1. Investor Presentation March 2014

2. TSX : FRU Advisories Note: All dollar amounts in this presentation are in Canadian dollars, except where noted. Forward-Looking Information This 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 Measures Within 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 barrel The 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

3. TSX : FRU Corporate Profile 2014e production (1) (68% royalty production)boe per day 8,700 Annual dividend ($0.14 per month)$ per share 1.68 Current dividend yield (2) percent 7 Market capitalization (2)(3) $ billion 1.5 Net debt to funds from operations (4) times 0.4 (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

4. TSX : FRU Investment Performance* * From November 25, 1996 to December 31st, 2013, with dividend reinvestment. 4 Cumulative dividends declared $27.25 per share ($1.2 billion in dividends)

5. TSX : FRU 2013 Scorecard vs. Guidance Previous Guidance Annual Average 2013 Actual Nov. 2013 Aug. 2013 May 2013 Mar. 2013 Daily productionboe/d8,9008,800 8,7008,500 WTI oil priceUS$/bbl98 969395 Western Canada Select (WCS)Cdn$/bbl75 6971 AECO natural gas priceCdn$/Mcf3.163.253.003.503.10 Operating costs$/boe5.955.605.305.00 G&A costs$/boe2.352.60 Capital expenditures$ millions2932 30 Dividends paid in shares (assumes average 25% DRIP participation) $ millions28 Long-term debt at year end$ millions495344 48 Estimated cash taxes payable for 2013 tax year $ millions24 25 5

6. TSX : FRU Annual Guidance * Guidance Updated 2014 Key Assumptions (as at March 6, 2014) Mar. 6 2014 Nov. 14 2013 Daily production boe/d 8,7008,600 WTI oil price US$/bbl 9795 Western Canada Select (WCS) Cdn$/bbl 8375 AECO natural gas price Cdn$/Mcf 4.503.50 Exchange rate Cdn$/US$ 0.900.95 Operating costs $/boe 6.005.60 G&A costs $/boe 2.60 Capital expenditures $ millions 3530 Dividends paid in shares (assumes average 25% DRIP participation) $ millions 29 Long-term debt at year end $ millions 3857 Current income tax expense $ millions 3228 Weighted average shares outstanding millions 68 * See advisory regarding forward-looking information. 6

7. TSX : FRU Cardium Heavy Oil Bakken, Mississippian Development Opportunities North Saskatchewan River 3.1 million gross acres Viking 7 Royalty interests 94% Working interests 6% Oil resource plays

8. TSX : FRU The 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 Barrel Operating netback* ~ 60% of gross revenue A Royalty Interest Barrel Operating netback* ~ 100%** of gross revenue Operating Netback (60% of gross revenue) Operating Netback (100% of gross revenue) Royalties Paid (15%) Operating Costs (25%) 8

9. 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

10. TSX : FRU Royalty-Focused Production 70% royalties 10

11. TSX : FRU Top Royalty Payors/Operators * * Top 30 payors account for over 80% of royalty revenue on a trailing 12 month basis. 11

12. TSX : FRU 2014 Capital Allocation* * Per guidance dated March 6 th, 2014.  58 (14 net) wells Southeast Saskatchewan 40% Lloydminster Heavy Oil/Cardium Light Oil 60% 12

13. TSX : FRU Capex Requirements * See non-GAAP measures. Sector average 109% Freehold average 24% 13

14. TSX : FRU Royalty Drilling Trends* 14 53% Oil 35% Hz 57% Oil 32% Hz 44% Oil 30% Hz 58% Oil 37% Hz 85% Oil 59% Hz 92% Oil 66% Hz 87% Oil 70% Hz * Equivalent net wells drilled on Freehold’s royalty land.

15. TSX : FRU Acquisition Strategy Focused on Royalties Accretive Acquisitions Equity financings in 2001, 2005, 2009, and 2012. Buy existing royalties Development funding  Capital contribution in return for a royalty $660 million since inception  90% royalties 15

16. TSX : FRU Accretive Acquisitions Equity financings in 2001 ($30M), 2005 ($260M), 2009 ($110M), and 2012 ($68M). YearArea Cost ($ millions) Initial Production Acquired (boe/d) 1997Alberta/Saskatchewan$22700 2001Southeast Saskatchewan25800 2005Petrovera (CNRL)3523,800 2007Alberta/Saskatchewan90700 2010Alberta, Sask. and B.C.38400 2011Northwest Alberta7100 2012Alberta, Sask. and B.C.60600 1997–2013Numerous small acquisitions691,300 Total:$6638,400 16

17. TSX : FRU Stable, Attractive Dividend* Eligible dividends for Canadian tax purposes. * See advisory regarding forward-looking information. 17

18. TSX : FRU Dividend History Eligible dividend for Canadian tax purposes. 18

19. TSX : FRU Strong Financial Position * See advisory regarding non-GAAP financial measures. $161 million available credit capacity (at December 31, 2013) 19

20. TSX : FRU FRU Stock Price Tracks Oil Price WTI in US$FRU in C$ To February 28, 2014. 100% unhedged 64% oil and NGL production 20

21. TSX : FRU The Manager CN P ENSION T RUST F UNDS Pension fund for employees of Canadian National Railway 100% ownership 27% ownership 100% ownership Manager of the assets 21

22. TSX : FRU Freehold 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) 22

23. TSX : FRU 2013 Relative Performance FRU: 6.3% * Year to date to December 31st, 2013. Freehold 23

24. TSX : FRU 2014 Sensitivities Variable Change (+/-) Estimated Change in Funds From Operations ($ per share) WTI oil price US$1.00/bbl 0.02 Canadian/U.S. dollar exchange rate US$0.01 0.02 Edmonton Par/WCS differential Cdn$1.00/bbl 0.01 AECO natural gas price Cdn$0.25/Mcf 0.02 Interest rate 1% 0.004 Oil and NGL production 100 bbls/d 0.03 Natural gas production 1,000 Mcf/d 0.01 * See advisory regarding forward-looking information. 24

25. TSX : FRU Why Own Freehold? 25 conservative management, low risk profile large royalty portfolio high dividend payout low costs Royalty Focus

26. Supplemental Information

27. TSX : FRU Performance Since Corporate Conversion 27 To December 31st, 2013. +38.1% +10.6% -17.2%

28. TSX : FRU Land 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 93% royalties * As at December 31, 2013. 28

29. TSX : FRU Reserves 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 94% of our proved reserves are producing * As at December 31, 2013. 29

30. TSX : FRU Production 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 30 * 2014 forecast per guidance dated March 6, 2014.

31. TSX : FRU Board of Directors Nolan BladesHarry CampbellPeter HarrisonArthur Korpach Tom MullaneDavid SandmeyerRodger TourignyAidan Walsh 31

32. TSX : FRU What 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

33. TSX : FRU Proud 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

34. TSX : FRU 2013 Operational Highlights Royalty Interest Working Interest Total Company Royalty Percent Net reserves Mboe 17,5005,60023,100 76% Average production boe/d 6,1952,7188,913 70% Acquisitions (1) $ millions 9110 90% Royalty expense (2) $ per boe 0.066.301.96 3% Operating expense $ per boe -19.515.95 0% (1) Includes undeveloped land. (2) Royalty expense includes both Crown charges and royalty payments to third parties. Royalties Drive Value 34

35. Investor Relations toll free.888.257.1873 telephone.403.221.0833 website.freeholdroyalties.com