Franco Nevada

Franco-Nevada holds a 2% NSR royalty in the Perama Hill project, which is located in the Thrace region of north-eastern Greece and is owned by Eldorado Gold Corp. (“Eldorado”). In its January 28, 2010 reserve update, Eldorado reported a Proven and Probable reserve for Perama Hill containing 966,000 ounces of gold at a grade of 3.2g/t.  The Measured and Indicated resource for Perama Hill contains 1.363 million ounces of gold at a grade of 3.62 g/t and an Inferred resource of 552,000 ounces of gold grading 1.96 g/tonne. Mineralization on the property is non-refractory in nature and would be accessible at a very low strip ratio of 0.4:1.  The estimated metallurgical recovery is 90%.  Eldorado’s 2010 program for Perama Hill will concentrate on permitting activities prior to planned construction starting in the second half of 2011. Eldorado views the recent political and economic developments in Greece as positive for the permitting and timely development of this project.  Eldorado expects to spend $60 million in capital on Perama Hill in 2011.