Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Investor Presentation (September 2010)

45 slides from Eldorado Gold's investor presentation, September 2010

1. Slide 1: Eldorado Gold Corporation

   Eld r d Gold Eldorado G ld Corporation C r r ti September 2010 www.eldoradogold.com 1

2. Slide 2: Forward-Looking Statements

   Forward-Looking Statements Certain of the statements made in this Presentation may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities law. The

3. Slide 3: Where we operate

   Where we operate Eldorado Gold is a Canadian gold producer with 4 operating mines, 2 mines under construction, development projects and an extensive 2010 exploration program. We operate p in China,, Turkey, y, Brazil,, Greece and surroundingg regions. g www.eldoradogold.com 3

4. Slide 4: Q2 2010 Financial and Operating Highlights

   Q2 2010 Financial and Operating Highlights (amounts in US$ unless otherwise stated)  Reported record earnings of $0.11 per share Increasing Net Cash (in thousands US$) ($0.07 per share Q2 2009); $200,000  Produced 167,940 oz of gold at an average $150,000 cash operating cost of $357/oz (total cash

5. Slide 5: Lowest Quartile of Production Cost

   Lowest Quartile of Production Cost Forecast Annual Gold Production (in ounces) Expanding Margins (in $/oz) 1,200 $500 Perama Hill $1,400 $1,195 $1,110 $ , E t Eastern Dragon D g duction (x1,000 oz ) perating Cost ($/oz)) 1,000 $400 $1,200 $995 $1,000 $876 Efemçukuru 800 Margins $300 $800 $674 785 Wh

6. Slide 6: Superior Shareholder Performance

   Superior Shareholder Performance Return on Shareholders Equity Share Price Performance $9,000 C$19.08 500% TSX: ELD Return on 470% p Share Capital: 328% 400% (38% Market $6,000 Increased annualized) C$ millions market Capitalization S&P/TSX capitalization 300% to Global Gold Issued C$8.1 billion (^S

7. Slide 7: Profit as % of Revenue (2009)

   Profit as % of Revenue (2009) 28% 30% 20% 16% 14% 13% 11% enue 9% 9% 10% 4% Profit as % of Reve 0% ELD YRI AEM K IMG CG G GSS NGX ABX -10% -10% 10% -20% -30% P -40% -50% Source: Globe and Mail (August 17, 2010) www.eldoradogold.com 7

8. Slide 8: Kişladağ Mine, Turkey

   Kişladağ Mine, Turkey  Kişladağ, located in Uşak Province, Turkey, is an open pit heap leach gold mine that began commercial production in July 2006  In 2010, ore production is planned to be ~ 10Mt/year at 1.03 g/t Au with a strip ratio of 1.21:1 (265,000 oz Au)  P+P ggold reserves increased byy

9. Slide 9: Jinfeng Mine, China

   Jinfeng Mine, China  Jinfeng, located in Guizhou Province, China, is an open pit and underground gold mine that began g commercial p production in September p 2007  Eldorado owns an 82% interest with local joint- venture partner Guizhou Lannigou Gold Mine Limited holding the remaining 18%  In 201

10. Slide 10: Tanjianshan Mine, China

    Tanjianshan Mine, China  Tanjianshan (TJS), located in Qinghai Province, China, is an open pit, float-roast-CIL operation that began g commercial p production in Februaryy 2007  Partners in TJS are Qinghai Number One Geological Brigade (5%) and the Dachaidan Gold Mine (5%)  Sulphide circuit commi

11. Slide 11: White Mountain Mine, China

    White Mountain Mine, China  White Mountain, located in Jilin Province, China, is an underground mine using a sub- level and cut-and-fill stoping p g miningg method  Commenced commercial production in January 2009  Eldorado owns a 95% interest with joint- venture partner Jilin Tonghua Institute of

12. Slide 12: Efemçukuru Project, Turkey

    Efemçukuru Project, Turkey  Efemçukuru, located in Izmir Province, Turkey, is a high grade epithermal gold deposit, suited for underground mechanized mining  Feasibility study was completed in 2007 with operating and capital estimates updated in October 2009  Construction is ongoing, with commiss

13. Slide 13: Eastern Dragon Project, China

    Eastern Dragon Project, China  Eastern Dragon, located in Heilongjiang Province, China, is a high-grade, low- sulphidation epithermal, sulphidation, epithermal gold-silver gold silver vein deposit  Eldorado has a 95% equity interest with a private joint venture partner holding 5%  The Environment

14. Slide 14: Perama Hill Project, Greece

    Perama Hill Project, Greece  Perama Hill is a shallow, high sulphidation, non-refractory oxide gold deposit with a low strip p ratio  Pre-Environmental Impact Assessment (PEIA) has been submitted in October 2009  Technical report NI 43-101 for the project was filed during Q1 2010  Environmental

15. Slide 15: Exploration Projects

    Exploration Projects  Exploration budget of ~ $35.4 M  China: ~ $13.2 M  Turkey: ~ $12.4 M  Brazil: ~ $4.1 M  US Nevada: ~ $3.5 M  Other expenses: ~ $2.2 M  125,000 metres drilling planned  ~ 26 drilling programs  Blend of minesite, advanced stage, early stage, and generative programs for s

16. Slide 16: Exploration Projects

    Exploration Projects Nevada China • Early stage • Minesite exploration exploration p projects • Generative program Brazil • Tapajós apajós generative ge e at e Turkey • Tocantinzinho • Efemçukuru, advanced stage Kişladağ minesite • Advanced stage porphyry p p y ypprojects j • Early stage exploration

17. Slide 17: Strategy

    Strategy  Long life, low cost assets  Lowest quartile of production cost  Strong balance sheet  No hedge positions  Regional exploration with excellent development projects for internal growth  Explore, develop and operate to high standards www.eldoradogold.com 17

18. Slide 18: Thank you

    Thank you Eldorado Gold Corporation TSX: ELD NYSE: EGO ASX: EAU Shares Outstanding (as of June 30 30, 2010): 541.1 541 1 M Investor Relations: Nancy Woo (604) 601-6650 nancyw@eldoradogold.com www.eldoradogold.com 18

19. Slide 19: Appendix I: China Operations

    Appendix I: China Operations Eastern Dragon project Heilongjiang Province White Mountain mine Jilin Province Tanjianshan mine Qinghai Province Jinfeng mine Guizhou Province www.eldoradogold.com 19

20. Slide 20: China - Facts and Fallacies

    China - Facts and Fallacies Fallacy Fact The refining and selling of gold is tightly There is a choice of refineries (including Metalor) and the producer controlled and the producer receives a discount is free to negotiate with the preferred refinery. Terms and to the spot price. conditions are simi

21. Slide 21: China - Facts and Fallacies

    China - Facts and Fallacies Fallacy Fact Gold mining is in the “prohibited” prohibited category category, and The Foreign Investment Catalogue places investment in the gold the size of deposit available to foreign companies sector in the “restricted” category. The restricted category simply is limit

22. Slide 22: “The Big 4” Government Agencies

    “The Big 4” Government Agencies  National Development and Reform Commission (NDRC)  The main agency that directs the “planned economy”  Mainly responsible for the Foreign Investment Catalogue  Approves the final Chinese Feasibility Study for gold mining operations  Ministry of Land and Resource

23. Slide 23: Typical Flow Chart for Mine Permitting of a Sino-Foreign JV

    Typical Flow Chart for Mine Permitting of a Sino Sino-Foreign Foreign JV  Assume an existing Exploration License (EL) with drilled resources Set up JV and obtain Business License Approval by MOFCOM Transfer EL into the JV Approval by MOLAR Approval by NDRC and Chinese Feasibility Study and EIA Envi

24. Slide 24: History in China

    History in China 2003 Signed an agreement with the China National Gold Group Corporation (“CNGC”) for the exclusive right to review their portfolio of operating mines, development projects and exploration projects for a period of 5 months that was later expanded to include joint reviews of other ide

25. Slide 25: Appendix II: 2010 Exploration Overview

    Appendix II: 2010 Exploration Overview  2010 exploration budget of approximately $35.4 M, of which ~ $13.2 M is expected to be spent in China, ~ $12.4 in Turkey, ~ $4.1 in Brazil, ~ $3.5 in Nevada projects and ~ $2.2 in general exploration expenses.  Drill to discover: 125,000 metres drilling plan

26. Slide 26: Reserve Growth Strategy

    Reserve Growth Strategy 1. Generative initiatives:  Property p y identification and acquisition q  China  Turkey  Brazil  New business opportunities 2. Early stage exploration projects:  Target definition and testing  China Turkey China, Turkey, Nevada, Nevada Brazil  Drilling planned on >16

27. Slide 27: China Exploration Budget

    China Exploration Budget Other Exploration Generative Exploration: $1.0 M Expenses: $1.0 M • Project generation and acquisition Eastern Dragon District: $2.4 M • Lode 5 stepout drilling • EL53 new targets • Sanjianfeng S ji f JV Tanjianshan District: $3.8 M White Mountain District: $2.5 M • Resource

28. Slide 28: China Exploration Organization

    China Exploration Organization (Vancouver) V.P. Exploration Peter Lewis Director of Geology and New Projects, China Yumin Qiu Exploration Exploration Exploration Exploration Exploration Manager, Manager, Manager, Manager, Manager, Generative Jinfeng White Mountain Eastern Dragon Tanjianshan Programs

29. Slide 29: Jinfeng District

    Jinfeng District  Sediment-hosted, Carlin style gold deposits  Active multi-million ounce mines (Jinfeng, Zimudang, Shuiyindong Yata) Shuiyindong,  Potential for high grades  Sh i i d g ~ 16 ggm/t Shuiyindong /t www.eldoradogold.com 29

30. Slide 30: Jinfeng Deposit Model

    Jinfeng Deposit Model Fault Controlled Ore Stratabound Ore www.eldoradogold.com 30

31. Slide 31: Jinfeng District

    Jinfeng District  Jinfeng District Exploration 2010 Budget: $2.5 M  Jinfeng JV  3 exploration licenses, 1 mining license  Drill-testing numerous structurally controlled, high grade targets (2.25m @ 19.24 gm/t in trenches)  Jindu JV  3 exploration licenses (53 km2)  Drill testing targets along

32. Slide 32: White Mountain District

    White Mountain District www.eldoradogold.com 32

33. Slide 33: White Mountain District

    White Mountain District  White Mountain District Exploration 2010 Budget: $2.5M  White Mountain Minesite Exploration  Infill and stepout drilling: deposit remains open down-dip and along strike to northeast  Dongdapo Exploration License (29 km2)  T g td Target definition: fi iti ggeophysical, h

34. Slide 34: Eastern Dragon District

    Eastern Dragon District  Eastern Dragon District Exploration 2010 Budget: $2.4 M  2 exploration licenses (~100 km2)  Numerous high grade, epithermal Au+Ag veins with little previous exploration  Ore grades common in surface trenches 153.5g/t Au / 1340 g/t Ag 119.0g/t Au /743 g/t Ag www.eldoradog

35. Slide 35: Eastern Dragon Exploration

    Eastern Dragon Exploration 26.8 gpt Au EL 53 N1-2s Eastern Dragon 15.0 gpt Au selected trench and grab sample results 4.5 gpt Au jy 5.7 gpt Au Lode5 jy v? Si 5.1 gpt Au tf 9.6 gpt Au 7.7 gpt Au 0 1000m Mining License Lower Pleistocene Basalt N1-2s Tertiary sandy conglomerate 92.1 gpt Au ? jy Cretace

36. Slide 36: Tanjianshan District

    Tanjianshan District  Tanjianshan District Exploration 2010 Budget: $3.8M  323 zone resource definition drilling  QLT deeps resource definition drilling  Target generation programs:  M Mapping i  RAB drilling programs www.eldoradogold.com 36

37. Slide 37: China Generative Exploration

    China Generative Exploration Distribution of gold deposits in China B k hik Bakyrchik Altay Shan Eastern Dragon Tianshan orogenic HLJ-Jilin & porphyry Au epithermal & breccia Kumtor pipe/porphyry Au Muruntau White Mountain Tanjianshan Pulang orogenic & porphyry Au-Cu Jinfeng Golden Triangle Carlin t

38. Slide 38: Turkey Exploration Budget

    Turkey Exploration Budget Generative Exploration: $1.7 M Other Exploration • Project generation and acquisition Expenses: $1.1 M Kişladağ: $4.0 M AS porphyry target: $0.9 M • Resource expansion • Geophysical surveys drilling • Drilling Efemçukuru: $1.5 M • Stepout, Stepout new vein targets drilling

39. Slide 39: Kişladağ Resource Drilling

    Kişladağ Resource Drilling  Kişladağ Exploration 2010 Budget: $4.0 M  Continuation of successful 2009 program of defining additional resources contiguous with present reserve  As of June 30, 2010, measured and indicated gold resources increased by 0.85 million ounces to 11.12 million ounces and i

40. Slide 40: Efemçukuru Exploration

    Efemçukuru Exploration Northwest Extension Target  Efemçukuru Exploration 2010 Budget: $1.5 M  Kestane K t B Beleni l i northwest th t stepout  Kokarpinar vein  Preliminary drill test 2009: 3.7m @ 11.1 gm/t Au  North ore shoot infill drilling www.eldoradogold.com 40

41. Slide 41: Advanced Stage Porphyry Targets

    Advanced Stage Porphyry Targets  2010 Exploration Budget: $1.7 M  AS: mapping, geophysics, target definition, + drilling  Sayaçik: drilling geophysical/geological targets defined in 2009 exploration program AS Au-Cu Porphyry Sayaçik www.eldoradogold.com 41

42. Slide 42: Early-stage Exploration Programs

    Early-stage Exploration Programs  2010 Exploration Budget: $2.4 M  MH IOCG prospect  Detailed mapping  Drilling of four targets defined by 2009 geophysical / geochemical / geological programs  Konya-Sizma  Phyllite-hosted Au anomaly  Drill testing two target areas Konya-Sizma www.eldoradogold

43. Slide 43: Brazil Exploration

    Brazil Exploration  2010 Exploration Budget: $4.1 M  Tocantinzinho  Six month program to test target areas outside of main deposit  4000m diamond drilling targeting geochemical, geophysical anomalies  Reconnaissance mapping, mapping sampling of artisanal workings www.eldoradogold.com 43

44. Slide 44: Nevada Exploration Budget

    Nevada Exploration Budget  Nevada Exploration 2010 Budget: $3.5 M  Early stage, Carlin-style gold targets Richmond  Option agreements Mtn. Buffalo Cathedral Canyon Canyon. Well Green Monster www.eldoradogold.com 44

45. Slide 45: Nevada Exploration

    Nevada Exploration  Drill-testing 4 grassroots projects through option agreements  AuEx Ventures properties Buffalo Canyon Green Monster  Bronco Creek properties Richmond Mountain Cathedral Well Buffalo Canyon Cathedral Well www.eldoradogold.com 45

Eldorado Gold — Investor Presentation (September 2010) on 6ix