acquired will be equal to the average of the high and low sale prices of the common shares
on the dividend payment date, which amount may be higher or lower than the average market price used to determine the number of common
shares so acquired pursuant to the Plan. In the case of a market acquisition, a U.S. Participant will be treated as receiving a distribution
for U.S. federal income tax purposes in an amount equal to the amount of the dividend used to purchase common shares on the open market
(without reduction for any Canadian tax withheld from such dividend) and to pay any brokerage commissions, fees, transaction costs, or
other related charges. The amount of any such distribution to a U.S. Participant (reduced by any Canadian tax withheld from such distribution)
generally will be such U.S. Participant&rsquo;s tax basis in the common shares acquired pursuant to the Plan. A U.S. Participant&rsquo;s
holding period for such common shares will begin on the day following the date of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any distribution to a U.S.
Participant described in the preceding paragraph generally will be subject to U.S. federal income tax in the same manner as cash distributions
described below under the heading &ldquo;Distributions Generally.&rdquo; If U.S. backup withholding tax applies to any dividends paid
that are to be reinvested in common shares, the number of common shares credited to a U.S. Participant&rsquo;s account will be reduced
as a result of such backup withholding. Tax information reporting generally will apply to dividends reinvested in common shares by a U.S.
Participant pursuant to the Plan. See the discussion below under the heading &ldquo;Additional Considerations &ndash; Backup Withholding
and Additional Information Reporting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Distributions
Generally</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Participant that receives
a distribution, including a constructive distribution, with respect to a common share will be required to include the amount of such distribution
in gross income as a dividend (including the amount of any Canadian income tax withheld from such distribution) to the extent of the current
or accumulated &ldquo;earnings and profits&rdquo; of the Corporation, as calculated for U.S. federal income tax purposes. To the extent
that a distribution exceeds the current and accumulated earnings and profits of the Corporation, such distribution will be treated first
as a tax-free return of capital to the extent of a U.S. Participant&rsquo;s tax basis in the common shares and thereafter as gain from
the sale or exchange of such common shares. (See &ldquo;Sale or Other Taxable Disposition of Common Shares&rdquo; below.) However, the
Corporation may not calculate earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Participant should
therefore assume that any distribution by the Corporation with respect to the common shares will be treated as ordinary dividend income
for U.S. federal information reporting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain holding
period and other requirements, dividends received by non-corporate U.S. Participants from a &ldquo;qualified foreign corporation&rdquo;
may be eligible for reduced rates of taxation. A qualified foreign corporation includes a foreign corporation that is eligible for the
benefits of a comprehensive income tax treaty with the United States that the U.S. Treasury Department determines to be satisfactory for
these purposes and that includes an exchange of information provision. The U.S. Treasury has determined that the Canada-U.S. Tax Convention
meets these requirements, and the Corporation believes that it is eligible for the benefits of the Canada-U.S. Tax Convention. A foreign
corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on ordinary shares that
are readily tradeable on an established securities market in the United States. U.S. Treasury guidance indicates that the Corporation&rsquo;s
common shares are readily tradeable on an established securities market in the United States. However, there can be no assurance that
the common shares will be considered readily tradeable on an established securities market in future years. If the Corporation is classified
as a PFIC in the taxable year of distribution or in the preceding taxable year, then dividends received by U.S. Participants will not
be qualified dividends. Dividends received by corporate U.S. Participants generally will not be eligible for the &ldquo;dividends received
deduction.&rdquo; The dividend rules&nbsp;are complex, and each U.S. Participant should consult its own tax advisor regarding the application
of such rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Sale or Other Taxable Disposition of Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the sale or other taxable
disposition of common shares, a U.S. Participant generally will recognize capital gain or loss in an amount equal to the difference between
the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Participant&rsquo;s tax basis
in such common shares sold or otherwise disposed of. A U.S. Participant&rsquo;s tax basis in common shares generally will be such participant&rsquo;s
U.S. dollar cost for such shares. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or
loss if, at the time of the sale or other disposition, the common shares have been held for more than one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preferential tax rates apply
to long-term capital gain of a U.S. Participant that is an individual, estate, or trust. There are currently no preferential tax rates
for long-term capital gain of a U.S. Participant that is a corporation. Deductions for capital losses are subject to significant limitations
under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal"><B>Passive
Foreign Investment Company Rules</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were to
constitute a PFIC for any year during a U.S. Participant&rsquo;s holding period, then certain different and potentially adverse U.S. federal
income tax rules&nbsp;would affect the U.S. federal income tax consequences to a U.S. Participant resulting from the acquisition, ownership
and disposition of common shares. The U.S. Treasury Department has not issued specific guidance on how the income and assets of a non-U.S.
corporation such as the Corporation will be treated under the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation generally
will be a PFIC for any taxable year in which, after applying relevant look-through rules&nbsp;with respect to the income and assets of
subsidiaries, (a)&nbsp;75 percent or more of its gross income is passive income (the &ldquo;income test&rdquo;) or (b)&nbsp;50 percent
or more of the value of its assets consists of assets that either produce passive income or are held for the production of passive income
(the &ldquo;asset test&rdquo;). &ldquo;Gross income&rdquo; generally includes all sales revenues less the cost of goods sold, plus income
from investments and from incidental or outside operations or sources. &ldquo;Passive income&rdquo; generally includes, for example, dividends,
interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions.
Passive income generally excludes active business gains arising from the sale of commodities, if substantially all of a foreign corporation&rsquo;s
commodities are stock in trade or inventory, real and depreciable property used in a trade or business, or supplies regularly used or
consumed in a trade or business, and certain other requirements are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under certain attribution
rules, if the Corporation were a PFIC, U.S. Participants would generally be deemed to own their proportionate share of the Corporation&rsquo;s
direct or indirect equity interest in any company that is also a PFIC (a &ldquo;Subsidiary PFIC&rdquo;), and would be subject to U.S.
federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC upon the sale of the common shares of the Corporation,
as well as their proportionate share of (a)&nbsp;any &ldquo;excess distributions&rdquo; (as discussed below) on the stock of a Subsidiary
PFIC and (b)&nbsp;any gain realized upon the disposition or deemed disposition of stock of a Subsidiary PFIC by the Corporation or by
another Subsidiary PFIC, both as if such U.S. Participants directly held the shares of such Subsidiary PFIC. If the Corporation were classified
as a PFIC for any taxable year in which a U.S. Participant held common shares, then the Corporation generally would continue to be classified
as a PFIC with respect to such U.S. Participant for any subsequent taxable year in which the U.S. Participant continued to hold common
shares, even if the Corporation&rsquo;s income or assets would not cause it to be a PFIC in such subsequent taxable year, unless an exception
were to apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The IRS recently issued final
and proposed regulations providing guidance on various aspects of the PFIC rules, including the income and asset tests described above.
The proposed regulations will not be effective unless and until they are adopted in final form, although taxpayers generally may rely
on the proposed regulations before adoption, provided the proposed regulations are applied consistently. The Corporation believes, on
a more-likely-than-not basis, that it currently qualifies, and expects to continue to qualify in the future, for the active commodities
business exception for purposes of the PFIC asset test and PFIC income test. Accordingly, although the Corporation continues to evaluate
the implications of the final and proposed regulations for its classification under the PFIC rules, the Corporation believes, on a more-likely-than-not
basis, that it was not a PFIC for its taxable year ended December&nbsp;31, 2021, and, based on its current and anticipated business activities
and financial expectations, the Corporation expects, on a more-likely-than-not basis, that it will not be a PFIC for its current taxable
year or for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination as to whether
any corporation was, or will be, a PFIC for a particular taxable year depends, in part, on the application of complex U.S. federal income
tax rules, which are subject to differing interpretations and uncertainty. In addition, there is limited authority on the application
of the active commodities exception and other relevant PFIC rules&nbsp;to entities such as the Corporation and its subsidiaries. There
is also significant uncertainty regarding the application of the recently issued final and proposed regulations. Accordingly, there can
be no assurance that the IRS will not challenge the views of the Corporation (or a Subsidiary PFIC, as defined above) concerning its PFIC
status. In addition, whether any corporation will be a PFIC for any taxable year depends on its assets and income over the course of such
taxable year, and, as a result, the Corporation&rsquo;s PFIC status for its current taxable year and any future taxable year cannot be
predicted with certainty. Each U.S. Participant should consult its own tax advisor regarding the PFIC status of the Corporation and any
Subsidiary PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were a
PFIC for any taxable year in which a U.S. Participant held common shares, and such U.S. Participant had not made an effective QEF Election
or Mark-to-Market Election under the PFIC rules&nbsp;(as defined and more fully described below) with respect to its common shares, then
such holder generally would be subject to special rules&nbsp;with respect to &ldquo;excess distributions&rdquo; made by the Corporation
on the common shares and with respect to gain from the direct or indirect disposition of common shares. An &ldquo;excess distribution&rdquo;
generally would include the excess of distributions made with respect to the common shares to a U.S. Participant in any taxable year over
125% of the average annual distributions made to such U.S. Participant by the Corporation during the shorter of the three preceding taxable
years or such U.S. Participant&rsquo;s holding period for the common shares. Generally, a U.S. Participant would be required to allocate
any excess distribution or gain from the direct or indirect disposition of the common shares ratably over its holding period for the common
shares. Amounts allocated to the year of the disposition or excess distribution would be taxed as ordinary income, and amounts allocated
to prior taxable years would be taxed at the highest tax rate in effect for ordinary income for each such year. In addition, an interest
charge would apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were a
PFIC for any taxable year in which a U.S. Participant held common shares, and such U.S. Participant had made a timely and effective election
to treat the Corporation as a &ldquo;qualified electing fund&rdquo; (a &ldquo;QEF Election&rdquo;) for the first taxable year of such
U.S. Participant&rsquo;s holding period in which the Corporation were classified as a PFIC, then such U.S. Participant generally would
not be subject to the PFIC rules&nbsp;described in the preceding paragraph. Instead, such U.S. Participant would be subject to U.S. federal
income tax on such holder&rsquo;s pro rata share of (a)&nbsp;the net capital gain of the Corporation, which would be taxed as long-term
capital gain to such U.S. Participant, and (b)&nbsp;the ordinary earnings of the Corporation, which would be taxed as ordinary income
to such U.S. Participant. A QEF Election, once made, would be effective with respect to such U.S. Participant&rsquo;s common shares for
all subsequent taxable years in which the Corporation were treated as a PFIC, unless the QEF Election were invalidated or terminated or
the IRS were to consent to revocation of the QEF Election. The QEF Election cannot be made unless the Corporation provides or makes available
certain information. To facilitate the making of QEF Elections by U.S. Participants, for each taxable year that the Corporation is classified
as a PFIC, the Corporation intends to: (a)&nbsp;make available to U.S. Participants, upon written request, a &ldquo;PFIC Annual Information
Statement&rdquo; and (b)&nbsp;upon written request, use commercially reasonable efforts to provide all additional information that such
U.S. Participant is required to obtain in connection with maintaining such QEF Election with regard to the Corporation or any of its Subsidiary
PFICs. The Corporation may provide such information on its website (www.franco-nevada.com). U.S. Participants considering the QEF Election
should note that a QEF Election with respect to common shares would not apply to any Subsidiary PFICs. Consequently, unless a U.S. Participant
makes a QEF Election with respect to any Subsidiary PFIC, it could be subject to the adverse tax consequences described above with respect
to any interests in a Subsidiary PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were a
PFIC for any taxable year in which a U.S. Participant held common shares, and such U.S. Participant had made a timely and effective &ldquo;mark
to market&rdquo; election (a &ldquo;Mark-to-Market Election&rdquo;) in the first taxable year of such U.S. Participant&rsquo;s holding
period in which the Corporation were classified as a PFIC, then such U.S. Participant generally would not be subject to the PFIC rules&nbsp;described
in the preceding paragraphs. Instead, such holder generally would include in ordinary income, for each taxable year in which the Corporation
were a PFIC, an amount equal to the excess, if any, of (a)&nbsp;the fair market value of the common shares, as of the close of such taxable
year over (b)&nbsp;such U.S. Participant&rsquo;s adjusted tax basis in such common shares. The U.S. Participant would be entitled to deduct
as an ordinary loss each year the excess of its adjusted tax basis in the common shares over their fair market value at the end of the
year, but only to the extent of the net amount previously included in income as a result of the Mark-to-Market Election. A U.S. Participant&rsquo;s
adjusted tax basis in the common shares would be increased by the amount of any income inclusion and decreased by the amount of any deductions
under the Mark-to-Market Election rules. In addition, upon a sale or other taxable disposition of common shares, a U.S. Participant that
made a Mark-to-Market Election would recognize ordinary income or ordinary loss (but only to the extent such loss did not exceed the net
amount of previously included income as a result of the Mark-to-Market Election). A Mark-to-Market Election would apply to the taxable
year in which such election is made and to each subsequent taxable year, unless the common shares were to cease to be &ldquo;marketable
stock,&rdquo; the U.S. Participant were to mark the common shares to market under non-PFIC provisions of the Code, or the IRS were to
consent to the revocation of such election. The Mark-to-Market Election is expected to be available with respect to the Corporation, provided
that the common shares are &ldquo;regularly traded&rdquo; for U.S. federal income tax purposes, which is expected to be the case. However,
the Mark-to-Market Election will not be available with respect to any Subsidiary PFIC. Accordingly, U.S. Participants making a Mark-to-Market
Election would be subject to unfavorable tax consequences described above with respect to any Subsidiary PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In any year in which the Corporation
is classified as a PFIC, a U.S. Participant generally will be required to file an annual report with the IRS containing certain information
regarding such holder&rsquo;s interest in the Corporation (or a Subsidiary PFIC), subject to certain exceptions. A failure to satisfy
such reporting requirement could result in the extension of the statute of limitations with respect to federal income tax returns filed
by such U.S. Participant. Each U.S. Participant should consult its own tax advisor regarding the foregoing reporting requirements, the
application of the recently issued final and proposed regulations, the advisability of making a QEF Election or Mark-to-Market Election,
and any other tax consequences under the PFIC rules&nbsp;of acquiring, owning and disposing of common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Tax on Net
Investment Income</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">Certain
individuals, estates and trusts whose income exceeds certain thresholds are required to pay a 3.8 percent additional tax on &ldquo;net
investment income,&rdquo; including, among other things, dividends and net gain from disposition of property (other than property held
in a trade or business). Accordingly, dividends on and capital gain from the sale or other taxable disposition of the common shares may
be subject to this additional tax. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Receipt of Foreign Currency</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any distribution
paid to a U.S. Participant in foreign currency, or received by a U.S. Participant in foreign currency on the sale, exchange or other taxable
disposition of common shares, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable
on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. Participant generally
will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Participant who converts or
otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated
as ordinary income or loss, and generally will be U.S.-source income or loss for foreign tax credit purposes. Each U.S. Participant should
consult its own tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Foreign Tax Credit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules&nbsp;discussed
above, a U.S. Participant that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the
common shares generally will be entitled, at the election of such U.S. Participant, to receive either a deduction or a credit for such
Canadian income tax paid. Generally, a credit will reduce a U.S. Participant&rsquo;s U.S. federal income tax liability on a dollar-for-dollar
basis, whereas a deduction will reduce a U.S. Participant&rsquo;s income subject to U.S. federal income tax. This election is made on
a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Participant during a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Complex limitations apply
to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Participant&rsquo;s
U.S. federal income tax liability that such U.S. Participant&rsquo;s &ldquo;foreign source&rdquo; taxable income bears to such U.S. Participant&rsquo;s
worldwide taxable income. In applying this limitation, a U.S. Participant&rsquo;s various items of income and deduction must be classified,
under complex rules, as either &ldquo;foreign source&rdquo; or &ldquo;U.S. source.&rdquo; Generally, dividends paid by a foreign corporation
should be treated as foreign-source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Participant
should be treated as U.S.-source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election
is properly made under the Code. However, the amount of a distribution with respect to the common shares that is treated as a &ldquo;dividend&rdquo;
may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign
tax credit allowance to a U.S. Participant. In addition, this limitation is calculated separately with respect to specific categories
of income. The foreign tax credit rules&nbsp;are complex and depend upon a U.S. Participant&rsquo;s particular circumstances. Each U.S.
Participant should consult its own U.S. tax advisor regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 13; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Disclosure Requirements for Specified Foreign Financial
Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. Participants
that, during any taxable year, hold an interest in a &ldquo;specified foreign financial asset&rdquo; generally will be required to file
with their U.S. federal income tax returns a statement on IRS Form&nbsp;8938 setting forth certain information, if the aggregate value
of all such assets exceeds certain threshold amounts. &ldquo;Specified foreign financial assets&rdquo; generally include financial accounts
maintained with non-U.S. financial institutions and may also include common shares not held in accounts maintained with certain financial
institutions. Substantial penalties may be imposed, and the period of limitations on assessment and collection of U.S. federal income
taxes may be extended, in the event of a failure to comply. U.S. Participants should consult their own tax advisor as to the possible
application to them of this filing requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Backup Withholding and Additional Information
Reporting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments made within the United
States or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, common
shares will generally be subject to information reporting. Such payments may also be subject to backup withholding tax if a U.S. Participant
(a) fails to furnish such U.S. Participant&rsquo;s correct U.S. taxpayer identification number (generally on Form W-9), (b) is notified
by the IRS that such U.S. Participant has previously failed to properly report interest and dividend income, or (c) fails to certify,
under penalty of perjury, that such U.S. Participant has furnished its correct U.S. taxpayer identification number, that the IRS has not
notified such U.S. Participant that it is subject to backup withholding tax, and that such U.S. Participant is a U.S. person. However,
certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not
an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Participant&rsquo;s
U.S. federal income tax liability, if any, or will be refunded, if such U.S. Participant furnishes the required information to the IRS
in a timely manner. Each U.S. Participant should consult its own tax advisor regarding the information reporting and backup withholding
rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s2_018"></A>PLAN
OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
below, we will distribute common shares purchased under the Plan as described in this prospectus. This prospectus relates to the offering
of our common shares in the United States pursuant to the registration statement of which this prospectus forms a part. In addition and
subject to any limitations imposed by the Plan, we intend to offer an indeterminate number of our common shares under the Plan outside
the United States pursuant to Regulation&nbsp;S under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent will assist
in the identification of registered shareholders, execute transactions in the common shares pursuant to the Plan and provide other related
services, but will not be acting as an underwriter with respect to our common shares sold under the Plan. You will pay no brokerage commissions
or trading or transaction fees on common shares purchased through the Plan with reinvested dividends. However, you may be responsible
for other fees and expenses, including a handling fee and brokerage commissions and trading and transaction fees upon the sale of your
common shares that are subject to the Plan, including the sale of your common shares upon the termination of participation in the Plan.
Our common shares are currently listed for trading on the Toronto Stock Exchange and the New York Stock Exchange under the symbol &ldquo;FNV&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Participants who acquire our
common shares through the Plan and resell them shortly after acquiring them, including coverage of short positions, under certain circumstances,
may be participating in a distribution of securities that would require compliance with Regulation&nbsp;M under the Exchange Act and may
be considered to be underwriters within the meaning of the Securities Act. We will not extend to any such person any rights or privileges
other than those to which he, she or it would be entitled as a participant in the Plan, nor will we enter into any agreement with any
such person regarding the resale or distribution by any such person of common shares so purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 14; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our major shareholders, directors,
officers and members of our management, supervisory or administrative bodies may participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, financial
intermediaries, including brokers and dealers, and other persons may engage in positioning transactions in order to benefit from any discounts
to the market price applicable to common shares purchased pursuant to the reinvestment of dividends under the Plan. Those transactions
may cause fluctuations in the trading price and volume of our common shares. Financial intermediaries and such other persons who engage
in positioning transactions may be deemed to be underwriters. We have no arrangements or understandings, formal or informal, with any
person relating to the sale of our common shares to be received under the Plan. We reserve the right to modify, suspend or terminate participation
in the Plan by otherwise eligible persons to eliminate practices that are inconsistent with the purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s2_019"></A>DESCRIPTION
OF SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common shares to be offered
by this prospectus will be offered to our shareholders pursuant to participation in the Plan. The common shares are currently listed on
the Toronto Stock Exchange and on the New York Stock Exchange under the symbol &ldquo;FNV&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The authorized share capital of Franco-Nevada consists of an unlimited
number of common shares and an unlimited number of preferred shares of which, as of May 11, 2022, 191,481,722 common shares and no preferred
shares were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_020"></A>Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each common share carries
the right to one vote at all meetings of shareholders of the Corporation. There are no special rights or restrictions of any nature attached
to the common shares. All common shares rank equally as to dividends, voting powers and participation in assets upon liquidation of the
Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="s2_021"></A>Preferred Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preferred shares may be
issued in one or more series, each series to consist of such number of shares as may, before the issue thereof, be fixed by resolution
of the board of directors. The directors shall determine before the issue thereof the designations, rights, privileges, restrictions and
conditions attaching to the preferred shares of each series including the rate or amount of dividends or the method of calculating dividends,
the dates of payment thereof, the redemption and/or purchase prices and terms and conditions of redemption and/or purchase, any voting
rights, any conversion rights and any sinking fund or other provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preferred shares of each
series will, with respect to payment of dividends and the distribution of assets in the event of liquidation, dissolution or winding up,
rank on a parity with the preferred shares of every other series and be entitled to preference over the common shares and over any other
shares ranking junior to the preferred shares. The preferred shares of any series may also be given such other preferences over the common
shares and over any other shares ranking junior to the preferred shares as may be fixed by the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s2_022"></A>EXPENSES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expenses, determined as
of the filing of our registration statement on Form&nbsp;F-3 of which this prospectus forms a part, in connection with the issuance and
distribution of the common shares being offered are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Securities and Exchange Commission Registration Fee</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">$</TD>
    <TD STYLE="text-align: right; font-size: 10pt">24,887.69</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Legal Fees and Expenses</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">30,000</TD>
    <TD STYLE="width: 1%"><SUP>*</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Auditor Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000</TD>
    <TD><SUP>*</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Stock Exchange Listing Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000</TD>
    <TD><SUP>*</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Agent Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,500</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">*Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90,387.69</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*Estimated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Split-Segment; Name: a4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s3_001"></A>INDEMNIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the applicable
provisions of the CBCA and our by-laws, we have been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s3_002"></A>LEGAL
MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the common
shares being offered by this prospectus and certain federal U.S. tax and federal Canadian tax matters have been passed upon for us by
Torys LLP, New York, New York and Toronto, Ontario. As of the date of this prospectus, the partners and associates of Torys LLP owned
beneficially, directly or indirectly, less than 1% of the outstanding securities of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="s3_003"></A>EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting
(which is included in the Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated by reference in the Annual
Report on Form 40-F for the year ended December 31, 2021 have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain information relating
to our mineral reserves and resources included in the documents incorporated by reference into this prospectus has been prepared by Phil
Wilson and has been included in reliance upon such person&rsquo;s authority as an expert.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8. Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the CBCA, the Registrant
may indemnify a present or former director or officer of the Registrant or another individual who acts or acted at the Registrant&rsquo;s
request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal,
administrative, investigative or other proceeding in which the individual is involved because of that association with the Registrant
or other entity. The Registrant may not indemnify an individual unless the individual acted honestly and in good faith with a view to
the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted
as a director or officer or in a similar capacity at the Registrant&rsquo;s request and, in the case of a criminal or administrative action
or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual&rsquo;s
conduct was lawful. The indemnification may be made in connection with an action by or on behalf of the Registrant or other entity to
procure a judgment in its favor, to which the individual is made a party because of the individual&rsquo;s association with the Registrant
or other entity as described above only with court approval. The aforementioned individuals are entitled to indemnification from the Registrant
in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defense of any civil, criminal,
administrative, investigative or other proceeding to which the individual&rsquo;s association with the Registrant or other entity as described
above if the individual was not judged by the court or other competent authority to have committed any fault or omitted to do anything
that the individual described above ought to have done provided the individual fulfills the conditions set out above. The Registrant may
advance moneys to an individual described above for the costs, charges and expenses of a proceeding described above; however, the individual
shall repay the moneys if the individual does not fulfill the conditions set out above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By-law No.&nbsp;1 of the Registrant
provides that the Registrant agrees to indemnify each director and officer of the Registrant, each former director and officer of the
Registrant and each individual who acts or acted at the Registrant&rsquo;s request as a director or officer, or each individual acting
in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy
a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding
in which the individual is involved because of that association with the Registrant or other entity. Subject to the limitations contained
in the CBCA, the by-law of the Registrant provides that the Registrant, may purchase and maintain insurance as the board of directors
of the Registrant may from time to time determine for the benefit of a director or officer of the Registrant, each former director and
officer of the Registrant and each individual who acts or acted at the Registrant&rsquo;s request as a director or officer, or each individual
acting in a similar capacity, of another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, By-law No.&nbsp;1
provides that no director or officer shall be liable (i)&nbsp;for the acts, receipts, neglects or defaults of any other director, officer,
employee, or agent, (ii)&nbsp;for joining in any receipt or other act for conformity, (iii)&nbsp;for any loss, damage or expense happening
to the Registrant through the insufficiency or deficiency of title to any property acquired for or on behalf of the Registrant, (iv)&nbsp;for
the insufficiency or deficiency of any security in or upon which any of the moneys of the Registrant shall be invested, (v)&nbsp;for any
loss or damage arising from the bankruptcy, insolvency or tortious acts of any person with whom any of the moneys, securities or effects
of the Registrant shall be deposited, (vi)&nbsp;for any loss occasioned by any error of judgment or oversight on the part of that person,
(vii)&nbsp;for any other loss, damage or misfortune whatever which happen in the execution of the duties of that person&rsquo;s office
or in relation thereto, unless the same are occasioned by that person&rsquo;s own willful neglect or default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s indemnity
applies only to the extent that the individual seeking indemnity acted honestly and in good faith with a view to the best interest of
the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer
or in similar capacity at the Registrant&rsquo;s request; and in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual&rsquo;s conduct was lawful. The
Registrant may advance moneys to a director, officer or other individual for the costs, charges and expenses of a proceeding. The individual
shall repay the moneys if the individual does not fulfill the conditions set out above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9. Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits<BR>
Number</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document&nbsp;Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Dividend Reinvestment Plan, dated as of June 15, 2018</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Torys LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Torys LLP regarding United States tax matters</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex8-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex8-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Torys LLP regarding Canadian tax matters </FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of PricewaterhouseCoopers LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2214863d5_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2214863d5_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Torys LLP (contained in Exhibits&nbsp;5.1</A>, <A HREF="tm2214863d5_ex8-1.htm">8.1</A> and <A HREF="tm2214863d5_ex8-2.htm" STYLE="-sec-extract: exhibit">8.2)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex23-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_ex23-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Phil Wilson</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#ab_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#ab_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney (included on the signature pages&nbsp;to this Registration Statement)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2214863d5_exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 2; Value: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 10. Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT>
To file, during any period in which offers or sales are being made of the securities registered hereby, a post-effective amendment to
this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than
20% percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the
effective registration statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change in such information in the registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>provided</U></FONT>,
<U>however</U>, that the undertakings set forth above in paragraphs (i)(1), (i)(2)&nbsp;and (i)(3)&nbsp;do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference into the
registration statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT>
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT>
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT>
To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form&nbsp;20-F
at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act need not be furnished, <I>provided</I> that the Registrant includes in the prospectus, by means of post-effective amendment,
financial statements required pursuant to this paragraph (iv)&nbsp;and other information necessary to ensure that all other information
in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration
statements on Form&nbsp;F-3, a post-effective amendment need not be filed to include financial statements and information required by
Section&nbsp;10(a)(3)&nbsp;of the Securities Act or Rule&nbsp;3-19 of Regulation S-K if such financial statements and information are
contained in periodic reports filed with or furnished to the SEC by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act that are incorporated by reference into the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT>
That, for the purpose of determining liability under the Securities Act to any purchaser:&nbsp;each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;as
part of a registration statement relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses
filed in reliance on Rule&nbsp;430A, shall be deemed to be part of and included in the registration statement as of the date it is first
used after effectiveness. <I>Provided, however</I>, that no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede
or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made
in any such document immediately prior to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3; Value: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT>
That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify">The portion of any other free writing prospectus relating to
the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned
Registrant; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="text-align: justify">Any other communication that is an offer in the offering
made by the undersigned Registrant to the purchaser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual
reports pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated by reference into the
registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Value: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Toronto, Ontario, Canada on May 12, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FRANCO-NEVADA CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sandip Rana </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Sandip Rana</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 5; Value: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="ab_001"></A>POWERS OF ATTORNEY</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below constitutes and appoints Paul Brink, Sandip Rana and Lloyd Hong, and each of them, any of whom may act without the joinder
of the other, his true and lawful attorneys-in-fact and agent, acting together, with full power of substitution and resubstitution, for
him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this registration statement,
including, without limitation, post-effective amendments to this registration statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, and hereby grants to said attorneys-in-fact
and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done,
as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, each acting alone, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated on this 12<SUP>th</SUP>
day of May, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul Brink</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President &amp; Chief
    Executive Officer and Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul Brink</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sandip Rana </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sandip Rana</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting and Financial Officer)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Harquail</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair of the Board and Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Harquail</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tom Albanese</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tom Albanese</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Derek Evans</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 51%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derek Evans</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Catharine Farrow</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Catharine Farrow</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Louis Gignac</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louis Gignac</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Maureen Jensen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maureen Jensen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jennifer Maki</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer Maki</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Randall Oliphant</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Randall Oliphant</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Elliott Pew</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elliott Pew</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 6; Value: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of Section&nbsp;6(a)&nbsp;of the Securities Act, the undersigned has signed this registration statement, solely in the capacity of the
duly authorized representative of Franco-Nevada Corporation in the United States, on this 12<SUP>th</SUP> day of May, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FRANCO-NEVADA U.S. CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sandip Rana </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sandip Rana</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2214863d5_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2214863d5_ex4-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>FRANCO-NEVADA
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>AMENDED
AND RESTATED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>DIVIDEND
REINVESTMENT PLAN</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">June 15, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Page</B></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">1.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">PURPOSE</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">2.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SUMMARY OF BENEFITS TO PARTICIPANTS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">3.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">DEFINITIONS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">4.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">PARTICIPATION</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">5.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">ADMINISTRATION</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">6.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">SOURCE OF COMMON SHARES</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">7.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">METHOD OF PURCHASE</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">8.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">PRICE OF COMMON SHARES</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">9.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">COSTS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">10.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">STATEMENTS OF ACCOUNT</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">11.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">WITHDRAWAL OF PLAN SHARES</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">TERMINATION OF PARTICIPATION</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">13.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RIGHTS OFFERINGS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">14.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">STOCK DIVIDENDS AND SHARE SUBDIVISIONS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">15.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">SHARE VOTING</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">16.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RESPONSIBILITIES OF THE CORPORATION AND THE AGENT</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">17.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">RISK OF MARKET PRICE FLUCTUATIONS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">18.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">19.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RULES AND REGULATIONS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">20.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">COMPLIANCE WITH LAWS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">21.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">GOVERNING LAW</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">22.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CURRENCY</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">23.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">TAX CONSIDERATIONS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">24.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">WITHHOLDINGS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">25.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">NOTICES</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">26.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">PLAN ADOPTION</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>FRANCO-NEVADA CORPORATION</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDED AND RESTATED DIVIDEND REINVESTMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B>PURPOSE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan (as defined below) of the Corporation
(as defined below) provides a method for holders of Common Shares (as defined below) of the Corporation to purchase additional Common
Shares by reinvesting cash dividends (less applicable withholding tax). Each such Common Share acquired pursuant to the Plan will be acquired
without payment of brokerage commissions or service charges of any kind. Subject to discounts referred to below, Common Shares will be
acquired at prevailing market prices (as described herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B>SUMMARY OF BENEFITS TO PARTICIPANTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders may wish to consider the following benefits to Participants
(as defined below) in the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify">There are no brokerage commissions or service charges for Common
Shares purchased pursuant to the Plan and all administration costs (other than those identified herein) of the Plan will be paid by the
Corporation. However, Participants who enrol in the Plan through a Nominee (as defined below) may be subject to fees charged by their
Nominee.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify">Full reinvestment of dividends (less applicable withholding
tax) after any applicable Canadian non-resident withholding tax is achieved since the Plan permits fractions of Common Shares computed
to six decimal places, to be credited to a Participant&rsquo;s account.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify">All Common Shares purchased under the Plan will be held for
the Participant&rsquo;s account by the Agent as agent on behalf of the Participant. The Agent will provide statements to each Participant
following each Investment Period (as defined below).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify">Participation in the Plan may be terminated by the Participants
at any time subject to the notice and settlement requirements of the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B>DEFINITIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Agent</B>&rdquo; means Computershare Trust Company of Canada,
or such other agent as is appointed by the Corporation from time to time to act as agent under the Plan;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Average Market Price</B>&rdquo; has the meaning set out in
Section 8 below;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>business day</B>&rdquo; means a day on which the Toronto
Stock Exchange or the New York Stock Exchange (or any of its successors on which the Common Shares are then listed for trading) is open
for business;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>CDS</B>&rdquo; means CDS Clearing and Depository Services
Inc.;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Common Shares</B>&rdquo; means the common shares in the capital
of the Corporation as the same may be constituted from time to time;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Corporation</B>&rdquo; means Franco-Nevada Corporation, and
any successor corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Dividend Payment Date</B>&rdquo; means the date upon which
a dividend is paid by the Corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>DRS Advice</B>&rdquo; means Direct Registration
System Advice, a record of the security transaction affecting a securityholder&rsquo;s account on the books of an issuer as part of the
Direct Registration System;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Investment Period</B>&rdquo; means the
period, after a dividend is paid by the Corporation, in which the Agent purchases Common Shares under the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Market Acquisition</B>&rdquo; has the meaning set out in
Section 6 below;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Nominee</B>&rdquo; refers to an intermediary
such as a financial institution, broker, or other nominee who holds Common Shares registered in their own name on behalf of a beneficial
owner of Common Shares who is eligible to participate in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Participants</B>&rdquo; mean registered
holders or beneficial owners of at least one Common Share who, on the applicable record date for a cash dividend, are residents of Canada
or the U.S. (or certain other eligible jurisdictions) and who are otherwise eligible to participate in the Plan and elect to do so by,
in the case of registered holders, completing and delivering the appropriate authorization forms to the Agent or, in the case of beneficial
owners, having their Nominee register through CDS, as more particularly described in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Plan</B>&rdquo; means this Amended and Restated Dividend
Reinvestment Plan, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; means a registered
holder of Common Shares or a beneficial owner of Common Shares, as the context requires; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Treasury Acquisition</B>&rdquo; has the meaning set out in
Section 6 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B>PARTICIPATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Except as described
below, a registered holder of Common Shares who is a resident of Canada or the U.S. (or in certain other eligible jurisdictions) is eligible
to participate in the Plan at any time by enrolling some or all of their Common Shares and completing the required Reinvestment Enrollment
 &ndash; Participant Declaration Form (an &ldquo;<B>Enrollment Form</B>&rdquo;) and sending it to the Agent at the address referred to
under the heading &ldquo;Notices&rdquo; or by enrolling online through the Agent&rsquo;s self-service web portal, Investor Centre, at
</FONT><U>www.investorcentre.com/franco-nevada</U>. Shareholders in other eligible jurisdictions may be allowed to participate in the
Plan only if we determine that participation should be made available to those Shareholders taking into account the necessary steps to
comply with the laws relating to the offering and the sale of Common Shares in the jurisdiction of those Shareholders and we determine,
in our sole discretion, that such laws do not subject the Plan or the Corporation to additional legal or regulatory requirements. In
making such determination, we may request such documentation as we deem necessary, including an opinion of legal counsel or undertakings
from any intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Enrollment Form may be obtained at any time
upon request to the Agent by calling 1-800-564-6253 or by following the instructions provided on the Corporation&rsquo;s website at <U>www.franco-nevada.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CDS will provide separate instructions to the
Agent regarding the extent of its participation in the Plan on behalf of beneficial Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial owners of Common Shares whose
Common Shares are not registered in their own name and who wish to participate in the Plan may only participate in the Plan if they:
(i) transfer their Common Shares into their own name and then enrol in the Plan directly; or (ii) arrange for their Nominee to enrol
in the Plan on their behalf by registering with CDS. Beneficial owners of Common Shares should contact their Nominee to provide
instructions on how they would like to participate in the Plan. Once a Shareholder has enrolled in the Plan, participation continues
automatically, unless terminated in accordance with the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial Shareholders in the United States whose
Common Shares are registered through The Depository Trust Company are not currently eligible for participation in the Plan as, in 2014,
The Depository Trust Company announced it had terminated its participation in dividend reinvestment plans for Canadian securities. If
a Shareholder is a beneficial owner whose Common Shares are registered in the name of The Depository Trust Company, he or she may participate
in the Plan by (i) directing his or her broker to transfer all or any number of whole Common Shares into his or her name and then enrolling
such Common Shares in the Plan or (ii) making appropriate arrangements with the broker, investment dealer, financial institution or other
nominee who holds the holder&rsquo;s Common Shares to transfer all or any number of whole Common Shares into CDS and enrol in the Plan
on the holder&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Plan, Participants direct
the Agent to reinvest cash dividends (less applicable withholding tax) on all or some of the Common Shares and fractions thereof which
are enrolled in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A registered holder of Common Shares shall become
a Participant with regard to the reinvestment of dividends as of the first Dividend Payment Date following receipt by the Agent of a
duly completed Enrollment Form provided that the Enrollment Form is received not less than 5:00 p.m. (Toronto time) five (5) business
days before the record date for the dividend payable on such Dividend Payment Date. If an Enrollment Form is received by the Agent less
than five (5) business days before the record date for a particular dividend, that dividend will be paid to the Shareholder in the usual
manner and participation in the Plan will commence with the next dividend. Dividend record dates for the Common Shares will be announced
by the Corporation in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participants should note that Common Shares acquired
outside of the Plan may not be registered in exactly the same name or manner as Common Shares enrolled in the Plan and therefore may not
be automatically enrolled in the Plan. Participants purchasing additional Common Shares outside of the Plan are advised to contact the
Agent to ensure that all Common Shares owned by them are enrolled in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation, the Agent and any Nominee reserve
the right to deny participation in the Plan, and to not accept an Enrollment Form from, any person or agent of such person who appears
to be, or who the Corporation, the Agent or such Nominee has reason to believe is, subject to the laws of any jurisdiction which does
not permit participation in the Plan in the manner sought by or on behalf of such person. Shareholders should be aware that certain Nominees
may not allow participation in the Plan and the Corporation is not responsible for monitoring or advising which Nominees allow participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All funds received by the Agent under the Plan
will be applied to the purchase of Common Shares. <I>In no event will interest be paid to Participants on any funds held for investment
under the Plan.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By enrolling in the Plan, whether directly
as a Participant or indirectly through CDS or through a Nominee, a registered holder or beneficial owner of Common Shares, as
applicable, shall be deemed to have: (i) represented and warranted to the Corporation and the Agent that they are eligible to
participate in the Plan; (ii) appointed the Agent to receive from the Corporation, and directed the Corporation to credit the Agent
with, all dividends (less any applicable withholding taxes) payable in respect of all Common Shares registered in the name of the
Shareholder enrolled in the Plan or held under the Plan for its account or, in the case of an owner of Common Shares enrolled
indirectly through CDS or through a Nominee, that are enrolled on its behalf in the Plan; and (iii) authorized and directed the
Agent to reinvest such dividends (less any applicable withholding taxes) in Common Shares, all in accordance with the provisions of
the Plan as set forth herein and otherwise upon and subject to the terms and conditions described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right to participate in the Plan is not assignable by a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>ADMINISTRATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare Trust Company of Canada (the &ldquo;<B>Agent</B>&rdquo;)
acts as the Agent for the Participants under the Plan pursuant to an agreement which may be terminated by the Corporation or the Agent
at any time upon thirty (30) days&rsquo; prior written notice to the other party. On each Dividend Payment Date, the Corporation shall
pay to the Agent on behalf of the Participants all cash dividends payable in respect of such Participants&rsquo; Common Shares (less any
applicable withholding taxes). The Agent shall use such funds to purchase Common Shares for the Participants. Common Shares purchased
under the Plan will be registered in the name of the Agent, as agent for Participants in the Plan. Should Computershare Trust Company
of Canada cease to act as Agent under the Plan, another agent will be designated by the Corporation, in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><B>SOURCE OF COMMON SHARES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares acquired by the Agent under
the Plan will be, at the Corporation&rsquo;s election, determined from time to time, either newly issued Common Shares acquired from the
Corporation (a &ldquo;<B>Treasury Acquisition</B>&rdquo;) or Common Shares purchased on the Toronto Stock Exchange, the New York Stock
Exchange or any other alternative Canadian open market, as applicable, (a &ldquo;<B>Market Acquisition</B>&rdquo;) at the Corporation&rsquo;s
option. The proceeds received by the Corporation from the issue of new Common Shares under the Plan will be used for general corporate
purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><B>METHOD OF PURCHASE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash dividends payable on Common Shares in the
Plan (less any applicable withholding tax) will be paid to the Agent and applied automatically by the Agent in each Investment Period
to the purchase of Common Shares for the Participant by way of a Treasury Acquisition or Market Acquisition, as determined by the Corporation
in its sole discretion. Dividends paid will be subject to any applicable withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Participant&rsquo;s account will be credited
with the number of Common Shares, including fractions computed to six (6) decimal places, which is equal to the dividends (less applicable
withholding tax) reinvested for such Participant divided by the applicable purchase price. Full reinvestment of dividends under the Plan
is possible because fractions of Common Shares as well as whole Common Shares are credited to a Participant&rsquo;s account. The rounding
of any fractional interest is determined by the Agent using such methods as it deems appropriate in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shares purchased pursuant to the Plan will
be registered in the name of the Agent or its nominee, as agent for Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><B>PRICE OF COMMON SHARES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends on Common Shares otherwise payable to
Participants will be paid to the Agent as agent for such Participants and will be applied to the purchase of Common Shares by the Agent
either through a Treasury Acquisition or a Market Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation does not control the price of
Common Shares acquired under the Plan. The purchase price allocated for each Common Share acquired by the Agent under the Plan during
each Investment Period (the &ldquo;<B>Average Market Price</B>&rdquo;) will be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of a Treasury Acquisition, subject to the discount referred to below, the average closing
price of the Common Shares (denominated in the currency in which the Common Shares trade on the applicable stock exchange) traded on the
Toronto Stock Exchange, the New York Stock Exchange or any other alternative Canadian open market, as applicable, for the five (5) consecutive
trading days on which at least a board lot of Common Shares traded ending on the day immediately prior to the applicable Dividend Payment
Date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">in the case of a Market Acquisition, the average price paid
(excluding brokerage commissions, fees and all transaction costs) per Common Share (denominated in the currency in which the Common Shares
trade on the applicable stock exchange) purchased by the Agent on behalf of Participants on the Toronto Stock Exchange, the New York
Stock Exchange or any other alternative Canadian open market, as applicable, for all Common Shares purchased in respect of an Dividend
Payment Date under the Plan. The Agent will acquire the applicable aggregate number of Common Shares by a Market Acquisition in a manner,
provided herein, on the applicable Dividend Payment Date or such date or dates as soon as practicable within three (3) trading days immediately
after the Dividend Payment Date unless otherwise directed by the Corporation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Treasury Acquisition, there may
be a discount of up to 5% from the Average Market Price. The Corporation will determine from time to time and in its sole discretion the
amount of any applicable discount. The Corporation will announce by way of press release and in dividend announcements any applicable
discount from the Average Market Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>COSTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no brokerage commission payable by Participants
with respect to Common Shares purchases under the Plan because the Corporation is responsible for any brokerage fees associated with purchases
under the Plan. A Participant will be responsible for brokerage commissions on a sale of Common Shares effected by the Agent as described
under &ldquo;Termination of Participation&rdquo;. All administrative costs of the Plan are paid by the Corporation. However, Participants
who enrol in the Plan through their Nominee may be subject to charges by their Nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><B>STATEMENTS OF ACCOUNT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agent will maintain an account for each Participant.
A statement of account will be mailed by the Agent to each Participant on a quarterly basis approximately two to three weeks after the
completion of each Investment Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such statement of account will set out the amount
of cash dividends paid on the Participant&rsquo;s Common Shares, the number of Common Shares purchased under the Plan, the purchase price
per share and the updated total number of Common Shares being held by the Agent for the Participant in his or her account. These statements
of account are a Participant&rsquo;s continuing record of the cost of purchases and Participants are solely responsible for retaining
all such statements for tax and other purposes. In addition, each Participant will receive the appropriate information annually from the
Agent for reporting dividends on the Common Shares for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><B>WITHDRAWAL OF PLAN SHARES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shares purchased under the Plan for a
Participant will be held in the name of the Agent, or its nominee, for such Participant and reported on the Participant&rsquo;s statement
of account. However, a registered Participant who does not wish to terminate participation in the Plan may obtain a certificate or DRS
Advice for any number of whole Common Shares held in his or her account by duly completing the withdrawal portion of the voucher located
on the reverse of the statement of account and delivering it to the Agent or by following the instructions at the Agent&rsquo;s Investor
Centre web portal, at <U>www.investorcentre.com/franco-nevada</U>. A certificate or DRS Advice will not be issued for a fraction of a
Common Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Plan accounts for a Participant will be maintained
in the name in which certificates and DRS Advices, as applicable, were registered with the Corporation at the time such Participant enrolled
in the Plan. Consequently, a certificate or DRS Advice for whole Common Shares withdrawn from the account maintained for a Participant
by the Agent will be registered in the same manner when issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shares being held by the Agent for a Participant
pursuant to the Plan may not be pledged, sold or otherwise disposed of by a Participant. A registered Participant who wishes to do so
must request that a certificate or DRS Advice for the required number of Common Shares be issued before such action may be taken. Beneficial
Participants should contact their Nominee to determine the procedures for any such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A certificate or DRS Advice will generally be
issued to a Participant within three (3) weeks of receipt by the Agent of a Participant&rsquo;s written request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A registered Participant may request the sale
of any number of whole Common Shares on his or her behalf without terminating the registered Participant&rsquo;s participation in the
Plan by delivering written instructions to the Agent, which instructions may be delivered to the Agent personally, by courier, by mail,
by facsimile or by any other electronic method acceptable to the Agent. In this event, the Agent will sell such shares through a broker-dealer
designated by the Agent from time to time. The registered Participant will be charged a commission by the broker-dealer, which commission
will be deducted from the cash proceeds of the sale to be paid to the registered Participant. Commissions charged on such sales will be
charged at the customary rates charged from time to time by the broker-dealer. The proceeds of such sale, less brokerage commissions and
transfer and withholding taxes, if any, will be paid to the selling Participant by the Agent. Common Shares in a Participant&rsquo;s account
held pursuant to the Plan that are sold may be commingled with Common Shares of other selling Participants, in which case, the proceeds
to each selling Participant will be based on the average sale price of all Common Shares so commingled and sold on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><B>TERMINATION OF PARTICIPATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participation in the Plan may be terminated by
a registered Participant by duly completing the termination portion of the voucher on the reverse side of the statement of account signed
by the registered Participant and delivering it to the Agent no later than 5:00 p.m. (Toronto time) five (5) business days before the
record date or by following the instructions at the Agent&rsquo;s Investor Centre web portal, at <U>www.investorcentre.com/franco-nevada</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a registered Participant terminates participation
in the Plan, the Participant will receive from the Agent a certificate or DRS Advice for the whole number of Common Shares held in the
Participant&rsquo;s account and a cash payment for any fraction of a Common Share which will be converted by the Agent at the prevailing
market price at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A registered Participant may also request the
sale of all the Common Shares held for his or her account pursuant to the Plan by duly completing the termination portion of the voucher
on the reverse side of the statement of account and delivering it to the Agent. In this event, the Agent will sell such shares through
a broker-dealer designated by the Corporation from time to time. If the request is received less than five (5) business days before a
record date for a dividend, or between a record date and a Dividend Payment Date, the request will be processed within three (3) weeks
after the applicable Dividend Payment Date. No terminations will be processed between a record date and the completion of the applicable
Investment Period. The registered Participant will be charged a commission by the broker-dealer, which commission will be deducted from
the cash proceeds of the sale to be paid to the registered Participant. Commissions charged on such sales will be charged at the customary
rates charged from time to time by the broker-dealer. The proceeds of such sale, less brokerage commissions and transfer and withholding
taxes, if any, will be paid to the terminating Participant by the Agent. Common Shares in a Participant&rsquo;s account held pursuant
to the Plan that are sold may be commingled with Common Shares of other terminating Participants, in which case, the proceeds to each
terminating Participant will be based on the average sale price of all Common Shares so commingled and sold on the same day.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participation in the Plan for a registered Participant
will be terminated upon receipt by the Agent of evidence of the death of a Participant from such Participant&rsquo;s duly appointed legal
representative. In such case, a certificate or DRS Advice for the whole number of Common Shares in the Participant&rsquo;s account will
be issued in the name of the deceased Participant and/or the name of the estate of the deceased Participant, as appropriate, along with
a cash payment for any fraction of a Common Share in the account which will be converted by the Agent at the prevailing market price at
the time of sale. Requests for issuance of a certificate, DRS Advice and/or a cash payment for a fractional Common Share in the name of
an estate must be accompanied by appropriate documentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-registered Participants should contact their
Nominee to determine the procedures for terminating their participation in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After termination of a Shareholder&rsquo;s participation
in the Plan, all dividends on such Shareholder&rsquo;s Common Shares will no longer be paid to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation reserves the right to terminate
participation in the Plan if the number of Common Shares purchased for a Participant under the Plan is less than one (1) Common Share
over a period of twelve (12) consecutive months. Upon termination by the Corporation pursuant to this provision, the Agent will sell fractional
Common Shares in the Participant&rsquo;s account and pay the Participant the proceeds of such sale, net of brokerage commissions, transfer
taxes and withholding taxes, if any, together with a cash payment for any fraction of a Common Share in the account which will be converted
by the Agent at the prevailing market price at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All cash payments in respect of fractional Common
Shares under the Plan to be paid pursuant to the terms of this Plan will be calculated based on the price received by the Agent in respect
of the sale of the Common Shares on Canadian open markets, including the facilities of the Toronto Stock Exchange or the alternative Canadian
open market or the New York Stock Exchange, on the date on which the termination is processed by the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Participant having a Canadian mailing address
as shown on the records of the Agent will receive payment in Canadian currency and a Participant having a non-Canadian mailing address
as shown on the records of the Agent will receive payment in United States currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><B>RIGHTS OFFERINGS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Corporation makes available to its registered
holders of Common Shares any rights to subscribe for additional Common Shares or other securities, rights certificates or similar instruments
will, subject to compliance with applicable laws and regulations, be forwarded to Participants in the Plan, or to CDS or another Nominee,
as applicable, in proportion to the number of whole Common Shares owned, including Common Shares being held for them by the Agent. Such
rights will not be made available for any fraction of a Common Share held for a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><B>STOCK DIVIDENDS AND SHARE SUBDIVISIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any stock dividends on the Common Shares will
be credited to a Participant&rsquo;s account based on whole and fractional Common Shares being held for a Participant by the Agent. Common
Shares resulting from a share subdivision will also be credited to a Participant&rsquo;s account based on whole and fractional Common
Shares being held for a Participant by the Agent. Certificates and DRS Advices for Common Shares resulting from such a stock dividend
or share subdivision with respect to Common Shares held in certificate form by a Participant will be mailed directly to the Participant
in the same manner as to Shareholders who are not participating in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><B>SHARE VOTING</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whole Common Shares held in a Participant&rsquo;s
account by the Agent will be voted in the same manner as Common Shares held by a Shareholder in certificate form or pursuant to a DRS
Advice, either by proxy or by the Participant in person. Shares for which instructions are not received will not be voted. A fractional
Common Share does not carry the right to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><B>RESPONSIBILITIES OF THE CORPORATION AND THE AGENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the Corporation nor the Agent shall be
liable for any act or for any omission to act in connection with the operation of the Plan including, without limitation, any claims for
liability:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">with respect to any failure by CDS or a Nominee to enrol
or not enrol in the Plan any holder of Common Shares (or, as applicable, any Common Shares held on such holder&rsquo;s behalf) in accordance
with the Shareholder&rsquo;s instructions or to not otherwise act upon a Shareholder&rsquo;s instructions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">with respect to the continued enrollment in the Plan of any
Shareholder (or, as applicable, any Common Shares held on such Shareholder&rsquo;s behalf) until receipt of all necessary documentation
as provided herein required to terminate participation in the Plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">arising out of the failure to terminate a Participant&rsquo;s
account upon such Participant&rsquo;s death prior to receipt of notice in writing of such death;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">with respect to the prices and times at which Common Shares
are purchased on the open market for the account of or on behalf of a Participant;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">with respect to any decision to amend or terminate the Plan
in accordance with the terms hereof;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">with respect to any determination made by the Corporation
or the Agent regarding a Shareholder&rsquo;s eligibility to participate in the Plan or any component thereof, including the cancellation
of a Shareholder&rsquo;s participation for failure to satisfy eligibility requirements; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">with respect to any taxes or other liabilities payable by
a Shareholder in connection with their Common Shares or their participation in the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By enrolling in the Plan, Participants should acknowledge that neither
the Corporation nor the Agent can assure a profit or protect them against a loss on the Common Shares purchased under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><B>RISK
                                            OF MARKET PRICE FLUCTUATIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Participant&rsquo;s investment in Common Shares
acquired under the Plan is no different from an investment in Common Shares directly held. Accordingly, neither the Corporation nor the
Agent can assure a profit or protect Participants against a loss on Common Shares acquired under the Plan and each Participant shall
bear the risk of loss and realize the benefits of any gain from market price changes or otherwise with respect to Common Shares acquired
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>18.</B></FONT></TD><TD STYLE="text-align: justify"><B>AMENDMENT,
                                            SUSPENSION OR TERMINATION OF THE PLAN</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation reserves the right to amend,
suspend or terminate the Plan at any time, but such action shall have no retroactive effect that would prejudice the interests of the
Participants. Where required, amendments to the Plan will be subject to the prior approval of the Toronto Stock Exchange and the New
York Stock Exchange, as applicable. All Participants will be sent written notice or be informed by way of news release of the Corporation
of any such amendment, suspension or termination. In the event of termination of the Plan by the Corporation, the Agent will send to
the Participants (or to their Nominees, as applicable) certificates or DRS Advices for whole Common Shares held for Participants&rsquo;
accounts under the Plan and cheques in payment for any remaining fractions of Common Shares in Participants&rsquo; accounts which will
be based on the prevailing market price of the time of sale. In the event of suspension of the Plan by the Corporation, no investment
will be made by the Agent during the Investment Period immediately following the effective date of such suspension. Any dividends on
the Common Share subject to the Plan and paid after the effective date of such suspension will be remitted by the Agent to the Participants
(without interest or deduction thereon except applicable withholding tax).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>19.</B></FONT></TD><TD STYLE="text-align: justify"><B>RULES
                                            AND REGULATIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation, in conjunction with the Agent,
may from time to time adopt rules and regulations to facilitate the administration of the Plan. The Corporation also reserves the right
to regulate and interpret the Plan as it deems necessary or desirable to ensure the efficient and equitable operation of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><B>COMPLIANCE
                                            WITH LAWS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operation and implementation of the Plan
is subject to compliance with all applicable legal requirements, including obtaining all appropriate regulatory approvals and exemptions
from registration and prospectus requirements, and the requirements of any stock exchange on which the Common Shares are listed. The
Corporation may limit the Common Shares issuable under the Plan in connection with any discretionary exemptive relief relating to the
Plan granted by any securities regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>21.</B></FONT></TD><TD STYLE="text-align: justify"><B>GOVERNING
                                            LAW</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan shall be governed by and construed in
accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD><TD STYLE="text-align: justify"><B>CURRENCY</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All monetary amounts identified in the Plan are
in Canadian and United States dollars, unless otherwise expressly stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>23.</B></FONT></TD><TD STYLE="text-align: justify"><B>TAX
                                            CONSIDERATIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Canadian Federal Income Tax Considerations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of principal Canadian
federal income tax considerations generally applicable to Shareholders who participate in the Plan. This summary is of a general nature
only, is not exhaustive of all possible tax considerations and is not intended to be legal or tax advice to any particular Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is provided by and on behalf
of the Corporation and not the Agent. The summary is for general information only and is not intended to be legal or tax advice to any
particular Shareholder. Shareholders, including Shareholders in jurisdictions other than Canada or the United States, are urged to consult
their own tax advisors as to their particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Certain Canadian Federal Income Tax Considerations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a general summary of the principal
Canadian federal income tax considerations under the <I>Income Tax Act </I>(Canada) (the &ldquo;<B>Tax Act</B>&rdquo;) and the <I>Income
Tax Regulations </I>(the &ldquo;<B>Regulations</B>&rdquo;) generally applicable to a Participant (a &ldquo;<B>Specified Participant</B>&rdquo;)
that, at all relevant times, for purposes of the Tax Act, deals at arm&rsquo;s length with and is not affiliated with the Corporation
and holds Common Shares as capital property, all within the meaning of the Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not apply to a Participant:
(i) that is a &ldquo;financial institution&rdquo; for purposes of the &ldquo;mark-to-market&rdquo; rules in the Tax Act; (ii) that is
a &ldquo;specified financial institution&rdquo;; (iii) an interest in which is or would constitute a &ldquo;tax shelter investment&rdquo;;
(iv) that has entered or will enter into, with respect to the Common Shares, a &ldquo;synthetic disposition arrangement&rdquo; or a &ldquo;derivative
forward agreement&rdquo;; (v) that is a corporation resident in Canada that is or becomes a part of a transaction or event or series
of transactions or events to which the foreign affiliate dumping rules in section 212.3 of the Tax Act apply; (vi) that reports its &ldquo;Canadian
tax results&rdquo; in a currency other than Canadian currency; or (vii) that is exempt from tax under the Tax Act, all as defined in
the Tax Act. Such Participants should consult their own tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based upon the current provisions
of the Tax Act and the Regulations in force as of the date hereof, specific proposals to amend the Tax Act and the Regulations that have
been publicly announced by or on behalf of the Minister of Finance (Canada) prior to such date (the &ldquo;<B>Tax Proposals</B>&rdquo;),
and the current published administrative policies and assessing practices of the Canada Revenue Agency. This summary assumes that the
Tax Proposals will be enacted in the form proposed and does not otherwise take into account or anticipate any changes in law or administrative
practices, whether by legislative, governmental or judicial decision or action, nor does it take into account provincial, territorial
or foreign tax considerations, which may differ from the Canadian federal income tax considerations discussed herein. No assurance can
be given that the Tax Proposals will be enacted as proposed or at all, or that legislative, judicial or administrative changes will not
modify or change the statements expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is of a general nature only and
is not, and is not intended to be, legal or tax advice to any particular Participant under the Plan. This summary is not exhaustive of
all Canadian federal income tax considerations applicable to Participants. Accordingly, Participants should consult their own tax advisor,
with respect to the tax consequences applicable to them having regard to their own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For the purposes of the Tax Act, all U.S.
dollar amounts relating to the acquisition, holding or disposition of Common Shares must generally be expressed in Canadian dollars using
the appropriate exchange rate determined in accordance with the detailed rules in the Tax Act in that regard. As a result, the amount
required to be included in the income of a Specified Participant may be affected by virtue of fluctuations in the value of the U.S. dollar
relative to the Canadian dollar.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Canadian Residents</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This portion of the summary is generally applicable
to a Specified Participant that, at all relevant times, for purposes of the Tax Act, is resident in Canada, or is deemed to be resident
in Canada (a &ldquo;<B>Canadian Participant</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reinvestment of dividends under the terms
of the Plan does not relieve a Canadian Participant from any liability for income taxes that may otherwise be payable on such amounts.
In this regard, a Canadian Participant who participates in the Plan will be treated, for tax purposes, as having received, on each dividend
payment date, a taxable dividend equal to the amount of the dividend payable on such date, which dividend will be subject to the same
tax treatment accorded to taxable dividends received by the Canadian Participant from a taxable Canadian corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, in the case of a Canadian Participant
who is an individual (including certain trusts), such dividends will be subject to the normal gross-up and dividend tax credit rules
applicable to taxable dividends received by an individual from taxable Canadian corporations, including the enhanced gross-up and dividend
tax credit for &ldquo;eligible dividends&rdquo; properly designated as such by the Corporation. Taxable dividends received by such a
Canadian Participant may give rise to minimum tax under the Tax Act, depending on the individual&rsquo;s circumstances. In the case of
a Canadian Participant that is a corporation, such dividends will be included in the Canadian Participant&rsquo;s income and will normally
be deductible in computing such Canadian Participant&rsquo;s taxable income. In certain circumstances, subsection 55(2) of the Tax Act
will treat a taxable dividend by a Canadian Participant that is a corporation as proceeds of disposition or a capital gain. Canadian
Participants that are corporations are urged to consult their own tax advisor having regard to their particular circumstances. A Canadian
Participant that is a &ldquo;private corporation&rdquo; or &ldquo;subject corporation&rdquo; (as such terms are defined in the Tax Act)
may be liable to pay a refundable tax under Part IV of the Tax Act on such dividends to the extent that such dividends are deductible
in computing the Canadian Participant&rsquo;s taxable income for the year. Other taxes could apply depending on the circumstances of
the Canadian Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If cash dividends are reinvested in Common Shares
for a Canadian Participant under the Plan in a Treasury Acquisition, and if the Corporation determines to issue such Common Shares at
a discount of up to 5%, at the discretion of the Corporation, from the Average Market Price, such discount should not give rise to a
taxable benefit under the Tax Act to such Canadian Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Canadian Participant should not realize any
additional income under the Tax Act when the Participant receives certificates for whole Common Shares previously credited to the Participant&rsquo;s
account under the Plan, either upon the Participant&rsquo;s request, upon termination of participation in the Plan or upon termination
of the Plan. Generally, one-half of any capital gain realized by a Canadian Participant on a disposition of a Common Share acquired pursuant
to the Plan must be included in the Canadian Participant&rsquo;s income for the year as a taxable capital gain. Subject to certain specific
rules in the Tax Act, one-half of any capital loss realized by a Participant on a disposition of a Common Share in a taxation year will
be an allowable capital loss which must be deducted from any taxable capital gains realized by the Canadian Participant in the year of
disposition. Allowable capital losses for a taxation year in excess of taxable capital gains for that year generally may be carried back
and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net
taxable capital gains realized in such years to the extent and under the circumstances discussed in the Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When a Canadian Participant&rsquo;s participation in the Plan is terminated
by the Canadian Participant or the Corporation or when the Plan is terminated by the Corporation, the Canadian Participant may receive
a cash payment. A deemed dividend may arise if the cash payment for a fractional Common Share exceeds the paid-up capital in respect
of such fractional Common Share and a capital gain (or loss) may also be realized in certain circumstances. A deemed dividend is treated
in the manner described above in respect of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The disposition by a Canadian Participant to
the Corporation of a fraction of a Common Share in consideration for cash (either upon the Canadian Participant&rsquo;s request, upon
termination of participation in the Plan or upon termination of the Plan) may give rise to a deemed dividend to the Canadian Participant
as well as a capital gain or capital loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost to a Canadian Participant of Common
Shares acquired under the Plan will be the price paid for those shares by the Canadian Participant. The adjusted cost base of such Common
Shares to the Canadian Participant will be computed by averaging the cost of those shares with the adjusted cost base of all other Common
Shares of the Corporation held by the Canadian Participant as capital property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Canadian Participant who disposes of or is
deemed to have disposed of Common Shares acquired pursuant to the Plan (including on the disposition of a fraction of a Common Share
in consideration for cash upon termination of participation in the Plan or upon termination of the Plan) will generally realize a capital
gain (or incur a capital loss) equal to the amount by which the proceeds of disposition of such Common Shares exceed (or are exceeded
by) the aggregate of the adjusted cost base of such Common Shares immediately before the disposition or deemed disposition and any reasonable
expenses associated with the disposition or deemed disposition. Canadian Participants will generally be subject to the tax treatment
normally applicable under the Tax Act in respect of such capital gains or capital losses. For example, generally one-half of any such
capital gain (a &ldquo;taxable capital gain&rdquo;) realized by a Canadian Participant must be included in the Canadian Participant&rsquo;s
income for the taxation year in which the disposition occurs. Capital gains realized by a Canadian Participant who is an individual (including
certain trusts) may result in the individual paying minimum tax under the Tax Act. A Canadian Participant that is a &ldquo;Canadian-controlled
private corporation&rdquo; (as defined in the Tax Act) may be liable to pay a refundable tax on its &ldquo;aggregate investment income&rdquo;
(as defined in the Tax Act) for the year, which is defined to include an amount in respect of taxable capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>U.S. Residents</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This portion of the summary
is generally applicable to a Specified Participant that, at all relevant times: (i) is neither resident in Canada nor deemed to be resident
in Canada for purposes of the Tax Act; (ii) is a resident of the U.S. and is a &ldquo;qualifying person&rdquo; within the meaning of
the Canada-United States Income Tax Convention (1980), as amended (the &ldquo;Treaty&rdquo;); and (iii) does not use or hold and is not
deemed to use or hold common shares in a business carried on in Canada (a &ldquo;U.S. Resident Participant&rdquo;). U.S. Resident Participants
are urged to consult with their own tax advisor to determine their entitlement to benefits under the Treaty based on their particular
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Special rules, which are
not discussed in this summary, may apply to a U.S. Resident Participant that is an insurer that carries on an insurance business in Canada
and elsewhere or an authorized foreign bank (as defined in the Tax Act). Such U.S. Resident Participant should consult with their own
tax advisor as to their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The reinvestment of dividends
under the terms of the Plan does not relieve a U.S. Resident Participant from any liability for income taxes that may otherwise be payable
on such amounts. In this regard, a U.S. Resident Participant who participates in the Plan will be treated, for tax purposes, as having
received, on each dividend payment date, a taxable dividend equal to the amount of the dividend payable on such date, which dividend
will be subject to the same tax treatment accorded to taxable dividends received by the U.S. Resident Participant from a taxable Canadian
corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All cash dividends paid on
Common Shares held by a U.S. Resident Participant will generally be subject to the treatment under the Tax Act normally applicable to
taxable dividends from taxable Canadian corporations even if such dividends are reinvested in Common Shares under the Plan on behalf
of a U.S. Resident Participant. For example, such dividends will be subject to Canadian withholding tax at the rate of 25%, subject to
any reduction in the rate of withholding to which the U.S. Resident Participant is entitled under the Treaty. Under the Treaty if the
U.S. Resident Participant is the beneficial owner of such dividends, the applicable rate of Canadian withholding tax is generally reduced
to 15%. The amount in respect of such dividends to be reinvested under the Plan will be reduced by the amount of any such applicable
withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disposition by a U.S.
Resident Participant to the Corporation of a fraction of a Common Share in consideration for cash (either upon the U.S. Resident Participant&rsquo;s
request, upon termination of participation in the Plan or upon termination of the Plan) may give rise to a deemed dividend which is subject
to withholding tax as well as capital gain or capital loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Resident Participant
will not be subject to tax under the Tax Act in respect of any capital gain realized by such U.S. Resident Participant on a disposition
of Common Shares (including upon the disposition of a fractional Common Share), unless the Common Shares constitute &ldquo;taxable Canadian
property&rdquo; (as defined in the Tax Act) of the U.S. Resident Participant at the time of the disposition and the U.S. Resident Participant
is not entitled to relief under the Treaty. Generally, as long as the Common Shares are listed on a &ldquo;designated stock exchange&rdquo;
(which includes the Toronto Stock Exchange and the New York Stock Exchange) at a particular time, such shares will not constitute taxable
Canadian property to a U.S. Resident Participant at such time unless at any time during the sixty (60) month period that ends at that
time: (a) the U.S. Resident Participant, persons with which the U.S. Resident Participant does not deal at arm&rsquo;s length, partnerships
whose members include, either directly or indirectly through one or more partnerships, the U.S. Resident Participant or persons which
do not deal at arm&rsquo;s length with the U.S. Resident Participant, or any combination of them, owned 25% or more of the issued shares
of any class or series of shares of the capital stock of the Corporation; and (b) more than 50% of the fair market value of the Common
Shares was derived directly or indirectly from one or any combination of (i) real or immovable property situated in Canada, (ii) &ldquo;Canadian
resource properties&rdquo; (as defined in the Tax Act), (iii) &ldquo;timber resource properties&rdquo; (as defined in the Tax Act), and
(iv) options in respect of, or interests in, or for civil law rights in, property described in (i), (ii) and (iii), whether or not such
property exists. U.S. Resident Participants holding Common Shares that constitute taxable Canadian property should consult their own
tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>United States Income Tax Considerations for U.S. Participants</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a general
summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) that participates in
the Plan (referred to as a &ldquo;<B>U.S. Participant</B>&rdquo;). This summary is for general information purposes only and does not
purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Participant
arising from and relating to the acquisition, ownership and disposition of Common Shares acquired pursuant to the Plan. In addition,
this summary does not take into account the individual facts and circumstances of any particular U.S. Participant that may affect the
U.S. federal income tax consequences to such U.S. Participant, including specific tax consequences to a U.S. Participant under an applicable
tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice
with respect to any U.S. Participant. This summary does not address the U.S. federal alternative minimum, U.S. federal estate and gift,
U.S. state and local, or non-U.S. tax consequences to U.S. Participants of the acquisition, ownership and disposition of Common Shares
acquired pursuant to the Plan. Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements.
Each prospective participant in the Plan should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum,
U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition
of Common Shares acquired pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No ruling from the United
States Internal Revenue Service (the &ldquo;<B>IRS</B>&rdquo;) has been requested, or will be obtained, regarding the U.S. federal income
tax consequences of the acquisition, ownership and disposition of Common Shares acquired pursuant to the Plan. This summary is not binding
on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this
summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the
U.S. courts could disagree with one or more of the conclusions described in this summary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scope of this Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Authorities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on
the United States Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), Treasury Regulations (whether final, temporary,
or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and the United
States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the &ldquo;<B>Canada-U.S. Tax
Convention</B>&rdquo;), and U.S. court decisions that are applicable and, in each case, as in effect and available as of the date of
this prospectus. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time,
and any such change could be applied on a retroactive or prospective basis, which could affect the U.S. federal income tax considerations
described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation
that, if enacted, could be applied on a retroactive or prospective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>U.S. Holders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this summary,
the term &ldquo;U.S. Holder&rdquo; means a beneficial owner of Common Shares that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">an
                                            individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">a
                                            corporation (or other entity treated as a corporation for U.S. federal income tax purposes)
                                            organized under the laws of the United States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">an
                                            estate whose income is subject to U.S. federal income taxation regardless of its source;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">a
                                            trust that (a) is subject to the primary supervision of a court within the United States
                                            and the control of one or more U.S. persons for all substantial decisions or (b) has a valid
                                            election in effect under applicable Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>U.S. Participants Subject to Special U.S. Federal Income
Tax Rules Not Addressed</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This summary does not address
the U.S. federal income tax considerations applicable to U.S. Participants that are subject to special provisions under the Code, including,
but not limited to, the following: (a) U.S. Participants that are tax-exempt organizations, qualified retirement plans, individual retirement
accounts, or other tax-deferred accounts; (b) U.S. Participants that are financial institutions, underwriters, insurance companies, real
estate investment trusts, or regulated investment companies; (c) U.S. Participants that are broker-dealers, dealers, or traders in securities
or currencies that elect to apply a mark-to-market accounting method; (d) U.S. Participants that have a &ldquo;functional currency&rdquo;
other than the U.S. dollar; (e) U.S. Participants that own Common Shares as part of a straddle, hedging transaction, conversion transaction,
constructive sale, or other arrangement involving more than one position; (f) U.S. Participants that acquire Common Shares in connection
with the exercise of employee stock options or otherwise as compensation for services; (g) U.S. Participants that hold Common Shares
other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h)
U.S. Participants that own or have owned (directly, indirectly, or by attribution) 10 percent or more of the total combined voting power
or value of all outstanding shares of the Corporation; or (i) U.S. Participants that are U.S. expatriates or former long-term residents
of the United States. U.S. Participants that are subject to special provisions under the Code, including, but not limited to, U.S. Participants
described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. federal alternative minimum, U.S.
federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of
Common Shares and participation in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an entity or arrangement
that is classified as a partnership (or other &ldquo;pass-through&rdquo; entity) for U.S. federal income tax purposes holds Common Shares,
the U.S. federal income tax consequences to such entity and the partners (or other owners) of such entity generally will depend on the
activities of the entity and the status of such partners (or owners). This summary does not address the tax consequences to any such
owner. Partners (or other owners) of entities or arrangements that are classified as partnerships or as &ldquo;pass-through&rdquo; entities
for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising
from and relating to the acquisition, ownership and disposition of Common Shares and participation in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt"><B>Ownership and Disposition of Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is subject to the rules described below under the heading &ldquo;Passive Foreign Investment Company Rules.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Tax Considerations Relating to Dividend Reinvestment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a treasury
acquisition, a U.S. Participant will be treated as receiving a distribution for U.S. federal income tax purposes in an amount equal to
the fair market value of the Common Shares acquired pursuant to the Plan plus the amount of any Canadian withholding tax withheld therefrom.
The fair market value of the Common Shares so acquired will be equal to the average of the high and low sale prices of the Common Shares
on the dividend payment date, which amount may be higher or lower than the average market price used to determine the number of Common
Shares so acquired pursuant to the Plan. In the case of a market acquisition, a U.S. Participant will be treated as receiving a distribution
for U.S. federal income tax purposes in an amount equal to the amount of the dividend used to purchase Common Shares on the open market
(without reduction for any Canadian tax withheld from such dividend) and to pay any brokerage commissions, fees, transaction costs, or
other related charges. The amount of any such distribution to a U.S. Participant (reduced by any Canadian tax withheld from such distribution)
generally will be such U.S. Participant&rsquo;s tax basis in the Common Shares acquired pursuant to the Plan. A U.S. Participant&rsquo;s
holding period for such Common Shares will begin on the day following the date of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any distribution to a U.S.
Participant described in the preceding paragraph generally will be subject to U.S. federal income tax in the same manner as cash distributions
described below under the heading &ldquo;Distributions Generally.&rdquo; If U.S. backup withholding tax applies to any dividends paid
that are to be reinvested in Common Shares, the number of Common Shares credited to a U.S. Participant&rsquo;s account will be reduced
as a result of such backup withholding. Tax information reporting generally will apply to dividends reinvested in Common Shares by a
U.S. Participant pursuant to the Plan. See the discussion below under the heading &ldquo;Additional Considerations &ndash; Backup Withholding
and Additional Information Reporting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Distributions Generally</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Participant that receives
a distribution, including a constructive distribution, with respect to a Common Share will be required to include the amount of such
distribution in gross income as a dividend (including the amount of any Canadian income tax withheld from such distribution) to the extent
of the current or accumulated &ldquo;earnings and profits&rdquo; of the Corporation, as calculated for U.S. federal income tax purposes.
To the extent that a distribution exceeds the current and accumulated earnings and profits of the Corporation, such distribution will
be treated first as a tax-free return of capital to the extent of a U.S. Participant&rsquo;s tax basis in the Common Shares and thereafter
as gain from the sale or exchange of such Common Shares. (See &ldquo;Sale or Other Taxable Disposition of Common Shares&rdquo; below.)
However, the Corporation may not calculate earnings and profits in accordance with U.S. federal income tax principles, and each U.S.
Participant should therefore assume that any distribution by the Corporation with respect to the Common Shares will be treated as ordinary
dividend income for U.S. federal information reporting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain holding
period and other requirements, dividends received by non-corporate U.S. Participants from a &ldquo;qualified foreign corporation&rdquo;
may be eligible for reduced rates of taxation. A qualified foreign corporation includes a foreign corporation that is eligible for the
benefits of a comprehensive income tax treaty with the United States that the U.S. Treasury Department determines to be satisfactory
for these purposes and that includes an exchange of information provision. The U.S. Treasury has determined that the Canada-U.S. Tax
Convention meets these requirements, and the Corporation believes that it is eligible for the benefits of the Canada-U.S. Tax Convention.
A foreign corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on ordinary
shares that are readily tradeable on an established securities market in the United States. U.S. Treasury guidance indicates that the
Corporation&rsquo;s Common Shares are readily tradeable on an established securities market in the United States. However, there can
be no assurance that the Common Shares will be considered readily tradeable on an established securities market in future years. If the
Corporation is classified as a PFIC (as defined below) in the taxable year of distribution or in the preceding taxable year, then dividends
received by U.S. Participants will not be qualified dividends. Dividends received by corporate U.S. Participants generally will not be
eligible for the &ldquo;dividends received deduction.&rdquo; The dividend rules are complex, and each U.S. Participant should consult
its own tax advisor regarding the application of such rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Sale or Other Taxable Disposition of Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the sale or other taxable
disposition of Common Shares, a U.S. Participant generally will recognize capital gain or loss in an amount equal to the difference between
the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Participant&rsquo;s tax basis
in such Common Shares sold or otherwise disposed of. A U.S. Participant&rsquo;s tax basis in Common Shares generally will be such participant&rsquo;s
U.S. dollar cost for such shares. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain
or loss if, at the time of the sale or other disposition, the Common Shares have been held for more than one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preferential tax rates apply
to long-term capital gain of a U.S. Participant that is an individual, estate, or trust. There are currently no preferential tax rates
for long-term capital gain of a U.S. Participant that is a corporation. Deductions for capital losses are subject to significant limitations
under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were to
constitute a &ldquo;passive foreign investment company&rdquo; within the meaning of Section 1297 of the Code (a &ldquo;<B>PFIC</B>&rdquo;)
for any year during a U.S. Participant&rsquo;s holding period, then certain different and potentially adverse U.S. federal income tax
rules would affect the U.S. federal income tax consequences to a U.S. Participant resulting from the acquisition, ownership and disposition
of Common Shares. The U.S. Treasury Department has not issued specific guidance on how the income and assets of a non-U.S. corporation
such as the Corporation will be treated under the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation generally
will be a PFIC for any taxable year in which, after applying relevant look-through rules with respect to the income and assets of subsidiaries,
(a) 75 percent or more of its gross income is passive income (the &ldquo;income test&rdquo;) or (b) 50 percent or more of its assets
either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market values
of such assets (the &ldquo;asset test&rdquo;). &ldquo;Gross income&rdquo; generally includes all sales revenues less the cost of goods
sold, plus income from investments and from incidental or outside operations or sources. &ldquo;Passive income&rdquo; generally includes,
for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains
from commodities transactions. Passive income generally excludes active business gains arising from the sale of commodities, if substantially
all of a foreign corporation&rsquo;s commodities are stock in trade or inventory, real and depreciable property used in a trade or business,
or supplies regularly used or consumed in a trade or business, and certain other requirements are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under certain attribution
rules, if the Corporation were a PFIC, U.S. Participants would generally be deemed to own their proportionate share of the Corporation&rsquo;s
direct or indirect equity interest in any company that is also a PFIC (a &ldquo;<B>Subsidiary PFIC</B>&rdquo;), and would be subject
to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC upon the sale of the Common Shares of the
Corporation, as well as their proportionate share of (a) any &ldquo;excess distributions&rdquo; (as discussed below) on the stock of
a Subsidiary PFIC and (b) any gain realized upon the disposition or deemed disposition of stock of a Subsidiary PFIC by the Corporation
or by another Subsidiary PFIC, both as if such U.S. Participants directly held the shares of such Subsidiary PFIC. If the Corporation
were classified as a PFIC for any taxable year in which a U.S. Participant held Common Shares, then the Corporation generally would continue
to be classified as a PFIC with respect to such U.S. Participant for any subsequent taxable year in which the U.S. Participant continued
to hold Common Shares, even if the Corporation&rsquo;s income or assets would not cause it to be a PFIC in such subsequent taxable year,
unless an exception were to apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation believes,
on a more-likely-than-not basis, that it currently qualifies, and expects to continue to qualify in the future, for the active commodities
business exception for purposes of the PFIC asset test and PFIC income test. Accordingly, the Corporation believes, on a more-likely-than-not
basis, that it was not a PFIC for its taxable year ended December 31, 2017, and, based on its current and anticipated business activities
and financial expectations, the Corporation expects, on a more-likely-than-not basis, that it will not be a PFIC for its current taxable
year and for the foreseeable future. However, the Corporation believes that it was a PFIC for its taxable year ended December 31, 2011,
and prior taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination as to whether
any corporation was, or will be, a PFIC for a particular taxable year depends, in part, on the application of complex U.S. federal income
tax rules, which are subject to differing interpretations and uncertainty. In addition, there is limited authority on the application
of the active commodities exception and other relevant PFIC rules to entities such as the Corporation and its subsidiaries. Accordingly,
there can be no assurance that the IRS will not challenge the views of the Corporation (or a Subsidiary PFIC, as defined above) concerning
its PFIC status. In addition, whether any corporation will be a PFIC for any taxable year depends on its assets and income over the course
of such taxable year, and, as a result, the Corporation&rsquo;s PFIC status for its current taxable year and any future taxable year
cannot be predicted with certainty. Each U.S. Participant should consult its own tax advisor regarding the PFIC status of the Corporation
and any Subsidiary PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were a
PFIC for any taxable year in which a U.S. Participant held Common Shares, and such U.S. Participant had not made an effective QEF Election
or Mark-to-Market Election under the PFIC rules (as defined and more fully described below) with respect to its Common Shares, then such
holder generally would be subject to special rules with respect to &ldquo;excess distributions&rdquo; made by the Corporation on the
Common Shares and with respect to gain from the direct or indirect disposition of Common Shares. An &ldquo;excess distribution&rdquo;
generally would include the excess of distributions made with respect to the Common Shares to a U.S. Participant in any taxable year
over 125% of the average annual distributions made to such U.S. Participant by the Corporation during the shorter of the three preceding
taxable years or such U.S. Participant&rsquo;s holding period for the Common Shares. Generally, a U.S. Participant would be required
to allocate any excess distribution or gain from the direct or indirect disposition of the Common Shares ratably over its holding period
for the Common Shares. Amounts allocated to the year of the disposition or excess distribution would be taxed as ordinary income, and
amounts allocated to prior taxable years would be taxed at the highest tax rate in effect for ordinary income for each such year. In
addition, an interest charge would apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were a
PFIC for any taxable year in which a U.S. Participant held Common Shares, and such U.S. Participant had made a timely and effective election
to treat the Corporation as a &ldquo;qualified electing fund&rdquo; (a &ldquo;QEF Election&rdquo;) for the first taxable year of such
U.S. Participant&rsquo;s holding period in which the Corporation were classified as a PFIC, then such U.S. Participant generally would
not be subject to the PFIC rules described in the preceding paragraph. Instead, such U.S. Participant would be subject to U.S. federal
income tax on such holder&rsquo;s pro rata share of (a) the net capital gain of the Corporation, which would be taxed as long-term capital
gain to such U.S. Participant, and (b) the ordinary earnings of the Corporation, which would be taxed as ordinary income to such U.S.
Participant. A QEF Election, once made, would be effective with respect to such U.S. Participant&rsquo;s Common Shares for all subsequent
taxable years in which the Corporation were treated as a PFIC, unless the QEF Election were invalidated or terminated or the IRS were
to consent to revocation of the QEF Election. The QEF Election cannot be made unless the Corporation provides or makes available certain
information. To facilitate the making of QEF Elections by U.S. Participants, for each taxable year that the Corporation is classified
as a PFIC, the Corporation intends to: (a) make available to U.S. Participants, upon written request, a &ldquo;PFIC Annual Information
Statement&rdquo; and (b) upon written request, use commercially reasonable efforts to provide all additional information that such U.S.
Participant is required to obtain in connection with maintaining such QEF Election with regard to the Corporation or any of its Subsidiary
PFICs. The Corporation may provide such information on its website (www.franco-nevada.com). U.S. Participants considering the QEF Election
should note that a QEF Election with respect to Common Shares would not apply to any Subsidiary PFICs. Consequently, unless a U.S. Participant
makes a QEF Election with respect to any Subsidiary PFIC, it could be subject to the adverse tax consequences described above with respect
to any interests in a Subsidiary PFIC. In light of the uncertainties described above, the Corporation has provided such information for
all taxable years through 2016 despite its belief on a more-likely-than-not basis that it was not a PFIC for any taxable year after 2011;
however, the Corporation reserves the right to and may discontinue this practice in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Corporation were a
PFIC for any taxable year in which a U.S. Participant held Common Shares, and such U.S. Participant had made a timely and effective &ldquo;mark
to market&rdquo; election (a &ldquo;<B>Mark-to-<FONT STYLE="font-size: 10pt">Market Election</FONT></B>&rdquo;) in the first taxable
year of such U.S. Participant&rsquo;s holding period in which the Corporation were classified as a PFIC, then such U.S. Participant generally
would not be subject to the PFIC rules described in the preceding paragraphs. Instead, such holder generally would include in ordinary
income, for each taxable year in which the Corporation were a PFIC, an amount equal to the excess, if any, of (a) the fair market value
of the Common Shares, as of the close of such taxable year over (b) such U.S. Participant&rsquo;s adjusted tax basis in such Common Shares.
The U.S. Participant would be entitled to deduct as an ordinary loss each year the excess of its adjusted tax basis in the Common Shares
over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result
of the Mark-to-Market Election. A U.S. Participant&rsquo;s adjusted tax basis in the Common Shares would be increased by the amount of
any income inclusion and decreased by the amount of any deductions under the Mark-to-Market Election rules. In addition, upon a sale
or other taxable disposition of Common Shares, a U.S. Participant that made a Mark-to-Market Election would recognize ordinary income
or ordinary loss (but only to the extent such loss did not exceed the net amount of previously included income as a result of the Mark-to-Market
Election). A Mark-to-Market Election would apply to the taxable year in which such election is made and to each subsequent taxable year,
unless the Common Shares were to cease to be &ldquo;marketable stock,&rdquo; the U.S. Participant were to mark the Common Shares to market
under non-PFIC provisions of the Code, or the IRS were to consent to the revocation of such election. The Mark-to-Market Election is
expected to be available with respect to the Corporation, provided that the Common Shares are &ldquo;regularly traded&rdquo; for U.S.
federal income tax purposes, which is expected to be the case. However, the Mark-to-Market Election will not be available with respect
to any Subsidiary PFIC. Accordingly, U.S. Participants making a Mark-to-Market Election would be subject to unfavorable tax consequences
described above with respect to any Subsidiary PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In any year in which the
Corporation is classified as a PFIC, a U.S. Participant generally will be required to file an annual report with the IRS containing certain
information regarding such holder&rsquo;s interest in the Corporation (or a Subsidiary PFIC), subject to certain exceptions. A failure
to satisfy such reporting requirement could result in the extension of the statute of limitations with respect to federal income tax
returns filed by such U.S. Participant. The PFIC rules are complex, and each U.S. Participant should consult its own tax advisor regarding
the foregoing reporting requirements, the advisability of making a QEF Election or Mark-to-Market Election, and any other tax consequences
under the PFIC rules of acquiring, owning and disposing of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Tax on Net Investment Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain individuals, estates
and trusts whose income exceeds certain thresholds are required to pay a 3.8 percent additional tax on &ldquo;net investment income,&rdquo;
including, among other things, dividends and net gain from disposition of property (other than property held in a trade or business).
Accordingly, dividends on and capital gain from the sale or other taxable disposition of the Common Shares may be subject to this additional
tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Receipt of Foreign Currency</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any distribution
paid to a U.S. Participant in foreign currency, or received by a U.S. Participant in foreign currency on the sale, exchange or other
taxable disposition of Common Shares, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange
rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S.
Participant generally will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Participant
who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss
that would be treated as ordinary income or loss, and generally will be U.S.-source income or loss for foreign tax credit purposes. Each
U.S. Participant should consult its own tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing
of foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Foreign Tax Credit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules
discussed above, a U.S. Participant that pays (whether directly or through withholding) Canadian income tax with respect to dividends
paid on the Common Shares generally will be entitled, at the election of such U.S. Participant, to receive either a deduction or a credit
for such Canadian income tax paid. Generally, a credit will reduce a U.S. Participant&rsquo;s U.S. federal income tax liability on a
dollar-for-dollar basis, whereas a deduction will reduce a U.S. Participant&rsquo;s income subject to U.S. federal income tax. This election
is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Participant
during a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Complex limitations apply
to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Participant&rsquo;s
U.S. federal income tax liability that such U.S. Participant&rsquo;s &ldquo;foreign source&rdquo; taxable income bears to such U.S. Participant&rsquo;s
worldwide taxable income. In applying this limitation, a U.S. Participant&rsquo;s various items of income and deduction must be classified,
under complex rules, as either &ldquo;foreign source&rdquo; or &ldquo;U.S. source.&rdquo; Generally, dividends paid by a foreign corporation
should be treated as foreign-source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Participant
should be treated as U.S.-source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election
is properly made under the Code. However, the amount of a distribution with respect to the Common Shares that is treated as a &ldquo;dividend&rdquo;
may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign
tax credit allowance to a U.S. Participant. In addition, this limitation is calculated separately with respect to specific categories
of income. The foreign tax credit rules are complex and involve the application of rules that depend upon a U.S. Participant&rsquo;s
particular circumstances. Each U.S. Participant should consult its own U.S. tax advisor regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Disclosure Requirements for Specified Foreign Financial
Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.75pt">Certain U.S. Participants
that, during any taxable year, hold an interest in a &ldquo;specified foreign financial asset&rdquo; generally will be required to file
with their U.S. federal income tax returns a statement on IRS Form 8938 setting forth certain information, if the aggregate value of
all such assets exceeds certain threshold amounts. &ldquo;Specified foreign financial assets&rdquo; generally include financial accounts
maintained with non-U.S. financial institutions and may also include Common Shares not held in accounts maintained with certain financial
institutions. Substantial penalties may be imposed, and the period of limitations on assessment and collection of U.S. federal income
taxes may be extended, in the event of a failure to comply. U.S. Participants should consult their own tax advisor as to the possible
application to them of this filing requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Backup Withholding and Additional Information Reporting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments made within the United States or by
a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, Common Shares will
generally be subject to information reporting. Such payments may also be subject to backup withholding tax if a U.S. Participant (a)
fails to furnish such U.S. Participant&rsquo;s correct U.S. taxpayer identification number (generally on Form W-9), (b) is notified by
the IRS that such U.S. Participant has previously failed to properly report interest and dividend income, or (c) fails to certify, under
penalty of perjury, that such U.S. Participant has furnished its correct U.S. taxpayer identification number, that the IRS has not notified
such U.S. Participant that it is subject to backup withholding tax, and that such U.S. Participant is a U.S. person. However, certain
exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional
tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Participant&rsquo;s
U.S. federal income tax liability, if any, or will be refunded, if such U.S. Participant furnishes the required information to the IRS
in a timely manner. Each U.S. Participant should consult its own tax advisor regarding the information reporting and backup withholding
rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax consequences will vary depending on
each U.S. Participant&rsquo;s specific circumstances. Each U.S. Participant should discuss specific tax questions regarding participation
in the Plan with one&rsquo;s own tax advisor.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>24.</B></FONT></TD><TD STYLE="text-align: justify"><B>WITHHOLDINGS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan is subject to any withholding obligations
that the Corporation may have with respect to taxes or other charges under applicable laws, and any amounts to be reinvested hereunder
shall be net of any amounts required to be withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>25.</B></FONT></TD><TD STYLE="text-align: justify"><B>NOTICES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All notices required to be given under the Plan
shall be mailed to each registered Participant (including CDS and financial institutions and stock brokerages holding Common Shares as
registered holder on behalf of non-registered Participants) at the address shown on the records of the Agent or at a more recent address
as furnished by the registered Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notices to the Agent shall be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 210pt 0pt 1in">Computershare Trust Company of Canada<BR>
100 University Avenue, 8th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 321pt 0pt 1in">North Tower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 321pt 0pt 1in">Toronto, Ontario</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 321pt 0pt 1in">M5J 2Y1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Dividend Reinvestment Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Or the National Customer Contact Centre at 1-800-564-6253</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Or by visiting </FONT><U>www.investorcentre.com/service</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notices to the Corporation shall be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Franco-Nevada Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">199 Bay Street, Suite 2000, P.O. Box 285</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Commerce Court West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Toronto, Ontario M5L 1G9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Chief Legal Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax No: 416-306-6330</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>26.</B></FONT></TD><TD STYLE="text-align: justify"><B>PLAN
                                            ADOPTION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan was initially adopted by the Corporation on July 19, 2013
and amended and restated on June 15, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2214863d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: left; width: 75%; vertical-align: top"><IMG SRC="tm2214863d5_ex5-1img001.jpg" ALT="" STYLE="height: 46px; width: 179px">&nbsp;</TD>
    <TD STYLE="width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">79 Wellington St. W., 30th Floor<BR>
    Box 270, TD South Tower<BR>
    Toronto, Ontario M5K 1N2 Canada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P. 416.865.0040 | F. 416.865.7380</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.torys.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>May 12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Franco-Nevada Corporation<BR>
Commerce Court<BR>
199 Bay Street, Suite 2000<BR>
Toronto, Ontario, Canada<BR>
M5L 1G9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Re: Franco-Nevada Corporation (the &#8220;Company&#8221;)
 &#8212; Dividend Reinvestment Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel for the Company, a corporation
formed under the federal laws of Canada, in connection with the filing of a registration statement on Form F-3 (the &#8220;<B>Registration
Statement</B>&#8221;) with the Securities and Exchange Commission (&#8220;<B>SEC</B>&#8221;) pursuant to the Securities Act of 1933, as
amended (the &#8220;<B>Act</B>&#8221;), and the rules and regulations thereunder, in respect of 2,500,000 common shares of the Company
(the &#8220;<B>Common Shares</B>&#8221;) issuable pursuant to the Company&#8217;s Dividend Reinvestment Plan (the &#8220;<B>Plan</B>&#8221;).
This opinion is being furnished to you as a supporting document for such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have reviewed the Plan and the Registration
Statement and made such investigations and examined originals or copies, certified or otherwise identified to our satisfaction, of such
certificates of public officials and of such other certificates, documents and records as we have considered necessary or relevant for
the purposes of the opinions hereinafter expressed. In such examinations we have assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">the legal capacity of all individuals, the genuineness of all signatures, the authenticity and completeness
of all documents submitted to us as originals and the completeness and conformity to authentic originals of all documents submitted to
us as certified, photostatic, conformed, notarial or facsimile copies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">all facts set forth in the official public records, certificates and documents supplied by public officials
and the Company, or otherwise conveyed to us by public official or the Company are complete, true and accurate as of the date of this
opinion letter; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">the accuracy, currency and completeness of the indices and filing systems maintained by the public offices
and registries where we have searched or enquired or have caused searches or enquiries to be made and of the information and advice provided
to us by appropriate government, regulatory or other like officials with respect to those matters referred to herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;-</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinion expressed below is limited to the
laws of the Province of Ontario, including the federal laws of Canada applicable therein on the date hereof and we express no opinion
herein with respect to the laws of any other jurisdiction or as to matters governed by the laws of any other jurisdiction. The statutory
provisions, regulations, and interpretations upon which our opinion is based are subject to change, and such changes could apply retroactively.
We assume no responsibility to advise you of any subsequent changes in existing law or facts, nor do we assume any responsibility to update
this opinion with respect to any matters expressly set forth herein, and no opinions are to be implied or may be inferred beyond the matters
expressly so stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing, we are of the opinion
that the Common Shares to be issued pursuant to the Plan have been duly authorized and, when and to the extent issued in accordance with
the Plan, such Common Shares will be outstanding as validly issued, fully paid and non-assessable shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement, or any amendment pursuant to Rule 462 under the Act, and to the reference to us under the
heading &#8220;Legal Matters&#8221; in the Prospectus included in the Registration Statement, or any amendment pursuant to Rule 462 under
the Act. In giving this consent, we do not hereby agree that we come within the category of persons whose consent is required by the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Torys LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>tm2214863d5_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="width: 70%; font-size: 10pt"><IMG SRC="tm2214863d5_ex8-1img001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1114 Avenue of the Americas, 23rd Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10036.7703 USA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P. 212.880.6000 | F. 212.682.0200</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.torys.com</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Franco-Nevada Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">199 Bay Street, Suite&nbsp;2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 285</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commerce Court West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada M5L 1G9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as United States federal income tax counsel to Franco-Nevada
Corporation, a corporation formed under the laws of Canada, in connection with the registration statement under the Securities Act of
1933, as amended, on Form&nbsp;F-3 (the &ldquo;Registration Statement&rdquo;) filed with the Securities and Exchange Commission on the
date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby confirm to you that, insofar as it relates to United States
federal income tax matters, the discussion set forth under the caption &ldquo;United States Income Tax Considerations for U.S. Participants,&rdquo;
subject to the qualifications, exceptions, assumptions, and limitations contained therein, is our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the references therein to us. In giving this consent, we do not hereby admit that we are within the category
of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules&nbsp;and regulations
of the Securities and Exchange Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Torys LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>5
<FILENAME>tm2214863d5_ex8-2.htm
<DESCRIPTION>EXHIBIT 8.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="text-align: left; vertical-align: top; width: 75%"><IMG SRC="tm2214863d5_ex5-1img001.jpg" ALT="" STYLE="height: 46px; width: 179px">&nbsp;</TD>
    <TD STYLE="width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">79 Wellington St. W., 30th Floor<BR>
    Box 270, TD South Tower<BR>
    Toronto, Ontario M5K 1N2 Canada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P. 416.865.0040 | F. 416.865.7380</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.torys.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0">May 12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Franco-Nevada Corporation<BR>
199 Bay Street<BR>
Suite 2000<BR>
Toronto, Ontario<BR>
M5L 1G9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Re:</TD><TD>Franco-Nevada Corporation &mdash; Dividend Reinvestment Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Canadian federal income tax counsel
to Franco-Nevada Corporation, a corporation formed under the laws of Canada (the &ldquo;<B>Corporation</B>&rdquo;), in connection with
the filing of a registration statement on Form F-3 (the &ldquo;<B>Registration Statement</B>&rdquo;) with the Securities and Exchange
Commission pursuant to the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), and the rules and regulations thereunder,
in respect of 2,500,000 Common Shares issuable pursuant to the Corporation&rsquo;s Dividend Reinvestment Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby confirm to you that, in our opinion,
insofar as they purport to describe provisions of Canadian federal income tax law, the statements set forth under the caption &ldquo;Certain
Canadian Federal Income Tax Considerations&rdquo; in the Registration Statement are, subject to the qualifications, exceptions, assumptions,
and limitations contained therein, accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement, or any amendment pursuant to Rule 462 under the Act. In giving this consent, we do not hereby
admit that we come within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">Yours truly, &nbsp;</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">/s/ Torys LLP &nbsp; &nbsp; &nbsp; &nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-bottom: 12pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>tm2214863d5_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 78px; width: 102px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in this registration
statement on Form F-3 of Franco-Nevada Corporation of our report dated March 9, 2022 relating to the consolidated financial statements
and effectiveness of internal control over financial reporting of Franco-Nevada Corporation, which appears in Exhibit 99.3 of Franco-Nevada
Corporation&rsquo;s Annual Report on Form 40-F for the year ended December 31, 2021. We also consent to the reference to us under the
heading &ldquo;Experts&rdquo; in such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>/s/PricewaterhouseCoopers LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Chartered Professional Accountants, Licensed Public Accountants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 159pt 0pt 0">PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario,
Canada M5J 0B2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 159pt 0pt 0">T: +1 416 863 1133, F: +1 416 365 8215, www.pwc.com/ca</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;PwC&rdquo; refers to PricewaterhouseCoopers LLP, an Ontario
limited liability partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>tm2214863d5_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: left; width: 80%; vertical-align: top">&nbsp;<IMG SRC="tm2214863d5_ex5-1img001.jpg" ALT="" STYLE="height: 46px; width: 179px"></TD>
    <TD STYLE="width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1114 Avenue of the Americas<BR> 23rd Floor<BR> New York, New York<BR> 10036.7703&nbsp; USA<BR>
 Tel&nbsp;&nbsp; 212.880.6000 <BR>
Fax&nbsp; 212.682.0200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">www.torys.com &nbsp; &nbsp;</P>
</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">May 12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Franco-Nevada Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">199 Bay Street, Suite 2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commerce Court West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario M5L 1G9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TO: The Board of Directors of Franco-Nevada Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the use of our name in the
Registration Statement on Form&nbsp;F-3 filed by Franco-Nevada Corporation on May 12, 2022, as such may thereafter be amended or supplemented,
and in the prospectus contained therein, under the caption &#8220;Legal Matters&#8221;. In giving such consent we do not thereby admit
that we are in the category of persons whose consent is required by the Securities Act 1933, as amended, or the rules&nbsp;and regulations
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very Truly Yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Torys LLP</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>8
<FILENAME>tm2214863d5_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF PHIL WILSON</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with Franco-Nevada Corporation&rsquo;s
registration statement on Form F-3, and any amendments thereto and any registration statements filed pursuant to Rule 429 under the United
States Securities Act of 1933, as amended, and any documents incorporated by reference therein, to be filed with the United States Securities
and Exchange Commission (the &ldquo;Registration Statement&rdquo;), I, Phil Wilson, CEng, Vice President, Technical, Franco-Nevada Corporation,
hereby consent to the use of and references to my name, and the inclusion and incorporation by reference in the Registration Statement
of the information approved by me that is of a scientific or technical nature and all other references to such information included or
incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">DATED: May 12, 2022</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Phil Wilson</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: Phil Wilson, CEng</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>9
<FILENAME>tm2214863d5_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><B>Exhibit 107 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><B>EX-FILING FEES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form F-3 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Franco-Nevada Corporation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt; text-align: center"><B><U>Table 1: Newly Registered and Carry
Forward Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Security<BR>
    Type</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Security<BR>
    Class<BR>
    Title</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward<BR>
    Rule</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Amount<BR>
    Registered (1)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per<BR>
    Unit (2)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Maximum<BR>
    Aggregate<BR>
    Offering Price <BR>
    (2)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Fee<BR>
    Rate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Amount
    of<BR>
    Registration<BR>
    Fee</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Carry<BR>
    Forward<BR>
    Form<BR>
    Type</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Carry<BR>
    Forward<BR>
    File<BR>
    Number</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Carry<BR>
    Forward<BR>
    Initial<BR>
    effective<BR>
    date</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Filing
    Fee<BR>
    Previously Paid In<BR>
    Connection with<BR>
    Unsold Securities to <BR>
    be Carried Forward<BR>
    (3)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="45" STYLE="font: 7pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Newly
    Registered Securities</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Fees
    to Be Paid</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Equity</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Common
    Shares, no par value</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">457</FONT><FONT STYLE="font-size: 7pt">(c)</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1,777,278</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">US$</FONT></TD>
                                                                                                                                                                                                      <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; width: 1%"><P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">151.06</FONT></P></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">US$</FONT></TD>
                                                                                                                                                                                                      <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; width: 1%"><P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">268,475,614.68</FONT></P></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0000927</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT><FONT STYLE="font-size: 7pt">US$</FONT></TD>
                                                                                                                                                                                                      <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; width: 1%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">24,887.69</FONT></P></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Fees
    Previously Paid</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="45" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Carry
    Forward Securities</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Carry
    Forward Securities</FONT></TD>
    <TD COLSPAN="43" STYLE="font: 7pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Total
    Offering Amounts</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">US$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">268,475,614.68</FONT></P></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT><FONT STYLE="font-size: 7pt">US$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">24,887.69</FONT></P></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Total
    Fees Previously Paid</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&ndash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Total
    Fee Offsets</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&ndash;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Net
    Fee Due</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT><FONT STYLE="font-size: 7pt">US$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">24,887.69</FONT></P></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">(1) Plus such additional common shares
as may be issued by reason of stock splits, stock dividends and similar transactions.</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 7pt">(2) Based on the
average of the high and low prices of the common shares of Franco-Nevada Corporation on May 6, 2022 on the New York Stock Exchange,
and estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457(c)&nbsp;under the Securities
Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt 0pt 83.05pt; text-align: center"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</FONT></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt 0pt 83.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 83.2pt 0pt 83.05pt; text-align: center"><B><U>Table 3: Combined Prospectuses</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Security
    Type</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 34%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Security
    Class Title</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount
                                            of Securities Previously<BR>
                                            Registered</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 8%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Maximum
                                            Aggregate Offering<BR>
                                            Price of Securities Previously<BR>
                                            Registered</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Form
    Type</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">File<BR>
    Number</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Initial
    Effective Date</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Common
    Shares, no par value (3)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,500,000
                                            (4)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT>US$</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">174,950,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Form
    F-3</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">333-225687</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">June
    15, 2018</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) No registration fee is payable in connection with the 2,500,000
Common Shares that were previously registered under Form F-3 (File No. 333-225687) which was initially filed with the Securities and Exchange
Commission on June 15, 2018 and became effective on June 15, 2018 (the &#8220;Prior Registration Statement&#8221;), because such shares
are being transferred from the Prior Registration Statement pursuant to Rule 429 under the Securities Act. A registration fee is only
payable in connection with the 1,777,278 Common Shares that were not previously registered under the Prior Registration Statement, with
a proposed maximum aggregate offering price of $24,887.69.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) 722,722 Common Shares registered under the Prior Registration Statement
that remain unsold are included in this registration statement. Pursuant to Rule 429(b) under the Securities Act, this registration statement,
upon effectiveness, will constitute a post-effective amendment to the Prior Registration Statement, which post-effective amendment shall
hereafter become effective concurrently with the effectiveness of this registration statement and in accordance with Section 8(c) of the
Securities Act (such Prior Registration Statement, as amended by this registration statement, the &#8220;Combined Registration Statement&#8221;).
The amount of securities previously registered under the Prior Registration Statement that were offered and sold before the effective
date of this registration statement are not included in the prospectus for the Combined Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !. &8# 2(  A$! Q$!_\0
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=M3O[P(&Y8K&%SP">O7T%=K10 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2214863d4_f3dsp1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214863d4_f3dsp1img001.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !& 8$# 2(  A$! Q$!_\0
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MKM.P5\1DF:/ZKB<H_P!7Y<S4I0E.?++JI<TI;6L]-.Q]VP72S=L?B/4_3_\
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M[Q4+4W7]@>'/&6CZAJ!BQG?Y:R8[XP3N[@8XKZP,L!&021[<Y_ G\Z_R)_\
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MVDW;;_-VM]Q_HY_\&[8+?\$??V/QUW>'/$^1]/&WB _U/TK]-/B]^U1^SI\
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MS=>!#J.C:/:>$K3_ (1G]GSPCM(95.O*0WB% V25\*$JQ)!&TXKX\_X.H/\
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M+XB8C/("Z) !QP37HO[3G@3_ (-A/V//CCXX_9U^.GPRN/#_ ,4?AU_PB_\
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MAM;2"T_;VN+&&'[/;VO[7_B6QL[3/]G8 ^,VO <]L# P>F,<XX_L>_X/$/\
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MX(U?\$,-7UKQ?X8^&'P<^'_Q^\3^'3967PR^"'AW1_\ A;OB#25+%?[<T70
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MT_:F^!/@F&<Z[\0_#0:V W6UM>)J#GZF/</^^6(]Z^(/&G[8?Q-^.]\W@?\
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MGI5CK.F7^E:O;K<V&HV=_97=H>?M=C*'1E/.<E& '/\ %SU%?F9X0_X(O?\
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M?\$L?BCXKOO%WB7]E?PI%KFJXN=7;P[JNN^'M+U%\8+3:/!KHB0GJQ"+&K<
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M-M]3C91=TKVU5DG9.RLOA5W;MHCIR7)7A$WC+-V2\K=5\_ZW=_\ &Z_X*-?
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J*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2214863d5_ex4-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214863d5_ex4-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !: ;0# 2(  A$! Q$!_\0
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MWHM]JNK64=VXN/(B27E5 4$G'J=WZ5$(0C#GDKFDIRE/EB2Z)\?G:9(];TE
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M5C"<7&2NSU7]H;_5>'O]ZX_]IU7_ &??^/O6?^N:?S-6/VAO]5X>_P!ZX_\
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M ,@+3_\ KVC_ /015ZD50H 4  #  [4M8LU1\F?%#_DI&M?]=OZ"OH3X7_\
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M(G(P6CC"G'IQ1*OS1Y;!&C:7-<L4445SFX4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110!#<6EO=(4GA213QAES6)/X0
MLV8O:SSVK'M&W'Y5T-%1*G&6Z*4FMCEO^$2O.G]O7&WTVG_XJIX/"%HK![NX
MGNF'9VP/R_\ KUT5%0J%-=!^TD06]G;VB;+>&.-?]E<5/116J26Q 4444P"B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
$* /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm2214863d5_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214863d5_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !V <H# 2(  A$! Q$!_\0
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M2-.+E)Z(UM<\1Z7X=M?/U*Z6+/W(QR[_ $7J?Y5YZ_Q&\1>);UK+PII.P?\
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M ("#_P"+JK<^$?&ZJ?LOC(R-S@2H4'Z;J]"HKF5>?E]R_P CL>%IOO\ >_\
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M !\W3NO^Z %_F#7KXU_N?N/!RU-UUZ,[^BBBO&/H0KY^^*7_ "/M[_USB_\
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MO_@0_P#C5R#P'HMK$(K=M0AC'1([Z50/P#48BK2JM25T_0,)1K4(N+2:]?\
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MNG+]Y?(Y,VVA\R*BBBO2/&"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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)K]%%%<!ZA__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>tm2214863d5_ex8-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214863d5_ex8-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Y )X# 2(  A$! Q$!_\0
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MU;Q$;;2KB*WLK:/%Q-(&8F0LPVJH89("]SWI=6MM6TW1;V^75A(]O \H4Q.
MVT$X^_[5K[+9-ZLQ=;=I.R.GHK@?!5_K'BK1YKZ74$MVCG,(1$<]%4Y^_P#[
M7Z5H:A'XAT>[M;S[;#=Z<LR"Y7:Z.B$X+??((&<FJE0M)P;5R8XA2@JBB[,Z
MZBL_6M:LM TR2_OY"L*8 "C+,QZ #UK(MHM6\2V$=W<W+Z5;3KNBAM683!#T
M+/G )]-O%9QIMKF>B-)5$I<JU?8Z>BN1?PEJMDQFTOQ+J$LH'$6HS-*A/_ 2
M,?D:;X<\;_VAJTFAZO:_8M7B8H54YCD(Z[2>1ZXYR.]7[&Z<H.]B%7M)1J+E
M;V[?>=A12,NY"N2,C&1U%><:AK>L6OQ @\.I=J;><KB4ARZ@C/\ >P>E*E2=
M2Z734=:LJ23:W=CTBBL231+YE^36;A6]2&(_+=7.R>+=4\->)K;1M<B@GM;D
MCR;R$,IP3C+!B>AZC/'7FB-)S^!W8IUU3LYJR[G>T56O;:2YAVQ7#P2#E67I
MGW&1D?C7G.G>)]8M_'::#KLR1)O*+)$7 <D93JQX/'YXHIT743:>P5:ZI-*2
MWT/3Z**Y'6;K47\66>DZ3>@/+&T]T) S"",$ $88=>0!4PASNQ=2IR*]CKJ*
MR]2OX_#GA^XOKAI;A;=-QW'YG)X SVY(K(TVQO\ Q'IEMJE[JEU:?:4$J0V$
MK1A%/0$DG)QCL.::IW7,WH*56TN5*[W.KHKD-8LM=T73I+G3=0:\@B&^:.[9
MVEV#D[6# $XSQBNO!R,CI2E"R33N.$W)M-6&1Q1Q;O+C5-[%FVC&2>I/O69X
MI_Y%+6/^O*;_ - -:U9/BG_D4M8_Z\IO_0#13^->J_-!4_AR]'^3.5^$'_(I
M77_7\_\ Z+CKOW19$9'4,K#!4C((K@/A!_R*5U_U_/\ ^BXZ] K7%_QY>IC@
MO]WAZ?YGE?Q/G-WXIT'278^02KLO8[WV_P E/YUZH    , =J\R^+&DW1:PU
MRT1F^R_)*RC)3G<K?3.?TKO=$U>VUS2;?4+5PR2J"PSRC=U/N#5UE>A3:V5_
MO,Z#MB*L9;NS7I8T*\C^*L)TSQ+I.LV_R3,O5>#NC8$'\F _"O7*\Q\96[>+
M?'&FZ+9@RPV0W7<BC*Q[B"P)]<*/Q-&#=JMWM9W'CUS4>5;MJWK<]-4[E##H
M1FO*/$,\5K\9K":9PD:+&68]OE->L5Y7K7_);=.^D?\ Z":,)\4O1BQWP0_Q
M([B?QCH%M&\DNI1A4^]A6)'X 5R%U;77Q$\1:=?VT?E:!8N=L\A :5MP+87.
M1G:!S]?:O1KBWAN[>2WN(UDAD4JZ,,A@>U>4Z3<7/PZ\9R:9>O(-$O&/E2-]
MP9^ZWU'1OS]*>'LU)T_B2T_6WF+%.2<55^!O6W?I?R/6ZY'Q]X4_X2'2//M$
M U*U^>)@,,X[IG]1[_6NM5@RAE(*D9!'>EKFISE3DI1W1UU:<:L'"6S. \(>
M/()O#<HU61_M]CB-U(R\^3A<#NQ/!]^3UKI]!TM[**>\O%4ZE>OYMPPYV_W8
MP?[JC _6N%CM8%^.CH(8PFWS-NT8W>3G/USS]:]2K?$\L7[BMS*__ .;"<TU
M[[ORMK_@F?KFE1ZWHEWILCE%N$V[P,[3U!_ @5YK92^-_ 4;0RV/]HZ5%G&T
M[U4=<@CYE'U&*](U/6[;2+JQCO&$<-VYB64GA7QE0?0'GGV%:533JNG'EDKQ
M?<NK1C5GS1DU)=OU1P.D_%C1+XK'?Q36$C<9;YX_S'/Z5WB.DD:O&P9& *LI
MR"#W%<MXR\+Z/J6B7UW/:Q174,#R)<(-K @$C)'4?6H?ABUZW@N#[9OVB1A;
M[^OE<8_#.['M55(4I4_:4]-;6_R)I3K1J^RJZW5TU^IV-4-6TL:O8S6<MW<0
MPS(8Y!#M!(/7DJ>O2K-Q=VUHH:YN(H5)P#(X4$_C5?\ MG2O^@E9_P#?]?\
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M:I3^*S^?_!+<:,B;6D:0_P!YL9_0"L+Q!X0L?$S1?VC<W92$DQQQLBA2>O\
M#GL.IK2_MG2O^@E9_P#?]?\ &C^V=*_Z"5G_ -_U_P :(N<7S1NG_7D$U3G'
MEE9K^O,BT;1DT2T2T@O+J:W082.=E;8/0$*#C\:T74NA579"?XEQD?GFJ?\
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M"?\ R9E_^*KJZ*/;U?YG]X?5J/\ (ON1RG_"MO"7_0)_\F9?_BJ/^%;>$O\
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I95OX<TNU^S>5;OFVE::$O/(Y5RNTG+,<\=CQ6K114N3ENRHQC'9'_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
