NEWS RELEASE TSX: FRU Freehold Royalties Ltd. Declares Dividend for January 15, 2015 CALGARY, Alberta, December 15, 2014 - Freehold Royalties Ltd. (Freehold) announces that its Board of Directors has declared a dividend of Cdn. $0.14 per common share to be paid on January 15, 2015 to shareholders of record on December 31, 2014. Including the January 15,

2015 payment, the twelve-month trailing cash dividends total Cdn. $1.68 per common share.
These dividends are designated as "eligible dividends" for Canadian income tax purposes. Freehold's primary focus is on acquiring and managing oil and gas royalties. The majority of
production comes from royalty interests (mineral title and gross overriding royalties). Freehold's
common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU.

For further information, contact:

Freehold Royalties Ltd. Matt Donohue
Manager, Investor Relations t. 403.221.0833
f. 403.221.0888
tf. 1.888.257.1873
e. mdonohue@rife.com
w. www.freeholdroyalties.com

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