Freehold Royalty Trust

Bill Ingram joined Rife (Calgary) in 1984 and was appointed Executive Vice-President & COO effective August 13, 2008. Prior to his appointment as COO, he was Vice-President, Production and was responsible for production and drilling operations, marketing, acquisitions, reserve analysis and economic evaluations. Mr. Ingram is a Professional Engineer and holds a Bachelor of Science degree in Chemical Engineering from the University of Alberta. He is a member of The Association of Professional Engineers, Geologists and Geophysicists of Alberta (APPEGA).

Peter Harrison is Senior Vice-President of Montrusco Bolton Inc. (Montreal). Mr. Harrison has more than 26 years of investment experience and previously managed Canadian Equities for the CN Investment Division. Mr. Harrison is currently a director of Daylight Energy Trust. He holds a Bachelor of Commerce degree from McGill University, an MBA from the University of Western Ontario and is a Chartered Financial Analyst.

Frank George, Vice President, Exploitation of Freehold Resources Ltd. (Calgary), joined Rife in 1983 as Chief Geologist and became Vice President, Exploration in 1994. He is responsible for the management and coordination of all exploration and geological evaluation activities of Rife. A graduate of the University of Calgary, Mr. George is a registered Professional Geologist in Alberta and a member of the Canadian Society of Petroleum Geologists.

Mike Okrusko, Vice President, Land, joined Rife (Calgary) and Canpar in October 1982 as Manager of Land. His appointment as Vice-President, of Freehold Resources Ltd. was effective with the start-up of the Trust in 1996. Mr. Okrusko is a graduate of the Southern Alberta Institute of Technology (Petroleum Technology) and holds a Bachelor of Commerce (Finance) degree from the University of Calgary. Mr.Okrusko is an active member of the Canadian Association of Petroleum Landmen and has attained the P. Land designation.

Harry Campbell is Managing Partner of the law firm Burnet, Duckworth & Palmer LLP (Calgary). He was admitted to the Alberta Bar in 1974 and has extensive experience with Canadian oil and gas transactions and international petroleum and natural gas matters. Mr. Campbell is currently a director of Delphi Energy Corp. and The Cathay Investment Fund Limited.

Darren Gunderson, Controller of Freehold Resources Ltd. (Calgary), joined Rife in 1991 in the accounting department and became Controller in 1999. Mr. Gunderson holds a Bachelor of Commerce degree from the University of Saskatchewan and is a Certified General Accountant.

Nolan Blades is President of Sunny Gables Holdings Ltd. (Calgary) and a Professional Engineer with extensive experience in the oil and gas industry. Mr. Blades has obtained significant financial experience and exposure to accounting and financial issues as President and CEO of Pursuit Resources Corp. (1993 to 2000). He is currently a director of Gemini Corporation and Canoro Resources Ltd.

David Sandmeyer is President and CEO of Freehold Resources Ltd. (Calgary). Prior to joining Rife in 1982, he held senior positions with Amoco Canada Petroleum Company Limited. He is representative on the Canadian Association of Petroleum Producers (CAPP) Fund Advisory Committee of the Alberta Orphan Well Program, President of the Society, Environment and Energy Development Studies (SEEDS), and a Governor of CAPP. A graduate of the University of Saskatchewan, he holds a Bachelor of Science degree in Mechanical Engineering and is a Professional Engineer.

Bill Siebens is President and CEO of Candor Investments Ltd. (Calgary), a private energy and investment corporation. He currently serves as a director of the Fraser Institute. He brings special expertise to Freehold with his knowledge of the Trust's royalty lands as a portion of these lands were previously owned by Siebens Oil & Gas Ltd.

Garry Bieber was appointed Vice-President, Production of Freehold Resources Ltd. (Calgary) effective August 13, 2008. Mr. Bieber joined Rife in 1985 as Chief Engineer and has been Manager of Production since 1991. He is responsible for Environment, Health & Safety, production and drilling operations, and economic evaluations. Mr. Bieber is a Professional Engineer and holds a Bachelor of Science degree in Geological Engineering from the University of Saskatchewan.

Michael Mogan was appointed Controller of Freehold Resources Ltd. (Calgary) effective August 13, 2008. Mr. Mogan joined Rife in 2003 as a Senior Accountant and was most recently the Manager of Financial Accounting. He is a Certified Management Accountant.

Russell Hiscock is President & CEO of the CN Investment Division (Montreal), which manages one of the largest corporate pension funds in Canada. He has many years of equity portfolio management experience, in both the Canadian and International stock markets, with particular emphasis on the oil and gas sector. Mr. Hiscock is a past Chairman of the Pension Investment Association of Canada (PIAC). He holds a Bachelor of Mathematics degree from the University of Waterloo, a Master of Arts degree in Economics from the University of Western Ontario and an MBA from the University of Toronto. He is a Certified Chartered Financial Analyst and a Certified Management Accountant.