Investor Presentation October 2013

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 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

TSX : FRU Corporate Profile 2013e production (1) (71% royalty production)boe per day 8,800 Annual dividend ($0.14 per month)$ per share 1.68 Current dividend yield (2) percent 7 Market capitalization (2)(3) $ billion 1.6 Net debt to funds from operations (4) times 0.5 (1)Per guidance dated August 8, (2)Based on FRU closing share price of $23.78 on September 30, (3)Based on 67.3 million shares outstanding as at September 30, (4)Based on net debt of $50.6 million as at June 30, 2013 and 12 months trailing funds from operations of $111.7 million. focused on oil and gas royalties 3

TSX : FRU Annual Guidance * Key Assumptions (as at August 8, 2013) 2013 Daily production boe/d 8,800 WTI oil price US$/bbl Western Canada Select (WCS) Cdn$/bbl AECO natural gas price Cdn$/Mcf 3.00 Exchange rate Cdn$/US$ 0.98 Operating costs $/boe 5.30 G&A costs $/boe 2.60 Capital expenditures $ millions 32 Dividends paid in shares (assumes average 25% DRIP participation) $ millions 28 Long-term debt at year end $ millions 44 Estimated cash taxes payable in 2013 for 2012 tax year $ millions 22 Estimated cash taxes payable for 2013 tax year (instalments) $ millions 24 Weighted average shares outstanding millions 67 * See advisory regarding forward-looking information. 4

TSX : FRU Our History Operating since 1979 Private royalty holding company Held royalty interest properties (including Hudson’s Bay lands) and minor working interests that were acquired by Freehold in 1996 Operating since 1983 Private oil and gas company Held working interest properties and minor royalty interests that were acquired by Freehold in 1996 Established as Freehold Royalty Trust in 1996 Converted to a corporation December 31, 2010 Wholly owned by CN Pension Trust Funds 5

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

TSX : FRU Investment Performance* * From November 25, 1996 to September 30th, 2013, with dividend reinvestment. 7 Cumulative dividends declared $26.83 per share ($1.2 billion in dividends)

TSX : FRU Freehold Ownership 67,326,013 shares outstanding (September 30th, 2013) Insider holdings  CN Pension Trust Funds – 18,038,942 (26.8%) » Rife: 4,183,861 (6.2%) (included in above number for CNID) 8

TSX : FRU Business Overview 9 We’re a simple story, we primarily collect royalties from E&P producers that drill on our lands….at no cost to us. We have next to no leverage, very low cash costs with spending generally in-line with our cash flow, creating enhanced dividend sustainability. We’re a “defensive” option in a down market and given we don’t hedge, participate in a rising commodity environment. Operationally, we participate in ~15 net wells per year and focus on making accretive acquisitions to add to our respective royalty interest.

TSX : FRU Why Own Freehold? 10 conservative management, low risk profile large royalty portfolio high dividend payout low costs & predictable growth model Royalty Focus

TSX : FRU Cardium Heavy Oil Bakken, Mississippian Development Opportunities North Saskatchewan River 3 million gross acres Viking 11 Royalty interests 94% Working interests 6% Oil resource plays

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%) 12

TSX : FRU The Royalty Advantage: Peers YTD Avg. Operating Netback ($/boe) 2013 YTD Avg. Operating Costs ($/boe) FRU’s liquids weighting and low cost model drive top decile economics.

TSX : FRU Royalty-Focused Production 70% royalties 14

TSX : FRU Gross Revenue (%) 15

TSX : FRU Top Royalty Payors/Operators * * Top 30 payors account for over 80% of royalty revenue on a trailing 12 month basis. CanEra Energy Corp. 16

TSX : FRU Why Own Freehold? 17 conservative management, low risk profile large royalty portfolio high dividend payout low costs & predictable growth model Royalty Focus

TSX : FRU 2013 Capital Allocation* * Per guidance dated August 8,  47 (16 net) wells Southeast Saskatchewan 50% Lloydminster Heavy Oil 25% Cardium Light Oil 25% 18

TSX : FRU Capex Requirements * See non-GAAP measures. Sector average 101% Freehold average 22% 19

TSX : FRU FRU Mirrors Industry Activity Wells drilled by industry Gross wells drilled on Freehold’s royalty lands 20 Over 9,000 wells drilled on Freehold’s royalty lands Reserves per Well Added (Mboe) New Reserves per Well

TSX : FRU Royalty Drilling Trends* 21 53% Oil 35% Hz 57% Oil 32% Hz 44% Oil 30% Hz 58% Oil 37% Hz 85% Oil 59% Hz 92% Oil 66% Hz 86% Oil 60% Hz * Equivalent net wells drilled on Freehold’s royalty land.

TSX : FRU Acquisition Strategy Focused on Royalties Accretive Acquisitions Equity financings in 2001, 2005, 2009, and Buy existing royalties Development funding  Capital contribution in return for a royalty $650 million since inception  90% royalties 22

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$ Southeast Saskatchewan Petrovera (CNRL)3523, Alberta/Saskatchewan Alberta, Sask. and B.C Northwest Alberta Alberta, Sask. and B.C –2012Numerous small acquisitions591,200 Total:$6538,300 23

TSX : FRU Why Own Freehold? 24 conservative management, low risk profile large royalty portfolio sustainable dividend payout low costs & predictable growth model Royalty Focus

TSX : FRU Stable, Attractive Dividend* Eligible dividends for Canadian tax purposes. * See advisory regarding forward-looking information. 25

TSX : FRU Strong Financial Position * See advisory regarding non-GAAP financial measures. $155 million available credit capacity (at June 30, 2013) 26

TSX : FRU Available Dry Powder 27 FRU maintains significant dry powder. Our D/CF and credit facility utilization remain well positioned. We see our dividend as sustainable within the current commodity environment.

TSX : FRU FRU Stock Price Tracks Oil Price WTI in US$FRU in C$ To September 30, % unhedged 63% oil and NGL production 28

TSX : FRU Why Own Freehold? 29 conservative management, low risk profile large royalty portfolio high dividend payout low costs & capex and predictable growth model Royalty Focus

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 30

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

TSX : FRU 2013 YTD Relative Performance* FRU: 11.9% * Year to date to September 30th, Freehold %

TSX : FRU Performance Since Corporate Conversion 33 To September 30, % +1.6% -23.0%

TSX : FRU 2013 First Half Results 34 * See advisory regarding forward-looking information H1 Actual Annual Guidance* Production boe/d 8,8898,800 Capital $ millions 1832 DRIP participation $ millions 1228 Cash taxes payable: 2012 tax year 2013 instalments $ millions Long-term debt $ millions 5544

Supplemental Information

TSX : FRU Land Holdings* 3.0 million gross acres  21% held in perpetuity (630,000 gross acres of mineral title and royalty assumption lands; 80% leased)  833,000 gross acres undeveloped  Undeveloped land independently valued at $80.2 million 30,000 oil and gas wells 94% royalties * As at December 31,

TSX : FRU Reserves Profile* Net Reserves  15.1 MMboe proved » 57% oil and NGL » 5.9 year RLI  24.4 MMboe P+P » 60% oil and NGL » 8.5 year RLI 93% of our proved reserves are producing * As at December 31,

TSX : FRU Production Profile H average  8,889 boe/d  71% royalty production  63% oil and NGL 2013 forecast*  8,800 boe/d Our oil-weighted production is currently unhedged 38 * 2013 forecast per guidance dated August 8, 2013.

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 39

TSX : FRU 2012 Operational Highlights Royalty Interest Working Interest Total Company Royalty Percent Net reserves Mboe 19,0175,40824,425 78% Average production boe/d 6,2632,5878,850 71% Acquisitions (1) $ millions % Royalty expense (2) $ per boe % Operating expense $ per boe % (1) Includes undeveloped land. (2) Royalty expense includes both Crown charges and royalty payments to third parties. Focus on Royalties 40

TSX : FRU Attractive Dividend Eligible dividend for Canadian tax purposes. 41

TSX : FRU 2012 Acquisitions Alberta, Sask.  August 31, 2012  $10.9 million  6,100 net acres  Production » 90 boe/d » 75% liquids future development potential Alberta, Sask., B.C.  January 17, 2012  $49.3 million  250,000 gross acres  Production » 530 boe/d » Mostly natural gas 42

TSX : FRU 2013 Sensitivities Variable Change (+/-) Estimated Change in Funds From Operations ($ per share) WTI oil price US$1.00/bbl 0.02 Canadian/U.S. dollar exchange rate US$ Edmonton Par/WCS differential Cdn$1.00/bbl 0.02 AECO natural gas price Cdn$0.25/Mcf 0.02 Interest rate 1% 0.01 Oil and NGL production 100 bbls/d 0.03 Natural gas production 1,000 Mcf/d 0.01 * See advisory regarding forward-looking information. 43

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