Corporate Presentation

PDAC 2017 Convention

MARCH 2017

Certain statements contained in this presentation may be deemed "forward-looking statements". All statements in thisrelease, other than statements of historical fact, that address future events, developments or performancethat Osisko (the “Corporation”) expect to occur, including managements’ expectations regarding the Corporation’sgrowth, results of operations, estimated future revenues, statements or estimates of mineral resources and reserves,requirements for additional capital, future demand for and prices of commodities, business prospects and opportunitiesare forward looking statements. Forward looking statements are statements that are not historical facts and aregenerally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates","projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events orconditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent atransaction will be met and the realization of the anticipated benefits deriving therefrom for shareholders of theCorporation, the view on the quality and the potential of the Corporation’s assets, production forecasts for properties inwhich the Corporation holds a royalty or other interest. Although the Corporation believes the expectations expressed insuch forward-looking statements are based on reasonable assumptions, such statements involve known and unknownrisks, uncertainties and other factors and are not guarantees of future performance and actual results may accordinglydiffer materially from those in forward looking statements. Factors that could cause the actual results to differ materiallyfrom those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities thatdrive royalties held by the Corporation; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; risksrelated to the operators of the properties in which the Corporation holds a royalty or other interest; development,permitting, infrastructure, operating or technical difficulties on any of the properties in which the Corporation hold aroyalty or other interest; rate and timing of production differences from resource estimates or production forecasts byoperators of properties in which the Corporation hold a royalty or other interest; risks and hazards associated with thebusiness of exploring, development and mining on any of the properties in which the Corporation hold a royalty or otherinterest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures orcave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government,including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economicdevelopments in any of the countries where properties in which the Corporation hold a royalty or other interest arelocated or through which they are held); continued availability of capital and financing and general economic, market orbusiness conditions; business opportunities that become available to, or are pursued by the Corporation; theimpossibility to acquire royalties and to fund precious metal streams; other uninsured risks. The forward lookingstatements contained in this presentation are based upon assumptions management believes to be reasonable,including, without limitation: the ongoing operation of the properties in which the Corporation holds a royalty or otherinterest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of publicstatements and disclosures made by the owners or operators of such underlying properties; no material adverse changein the market price of the commodities that underlie the asset portfolio; no adverse development in respect of anysignificant property in which the Corporation holds a royalty, stream or other interest; the accuracy of publicly disclosedexpectations for the development of underlying properties that are not yet in production; and the absence of any otherfactors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additionalinformation on risks, uncertainties and assumptions, please refer to the Corporation’s most recent Annual InformationForm filed on SEDAR at www.sedar.com. The Corporation cautions that the foregoing list of risk and uncertainties is notexhaustive. Investors and others who base themselves on the forward looking statements contained herein shouldcarefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporationbelieves that the expectations reflected in those forward-looking statements are reasonable, but no assurance can begiven that these expectations will prove to be correct and such forward-looking statements included in this presentationshould not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporationundertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, other than as required by applicable law.

Safe Harbour Statement

This PowerPoint presentation has been prepared for informational purposes only in order to assist prospectiveinvestors in evaluating an investment in Osisko Gold Royalties Ltd. By accepting delivery of this confidentialinformation or any other material in connection with an investment in the Corporation, the investor agrees: (1) tokeep strictly confidential the contents of this confidential information presentation and such other material and notto disclose such contents to any third party or otherwise use the contents for any purpose other than evaluation bysuch offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPointpresentation, other confidential information or any such other material.

Inquiries regarding this confidential PowerPoint presentation can be made to the senior management of theCorporation.

Cautionary the Use of Note to U.S. Investors Regarding Mineral Reserve and Mineral Resource Estimates

Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports itsmineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure ofmineral properties are governed by NI 43-101. The definitions of NI 43-101 are adopted from those given by theCanadian Institute of Mining, Metallurgy and Petroleum (“CIM”). U.S. reporting requirements are governed by theIndustry Guide 7 (“Guide 7”) of the Security and Exchange Commission ("SEC"). This presentation includes estimatesof mineral reserves and mineral resources reported in accordance with NI 43-101. These reporting standards havesimilar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embodydifferent approaches and definitions. For example, under Guide 7, mineralization may not be classified as a “reserve”unless the determination has been made that the mineralization could be economically and legally produced orextracted at the time the reserve determination is made. Consequently, the definitions of “Proven Mineral Reserves”and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of theSEC. Osisko also reports estimates of “mineral resources” in accordance with NI 43-101. While the terms “MineralResource,” “Measured Mineral Resource,” “Indicated Mineral Resource” and “Inferred Mineral Resource” arerecognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies arenot permitted to report estimates of mineral resources of any category in documents filed with the SEC. As such,certain information contained in this presentation concerning descriptions of mineralization and estimates of mineralreserves and mineral resources under Canadian standards is not comparable to similar information made public byUnited States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned notto assume that all or any part of Measured Mineral Resources or Indicated Mineral Resource exists, or iseconomically or legally mineable. Further, an “Inferred Mineral Resource” has a great amount of uncertainty as to itsexistence and as to its economic and legal feasibility, and a reader cannot assume that all or any part of an InferredMineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred MineralResources may not form the basis of feasibility or other economic studies.

Forward Looking Statements

2

Royalties: Osisko receives a percentage of the precious metal production generated from a mine at no cost.

3

The Leading Intermediate Gold Royalty Company

4

The Leading Intermediate Gold Royalty Company

We Offer Safe Exposure To Gold & Leverage Through Resource Growth

2 OF THE PREMIER ROYALTY ASSETS QUARTERLY DIVIDEND

OVER 50 ROYALTIESAND ONE STREAM IN

NORTH AMERICAGOLD FOCUSED

5

Strong Balance Sheet

STRONG ABILITY TO TRANSACT

1. Fair value of marketable securities as at December 31, 2016

STRONG CASH POSITION

TRACK RECORD OF SUCCESS

~$700M IN CASH & AVAILABLE CREDIT

$222M1 IN INVESTMENTS

6

The Royalty Model – How it Works

Construction Refinancing

ROYALTY MODEL ACCELERATOR MODEL

7

How Osisko Shareholder Benefit

GOLD PRICE LEVERAGE

100% EXPLORATION UPSIDE FROM ASSET

0% EXPOSURE OF CONSTRUCTION OR EXPANSION CAPITAL

0% EXPOSURE TO OPERATING COST

ZERO-COST TO OSISKO FOLLOWING INVESTMENT

OSISKO GOLD ROYALTIES:

PAYS DIVIDEND TO SHAREHOLDERS

INVEST IN OTHER ROYALTIES

8

Our Performance

$1.5

$6.5

$12.6

$8.4$9.8

$15.9 $15.0

$0.0

$5.0

$10.0

$15.0

$20.0

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

NET CASH FLOWS FROM OPERATING ACTIVITIES ($C M)

~$700M IN CASH & AVAILABLE CREDIT

$221.7M IN INVESTMENTS

$0.00

$0.01

$0.02

$0.03

$0.04

$0.05

DIVIDEND ($)

$24.0

$33.2

$0$5

$10$15$20$25$30$35

Nine Months EndedSept. 30 2015

Nine Months EndedSept. 30 2016

NET EARNINGS ($M)

1. Fair value of marketable securities as at December 31, 2016

1

$45.4

$62.7

$0$10$20$30$40$50$60$70

Twelve Months EndedDec. 31, 2015

Twelve Months EndedDec. 31, 2016

REVENUES ($M)

9

TWO OF THE PREMIER GOLD ROYALTIES IN THE SECTOR GOLD FOCUSED PORTFOLIO OF OVER 50 EXPLORATION STAGE ROYALTIES PROVIDE GREAT OPTIONALITY

High Quality Portfolio of Producing and Early Stage Royalties & Stream

PRODUCING & CASH FLOWING ASSETSIN QUÉBEC,ONTARIO & BC

GROWTH ASSETSFOCUSED ON NORTH AMERICA

ODYSSEY NORTH

UPPER BEAVER KIRKLAND LAKE

CAMP

CARIBOO

MARBAN

LAMAQUE

PANDORA

WINDFALL

HERMOSA

HORNE 5

GUERRERO9,600 KM2 AREA IN

GUERRERO, MEXICO

COULON POLYMETALLIC PROJECT

ÉLÉONORE

ISLAND GOLD

VEZZA

CANADIAN MALARTIC

GIBRALTAR

CANADIANMALARTIC5% NSR

ÉLÉONORE2-3.5% NSR

ISLAND GOLD1.7-2.55% NSR

VEZZA5% NSR – 40% NPI

10

High Quality Cash Flow Generating Assets

100%Of Revenues in Canada at Zero-

Cost Gold in 2016

2016 GEO PRODUCTION OF 38.3 K OZ

2017:~2,800 GEOs

EXPECTED FROM THE GIBRALTAR

SILVER STREAMGIBRALTARSILVER STREAM 200 k oz Ag / yr

from 2017-2030 350 k oz Ag / yr

from 2031-2039+

ROYALTIES

STREAM37,813

457

GOLD SILVER

11

OPERATORS: Agnico Eagle (50%) / Yamana Gold (50%)

LOCATION: Malartic, Québec

RESERVES: Current P&P reserves of 7.1 M oz Au1

ROYALTY:

5% NSR royalty $0.40/tonne on milled ore from

outside the current property area for life of mill starting in June 2021

2016 PRODUCTION: 585 K oz2

OPERATORGUIDANCE (Au):

2017: 600 k oz 2018: 650 k oz 2019: 640 k oz

OSISKOATTRIBUTABLEGEOs:

2017: 30.5 to 31.5 k oz 2018: 33 k oz 2019: 32.5 k oz

1. See Appendix for full disclosure on Reserves & Resources.2. Based on Agnico Eagle’s press release dated February 15, 2017, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2016 Results…”

Canadian Malartic Royalty – 5% NSR

THE LARGESTGOLD MINEIN CANADA

PROVEN & PROBABLERESERVES OF7.1 M oz Au1

12

Canadian Malartic Exploration Upside| Odyssey North & South

1. Based on Agnico Eagle’s press release dated February 15, 2017, titled: “Agnico Eagle Reports Fourth Quarter and Full Year 2016 Results…”

Initial inferred mineral resources of 1.43 Moz (20.7 million tonnes grading 2.15 g/t gold) for North and South Odyssey Zones.

155 holes (119,396 metres) completed in 2016

Osisko holds a 5% NSR royalty on the Odyssey South zone and a 3% NSR royalty on the Odyssey North zone

NEAR-TERM PRODUCTION POTENTIAL (2018-2020) FROM ODYSSEY SOUTH

UNDERGROUND1

FURTHER PRODUCTION GROWTH POTENTIAL FROM ODYSSEY NORTH

UNDERGROUND(2021 AND BEYOND)1

1.43 M ozAu

Inferred Resources 1

and growing

131. See Appendix for full disclosure on Reserves & Resources.2. Based on Goldcorp press release dated February 15, 2017, titled “Goldcorp Reports Fourth Quarter and Full Year 2016 Results”.

OPERATOR: Goldcorp (100%)

LOCATION: James Bay, Québec

RESERVES: Current P&P reserves of 4.57 M oz Au1

ROYALTY:

2.0% NSR on the first 3 M oz of Au 0.25% increase for every additional

1M oz of production thereafter, to a maximum of 3.50%

+10% if Au is higher than US$500/oz

2016 PRODUCTION: 278 k oz2

2017 OPERATOR GUIDANCE: 315 k oz2

2017 OSISKO ATTRIBUTABLE GOLD OUNCES:

6.8 to 7.0 k oz

OSISKO ATTRIBUTABLE GOLD OUNCES AT FULLPRODUCTION:

GROWING TO > 10,000 - 15,000 OZ RAMP UP TO TO FULL PRODUCTION BY 2020

4.57 M oz Au

Potentialto 1,500mÉléonore Royalty – 2.0 to 3.5% NSR

141. Based on Taseko’s guidance. Taseko does not report silver resources or reserves.

OPERATOR: Taseko (75%)

LOCATION: Cariboo Regional District, British Columbia

MINE PLAN: 23-year mine life

STREAM:

100% of Taseko’s share of payable silver for the first 5.9M oz

35% of payable silver thereafter US$2.75/oz silver transfer payment Fixed silver payability of 90%

SILVER PRODUCTION:• 200 k oz from 2017 to 20301

• 350 k oz from 2031 to 2039+

EFFECTIVE DATE: The stream is effective as of Jan 1, 2017

EXPLORATIONPOTENTIAL:

In Sept. 2016, Taseko announced a new high grade copper-gold-silver zone northwest of the existing pits

LONG LIFE PRODUCING ASSET IN CANADA

CONSISTENT SILVER GRADE IN COPPER CONCENTRATE

Gibraltar Stream – 100% of Attributable Payable Silver

B.-C.

15

Operating since 2007 2016 production: 83,323 oz Au On February 2, 2017, Richmont

announced a guidance of between 87,000 to 93,000 gold ounces for 2017

On January 31, 2017, Richmontannounced an increase of 34% in mineral reserves at the Island Gold Mine

Other Producing & Cash Flowing Royalties

Operated by Ressources Nottaway inc.(private company)

The property is located 25km from Matagami, Québec

ISLAND GOLD 1.7%-2.55%

NSR

VEZZA5% NSR40% NPI

16

New Growth – Focused on North America

UPPER BEAVER KIRKLAND LAKE CAMP

2% NSR

CARIBOO1.5% NSR

MARBAN0.425% NSR

LAMAQUE1.7% NSR

WINDFALL1.5% NSR

HERMOSA1% NSR

HORNE 51% NSR

GUERRERO9,600 KM2 AREA IN

GUERRERO, MEXICO

FARM-IN AGREEMENTJAMES BAY - LABRADOR TROUGH PROPERTIES

1.5% - 3.5% NSR

COULON POLYMETALLIC

PROJECT

EXPLORATIONPROPERTIES

GROWTHROYALTYASSETS

ODYSSEY NORTH3% NSR

PANDORA2% NSR

OVER 50 ROYALTIES IN THE PORTFOLIO TO PROVIDE UPSIDE TO “OR” SHAREHOLDERS

17

Accelerator Model

FUNDAMENTAL CONCEPT

Use Osisko Group’s solid experience in exploration, engineering, construction & financing to advance projects on which Osisko owns royalties

Support accelerator companies at board level and key management roles Maintain key shareholder position to drive further benefits to OR

Tax efficient way of deploying capital as investments in flow-through shares shelter royalty income

KEY ACCELERATOR COMPANIES

OR Representation:

Chairman: Sean RoosenCEO: Luc LessardCFO: Vincent MetcalfeEquity Investment: $6.7 millionRoyalty Investment: $10.0 millionRoyalty: 1% NSRStream: Ability to apply royalty as

prepayment against a gold/silver stream

OR Representation:

Chairman: Sean RoosenCEO: John BurzynskiEquity Investment: $29.5 millionRoyalty Investment: $9.8 millionRoyalties: 1.5% NSR Windfall

0.425% Marban

18

Accelerator Case Study – Osisko Mining Corporation Prior to Acquisition

Source: Company filings, FactSet1. FactSet basic share market capitalization.2. Equity financings only; includes bought deals, private placements, non-brokered financings, and subsequent warrant and option exercises.

(1) (2)

--

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

--

$3

$6

$9

$12

$15

$18

$21

Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13

Market Capitalization and Cum

ulative Financing (C$ mm

)Sh

are

Pric

e (C

$)

Market Cap. Cumulative Equity Financing Price

> 9 year cycle

FUNDAMENTAL CONCEPT IS TO SHORTEN THE CREATION

& DEVELOPMENT OF CASH FLOWING ROYALTIES

19

Accelerator Model – Acquiring Royalties at Discounted Valuations

NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)

PURCHASED A 1.5% NSR IN FEBRUARY 2016 PURCHASED A 1% NSR IN APRIL 2016

1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost

$25.0

$19.0 1

$6.0

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

$10.0

$17.9 1

($7.9)

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

20

Accelerator Model – Acquiring Royalties at Discounted Valuations

NET COST OF ROYALTY PURCHASE AT SEPT 30, 2016 (C$ M)

PURCHASED A 1.0% NSR IN MAY 2016 PURCHASED A 1% NSR IN APRIL 2016

1. Non-IFRS measure representing the difference between the fair value of marketable securities less acquisition cost

$10.0

$13.2

($3.2)

Cost to purchaseroyalty

Unrealized gain onequity investment

Net cost of royalty

$9.8

$33.6

($23.8)Cost to purchase

royaltyUnrealized gain onequity investment

Net cost of royalty

$155.3

$205.9

$261.8

Cost Base Market Value at Dec.31, 2016

Market Value at Feb.22, 2017

$62.0

21

Significant Value Creation Through Investment Portfolio

VALUE OF INVESTMENT PORTFOLIO1 (C$ M)

1. Fair value of marketable securities in associates and other as at December 31, 2016. Without investment in Labrador Iron Royalty Corporation.

+

VALUE OF NEW ROYALTYPURCHASES (C$ M)

Paid Value of New Royalties

EQUITY POSITIONS HAVE ALLOWED TO

GENERATE OVER $62M OF NEW ROYALTIES

$35.5M ofFlow-Through

22

Positive Royalty Portfolio Developments within Accelerator Model

HORNE 5ROYALTY: 1% NSR Significant increase in resource: 7.1 M oz AuEq M&I / 1.7 M oz AuEq Inferred $36.5 M bought deal financing completed in November 2016 35,000 m of drilling in 2016 will expand project footprint.

HERMOSA

ROYALTY: 1% NSR Maiden resource announced on Taylor deposit:

31.1 M tons at 10.9% ZnEq Indicated / 82.7 M tons at 11.1% ZnEq Inferred Deposit still open in all directions Aggressive drilling to continue on the property

WINDFALLROYALTY: 1.5% NSR 150,000 m drilling program ongoing; recently increased drilling program to 250,000 m Advanced exploration programs ongoing to define deposit

MARBANROYALTY: 0.425% NSR New resource announced in 2016: 1.48 M oz M&I / 0.13 M oz Inferred 20,000 m drilling in 2016

CARIBOOROYALTY: 1.5% NSR New mineralized zones discovered on Island Mountain in December 2016

150,000172,000

102,000 120,000 119,000

65,00035,000 30,000 15,000

250,000

115,000

130,000 100,00081,000

50,000

40,000 40,00030,000

25,8000

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Windfall Island Gold Cariboo CanadianMalartic

Lamaque Hermosa Horne5 Éléonore Urban Barry Upper Beaver

2016 2017

OVER 860,000 METRES OF DRILLING ON OUR ROYALTIES PLANNED FOR 2017 (> 800,000 m IN 2016)

23

SIGNIFICANT INVESTMENT BY OPERATORS ON OSISKO’S ROYALTY PROPERTIES;RESERVES & RESOURCES UPSIDE AT NO COST TO OSISKO

The Drills Are Turning – Upside on Growth Portfolio

ZERO-COST TO OSISKO GOLD

ROYALTIES

1. Assumption based on current program2. $10 million budget (assumes $250 per metre)

(1)

(2)

Drilling Metres

24

MANAGEMENT TEAM

The Team

Sean RoosenChair & CEO

Bryan A. CoatesPresident

Elif LévesqueCFO & VP, Finance

Co-Founder of OsiskoMining Corporation Transformed Osisko

Mining into a leading intermediate producer

Transformed OsiskoMining into a leading intermediate producer Over 30 years of

experience in the mining industry

18 years of experience in finance, treasury and financial reporting

André Le BelVP, Legal Affairs &Corporate Secretary

Vincent MetcalfeVP, Investor Relations

Joseph de la PlanteVP, Corporate Development

20 years of experience in legal affairs in the mining industry

10 years of experience in the mining industry related to capital markets and mergers & acquisition

10 years of experience in the mining industry in corporate development and mininginvestment banking

Frédéric RuelVP, Corporate Controller

15 years of experience in financial reporting, including over 10 years in the mining industry.

25

The Technical Team

• IN-HOUSE TECHNICAL TEAM TO EVALUATE & REVIEW OPPORTUNITIES• TEAM WITH OVER 200 YEARS OF EXPERIENCE IN GEOLOGY, ENGINERING,

AND MINE BUILDING

Luc LessardSVP, Technical Services

Robert WaresConsultant, Geology

Paul ArcherChief Geologist

François VézinaDirector, Mining

Christian LarocheDirector, Metallurgy

Chris LodderConsultant, Geology, South America

Co-Founder of OsiskoMining Corporation Transformed Osisko

Mining into a leading intermediate producer

Transformed OsiskoMining into a leading intermediate producer VP Construction of

Osisko Mining during the build of Canadian Malartic

More than 25 years of experience in mining exploration

As at February 21, 2017

$1.6BMARKET CAP

$40.7MOPERATING CASH FLOWYTD-Q3 2016

$499.2M CASH & CASH EQUIVALENTS(at December 31, 2016)

$150-$200MAVAILABLE CREDIT

38,270 ozATTRIBUTABLE GOLD EQUIVALENTOUNCES RECEIVED FOR 2016

QUARTERLY DIVIDENDDISTRIBUTION OF30.8 $ SINCE INCEPTION

TOP SHAREHOLERS

RESEARCH COVERAGE

Corporate Summary

BANK OF AMERICA MERRILL LYNCH Michael JalonenBMO CAPITAL MARKETS Andrew KaipCANACCORD GENUITY Peter BuresCIBC WORLD MARKETS Cosmos ChiuCORMARK DESJARDINS

Richard GrayMichael Parkin

DUNDEE Josh WolfsonGMP Ian ParkinsonHAYWOOD Tara HassanMACQUARIE CAPITAL MARKETS Michael SipercoNATIONAL BANK FINANCIAL Shane NaglePARADIGM CAPITAL Don BlythRBC CAPITAL MARKETS Dan RollinsSCOTIA CAPITAL Trevor TurnbullTD SECURITIES Carey MacRury

26

VAN ECK ASSOCIATES CORPORATION 18,875,902 17.70%TOCQUEVILLE ASSET MANAGEMENT, L.P. 5,175,736 4.85%CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 4,983,862 4.67%MONTRUSCO BOLTON INVESTMENTS, INC 4,846,845 4.54%BLACKROCK INVESTMENT MANAGEMENT (U.K.), LTD 4,138,362 3.88%

FIRST EAGLE INVESTMENT MANAGEMENT, LLC 3,991,137 3.74%PSP INVESTMENTS 3,526,232 3.31%EDGEPOINT INVESTMENT GROUP, INC. 3,206,877 3.01%T. ROWE PRICE ASSOCIATES, INC. 3,144,900 2.95%M&G INVESTMENT MANAGEMENT, LTD 2,226,748 2.09%