Investor PresentationMarch 2014

TSX : FRUAdvisories

Note: All dollar amounts in this presentation are in Canadian dollars, except where noted.

Forward-Looking InformationThis presentation offers management’s assessment of Freehold’s future plans and operations and contains forward-looking information pertaining to Freehold’s expected tax horizon, dividend policy and timing for paying dividends, tax treatment of dividends, future business strategy, and assumptions regarding commodity prices, production, capital spending plans, costs, year-end debt, DRIP participation, taxes payable, and shares outstanding. The key assumptions used in the preparation of this presentation are footnoted on the accompanying slides. Risks and uncertainties that could significantly affect these forward-looking statements are outlined in our Annual Information Form, which is filed on sedar.com. Forward-looking information is provided to facilitate a better understanding of our business and prospects but should not be unduly relied upon as actual results could differ materially. We assume no obligation to update or revise these forward-looking statements except as required by law.

Additional GAAP Measures and Non-GAAP Financial MeasuresWithin this presentation and identified where applicable, references are made to terms commonly used as key performance indicators in the oil and gas industry, which we believe are useful supplemental measures for management and investors to analyze operating performance, financial leverage, and liquidity. We use these terms to facilitate the understanding and comparability of our results of operations and financial position. However, these terms do not have any standardized meanings prescribed by Canadian generally accepted accounting principles (GAAP) and therefore may not be comparable with the calculations of similar measures for other entities. Additional information is provided in our most recent annual and quarterly reports, which are filed on www.sedar.com.

Barrels of Oil Equivalent (boe) ratio: 6 Mcf = 1 barrelThe 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

2

TSX : FRUCorporate Profile

2014e production(1) (68% royalty production)

boe per day8,700

Annual dividend ($0.14 per month)

$ per share1.68

Current dividend yield(2)

percent7

Market capitalization(2)(3)

$ billion1.5

Net debt to funds from operations(4)

times0.4

(1) Per guidance dated March 6, 2014.(2) Based on FRU closing share price of $22.67 on February 28, 2014.(3) Based on 67.7 million shares outstanding as at December 31, 2013.(4) Based on net debt of $49.0 million as at December 31, 2013 and 12 months trailing funds from

operations.

focused on oil and gas royalties

3

TSX : FRUInvestment Performance*

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

$167

$39 $33

Freehold Royalties Ltd. S&P/TSX Oil and Gas Exploration & Production Index S&P/TSX Composite Index

* From November 25, 1996 to December 31st, 2013, with dividend reinvestment. 4

Cumulative dividends declared$27.25 per share($1.2 billion in dividends)

TSX : FRU2013 Scorecard vs. GuidancePrevious Guidance

Annual Average 2013 Actual

Nov. 2013

Aug. 2013

May 2013

Mar. 2013

Daily production boe/d 8,900 8,800 8,800 8,700 8,500

WTI oil price US$/bbl 98 98 96 93 95

Western Canada Select (WCS) Cdn$/bbl 75 75 75 69 71

AECO natural gas price Cdn$/Mcf 3.16 3.25 3.00 3.50 3.10

Operating costs $/boe 5.95 5.60 5.30 5.00 5.00

G&A costs $/boe 2.35 2.60 2.60 2.60 2.60

Capital expenditures $ millions 29 32 32 30 30

Dividends paid in shares (assumes average 25% DRIP participation) $ millions 28 28 28 28 28

Long-term debt at year end $ millions 49 53 44 44 48

Estimated cash taxes payable for 2013 tax year $ millions 24 24 24 25 25

5

TSX : FRUAnnual Guidance*

Guidance Updated

2014 Key Assumptions (as at March 6, 2014) Mar. 6 2014

Nov. 14 2013

Daily production boe/d 8,700 8,600WTI oil price US$/bbl 97 95Western Canada Select (WCS) Cdn$/bbl 83 75AECO natural gas price Cdn$/Mcf 4.50 3.50Exchange rate Cdn$/US$ 0.90 0.95Operating costs $/boe 6.00 5.60G&A costs $/boe 2.60 2.60Capital expenditures $ millions 35 30Dividends paid in shares (assumes average 25% DRIP participation) $ millions 29 29

Long-term debt at year end $ millions 38 57Current income tax expense $ millions 32 28Weighted average shares outstanding millions 68 68

* See advisory regarding forward-looking information. 6

TSX : FRU

CardiumHeavy

Oil

Bakken,Mississippian

Development Opportunities

North Saskatchewan River

3.1milliongross acres

Viking

7

Royalty interests 94%Working interests 6%Oil resource plays

TSX : FRUThe Royalty Advantage: Netbacks

Illustration does not factor in capital costs on working interest properties.

* Non-GAAP measure. See slide 39.

** Excludes freehold mineral taxes payable to the Crown.

A Working Interest BarrelOperating netback*

~ 60% of gross revenue

A Royalty Interest BarrelOperating netback*

~ 100%** of gross revenue

OperatingNetback(60% ofgross

revenue)

OperatingNetback(100% of

grossrevenue)

Royalties Paid(15%)

Operating Costs(25%)

8

TSX : FRU The Royalty Advantage: Peers

9

2013 YTD Avg. Operating Netback ($/boe)2013 YTD Avg. Operating Costs ($/boe)

• FRU’s liquids weighting and low cost model drive top decile economics.

YTD denotes F9 mo. of operations

TOUBNPPEYBIRPGFERFARXZARPWTBTE

WCPBNEFRULEGCPGLTSPRYVET

$0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00

PEYTOUFRUBIR

BNPARXWCPERFCPGBNEVETLTSBTELEGPGFPWTZARPRY

$0.00 $5.00 $10.00 $15.00 $20.00

TSX : FRURoyalty-Focused Production

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0

2,000

4,000

6,000

8,000

10,000

Royalty Interest Production Working Interest Production

boe/d

8,91370%royalties

10

TSX : FRUTop Royalty Payors/Operators*

* Top 30 payors account for over 80% of royalty revenue on a trailing 12 month basis. 11

TSX : FRU

$35 million

2014 Capital Allocation*

* Per guidance dated March 6th, 2014.

58 (14 net) wells

Southeast Saskatchewan

40%

Lloydminster Heavy Oil/Cardium Light Oil

60%

12

TSX : FRUCapex Requirements

2010 2011 2012 2013 2014e 0%

25%

50%

75%

100%

125%

150%

Capital Expenditures as a Percentageof Funds from Operations

Sector Average Freehold

* See non-GAAP measures.

Sector average 109%

Freehold average 24%

13

TSX : FRURoyalty Drilling Trends*

14

2007 2008 2009 2010 2011 2012 20130

5

10

15

20

Oil HzOil VertGas HzGas VertOtherD&A

53% Oil35% Hz

57% Oil32% Hz

44% Oil30% Hz

58% Oil37% Hz

85% Oil59% Hz

92% Oil 66% Hz

87% Oil70% Hz

* Equivalent net wells drilled on Freehold’s royalty land.

TSX : FRUAcquisition Strategy

Focused on Royalties

Accretive Acquisition

s

Equity financings in 2001, 2005, 2009, and 2012.

Buy existing royaltiesDevelopment funding Capital contribution

in return for a royalty

$660 million since inception 90% royalties

15

TSX : FRUAccretive Acquisitions

Equity financings in 2001 ($30M), 2005 ($260M), 2009 ($110M), and 2012 ($68M).

Year AreaCost

($ millions)

Initial ProductionAcquired

(boe/d)

1997 Alberta/Saskatchewan $22 700

2001 Southeast Saskatchewan 25 800

2005 Petrovera (CNRL) 352 3,8002007 Alberta/Saskatchewan 90 7002010 Alberta, Sask. and B.C. 38 4002011 Northwest Alberta 7 1002012 Alberta, Sask. and B.C. 60 600

1997–2013 Numerous small acquisitions 69 1,300

Total:$

663 8,400 16

TSX : FRUStable, Attractive Dividend*

2010 2011 2012 2013 2014e

$1.68 $1.68 $1.68 $1.68 $1.68

Annual Dividend($/share)

Eligible dividends for Canadian tax purposes.* See advisory regarding forward-looking information. 17

TSX : FRUDividend History

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$0

$10

$20

$30

$40

$50

$60

$70

$80

$0.13

$1.10

$0.65 $0.78

$1.32

$1.56

$1.31

$1.70 $1.73 $1.92

$2.10 $1.92

$2.91

$1.40

$1.68 $1.68 $1.68 $1.68

Annual Dividend ($/share) Freehold's Average Selling Price ($/boe)

Dividend ($/share)

Selling Price($/boe)

Eligible dividend for Canadian tax purposes. 18

TSX : FRUStrong Financial Position

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.0

0.5

1.0

1.5

2.0

2.5

3.0

Debt to Funds from Operations*

Sector Average Freehold

(multiple)

* See advisory regarding non-GAAP financial measures.

$161 millionavailable credit capacity

(at December 31, 2013)

19

TSX : FRUFRU Stock Price Tracks Oil Price

Jan/2009 Jan/2010 Jan/2011 Jan/2012 Jan/2013 Jan/2014 -

25.00

50.00

75.00

100.00

125.00

150.00

-

5.00

10.00

15.00

20.00

25.00

30.00

WTI Oil Price (US$) FRU Share Price (CDN$)

WTI in US$ FRU in C$

To February 28, 2014.

100%unhedged

64%oil and NGL production

20

TSX : FRUThe Manager

CN PENSION TRUST FUNDSPension fund for employees of Canadian National Railway

100% ownership

27% ownership

100% ownership Manager of the assets

21

TSX : FRUFreehold Ownership

67,746,470 shares outstanding (December 31st, 2013)Insider holdings

CN Pension Trust Funds – 18,261,016 (27.0%)» Rife: 4,313,744 (6.4%) (included in above number for CNID)

Institutional (57%)

Retail (43%)

Canadian (90%)

U.S/Foreign (10%)

22

TSX : FRU2013 Relative Performance

LightstreamPenn WestTwin Butte

TrilogyBonavista

BaytexFreehold

S&P/TSX CompositeZargon

PerpetualCrescent Point

SurgeVermilion

ARCPengrowthAdvantage

PeytoWhitecapEnerplus

-20.5%-10.4%

-6.8%-6.3%

1.1%2.2%

6.3%6.7%

9.1%15.6%

18.0%23.6%23.7%

28.6%42.5%

46.3%47.1%

49.3%54.7%

FRU: 6.3%

* Year to date to December 31st, 2013.

Freehold

23

TSX : FRU2014 Sensitivities

VariableChange

(+/-)

Estimated Change in

Funds From Operations

($ per share)

WTI oil price US$1.00/bbl 0.02Canadian/U.S. dollar exchange rate US$0.01 0.02Edmonton Par/WCS differential Cdn$1.00/bbl 0.01AECO natural gas price Cdn$0.25/Mcf 0.02Interest rate 1% 0.004Oil and NGL production 100 bbls/d 0.03Natural gas production 1,000 Mcf/d 0.01

* See advisory regarding forward-looking information. 24

TSX : FRUWhy Own Freehold?

25

conservative management, low risk profile

large royalty portfolio

high dividend payout

low costsRoyalty

Focus

Supplemental Information

TSX : FRUPerformance Since Corporate Conversion

27To December 31st, 2013.

Dec 2010 Dec 2011 Dec 2012 Dec 201350

75

100

125

150

FRU S&P/TSX Composite S&P/TSX Oil & Gas E&P

+38.1%

+10.6%

-17.2%

TSX : FRULand Holdings*

3.1 million gross acres 21% held in perpetuity

(630,000 gross acres of mineral title and royalty assumption lands; 80% leased)

822,000 gross acres undeveloped

Undeveloped land independently valued at $89.1 million

30,000 oil and gas wells

Land Profile

Mineral title lands - 20%Gross overriding royalties - 73%Working interest properties - 7%

93%royalties

* As at December 31, 2013. 28

TSX : FRUReserves Profile*

Net Reserves 14.5 MMboe proved

» 59% oil and NGL» 6.0 year RLI

23.1 MMboe P+P» 61% oil and NGL» 8.5 year RLI

Net Proved Plus Probable Reserves

Light and medium crude oil - 25%Heavy crude oil - 29%Natural gas liquids - 6%Natural gas - 38%

94% of our proved reserves

are producing

* As at December 31, 2013. 29

TSX : FRUProduction Profile

2013 average 8,913 boe/d 70% royalty production 64% oil and NGL

2014 forecast* 8,700 boe/d

Our oil-weighted production is currently

unhedged

Production Profile

Light and medium crude oil - 34%Heavy crude oil - 25%Natural gas liquids - 5%Natural gas - 36%

30* 2014 forecast per guidance dated March 6, 2014.

TSX : FRUBoard of Directors

Nolan Blades Harry Campbell Peter Harrison Arthur Korpach

Tom Mullane David Sandmeyer Rodger Tourigny Aidan Walsh

31

TSX : FRUWhat is a Royalty?A payment based on a percentage of gross production

Crown Royalty Mineral rights owned by the government (Crown) Leases auctioned at Crown land sales Royalty rates set by the Crown Held by the Crown in perpetuity

Mineral Title Royalty Minerals rights privately owned Lease terms and royalty rate negotiated Held by the private owner in perpetuity

Gross Overriding Royalty (GORR) A contractual royalty interest created out of a working interest Expires upon termination of the lease

32

TSX : FRUProud Owner of Legacy Lands Mineral titles are held in

perpetuity Historic land grant to the

Hudson’s Bay Company (HBC) in 1670 by the King of England

HBC surrendered land to Canada in 1870 in exchange for cash and 1/20th of lands(Section 8 and ¾ of Section 26) in western Canada (HB Lands)

The 8s and 26s

A portion of the HB Lands were purchased by Canpar in 1979 Producing HB Lands were purchased from Canpar by Freehold in

1996.

33

TSX : FRU2013 Operational Highlights

RoyaltyInterest

WorkingInterest

TotalCompany

Royalty Percent

Net reserves Mboe 17,500 5,600 23,100 76%Average production boe/d 6,195 2,718 8,913 70%Acquisitions(1) $ millions 9 1 10 90%Royalty expense(2) $ per boe 0.06 6.30 1.96 3%Operating expense $ per boe - 19.51 5.95 0%

(1) Includes undeveloped land.(2) Royalty expense includes both Crown charges and royalty payments to third parties.

Royalties Drive Value

34

Investor Relationstoll free. 888.257.1873telephone. 403.221.0833website. freeholdroyalties.com