Franco-Nevada (FNV $37.30, rated Underweight with a price target of $27) COVERAGE INITIATED WITH UNDERWEIGHT RATING AS SHARES TRADE NEAR 70% PREMIUM TO ESTIMATED NPV 10/10/2011

Franco-Nevada (FNV $37.30, rated Underweight with a price target of
$27) COVERAGE INITIATED WITH UNDERWEIGHT RATING AS
SHARES TRADE NEAR 70% PREMIUM TO ESTIMATED NPV  10/10/2011