Freehold Royalties Ltd. — Proxy Solicitation & Information Statement 2022

Apr 4, 2022

Security Class

Holder Account Number

Form of Proxy - Annual Meeting to be held on Tuesday, May 10, 2022

This Form of Proxy is solicited by and on behalf of Management.

Notes to proxy

• 1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Nominees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).
• 1. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated.
• 1. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.
• 1. If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management.
• 1. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Nominees listed on the reverse, this proxy will be voted as recommended by Management.
• 1. The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.
• 1. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law.
• 1. This proxy should be read in conjunction with the accompanying documentation provided by Management.

Proxies submitted must be received by 4:00 pm, Calgary Time, on Friday, May 6, 2022.

VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK!

To Vote Using the Telephone

• Call the number listed BELOW from a touch tone telephone.

1-866-732-VOTE (8683) Toll Free

• Go to the following web site: www.investorvote.com • Smartphone?

Scan the QR code to vote now.

• You can enroll to receive future securityholder communications electronically by visiting www.investorcentre.com.

If you vote by telephone or the Internet, DO NOT mail back this proxy.

Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Nominees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy.

To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below.

CONTROL NUMBER

mail.

(the "Management Nominees")

I/We being holder(s) ("Shareholder") of common shares (the "Common Shares") of Freehold Royalties Ltd. ("Freehold") hereby appoint: Marvin F. Romanow, or failing this person, David M. Spyker, both of Calgary, Alberta

Calgary Petroleum Club, 319 - 5 Ave SW, Calgary, Alberta T2P 0L5 on Tuesday, May 10, 2022 at 4:00 pm (Calgary Time), and at any adjournment or postponement thereof.						given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual Meeting (the "Meeting") of shareholders of Freehold to be held in the McMurray Room,
VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.
1. Election of Directors	For	Withhold		For	Withhold		For	Withhold
01. Gary R. Bugeaud			02. Peter T. Harrison			03. Maureen E. Howe
04. J. Douglas Kay			05. Arthur N. Korpach			06. Marvin F. Romanow
07. David M. Spyker			08. Aidan M. Walsh
							For	Withhold
2. Appointment of Auditors Appointment of KPMG LLP, Chartered Professional Accountants, as Auditors of Freehold for the ensuing year.
							For	Against
3. Executive Compensation
To vote, on an advisory, non-binding basis, to accept Freehold's approach to executive compensation.
In such manner as my said proxy may determine in respect of any other business or matters which may come properly before the Meeting or any adjournment thereof.
Signature of Proxyholder				Signature(s)		Date
I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this Proxy will be voted as recommended by Management.
Interim Financial Statements - Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by			Annual Financial Statements - Mark this box if you would NOT like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by

OR Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein.

as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been

If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist.

mail.

F R U Q 3 3 7 4 2 0 A R 2

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