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FREEHOLDROYALTIES.COM | TSX FRU Freehold Royalties November 2025
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0% 25% 50% 75% 100% Revenue Production 0% 25% 50% 75% 100% Revenue Production SE SASKATCHEWAN VIKING CLEARWATERDEEP BASIN CARDIUM EAGLE FORD DELAWARE MIDLAND N. DAKOTA BAKKEN MANNVILLE HEAVY OIL Freehold’s Value Proposition North American Portfolio Overview ▪ Exposure to major conventional oil and shale basins with more than 380 royalty counterparties ▪ ~6.1 million gross acres in Canada, and ~1.2 million gross drilling acres in the United States ▪ ~7.5% dividend yield1 supported to ~US$50/bbl WTI with decades of inventory Source | Company Reports Geographic Breakdown (Q3 2025) Product Breakdown (Q3 2025) Oil NGL GasUS Canada 2 Note | 1 Based on current monthly dividend of C$0.09 per share and FRU closing share price of C$14.44 on November 12, 2025 65% liquids (Q3 2025) Oil Weighted Plays Gas Weighted Plays
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The Freehold Advantage Low-Risk Exposure to Oil & Gas Industry Differentiated North American Portfolio Growing oil weighted portfolio Positioned in premier basins backstopped by top operators Pure play royalty company No capital costs No operating costs No abandonment costs TSX leading ~7.5% dividend yield $0.09 per share monthly dividend supported down to US$50/bbl WTI Consistently Strong Capital Allocation 3
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Production Underpinned by Top Tier Operators Aligned With Quality Payors 4 Source | Company Reports Top 5 Canadian PayorsTop 5 U.S. Payors
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North American Portfolio 70 75 80 85 90 95 100 105 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Production per Million Shares Production (boe/d) Canada US Production Per Share Note | 1. Average North American natural gas and liquids price based on Freehold’s average realized natural gas price, and oil andnatural gas liquids price for the period Q3-2020 through Q3-2025. Source | Company reports Expanding U.S. production base • Zero presence in 2020 to 52% of revenue today • Most valuable barrels - 39% pricing premium compared to Canada Focused on higher value oil and natural gas liquids (NGL’s) • Doubled oil & NGL production since 2020 • Oil and NGL revenue at $84/boe1 • Natural gas revenue at $18/boe1 Canadian Production U.S. Production 5
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▪ Growth through U.S. expansion and increased exposure to Clearwater and Mannville heavy oil in Canada ▪ Freehold outpacing broader western Canadian oil growth ▪ Permian and Eagle Ford platform outpaces overall U.S. oil growth Relative Oil Growth Since Q1-2022 Focus On Positioning In High Quality Oil Plays 6 0% 10% 20% 30% 40% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Freehold Oil Note | Canadian Oil includes all oil produced (not including production from oil sands) in Alberta, BC, Saskatchewan, Manitoba Source | Canada Energy Regulator (Canada) and EIA (US); Company reports for Freehold Canadian Oil US Oil More Oil, More Revenue
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Improving Well Productivity on Freehold’s Acreage 7 20252024 Canadian Well Productivities (gross boe/d) 0 25 50 75 100 125 150 175 200 1 2 3 4 5 6 7 8 9 10 11 12 Month +25% Y/Y Increase US Well Productivities (gross boe/d) 0 200 400 600 800 1,000 1,200 1,400 1 2 3 4 5 6 7 8 9 10 11 12 Month +15% Y/Y Increase Note | Average well productivities are weighted on a net basis Wells on Freehold’s Canadian and US acreage performing ~25%and ~15% better YoY Operators are optimizing well placement in the reservoir, advancing drilling efficiencies and lateral length, and enhancing completion designs
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Freehold’s Value Proposition High Margin Barrels – Best in the Business Freehold realized pricing Q3-20252026E cashflow per boe1 $0 $10 $20 $30 $40 PNE GTE TOU BNE YGR VET KEL ARX OBE CNQ CVE WCP SGY LTC PXT SOIL SU TPZ PSK ($/boe) ($/boe) $0 $20 $40 $60 $80 $100 Canada US $0 $20 $40 $60 Canada US +16% premium +33% premiumUS Cdn. oil boe US Cdn. Peers1 FRU Source | Company Reports, Peters & Co. Limited Note | 1Assumes strip pricing as of November 10, 2025; peers include Peters & Co.' Canadian coverage universe, excluding integrated producers; 2026 price assumptions include US$59.84/bbl WTI, 0.72 CAD/USD and US$4.18/mcf NYMEX Expanding into the US has delivered a ~10% increase in liquids mix, with a 33% uplift in pricing due to light oil volumes and Gulf Coast market access 8 ($/bbl)
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Freehold’s Value Proposition Evolution of a Freehold BOE 9 0% 10% 20% 30% 40% 50% 60% 70% 2020 2025E Production Mix (%) Light oil Heavy oil NGL ▪ The shift in product mix over the last 5 years to higher value oil and liquids results in each BOE generating almost 20% more revenue than in 2020 ▪ In 2025, Freehold expects its liquids weighting to be 66% - an increase from 64% in 2024 ....adding ~3% more FFO/share ▪ We expect this trend to continue as we see growth in oil weighted plays like Permian, Mannville heavy oil, Clearwater and Southeast Saskatchewan – in addition to growth through value enhancing acquisitions 9,781 boe/d 55% Liquids 15,800 – 17,000 boe/d ~66% Liquids
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Decades of Inventory Development inventory by regionAsset Book highlights 0 5 10 15 20 25 30 35 40 Canada United States (years) ~40 years ~30 years Canada ~18,000 ~24,000* ~$10.3 billion ~$6.3 billion* development locations development locations undiscounted valueundiscounted value United States 10 Portfolio of Oil-Weighted Areas Provide Growth and Optionality *Includes December 2024 Midland Basin acquisition
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0% 20% 40% 60% 80% 2020 2021 2022 2023 2024 F9 2025 Finance and Dividend Strength Conservatively Balancing Dividends with Leverage Dividend Payout Ratio (dividends paid/funds from operations) ▪ Low cost structure provides robust funds from operations to support dividend ▪ Freehold continues to execute accretive deals to grow the business, and the bottom line ▪ Dividend payout ratio target of ~60% ensures value is returned to shareholders ▪ NCIB share buyback plan in place as part of Freehold’s capital management strategy Net debt to last twelve months funds from operations - 0.5x 1.0x 1.5x 2019 2020 2021 2022 2023 2024 Q3'25* Conservative leverage 11 Balanced return of capital policy provides a robust dividend yield, and cash flow for reinvestment, while capital invested into production growth generates sizable returns 2024 Acquisitions Note | *Q3’25 net debt to trailing 12 month funds from operations including annualized Dec 2024 acquisition
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-5% 0% 5% 10% 15% 20% 25% 30%ROACE ROACE ROACE Avg Average ROACE 12% Track Record of Capital Discipline Disciplined Investment Framework Drives Profitable Growth FRU’s Return on Average Capital Employed1 Balanced return of capital policy provides a robust dividend yield, and cash flow for reinvestment, while capital invested into production growth generates sizable returns Note | 1Return on Capital Employed calculated as earnings before taxes divided by total shareholders’ equity plus net debt; see “Non-GAAP Financial Measures and Ratios and Other Financial Measures” in Advisories; royalty peers include PrairieSkyRoyalties, Topaz Energy, Kimbell Royalty Partners, Viper Energy Partners12 FRU vs. Peers – Return on Average Capital Employed1 -20% -10% 0% 10% 20% 30% 2020 2021 2022 2023 2024 2025 YTD Q3 Freehold Royalty Peer Average
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▪ Freehold’s dividend has been a permanent feature through all commodity price cycles ▪ Current monthly dividend of $0.09 per share supported to ~US$50/bbl WTI ▪ Decades of inventory support the dividend, and cashflow growth Cumulative dividends paid ($ millions) Finance and Dividend Strength Returns Continue to Grow as Freehold Grows $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 1996 2000 2004 2008 2012 2016 2020 2024 $2.4 billion dividends paid since inception (>$37/share) 13 Source | Company Reports
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Significant Shareholder Returns + Debt Repayment, M&A and Buybacks Capital Allocation Priorities 14 $177 $177 $177 $25 $64 $100 $0 $50 $100 $150 $200 $250 $300 US $55 WTI US $65 WTI US $75 WTI Base Dividend Available FFO Capital Allocation PrioritiesGenerating Significant Funds from Operations1 Base Dividend ▪ Annual dividend of $1.08 per share fully funded at low commodity prices ▪ Target 60% long term payout ratio Strategic Acquisitions ▪ Generate greater than mid-teens returns Debt Repayment ▪ Net debt at ~1.1x trailing 12 months funds from operations2 ▪ Current borrowing rate ~5.00 – 6.50% Share Buybacks ▪ NCIB in place May 2025 ▪ Enhance returns through strategic and opportunistic share repurchases Note | 1 Production of 16,400 boe/d based on midpoint of 2025 guidance, weighted 66% to oil and NGL’s (45% light & medium oil, 8% heavy oil, 13% NGL’s), AECO $2.00/mcf, NYMEX $4.00 USD/mcf, FX 0.73 2. Net debt to trailing funds from operations is a capital management measure. For more information on this capital management measure see note 14 of Freehold's most recent interim financial statements which are available on SEDAR+ atwww.sedarplus.ca or on Freehold's website. 3. Funds from Operations (“FFO”) ($ millions) 3
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Significant Shareholder Returns + Debt Repayment, M&A and Buybacks Compelling Dividend Income 15 ▪ ~7.5% dividend yield in an established, high margin business ▪ Payable down to $50/bbl WTI oil price ▪ Backstopped by multi decade drilling inventory and quality operators ▪ Compare to 5-year GIC yield at mid 3% TSX Composite Index - Dividend Yields 0% 2% 4% 6% 8% 10% 12% 14% 168 dividend paying companies in the TSX Composite Index Note | Based on current monthly dividend of C$0.09 per share and FRU closing share price of C$14.44 on November 12, 2025
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FREEHOLDROYALTIES.COM | TSX FRU US Portfolio
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0% 25% 50% 75% 100% Oil NGLs Gas 0% 25% 50% 75% 100% Oil NGLs Gas Freehold US asset map Production summary (Q3 2025) Revenue summary (Q3 2025) Summary Q3 2025 US M&A lookback $975 million deployed over 20 unique transactions has generated a trailing 12 month 15% return on investment1 Midland 3,750 Eagle Ford 2,650 Delaware 500 Other 500 Total ~7,400 (boe/d) Note | 1Return on investment includes trailing twelve months net revenue in US divided by total US acquisition cost of $975 mm as of September 30, 2025 17 Source | Company Reports US Portfolio Overview
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0 2 4 6 8 10 12 5.1 MMbbls/d 6.3 MMbbls/d Global Oil Production Size and Scale is Unmatched ▪ If the Permian were a country, it would be the 4th largest oil producer and 3rd largest gas producer in the world Key Attributes ▪ Dominant North American oil basin ▪ Fastest growing U.S. natural gas basin ▪ LNG export connection with rapid expansion underway ▪ Fueling electricity demand for data centers ▪ Business focused operating environment ▪ Lowest breakeven of $43/bbl in North America1 Positioned in the Permian - A World Class Basin Source | Energy Institute 2025 Statistical Review of World Energy; Data includes 2024 annual crude oil and condensate production only. 1. Enverus for breakeven analysis. (Million barrels per day (MMbbls/d)) Permian Canada 18
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0% 20% 40% 60% 80% 100% 2023 2025E2025E 2023 ~$392mm of Midland focused acquisitions in 2024 has reshaped FRU’s position FRU’s Midland Basin Position 19 2024 Acquisitions Freehold Pre-2024 Midland Outline 0% 5% 10% 15% 20% 25% 2023 2025E Doubled since 20232025E 2023 Midland Production (% of Corporate Production) Midland Top 3 Payors (% of Midland Production) ▪ 2024 acquisitions focused on building out “wall to wall carpeting” in the Midland basin ▪ Market share has grown significantly – positioned to capture 1 in 3 wells vs 1 in 12 in 2023 ▪ ~32% of development inventory is concentrated in undeveloped DSUs ▪ Midland is Freehold’s largest asset: ~22% of production (up from ~11% in 2023)
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2,169 4,395 5,102 5,532 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2021 2022 2023 2024 Q3- 2025 20 Freehold’s US royalty production (boe/d) 7,374 boe/d Cumulative US royalty revenue ($ millions) $0 $100 $200 $300 $400 $500 $600 2021 2022 2023 2024 2025 ~$593 million Note | 1Assumes simple payout before taxes and adjustments on acquisitions to establish U.S. royalty position (2019 to 2023) US Portfolio Continues to Deliver Solid Returns 75% liquids Q3 U.S. Investments Providing Significant Returns Expect total payback on $565 million in pre-2024 acquisitions in 20261
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Midland rig efficiencies Best Place to Find Oil…..Is Where There is Oil…. Midland – Staggering Efficiency Gains 21 0 20 40 60 80 100 120 140 160 180 200 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 Lateral Length Drilled (1,000 ft) Rigs ▪ Average lateral feet drilled per rig has increased by over 200% since 2015 and over 60% since 2019 ▪ Efficiency gains are continuing with average feet drilled per rig improving by 16% in 2024 over 2023 ▪ 15 million lateral feet drilled in H1 2025 with average 101 rigs – annualized is a similar level of feet drilled to 2024….with ~10% fewer rigs (total lateral length drilled LHS, rig count RHS)
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Note | 1Heat map generated from spud activity between 2021-2024; 2cube development defined as 3 or more benches drilled from a single pad within a 1-year period from first spud Why Freehold Likes the US Positioned In Front of the Drill Bit ▪ 60% of basin activity is concentrated in the Midland, Martin and Howard counties, where the majority of Freehold’s acreage is positioned – represents ~60% of Freehold’s Midland production ▪ Operator completions have been primarily focused on cube development2 projects, limiting parent-child interactions and maximizing recoveries ▪ ~32% of Freehold’s Midland Basin acreage is undeveloped ▪ Freehold shares royalty lands with Viper Energy (Diamondback’s drop-down royalty company) on 2/3rds of our Diamondback operated inventory; Freehold benefits should Diamondback prioritize development where Viper holds a royalty interest Source | Enverus HighLow Activity 10 miles 22 Midland Basin activity heatmap1
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Resource Expansion Midland Basin Bench Overview Clearfork Upper Spraberry Middle Spraberry Jo Mill Lower Spraberry Dean Wolfcamp A Wolfcamp B Wolfcamp C Wolfcamp D Barnett Whitespace represents wells yet to be drilled on Freehold acreage ▪ Significant running room in the 1st Generation and 2nd Generation benches ▪ Emerging benches are being tested with results thar are on par with benches being actively developed today 10,500 feet 7,000 7,500 8,000 8,500 9,000 9,500 10,000 23
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Resource Expansion Midland Production Evolution Midland Basin oil production by bench generation (mmbbl/d of oil) 0.0 0.5 1.0 1.5 2.0 2.5 2014 2016 2018 2020 2022 2024 Source | Enverus24 First Generation Benches ~1,700,000 bbls/d from ~23,000 wells Second Generation Benches ~700,000 bbls/d from ~6,000 wells Emerging Benches ~15,000 bbls/d from 380 wells Vertical Development <80,000 bbls/d of legacy production from ~43,000 wells
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Resource Expansion Concentrated Footprint in the Core of the Eagle Ford ▪ 20 years1 of prospective development inventory ▪ Freehold’s inventory locations are split evenly between the Lower Eagle Ford and upper zones ▪ Freehold acreage mostly in core Karnes County Lower Eagle Ford development since 2010 Basin-wide horizontal wells drilled to date ▪ Exposure to quality operators with proven basin capabilities Austin Chalk ~1,700 Upper Eagle Ford ~1,200 Lower Eagle Ford ~28,000 Source | Enverus ~65% ~13% 5 miles Note | 1Years of drilling inventory based on 3-year average drilling activity on Freehold land and Freehold’s estimated prospective development locations 25
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FREEHOLDROYALTIES.COM | TSX FRU Canadian Portfolio
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0% 25% 50% 75% 100% Oil NGLs Gas Canadian Portfolio Overview Freehold Canadian asset map Production summary (Q3 2025) Revenue summary (Q3 2025) Summary Q3 2025 (boe/d) 0% 25% 50% 75% 100% Oil NGLs Gas 27 Source | Company Reports SE Sask 1,150 Viking 1,000 Heavy Oil 950 Clearwater 500 Cardium 900 Deep Basin 2,500 Mannville 800 Other 900 Total ~8,700 ~80% Oil~80% Gas
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Multilateral Adoption in Canada 0% 10% 20% 30% 40% 0 20 40 60 80 100 120 2019 2020 2021 2022 2023 2024 2025E % of Total Spuds (%) Multilateral Spuds (#) Multilateral Spuds on Freehold Lands 28 ▪ New technology continues to unlock substantial resource that may have been marginal under previous drilling techniques ▪ Exposure via the Clearwater and Mannville heavy oil fairway with ~0.8 million gross acres ▪ Multilaterals revitalizing Southeast Saskatchewan light oil plays where Freehold has 0.5 million gross acres (including 0.3 million mineral title acres) Source | Company Reports What Freehold is Excited About
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Clearwater Developments Robust Position Across Multiple Exploration Plays Basin summary Clearwater Wells Exploratory Region Developing Region Harvest Stage Freehold Lands Net Clearwater royalty production (boe/d) 0 100 200 300 400 500 600 2020 2021 2022 2023 2024 H1 2025 2025E Nipisi Figure Lake West Marten Greater Jarvie Other Areas Peavine Nipisi Marten Hills West Marten & McLeod Lake Greater Jarvie Figure Lake Peace River 20 miles 29
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Clearwater Developments Serious Exploration Potential 0 2 4 6 8 10 12 00.150.30.450.60.750.91.051.21.351.51.651.81.952.12.252.42.552.72.8533.153.33.453.63.753.94.054.24.354.54.654.84.955.15.255.45.555.75.8566.156.36.456.66.756.97.057.27.357.57.657.87.958.18.258.48.558.78.8599.159.39.459.69.759.910.0510.210.3510.510.6510.810.9511.111.2511.411.5511.711.851212.1512.312.4512.612.7512.913.0513.213.3513.513.6513.813.9514.114.2514.414.5514.714.851515.1515.315.4515.615.7515.9 Play Understanding Marten Hills New Region Delineation Optimization Harvest Figure Lake Nipisi West Marten Jarvie size of circle denotes number of development locations Peavine & Peace River Freehold Clearwater asset development stage ▪ Stacked sand development ▪ Fan well drilling ▪ Fan well drilling ▪ Reduced inter-leg spacing ▪ Gas conservation ▪ Waterflood expansion ▪ Infill drilling ▪ Step-out exploration ▪ Multiple exploration sand tests throughout the stacked intervals ▪ Successful deployment of new custom well designs ▪ Multiple operators testing multiple sands, and delineating extensions of the proven productive heavy oil trends in the greater Peace River and Peavine area 30 ▪ Continuous evaluation of new pools within the greater fairway ▪ Large regions still untested, with operators continuing to explore ▪ Freehold’s Clearwater production under waterflood is ~20% ▪ Freehold’s Clearwater acreage is more than 80% undeveloped
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0 1 2 3 4 '19 '20 '21 '22 '23 '2424 Early Innings of Mannville Growth for Freehold The Mannville Cornerstone Mannville land mapMannville oil royalty volumes 20% 46% 0 200 400 600 800 1,000 1,200 1,400 2023 2024 2025 (bbls/d) Mannville fairway net heavy oil wells spud Mannville ownership stats 975,000 acres 1,825 heavy oil locations 3,575 other Mannville locations Increasing licensing activity Source | Company Reports31 Mannville oil volumes up ~15% since 2023 50 miles
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Canadian Resource Expansion Southeast Saskatchewan Resurgence ▪ Significant momentum in activity with >25% YoY increase in spuds on Freehold’s acreage ▪ Dominant position with 525,000 gross acres of royalty lands (including 300,000 gross acres of mineral title land) ▪ Operators have continued to realize improved economics by drilling multilateral wells in light oil plays, accessing more of the reservoir, and eliminating risks associated with fracturing into water zones ▪ ~60% of Freehold’s 2024 spuds are multilaterals targeting the Midale and Frobisher, these are higher value spuds compared to single legs ▪ 21% of our prospective inventory is in this exciting light oil play area SE Sask. net drilled wells 1.5 2.0 2.5 3.0 3.5 2021 2022 2023 2024 Canadian inventory breakdown 0 5,000 10,000 15,000 SE Sask. Other Canada 32
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Supplemental Slides
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Third Quarter 2025 Results Q3-2025 Q2-2025 Q3-2024 WTI crude oil US$/bbl $64.93 $63.74 $75.09 Production boe/d 16,054 16,584 14,608 Liquids Production bbls/d (% liquids) 10,477 (65%) 11,047 (67%) 9,367 Funds from operations C$ millions $59 $57 $56 Netback C$ per boe $42.82 $42.68 $47.78 Dividend payout ratio % 75% 78% 73% Gross wells drilled Canada / US 83 / 199 45 / 226 96 / 182 16,054 boe/d Q3-2025 production average ▪ Liquids volume +12% year over year ▪ Total production +10% year over year 282 gross (1.7 net) wells drilled in Q3-2025 ▪ Canadian gross drilling led by SE Saskatchewan and Mannville Heavy Oil ▪ US gross drilling steady, led by Conoco and ExxonMobil Q3-2025 dividend payout ratio of 75% ▪ Decades of highly economic inventory supports current dividend yield of ~7.5% ▪ Dividend remains sustainable at oil and natural gas prices materially below current commodity price levels Net debt to trailing funds from operations of 1.1x ▪ Q3-2025 net debt of $263 million ▪ Continue to maintain a conservative leverage profile 34
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~380 industry payors across eight states & five provinces with no payor representing >20% of revenue Diversified Portfolio Capacity to fund future growth through credit facility Balance Sheet Strength Adding exposure to high netback, high return core areas across North America Portfolio Growth Consistent, sustainable dividend with >$37/share or ~$2.4 billion returned to shareholders since IPO Return of Capital Diversified across 6.1 million gross acres in Canada & 1.2 million gross drilling acres in US Optionality & Scalability Operating Margin of 87% YTD 2025 with no operating or capital cost requirements to run the business High Margin Model The Royalty Advantage Minerals and Royalties Represent a Simple Asset Class 35 Source | Company Reports; operating margin calculated as netback divided by petroleum and natural gas realized price
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Q3-2025 Royalty Drilling CANADA TOP CANADIAN PLAYS GROSS WELLS NET WELLS SE Sask 26 0.6 Mannville Heavy Oil 17 1.4 Viking 9 0.4 Cardium 6 0.1 Clearwater 2 0.1 Other 23 0.6 TOTAL CANADA 83 3.2 NORTH DAKOTA BAKKEN DELAWARE MIDLAND EAGLE FORD UNITED STATES TOP US PLAYS GROSS WELLS NET WELLS Midland 151 0.3 Delaware 28 0.2 Eagle Ford 15 0.2 Other 5 <0.1 TOTAL US 199 0.7 Source | Company Reports Deep Basin Clearwater Viking SE Saskatchewan Cardium Mannville 36
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$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 0 20 40 60 80 100 120 140 160 '20 '21 '22 '23 '24 F9 25 Canada US Revenue 0 100 200 300 400 '20 '21 '22 '23 '24 Strong Leasing Activity in Canada and the US Deep Knowledge of our Land Base Drives Value Canadian leasing activity breakdown since 2020 0% 25% 50% 75% 100% Privates Juniors Small Caps Mid Caps Large Caps 0% 25% 50% 75% 100% SE Sask. Mannville Duvernay Viking Other Number of leases issued per year Canadian production from leasing activity since 2020 (boe/d) 37 Source | Company Reports (Leases issued) (Leasing & bonus revenue)
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▪ Freehold’s net debt to trailing funds from operations is ~1.1x ▪ At current commodity price levels and dividend level, Freehold has capacity to pay down debt or pursue acquisitions with free funds from operations over and above current dividend levels ▪ Freehold has a revolving 3-year facility at $480 million and a $20 million operating facility – Credit agreement includes a permitted increase in the revolving facility to $580 million subject to lenders’ consent Strong Balance Sheet 38 Source | FactSet, Company Reports 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net Debt to Funds From Operations Sector Average Freehold
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$0.00/sh $0.4mm $0.01/sh $1.0mm $0.01/sh $1.2mm $0.01/sh $1.8mm $0.01/sh $1.8mm $0.01/sh $2.0mm $0.01/sh $2.1mm $0.02/sh $3.4mm $0.02/sh $3.6mm $0.0mm $1.0mm $2.0mm $3.0mm $4.0mm +/- US$1/bbl WCS Diff +/- US$0.25/Mcf NYMEX +/- 100 BOE/d CAN Prod +/- 0.5% Liquids Weighting +/- US$1/bbl Edm Diff +/- $0.25/Mcf AECO +/- 100 BOE/d US Prod +/- $0.01 FX +/- US$1/bbl WTI 2025E Range of 15,800 – 17,000 boe/d – Higher Liquids Drives FFO Improvement Key Item Sensitivities & Guidance 39 Note | Full year sensitivity based on 2025 production guidance; pricing of US$65/bbl WTI, 0.73 CAD/USD, US$3.50/bbl Canadian light oil differential, US$12.00/bbl Canadian heavy oil differential, $2.00/mcf Aeco, and US$4.00/mcf Nymex 2025E Range 15,800 – 17,000 boe/d ~10% YoY Production Growth 2% increase in liquids weighting increases FFO per share by 3% ▪ H1-2025 production of ~16,400 boe/d ▪ Expecting oil growth from Mannville heavy oil, Clearwater, Southeast Saskatchewan and Midland ▪ Represents at the midpoint +2% per share production growth over 2024 production (excluding Dec 2024 acquisition volumes) and +2% increase in liquids weighting
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FREEHOLDROYALTIES.COM | TSX FRU Advisories
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Advisories Non-GAAP Measures Within this presentation, references are made to terms commonly used as key performance indicators in the oil and gas industry. We believe that net revenue, cash costs, netback, dividend payout ratio, funds from operations per share and return on capital employed are useful non-GAAP financial measures or non-GAAP ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of Freehold's results of operations and financial position. However, these terms do not have any standardized meanings prescribed by the Canadian generally accepted accounting principles ("GAAP") and therefore may not be comparable with the calculations of similar measures for other entities. Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings. Please refer to the table under the heading Netback and Cash Costs within our Management's Discussion and Analysis for the period ended September 30, 2025 ("Q3-2025 MD&A"), which is available under Freehold's profile on SEDAR+ at www.sedarplus.ca, for a quantitative calculation of net revenue as of September 30, 2025. Cash costs, which is also calculated on a boe basis, is comprised of recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as royalty expense, operating expense, general and administrative expense, cash-based interest expense, cash-based management fees, and share based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods. Please refer to the table under the heading Netback and Cash Costs within our Q3-2025 MD&A for a quantitative calculation of cash costs as of September 30, 2025. Netback, which is calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, G&A expense, cash-based interest charges, cash-based management fees and share based payouts, represents the per boe netback amount allowing Freehold to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and its cash-based cost structure compare against prior periods. Please refer to the table under the heading Netback and Cash Costs within our Q3-2025 MD&A for a quantitative calculation of netback as of September 30, 2025. Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is calculated as dividends paid as a percentage of funds from operations. Please refer to the table under the heading Dividend Policy and Analysis – Dividend Payout Ratio within the Q3- 2025 MD&A for discussion on this supplementary financial measure as of September 30, 2025. Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Please refer to the table under the heading Cash Flow from Operations and Funds from Operations within our Q3-2025 MD&A for discussion on this supplementary financial measure as of September 30, 2025. Return on Capital Employed ("ROCE") is a non-GAAP ratio and is calculated as earnings before taxes divided by total shareholders' equity plus long-term debt. ROCE is a useful measure, and management uses this metric as it demonstrates the return that the Company achieves on the capital it employs in its business. Return on investment is a non-GAAP ratio and is calculated as Freehold's trailing twelve month net revenue as of September 30, 2025, from the US divided by total US acquisition cost of $975 million. Return on investment is a useful measure, and management uses this metric as it demonstrates the return that the Company achieves on acquisitions. The 2025 financial metrics within this presentation are unaudited and have been presented for illustrative purposes only. The actual financial metrics and results of operations may differ significantly from the amounts reflected herein due to a variety of factors. The unaudited financial metrics represent management’s estimates based on information available as of the date hereof and are subject to change as additional information becomes available and analyses are performed. For further information related to these non-GAAP terms, including reconciliations to the most directly comparable GAAP terms, see our Q3-2025 MD&A, which is available under Freehold's profile on SEDAR+ at www.sedarplus.ca. General Disclaimer and Cautionary Statement Monetary references in this presentation are in Canadian dollars unless otherwise noted. This presentation has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction. 41
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Advisories Third Party Information and Public Information This presentation contains information regarding lands and interests from which Freehold Royalties Ltd. ("Freehold", "FRU", the "Corporation", "us", "we" or "our") collects or may in the future collect royalties and associated revenues. It also contains information relating to historical operations conducted by exploration and production enterprises. Except where otherwise stated, the disclosure in this presentation relating to the royalty lands and operations on such lands is based on information publicly disclosed by the operators of such lands and information/ data available in the public domain as at November 13, 2025. More current information may be available, or may become available from time to time, in subsequent public disclosure documents including Freehold's disclosure on SEDAR+ (www.sedarplus.ca) and our website (www.freeholdroyalties.com). Although certain of this information has been independently verified by Freehold, as a royalty owner, Freehold may not have complete, current and accurate information relating to the royalty lands described in this presentation. Additionally, Freehold may, from time to time, receive operating, technical and financial information from operators on the royalty lands, which it is not permitted to disclose to the public. Freehold is dependent on operators on the royalty lands and their qualified persons to provide information to Freehold or on publicly available information to prepare required disclosure pertaining to the royalty lands and generally has limited ability to independently verify such information. Although Freehold does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Freehold's royalty interest. Freehold's royalty interests often cover only a portion of the publicly reported reserves and production of the property. Advisory Relating to Forward-Looking Information This presentation offers and assessment of Freehold's future plans and operations as at November 13, 2025 and contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws legislations. All statements, other than statements of historical fact included in this presentation, which address activities, events or developments that Freehold expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often, but not always, contain terms such as may, will, should, anticipate, expect, is expected, continue, estimate, believe, project, forecast, budgets, scheduled, estimates, predicts, intends, aims, believes, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this presentation, contains, without limitation, forward-looking statements pertaining to the following: Freehold's business plans; statements with respect to future events or future performance; Freehold's belief it has decades of inventory to sustain and grow cash flows and the dividend; estimated 2025 production mix including that Freehold’s expected liquids weighting of 66% - an increase from 64% in 2024 adding ~3% more FFO/share; Freehold's belief that it has approximately 30-40 years of inventory development upside, including ~40 years of drilling inventory in Freehold's Canadian plays, and ~30 years of drilling inventory in Freehold's US plays; our expectation that 1 in 3 wells drilled in the Midland Basin will be drilled on lands that Freehold has an interest in; expected top 3 payors in 2025 and the percentage of Midland production; Freehold's expectations that it will achieve a targeted dividend payout ratio of approximately 60% that is supported throughout the commodity cycle down to ~$US50/bbl WTI; forecasted 2025 production per share; that new multilateral technologies in Canada will continue to unlock substantial resources that may have been marginal under previous drilling techniques; that multilaterals are revitalizing Southeast Saskatchewan light oil plays; that Freehold's balanced return of capital policy provides a robust dividend yield, and cash flow for reinvestment, while capital invested into production growth generates sizable returns; that our dividend is sustainable through commodity cycles; that Freehold will continue to execute accretive deals to grow the business, and the bottom line; that our monthly dividend of 9 cents per share will continue to be supported to ~US$50/bbl WTI; expectation that returns continue to grow as Freehold grows; we expect around 20 years of prospective development inventory in Eagle Ford; our strategy to create, enhance and deliver value to our shareholders; our belief that Freehold's royalty assets provide significant value upside to our shareholders; the expectation that the lands acquired pursuant to Freehold's strategic Midland basin acquisition are positioned to benefit from “cube development”; the expectation that cube development maximizes productivity and reserve recovery; the expectation that there is significant running room in the 1st generation and 2nd generation benches in the Midland basin; the prospective development inventory in the Eagle Ford; the expected oil growth from Mannville Heavy Oil, Clearwater, Southeast Saskatchewan, and Midland; the expected ability to fund future growth through Freehold's credit facility; the expectation that at current commodity price levels and dividend level, Freehold has capacity to pay down debt or pursue acquisitions with free funds from operations over and above current dividend levels; the future drilling locations and future development upside identified on our royalty lands; our expectation to achieve total payback on pre-2024 acquisitions in 2026; the estimated number of multilateral spuds and the percentage of total spuds in 2025 for Freehold lands; that operators will continue to realize improved economics by drilling multilateral wells in light oil plays, accessing more of the reservoir; that Freehold's low cost structure provides robust funds from operations to support dividend; our 2025 production guidance range of 15,800-17,000 boe/d; our expectation of impacts of various sensitivities on exchange rates, commodity prices and production on FFO; our expectation Freehold is exposed to oil growth in both Canada and the US; 42
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Advisories our expectation that the trend in increased liquids weighting will continue as we see growth in oil weighted plays like Midland, Mannville Stack, Clearwater and Southeast Saskatchewan – in addition to growth through value enhancing acquisitions; our expectation there will be increased licensing activity in the Mannville; estimated future drilling locations in the Mannville, Southeast Saskatchewan and the Clearwater; estimated 2025 royalty production from the Clearwater; our expectation that Freehold's growth will continue to be driven mainly by expanding into the US and higher weighting towards Mannville and Clearwater heavy oil; our expectation regarding prospective development inventory in the Eagle Ford; and estimated key item sensitivities and guidance including estimated production, expectations in respect of oil growth from Mannville heavy oil, Clearwater, Southeast Saskatchewan and Midland and 2025 production guidance. In addition, statements (including data in tables) relating to reserves and resources are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Freehold to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements because of many factors, the most significant of which include, without limitation: volatility in market prices for crude oil, NGL and natural gas; the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war (and any associated sanctions) and actions taken by OPEC+ on the global economy and commodity prices; geopolitical instability; political instability; industry conditions; volatility of commodity prices; future production levels; future capital expenditures levels; the impacts of inflation and supply chain shortages on the operations of our industry partners and royalty payors, as well as on demand and commodity prices; risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries; inflationary pressures; our ability to continue paying dividends; future capital expenditure levels; future production levels; future exchange rates; future tax rates; future legislation; the cost of developing and expanding our assets; our ability and the ability of our industry partners and royalty payors to obtain equipment in a timely manner to carry out development activities; our ability to market our product successfully to current and new customers; our expectation for the consumption of crude oil, NGLs and natural gas; our expectation for industry drilling levels on our royalty lands; the impact of competition; our ability to obtain financing on acceptable terms; our ability to add production and reserves through our development and acquisitions activities; pipeline capacity constraints; currency fluctuations; our and our counsel's interpretation of tax laws, regulations, royalties, or incentive programs relative to the interpretation and enforcement thereof by governmental authorities; changes in income tax laws or changes in tax laws, regulations, royalties, or incentive programs relating to the oil and gas industry; reliance on royalty payors to drill and produce on our lands and their ability to pay their obligations; uncertainties or imprecision associated with estimating oil and gas reserves; stock market volatility and our ability to access sufficient capital from internal and external sources; a significant or prolonged downturn in general economic conditions or industry activity; incorrect assessments of the value of acquisitions; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; geological, technical, drilling, and processing problems; unanticipated litigation; environmental risks and liabilities inherent in oil and gas operations; and other factors discussed in our Q3-2025 MD&A and our Annual Information Form ("AIF") for the year ended December 31, 2024 which is available under Freehold's profile on SEDAR+ at www.sedarplus.ca. The statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Freehold holds a royalty interest by the owners or operators of such properties in a manner consistent with good oilfield practices and all applicable regulations; the availability of capital to such operators to further develop such properties; the accuracy of public statements and disclosures made by the operators on the royalty lands; no material adverse change in the market prices of the commodities that underlie the asset portfolio; no material changes to existing tax treatment; no adverse development in respect of any significant property in which Freehold holds a royalty interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; the accuracy of assumptions and information used in Freehold's internal assessments of its royalty lands and the prospectivity thereof, including with respect to acquired assets; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended; future commodity prices; future capital expenditure levels; future production levels; future exchange rates; future tax rates and tariff rates; future legislation; the cost of developing and producing our assets; our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities; the interpretation and implementation of tax legislation; our ability to market our oil and gas successfully to current and new customers; our expectation for the consumption of crude oil and natural gas; our expectation for industry drilling levels; our expectations regarding completion of drilled wells; assumptions as to expected performance of current and future wells drilled by our royalty payors; our ability to obtain financing on acceptable terms; shut-in production; production additions from our audit function and our ability to add production and reserves through development and acquisition activities. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are not guarantees of future performance. Freehold cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management's plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Risks are described in more detail in Freehold's AIF for year ended December 31, 2024, which is available under Freehold's profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement and speak only as of the date of this presentation. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements. 43
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Advisories Advisory Relating to Presentation of Oil and Natural Gas Reserves, Revenue and Production Information This presentation contains information relating to crude oil, natural gas and NGL reserves and other information prepared in accordance with the requirements of Canadian securities laws in effect in Canada. The estimates of net reserves have been evaluated by our independent qualified reserves evaluators, Trimble Engineering Associates Ltd. ("Trimble") and RSC Group Inc. ("Ryder Scott"), in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") effective as of the relevant date noted with respect to such estimates herein using the report dated effective December 31, 2024 prepared by Trimble evaluating the oil, natural gas, natural gas liquids and sulfur reserves attributable to the Canadian assets of the Corporation as at December 31, 2024 ("Trimble Report"), and the report dated December 31, 2024 prepared by Ryder Scott evaluating the oil, natural gas, natural gas liquids and sulfur reserves attributable to the U.S. assets of the Corporation as at December 31, 2024 ("Ryder Scott Report"), respectively. Advisory relating to Development Locations and Associated Undiscounted Values In this presentation, Freehold has presented an analysis of the Freehold’s prospective drilling locations and associated undiscounted value of its royalty lands. The potential drilling locations and associated undiscounted value has been internally prepared by Freehold utilizing the assumptions and methodology on page 20 and 21 of Freehold's 2024 Asset Book, which is available on Freehold's website at www.freeholdroyalties.com. The development locations and the values presented as the associated undiscounted value in this presentation are not intended, and should not be construed, to represent a forecast of the wells that will be drilled or an estimate of reserves or resources or the value associated with reserves or resources. The development locations and the values presented have been presented to help investors understand management’s assumptions utilized in determining areas of potential growth as well as part of the analysis utilized by management in assessing its potential royalty acquisitions; however, such development locations and associated value are not determinative of the actual wells that will be drilled on Freehold's royalty lands, the reserves or resources associated with the actual wells drilled or the value of such reserves or resources that will actually be recovered from Freehold's royalty lands. It is highly probable that the actual wells drilled on Freehold's royalty lands and the associated undiscounted values will be greater or less than the development locations and the associated undiscounted value. There are more risks and uncertainties associated with the development locations and the associated undiscounted value presented herein than there would be with an estimate of reserves or resources or the drilling locations or wells associated with such an estimate of reserves or resources. The risks associated with the analysis of the development locations and the associated undiscounted value presented herein include, but are not limited to, the risk that the operators will not have availability of capital to further develop such properties; the accuracy of public statements and disclosures made by the operators on the royalty lands; the risk that no resources will be discovered in areas where Freehold has assumed there are resources for the purpose of analyzing the potential development locations; the risk that if resources are discovered that they will not be recoverable; the risk that the character and quality of the reservoir will not be as good as in areas where there are existing wells; the risk that the actual performance of wells will not achieve the same performance as projected in the type curves used for estimating the associated undiscounted value; the risk that a material adverse change in the market price of the commodities that underlie the asset portfolio will affect future drilling and the value of any resources recovered; the risk that regulatory approvals will not be received for the development of such royalty lands; the risk that no operators will be willing or able to lease and develop the royalty lands; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. In addition many of the risks set out under the heading “Risk Factors” of the AIF for the year ended December 31, 2024 which is available under Freehold’s profile on SEDAR+ at www.sedarplus.ca. are relevant to the disclosure of the development locations and the associated undiscounted value presented herein. Advisory Related to Analogous Information Certain information in this presentation may constitute "analogous information" as defined in NI 51-101 with respect to the certain drilling results, number of wells drilled, or offset well production from other producers with operations that are in geographical proximity to or believed to be on-trend with Freehold's interests in certain geographical areas in which it operates, and related recovery factors have been resented in this presentation for certain areas or formations that Freehold has royalty interests and such estimates of volumes and recovery factors. Such information has been based on publicly available information and Freehold has not independently verified the information. Such estimates have not been prepared in accordance with NI 51-101 or the COGE Book and Freehold cannot confirm that such estimates have been prepared by a qualified reserves evaluator. In some instances Freehold utilized documents including Canadian Discovery Digest and other sources of publicly available information. Management of Freehold believes the information is relevant to help demonstrate the basis for Freehold's belief in the value and future potential of the royalty lands relating to such areas or formations and to show some of the underlying assumptions for Freehold's business plans and strategies; however, such "analogous information" is not intended to represent an estimate of the quantity, value or recovery factors associated with Freehold's royalty lands in such areas or formations. There is no certainty that the results of the analogous information or inferred thereby will be achieved by Freehold and such information should not be construed as an estimate of future production levels, reserves or the actual characteristics and quality of Freehold's assets. 44
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Advisories Conversion of Natural Gas to Barrels of Oil Equivalent (boe) To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil ("boe"). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (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. 45